MORRISTOWN, NJ--(Marketwire - February 9, 2010) - Bancroft Fund Ltd. 
(NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio 
information for the three months ended January 31, 2010:

EARNINGS REPORT

                                            Three Months Ended

                                               January 31

                                          2010            2009

Net Income                           $    809,000     $   941,000

    Per Share                        $       0.15     $      0.18

Shares Outstanding                      5,280,533       5,235,599

Total Net Assets                     $ 90,025,000     $66,130,000

Net Asset Value Per Share            $      17.05     $     12.63

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FUND STATISTICS

Market price                         $      14.69

Net asset value (NAV)                $      17.05

Premium/(Discount)                         (13.84)%

Total Net Assets                     $ 90,025,000

12-Month income distribution         $      0.726

Yield on market price                        4.94%

Ratio of expenses (annualized)               1.09%

Ratio of net income (annualized)             3.51%

Portfolio turnover                          11.37%

Shares outstanding                      5,280,533

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TOP TEN HOLDINGS

    by underlying common stock             % of Net

                                            Assets

Equinix                                       2.6

Euronet Worldwide                             2.3

Kinetic Concepts                              2.3

Mylan                                         2.3

Nuance Communications                         2.3

Blackboard                                    2.2

Vale S.A.                                     2.2

Intel                                         2.1

Wells Fargo                                   2.1

SAVVIS                                        2.0

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MAJOR INDUSTRY                             % of Net

   EXPOSURE                                 Assets

Energy                                       16.1

Telecommunications                           15.4

Computer Software                             8.6

Healthcare                                    8.0

Pharmaceuticals                               7.9

Financial Services                            5.7

Minerals and Mining                           4.9

Foods                                         4.9

Banking/Savings and Loan                      4.8

Computer Hardware                             3.2

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QUALITY ALLOCATION *

(From Moody's or S&P when Moody's is

  unavailable)

                                         % of Portfolio

AA                                              0

A                                               7

BBB                                             6

BB                                             17

B                                              19

CCC                                             2

CC                                              0

Not Rated                                      49

* Excludes equity securities and cash

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ASSET ALLOCATION                           % of Net

                                            Assets

Convertible Bonds & Notes                    75.6

Corporate Bonds & Notes                       1.3

Convertible Preferred Stocks                 12.3

Mandatory Convertible Securities              8.9

Common stocks                                 0.0

Cash & Equivalents                            1.9

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Data is unaudited and as of January 31, 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

For further information please contact:
Gary I. Levine
Chief Financial Officer
Ph. (973) 631-1177
Fax (973) 631-9893
www.bancroftfund.com