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Bancroft Fund Ltd. Announces Closing of Reorganization and Name Change

March 17, 2006 – Bancroft Fund Ltd. (AMEX: BCV) (successor to Bancroft Convertible Fund, Inc.) reported that the reorganization of the Fund as a Delaware statutory trust closed today.  As a result of the reorganization, the Fund's name became Bancroft Fund Ltd.  Shares of the Fund will continue to trade on the American Stock Exchange under the symbol "BCV".

Bancroft Fund Ltd. is a closed-end management investment company with more than $115 million in net assets.  The Fund 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.  The Fund's shares are listed on the American Stock Exchange under the symbol BCV.

AMEX - BCV        Cusip 059695106

For further information please contact:
Joshua P. Lake        Ph. (973) 631-1177         Fax (973) 631-9893