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Bancroft Convertible Fund, Inc.
cusip # 05-9695106

released January 2, 2002

DIVIDEND AND TAX INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 2001

Record
Date   
Payment
Date   

.
Total Paid
Per Share

Ordinary.
Income..
Dividends*

.
Long-Term
Capital Gain

Dividend
Reinvestment
              Price

Mar. 15 Mar. 29 $    0.21 $     0.21 $             — $        20.9978
Jun. 14 Jun. 28 0.24 0.24 21.2100
Sept. 13 Sept. 27 0.24 0.24 19.1250
Nov. 23 Dec. 28       0.38         0.38               — 19.9500

1.07 1.07

* The portion of each ordinary income dividend qualifying for the dividends-received
deduction allowed to certain corporate shareholders was 12%.

None of the dividends paid during the year represented a return of capital.

There were no year-end reallocations or reclassification of income or gains.

The amount of interest earned on direct obligations of the U.S. Government was negligible.

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