Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

1

Bancroft

Fund

Ltd.

Schedule

of

Investments

—

December

31,

2023

(Unaudited)

Principal

Amount

Market

Value

CONVERTIBLE

CORPORATE

BONDS

 —

90.7%

Automotive:

Parts

and

Accessories

 —

1.1%

$

1,250,000‌

Rivian

Automotive

Inc.,

3.625%,

10/15/30(a)

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

$

1,541,375‌

Business

Services

 —

4.1%

2,000,000‌

BigBear.ai

Holdings

Inc.,

6.000%,

12/15/26(a)

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

1,355,000‌

2,500,000‌

Perficient

Inc.,

0.125%,

11/15/26

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

2,082,750‌

2,000,000‌

Shift4

Payments

Inc.,

Zero

Coupon,

12/15/25

...........

2,228,800‌

5,666,550‌

Communications

Equipment

 —

4.1%

2,500,000‌

InterDigital

Inc.,

3.500%,

06/01/27

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

3,673,500‌

2,000,000‌

Lumentum

Holdings

Inc.,

1.500%,

12/15/29(a)

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

1,993,000‌

5,666,500‌

Computer

Software

and

Services

 —

17.1%

2,000,000‌

Akamai

Technologies

Inc.,

1.125%,

02/15/29(a)

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

2,173,000‌

3,000,000‌

Bandwidth

Inc.,

0.250%,

03/01/26

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

2,497,650‌

3,000,000‌

CSG

Systems

International

Inc.,

3.875%,

09/15/28(a)

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

3,028,200‌

1,915,000‌

Edgio

Inc.,

3.500%,

08/01/25

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

1,699,093‌

2,605,000‌

i3

Verticals

LLC,

1.000%,

02/15/25

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

2,443,816‌

1,250,000‌

PagerDuty

Inc.,

1.500%,

10/15/28(a)

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

1,361,000‌

2,250,000‌

PAR

Technology

Corp.,

2.875%,

04/15/26

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

2,736,675‌

3,090,000‌

Progress

Software

Corp.,

1.000%,

04/15/26

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

3,270,765‌

1,805,000‌

PROS

Holdings

Inc.,

2.250%,

09/15/27

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

2,043,260‌

3,156,000‌

Veritone

Inc.,

1.750%,

11/15/26

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

953,640‌

1,500,000‌

Workiva

Inc.,

1.250%,

08/15/28(a)

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

1,520,250‌

23,727,349‌

Consumer

Products

 —

1.4%

1,950,000‌

Post

Holdings

Inc.,

2.500%,

08/15/27

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

1,980,225‌

Consumer

Services

 —

3.9%

1,350,000‌

Marriott

Vacations

Worldwide

Corp.,

3.250%,

12/15/27

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

1,200,825‌

Principal

Amount

Market

Value

NCL

Corp.

Ltd.

$

660,000‌

5.375%,

08/01/25

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

$

850,080‌

623,000‌

1.125%,

02/15/27

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

571,976‌

1,600,000‌

Stride

Inc.,

1.125%,

09/01/27

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

2,033,600‌

640,000‌

Uber

Technologies

Inc.,

Ser.

2028,

0.875%,

12/01/28(a)

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

699,200‌

5,355,681‌

Diversified

Industrial

 —

0.6%

2,000,000‌

PureCycle

Technologies

Inc.,

7.250%,

08/15/30(a)

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

776,000‌

Energy

and

Utilities

 —

18.0%

1,500,000‌

Alliant

Energy

Corp.,

3.875%,

03/15/26(a)

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

1,496,250‌

2,938,000‌

Array

Technologies

Inc.,

1.000%,

12/01/28

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

2,900,541‌

700,000‌

Bloom

Energy

Corp.,

3.000%,

06/01/28(a)

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

749,000‌

2,000,000‌

CMS

Energy

Corp.,

3.375%,

05/01/28(a)

