Bancroft Fund Ltd. (the “Fund”) (AMEX: BCV) today announced that a third party incorrectly filed a Form 4 on behalf of the Fund. The Form 4, a “Statement of Changes in Beneficial Ownership of Securities,” was filed for John S. Stafford, Jr. on April 14, 2008, incorrectly using the Central Index Key (“CIK”) number of the Fund. The misfiled Form 4 was intended to be filed using the CIK number of Aware, Inc. (“Aware”) to reflect the acquisition by Mr. Stafford of the securities of Aware, rather than the securities of the Fund.

The Fund had nothing to do with the filing and the purchase of Fund shares reported by the misfiled Form 4 did not occur. The Fund is working with the U.S. Securities and Exchange Commission (the “SEC”) to correct this error by removing Mr. Stafford’s misfiled Form 4 from the SEC’s EDGAR database under the Fund’s CIK number. In addition, Mr. Stafford has now filed such Form 4 using Aware’s CIK number to correctly reflect his acquisition of the securities of Aware.

Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.

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. Fund shares are traded on the American Stock Exchange under the ticker symbol BCV.

AMEX - BCV      Cusip 059695106

For further information please contact:
Gary I. Levine
Executive Vice President, Chief Financial Officer and Secretary

Ph. (973) 631-1177 Fax (973) 631-9893

Home  |  Contact  |  NAV & Market Price  |  Legal Notice  |  info@bancroftfund.com