Bancroft Fund Ltd.

Schedule of Investments — January 31, 2021 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS — 78.9%
		Aerospace — 1.4%
	$ 1,500,000	Aerojet Rocketdyne Holdings Inc.,
		2.250%, 12/15/23	$	2,988,329
		Airlines — 0.6%
	980,000	Southwest Airlines Co.,
		1.250%, 05/01/25		1,385,475
		Business Services — 3.7%
	1,265,000	2U Inc.,
		2.250%, 05/01/25(a)		2,082,199
	310,000	Bill.com Holdings Inc.,
		Zero Coupon, 12/01/25(a)		339,577
	2,000,000	Perficient Inc.,
		1.250%, 08/01/25(a)		2,477,257
	310,000	Repay Holdings Corp.,
		Zero Coupon, 02/01/26		310,953
	155,000	Shift4 Payments Inc.,
		Zero Coupon, 12/15/25(a)		178,140
		Square Inc.,
	500,000	0.500%, 05/15/23		1,395,799
	1,000,000	0.250%, 11/01/27(a)		1,133,292
				7,917,217
		Communications Equipment — 2.2%
	2,835,000	InterDigital Inc.,
		2.000%, 06/01/24		3,056,413
	1,250,000	Lumentum Holdings Inc.,
		0.500%, 12/15/26		1,540,857
				4,597,270
		Computer Software and Services — 23.6%
	1,500,000	Bandwidth Inc.,
		0.250%, 03/01/26(a)		3,038,563
	1,000,000	Blackline Inc.,
		0.125%, 08/01/24		1,833,867
	930,000	Box Inc.,
		Zero Coupon, 01/15/26		939,300
	635,000	Cloudflare Inc.,
		0.750%, 05/15/25(a)		1,372,152
		Coupa Software Inc.,
	835,000	0.125%, 06/15/25		1,693,951
	1,260,000	0.375%, 06/15/26(a)		1,632,735
	2,500,000	CSG Systems International Inc.,
		4.250%, 03/15/36		2,636,000
	940,000	Datadog Inc.,
		0.125%, 06/15/25(a)		1,274,287
	1,985,000	Everbridge Inc.,
		0.125%, 12/15/24		2,719,321
	155,000	Fiverr International Ltd.,
		Zero Coupon, 11/01/25(a)		196,154
	625,000	GoPro Inc.,
		1.250%, 11/15/25(a)		749,408

Principal Amount			Market Value
	$ 2,015,000	i3 Verticals LLC,
		1.000%, 02/15/25(a)	$	1,967,144
	1,035,000	Limelight Networks Inc.,
		3.500%, 08/01/25(a)		999,116
	1,690,000	LivePerson Inc.,
		0.750%, 03/01/24		3,028,544
	1,500,000	Match Group Financeco 3 Inc.,
		2.000%, 01/15/30(a)		2,730,249
	465,000	Medallia Inc.,
		0.125%, 09/15/25(a)		591,044
	1,000,000	MercadoLibre Inc.,
		2.000%, 08/15/28		4,071,357
	2,250,000	PAR Technology Corp.,
		2.875%, 04/15/26(a)		3,710,758
		PROS Holdings Inc.,
	500,000	1.000%, 05/15/24		495,647
	1,205,000	2.250%, 09/15/27(a)		1,502,196
	1,500,000	Q2 Holdings Inc.,
		0.750%, 06/01/26		2,321,367
	1,000,000	RingCentral Inc.,
		Zero Coupon, 03/15/26		1,155,361
		Splunk Inc.,
	1,500,000	1.125%, 09/15/25		1,993,006
	630,000	1.125%, 06/15/27(a)		663,249
	950,000	Varonis Systems Inc.,
		1.250%, 08/15/25(a)		1,892,753
	1,500,000	Vocera Communications Inc.,
		1.500%, 05/15/23		2,237,475
	2,000,000	Workiva Inc.,
		1.125%, 08/15/26		2,800,881
				50,245,885
		Consumer Products — 1.2%
	645,000	Farfetch Ltd.,
		3.750%, 05/01/27(a)		2,541,112
		Consumer Services — 6.1%
	950,000	Callaway Golf Co.,
		2.750%, 05/01/26(a)		1,703,160
	625,000	Chegg Inc.,
		Zero Coupon, 09/01/26(a)		727,187
	950,000	National Vision Holdings Inc.,
		2.500%, 05/15/25(a)		1,565,601
	1,360,000	NCL Corp. Ltd.,
		5.375%, 08/01/25(a)		2,106,640
		Royal Caribbean Cruises Ltd.,
	395,000	4.250%, 06/15/23(a)		481,743
	620,000	2.875%, 11/15/23(a)		704,006
	620,000	Shopify Inc.,
		0.125%, 11/01/25		733,925
	2,030,000	Stride Inc.,
		1.125%, 09/01/27(a)		1,806,700

