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Bancroft Convertible Fund, Inc.
cusip # 05-9695106

Released February 11, 2002

DIVIDEND ANNOUNCEMENT

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

The 20 cents ($.20) cents per share dividend is payable from net investment income:

Payable date

Record date

$0.20 per share from
ordinary income

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March 27, 2002

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March 13, 2002
EARNINGS

Three Months Ended
January 31

2002

2001
Net Income

$885,000

$983,000
Per Share

$0.19

$0.21
Shares Outstanding

4,684,470

4,625,918
Total Net Assets

$96,741,000

$107,117,000
Net Asset Value Per Share

$20.65

$23.16

Annual Shareholders Meeting Results:

The following actions were taken at the Annual Shareholders meeting on February 11th: (1) three directors were elected, and (2) the selection of PricewaterhouseCoopers LLP as independent accountants was ratified.

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