Fund Description: Bancroft Fund Ltd., 5.375% Series A Cumulative Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 8/9/2021 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 5.375% per annum ($1.34375 per annum or $0.335938 per quarter) will be paid quarterly on 3/26, 6/26, 9/26 & 12/26 to holders of record on the record date that will be the 5th business day prior to the payment date (NOTE: the ex-dividend date is the record date). <p> Dividends paid by preferreds issued by closed-end funds can be 0% to 100% eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and can also be 0% to 100% eligible for the dividends received deduction for corporate holders (see page 73 of the prospectus for further information). <p> This security was rated as Aa3 by Moody’s at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.