1

Bancroft Fund Ltd.

Schedule of Investments (Continued) — January 31, 2021 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Consumer Services (Continued)
	$ 1,015,000	TechTarget Inc.,
		0.125%, 12/15/25(a)	$	1,265,004
	1,880,000	Wayfair Inc.,
		0.625%, 10/01/25(a)		1,925,160
				13,019,126
		Diversified Industrial — 1.6%
	750,000	Chart Industries Inc.,
		1.000%, 11/15/24(a)		1,598,792
	1,349,000	Kaman Corp.,
		3.250%, 05/01/24		1,485,520
	160,000	Sea Ltd.,
		2.375%, 12/01/25(a)		399,500
				3,483,812
		Energy and Utilities — 2.1%
	1,065,000	Bloom Energy Corp.,
		2.500%, 08/15/25(a)		2,458,237
	2,200,000	Cheniere Energy Inc.,
		4.250%, 03/15/45		1,804,907
	155,000	Sunrun Inc.,
		Zero Coupon, 02/01/26		157,846
				4,420,990
		Entertainment — 1.6%
		DISH Network Corp.,
	1,875,000	Zero Coupon, 12/15/25(a)		1,770,554
	1,000,000	3.375%, 08/15/26		924,593
	785,000	fuboTV Inc.,
		3.250%, 02/15/26		828,285
				3,523,432
		Financial Services — 6.1%
	790,000	Chimera Investment Corp.,
		7.000%, 04/01/23		1,208,206
	960,000	Colony Capital Operating Co. LLC,
		5.750%, 07/15/25(a)(b)		2,235,648
	1,250,000	Encore Capital Group Inc.,
		3.250%, 03/15/22		1,256,875
	1,000,000	Heritage Insurance Holdings Inc.,
		5.875%, 08/01/37		984,745
	1,000,000	IIP Operating Partnership LP,
		3.750%, 02/21/24(a)		2,859,343
		LendingTree Inc.,
	1,116,000	0.625%, 06/01/22		1,811,327
	1,095,000	0.500%, 07/15/25(a)		1,128,794
	1,000,000	SuRo Capital Corp.,
		4.750%, 03/28/23		1,605,000
				13,089,938

