0000009521 2025-10-01 2026-03-31 0000009521 bcv:SeriesACumulativePreferredSharesMember 2026-03-31 2026-03-31 0000009521 bcv:CommonStocksMember 2026-03-31 2026-03-31 0000009521 bcv:CommonStocksMember 2026-03-31 0000009521 bcv:SeriesACumulativePreferredStockMember 2026-03-31 0000009521 bcv:SeriesACumulativePreferredStockMember 2025-09-30 0000009521 bcv:SeriesACumulativePreferredStockMember 2024-09-30 0000009521 bcv:SeriesACumulativePreferredStockMember 2023-09-30 0000009521 bcv:SeriesACumulativePreferredStockMember 2022-10-31 0000009521 bcv:SeriesACumulativePreferredStockMember 2021-10-31 0000009521 bcv:SeriesACumulativePreferredStockMember 2025-10-01 2026-03-31 0000009521 bcv:SeriesACumulativePreferredStockMember 2024-10-01 2025-09-30 0000009521 bcv:SeriesACumulativePreferredStockMember 2023-10-01 2024-09-30 0000009521 bcv:SeriesACumulativePreferredStockMember 2022-11-01 2023-09-30 0000009521 bcv:SeriesACumulativePreferredStockMember 2021-11-01 2022-10-31 0000009521 bcv:SeriesACumulativePreferredStockMember 2020-11-01 2021-10-31 0000009521 bcv:CumulativePreferredSharesMember 2025-10-01 2026-03-31 iso4217:USD shares iso4217:USD shares false 0000009521 N-CSRS Bancroft Fund Ltd. 2026-03-31 Investment Objective and Strategy (Unaudited) The Fund is a closed-end, diversified management investment company and invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation, which objectives the Fund considers to be relatively equal over the long term due to the nature of the securities in which it invests. 1098623 5627512 5627512

24.53

1098623 5627512

24.53

27466000 27803000 29432000 29910000 30000000 30000000 1099000 1112000 1177000 1196000 1200000 1200000

25.00

21.88 22.65 22.85 23.57 24.68 25.72 150.66 156.11 120.05 114.42 123.03 177.12 7. Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.01). The Board has authorized the repurchase of its common shares on the open market when the shares are trading at a discount of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, the Fund repurchased and retired 231,608 and 57,540, of its common shares at investments of $5,273,138 and $1,053,958, respectively, and at average discounts of approximately 10.79% and 12.07% from its NAV. Transactions in common shares of beneficial interest for the six months ended March 31, 2026 and the fiscal year ended September 30, 2025 were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0.5pt; text-align: left"> </td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center">Six Months Ended March 31, 2026 (Unaudited)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Year Ended September 30, 2025</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</td> <td style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Net increase in net assets from common shares issued upon reinvestment of distributions</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">38,808</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">852,217</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">48,929</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">891,473</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net decrease from repurchase of common shares</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">(231,608</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.5pt; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">(5,273,138</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.5pt; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">(57,540</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.5pt; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">(1,053,958</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.5pt; text-align: left">)</td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Net decrease from transactions in Fund shares</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">(192,800</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">(4,420,921</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">(8,611</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">(162,485</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> As of March 31, 2026, the Fund had an effective shelf registration, available through May 31, 2027, which authorizes the issuance of $100 million in common or preferred shares. On August 9, 2016, the Fund issued 1,200,000 shares of 5.375% Series A Cumulative Preferred (Series A Preferred). Commencing on August 9, 2021, the Fund, at its option, may redeem its Series A Preferred in whole or in part at the redemption price plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares. In addition, the Board has authorized the repurchase of Series A Preferred Shares in the open market at prices less than the $25 liquidation value per share. During the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, the Fund repurchased and retired 13,504 and 65,136 Series A Preferred at investments of $292,340 and $1,471,695 and at average discounts of approximately 13.49% and 9.62% to the liquidation preference. At March 31, 2026, 1,098,623 Series A Preferred were outstanding and accrued dividends amounted to $12,302. <p id="xdx_840_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--RiskAxis__custom--CumulativePreferredSharesMember_zItivifgOJw3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of Series A Preferred, par value $0.01. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A Preferred are cumulative. The Fund is required by the 1940 Act and by the Fund’s Statement of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Preferred Shares at the redemption price of $25 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. The holders of preferred shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Series A Preferred voting together as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies. <p id="xdx_840_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--RiskAxis__custom--CumulativePreferredSharesMember_zItivifgOJw3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of Series A Preferred, par value $0.01. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A Preferred are cumulative. The Fund is required by the 1940 Act and by the Fund’s Statement of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Preferred Shares at the redemption price of $25 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. The holders of preferred shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Series A Preferred voting together as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.