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MORRISTOWN, NEW JERSEY, November 21, 2011 –
Bancroft Fund Ltd. (NYSE Amex: BCV) declared its one hundred sixty-forth
quarterly dividend today.
The $0.165 per share dividend is payable from net investment income on
December 29, 2011 to shareholders of record December 1, 2011.
Shareholders who are not members of the Fund’s Automatic Dividend Investment
Plan will be given the option to receive the distribution either in cash or
in beneficial shares of the Trust. Because of this option, the dividend is
taxable to all shareholders whether or not they choose to receive cash.
The expiration date of the option is December 16, 2011.
The number of shares that holders will be
entitled to receive under the option will be determined on December 21,
2011, either on the basis of the closing market price of the Fund’s
beneficial shares, or its net asset value, whichever is lower on that date.
SHAREHOLDERS MEETING DATE: The trustees also set February 17, 2012 as the
date of the annual shareholders meeting, with a record date of December 22,
2011.
Bancroft Fund Ltd. operates as a closed-end, diversified management
investment company and invests primarily in convertible securities, with the
objectives of providing income and the potential for capital appreciation;
which objectives the Fund considers to be relatively equal, over the
long-term, due to the nature of the securities in which it invests. Its
shares are traded on the NYSE Amex Exchange under the ticker symbol BCV.
CUSIP# 059 695 106
For further information please contact:
Gary I. Levine, Chief Financial Officer
Ph. (973) 631-1177
Fax (973) 631-9893
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