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Bancroft Fund Ltd. Announces Earnings and Financial Update
Dinsmore Capital Management

MORRISTOWN, NJ, Jun 06, 2012 (MARKETWIRE via COMTEX) -- Bancroft Fund Ltd. BCV +0.25% today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2012:

        EARNINGS REPORT                                   Six Months Ended
                                                              April 30
                                                             2012               2011
        Net Income                                     $1,372,920         $1,457,000
          Per Share                                         $0.26              $0.27
        Shares Outstanding                              5,341,852          5,315,510
        Total Net Assets                             $102,130,000       $109,403,000
        Net Asset Value Per Share                          $19.12             $20.58

        Market price                                                        $16.44
        Net asset value (NAV)                                               $19.12
        Premium/(Discount)                                                  (14.02)%
        Total Net Assets                                              $102,130,000
        12-Month income distribution                                       $0.5475
        Yield on market price                                                 3.33%
        Ratio of expenses (annualized)                                        1.16%
        Ratio of net income (annualized)                                      3.03%
        Portfolio turnover                                                   17.54%
        Shares outstanding                                               5,341,852

          by underlying common stock                                        % of Net
        EMC                                                                      3.3
        Equinix                                                                  3.1
        Intel                                                                    2.8
        Gilead Sciences                                                          2.2
        SBA Communications                                                       2.2
        Wells Fargo                                                              2.2
        Nuance Communications                                                    2.1
        Chesapeake Energy                                                        1.7
        Bank of America                                                          1.5
        General Motors                                                           1.5

        MAJOR INDUSTRY                                                      % of Net
          EXPOSURE                                                            Assets
        Telecommunications                                                       9.6
        Energy                                                                   9.3
        Financial Services                                                       9.3
        Semiconductors                                                           9.3
        Pharmaceuticals                                                          8.4
        Computer Software                                                        7.7
        Banking/Savings and Loan                                                 6.2
        Metals and Mining                                                        5.4
        Computer Hardware                                                        4.6
        Healthcare                                                               2.7

        (From Moody's or S&P when Moody's is unavailable)
                                                                     % of Portfolio
                                AAA                                               2%
                                AA                                                2%
                                 A                                               18%
                                BBB                                              22%
                                BB                                               21%
                                 B                                               12%
                            CCC & below                                           3%
                             Not Rated                                           20%
        * Excludes equity securities and cash

        ASSET ALLOCATION                                                    % of Net
        Convertible Bonds & Notes                                               71.7
        Convertible Preferred Stocks                                            13.5
        Mandatory Convertible Securities                                        10.1
        Cash & Equivalents                                                       4.7

Data is unaudited and as of April 30, 2012. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended October 31, 2011.

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