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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
BANCROFT FUND LTD.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
059695106
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(CUSIP Number)
DECEMBER 31, 2007
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|X| Rule 13d-1(b)
|_| Rule 13d-1(c)
|_| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in 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).
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NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RELATIVE VALUE PARTNERS, LLC TIN 20-1026469
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
2 (a) |_|
(b) |X| REPORTING PERSON IS AN INVESTMENT ADVISER
WHICH HAS DISCRETIONARY AUTHORITY OVER ACCOUNTS
WHICH BENEFICIALLY AND COLLECTIVELY OWN FIVE
PERCENT OF THE ISSUER.
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3 SEC USE ONLY
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
ILLINOIS
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5 SOLE VOTING POWER
506,650
NUMBER OF
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY NOT APPLICABLE
EACH
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH: 506,650
8 SHARED DISPOSITIVE POWER
NOT APPLICABLE
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
506,650
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) |_| NOT APPLICABLE
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.8 PERCENT
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12 TYPE OF REPORTING PERSON (See Instructions)
IA
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Item 1.
(a) Name of Issuer
BANCROFT FUND LTD.
(b) Address of Issuer's Principal Executive Offices
65 MADISON AVENUE, MORRISTOWN, NJ 07960
Item 2.
(a) Name of Person Filing
RELATIVE VALUE PARTNERS, LLC
(b) Address of Principal Business Office or, if none, Residence
1033 SKOKIE BLVD., SUITE 470, NORTHBROOK, IL 60062
(c) Citizenship
ILLINOIS
(d) Title of Class of Securities
COMMON STOCK
(e) CUSIP Number
059695106
Item 3. If this statement is filed pursuant to ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o);
(b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c) |_| Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
78c);
(d) |_| Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8);
(e) |X| An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) |_| A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940 (15
U.S.C. 80a-3);
(j) |_| Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 506,650 SHARES
(b) Percent of class: 8.8 PERCENT
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 506,650
(ii) Shared power to vote or to direct the vote: N/A
(iii) Sole power to dispose or to direct the disposition of: 506,650
(iv) Shared power to dispose or to direct the disposition of: N/A
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following . NOT APPLICABLE
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class,
such person should be identified. A listing of the shareholders of an
investment company registered under the Investment Company Act of 1940
or the beneficiaries of employee benefit plan, pension fund or endowment fund
is not required. NOT APPLICABLE
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
If a parent holding company has filed this schedule, pursuant to
Rule 13d-1(b)(ii)(G),so indicate under Item 3(g) and attach an
exhibit stating theidentity and the Item 3 classification of the relevant
subsidiary. If a parent holding company has filed this schedule pursuant
to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the
identification of the relevant subsidiary. NOT APPLICABLE
Item 8. Identification and Classification of Member of the Group.
If a group has filed this schedule pursuant to ss.240.13d-1(b)(1)(ii)(J), so
indicate under Item 3(j) and attach an exhibit stating the identity and Item 3
classification of each member of the group. If a group has filed this schedule
pursuant to ss.240.13d-1(c) or ss.240.13d-1(d), attach an exhibit
stating the identity of each member of the group. NOT APPLICABLE
Item 9. Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the
date of the dissolution and that all further filings with respect to
transactions in the securityreported on will be filed, if required,by members
of the group, in their individual capacity. See Item 5. NOT APPLICABLE
Item 10. Certification.
(a) The following certification shall be included if the statement is filed
pursuant to ss.240.13d-1(b):
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are held in the ordinary
course of business and were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
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.
FEBRUARY 15, 2008
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Date
/s/ ROBERT HUFFMAN
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Signature
ROBERT HUFFMAN, MANAGING MEMBER
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Name/Title