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Bancroft Convertible Fund, Inc.
cusip # 05-9695106

released January 5, 2004

DIVIDEND AND TAX INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 2003
Record
Date		 Payment
Date


Total Paid
Per Share

Ordinary
Income
Dividends

*

Long-Term
Capital Gain

Dividend
Reinvestment
         Price
Mar. 14 Mar. 28 $     0.18 $     0.18

$

—

 $      18.4312
Jun. 13 Jun. 27 0.16 0.16

—

 19.8079
Sep. 18 Sep. 29 0.16 0.16

—

 19.4643
Nov. 28 Dec. 26       0.21       0.21

—

 18.8400
0.71 0.71

* The portion of each ordinary income dividend qualifying for the corporate dividends-
received deduction, allowable to certain corporate shareholders, was 5%.

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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