MORRISTOWN, NJ--(Marketwire - November 24, 2008) - Bancroft Fund Ltd. (AMEX: BCV) today reported earnings, financial highlights and certain portfolio information for the twelve months ended October 31, 2008:

 

EARNINGS REPORT             Three Months Ended       Twelve Months Ended
                                October 31               October 31
                            2008         2007         2008         2007
                        ------------ ------------ ------------ ------------
Net Income                  $981,000     $949,000   $4,108,000   $4,596,000
    Per Share                  $0.19        $0.17        $0.79        $0.80
Shares Outstanding         5,189,875    5,733,016    5,189,875    5,733,016
Total Net Assets         $69,404,000 $139,580,000  $69,404,000 $139,580,000
Net Asset Value Per Share     $13.37       $24.35       $13.37       $24.35

FUND STATISTICS                        TOP TEN HOLDINGS
                                         by underlying              % of
                                         common stock            Net Assets
Market price                  $11.30   Wyeth                            4.2
Net asset value (NAV)         $13.37   LSB Industries                   3.3
Premium/(Discount)            (15.48)% Walt Disney                      3.2
Total Net Assets         $69,404,000   New York Community Bancorp       3.1
12-Month income                        Prudential Financial             2.8
 distribution                 $0.796   EMC                              2.7
Yield on market price           7.04%  Johnson & Johnson                2.5
Ratio of expenses               1.22%  Teva Pharmaceutical Industries   2.3
Ratio of net income             3.77%  Chesapeake Energy                2.2
Portfolio Turnover             55.40%  Nabors Industries                2.1
Shares outstanding          5,189,875

MAJOR INDUSTRY
 EXPOSURE            % of Net Assets  QUALITY ALLOCATION *
                                      (From Moody's or S&P when Moody's
                                       is unavailable)
Energy                          13.5
Pharmaceuticals                 11.8                % of Portfolio
Banking/Savings and Loan         7.8          Aa           3
Health Care                      6.1           A          19
Telecommunications               6.0         Baa          14
Computer Hardware                5.6          Ba          12
Multi-Industry                   5.5           B          19
Semiconductors                   4.9         Caa           2
Insurance                        4.7   Not Rated          31

ASSET ALLOCATION     % of Net Assets  * Excludes equity securities and cash

Convertible Bonds & Notes       62.5
Corporate Bonds & Notes          1.2
Convertible Preferred Stocks    11.3
Mandatory Convertible
 Securities                     20.0
Cash & Equivalents               5.0

Data is unaudited and as of October 31, 2008. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Shareholders for the six months ended April 30, 2008.

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 American Stock Exchange under the ticker symbol BCV.