SOURCE: Bancroft Fund Ltd.

November 29, 2007 16:07 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - November 29, 2007) - Bancroft Fund Ltd. (AMEX: BCV) today reported financial highlights and certain portfolio information for the twelve months ended October 31, 2007.

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Earnings Report           Three Months Ended        Twelve Months Ended
                               October 31               October 31
                            2007        2006         2007        2006
                       ------------ ------------ ------------ ------------
Net Income                 $949,000   $1,092,000   $4,596,000   $4,511,000
   Per Share                  $0.17        $0.19        $0.80        $0.80
Shares Outstanding        5,733,016    5,625,134    5,733,016    5,625,134
Total Net Assets       $139,580,000 $126,847,000 $139,580,000 $126,847,000

Net Asset Value Per
 Share                       $24.35       $22.55       $24.35       $22.55
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Fund Statistics as of October 31, 2007    Top Ten Holdings by underlying
                                        common stock as of October 31, 2007

                                                           % of Net Assets
Market price            $21.35        Freeport-McMoRan
Net asset value (NAV)   $24.35        Copper & Gold Inc.               2.7
Premium/(Discount)      (12.32)%      LSB Industries, Inc.             2.5
Total Net Assets        $139,580,000  Prudential Financial, Inc.       2.2
12-Month income                       The Walt Disney Company          2.2
 distribution           $0.895        Bristol-Myers Squibb Co.         2.1
Yield on market price    4.19%        Bristow Group Inc.               2.1
Ratio of expenses        1.08%        Celanese Corp.                   2.1
Ratio of net income      3.47%        Chesapeake Energy Corp.          2.1
Portfolio turnover      79.59%        Companhia Vale do Rio Doce       2.1
Shares outstanding      5,733,016     New York Community Bancorp, Inc. 2.1


Major Industry Exposure as of            Portfolio Ratings from Moody's
  October 31, 2007                           as of October 31, 2007
                   % of Net Assets   (From S&P when Moody's is unavailable)
Energy                    14.4
Pharmaceuticals           10.3                              % of Portfolio
Insurance                  7.6             Aa                      6
Semiconductors             6.5             A                       20
Banking/Savings and Loan   6.1             Baa                     15
Minerals and Mining        5.8             Ba                      6
Computer Hardware          5.3             B                       19
Telecommunications         4.6             Caa                     2
Health Care                4.2             NR                      31
Aerospace and Defense      3.8             Common Stocks           1


Asset Allocation as of
  October 31, 2007

                                % of Net Assets
Convertible Bonds & Notes            59.2
Corporate Bonds & Notes               1.1
Convertible Preferred Stocks          9.6
Mandatory Convertible Securities     24.0
Common Stocks                         0.8
Short-term Securities                 3.7
Other Assets                          1.6

Data is unaudited and as of October 31, 2007. This selected information should be read in conjunction with the financial statements and notes included in the Fund's Semi-Annual Report to Shareholders for the six months ended April 30, 2007.

Detailed portfolio information is available on our website (http://www.bancroftfund.com). Contact us by email at info@bancroftfund.com or call us at (973) 631-1177.

Bancroft Fund Ltd. operates as a closed-end, diversified management investment company and invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation; which objectives the Fund considers to be relatively equal, over the long-term, due to the nature of the securities in which it invests. Its shares are traded on the American Stock Exchange under the ticker symbol BCV.

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