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Bancroft
Fund
Ltd.
Schedule
of
Investments
—
December
31,
2025
(Unaudited)
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
86
.4
%
Aerospace
and
Defense
—
4
.9
%
$
2,500,000
AeroVironment
Inc.
,
Zero
Coupon
,
07/15/30
...........
$
2,718,750
1,700,000
AST
SpaceMobile
Inc.
,
2.000
%
,
01/15/36
(a)
.............
1,700,935
1,500,000
BlackSky
Technology
Inc.
,
8.250
%
,
08/01/33
(a)
.............
1,600,200
2,000,000
Voyager
Technologies
Inc.
,
0.750
%
,
11/15/30
(a)
.............
2,107,000
8,126,885
Automotive:
Parts
and
Accessories
—
1
.2
%
2,000,000
Plug
Power
Inc.
,
6.750
%
,
12/01/33
(a)
.............
2,002,000
Business
Services
—
2
.1
%
1,600,000
Live
Nation
Entertainment
Inc.
,
2.875
%
,
01/15/30
...............
1,684,800
700,000
Mirion
Technologies
Inc.
,
0.250
%
,
06/01/30
(a)
.............
869,225
Terawulf
Inc.
600,000
1.000
%
,
09/01/31
(a)
.............
710,700
200,000
Zero
Coupon
,
05/01/32
(a)
.........
173,500
3,438,225
Computer
Software
and
Services
—
11
.3
%
Akamai
Technologies
Inc.
2,000,000
1.125
%
,
02/15/29
...............
1,981,000
2,000,000
0.250
%
,
05/15/33
(a)
.............
2,216,000
375,000
Bitdeer
Technologies
Group
,
4.000
%
,
11/15/31
(a)
.............
348,262
3,000,000
Box
Inc.
,
1.500
%
,
09/15/29
...............
2,925,000
2,000,000
CyberArk
Software
Ltd.
,
Zero
Coupon
,
06/15/30
(a)
.........
2,142,000
2,250,000
Nebius
Group
NV
,
2.750
%
,
09/15/32
(a)
.............
2,158,875
1,100,000
Pagaya
Technologies
Ltd.
,
6.125
%
,
10/01/29
...............
2,008,490
2,000,000
Parsons
Corp.
,
2.625
%
,
03/01/29
...............
2,061,000
2,900,000
Progress
Software
Corp.
,
3.500
%
,
03/01/30
...............
2,941,325
18,781,952
Consumer
Products
—
1
.2
%
2,000,000
Zoetis
Inc.
,
0.250
%
,
06/15/29
(a)
.............
2,065,000
Principal
Amount
Market
Value
Consumer
Services
—
1
.7
%
$
2,140,000
Uber
Technologies
Inc.
,
Ser.
2028
,
0.875
%
,
12/01/28
...............
$
2,780,930
Diversified
Industrial
—
2
.2
%
1,500,000
BWX
Technologies
Inc.
,
Zero
Coupon
,
11/01/30
(a)
.........
1,433,250
750,000
Enovix
Corp.
,
4.750
%
,
09/15/30
(a)
.............
725,250
1,500,000
PureCycle
Technologies
Inc.
,
7.250
%
,
08/15/30
...............
1,515,000
3,673,500
Energy
and
Utilities
—
19
.4
%
200,000
Bloom
Energy
Corp.
,
3.000
%
,
06/01/28
...............
932,120
1,300,000
Centrus
Energy
Corp.
,
Zero
Coupon
,
08/15/32
(a)
.........
1,676,025
CMS
Energy
Corp.
2,000,000
3.375
%
,
05/01/28
...............
2,144,000
1,000,000
3.125
%
,
05/01/31
(a)
.............
989,550
650,000
Energy
Fuels
Inc.
,
0.750
%
,
11/01/31
(a)
.............
674,700
3,000,000
Eos
Energy
Enterprises
Inc.
,
1.750
%
,
12/01/31
(a)
.............
2,917,500
3,000,000
FirstEnergy
Corp.
,
3.875
%
,
01/15/31
(a)
.............
3,235,500
3,350,000
Fluor
Corp.
,
1.125
%
,
08/15/29
...............