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

1,988,000‌

2,000,000‌

Duke

Energy

Corp.,

4.125%,

04/15/26(a)

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

2,010,000‌

1,000,000‌

Fluor

Corp.,

1.125%,

08/15/29(a)

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

1,091,250‌

850,000‌

Nabors

Industries

Inc.,

1.750%,

06/15/29(a)

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

617,865‌

1,750,000‌

NextEra

Energy

Partners

LP,

2.500%,

06/15/26(a)

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

1,576,750‌

1,600,000‌

Northern

Oil

and

Gas

Inc.,

3.625%,

04/15/29

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

1,894,400‌

2,500,000‌

Ormat

Technologies

Inc.,

2.500%,

07/15/27

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

2,577,500‌

2,634,000‌

PG&E

Corp.,

4.250%,

12/01/27(a)

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

2,773,602‌

3,000,000‌

PPL

Capital

Funding

Inc.,

2.875%,

03/15/28(a)

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

2,920,500‌

1,500,000‌

Stem

Inc.,

4.250%,

04/01/30(a)

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

1,096,500‌

1,900,000‌

Sunnova

Energy

International

Inc.,

2.625%,

02/15/28

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

1,267,300‌

24,959,458‌

Entertainment

 —

5.6%

1,810,000‌

fuboTV

Inc.,

3.250%,

02/15/26

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

1,330,350‌

2,915,000‌

Liberty

Media

Corp.-Liberty

Formula

One,

2.250%,

08/15/27

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

2,971,629‌

3,000,000‌

Live

Nation

Entertainment

Inc.,

3.125%,

01/15/29(a)

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

3,414,300‌

7,716,279‌

2

Bancroft

Fund

Ltd.

Schedule

of

Investments

(Continued)

—

December

31,

2023

(Unaudited)

Principal

Amount

Market

Value

CONVERTIBLE

CORPORATE

BONDS

(Continued)

Financial

Services

 —

5.2%

$

1,500,000‌

Bread

Financial

Holdings

Inc.,

4.250%,

06/15/28(a)

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

$

1,606,950‌

2,000,000‌

HCI

Group

Inc.,

4.750%,

06/01/42

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

2,480,000‌

1,800,000‌

LendingTree

Inc.,

0.500%,

07/15/25

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

1,503,000‌

2,000,000‌

SoFi

Technologies

Inc.,

Zero

Coupon,

10/15/26(a)

.........

1,693,000‌

7,282,950‌

Food

and

Beverage

 —

1.0%

1,500,000‌

The

Chefs'

Warehouse

Inc.,

2.375%,

12/15/28

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

1,431,325‌

Health

Care

 —

12.3%

1,500,000‌

Amphastar

Pharmaceuticals

Inc.,

2.000%,

03/15/29(a)

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

1,826,250‌

1,500,000‌

Coherus

Biosciences

Inc.,

1.500%,

04/15/26

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

850,789‌

2,125,000‌

CONMED

Corp.,

2.250%,

06/15/27

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

2,134,350‌

1,750,000‌

Cutera

Inc.,

2.250%,

06/01/28

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

459,375‌

750,000‌

Cytokinetics

Inc.,

3.500%,

07/01/27

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

1,320,000‌

750,000‌

Dexcom

Inc.,

0.375%,

05/15/28(a)

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

771,750‌

375,000‌

Evolent

Health

Inc.,

3.500%,

12/01/29(a)

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

439,125‌

2,250,000‌

Exact

Sciences

Corp.,

2.000%,

03/01/30(a)

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

2,710,125‌

3,200,000‌

Halozyme

Therapeutics

Inc.,

1.000%,

08/15/28

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

2,980,800‌

940,000‌

Invacare

Corp.,

Escrow,

Zero

Coupon,

05/08/28(b)

.........

