SOURCE: Bancroft Fund Ltd.

April 10, 2006 13:23 ET

Bancroft Fund Ltd. Announces Monthly Portfolio Data

MORRISTOWN, NJ -- (MARKET WIRE) -- April 10, 2006 -- Bancroft Fund Ltd. (AMEX: BCV) (successor to Bancroft Convertible Fund, Inc.) today reported portfolio data for the month ended March 31, 2006. Data is based on market value. Holdings may change without notice.

Top Ten Holdings by underlying common stock
                                            % of Net Assets
The Walt Disney Company                                 3.5
Teva Pharmaceutical Industries Ltd.                     2.6
Nuveen Investments, Inc.                                2.5
The St. Paul Travelers Companies, Inc.                  2.4
Washington Mutual, Inc.                                 2.2
Celanese Corp.                                          2.1
Freeport-McMoRan Copper and Gold, Inc.                  2.1
Genworth Financial, Inc.                                2.0
The TJX Companies, Inc.                                 2.0
U.S. Bancorp                                            2.0


Major Industry Exposure
                                            % of Net Assets
Financial and Insurance                                15.2
Technology                                             14.0
Pharmaceuticals                                        10.7
Banking/Savings and Loan                                8.7
Energy                                                  7.2
Entertainment                                           5.1
Aerospace and Defense                                   4.4
Telecommunications                                      4.3
Retail                                                  3.9
Health Care                                             3.7


Portfolio Composition
                                            % of Net Assets
Convertible Bonds and Notes                            55.9
Convertible Preferred Stocks                           22.6
Mandatory Convertible Securities                       14.7
Common Stocks                                           0.2
Cash and Equivalents                                    6.6
      TOTAL NET ASSETS                                100.0
Data is unaudited and as of March 31, 2006. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Stockholders for the twelve months ended October 31, 2005.

Detailed quarterly portfolio information, as of January 31, 2006 is available on our website (http://www.bancroftfund.com). Visit us there or contact us by email at info@bancroftfund.com or call us at (973) 631-1177.

Bancroft is a diversified closed-end management investment company. Bancroft's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

AMEX - BCV        Cusip 059695106

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