3,824,695
1,000,000
Golar
LNG
Ltd.
,
2.750
%
,
12/15/30
(a)
.............
966,750
3,400,000
Nabors
Industries
Inc.
,
1.750
%
,
06/15/29
...............
2,769,980
3,500,000
Northern
Oil
&
Gas
Inc.
,
3.625
%
,
04/15/29
...............
3,385,375
PPL
Capital
Funding
Inc.
3,000,000
2.875
%
,
03/15/28
...............
3,296,250
1,000,000
3.000
%
,
12/01/30
(a)
.............
1,003,665
1,500,000
Solaris
Energy
Infrastructure
Inc.
,
0.250
%
,
10/01/31
...............
1,626,563
100,000
Ur-Energy
Inc.
,
4.750
%
,
01/15/31
(a)
.............
114,850
2,450,000
WEC
Energy
Group
Inc.
,
4.375
%
,
06/01/29
...............
2,864,050
32,421,573
Financial
Services
—
10
.4
%
3,495,000
Bitfarms
Ltd.
,
1.375
%
,
01/15/31
(a)
.............
2,191,016
4,000,000
Cleanspark
Inc.
,
Zero
Coupon
,
02/15/32
(a)
.........
3,018,000
Coinbase
Global
Inc.
1,200,000
0.250
%
,
04/01/30
...............
1,232,100
Bancroft
Fund
Ltd.
Schedule
of
Investments
(Continued)
—
December
31,
2025
(Unaudited)
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Financial
Services
(Continued)
$
600,000
Zero
Coupon
,
10/01/32
(a)
.........
$
538,200
2,000,000
Galaxy
Digital
Holdings
LP
,
2.500
%
,
12/01/29
(a)
.............
2,530,200
2,150,000
Riot
Platforms
Inc.
,
0.750
%
,
01/15/30
(a)
.............
2,437,563
825,000
SoFi
Technologies
Inc.
,
1.250
%
,
03/15/29
(a)
.............
2,336,812
2,500,000
WisdomTree
Inc.
,
3.250
%
,
08/15/29
...............
3,010,937
17,294,828
Health
Care
—
18
.4
%
2,000,000
ANI
Pharmaceuticals
Inc.
,
2.250
%
,
09/01/29
...............
2,524,000
2,250,000
Bridgebio
Pharma
Inc.
,
1.750
%
,
03/01/31
(a)
.............
3,917,813
219,000
Celcuity
Inc.
,
2.750
%
,
08/01/31
...............
475,646
350,000
Cogent
Biosciences
Inc.
,
1.625
%
,
11/15/31
...............
411,530
750,000
Collegium
Pharmaceutical
Inc.
,
2.875
%
,
02/15/29
...............
1,060,800
2,000,000
Cytokinetics
Inc.
,
1.750
%
,
10/01/31
(a)
.............
2,494,200
1,650,000
Evolent
Health
Inc.
,
3.500
%
,
12/01/29
...............
1,113,750
3,000,000
Halozyme
Therapeutics
Inc.
,
0.875
%
,
11/15/32
(a)
.............
3,052,500
940,000
Invacare
Corp.,
Escrow
,
Zero
Coupon
,
05/08/28
(b)
.........
0
400,000
Ionis
Pharmaceuticals
Inc.
,
Zero
Coupon
,
12/01/30
(a)
.........
427,000
2,600,000
Ligand
Pharmaceuticals
Inc.
,
0.750
%
,
10/01/30
(a)
.............
3,054,090
OSI
Systems
Inc.
1,750,000
2.250
%
,
08/01/29
...............
2,604,000
300,000
0.500
%
,
02/01/31
(a)
.............
295,710
4,000,000
Sarepta
Therapeutics
Inc.
,
4.875
%
,
09/01/30
...............
3,222,000
2,250,000
Tempus
AI
Inc.
,
0.750
%
,
07/15/30
(a)
.............
2,403,000
1,500,000
TransMedics
Group
Inc.
,
1.500
%
,
06/01/28
...............
2,249,175
1,000,000
Travere
Therapeutics
Inc.
,
2.250
%
,
03/01/29
...............
