SOURCE: Bancroft Fund Ltd.

November 15, 2010 14:17 ET

Bancroft Fund Ltd. Declares Year-End Distribution of Investment Income and Annual Meeting Date

MORRISTOWN, NJ--(Marketwire - November 15, 2010) - Bancroft Fund Ltd. (NYSE Amex: BCV) declared its one hundred sixtieth quarterly dividend today.

The $0.216 per share dividend is payable from net investment income on December 27, 2010 to shareholders of record November 26, 2010.

Shareholders who are not members of the Fund's Automatic Dividend Investment Plan will be given the option to receive the distribution either in cash or in beneficial shares of the Trust. Because of this option, the dividend is taxable to all shareholders whether or not they choose to receive cash.

The expiration date of the option is December 15, 2010.

SHAREHOLDERS MEETING DATE: The trustees also set February 18, 2011 as the date of the annual shareholders meeting, with a record date of December 15, 2010.

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 NYSE Amex Exchange under the ticker symbol BCV.

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