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Bancroft Convertible Fund, Inc.
cusip # 05-9695106

released January 2, 2003

DIVIDEND AND TAX INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 2002

Record
Date   
Payment
Date   

.
Total Paid
Per Share

Ordinary.
Income..
Dividends*

.
Long-Term
Capital Gain

Dividend
Reinvestment
              Price

Mar. 13 Mar. 27 $    0.200 $     0.200 $             — $        19.7900
Jun. 13 Jun. 27 0.180 0.180 19.1784
Sept. 13 Sept. 27 0.180 0.180 18.2920
Nov. 29 Dec. 27       0.231         0.231               — 17.9500

0.791 0.791

* The portion of each ordinary income dividend qualifying for the dividends-received
deduction allowed to certain corporate shareholders was 16%.

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

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

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

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