Bancroft Fund Ltd. (the Fund) is a diversified closed-end management investment company. The Fund’s primary investment objective is to provide 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. The Fund invests primarily in convertible and equity securities. The Fund’s investment portfolio includes convertible corporate bonds, convertible preferred stocks, mandatory convertible securities and common stocks. The Fund invests in various industries, such as computer software and services, health care, business services, financial services, security software, consumer services, communications equipment, energy and utilities, semiconductors, telecommunications, real estate investment trusts, diversified industrial, entertainment, airlines, equipment and supplies, transportation and agriculture. Gabelli Funds, LLC serves as the investment advisor of the Fund.