Bancroft Rights Offering Release July 2003

   July 18, 2003 - The Board of Directors of Bancroft Convertible Fund, Inc. (AMEX: BCV) has approved the offering of additional shares through a rights offering to the Fund's shareholders.
    At a meeting held on July 17, 2003, the Board approved the issuance to shareholders of non-transferable rights entitling shareholders to subscribe for one additional share for every six shares held, with the right to subscribe for additional shares not subscribed for by others in the primary subscription. The Fund will announce other terms of the rights offering at a later date.
    The offering is subject to the filing of a registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals. Any rights offering conducted by the Fund will be made only by means of a prospectus. Subject to making the necessary filings with the SEC, and receiving subsequent SEC approval, it is expected that the rights offering will be held in the fourth calendar quarter of 2003.
    Bancroft Convertible Fund, Inc. is a closed-end management investment company with more than $93 million in net assets. The Fund's shares are listed on the American Stock Exchange under the symbol BCV.

    This communication does not constitute an offer of any securities for sale.

AMEX - BCV        Cusip 059695106

For further information please contact:
Gary I. Levine, VP/Treasurer        Ph. (973) 631-1177         Fax (973) 631-9893
http://www.bancroftfund.com