Bancroft Annual Shareholder Meeting Results and Adjournment Details

February 13, 2006 – Bancroft Convertible Fund, Inc. (AMEX: BCV) today reported results from the Annual Shareholders meeting.

The following actions were taken at the Annual Shareholders meeting held on February 13th: (1) two directors were elected, (2) the new Investment Advisory Agreement was approved, (3) the selection of Tait, Weller & Baker LLP as independent auditors for the 2006 fiscal year was ratified, and (4) shareholders adjourned voting on the proposal concerning the reorganization of the Fund to a Delaware statutory trust until 10:30 a.m. on March 14, 2006, at the offices of the Fund, 65 Madison Avenue, Suite 550, Morristown, New Jersey.

Bancroft is a closed-end management investment company with more than $120 million in net assets. The Fund 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. The Fund's shares are listed on the American Stock Exchange under the symbol BCV.

AMEX - BCV Cusip 059695106

For further information please contact:
Joshua P. Lake Ph. (973) 631-1177 Fax (973) 631-9893

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