1

Bancroft

Fund

Ltd.

Schedule

of

Investments

—

June

30,

2025

(Unaudited)

Principal

Amount

Market

Value

CONVERTIBLE

CORPORATE

BONDS

—

84

.6

%

Automotive:

Parts

and

Accessories

—

0

.7

%

$

1,000,000‌

Rivian

Automotive

Inc.

,

4.625

%

,

03/15/29

...............

$

1,019,375‌

Business

Services

—

1

.7

%

1,600,000‌

Live

Nation

Entertainment

Inc.

,

2.875

%

,

01/15/30

...............

1,744,000‌

700,000‌

Mirion

Technologies

Inc.

,

0.250

%

,

06/01/30

...............

808,850‌

2,552,850‌

Communications

Equipment

—

2

.0

%

2,000,000‌

Lumentum

Holdings

Inc.

,

1.500

%

,

12/15/29

...............

3,072,000‌

Computer

Software

and

Services

—

17

.2

%

Akamai

Technologies

Inc.

2,875,000‌

1.125

%

,

02/15/29

...............

2,735,562‌

2,000,000‌

0.250

%

,

05/15/33

...............

2,075,000‌

375,000‌

Bitdeer

Technologies

Group

,

4.875

%

,

07/01/31

...............

362,625‌

2,000,000‌

Box

Inc.

,

1.500

%

,

09/15/29

...............

2,065,000‌

3,000,000‌

CSG

Systems

International

Inc.

,

3.875

%

,

09/15/28

...............

3,394,500‌

900,000‌

CyberArk

Software

Ltd.

,

Zero

Coupon

,

06/15/30

...........

927,000‌

1,900,000‌

Nutanix

Inc.

,

0.500

%

,

12/15/29

...............

2,157,820‌

1,100,000‌

Pagaya

Technologies

Ltd.

,

6.125

%

,

10/01/29

...............

1,953,050‌

840,000‌

PAR

Technology

Corp.

,

1.000

%

,

01/15/30

...............

841,575‌

3,500,000‌

Parsons

Corp.

,

2.625

%

,

03/01/29

...............

3,738,000‌

2,500,000‌

Progress

Software

Corp.

,

3.500

%

,

03/01/30

...............

2,903,750‌

900,000‌

Snowflake

Inc.

,

Zero

Coupon

,

10/01/29

...........

1,402,088‌

4,156,000‌

Veritone

Inc.

,

1.750

%

,

11/15/26

...............

1,745,520‌

26,301,490‌

Consumer

Services

—

2

.4

%

550,000‌

MakeMyTrip

Ltd.

,

Zero

Coupon

,

07/01/30

...........

587,535‌

2,140,000‌

Uber

Technologies

Inc.

,

Ser.

2028

,

0.875

%

,

12/01/28

...............

3,063,410‌

3,650,945‌

Principal

Amount

Market

Value

Diversified

Industrial

—

1

.3

%

$

750,000‌

Enovix

Corp.

,

3.000

%

,

05/01/28

...............

$

726,750‌

1,000,000‌

PureCycle

Technologies

Inc.

,

7.250

%

,

08/15/30

...............

1,258,000‌

1,984,750‌

Energy

and

Utilities

—

18

.5

%

Array

Technologies

Inc.

3,188,000‌

1.000

%

,

12/01/28

...............

2,536,664‌

800,000‌

2.875

%

,

07/01/31

...............

793,436‌

2,600,000‌

Bloom

Energy

Corp.

,

3.000

%

,

06/01/28

...............

3,851,900‌

2,000,000‌

CMS

Energy

Corp.

,

3.375

%

,

05/01/28

...............

2,131,000‌

900,000‌

FirstEnergy

Corp.

,

3.875

%

,

01/15/31

...............

912,600‌

2,000,000‌

Fluor

Corp.

,

1.125

%

,

08/15/29

...............

2,626,500‌

5,250,000‌

Nabors

Industries

Inc.

,

1.750

%

,

06/15/29

...............

3,031,875‌

3,500,000‌

Northern

Oil

&

Gas

Inc.

,

3.625

%

,

04/15/29

...............

3,661,875‌

3,000,000‌

PPL

Capital

Funding

Inc.

,

2.875

%

,

03/15/28

...............

3,247,658‌

2,000,000‌

TXNM

Energy

Inc.

,

5.750

%

,

06/01/54

...............

2,601,244‌

2,450,000‌

WEC

Energy

Group

Inc.

,

4.375

%

,

06/01/29

...............

2,833,425‌

28,228,177‌

Financial

Services

—

11

.2

%

4,350,000‌

Cardlytics

Inc.

,

4.250

%

,

04/01/29

...............

1,751,962‌

2,500,000‌

Cleanspark

Inc.

,

Zero

Coupon

,

06/15/30

...........

2,459,155‌

1,600,000‌

Coinbase

Global

Inc.

,

0.250

%

,

04/01/30

...............

2,096,800‌

2,000,000‌

Galaxy

Digital

Holdings

LP

,

2.500

%

,

12/01/29

...............

2,460,005‌

1,500,000‌

Oddity

Finance

LLC

,

Zero

Coupon

,

06/15/30

...........

1,630,596‌

1,150,000‌

Riot

Platforms

Inc.

,

0.750

%

,

01/15/30

...............

1,196,000‌

1,500,000‌

SoFi

Technologies

Inc.

,

1.250

%

,

03/15/29

...............

3,058,350‌

2,000,000‌

Vertex

Inc.

,

0.750

%

,

05/01/29

...............

2,401,036‌

17,053,904‌

Health

Care

—

14

.5

%

1,000,000‌

Alnylam

Pharmaceuticals

Inc.

,

1.000

%

,

09/15/27

...............

1,301,500‌

2

Bancroft

Fund

Ltd.

Schedule

of

Investments

(Continued)

—

June

30,

2025

(Unaudited)

Principal

Amount

Market

Value

CONVERTIBLE

CORPORATE

BONDS

(Continued)

Health

Care

(Continued)

$

2,000,000‌

ANI

Pharmaceuticals

Inc.

,

2.250

%

,

09/01/29

...............

$

2,269,065‌

2,250,000‌

Bridgebio

Pharma

Inc.

,

1.750

%

,

03/01/31

...............

2,629,125‌

3,275,000‌

Evolent

Health

Inc.

,

3.500

%

,

12/01/29

...............

2,795,715‌

2,250,000‌

Exact

Sciences

Corp.

,

2.000

%

,

03/01/30

...............

2,283,750‌

2,400,000‌

Integer

Holdings

Corp.

,

1.875

%

,

03/15/30

...............

2,505,600‌

940,000‌

Invacare

Corp.,

Escrow

,

Zero

Coupon

,

05/08/28

(a)

.........

0‌

2,150,000‌

Jazz

Investments

I

Ltd.

,

3.125

%

,

09/15/30

...............

2,289,750‌

1,250,000‌

Pacira

BioSciences

Inc.

,

2.125

%

,

05/15/29

...............

1,226,510‌

3,400,000‌

Sarepta

Therapeutics

Inc.

,

1.250

%

,

09/15/27

...............

2,456,500‌

1,000,000‌

TransMedics

Group

Inc.

,

1.500

%

,

06/01/28

...............

1,605,838‌

21,363,353‌

Metals

and

Mining

—

2

.4

%

2,150,000‌

MP

Materials

Corp.

,

3.000

%

,

03/01/30

...............

3,731,325‌

Real

Estate

Investment

Trusts

—

4

.5

%

3,000,000‌

Digital

Realty

Trust

LP

,

1.875

%

,

11/15/29

...............

3,161,700‌

3,000,000‌

Redfin

Corp.

,

0.500

%

,

04/01/27

...............

2,707,796‌

1,000,000‌

Redwood

Trust

Inc.

,

7.750

%

,

06/15/27

...............

990,487‌

6,859,983‌

Retail

—

1

.9

%

2,300,000‌

Alibaba

Group

Holding

Ltd.

,

0.500

%

,

06/01/31

...............

2,941,296‌

Security

Software

—

0

.3

%

380,000‌

Cloudflare

Inc.