Principal Amount			Market Value
		Health Care — 13.0%
	$ 1,450,000	1Life Healthcare Inc.,
		3.000%, 06/15/25(a)	$	2,035,510
	235,000	Bridgebio Pharma Inc.,
		2.250%, 02/01/29		228,252
	665,000	Coherus Biosciences Inc.,
		1.500%, 04/15/26(a)		820,172
	1,000,000	Collegium Pharmaceutical Inc.,
		2.625%, 02/15/26		1,088,125
	1,000,000	CONMED Corp.,
		2.625%, 02/01/24		1,405,982
		DexCom Inc.,
	535,000	0.750%, 12/01/23		1,236,894
	475,000	0.250%, 11/15/25(a)		485,498
	1,240,000	Esperion Therapeutics Inc.,
		4.000%, 11/15/25(a)		1,401,779
	1,830,000	Exact Sciences Corp.,
		0.375%, 03/15/27		2,627,993
	1,500,000	Insulet Corp.,
		0.375%, 09/01/26		2,067,676
	625,000	NeoGenomics Inc.,
		0.250%, 01/15/28		674,274
	1,384,000	Neurocrine Biosciences Inc.,
		2.250%, 05/15/24		2,083,135
	310,000	Novocure Ltd.,
		Zero Coupon, 11/01/25(a)		385,278
	1,500,000	Pacira BioSciences Inc.,
		2.375%, 04/01/22		1,783,685
	1,270,000	PetIQ Inc.,
		4.000%, 06/01/26(a)		1,804,695
	1,288,000	Supernus Pharmaceuticals Inc.,
		0.625%, 04/01/23		1,273,811
	1,370,000	Tabula Rasa HealthCare Inc.,
		1.750%, 02/15/26(a)		1,514,093
	1,795,000	Teladoc Health Inc.,
		1.250%, 06/01/27(a)		2,542,169
	1,500,000	Theravance Biopharma Inc.,
		3.250%, 11/01/23		1,472,628
	700,000	Travere Therapeutics Inc.,
		2.500%, 09/15/25		700,243
				27,631,892
		Real Estate — 0.7%
	310,000	Pebblebrook Hotel Trust,
		1.750%, 12/15/26		331,415
	155,000	Redfin Corp.,
		Zero Coupon, 10/15/25(a)		190,615
	935,000	Summit Hotel Properties Inc.,
		1.500%, 02/15/26		924,476
				1,446,506

2

Bancroft Fund Ltd.

Schedule of Investments (Continued) — January 31, 2021 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Security Software — 6.3%
	$  1,245,000	Cardlytics Inc.,
		1.000%, 09/15/25(a)	$	2,044,165
	1,500,000	CyberArk Software Ltd.,
		Zero Coupon, 11/15/24		1,835,700
	465,000	Nice Ltd.,
		Zero Coupon, 09/15/25(a)		533,715
	798,000	Nice Systems Inc.,
		1.250%, 01/15/24		2,502,728
	1,500,000	Okta Inc.,
		0.375%, 06/15/26(a)		1,961,937
	2,045,000	Proofpoint Inc.,
		0.250%, 08/15/24		2,241,987
	1,475,000	Zscaler Inc.,
		0.125%, 07/01/25(a)		2,206,911
				13,327,143
		Semiconductors — 2.0%
	1,500,000	Impinj Inc.,
		2.000%, 12/15/26		2,547,089
	500,000	Teradyne Inc.,
		1.250%, 12/15/23		1,790,922
				4,338,011
		Telecommunications — 5.4%
	1,520,000	8x8 Inc.,
		0.500%, 02/01/24		2,288,302
	500,000	Harmonic Inc.,
		2.000%, 09/01/24		559,879
	1,500,000	Infinera Corp.,
		2.500%, 03/01/27(a)		2,242,516
	1,315,000	PagerDuty Inc.,
		1.250%, 07/01/25(a)		1,879,577
	900,000	Twilio Inc.,
		0.250%, 06/01/23		4,567,558
				11,537,832
		Transportation — 1.3%
	1,000,000	Atlas Air Worldwide Holdings Inc.,
		1.875%, 06/01/24		1,123,800
	690,000	GOL Equity Finance SA,
		3.750%, 07/15/24(a)		576,315
	620,000	Seaspan Corp.,
		3.750%, 12/15/25(a)		678,488
	310,000	Uber Technologies Inc.,
		Zero Coupon, 12/15/25(a)		324,672
				2,703,275
		TOTAL CONVERTIBLE CORPORATE BONDS		168,197,245

