MORRISTOWN, NJ--(Marketwire - January 10, 2011) - Bancroft Fund Ltd. (NYSE Amex: BCV) announced today that, effective January 1, 2011, the following portfolio manager change became effective: Ms. Jane D. O'Keeffe and Mr. James A. Dinsmore, C.F.A. became co-portfolio managers of Bancroft Fund Ltd. (the "Fund"). They join Mr. Thomas H. Dinsmore, C.F.A., who has served as portfolio manager of the Fund since 1996.