Bancroft Convertible Fund Announces Results of Adjournment Meeting

March 14, 2006 – Bancroft Convertible Fund, Inc. (AMEX: BCV) today reported that at the adjourned Annual Shareholder Meeting held on March 14, 2006, shareholders approved a proposal to reorganize the Fund as a Delaware statutory trust. The reorganization is scheduled to occur as of March 17, 2006. As a result of the reorganization, the Fund's name will be changed to Bancroft Fund Ltd. Shares of the Fund will continue to trade on the American Stock Exchange under the symbol "BCV".

Bancroft Convertible Fund, Inc. is a closed-end management investment company with more than $115 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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