1,427,000
30,732,214
Metals
and
Mining
—
1
.9
%
750,000
Endeavour
Silver
Corp.
,
0.250
%
,
01/15/31
(a)
.............
817,500
Principal
Amount
Market
Value
$
150,000
First
Majestic
Silver
Corp.
,
0.125
%
,
01/15/31
(a)
.............
$
165,675
900,000
MP
Materials
Corp.
,
3.000
%
,
03/01/30
(a)
.............
2,248,650
3,231,825
Real
Estate
Investment
Trusts
—
1
.8
%
3,000,000
Digital
Realty
Trust
LP
,
1.875
%
,
11/15/29
(a)
.............
3,049,500
Retail
—
2
.1
%
2,300,000
Alibaba
Group
Holding
Ltd.
,
0.500
%
,
06/01/31
...............
3,577,650
Security
Software
—
0
.2
%
380,000
Cloudflare
Inc.
,
Zero
Coupon
,
06/15/30
(a)
.........
414,010
Semiconductors
—
3
.1
%
1,000,000
Cohu
Inc.
,
1.500
%
,
01/15/31
(a)
.............
1,114,500
2,000,000
indie
Semiconductor
Inc.
,
3.500
%
,
12/15/29
(a)
.............
2,085,000
1,600,000
Nova
Ltd.
,
Zero
Coupon
,
09/15/30
(a)
.........
1,993,600
5,193,100
Telecommunications
—
4
.5
%
1,250,000
ADTRAN
Holdings
Inc.
,
3.750
%
,
09/15/30
(a)
.............
1,351,250
1,000,000
Applied
Digital
Corp.
,
2.750
%
,
06/01/30
...............
2,703,750
200,000
Impinj
Inc.
,
Zero
Coupon
,
09/15/29
(a)
.........
206,300
1,500,000
Lumentum
Holdings
Inc.
,
0.375
%
,
03/15/32
(a)
.............
3,213,750
7,475,050
TOTAL
CONVERTIBLE
CORPORATE
BONDS
.......................
144,258,242
CORPORATE
BONDS
—
0
.6
%
Health
Care
—
0
.6
%
1,000,000
iTracHEALTH
Corp.
,
8.000
%
,
06/30/27
(b)
.............
1,000,000
Shares
MANDATORY
CONVERTIBLE
SECURITIES
(c)
—
11
.0
%
Aerospace
and
Defense
—
1
.0
%
25,050
The
Boeing
Co.
,
6.000
%
,
10/15/27
...............
1,729,953
Bancroft
Fund
Ltd.
Schedule
of
Investments
(Continued)
—
December
31,
2025
(Unaudited)
Shares
Market
Value
MANDATORY
CONVERTIBLE
SECURITIES(c)
(Continued)
Computer
Software
and
Services
—
2
.3
%
57,000
Hewlett
Packard
Enterprise
Co.
,
7.625
%
,
09/01/27
...............
$
3,801,330
Energy
and
Utilities
—
1
.9
%
44,000
NextEra
Energy
Inc.
,
7.234
%
,
11/01/27
...............
2,145,000
21,500
The
Southern
Co.
,
Ser.
A
,
7.125
%
,
12/15/28
...............
1,082,740
3,227,740
Financial
Services
—
1
.4
%
28,600
Shift4
Payments
Inc.
,
6.000
%
,
05/01/28
...............
2,288,286
Health
Care
—
2
.2
%
29,600
BrightSpring
Health
Services
Inc.
,
6.750
%
,
02/01/27
...............
3,735,816
Semiconductors
—
2
.2
%
61,500
Microchip
Technology
Inc.
,
7.500
%
,
03/15/28
...............
3,584,220
TOTAL
MANDATORY
CONVERTIBLE
SECURITIES
...................
18,367,345
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
2
.0
%
$
3,330,000
U.S.
Treasury
Bills,
3.565
%
to
3.651
%
†
,
03/05/26
to
03/19/26
......................
3,305,569
TOTAL
INVESTMENTS
—
100
.0
%
.....
(Cost
$
149,056,013
)
.............
$
166,931,156
(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.
†
Represents
annualized
yields
at
dates
of
purchase.