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Bancroft Convertible Fund, Inc.
cusip # 05-9695106

Released February 12, 2001

DIVIDEND ANNOUNCEMENT

The Fund declared its one hundred and twenty-first quarterly dividend today.

The 21 cents ($0.21) per share dividend is payable from net investment income:

Payable date

Record date

$0.21 per share from
ordinary income

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March 29, 2001

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March 15, 2001
EARNINGS

Three Months Ended
January 31

2001

2000
Net Income

$983,000

$802,000
Per Share

$0.21

$0.19
Shares Outstanding

4,625,918

4,154,592
Total Net Assets

$107,117,000

$108,169,000
Net Asset Value Per Share

$23.16

$26.04

Annual Shareholders Meeting Results:

The following actions were taken at the Annual Shareholders meeting on February 12th: (1) three directors were elected, (2) a new Investment Advisory Agreement with Davis-Dinsmore Management was approved, and (3) the selection of PricewaterhouseCoopers LLP as independent accountants was ratified. A few shareholders asked questions regarding management of the Company, including whether the Board was contemplating conducting any rights offerings or borrowing money to leverage the Company. Thomas H. Dinsmore, the Chairman of the Company, responded that no such actions were being contemplated at this time. Mr. Dinsmore also stated, that consistent with its past practices, the Board would consider all relevant information prior to making any decisions to conduct a rights offering or engage in leveraging, including potential dilution to existing shareholders and potential increased volatility of the Company.

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