MORRISTOWN, NJ--(Marketwire - May 12, 2010) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2010:

EARNINGS REPORT            Three Months Ended         Six Months Ended
                                April 30                  April 30

                            2010         2009         2010         2009
                        ------------ ------------ ------------ ------------

Net Income                $1,265,000     $946,000   $2,074,000   $1,887,000
  Per Share                    $0.24        $0.18        $0.39        $0.36
Shares Outstanding         5,280,533    5,235,599    5,280,533    5,235,599
Total Net Assets         $97,605,000  $72,888,000  $97,605,000  $72,888,000
Net Asset Value Per
 Share                        $18.48       $13.92       $18.48       $13.92
---------------------------------------------------------------------------
FUND STATISTICS

Market price                  $16.15
Net asset value (NAV)         $18.48
Premium/(Discount)            (12.61)%
Total Net Assets         $97,605,000
12-Month income
 distribution                 $0.706
Yield on market price           4.37%
Ratio of expenses
 (annualized)                   1.20%
Ratio of net income
 (annualized)                   4.40%
Portfolio turnover             30.90%
Shares outstanding         5,280,533
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TOP TEN HOLDINGS
 by underlying common
 stock                      % of Net
                              Assets
EMC                              2.5
Equinix                          2.5
Nuance Communications            2.3
Vale S.A.                        2.3
Intel                            2.2
Old Republic International       2.1
Euronet Worldwide                2.0
SAVVIS                           2.0
Wells Fargo                      2.0
SBA Communications               1.9
------------------------------------
MAJOR INDUSTRY              % of Net
 EXPOSURE                     Assets

Energy                          15.9
Telecommunications              13.3
Computer Software                9.6
Healthcare                       7.6
Pharmaceuticals                  7.5
Financial Services               6.5
Metals and Mining                5.1
Banking/Savings and Loan         4.2
Foods                            3.9
Computer Hardware                3.2
------------------------------------
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
  unavailable)
                      % of Portfolio
        AA                   0
         A                   8
        BBB                  6
        BB                  14
         B                  19
     CCC & below             1
      Not Rated             52

* Excludes equity securities and cash
------------------------------------

ASSET ALLOCATION            % of Net
                              Assets

Convertible Bonds & Notes       76.1
Corporate Bonds & Notes          0.4
Convertible Preferred Stocks    10.5
Mandatory Convertible
 Securities                      8.5
Common Stocks                    1.1
Cash & Equivalents               3.4
------------------------------------

Data is unaudited and as of April 30, 2010. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended October 31, 2009.

Detailed portfolio information is available on our website (www.bancroftfund.com). Contact us by email at info@bancroftfund.com or call us at (973) 631-1177.

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 under the ticker symbol BCV.

Cusip 059695106