Mario Gabelli (BCV) discloses Bancroft Fund share sale and holdings

Rhea-AI Filing Summary

Mario J. Gabelli, a director and control person of the investment adviser to Bancroft Fund Ltd (BCV), reported a share sale and updated holdings. On 01/05/2026, 1,300 common shares of Bancroft Fund were sold at $22.255 per share, reported as a disposition. Following this transaction, 25,700 common shares were reported as indirectly owned through Associated Capital Group, Inc. (ACG), and 131,000 common shares were reported as directly owned.

The filing notes that the reported shares reflect the total shares owned by ACG. Gabelli is the Executive Chair and controlling shareholder of ACG, but he has less than a 100% interest in ACG and disclaims beneficial ownership of shares held by ACG that exceed his indirect pecuniary interest.

Insider Trade Summary

Net Seller: 1,300 shares ($28,932)

Net Sell 2 txns

Insider GABELLI MARIO J

Role Director

Sold 1,300 shs ($29K)

Type	Security	Shares	Price	Value
Sale	Common Shares	1,300	$22.255	$29K
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 25,700 shares (Indirect, Associated Capital Group, Inc.); Common Shares — 131,000 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GABELLI MARIO J

(Last) (First) (Middle)

C/O GAMCO INVESTORS, INC.

ONE CORPORATE CENTER

(Street)

RYE NY 10580

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BANCROFT FUND LTD [ BCV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Control Person of Adviser

3. Date of Earliest Transaction (Month/Day/Year)
01/05/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	01/05/2026		S		1,300	D	$22.255	25,700	I	Associated Capital Group, Inc.(1)
Common Shares								131,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares reported reflect the total shares owned by Associated Capital Group, Inc. (ACG). Mario J. Gabelli is the Executive Chair and controlling shareholder of ACG. Mr. Gabelli has less than a 100% interest in ACG and disclaims beneficial ownership of the shares held by it which are in excess of his indirect pecuniary interest.

	Peter D. Goldstein as Attorney-in-Fact for Mario J. Gabelli	01/07/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Mario Gabelli report for Bancroft Fund Ltd (BCV)?

Mario J. Gabelli reported the sale of 1,300 common shares of Bancroft Fund Ltd on 01/05/2026 at a price of $22.255 per share.

How many Bancroft Fund (BCV) shares does Mario Gabelli report owning after the transaction?

After the reported sale, the filing shows 25,700 common shares indirectly owned through Associated Capital Group, Inc. and 131,000 common shares directly owned.

What is Mario Gabelli’s relationship to Bancroft Fund Ltd (BCV)?

Mario J. Gabelli is reported as a Director of Bancroft Fund Ltd and as an Other related party described as a Control Person of Adviser.

How is Associated Capital Group, Inc. involved in Mario Gabelli’s BCV holdings?

The filing states that the reported shares reflect total shares owned by Associated Capital Group, Inc. (ACG), through which Gabelli indirectly owns 25,700 Bancroft Fund shares.

Does Mario Gabelli claim full beneficial ownership of all BCV shares held by ACG?

No. The filing explains that Gabelli has less than a 100% interest in ACG and disclaims beneficial ownership of ACG-held shares that are in excess of his indirect pecuniary interest.

Was the Form 4 for Bancroft Fund (BCV) filed by multiple reporting persons?

No. The document indicates that the Form 4 was filed by one reporting person, covering Mario J. Gabelli.

Who signed the Form 4 related to Mario Gabelli’s Bancroft Fund (BCV) transaction?

The form was signed by Peter D. Goldstein acting as Attorney-in-Fact for Mario J. Gabelli on 01/07/2026.