[SCHEDULE 13D/A] Bancroft Fund Ltd. SEC Filing

Rhea-AI Filing Summary

Saba Capital and affiliates report owning 295,200 common shares of Bancroft Fund Ltd., representing 5.04% of the outstanding shares based on 5,862,058 shares. The Schedule 13D/A (Amendment No. 2) was filed to amend Items 3, 5 and 7 and shows the position is held jointly by Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein. Purchase funds came from investor subscriptions, capital appreciation and margin borrowings, and the aggregate purchase cost reported for these shares is approximately $4,983,909. Reported voting and dispositive power is shared, with no sole voting or dispositive power claimed.

Positive

• Transparent disclosure of beneficial ownership including aggregate shares and percentage of class
• Clear funding source description and an explicit aggregate purchase amount of approximately $4,983,909
• Joint filing names each reporting person and specifies shared voting and dispositive power

Negative

• Crossed 5% threshold which may attract investor and management attention despite no stated purpose
• No stated purpose for the holdings in Item 4, leaving intent unclear to other shareholders

Insights

Financial Analyst

TL;DR: Saba's 5.04% stake is a modest, disclosed activist-sized holding that may warrant monitoring but is not immediately transformative.

Saba Capital's reported 5.04% position (295,200 shares) is large enough to trigger Schedule 13D disclosure and could signal interest in influencing corporate decisions, but the filing states no specific purpose and indicates shared voting/dispositive power. The cost basis of ~ $4.98 million implies an average price per share near the disclosed purchase aggregate when compared to reported quantities. For investors, this is a notable ownership disclosure without accompanying strategic demands or contractual arrangements.

Corporate Governance Expert

TL;DR: The filing is a standard, compliant disclosure of a >5% stake with no additional arrangements or agreements disclosed.

The Schedule 13D/A identifies joint filers and clarifies that Items 3, 5 and 7 were amended; no contracts, plans or understandings are reported that would change control or governance. Shared voting and dispositive power is documented, and there are no reported legal or regulatory issues for the reporting persons. From a governance perspective, the disclosure provides transparency but contains no affirmative signaling of board or strategic intentions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

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)

08/19/2025

(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).

SCHEDULE 13D

CUSIP No. 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 295,200.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 295,200.00

11

Aggregate amount beneficially owned by each reporting person

295,200.00

12

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

13

Percent of class represented by amount in Row (11)

5.04 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 5,862,058 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSRS filed 6/6/25.

SCHEDULE 13D

CUSIP No. 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 295,200.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 295,200.00

11

Aggregate amount beneficially owned by each reporting person

295,200.00

12

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

13

Percent of class represented by amount in Row (11)

5.04 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 5,862,058 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSRS filed 6/6/25.

SCHEDULE 13D

CUSIP No. 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 295,200.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 295,200.00

11

Aggregate amount beneficially owned by each reporting person

295,200.00

12

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

13

Percent of class represented by amount in Row (11)

5.04 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 5,862,058 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSRS filed 6/6/25.

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. 2 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 $4,983,909 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
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 5,862,058 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSRS filed 6/6/25.
(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 8/19/25, 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)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 4 - 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:	08/20/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/20/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/20/2025

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

How many shares of Bancroft Fund Ltd. (BCV) does Saba Capital report owning?

The reporting persons disclose ownership of 295,200 shares, representing 5.04% of outstanding common shares based on 5,862,058 shares.

What is the aggregate purchase cost reported for the BCV shares?

The Schedule 13D/A states an aggregate purchase amount of approximately $4,983,909 for the reported shares.

Who are the reporting persons named in the Schedule 13D/A for BCV?

The filing is jointly made by Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein.

Does the filing state a purpose for the BCV share purchases?

No. Item 4 of the filing is marked Not Applicable, and no specific purpose or plans are disclosed.

What voting and dispositive powers are reported for the BCV shares?

The reporting persons report 0 sole voting/dispositive power and 295,200 shares of shared voting and dispositive power.