UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

        Investment Company Act file number         811-02151                

            Bancroft Fund Ltd.            

(Exact name of registrant as specified in charter)

One Corporate Center

                                 Rye, New York 10580-1422                                

(Address of principal executive offices) (Zip code)

Jane D. O’Keeffe

Gabelli Funds, LLC

One Corporate Center

                                 Rye, New York 10580-1422                                

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end:  October 31

Date of reporting period: April 30, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Bancroft Fund Ltd.

Semiannual Report — April 30, 2020

(Y)our Portfolio Management Team

Thomas H. Dinsmore, CFA	Jane D. O’Keeffe	James A. Dinsmore, CFA
BS, Wharton School	BA, University of	BA, Cornell University
of Business	New Hampshire	MBA, Rutgers University
MA, Fairleigh Dickinson
University

To Our Shareholders,

For the six months ended April 30, 2020, the net asset value (NAV) total return of the Bancroft Fund Ltd. was (2.0)% compared with total returns of 1.4% and 1.2% for the ICE Bank of America Merrill Lynch U.S. Convertibles Index and the Bloomberg Barclays Balanced U.S. Convertibles Index, respectively. The total return for the Fund’s publicly traded shares was (6.9)%. The Fund’s NAV per share was $24.14, while the price of the publicly traded shares closed at $21.15 on the NYSE American. See page 2 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of April 30, 2020.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Comparative Results

Average Annual Returns through April 30, 2020 (a)(b) (Unaudited)
	Six Months			1 Year			3 Year			5 Year			10 Year			Since Inception (04/20/71)
Bancroft Fund Ltd. (BCV)
NAV Total Return (c)		(1.99	)%		5.19	%		8.70	%		7.28	%		8.26	%	8.86%
Investment Total Return (d)		(6.87	)		5.09			8.28			8.25			8.82		9.47
ICE Bank of America Merrill Lynch U.S. Convertibles Index		1.44			4.38			8.12			6.79			8.80		N/A(e)
Bloomberg Barclays Balanced U.S. Convertibles Index		1.15			1.31			5.32			4.02			6.39		N/A(f)
Standard & Poor’s (S&P) 500 Index		(3.16	)		0.86			9.04			9.12			11.69		10.23(g)

(a) Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. NAV returns would have been lower had Gabelli Funds, LLC (the Adviser) not reimbursed certain expenses of the Fund. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The ICE Bank of America Merrill Lynch U.S. Convertibles Index is a market value weighted index of all dollar denominated convertible securities that are exchangeable into U.S. equities that have a market value of more than $50 million. The Bloomberg Barclays Balanced U.S. Convertibles Index is a market value weighted index that tracks the performance of publicly placed, dollar denominated convertible securities that are between 40% and 80% sensitive to movements in their underlying common stocks. The S&P 500 Index is an unmanaged indicator of stock market performance commonly used to represent the U.S. equity market. Dividends and interest income are considered reinvested. You cannot invest directly in an index.

(b) The Fund’s fiscal year ends on October 31.

(c) Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date for the period beginning November 2015, and are net of expenses. For the period December 2008 through October 2015, distributions were reinvested on the payable date using market prices. For the period May 2006 through November 2008, distributions were reinvested on payable date using NAV. Total returns and average annual returns were adjusted for the 1987 tender offering (no adjustments were made for the 1982 and 2007 tender offers nor for the 1987 or 2003 rights offerings). Since inception return is based on an initial NAV of $22.92.

(d) Total returns and average annual returns reflect changes in closing market values on the NYSE American and reinvestment of distributions. Total returns and average annual returns were adjusted for the 1987 tender offering (no adjustments were made for the 1982 and 2007 tender offers nor for the 1987 or 2003 rights offerings). Since inception return is based on an initial offering price of $25.00.

(e) The ICE Bank of America Merrill Lynch U.S. Convertibles Index inception date is December 31, 1994.

(f) The Bloomberg Barclays Balanced U.S. Convertibles Index inception date is January 1, 2003.

(g) From April 30, 1971, the date closest to the Fund’s inception for which data are available.

2

Summary of Portfolio Holdings

The following table presents portfolio holdings as a percent of total investments as of April 30, 2020:

Bancroft Fund Ltd.

Computer Software and Services	23.0	%
Health Care	17.2	%
Financial Services	11.7	%
Energy and Utilities	9.1	%
Semiconductors	5.2	%
Diversified Industrial	5.1	%
Telecommunications	5.1	%
Business Services	5.0	%
Communications Equipment	3.4	%
Security Software	3.2	%
U.S. Government Obligations	2.4	%

Real Estate Investment Trusts	1.8	%
Consumer Services	1.7	%
Aerospace	1.5	%
Entertainment	1.1	%
Transportation	0.9	%
Equipment and Supplies	0.8	%
Food and Beverage	0.6	%
Agriculture	0.6	%
Airlines	0.6	%
	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

Certifications

The Fund’s Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of June 9, 2020, she was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

3

Bancroft Fund Ltd.

