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Bancroft Convertible Fund Announces Dividend, Earnings and Financial Update
Davis-Dinsmore Management Company

Morristown, NJ, November 21, 2005 -- Bancroft Convertible Fund, Inc. (BCV) today reported financial highlights and certain portfolio information for the twelve months ended October 31, 2005.
The Fund declared its one hundred fortieth quarterly dividend today:

$0.243 per share Payable Date Record Date
from ordinary income December 27, 2005 December 2, 2005

No net capital gains were realized during the fiscal year ended October 31, 2005.
Shareholders who are not members of the Company's Automatic Dividend Investment Plan will be given the option to receive the dividend either in cash or in shares of common stock of the Company. Because of this option, the dividend is taxable to all shareholders whether or not they choose to receive cash.

Shareholders Meeting Date: The directors also set February 13, 2006 as the date of the annual shareholders meeting with a record date of December 21, 2005.

Earnings Report            Three Months Ended        Twelve Months Ended
                              October 31                 October 31
                           2005         2004          2005         2004
                       ------------ ------------  ------------ ------------
Net Income               $1,164,000     $892,000    $4,190,000   $3,879,000
    Per Share                 $0.21        $0.16         $0.75        $0.70
Shares Outstanding        5,588,453    5,557,138     5,588,453    5,557,138
Total Net Assets       $117,622,000 $113,373,000  $117,622,000 $113,373,000
Net Asset Value
Per Share                   $21.05       $20.40        $21.05       $20.40
Fund Statistics as of October 31, 2005   Top Ten Holdings by underlying
                                          common stock as of
                                          October 31, 2005
                                                            % of Net Assets
Market price                   $17.77    Chesapeake Energy Corp.    3.2
Net asset value (NAV)          $21.05    The Walt Disney Company    3.0
Premium/(Discount)           (15.58)%    The St. Paul Travelers
Total Net Assets         $117,622,000     Companies, Inc.           2.5
12-Month income                          Nuveen Investments, Inc.   2.4
distribution                  $0.698    International Rectifier
Yield on market price           3.93%     Corp.                     2.3
Ratio of expenses               1.22%    Semco Energy, Inc.         2.2
Ratio of net income             3.60%    Washington Mutual, Inc.    2.2
Portfolio turnover             87.21%    U.S. Bancorp               2.1
Shares outstanding          5,588,453    Schering-Plough Corp.      2.0
                                         The TJX Companies, Inc.    2.0
Major Industry Exposure as of            Portfolio Ratings from Moody's
October 31, 2005                         as of October 31, 2005
                                         (From S&P when Moody's is
                      % of Net Assets     unavailable)
Financial and Insurance          15.5
Energy                           13.1                    % of Portfolio
Pharmaceuticals                  10.5    Aa                     12
Banking/Savings and Loan          9.6    A                       8
Technology                        8.4    Baa                    24
Retail                            6.4    Ba                     12
Telecommunications                5.2    B                      26
Entertainment                     4.3    NR                     18
Chemicals                         3.4
Health Care                       3.1
Asset Allocation as of October 31, 2005
                      % of Net Assets
Convertible Bonds & Notes        52.3
Convertible Preferred Stocks     26.0
Mandatory Convertible Securities 16.0
Short-term Securities             4.1
Other Assets                      1.6

Data is unaudited and as of October 31, 2005. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Stockholders for the six months ended April 30, 2005.

Bancroft is a diversified closed-end management investment company. Bancroft's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

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