Bancroft Fund Ltd. Announces Incorrect Third Party Filing of Form 4

MORRISTOWN, NJ, Apr 17 (MARKET WIRE) --
Bancroft Fund Ltd. (the "Fund") (AMEX: BCV) today announced that a third
party incorrectly filed a Form 4 on behalf of the Fund. The Form 4, a
"Statement of Changes in Beneficial Ownership of Securities," was filed for
John S. Stafford, Jr. on April 14, 2008, incorrectly using the Central Index
Key ("CIK") number of the Fund. The misfiled Form 4 was intended to be filed
using the CIK number of Aware, Inc. ("Aware") to reflect the acquisition by Mr.
Stafford of the securities of Aware, rather than the securities of the Fund.

The Fund had nothing to do with the filing and the purchase of Fund shares
reported by the misfiled Form 4 did not occur. The Fund is working with the
U.S. Securities and Exchange Commission (the "SEC") to correct this error by
removing Mr. Stafford's misfiled Form 4 from the SEC's EDGAR database under the
Fund's CIK number. In addition, Mr. Stafford has now filed such Form 4 using
Aware's CIK number to correctly reflect his acquisition of the securities of
Aware.

Fund shares are not FDIC-insured and are not deposits or other obligations
of, or
guaranteed by, any bank. Fund shares involve investment risk, including
possible loss of principal.

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. Fund shares are traded on the
American Stock Exchange under the ticker symbol BCV.

For further information, please contact:
Gary I. Levine
Executive Vice President, Chief Financial Officer and Secretary
Email Contact
Ph. (973) 631-1177

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