MORRISTOWN, NJ--(Marketwire - Dec 22, 2011) - Bancroft Fund Ltd. (NYSE Amex: [ BCV ]) announced today that the price at which its beneficial shares will be issued to shareholders who elected to receive additional shares in payment of the 2011 year-end dividend will be $15.32 per share. The issue price represents the closing price of the shares on the NYSE Amex Exchange on December 21, 2011, which was below the net asset value of $17.60 per share on that date. The dividend is payable on December 29, 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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