0001145549-23-075826.txt : 20231213 0001145549-23-075826.hdr.sgml : 20231213 20231213102019 ACCESSION NUMBER: 0001145549-23-075826 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231213 DATE AS OF CHANGE: 20231213 EFFECTIVENESS DATE: 20231213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANCROFT FUND LTD CENTRAL INDEX KEY: 0000009521 IRS NUMBER: 042476994 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-02151 FILM NUMBER: 231483191 BUSINESS ADDRESS: STREET 1: 65 MADISON AVENUE STREET 2: SUITE 550 CITY: MORRISTOWN STATE: NJ ZIP: 07960 BUSINESS PHONE: (973) 631-1177 MAIL ADDRESS: STREET 1: 65 MADISON AVENUE STREET 2: SUITE 550 CITY: MORRISTOWN STATE: NJ ZIP: 07960 FORMER COMPANY: FORMER CONFORMED NAME: BANCROFT CONVERTIBLE FUND INC DATE OF NAME CHANGE: 19920703 N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000009521 XXXXXXXX false false false N-2 Bancroft Fund Ltd 811-02151 0000009521 5493000X4Y1FB4G26P45 One Corporate Center Rye 10580-1422 US-NY US 1-800-422-3554 The Bank of New York Mellon 240 Greenwich Street New York 10286 212-495-1784 Accounting State Street Bank and Trust Company One Heritage Drive North Quincy 02171 617-786-3000 Custody Gabelli Funds, LLC One Corporate Center Rye 10580-1422 914-921-5100 Accounting American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn 11219 800-937-5449 Transfer Agent BNY Mellon Investment Servicing (US) Inc. 500 Ross Street Pittsburgh 15262 412-234-5000 Accounting N N N-2 Y James P. Conn N/A N Michael J. Melarkey N/A N Mario J. Gabelli 000216136 Y Frank J. Fahrenkopf, Jr. N/A N Elizabeth C. Bogan N/A N Anthonie C. van Ekris N/A N Kinchen C. Bizzell N/A N Daniel D. Harding N/A N Jane D. O'Keeffe N/A Y Nicolas W. Platt N/A N Agnes Mullady 001732384 Y Richard J. Walz 001392836 One Corporate Center Rye 10580 XXXXXX N N N N N N N N Tait, Weller & Baker LLP 445 N/A N N N N N Bancroft Fund Ltd 5493000X4Y1FB4G26P45 N 0 0 0 N/A N N Y N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 18f-4 (17 CFR 270.18f-4) N N N N Gabelli Funds, LLC 801-37706 000104949 549300JDTNRQK8NMTG03 N American Stock Transfer & Trust Company, LLC 084-00416 254900TS5EWP83BEOU02 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N N State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N American Stock Transfer & Trust Company, LLC 254900TS5EWP83BEOU02 N N N Gabelli Funds, LLC 549300JDTNRQK8NMTG03 Y N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N Y N G.Research, LLC 008-21373 000007353 N/A 0.000000000000 G.distributors, LLC 008-68697 000155071 N/A 0.000000000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 4571.000000000000 4571.000000000000 BMO Nesbitt Burns Securities Ltd. 008-50538 000044057 54JEJPF5RL5INKZRDO43 CA 42685348.000000000000 Daiwa Capital Markets America, Inc. 008-12242 000001576 M67H5PRC0NQKM73ZAS82 13357276.000000000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 23232779.000000000000 OPPENHEIMER & CO. INC. 008-04077 000000249 254900VH02JQR2L8XD64 15848495.000000000000 NOMURA SECURITIES INTERNATIONAL, INC. 008-15255 000004297 OXTKY6Q8X53C9ILVV871 31840510.000000000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 8826183.000000000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 16659005.000000000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 15878669.000000000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 8204262.000000000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 31804874.000000000000 225801018.000000000000 Y 146162473.000000000000 0.000000000000 Common stock Bancroft Fund Preferred stock 5.375% Series A Cumulative Preferred Shares N N Common stock N N N 0.660000000000 1.160000000000 15.770000000000 18.360000000000 true INTERNAL CONTROL RPT 2 internalcontrolrpt_bancroft.htm PDFtoHTML Conversion Output

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees
Bancroft Fund Ltd.
Rye, NY

In planning and performing our audit of the financial statements of the Bancroft Fund Ltd. (the "Fund") as of and for the period ended September 30, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of September 30, 2023.

This report is intended solely for the information and use of management, the Board of Trustees of the Bancroft Fund Ltd. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/Tait, Weller & Baker LLP
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
November 29, 2023