Shares			Market Value
		CONVERTIBLE PREFERRED STOCKS — 4.6%
		Agriculture — 0.5%
	9,000	Bunge Ltd., 4.875%	$	975,150
		Business Services — 0.2%
	809,253	Amerivon Holdings LLC, 4.000%(c)		436,035
	272,728	Amerivon Holdings LLC,
		common equity units(c)		16,364
				452,399
		Financial Services — 3.9%
	2,000	Bank of America Corp., 7.250%, Ser. L		2,925,560
	40,000	Landmark Infrastructure Partners LP, 7.000%, Ser. C		1,030,000
	15,000	QTS Realty Trust Inc., 6.500%, Ser. B		2,195,250
	1,500	Wells Fargo & Co., 7.500%, Ser. L		2,166,000
				8,316,810
		TOTAL CONVERTIBLE PREFERRED STOCKS		9,744,359
		MANDATORY CONVERTIBLE SECURITIES (d) — 12.8%
		Automotive: Parts and Accessories — 1.3%
	18,300	Aptiv plc, Ser. A
		5.500%, 06/15/23		2,844,735
		Diversified Industrial — 1.4%
	15,000	Colfax Corp.,
		5.750%, 01/15/22		2,311,200
	6,675	Stanley Black & Decker Inc.,
		5.250%, 11/15/22		727,375
				3,038,575
		Energy and Utilities — 4.1%
	21,150	American Electric Power Co. Inc.,
		6.125%, 03/15/22		1,009,278
	42,700	DTE Energy Co.,
		6.250%, 11/01/22		1,980,426
	3,325	Essential Utilities Inc.,
		6.000%, 04/30/22		196,341
		NextEra Energy Inc.,
	25,500	5.279%, 03/01/23		1,362,720
	46,675	4.872%, 09/01/22		2,854,643
	24,860	6.219%, 09/01/23		1,323,049
				8,726,457
		Equipment and Supplies — 0.8%
	1,000	Danaher Corp., Ser. A
		4.750%, 04/15/22		1,620,300

3

Bancroft Fund Ltd.

Schedule of Investments (Continued) — January 31, 2021 (Unaudited)

Shares			Market Value
		MANDATORY CONVERTIBLE SECURITIES (d) (Continued)
		Financial Services — 2.1%
	1,575	2020 Cash Mandatory Exchangeable Trust,
		5.250%, 06/01/23	$	1,813,424
	630	2020 Mandatory Exchangeable Trust,
		6.500%, 05/16/23		1,430,663
	24,000	New York Community Capital Trust V,
		6.000%, 11/01/51		1,102,560
				4,346,647
		Health Care — 1.7%
	24,965	Avantor Inc., Ser. A
		6.250%, 05/15/22		2,312,009
	29,115	Elanco Animal Health Inc.,
		5.000%, 02/01/23		1,344,240
				3,656,249
		Semiconductors — 1.4%
	2,015	Broadcom Inc., Ser. A
		8.000%, 09/30/22		2,959,531
		TOTAL MANDATORY CONVERTIBLE SECURITIES		27,192,494
		COMMON STOCKS — 1.3%
		Energy and Utilities — 0.0%
	133	Goodrich Petroleum Corp.†		1,286
		Real Estate Investment Trusts — 1.3%
	18,136	Crown Castle International Corp.		2,888,339
		TOTAL COMMON STOCKS		2,889,625
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	1,135	Goodrich Petroleum Corp., expire 10/12/26†(c)		0

Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS — 2.4%
	$  5,070,000	U.S. Treasury Bills,
		0.070% to 0.085%††,
		03/11/21 to 05/20/21	$	5,069,337
		TOTAL INVESTMENTS — 100.0%
		(Cost $153,659,457)	$	213,093,060

(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) At January 31, 2021, the Fund held investments in restricted and illiquid security amounting to $2,235,648 or 1.05% of the Fund’s total investments, which were valued under methods approved by the Board of Trustees as follows:

Acquisition         Principal     Amount	Issuer	Acquisition Date		Acquisition Cost		01/31/21 Carrying Value Per Bond
$960,000	Colony Capital Operating Co. LLC, 5.750%, 07/ 15/25		07/17/20- 11/11/20		$1,222,715	$	2,328.8000

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

(d) 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.

4