BCV - Bancroft Fund Ltd.

What this means for you

Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Aug 14, 2026

   Ameriprise Financial sold down below 5% and stopped reporting.

   Original document →

2. March 30, 2026

   Saba sold down below 5% and stopped reporting.

   Original document →

3. Nov 14, 2025

   Ameriprise Financial now owns 5.3%, as a passive investor.

   Original document →

4. Oct 31, 2025

   Saba raised its stake to 6.1% (from 5%). It has said it may push for changes.

   Original document →

5. Aug 20, 2025

   Saba raised its stake to 5% (from 4.8%). It has said it may push for changes.

   Original document →

About this fund

• Run by Gabelli Funds, LLC. Part of the Gabelli Fund Complex fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $164 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 15% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 96% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -12.9%; at +10%, about +10.9%. As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs: 0.9% a year in management fees; 1.3% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 11 funds we follow that invest in convertible bonds, one charges a lower management fee and 2 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $22 in the first year and about $254 over 10 years, assuming the holdings return 5% a year. As of Sept 30, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $1.28 a share. $0.58 of that was income; $0.70 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $25.05. The shares traded at $21.88, about 12.7% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 16.8% below to 10.8% below. As of Sept 30, 2025, from the fund's annual report. Original document →
• How the holdings did: up 22.3% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $1.28 in the fiscal year ended Sept 30, 2025; $1.28 in the year ended Sept 30, 2024; $4.13 in the year ended Sept 30, 2022.As of Sept 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended Sept 30, 2025; $0.01 in the year ended Sept 30, 2024; $0.05 in the year ended Sept 30, 2022.As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.31% a year in the fiscal year ended Sept 30, 2025; 1.41% a year in the year ended Sept 30, 2024; 1.15% a year in the year ended Sept 30, 2022.As of Sept 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $146 million at Sept 30, 2025; $112 million at Sept 30, 2024. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →.
• Borrowing: about 16% on top of its own money at Sept 30, 2025; 26% at Sept 30, 2024. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →.
• The fund had about 5.82 million shares at Sept 30, 2025, about the same as at Sept 30, 2022.As of Sept 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Sept 30, 2025: the shares returned +39.4%, counting payouts; the holdings +38.5%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Sept 30, 2025, from the fund's annual report. Original document →
• The year ended Sept 30, 2024: the shares returned +15.1%, counting payouts; the holdings +12.1%. As of Sept 30, 2024, from the fund's annual report. Original document →
• The year ended Sept 30, 2022: the shares returned -30.4%, counting payouts; the holdings -29.5%. As of Sept 30, 2022, from the fund's annual report. Original document →
• Those two years together: the shares returned +60.5%. $10,000 of shares bought at the start (Oct 1, 2023) would have become about $16,000 by Sept 30, 2025, with every payout counted, before tax. As of Sept 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +45.9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in convertible bonds with a fiscal year ending within six months of this one, 0 reported a higher share return for that year and 9 a lower one. As of Sept 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (91%), the rest preferred shares. About 85% issued in the U.S.

1. Hewlett Packard Enterprise Company 7.625% Series C Mandatory Convertible Preferred Stock - 4%
2. Cyberark Software, Cybr 0 06/15/30 - 3.1%
3. Nebius Group NV, Nbis 2.75 09/15/32 - 2.9%
4. Ligand Pharmaceuticals, Lgnd 0.75 10/01/30 - 2.7%
5. Firstenergy, Fe 3.875 01/15/31 - 2.7%
6. Fluor, Flr 1.125 08/15/29 - 2.7%
7. Halozyme Therapeutics, Halo 0.875 11/15/32 - 2.7%
8. Ionis Pharmaceuticals, Ions 0 12/01/30 - 2.6%
9. Bitfarms, Keel 1.375 01/15/31 - 2.5%
10. United States of America - Bureau of the Public Debt, B 0 09/24/26 - 2.5%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →