MORRISTOWN, NJ--(MARKET WIRE)--Jan 12, 2009 -- Bancroft Fund Ltd. (AMEX:BCV - News) today reported dividend and tax information for the year ended December 31, 2008.

 
                                              Short-  Long-
Record   Payment Total    Ordinary  Qualified Term    Term    Dividend
Date     Date    Paid Per Income    Dividends Capital Capital Reinvestment
2008     2008    Share    Dividends  (QDI)    Gains   Gains   Price
-------  ------- -------- --------- --------- ------- ------- ------------

Mar. 14  Mar. 28    $0.21     $0.21 $0.021979     $--     $--     $18.1305
Jun. 12  Jun. 26     0.21      0.21  0.041885      --      --      18.3488
Sep. 11  Sep. 25     0.21      0.21  0.042005      --      --      14.2382
Nov. 28  Dec. 29     0.19      0.19  0.087865      --      --      10.1900
                 -------- --------- --------- ------- -------
                     0.82      0.82  0.193734      --      --

The portion of each ordinary income dividend qualifying for the corporate dividends-received deduction, allowable to certain corporate shareholders, was 24%.

None of the dividends paid during the year represented a return of capital.

There were no year-end reallocations or reclassifications of income or gains.

There was no interest earned on direct obligations of the U.S. Government.

Further financial details are available on the Company's website: www.bancroftfund.com.

Cusip 059695106

     For further information please contact:
     Gary I. Levine
     Exec. VP & CFO
     Ph. (973) 631-1177
     Fax (973) 631-9893
     http://www.bancroftfund.com