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Bancroft Fund Ltd. Announces Issue Price for the 2013 Year-End Dividend Payable on December 30, 2013

MORRISTOWN, NJ -- (Marketwired) -- 12/24/13 -- Bancroft Fund Ltd. (NYSE MKT: BCV) announced today that the price at which its beneficial shares will be issued to shareholders who elected to receive additional shares in payment of the 2013 year-end dividend will be $18.42 per share. The issue price represents the closing price of the shares on the NYSE MKT Exchange on December 23, 2013, which was below the net asset value of $22.26 per share on that date. The dividend is payable on December 30, 2013.

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 MKT Exchange under the ticker symbol BCV.

CUSIP# 059 695 106

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