MORRISTOWN, NJ--(Marketwire - Nov 21, 2011) - Bancroft Fund Ltd. (NYSE Amex: [ BCV ]) declared its one hundred sixty-fourth quarterly dividend today.

The $0.165 per share dividend is payable from net investment income on December 29, 2011 to shareholders of record December 1, 2011.

Shareholders who are not members of the Fund's Automatic Dividend Investment Plan will be given the option to receive the distribution either in cash or in beneficial shares of the Trust. Because of this option, the dividend is taxable to all shareholders whether or not they choose to receive cash.

The expiration date of the option is December 16, 2011.

The number of shares that holders will be entitled to receive under the option will be determined on December 21, 2011, either on the basis of the closing market price of the Fund's beneficial shares, or its net asset value, whichever is lower on that date.

SHAREHOLDERS MEETING DATE: The trustees also set February 17, 2012 as the date of the annual shareholders meeting, with a record date of December 22, 2011.

Bancroft Fund Ltd. operates as a closed-end, diversified management investment company and 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, over the long-term, due to the nature of the securities in which it invests. Its shares are traded on the NYSE Amex Exchange under the ticker symbol BCV.

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