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Bancroft Fund Ltd. (AMEX:BCV) is a Delaware statutory trust. It is the successor to Bancroft Convertible Fund, Inc. which was incorporated in Delaware on September 10, 1970. The Company began operations on April 8, 1971 following an initial public offering of Bancroft shares.

Bancroft was founded by Bancroft Gary Davis and Ronald Ellsworth Dinsmore who were elected Chairman of the Board and President, respectively.

The Fund's investment adviser, Davis-Dinsmore Management Company, was founded by Messrs. Davis and Dinsmore in 1970.

Mr. Davis died in 1981 and Mr. Dinsmore became Chairman of the Board. Two years later Thomas H. Dinsmore joined his father at Davis-Dinsmore Management Company as Senior Analyst. He was elected President of Bancroft in 1985. Ronald's daughter Jane Dinsmore O'Keeffe joined Bancroft and the adviser in 1994.

Ron Dinsmore died in August 1996, at which time Thomas Dinsmore was elected Chairman and Chief Executive Officer of Bancroft and Ms. O'Keeffe was elected President (see Trustees and Officers).

Bancroft Gary Davis
Bancroft Gary Davis		 spacerspacerspacer Ronald Ellsworth Dinsmore
Ronald Ellsworth Dinsmore

For the 1 year and 5 years ended December 31, 1997, Bancroft's Net Asset Value performance (with dividends reinvested) earned Performance Achievement Certificates from Lipper, Inc.*, outperforming the nine closed-end convertible funds followed by Lipper.**

Bancroft operates as a closed-end, diversified management investment company that invests primarily in convertible securities. The Company's executive offices are located at 65 Madison Avenue in Morristown, New Jersey.

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* Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds. The fund is ranked based on total return, as calculated by Lipper, Inc. Each fund is ranked within a universe of funds similar in investment objective.

** From Lipper, Inc., Lipper Closed-End Fund Performance Analysis dated December 31, 1997 with dividends reinvested, for the nine closed-end convertible funds followed by Lipper (eight for 5 years and seven for 10 years).

Past performance does not guarantee future results.

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