Schedule of Investments — April 30, 2020 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 74.3%
		Aerospace — 1.5%
	$ 1,500,000	Aerojet Rocketdyne Holdings Inc., 2.250%, 12/15/23	$	1,531,436	$	2,460,009
		Airlines — 0.6%
	840,000	Southwest Airlines Co., 1.250%, 05/01/25		866,858		931,276
		Business Services — 4.7%
	1,265,000	2U Inc., 2.250%, 05/01/25(a)		1,248,443		1,290,422
	2,000,000	Perficient Inc., 2.375%, 09/15/23		1,944,387		2,238,749
	850,000	RingCentral Inc., Zero Coupon, 03/15/23		849,949		2,341,335
	1,500,000	Square Inc., 0.500%, 05/15/23		1,619,999		1,689,375
				5,662,778		7,559,881
		Communications Equipment — 3.4%
	2,835,000	InterDigital Inc., 2.000%, 06/01/24(a)		2,831,025		2,870,299
	2,500,000	Lumentum Holdings Inc., Ser. QIB, 0.500%, 12/15/26(a)		2,598,288		2,652,150
				5,429,313		5,522,449
		Computer Software and Services — 23.0%
	1,500,000	Bandwidth Inc., 0.250%, 03/01/26(a)		1,518,915		1,644,227
	1,000,000	Blackline Inc., 0.125%, 08/01/24(a)		1,001,794		1,065,496
	1,530,000	Boingo Wireless Inc., 1.000%, 10/01/23		1,364,282		1,356,745
	160,000	Booking Holdings Inc., 0.750%, 05/01/25(a)		160,000		181,328
	1,835,000	Coupa Software Inc., 0.125%, 06/15/25(a)		1,876,473		2,342,458
	2,500,000	CSG Systems International Inc., 4.250%, 03/15/36		2,542,872		2,695,750
	1,985,000	Everbridge Inc., 0.125%, 12/15/24(a)		2,012,740		2,349,932
	630,000	Farfetch Ltd., 3.750%, 05/01/27(a)		642,600		677,214
	750,000	GDS Holdings Ltd., 2.000%, 06/01/25		640,459		937,969
	2,015,000	i3 Verticals LLC, 1.000%, 02/15/25(a)		1,983,138		1,739,595
	2,500,000	IAC Financeco 3 Inc., 2.000%, 01/15/30(a)		2,505,981		2,617,250
	1,690,000	LivePerson Inc., 0.750%, 03/01/24(a)		1,655,809		1,577,744

Principal Amount			Cost		Market Value
	$ 1,500,000	MercadoLibre Inc., 2.000%, 08/15/28	$	1,480,921	$	2,221,437
	1,548,000	Nice Systems Inc., 1.250%, 01/15/24		1,592,461		3,120,187
	2,500,000	PAR Technology Corp., 2.875%, 04/15/26(a)		2,310,973		2,002,854
	306,000	Pegasystems Inc., 0.750%, 03/01/25(a)		306,000		297,367
	2,300,000	Pluralsight Inc., 0.375%, 03/01/24		1,969,706		1,946,950
	2,000,000	PROS Holdings Inc., 1.000%, 05/15/24(a)		2,274,268		1,778,962
	1,500,000	Q2 Holdings Inc., 0.750%, 06/01/26(a)		1,572,534		1,616,007
	320,000	Slack Technologies Inc., 0.500%, 04/15/25(a)		320,000		356,104
	1,500,000	Splunk Inc., 1.125%, 09/15/25		1,511,780		1,759,068
	1,500,000	Vocera Communications Inc., 1.500%, 05/15/23		1,589,164		1,387,500
	1,500,000	Workiva Inc., 1.125%, 08/15/26(a)		1,448,381		1,213,564
				34,281,251		36,885,708
		Consumer Services — 1.7%
	475,000	Callaway Golf Co., 2.750%, 05/01/26(a)		478,150		493,784
	2,000,000	Extra Space Storage LP, 3.125%, 10/01/35(a)		2,007,934		2,145,364
				2,486,084		2,639,148
		Diversified Industrial — 2.7%
	750,000	Chart Industries Inc., 1.000%, 11/15/24(a)		752,042		674,770
	1,749,000	Kaman Corp., 3.250%, 05/01/24		1,783,688		1,671,291
	1,000,000	KBR Inc., 2.500%, 11/01/23		1,006,855		1,060,625
	1,457,000	Team Inc., 5.000%, 08/01/23		1,438,281		982,529
				4,980,866		4,389,215
		Energy and Utilities — 2.2%
	2,000,000	Cheniere Energy Inc., 4.250%, 03/15/45		1,309,601		1,073,428
	3,000,000	SunPower Corp., 4.000%, 01/15/23		2,650,540		2,433,750
				3,960,141		3,507,178
		Entertainment — 1.1%
	2,000,000	DISH Network Corp., 3.375%, 08/15/26		1,896,885		1,626,200

See accompanying notes to financial statements.

4

Bancroft Fund Ltd.

Schedule of Investments (Continued) — April 30, 2020 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Entertainment (Continued)
	$ 1,625,000	Global Eagle Entertainment Inc., 2.750%, 02/15/35	$	1,385,393	$	136,451
				3,282,278		1,762,651
		Financial Services — 4.2%
	790,000	Chimera Investment Corp., 7.000%, 04/01/23		843,996		945,037
	1,250,000	Encore Capital Group Inc., 3.250%, 03/15/22		1,191,554		1,116,568
	1,000,000	Heritage Insurance Holdings Inc., 5.875%, 08/01/37		1,000,000		1,001,343
	1,000,000	IIP Operating Partnership LP, 3.750%, 02/21/24(a)		1,000,000		1,283,921
	1,116,000	LendingTree Inc., 0.625%, 06/01/22		1,143,219		1,481,653
	1,000,000	Sutter Rock Capital Corp., 4.750%, 03/28/23		1,000,000		953,900
				6,178,769		6,782,422
		Food and Beverage — 0.6%
	1,470,000	The Chefs’ Warehouse Inc., 1.875%, 12/01/24(a)		1,515,364		1,029,000
		Health Care — 15.5%
	830,000	Aerie Pharmaceuticals Inc., 1.500%, 10/01/24(a)		913,100		778,911
	320,000	Bridgebio Pharma Inc., 2.500%, 03/15/27(a)		320,000		312,600
	665,000	Coherus Biosciences Inc., 1.500%, 04/15/26(a)		670,913		706,293
	1,000,000	Collegium Pharmaceutical Inc., 2.625%, 02/15/26		1,079,476		1,007,186
	1,000,000	CONMED Corp., 2.625%, 02/01/24		1,015,283		1,061,875
	535,000	DexCom Inc., 0.750%, 12/01/23		535,000		1,128,273
	1,000,000	Evolent Health Inc., 1.500%, 10/15/25		697,189		620,600
	1,830,000	Exact Sciences Corp., 0.375%, 03/15/27		1,860,305		1,785,376
	500,000	Inovio Pharmaceuticals Inc., 6.500%, 03/01/24		500,000		1,105,250
	1,500,000	Insulet Corp., 0.375%, 09/01/26(a)		1,558,532		1,690,313
	1,000,000	Integra LifeSciences Holdings Corp., 0.500%, 08/15/25(a)		1,031,912		944,279
	1,250,000	Intercept Pharmaceuticals Inc., 2.000%, 05/15/26		1,173,975		1,284,401
	45,000	NanoString Technologies Inc., 2.625%, 03/01/25(a)		45,000		43,676

