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Bancroft Convertible Fund, Inc.
cusip # 05-9695106

Released November 19, 2001

DIVIDEND ANNOUNCEMENT

The Fund declared its one hundred and twenty-fourth quarterly dividend today.
The 38 cents ($0.38) per share dividend is payable from net investment income:

Payable date

Record date

$0.38 per share from
ordinary income

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December 27, 2001

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November 29, 2001

No net capital gains were realized during the fiscal year ended October 31, 2001.

Shareholders who are not members of the Company's Automatic Dividend Investment Plan will be given the option to receive the dividend either in cash or in shares of common stock of the Company.

Shareholders Meeting Date: The directors also set February 11, 2002 as the date of the annual shareholders meeting with a record date of December 21, 2001.

EARNINGS Three Months Ended
October 31		 Twelve Months Ended
October 31

2001

2000

2001

2000
Net Income

$520,000

$1,463,000

$4,957,000

$4,260,000
Per Share

$0.11

$0.36

$1.07

$1.04
Shares Outstanding 4,625,918 4,109,292

4,625,918

4,109,292
Total Net Assets $95,864,000 $111,334,000

$95,864,000

$111,334,000
Net Asset Value Per Share

$20.72

$27.09

$20.72

$27.09

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