SOURCE: Bancroft Fund Ltd.

January 12, 2007 13:47 ET

Bancroft Fund Ltd. Announces Monthly Portfolio Data

MORRISTOWN, NJ -- (MARKET WIRE) -- January 12, 2007 -- Bancroft Fund Ltd. (AMEX: BCV) today reported portfolio data for the month ended December 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                                 3.8
Nuveen Investments, Inc.                                2.7
The St. Paul Travelers Companies, Inc.                  2.7
Celanese Corp.                                          2.4
Chesapeake Energy Corp.                                 2.1
EchoStar Communications Corp.                           2.0
U.S. Bancorp                                            2.0
Genworth Financial, Inc.                                1.9
LSB Industries, Inc.                                    1.9
MetLife, Inc.                                           1.9


Major Industry Exposure
                                            % of Net Assets
Insurance                                              12.5
Semiconductors                                          9.4
Pharmaceuticals                                         8.7
Energy                                                  8.0
Banking/Savings and Loan                                7.9
Entertainment                                           6.6
Multi-Industry                                          6.3
Aerospace and Defense                                   5.2
Chemicals                                               3.7
Computer Hardware                                       3.6


Portfolio Composition
                                            % of Net Assets
Convertible Bonds and Notes                            59.5
Convertible Preferred Stocks                           19.4
Mandatory Convertible Securities                       16.6
Cash and Equivalents                                    4.5
      TOTAL NET ASSETS                                100.0

Data is unaudited and as of December 31, 2006. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended October 31, 2006.

Detailed quarterly portfolio information, as of October 31, 2006 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 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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