Principal Amount			Cost		Market Value
	$ 1,384,000	Neurocrine Biosciences Inc., 2.250%, 05/15/24	$	1,419,020	$	1,946,101
	1,500,000	Pacira BioSciences Inc., 2.375%, 04/01/22		1,524,475		1,523,607
	350,000	Repligen Corp., 0.375%, 07/15/24		350,000		417,611
	700,000	Retrophin Inc., 2.500%, 09/15/25		598,228		535,500
	1,288,000	Supernus Pharmaceuticals Inc., 0.625%, 04/01/23		1,278,337		1,106,070
	1,370,000	Tabula Rasa HealthCare Inc., 1.750%, 02/15/26(a)		1,450,651		1,515,234
	1,200,000	Teladoc Health Inc., 1.375%, 05/15/25		1,956,022		3,711,667
	1,500,000	Theravance Biopharma Inc., 3.250%, 11/01/23		1,511,589		1,660,516
				21,489,007		24,885,339
		Security Software — 3.2%
	1,500,000	CyberArk Software Ltd., Zero Coupon, 11/15/24(a)		1,524,085		1,400,226
	1,500,000	Okta Inc., 0.125%, 09/01/25(a)		1,502,504		1,591,193
	2,045,000	Proofpoint Inc., 0.250%, 08/15/24(a)		2,125,515		2,127,764
				5,152,104		5,119,183
		Semiconductors — 3.9%
	1,500,000	Impinj Inc., 2.000%, 12/15/26(a)		1,500,000		1,389,064
	160,000	Inphi Corp., 0.750%, 04/15/25(a)		160,000		169,181
	2,000,000	Knowles Corp., 3.250%, 11/01/21		2,024,109		2,190,000
	1,250,000	Teradyne Inc., 1.250%, 12/15/23		1,302,434		2,551,907
				4,986,543		6,300,152
		Telecommunications — 5.1%
	1,520,000	8x8 Inc., 0.500%, 02/01/24		1,551,449		1,427,163
	2,000,000	Harmonic Inc., 2.000%, 09/01/24(a)		2,255,912		1,975,024
		Infinera Corp.,
	1,800,000	2.125%, 09/01/24		1,520,330		1,617,039
	320,000	2.500%, 03/01/27(a)		320,000		319,808
	1,000,000	Liberty Latin America Ltd., 2.000%, 07/15/24(a)		1,000,000		775,285
	1,250,000	Twilio Inc., 0.250%, 06/01/23		1,252,574		2,080,059
				7,900,265		8,194,378

See accompanying notes to financial statements.

5

Bancroft Fund Ltd.

Schedule of Investments (Continued) — April 30, 2020 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Transportation — 0.9%
	$ 1,000,000	Atlas Air Worldwide Holdings Inc., 1.875%, 06/01/24	$	907,246 $		840,000
	1,190,000	GOL Equity Finance SA, 3.750%, 07/15/24(a)		1,265,233		583,100
				2,172,479		1,423,100
		TOTAL CONVERTIBLE CORPORATE BONDS		111,875,536		119,391,089
Shares
		CONVERTIBLE PREFERRED STOCKS — 5.8%
		Agriculture — 0.6%
	10,000	Bunge Ltd., 4.875%		938,875		950,500
		Business Services — 0.3%
	809,253	Amerivon Holdings LLC, 4.000%(b)		1,294,693		436,035
	272,728	Amerivon Holdings LLC, common equity units(b)		0		16,364
				1,294,693		452,399
		Financial Services — 4.9%
	2,000	Bank of America Corp., 7.250%, Ser. L		1,972,540		2,764,800
	40,000	Landmark Infrastructure Partners LP, 6.390%, Ser. C		1,000,000		892,000
	15,000	QTS Realty Trust Inc., 6.500%, Ser. B		1,500,000		2,108,100
	1,500	Wells Fargo & Co., 7.500%, Ser. L		1,007,238		2,098,260
				5,479,778		7,863,160
		TOTAL CONVERTIBLE PREFERRED STOCKS		7,713,346		9,266,059
		MANDATORY CONVERTIBLE SECURITIES (c) — 17.5%
		Diversified Industrial — 2.4%
	15,000	Colfax Corp., 5.750%, 01/15/22		1,556,270		1,708,500
	30,311	International Flavors & Fragrances Inc., 6.000%, 09/15/21		1,568,594		1,441,288
	9,675	Stanley Black & Decker Inc., 5.250%, 11/15/22		1,011,712		769,259
				4,136,576		3,919,047

