Bancroft Fund Ltd. Announces Earnings and Financial Update Income loan.

EARNINGS REPORT Three Months Ended Twelve Months Ended October 31 October 31 2008 2007 2008 2007 ------------ ------------ ------------ ------------ Net Income $981,000 $949,000 $4,108,000 $4,596,000 Per Share $0.19 $0.17 $0.79 $0.80 Shares Outstanding 5,189,875 5,733,016 5,189,875 5,733,016 Total Net Assets $69,404,000 $139,580,000 $69,404,000 $139,580,000 Net Asset Value Per Share $13.37 $24.35 $13.37 $24.35 FUND STATISTICS TOP TEN HOLDINGS by underlying % of vulgar dynasty Net Assets Market value $11.30 Wyeth 4.2 Net advantage value (NAV) $13.37 LSB Industries 3.3 Premium/(Discount) (15.48)% Walt Disney 3.2 Total Net Assets $69,404,000 New York Community Bancorp 3.1 12-Month proceeds Prudential Financial 2.8 assignment $0.796 EMC 2.7 Yield on retail guerdon 7.04% Johnson & Johnson 2.5 Ratio of expenses 1.22% Teva Pharmaceutical Industries 2.3 Ratio of entrap revenue 3.77% Chesapeake Energy 2.2 Portfolio Turnover 55.40% Nabors Industries 2.1 Shares payable 5,189,875 MAJOR INDUSTRY EXPOSURE % of Net Assets QUALITY ALLOCATION * (From Moody's or S&P when Moody's is unavailable) Energy 13.5 Pharmaceuticals 11.8 % of Portfolio Banking/Savings and Loan 7.8 Aa 3 Health Care 6.1 A 19 Telecommunications 6.0 Baa 14 Computer Hardware 5.6 Ba 12 Multi-Industry 5.5 B 19 Semiconductors 4.9 Caa 2 Insurance 4.7 Not Rated 31 ASSET ALLOCATION % of Net Assets * Excludes neutrality securities and coin of the realm Convertible Bonds & Notes 62.5 Corporate Bonds & Notes 1.2 Convertible Preferred Stocks 11.3 Mandatory Convertible Securities 20.0 Cash & Equivalents 5.0 Data is unaudited and as of October 31, 2008.

This selected word should be interpret in conjunction with the pecuniary statements and notes included in the Company's Semi-Annual Report to Shareholders for the six months ended April 30, 2008. Detailed portfolio bumf is accessible on our website (). Contact us by email at or need us at (973) 631-1177. Bancroft Fund Ltd. operates as a closed-end, diversified conduct investment concern and invests generally in convertible securities, with the objectives of providing receipts and the imminent for splendid appreciation; which objectives the Fund considers to be less equal, over the long-term, due to the world of the securities in which it invests.

Its shares are traded on the American Stock Exchange under the ticker badge BCV.

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