SOURCE: Bancroft Fund Ltd.

January 11, 2011 14:30 ET

Bancroft Fund Ltd. Announces Dividend and Tax Information for the Year Ended December 31, 2010

MORRISTOWN, NJ--(Marketwire - January 11, 2011) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported dividend and tax information for the year ended December 31, 2010.

                                               Short-  Long-
Record  Payment  Total     Ordinary  Qualified Term    Term    Dividend
Date    Date     Paid Per  Income    Dividends Capital Capital Reinvestment
2010    2010     Share     Dividends (QDI)     Gain    Gain    Price
------- -------  --------- --------- --------- ------- ------- ------------

Mar. 11 Mar. 25     $0.150    $0.150 $0.037504     $--     $--     $15.9213
Jun. 10 Jun. 24      0.150     0.150  0.035738      --      --      15.1305
Sep. 9  Sep. 23      0.150     0.150  0.030987      --      --      16.0211
Nov. 26 Dec. 27      0.216     0.216  0.048682      --      --      16.4700
                 --------- --------- --------- ------- -------
                     0.666     0.666  0.152911      --      --

The portion of each ordinary income dividend qualifying for the corporate dividends-received deduction, allowable to certain corporate shareholders, was 23%.

None of the dividends paid during the year represented a return of capital.

There were no year-end reallocations or reclassifications of income or gains.

There was no interest earned on direct obligations of the U.S. Government.

Further financial details are available on the Company's website: www.bancroftfund.com.

NYSE Amex - BCV

CUSIP 059695106

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