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MORRISTOWN, NEW JERSEY, November 25,
2009 Bancroft Fund Ltd.
(NYSE Amex: BCV) announced today that an NAV (Net Asset Value) error
occurred on November 24, 2009. The NAV as reported was $17.14. The NAV
should have been $16.88.
The $0.256 dividend that is payable on December 28, 2009 to shareholders of
record on November 27, 2009 went ex-dividend on Tuesday, November 24, 2009.
The NAV should have been reduced by the amount of the dividend but
inadvertently was not.
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 Equities exchange under the ticker symbol
BCV.
For further information please contact:
Gary I. Levine, CFO Ph. (973)
631-1177
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