Bancroft Convertible Fund, Inc. (AMEX: BCV) today reported financial highlights and certain portfolio information for the twelve months ended October 31, 2004.

The Fund declared its one hundred thirty-sixth quarterly dividend today:

$0.188 per share       Payable Date        Record Date
from ordinary income   December 28, 2004   December 3, 2004
No net capital gains were realized during the fiscal year ended October 31, 2004

Shareholders who are not members of the Company's Automatic Dividend Investment Plan will be given the option to receive the dividend either in cash or in shares of common stock of the Company. Because of this option, the dividend is taxable to all shareholders whether or not they choose to receive cash.

Shareholders Meeting Date: The directors also set February 14, 2005 as the date of the annual shareholders meeting with a record date of December 22, 2004.

Earnings Report            Three Months Ended        Twelve Months Ended
                              October 31                 October 31
                           2004        2003           2004         2003
                           ----        ----           ----         ----
Net Income               $892,000   $1,027,000     $3,879,000   $3,352,000
  Per Share                 $0.16        $0.22          $0.70        $0.71
Shares Outstanding      5,557,138    4,725,858      5,557,138    4,725,858
Total Net Assets     $113,373,000  $98,486,000   $113,373,000  $98,486,000

Net Asset Value
 Per Share                 $20.40       $20.84         $20.40       $20.84

Fund Statistics                      Top Ten Holdings by underlying common
 as of October 31, 2004               stock as of October 31, 2004
                                                                  % of Net
                                                                    Assets
Market price              $18.23     Capital One Financial Corp.      2.1
Net asset value                      Sovereign Bancorp, Inc.          2.1
 (NAV)                    $20.40     Leucadia National Corp.          2.0
Premium/(Discount)        (10.64)%   The St. Paul Travelers
Total Net Assets    $113,373,000      Companies, Inc.                 2.0
12-Month income                      Amerada Hess Corp.               1.9
 distribution              $0.72     Church & Dwight Co., Inc.        1.9
Yield on market                      Conexant Systems, Inc.           1.9
 price                      3.95%    Kerr-McGee Corp.                 1.8
Ratio of expenses           1.14%    Lucent Technologies, Inc.        1.8
Ratio of net income         3.43%    The TJX Companies, Inc.          1.8
Portfolio turnover         65.89%
Shares outstanding     5,557,138

Major Industry Exposure              Portfolio Ratings from Moody's
 as of October 31, 2004               as of October 31, 2004
                          % of Net    (From S&P when Moody's is
                           Assets     unavailable)
Financial & Insurance       11.6                            % of Portfolio
Banking/Savings & Loan      10.2
Pharmaceuticals              9.5                   Aa                7
Technology                   9.0                   A                 7
Energy                       8.8                   Baa              27
Retail                       7.4                   Ba               18
Telecommunications           6.9                   B                20
Health Care                  5.0                 < B                 2
Automotive                   4.4                   NR               19
Entertainment                4.3

Asset Allocation as of
 October 31, 2004
                          % of Net
                           Assets
Convertible Bonds & Notes   55.6
Convertible Preferred
 Stocks                     19.3
Mandatory Convertible
 Securities                 18.9
Short-term Securities        6.0
Other Assets                 0.2
Data is unaudited and as of October 31, 2004. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Stockholders for the six months ended April 30, 2004.

Detailed portfolio information is available on our website (http://www.bancroftfund.com). Visit us there or contact us by email at info@bancroftfund.com or call us at (973) 631-1177.

Bancroft is a diversified closed-end management investment company. Bancroft's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

AMEX - BCV Cusip 059695106

The Fund declared its one hundred thirty-sixth quarterly dividend today:

$0.188 per share       Payable Date        Record Date
from ordinary income   December 28, 2004   December 3, 2004
No net capital gains were realized during the fiscal year ended October 31, 2004

Shareholders who are not members of the Company's Automatic Dividend Investment Plan will be given the option to receive the dividend either in cash or in shares of common stock of the Company. Because of this option, the dividend is taxable to all shareholders whether or not they choose to receive cash.

Shareholders Meeting Date: The directors also set February 14, 2005 as the date of the annual shareholders meeting with a record date of December 22, 2004.

Earnings Report            Three Months Ended        Twelve Months Ended
                              October 31                 October 31
                           2004        2003           2004         2003
                           ----        ----           ----         ----
Net Income               $892,000   $1,027,000     $3,879,000   $3,352,000
  Per Share                 $0.16        $0.22          $0.70        $0.71
Shares Outstanding      5,557,138    4,725,858      5,557,138    4,725,858
Total Net Assets     $113,373,000  $98,486,000   $113,373,000  $98,486,000

Net Asset Value
 Per Share                 $20.40       $20.84         $20.40       $20.84

Fund Statistics                      Top Ten Holdings by underlying common
 as of October 31, 2004               stock as of October 31, 2004
                                                                  % of Net
                                                                    Assets
Market price              $18.23     Capital One Financial Corp.      2.1
Net asset value                      Sovereign Bancorp, Inc.          2.1
 (NAV)                    $20.40     Leucadia National Corp.          2.0
Premium/(Discount)        (10.64)%   The St. Paul Travelers
Total Net Assets    $113,373,000      Companies, Inc.                 2.0
12-Month income                      Amerada Hess Corp.               1.9
 distribution              $0.72     Church & Dwight Co., Inc.        1.9
Yield on market                      Conexant Systems, Inc.           1.9
 price                      3.95%    Kerr-McGee Corp.                 1.8
Ratio of expenses           1.14%    Lucent Technologies, Inc.        1.8
Ratio of net income         3.43%    The TJX Companies, Inc.          1.8
Portfolio turnover         65.89%
Shares outstanding     5,557,138

Major Industry Exposure              Portfolio Ratings from Moody's
 as of October 31, 2004               as of October 31, 2004
                          % of Net    (From S&P when Moody's is
                           Assets     unavailable)
Financial & Insurance       11.6                            % of Portfolio
Banking/Savings & Loan      10.2
Pharmaceuticals              9.5                   Aa                7
Technology                   9.0                   A                 7
Energy                       8.8                   Baa              27
Retail                       7.4                   Ba               18
Telecommunications           6.9                   B                20
Health Care                  5.0                 < B                 2
Automotive                   4.4                   NR               19
Entertainment                4.3

Asset Allocation as of
 October 31, 2004
                          % of Net
                           Assets
Convertible Bonds & Notes   55.6
Convertible Preferred
 Stocks                     19.3
Mandatory Convertible
 Securities                 18.9
Short-term Securities        6.0
Other Assets                 0.2
Data is unaudited and as of October 31, 2004. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Stockholders for the six months ended April 30, 2004.

Detailed portfolio information is available on our website (http://www.bancroftfund.com). Visit us there or contact us by email at info@bancroftfund.com or call us at (973) 631-1177.

Bancroft is a diversified closed-end management investment company. Bancroft's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

AMEX - BCV Cusip 059695106