EARNINGS REPORT          Three Months Ended            Six Months Ended                               April 30                    April 30                          2009          2008           2009         2008                      -----------   ------------   -----------  ------------ Net Income              $946,000       $994,000    $1,887,000    $2,271,000     Per Share              $0.18          $0.19         $0.36         $0.44 Shares Outstanding     5,235,599      5,189,875     5,235,599     5,189,875 Total Net Assets     $72,888,000   $107,390,000   $72,888,000  $107,390,000 Net Asset Value Per  Share                    $13.92         $20.69        $13.92        $20.69 --------------------------------------------------------------------------- FUND STATISTICS Market price              $11.69 Net asset value (NAV)     $13.92 Premium/(Discount)      (16.02)% Total Net Assets     $72,888,000 12-Month income  distribution              $0.78 Yield on market price      6.67% Ratio of expenses  (annualized)              1.39% Ratio of net income  (annualized)              5.90% Portfolio Turnover        32.23% Shares outstanding     5,235,599 --------------------------------------- TOP TEN HOLDINGS  by underlying common stock    % of Net                                 Assets LSB Industries                    3.1 Schering-Plough                   2.8 Equinix                           2.7 Wyeth                             2.7 Blackboard                        2.6 Freeport-McMoRan Copper & Gold    2.6 Euronet Worldwide                 2.5 Intel                             2.4 Teva Pharmaceutical Industries    2.3 Chesapeake Energy                 2.2 --------------------------------------- MAJOR INDUSTRY                 % of Net  EXPOSURE                       Assets Energy                           13.4 Pharmaceuticals                  11.2 Telecommunications               10.9 Healthcare                        9.1 Banking/Savings and Loan          6.1 Multi-Industry                    4.7 Minerals and Mining               4.5 Semiconductors                    4.2 Computer Hardware                 4.0 Financial Services                3.9 --------------------------------------- QUALITY ALLOCATION * (From Moody's or S&P when Moody's is  unavailable)                        % of Portfolio         AA                     0         A                      8         BBB                   18         BB                    16         B                     23         CCC                    2         Not Rated             33 * Excludes equity securities and cash --------------------------------------- ASSET ALLOCATION               % of Net                                 Assets Convertible Bonds & Notes        74.3 Corporate Bonds & Notes           1.0 Convertible Preferred Stocks      9.3 Mandatory Convertible Securities  7.9 Common Stocks                     2.5 Cash & Equivalents                5.0 --------------------------------------- 

Data is unaudited and as of April 30, 2009. 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@bancroftfundfund.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 NYSE Amex under the ticker symbol BCV.

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

SOURCE: Bancroft Fund Ltd.

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