Bancroft Fund Ltd. (The Fund) operates as a closed-end, diversified management investment company. The Fund invests primarily in convertible securities with the objectives of providing income and the potential for capital appreciation. The Fund invests in sectors, such as oil, gas and consumable fuels; real estate investment trusts; specialty retail; thrift and mortgage finance; aerospace and defense; biotechnology; electric utilities; food products; independent power and renewables; insurance; multi-utilities; road and rail, and insurance. The Fund's sector exposures as of October 31, 2014 were in Information Technology (30.2%), Financials (22.1%), and Health Care (17.2%). The Fund's investment advisor is Davis-Dinsmore Management Company.