BANCROFT FUND LTD

# BANCROFT FUND LTD

A closed-end investment fund incorporated in Delaware and headquartered in Rye, New York, Bancroft Fund Ltd. is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. The fund was established in 1971 and operates in the asset management industry, focusing specifically on convertible securities investment.

The fund's primary investment strategy centers on convertible debt and convertible preferred stocks across the U.S. public equity markets, without significant restriction by company market capitalization. Performance is benchmarked against the S&P 500 Index, Bank of America Merrill Lynch All U.S. Convertibles Index, and Barclays Balanced U.S. Convertibles Index. As a closed-end fund structure, Bancroft issues a fixed number of shares that trade on the NYSE.

The fund operates with a relatively modest asset base reflective of its niche focus within the convertible securities market. Revenue is generated primarily through management fees charged on assets under management, with distributions paid to shareholders from investment income and capital gains. Geographic reach extends across U.S. public markets, with investor base primarily comprising U.S. institutional and individual investors participating in closed-end fund markets.