Fund Description: Bancroft Fund Ltd. is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a diversified closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Bancroft Fund Ltd seeks to providing income and capital appreciation. <p> FUND STRATEGY: Under normal market conditions, the Fund invests at least 65% of its assets (consisting of net assets plus the amount of any borrowing for investment purposes) in convertible securities. Under normal market conditions, the remaining 35% or less of the Fund’s assets may be invested in other securities, including common stocks, non-convertible preferred stocks and investment grade debt securities, common stock received upon conversion or exchange of securities, options, warrants, securities of the U.S. Government, its agencies and instrumentalities, foreign securities, American Depositary Receipts, or repurchase agreements, or they may be held as cash. The Fund's portfolio of investments includes common stock, convertible bonds and notes, convertible preferred stock and mandatory convertible securities. The Fund invests in a range of industries, such as software, real estate investment trusts, biotechnology, semiconductor equipment, Internet software and services, pharmaceuticals, communications equipment, commercial banks, healthcare providers and services, and oil, and gas and consumable fuels. The Fund has an automatic dividend investment and cash payment plan. <p> FUND MANAGEMENT: Gabelli Funds, LLC serves as investment adviser to the Fund.