Shares			Cost		Market Value
		Energy and Utilities — 6.9%
	21,150	American Electric Power Co. Inc., 6.125%, 03/15/22	$	1,067,572	$	1,074,420
	37,200	CenterPoint Energy Inc., Ser. B 7.000%, 09/01/21		1,913,754		1,258,848
	14,800	Dominion Energy Inc., Ser. A 7.250%, 06/01/22		1,494,356		1,453,804
	35,700	DTE Energy Co., 6.250%, 11/01/22		1,794,441		1,492,260
	3,325	Essential Utilities Inc., 6.000%, 04/30/22		166,250		189,857
		NextEra Energy Inc.,
	25,500	5.279%, 03/01/23		1,243,125		1,101,345
	46,675	4.872%, 09/01/22		2,292,030		2,237,599
		Sempra Energy,
	5,369	Ser. A, 6.000%, 01/15/21		546,900		549,302
	5,000	Ser. B, 6.750%, 07/15/21		508,670		506,550
	26,500	The Southern Co., 6.750%, 08/01/22		1,330,775		1,254,510
				12,357,873		11,118,495
		Equipment and Supplies — 0.8%
	1,000	Danaher Corp., Ser. A 4.750%, 04/15/22		1,009,120		1,189,120
		Financial Services — 2.6%
	10,000	2017 Mandatory Exchangeable Trust, 5.188%, 12/01/20		1,000,000		1,552,000
	14,800	Assurant Inc., Ser. D 6.500%, 03/15/21		1,521,094		1,585,080
	24,000	New York Community Capital Trust V, 6.000%, 11/01/51		995,213		1,056,000
				3,516,307		4,193,080
		Health Care — 1.7%
	24,965	Avantor Inc., Ser. A 6.250%, 05/15/22		1,381,621		1,437,485
	29,115	Elanco Animal Health Inc., 5.000%, 02/01/23		1,589,675		1,339,290
				2,971,296		2,776,775

See accompanying notes to financial statements.

6

Bancroft Fund Ltd.

Schedule of Investments (Continued) — April 30, 2020 (Unaudited)

Shares			Cost		Market Value
		MANDATORY CONVERTIBLE SECURITIES (c) (Continued)
		Real Estate Investment Trusts — 1.8%
	2,060	Crown Castle International Corp., Ser. A 6.875%, 08/01/20	$	2,126,301	$	2,869,580
		Semiconductors — 1.3%
	2,015	Broadcom Inc., Ser. A 8.000%, 09/30/22		2,068,877		2,050,142
		TOTAL MANDATORY CONVERTIBLE SECURITIES		28,186,350		28,116,239
		COMMON STOCKS — 0.0%
		Energy and Utilities — 0.0%
	133	Goodrich Petroleum Corp.†		1,500		1,132
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	1,135	Goodrich Petroleum Corp., expire 10/12/26†(b)		0		0

Principle Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 2.4%
	$ 3,850,000	U.S. Treasury Bills, 0.050% to 1.532%††, 06/04/20 to 08/27/20	$	3,847,085	$	3,849,270
	TOTAL INVESTMENTS — 100.0%		$	151,623,817		160,623,789
	Other Assets and Liabilities (Net)					(1,397,036	)
	PREFERRED STOCK (1,200,000 preferred shares outstanding)					(30,000,000	)
	NET ASSETS — COMMON STOCK (5,353,019 common shares outstanding)				$	129,226,753
	NET ASSET VALUE PER COMMON SHARE ($129,226,753 ÷ 5,353,019 shares outstanding)				$	24.14

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(c) Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

7

Bancroft Fund Ltd.

Statement of Assets and Liabilities April 30, 2020 (Unaudited)
Assets:
Investments, at value (cost $151,623,817)	$160,623,789
Cash	3,682
Dividends and interest receivable	688,707
Deferred offering expense	23,050
Prepaid expenses	3,310
Total Assets	161,342,538
Liabilities:
Distributions payable	156,771
Payable for investments purchased	1,672,674
Payable for investment advisory fees	89,137
Payable for payroll expenses	28,386
Payable for accounting fees	11,250
Other accrued expenses	157,567
Total Liabilities	2,115,785
Preferred Shares:
Series A Cumulative Preferred Shares (5.375%, $25 liquidation value, $0.01 par value, unlimited shares authorized with 1,200,000 shares issued and outstanding)	30,000,000
Net Assets Attributable to Common Shareholders	$129,226,753
Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital	$108,044,332
Total distributable earnings	21,182,421
Net Assets	$129,226,753
Net Asset Value per Common Share:
($129,226,753 ÷ 5,353,019 shares outstanding at $0.01 par value; unlimited number of shares authorized)	$24.14

Statement of Operations For the Six Months Ended April 30, 2020 (Unaudited)
Investment Income:
Dividends	$	1,066,368
Interest		843,202
Total Investment Income		1,909,570
Expenses:
Investment advisory fees		575,643
Trustees’ fees		61,179
Shareholder communications expenses		40,917
Payroll expenses.		37,745
Legal and audit fees.		24,738
Accounting fees		22,500
Shareholder services fees		16,723
Custodian fees		6,514
Interest expense		72
Miscellaneous expenses		49,869
Total Expenses		835,900
Less:
Expenses paid indirectly by broker (See Note 3)		(738	)
Net Expenses		835,162
Net Investment Income		1,074,408
Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain on investments		14,828,833
Net change in unrealized appreciation/(depreciation) on investments		(17,888,898	)
Net Realized and Unrealized Gain/(Loss) on Investments		(3,060,065	)
Net Decrease in Net Assets Resulting from Operations		(1,985,657	)
Total Distributions to Preferred Shareholders		(806,250	)
Net Decrease in Net Assets Attributable to Common Shareholders Resulting from Operations	$	(2,791,907	)

See accompanying notes to financial statements.

