Bancroft Announces Year-End Distribution

November 19, 2007 – Bancroft Fund Ltd. (AMEX: BCV) The Board of Trustees of Bancroft Fund Ltd. declared today a year-end distribution of $2.175 per share, consisting of the following:

1) a capital gain distribution of $2.009 per share, representing the undistributed net capital gain realized during fiscal 2007, of which $1.499 was long-term and $0.51 was short-term; and

2) an income dividend of $0.166 per share, representing the undistributed net investment income for fiscal 2007.

The distributions are payable December 26, 2007 to shareholders of record November 29, 2007, in shares or cash at the option of each shareholder. The dividend is taxable to all shareholders whether or not they choose to receive cash.

Bancroft 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 American Stock Exchange under the ticker symbol BCV.

Cusip 059695106

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