MORRISTOWN, NJ--(MARKET WIRE)--Jun 4, 2008 -- Bancroft Fund Ltd. (AMEX:BCV - News) today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2008:

 

EARNINGS REPORT           Three Months Ended          Six Months Ended
                               April 30                   April 30
                           2008          2007         2008         2007
                        ------------ ------------ ------------ ------------
Net Income                  $994,000   $1,046,000   $2,271,000   $2,338,000
   Per Share                   $0.19        $0.18        $0.44        $0.41
Shares Outstanding         5,189,875    5,733,016    5,189,875    5,733,016
Total Net Assets        $107,390,000 $133,393,000 $107,390,000 $133,393,000
Net Asset Value
 Per Share                    $20.69       $23.27       $20.69       $23.27


FUND STATISTICS                        TOP TEN HOLDINGS
                                         by underlying              % of
                                          common stock           Net Assets
Market value                  $18.48   Prudential Financial, Inc.       3.6
Net asset value (NAV)         $20.69   Chesapeake Energy Corp.          3.3
Premium/(Discount)            (10.68)% Freeport-McMoRan Copper
                                        & Gold Inc.                     3.0
Total Net Assets        $107,390,000   Companhia Vale do Rio Doce       2.7
12-Month income                        New York Community
 distribution                 $0.796   Bancorp, Inc.                    2.7
Yield on market value           4.31%  LSB Industries, Inc.             2.6
Ratio of expenses               1.26%* LSI Corp.                        2.5
Ratio of net income             3.62%* St. Jude Medical, Inc.           2.4
Portfolio turnover             23.93%  The Walt Disney Company          2.4
Shares outstanding         5,189,875   Wyeth                            2.4
* Annualized


MAJOR INDUSTRY
 EXPOSURE            % of Net Assets  MOODY'S PORTFOLIO RATINGS
                                     (From S&P when Moody's is unavailable)
Energy                          15.4
Pharmaceuticals                 10.8            % of Portfolio
Insurance                        8.8  Aa               8
Semiconductors                   6.8  A               16
Telecommunications               6.5  Baa             15
Computer Hardware                6.0  Ba               3
Minerals and Mining              5.8  B               22
Health Care                      5.4  Caa              4
Consumer Goods                   5.1  NR              31
Banking/Savings and Loan         4.7

ASSET ALLOCATION        % of Net Assets

Convertible Bonds & Notes       58.1
Corporate Bonds and Notes        1.1
Convertible Preferred Stock     10.3
Mandatory Convertibles          28.8
Other Assets                     1.7

Data is unaudited and as of April 30, 2008. 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, 2008.

Detailed portfolio information is available on our website (www.bancroftfund.com). Contact us by email at info@bancroftfund.com or call us at (973) 631-1177.

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 American Stock Exchange under the ticker symbol BCV.

     For further information please contact:
     Gary I. Levine
     Chief Financial Officer
     Ph. (973) 631-1177
     Fax (973) 631-9893
     http://www.bancroftfund.com