8

Bancroft Fund Ltd.

Statement of Changes in Net Assets Attributable to Common Shareholders

	Six Months Ended April 30, 2020 (Unaudited)				Year Ended October 31, 2019
Operations:
Net investment income		$	1,074,408			$	2,254,633
Net realized gain on investments			14,828,833				8,035,301
Net change in unrealized appreciation/(depreciation) on investments			(17,888,898	)			13,430,411
Net Increase/(Decrease) in Net Assets Resulting from Operations			(1,985,657	)			23,720,345
Distributions to Preferred Shareholders			(806,250	)*			(1,612,500	)
Net Increase/(Decrease) in Net Asset Attributable to Common Shareholders Resulting from Operations			(2,791,907	)			22,107,845
Distributions to Common Shareholders			(6,647,781	)*			(12,333,349	)
Fund Share Transactions:
Net increase in net assets from common shares issued upon reinvestment of distributions			2,505,599				4,072,227
Net decrease from repurchase of common shares (includes transaction costs)			—				(1,611,715	)
Net Increase in Net Assets from Fund Share Transactions			2,505,599				2,460,512
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders			(6,934,089	)			12,235,008
Net Assets Attributable to Common Shareholders:
Beginning of year			136,160,842				123,925,834
End of period		$	129,226,753			$	136,160,842

* Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

9

Bancroft Fund Ltd.

Financial Highlights

Selected data for a common share of beneficial interest outstanding throughout each period:

	Six Months Ended
	April 30, 2020			Year Ended October 31,
	(Unaudited)			2019			2018			2017			2016			2015
Operating Performance:
Net asset value, beginning of year		$25.92			$24.22			$24.24			$22.02			$23.19			$23.59
Net investment income		0.21			0.44			0.25			0.51			0.44			0.17
Net realized and unrealized gain/(loss) on investments		(0.56	)		4.05			1.11			3.33			0.50			0.23
Total from investment operations		(0.35	)		4.49			1.36			3.84			0.94			0.40
Distributions to Preferred Shareholders: (a)
Net investment income		(0.01	)*		(0.05	)		(0.19	)		(0.07	)		(0.03	)		—
Net realized gain		(0.14	)*		(0.26	)		(0.12	)		(0.24	)		(0.04	)		—
Total distributions to preferred shareholders		(0.15	)		(0.31	)		(0.31	)		(0.31	)		(0.07	)		—
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		(0.50	)		4.18			1.05			3.53			0.87			0.40
Distributions to Common Shareholders:
Net investment income		(0.08	)*		(0.45	)		(0.71	)		(0.29	)		(0.85	)		(0.39	)
Net realized gain		(1.18	)*		(1.95	)		(0.45	)		(0.98	)		(0.92	)		(0.51	)
Total distributions to common shareholders		(1.26	)		(2.40	)		(1.16	)		(1.27	)		(1.77	)		(0.90	)
Fund Share Transactions:
Increase in net asset value from repurchase of common shares		—			0.04			0.11			—			0.04			0.10
Decrease in net asset value from common shares issued upon reinvestment of distributions		(0.02	)		(0.12	)		(0.02	)		(0.03	)		(0.10	)		(0.00	)(b)
Offering costs for preferred shares charged to paid-in capital		—			—			(0.00	)		(0.01	)		(0.21	)		—
Total Fund share transactions		(0.02	)		(0.08	)		0.09			(0.04	)		(0.27	)		0.10
Net Asset Value Attributable to Common Shareholders, End of Period		$24.14			$25.92			$24.22			$24.24			$22.02			$23.19
NAV total return†		(1.99	)%		18.41	%		4.58	%		16.29	%		2.85	%		2.71	%
Market value, end of Period		$21.15			$23.94			$20.41			$21.90			$20.81			$19.50
Investment total return††		(6.87	)%		31.92	%		(1.77	)%		11.75	%		17.23	%		1.42	%

See accompanying notes to financial statements.

10

Bancroft Fund Ltd.

Financial Highlights (Continued)

Selected data for a common share of beneficial interest outstanding throughout each period:

	Six Months Ended
	April 30, 2020				Year Ended October 31,
	(Unaudited)				2019				2018				2017				2016				2015
Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)		$	159,227			$	166,161			$	153,926			$	157,254			$	144,040				—
Net assets attributable to common shares, end of period (in 000’s)		$	129,227			$	136,161			$	123,926			$	127,254			$	114,040			$	118,435
Ratio of net investment income to average net assets attributable to common shares before preferred distributions			1.60	%(c)			1.77	%			1.17	%			2.09	%			1.98	%			0.80	%
Ratio of operating expenses to average net assets attributable to common shares			1.24	%(c)(d)(e)			1.33	%(d)(e)			1.22	%(d)(e)			1.28	%(d)(e)			1.15	%(d)(e)			1.10	%
Portfolio turnover rate			29.8	%			42.0	%			43.0	%			33.0	%			50.0	%			48.0	%
Cumulative Preferred Shares:
5.375% Series A Preferred
Liquidation value, end of period (in 000’s)		$	30,000			$	30,000			$	30,000			$	30,000			$	30,000				—
Total shares outstanding (in 000’s)			1,200				1,200				1,200				1,200				1,200				—
Liquidation preference per share		$	25.00			$	25.00			$	25.00			$	25.00			$	25.00				—
Average market value (f)		$	25.65			$	25.36			$	25.24			$	25.11			$	25.49				—
Asset coverage per share		$	132.69			$	138.47			$	128.27			$	131.04			$	120.03				—
Asset Coverage			531	%			554	%			513	%			524	%			480	%			—

† Based on net asset value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan. Total return for a period of less than one year is not annualized. Prior to November 1, 2015, reinvestments of distributions were at market prices on the payable date.

†† Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan. Total return for a period of less than one year is not annualized.

* Based on year to date book income. Amounts are subject to change and recharacterization at year end.

(a) Calculated based on average common shares outstanding on the record dates throughout the years.

(b) Amount represents less than $0.005 per share.

(c) Annualized.

(d) Ratios of operating expenses to average net assets including liquidation value of preferred shares for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, and 2016 were 1.02%, 1.07%, 0.99%, 1.03%, and 1.08%, respectively.

(e) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, and 2016, there was no impact on the expense ratios.

(f) Based on weekly prices.

See accompanying notes to financial statements.

11

Bancroft Fund Ltd.

Notes to Financial Statements (Unaudited)

1. Organization. Bancroft Fund Ltd. currently operates as a diversified closed-end management investment company organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). Investment operations commenced in April 1971.

The Fund’s primary investment objective is to provide 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. The Fund invests primarily in convertible and equity securities.

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU 2018-13. Management has early adopted the removals and modifications set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations

12

Bancroft Fund Ltd.

Notes to Financial Statements (Unaudited) (Continued)

received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 — quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of April 30, 2020 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total Market Value at 4/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds(b)		—		$119,391,089		—		$119,391,089
Convertible Preferred Stocks:
Business Services		—		—		$452,399		452,399
Other Industries (b)		$ 8,813,660		—		—		8,813,660
Total Convertible Preferred Stocks		8,813,660		—		452,399		9,266,059
Mandatory Convertible Securities:
Financial Services		2,641,080		1,552,000		—		4,193,080
Other Industries (b)		23,923,159		—		—		23,923,159
Total Mandatory Convertible Securities		26,564,239		1,552,000		—		28,116,239
Common Stocks (b)		1,132		—		—		1,132
Warrants (b)		—		—		0		0
U.S. Government Obligations		—		3,849,270		—		3,849,270
TOTAL INVESTMENTS IN SECURITIES		$35,379,031		$124,792,359		$452,399		$160,623,789

(a) The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board of Trustees.

(b) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

During the six months ended April 30, 2020, the Fund did not have transfers into or out of Level 3.

13

Bancroft Fund Ltd.

Notes to Financial Statements (Unaudited) (Continued)

The following table reconciles Level 3 investments for the Fund for which significant unobservable inputs were used to determine fair value.

	Balance as of 10/31/19		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ depreciation†		Purchases	Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of 04/30/20		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments still held at 04/30/20†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Preferred Stocks(a)		$452,373		—		—		$26	—		—		—		—		$452,399		$26
Warrants(a)		0		—		—		—	—		—		—		—		0		—
TOTAL INVESTMENTS IN SECURITIES		$452,373		—		—		$26	—		—		—		—		$452,399		$26

† Net change in unrealized appreciation/depreciation on investments is included in the Statement of Operations.

(a) Please refer to the SOI for the industry classifications of these portfolio holdings.

Additional Information to Evaluate Qualitative Information.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the

14

Bancroft Fund Ltd.

Notes to Financial Statements (Unaudited) (Continued)

definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. During the six months ended April 30, 2020, the Fund did not incur periodic expenses charged by the Acquired Funds.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities held as of April 30, 2020, please refer to the Schedule of Investments.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

15

Bancroft Fund Ltd.

Notes to Financial Statements (Unaudited) (Continued)

Custodian Fee Credits. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.”

Distributions to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

Under the Fund’s current common share distribution policy, the Fund declares and pays quarterly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Pursuant to this policy, distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the Board at any time.

Distributions to 5.375% Series A Preferred Shares are recorded on a daily basis and are determined as described in Note 5.

The tax character of distributions paid during the fiscal year ended October 31, 2019 was as follows:

	Common		Preferred
Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	3,037,184	$	397,090
Net long term capital gains		9,296,165		1,215,410
Total distributions paid	$	12,333,349	$	1,612,500

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

16

Bancroft Fund Ltd.

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at April 30, 2020:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments		$151,623,820		$19,008,510		$(10,008,541	)		$8,999,969

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended April 30, 2020, the Fund did not incur any income tax, interest, or penalties. As of April 30, 2020, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, equal on an annual basis to 0.80% of the first $100,000,000 of the Fund’s average weekly net assets and 0.55% of the Fund’s average weekly net assets in excess of $100,000,000. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

During the six months ended April 30, 2020, the Fund paid $1,213 in brokerage commissions on security trades to G. research, LLC, an affiliate of the Adviser.

During the six months ended April 30, 2020, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $738.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. During the six months ended April 30, 2020, the Fund accrued $22,500 in connection with the cost of computing the Fund’s NAV.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the six months ended April 30, 2020, the Fund paid or accrued $37,745 in payroll expenses in the Statement of Operations.

The Fund pays each Trustee who is not considered an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended. Each Trustee is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Lead Independent Trustee receives an annual fee of $2,000 and the Audit and Nominating Committee Chairmen each receives an annual fee of $3,000. A Trustee may receive a single meeting fee, allocated among the

17

Bancroft Fund Ltd.

Notes to Financial Statements (Unaudited) (Continued)

participating funds, for participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Portfolio Securities. Purchases and sales of securities during the six months ended April 30, 2020, other than short term securities and U.S. Government obligations, aggregated $48,081,902 and $47,195,124, respectively.

5. 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 shares in the open market when the shares are trading at a discount of 10.0% 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 April 30, 2020, the Fund did not repurchase any shares. During the fiscal year ended October 31, 2019, the Fund repurchased and retired 81,606 of its common shares at an investment of $1,611,715 and an average discount of 14.07%, from its net asset value.

