Bancroft Announces Trustee Changes

October 2, 2007 – Bancroft Fund Ltd. (AMEX: BCV) today announced that Duncan O. McKee is retiring as a trustee of the Fund for health reasons. Mr. McKee’s retirement will be effective as of the end of the Fund’s fiscal year on October 31, 2007.

Mr. McKee served as Director Emeritus of the Fund from April 1988 to November 1996 and served as a Director of the Fund from November 1996 to March 2006. Mr. McKee has served as a Trustee of the Fund since its reorganization as a trust in March 2006. “Duncan has made invaluable contributions to the Fund, and we are grateful to him for his service to the Fund not only as a trustee and director during the past two decades, but also as counsel to the Fund for an additional fifteen years before that,” said Thomas H. Dinsmore, Chairman and Chief Executive Officer of the Fund.

The Fund also announced that Robert J. McMullan has resigned as a trustee of the Fund effective as of October 1, 2007 because of personal and professional time commitments. Mr. McMullan has served as a trustee since 2004. The Board of Trustees thanks Mr. McMullan for his many contributions to the Fund and wishes him success in his other business endeavors.

Bancroft is a diversified closed-end management investment company. Bancroft 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 due to the nature of the securities in which it invests).

AMEX - BCV Cusip 059695106

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