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Bancroft Convertible Fund Announces Dividend, Earnings and Financial Update

FOR IMMEDIATE RELEASE
Morristown, NJ
November 17, 2003
Cusip 059695106		 For Information:
Gary I. Levine
(973) 631-1177

Bancroft Convertible Fund, Inc. (AMEX - BCV) today reported financial highlights and certain portfolio information for the twelve months ended October 31, 2003.

The Fund declared its one hundred thirty-second quarterly dividend today:

Payable date

Record date

$0.21 per share
from ordinary income

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December 26, 2003

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November 28, 2003

No net capital gains were realized during the fiscal year ended October 31, 2003.

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.  Because of this option, the dividend is taxable to all shareholders whether or not they choose to receive cash.

Shareholders Meeting Date: The directors also set February 14, 2004 as the date of the annual shareholders meeting with a record date of December 18, 2003.

Three Months Ended
October 31		 Twelve Months Ended
October 31
Earnings Report

2003

2002

2003

2002
Net Income

$1,027,000

$982,000

$3,352,000

$3,706,000
Per Share

$0.22

$0.21

$0.71

$0.79
Shares Outstanding

4,725,858

4,684,470

4,725,858

4,684,470
Total Net Assets $98,486,000 $86,904,000 $98,486,000 $86,904,000
Net Asset Value Per Share

$20.84

$18.55

$20.84

$18.55

Fund Statistics as of October 31, 2003 Top Ten Holdings by underlying common stock as of October 31, 2003
% of
Market price $19.70 Net Assets
Net asset value (NAV) $20.84 New York Community Bancorp, Inc. 2.9
Premium/(Discount) (5.47)% Washington Mutual, Inc. 2.7
Total Net Assets $98,486,000 Lucent Technologies, Inc. 2.6
12-Month income distribution $0.73 Reinsurance Group of America, Inc. 2.4
Yield on market value 3.71% Church & Dwight Co., Inc. 2.3
Ratio of expenses 1.17% Capital One Financial Corp. 2.2
Ratio of net income 3.64% Ivax Corp. 2.0
Portfolio turnover 86.93% Kerr-McGee Corp. 2.0
Shares outstanding 4,725,858 School Specialty, Inc. 1.9
Travelers Property Casualty Corp. 1.9
Major Industry Exposure % of Portfolio Ratings from Moody's
as of October 31, 2003 Net Assets as of October 31, 2003
Financial & Insurance 10.9 (From S&P when Moody's
is unavailable)		 % of
Portfolio
Banking/Savings & Loan 10.6 Aaa 1
Telecommunications   9.9 Aa 5
Retail   9.5 A 9
Pharmaceuticals   9.4 Baa 24
Energy   7.6 Ba 13
Technology   7.3 B 23
Health Care   6.7 <B 5
Aerospace & Defense   4.9 NR

20
Entertainment   4.5
Asset Allocation % of
as of October 31, 2003 Net Assets
Convertible Bonds & Notes 60.3
Convertible Preferred Stock 21.2
Mandatory Conv. Securities 17.1
Other Assets

  1.4

Data is unaudited and as of October 31, 2003. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Stockholders (PDF 232 Kb) for the six months ended April 30, 2003.

Detailed portfolio information is available on our website (http://www.bancroftfund.com). Visit us there or contact us by e-mail at info@bancroftfund.com or call us at (973) 631-1177.

Bancroft is a diversified closed-end management investment company. Bancroft's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

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