Transactions in common shares of beneficial interest for the six months ended April 30, 2020 and the fiscal year ended October 31, 2019 were as follows:

	Six Months Ended April 30, 2020 (Unaudited)				Year Ended October 31, 2019
	Shares		Amount		Shares			Amount
Net increase in net assets from common shares issued upon reinvestment of distributions		100,024	$	2,505,599		217,767		$	4,072,227
Net decrease from repurchase of common shares		—		—		(81,606	)		(1,611,715	)
Net increase from transactions in Fund shares		100,024	$	2,505,599		136,161		$	2,460,512

The Fund has an effective shell registration authorizing the offering of an additional $100 million of common or preferred shares.

On August 9, 2016, the Fund issued 1,200,000 shares of 5.375% Series A Cumulative Preferred Shares (Series A Preferred), receiving $28,834,426, after the deduction of offering expenses of $945,000 and underwriting fees of $220,574. The liquidation value of Series A Preferred is $25 per share. The Series A Preferred has an annual dividend rate of 5.375%. The Series A Preferred is noncallable before August 9, 2021. At April 30, 2020, 1,200,000 Series A Preferred were outstanding and accrued dividends amounted to $156,771.

The Fund’s Declaration of Trust, as amended, authorized the issuance of the Series A Preferred, par value $0.01. The Series A Preferred 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 Statement of Preferences to meet certain asset coverage tests with respect to the Series A Preferred. 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 Series A Preferred 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

18

Bancroft Fund Ltd.

Notes to Financial Statements (Unaudited) (Continued)

on the Fund’s assets may vary in a manner unrelated to the fixed rate, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.

The holders of Series A Preferred 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 currently have the right 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 Series A Preferred, voting as a single class, will be required to approve any plan of reorganization adversely affecting the Series A Preferred, 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 Series A Preferred 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.

6. Convertible Securities Concentration. It is the Fund’s policy to invest at least 65% of its assets in convertible securities. Although convertible securities do derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, the Fund’s mandatory convertible securities include features which render them more sensitive to price changes of their underlying securities. Thus they expose the Fund to greater downside risk than traditional convertible securities, but generally less than that of the underlying common stock.

7. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

8. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

Shareholder Meeting – May 11, 2020 – Final Results

The Fund’s Annual Meeting of Shareholders was held virtually on May 11, 2020. At that meeting, common and preferred shareholders, voting together as a single class, re-elected Kinchen C. Bizzell, James P. Conn, and Frank J. Fahrenkopf, Jr., as Trustees of the Fund, with a total of 4,869,683 votes, 4,872,474 votes, and 4,863,833 votes cast in favor of these Trustees, and a total of 128,504 votes, 125,712 votes, and 134,454 votes withheld for these Trustees, respectively.

In addition, preferred shareholders, voting as a separate class, re-elected Michael J. Melarkey as a Trustee of the Fund, with 805,318 votes cast in favor of this Trustee and 23,483 votes withheld for this Trustee.

Mario J. Gabelli, Elizabeth C. Bogan, Daniel D. Harding, Kuni Nakamura, Jane D. O’Keeffe, Nicolas W. Platt, and Anthonie C. van Ekris continue to serve in their capacities as Trustees of the Fund.

We thank you for your participation and appreciate your continued support.

19

AUTOMATIC DIVIDEND REINVESTMENT

AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

It is the policy of Bancroft Fund Ltd. to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit common shares to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their share certificates to American Stock Transfer (“AST”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash must submit this request in writing to:

Bancroft Fund Ltd.

c/o American Stock Transfer

6201 15th Avenue

Brooklyn, NY 11219

Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the share certificate. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact AST at (877) 208-9514.

If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your own name. Once registered in your own name your distributions will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.

The number of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following manner. Under the Plan, for the first three calendar quarter distributions, whenever the market price of the Fund’s common shares is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution, participants are issued common shares valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Fund’s common shares. The valuation date is the dividend or distribution payment date or, if that date is not a NYSE American trading day, the next trading day. If the net asset value of the common shares at the time of valuation exceeds the market price of the common shares, participants will receive common shares from the Fund valued at market price. For the fourth calendar quarter distribution when the market price is lower, the Fund will issue shares at the market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, AST will buy common shares in the open market, or on the NYSE American, or elsewhere, for the participants’ accounts, except that AST will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common shares exceeds the then current net asset value.

The automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead of shares.

Voluntary Cash Purchase Plan

The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.

Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to AST for investments in the Fund’s common shares at the then current market price. Shareholders may send an amount from $100 to $10,000. AST will use these funds to purchase shares in the open market on or about the 15th of each month. AST will charge each shareholder who participates a pro rata share of the brokerage commissions. Brokerage charges for such purchases are expected to be less than the usual brokerage charge for such transactions. It is suggested that any voluntary cash payments be sent to American Stock Transfer, 6201 15th Avenue, Brooklyn, NY 11219 such that AST receives such payments approximately 10 days before the investment date. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by AST at least 48 hours before such payment is to be invested.

Shareholders wishing to liquidate shares held at AST must do so in writing or by telephone. Please submit your request to the above mentioned address or telephone number. Include in your request your name, address, and account number. Brokerage charges are expected to be less than the usual brokerage charge for such transactions.

For more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by writing directly to the Fund.

The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by AST on at least 90 days written notice to participants in the Plan.

20

BANCROFT FUND LTD.

AND YOUR PERSONAL PRIVACY

Who are we?

The Bancroft Fund Ltd. is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a Fund shareholder?

When you purchase shares of the Fund on the NYSE, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.

● Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

● Information about your transactions with us. This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

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Bancroft Fund Ltd.

