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Bancroft Convertible Fund Announces Portfolio Manager Change

June 21, 2004 – Bancroft Convertible Fund, Inc. (AMEX: BCV) announced today that, effective July 1, 2004, the following portfolio manager change will become effective: Jane D. O'Keeffe will be stepping down as co-portfolio manager. Ms. O'Keeffe will have reduced responsibilities, but will continue with the Fund in the capacity of President/Strategist.

Thomas H. Dinsmore will continue as the Senior Portfolio Manager for the Fund.

Bancroft is a diversified closed-end management investment company. Bancroft's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

AMEX - BCV        Cusip 059695106

For further information please contact:
Gary I. Levine        Ph. (973) 631-1177         Fax (973) 631-9893