0‌

100,000‌

Merit

Medical

Systems

Inc.,

3.000%,

02/01/29(a)

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

111,150‌

3,000,000‌

TransMedics

Group

Inc.,

1.500%,

06/01/28(a)

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

3,401,400‌

17,005,114‌

Real

Estate

Investment

Trusts

 —

3.4%

1,500,000‌

Arbor

Realty

Trust

Inc.,

7.500%,

08/01/25

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

1,528,500‌

817,000‌

Pebblebrook

Hotel

Trust,

1.750%,

12/15/26

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

731,705‌

1,000,000‌

Redwood

Trust

Inc.,

7.750%,

06/15/27

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

921,875‌

Principal

Amount

Market

Value

$

1,710,000‌

Summit

Hotel

Properties

Inc.,

1.500%,

02/15/26

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

$

1,524,465‌

4,706,545‌

Security

Software

 —

0.8%

1,495,000‌

Cardlytics

Inc.,

1.000%,

09/15/25

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

934,375‌

175,000‌

Rapid7

Inc.,

1.250%,

03/15/29(a)

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

195,353‌

1,129,728‌

Semiconductors

 —

8.6%

2,000,000‌

Impinj

Inc.,

1.125%,

05/15/27

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

2,187,600‌

1,500,000‌

indie

Semiconductor

Inc.,

4.500%,

11/15/27(a)

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

1,810,500‌

3,000,000‌

ON

Semiconductor

Corp.,

0.500%,

03/01/29(a)

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

3,202,500‌

3,000,000‌

Semtech

Corp.,

1.625%,

11/01/27

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

2,578,500‌

3,125,000‌

Wolfspeed

Inc.,

1.875%,

12/01/29

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

2,141,406‌

11,920,506‌

Telecommunications

 —

2.5%

2,020,000‌

8x8

Inc.,

0.500%,

02/01/24

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

1,999,646‌

Infinera

Corp.

1,250,000‌

2.500%,

03/01/27

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

1,147,248‌

325,000‌

3.750%,

08/01/28

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

320,743‌

3,467,637‌

Transportation

 —

1.0%

1,600,000‌

Air

Transport

Services

Group

Inc.,

3.875%,

08/15/29(a)

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

1,428,000‌

TOTAL

CONVERTIBLE

CORPORATE

BONDS

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

125,761,222‌

Shares

CONVERTIBLE

PREFERRED

STOCKS

 —

0.5%

Business

Services

 —

0.0%

809,253‌

Amerivon

Holdings

LLC,

4.000%(b)

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

0‌

272,728‌

Amerivon

Holdings

LLC,

common

equity

units

(b)

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

3‌

3‌

Health

Care

 —

0.5%

28,911‌

Invacare

Holdings

Corp.,

Ser.

A,

9.000%(b)

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

650,497‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

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

650,500‌

3

Bancroft

Fund

Ltd.

Schedule

of

Investments

(Continued)

—

December

31,

2023

(Unaudited)

Shares

Market

Value

MANDATORY

CONVERTIBLE

SECURITIES(c)

 —

4.8%

Diversified

Industrial

 —

2.1%

53,600‌

Chart

Industries

Inc.,

Ser.

B,

6.750%,

12/15/25

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

$

2,979,088‌

Energy

and

Utilities

 —

1.7%

60,000‌

NextEra

Energy

Inc.,

6.926%,

09/01/25

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

2,287,200‌

Financial

Services

 —

1.0%

32,000‌

New

York

Community

Capital

Trust

V,

6.000%,

11/01/51

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

1,328,320‌

TOTAL

MANDATORY

CONVERTIBLE

SECURITIES

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

6,594,608‌

COMMON

STOCKS

 —

0.0%

Health

Care

 —

0.0%

12,938‌

Invacare

Holdings

Corp.†(b)

.........

0‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

4.0%

$

5,650,000‌

U.S.

Treasury

Bills,

5.281%

to

5.335%††,

02/01/24

to

03/21/24

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

5,610,148‌

TOTAL

INVESTMENTS

—

100.0%

....

(Cost

$142,738,871)

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

$

138,616,478‌

(a)

Securities

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.

---