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Thomas H. Dinsmore, CFA, joined Gabelli Funds, LLC in 2015. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Previously Mr. Dinsmore was Chairman and CEO of Dinsmore Capital Management; CEO and Portfolio Manager of Bancroft Fund Ltd; and CEO, Portfolio Manager, and co-founder of Ellsworth Growth and Income Fund Ltd. He received a BS in Economics from the Wharton School of Business and an MA degree in Economics from Fairleigh Dickinson University.

Jane D. O’Keeffe joined Gabelli Funds, LLC in 2015. She currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Previously Ms. O’Keeffe was President and Director of Dinsmore Capital Management where she was also a Portfolio Manager of Bancroft Fund Ltd. and Ellsworth Growth and Income Fund Ltd. Prior to joining Dinsmore Capital Management, Ms. O’Keeffe held positions of increasing responsibilities at IDS Progressive Fund, Soros Fund Management Company, Simms Capital Management, and Fiduciary Trust International. She earned a BA from the University of New Hampshire and attended the Lubin Graduate School of Business at Pace University.

James A. Dinsmore, CFA, joined Gabelli Funds, LLC in 2015. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Dinsmore received a BA in Economics from Cornell University and an MBA degree from Rutgers University.

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Convertible Securities Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Convertible Securities Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

The NASDAQ symbol for the Net Asset Value is “XBCVX.”

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may from time to time purchase its common shares in the open market when the Fund’s shares are trading at a discount of 10% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

BANCROFT FUND LTD.

One Corporate Center

Rye, NY 10580-1422

t  800-GABELLI (800-422-3554)

f  914-921-5118

e  info@gabelli.com

   GABELLI.COM

  TRUSTEES   Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group Inc.   Kinchen C. Bizzell Former Managing Director, CAVU Securities   Elizabeth C. Bogan Senior Lecturer, Economics Princeton University   James P. Conn Former Managing Director & Chief Investment Officer, Financial Security Assurance Holdings Ltd.   Frank J. Fahrenkopf, Jr. Former President & Chief Executive Officer, American Gaming Association   Daniel D. Harding Managing General Director, Global Equity Income Fund   Michael J. Melarkey Of Counsel, McDonald Carano Wilson LLP   Kuni Nakamura President, Advanced Polymer, Inc.   Jane D. O’Keeffe Portfolio Manager, Gabelli Funds, LLC   NicolasW.Platt Former Managing Director, FTI Consulting Inc.   Anthonie C. van Ekris Chairman, BALMAC International Inc.   OFFICERS   Jane D. O’Keeffe President   John C. Ball Treasurer   Andrea R. Mango Secretary & Vice President   Richard J. Walz Chief Compliance Officer   Laurissa M. Martire Vice President & Ombudsman   Bethany Uhlein Vice President & Ombudsman   INVESTMENT ADVISER   Gabelli Funds, LLC   CUSTODIAN   State Street Bank and Trust Company   COUNSEL   Skadden, Arps, Slate, Meagher & Flom LLP   TRANSFER AGENT AND REGISTRAR   American Stock Transfer and Trust Company

BCV Q2/2020

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

REGISTRANT PURCHASES OF EQUITY SECURITIES

Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)	(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Month #1 11/01/19 through 11/30/19	Common – 31,160 Preferred Series A – N/A	Common – $20.7139 Preferred Series A – N/A	Common – 31,160 Preferred Series A – N/A	Common – 5,116,834 - 31,160 = 5,085,674 Preferred Series A – 1,200,000
Month #2 12/01/19 through 12/31/19	Common – 45,306 Preferred Series A – N/A	Common – $18.6148 Preferred Series A – N/A	Common – 45,306 Preferred Series A – N/A	Common – 5,085,674 - 43,306 = 5,040,368 Preferred Series A – 1,200,000
Month #3 01/01/20 through 01/31/20	Common – N/A Preferred Series A – N/A	Common – N/A Preferred Series A – N/A	Common – N/A Preferred Series A – N/A	Common – 5,258,135 Preferred Series A – 1,200,000
Month #4 02/01/20 through 02/29/20	Common – N/A Preferred Series A – N/A	Common – N/A Preferred Series A – N/A	Common – N/A Preferred Series A – N/A	Common – 5,258,135 Preferred Series A – 1,200,000
Month #5 03/01/20 through 03/31/20	Common – 2,880 Preferred Series A – N/A	Common – $20.63 Preferred Series A – N/A	Common – 2,880 Preferred Series A – N/A	Common – 5,258,135 - 2,880 = 5,255,255 Preferred Series A – 1,200,000
Month #6 04/01/20 through 04/30/20	Common –N/A Preferred Series A – N/A	Common – N/A Preferred Series A – N/A	Common – N/A Preferred Series A – N/A	Common – 5,255,255 Preferred Series A – 1,200,000
Total	Common – 79,346 Preferred Series A – N/A	Common – $19.65 Preferred Series A – N/A	Common – 79,346 Preferred Series A – N/A	N/A

Footnote columns (c) and (d) of the table, by disclosing the following information in the

aggregate for all plans or programs publicly announced:

a. The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs semiannually in the Fund’s shareholder reports in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b. The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more from the net asset value of the shares.

c. The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.

d. Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.

e. Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)    Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                              Bancroft Fund Ltd.
By (Signature and Title)*        /s/ Jane D. O’Keeffe
	Jane D. O’Keeffe, Principal Executive Officer
Date                                          6/30/2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*        /s/ Jane D. O’Keeffe
Jane D. O’Keeffe, Principal Executive Officer
Date                                          6/30/2020
By (Signature and Title)*        /s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer
Date                                          6/30/2020

^* Print the name and title of each signing officer under his or her signature.