Bancroft Fund Ltd. (BCV) News

MORRISTOWN, NJ, Dec. 9, 2009 (Marketwire) --

MORRISTOWN, NJ -- (Marketwire) -- 12/09/09 -- Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the twelve months ended October 31, 2009:

EARNINGS REPORT         Three Months Ended          Twelve Months Ended
                            October 31                  October 31
                        2009          2008          2009          2008
                    -----------   ------------- ------------- -------------

Net Income           $1,122,000        $950,000    $3,745,000    $4,077,000
    Per Share             $0.21           $0.18         $0.72         $0.79
Shares Outstanding    5,235,599       5,189,875     5,235,599     5,189,875

Total Net Assets    $86,734,000     $94,497,000   $86,734,000   $94,497,000
Net Asset Value Per
 Share                   $16.57          $18.21        $16.57        $18.21
                    -----------   ------------- ------------- -------------
FUND STATISTICS

Market price             $14.23
Net asset value
 (NAV)                   $16.57
Premium/(Discount)       (14.10)%

Total Net Assets    $86,734,000
12-Month income
 distribution             $0.66
Yield on market
 price                     4.64 %
Ratio of expenses          1.26 %
Ratio of net income        5.10 %
Portfolio turnover        79.02 %
Shares outstanding    5,235,599
                    -----------
TOP TEN HOLDINGS
 by underlying
 common stock          % of Net
                         Assets
Equinix                     2.6
LSB Industries              2.6
Euronet Worldwide           2.5
Companhia Vale do
 Rio Doce                   2.3
Freeport-McMoRan
 Copper & Gold              2.3
Oil States
 International              2.3
Blackboard                  2.2
Intel                       2.2
Mylan                       2.2
Kinetic Concepts            2.1
                    -----------
MAJOR INDUSTRY         % of Net
 EXPOSURE                Assets

Energy                     17.2
Telecommunications         14.6
Pharmaceuticals             9.3
Healthcare                  8.3
Computer Software           7.5
Minerals and Mining         7.2
Financial Services          5.0
Banking/Savings and
 Loan                       4.8
Foods                       4.5
Computer Hardware           4.4
                    -----------
QUALITY ALLOCATION*
(From Moody's or
 S&P when Moody's
 is unavailable)
                          % of
                      Portfolio
AA                            0
A                             5
BBB                          11
BB                           13
B                            20
CCC                           2
CC                            1
Not Rated                    48

* Excludes equity
 securities and
 cash
                    -----------

ASSET ALLOCATION       % of Net
                         Assets

Convertible Bonds &
 Notes                     74.3
Corporate Bonds &
 Notes                      0.9
Convertible
 Preferred Stocks          11.6
Mandatory
 Convertible
 Securities                 9.3
Common Stocks               0.6
Cash & Equivalents          3.3
                    -----------

Data is unaudited and as of October 31, 2009. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Shareholders for the six months ended April 30, 2009.

Detailed portfolio information is available on our website (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 NYSE Amex under the ticker symbol BCV.

Cusip 059695106