,

Zero

Coupon

,

06/15/30

...........

410,970‌

Semiconductors

—

5

.0

%

3,000,000‌

indie

Semiconductor

Inc.

,

3.500

%

,

12/15/29

...............

2,752,500‌

2,500,000‌

MKS

Inc.

,

1.250

%

,

06/01/30

...............

2,476,250‌

Principal

Amount

Market

Value

$

1,750,000‌

OSI

Systems

Inc.

,

2.250

%

,

08/01/29

...............

$

2,378,250‌

7,607,000‌

Telecommunications

—

1

.0

%

1,250,000‌

Applied

Digital

Corp.

,

2.750

%

,

06/01/30

...............

1,626,949‌

TOTAL

CONVERTIBLE

CORPORATE

BONDS

.......................

129,154,367‌

CORPORATE

BONDS

—

0

.7

%

Health

Care

—

0

.7

%

1,000,000‌

ITRACHEALTH

Corp.

8.00

6/30/27

CVT(PP)

,

8.000

%

,

06/30/27

...............

1,000,000‌

Shares

CONVERTIBLE

PREFERRED

STOCKS

—

0

.1

%

Business

Services

—

0.0

%

809,253‌

Amerivon

Holdings

LLC

,

4.000

%

(a)

....................

0‌

272,728‌

Amerivon

Holdings

LLC,

common

equity

units

(a)

..........................

3‌

3‌

Health

Care

—

0

.1

%

28,911‌

Invacare

Holdings

Corp.

,

Ser.

A

,

9.000

%

(a)

....................

173,466‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

......................

173,469‌

MANDATORY

CONVERTIBLE

SECURITIES

(b)

—

12

.4

%

Aerospace

and

Defense

—

1

.1

%

25,050‌

The

Boeing

Co.

,

6.000

%

,

10/15/27

...............

1,703,400‌

Computer

Software

and

Services

—

2

.2

%

57,000‌

Hewlett

Packard

Enterprise

Co.

,

7.625

%

,

09/01/27

...............

3,356,160‌

Diversified

Industrial

—

1

.3

%

33,600‌

Chart

Industries

Inc.

,

Ser.

B

,

6.750

%

,

12/15/25

...............

2,029,440‌

Energy

and

Utilities

—

1

.3

%

44,000‌

NextEra

Energy

Inc.

,

7.234

%

,

11/01/27

...............

1,947,000‌

Financial

Services

—

3

.1

%

47,000‌

Ares

Management

Corp.

,

Ser.

B

,

6.750

%

,

10/01/27

...............

2,491,000‌

18,000‌

KKR

&

Co.

Inc.

,

Ser.

D

,

6.250

%

,

03/01/28

...............

964,800‌

3

Bancroft

Fund

Ltd.

Schedule

of

Investments

(Continued)

—

June

30,

2025

(Unaudited)

Shares

Market

Value

MANDATORY

CONVERTIBLE

SECURITIES(b)

(Continued)

Financial

Services

(Continued)

10,600‌

Shift4

Payments

Inc.

,

6.000

%

,

05/01/28

...............

$

1,221,120‌

4,676,920‌

Health

Care

—

1

.6

%

30,000‌

BrightSpring

Health

Services

Inc.

,

6.750

%

,

02/01/27

...............

2,476,500‌

Semiconductors

—

1

.8

%

41,500‌

Microchip

Technology

Inc.

,

7.500

%

,

03/15/28

...............

2,765,560‌

TOTAL

MANDATORY

CONVERTIBLE

SECURITIES

...................

18,954,980‌

COMMON

STOCKS

—

0.0

%

Health

Care

—

0.0

%

12,938‌

Invacare

Holdings

Corp.

†

(a)

..........

0‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

—

2

.2

%

$

3,440,000‌

U.S.

Treasury

Bills,

4.229

%

to

4.308

%

††

,

08/07/25

to

09/25/25

......................

3,407,286‌

TOTAL

INVESTMENTS

—

100

.0

%

.....

(Cost

$

143,276,865

)

.............

$

152,690,102‌

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

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.