Saba reports 287,274 Bancroft Fund (NYSE: BCV) shares owned

Rhea-AI Filing Summary

Saba Capital Management filed Amendment No. 4 to its Schedule 13D on Bancroft Fund Ltd., reporting beneficial ownership of 287,274 common shares, equal to 4.93% of the fund’s common stock based on 5,822,431 shares outstanding as of 3/12/26.

Saba and related reporting persons share voting and dispositive power over these shares, which are held in funds and accounts they advise. The filing states that approximately $5,140,043 was paid to acquire the position, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings.

Key Figures

Shares beneficially owned: 287,274 shares Ownership percentage: 4.93% Shares outstanding basis: 5,822,431 shares +4 more

7 metrics

Shares beneficially owned 287,274 shares Common shares of Bancroft Fund reported by Saba Capital

Ownership percentage 4.93% Portion of Bancroft Fund common stock beneficially owned

Shares outstanding basis 5,822,431 shares Bancroft Fund common stock outstanding as of 3/12/26

Aggregate purchase price $5,140,043 Approximate total paid to acquire the reported common shares

Shared voting power 287,274 shares Shares over which reporting persons share voting power

Shared dispositive power 287,274 shares Shares over which reporting persons share dispositive power

Sole voting power 0 shares Shares with sole voting power for each reporting person

Key Terms

beneficial owner, Schedule 13D, margin account borrowings, shared voting power, +2 more

6 terms

beneficial owner financial

"the beneficial owner of the Common Shares reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Schedule 13D regulatory

"previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

margin account borrowings financial

"and margin account borrowings made in the ordinary course of business"

shared voting power financial

"Shared Voting Power 287,274.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 287,274.00"

material to be filed as exhibits regulatory

"Item 7. | Material to be Filed as Exhibits."

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Bancroft Fund Ltd.

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

059695106

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/17/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 059695106

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 287,274.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 287,274.00

11

Aggregate amount beneficially owned by each reporting person

287,274.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.93 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 5,822,431 shares of common stock outstanding as of 3/12/26, as disclosed in the company's DEF 14A filed 3/19/26.

SCHEDULE 13D

CUSIP Number(s): 059695106

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 287,274.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 287,274.00

11

Aggregate amount beneficially owned by each reporting person

287,274.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.93 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 5,822,431 shares of common stock outstanding as of 3/12/26, as disclosed in the company's DEF 14A filed 3/19/26.

SCHEDULE 13D

CUSIP Number(s): 059695106

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 287,274.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 287,274.00

11

Aggregate amount beneficially owned by each reporting person

287,274.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.93 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 5,822,431 shares of common stock outstanding as of 3/12/26, as disclosed in the company's DEF 14A filed 3/19/26.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: Bancroft Fund Ltd.
(c)	Address of Issuer's Principal Executive Offices: One Corporate Center, Rye, NEW YORK , 10580.
Item 1 Comment: This Amendment No. 4 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $5,140,043 was paid to acquire the Common Shares reported herein.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 5,822,431 shares of common stock outstanding as of 3/12/26, as disclosed in the company's DEF 14A filed 3/19/26.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 3/17/26, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Mar-17-2026
Item 7.	Material to be Filed as Exhibits.
	Exhibit 6 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	03/30/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	03/30/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	03/30/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

What stake in Bancroft Fund Ltd. (BCV) does Saba Capital report?

Saba Capital reports beneficial ownership of 287,274 Bancroft Fund common shares, representing 4.93% of the company’s common stock. This percentage is based on 5,822,431 shares outstanding as of March 12, 2026, as disclosed in Bancroft’s DEF 14A.

How much did Saba Capital pay for its BCV share position?

Saba Capital states it paid a total of approximately $5,140,043 to acquire the Bancroft Fund common shares. The capital came from investor subscription proceeds, capital appreciation in the funds, and ordinary-course margin borrowings secured by positions in the margin accounts.

What percentage of Bancroft Fund’s outstanding shares does 287,274 represent?

The 287,274 common shares reported by Saba Capital represent 4.93% of Bancroft Fund’s stock. This ownership percentage is calculated using 5,822,431 shares outstanding as of March 12, 2026, which Bancroft disclosed in its DEF 14A filed March 19, 2026.

Who are the reporting persons in Saba Capital’s Schedule 13D/A on BCV?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital serves as investment manager, Saba GP as its general partner, and Mr. Weinstein is managing member of Saba Capital’s general partner and affiliated entities.

How were margin accounts used to acquire Saba’s Bancroft Fund shares?

The filing explains that funds for purchasing the Bancroft Fund shares included margin account borrowings made in the ordinary course of business. Positions in these margin accounts, including other securities, are pledged as collateral for any debit balances, though the exact margin portion for this stake is not separated.

Who is entitled to dividends and sale proceeds from Saba’s BCV shares?

According to the filing, the funds and accounts advised by Saba Capital have the right to receive dividends and proceeds of sales from the Bancroft Fund common shares. Saba acts as investment manager, holding shared voting and dispositive power over the reported position on behalf of those clients.