Bancroft Fund Ltd. Announces Incorrect Third Party Filing of Form 4
Davis-Dinsmore Management Company


Morristown, NJ, April 17, 2008 -- Bancroft Fund Ltd. (the "Fund") (AMEX:BCV) today announced that a third party incorrectly filed a Form 4 on behalf of the Fund. The Form 4, a "Statement of Changes in Beneficial Ownership of Securities," was filed for John S. Stafford, Jr. on April 14, 2008, incorrectly using the Central Index Key ("CIK") number of the Fund. The misfiled Form 4 was intended to be filed using the CIK number of Aware, Inc. ("Aware") to reflect the acquisition by Mr. Stafford of the securities of Aware, rather than the securities of the Fund.

The Fund had nothing to do with the filing and the purchase of Fund shares reported by the misfiled Form 4 did not occur. The Fund is working with the U.S. Securities and Exchange Commission (the "SEC") to correct this error by removing Mr. Stafford's misfiled Form 4 from the SEC's EDGAR database under the Fund's CIK number. In addition, Mr. Stafford has now filed such Form 4 using Aware's CIK number to correctly reflect his acquisition of the securities of Aware.


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