# EDGAR Filing Document

**Accession Number:** 0000009521
**File Stem:** 0000940400-25-012121
**Filing Date:** 2025-12
**Character Count:** 36868
**Document Hash:** 9868385393335360b8bd1f36fe82e7fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-012121.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000940400-25-012121

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANCROFT FUND LTD
- **CENTRAL INDEX KEY:** 0000009521

**ORGANIZATION NAME:**
- **EIN:** 042476994
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02151
- **FILM NUMBER:** 251536772

**BUSINESS ADDRESS:**
- **STREET 1:** 65 MADISON AVENUE
- **STREET 2:** SUITE 550
- **CITY:** MORRISTOWN
- **STATE:** NJ
- **ZIP:** 07960
- **BUSINESS PHONE:** (973) 631-1177

**MAIL ADDRESS:**
- **STREET 1:** 65 MADISON AVENUE
- **STREET 2:** SUITE 550
- **CITY:** MORRISTOWN
- **STATE:** NJ
- **ZIP:** 07960

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCROFT CONVERTIBLE FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Bancroft Fund Ltd

- **b. Investment Company Act file number:** 811-02151

- **c. CIK number of Registrant:** 0000009521

- **d. LEI of Registrant:** 5493000X4Y1FB4G26P45

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Corporate Center

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580-1422

  - **Telephone number:** 1-800-422-3554

**Item A.2. Information about the Series.**

- **a. Name of Series:** Bancroft Fund Ltd

- **c. LEI of Series:** 5493000X4Y1FB4G26P45

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $173974519.53

**Total Liabilities:** $28029294.38

**Net Assets:** $145945225.15

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 308.69594000 | **1-Year:** 606.42464000 | **5-Year:** 132.01314000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 423.47925000 | **1-Year:** 9048.79714000 | **5-Year:** 3529.35956000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 4.13%                | 6.96%                | 5.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1729024.40              | $5229682.68                                |
| Month 2  | $3787525.12              | $1687649.54                                |
| Month 3  | $306000.29               | $10337364.27                               |

### Schedule of Portfolio Investments

| Name                                  | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALIBABA GROUP HOLDING                 | Alibaba Group Holding Ltd             | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   2300000 | PA      | $4230850.00   | 2.90%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CYTOKINETICS INC                      | Cytokinetics Inc                      | CUSIP: 23282WAD2<br>LEI: 549300BE5DY1HW7IHA64 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2293741.28   | 1.57%             | 2031-10-01      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| ANI PHARMACEUTICALS INC               | ANI Pharmaceuticals Inc               | CUSIP: 00182CAC7<br>LEI: 5493000T6CXTND40YH31 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2816398.74   | 1.93%             | 2029-09-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                  | WEC Energy Group Inc                  | CUSIP: 92939UAR7<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $3011050.00   | 2.06%             | 2029-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ARES MANAGEMENT CORP                  | Ares Management Corp                  | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |     47000 | NS      | $2335430.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEANSPARK INC                        | Cleanspark Inc                        | CUSIP: 18452BAA8<br>LEI: 254900VO7KBRJQDGY810 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $3113391.50   | 2.13%             | 2030-06-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC               | Akamai Technologies Inc               | CUSIP: 00971TAP6<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2012000.00   | 1.38%             | 2033-05-15      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| CYBERARK SOFTWARE LTD                 | CyberArk Software Ltd                 | CUSIP: 23248VAC9<br>LEI: 529900YEXNDM894PWS93 | Long             | DBT              | CORP              | IL        |   2000000 | PA      | $2225796.24   | 1.53%             | 2030-06-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| TERAWULF INC                          | Terawulf Inc                          | CUSIP: 88080TAC8<br>LEI: 254900CVMW1SX2T78A64 | Long             | DBT              | CORP              | US        |    600000 | PA      | $717000.00    | 0.49%             | 2031-09-01      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| BLOOM ENERGY CORP                     | Bloom Energy Corp                     | CUSIP: 093712AK3<br>LEI: 549300XB5J9BFW5JXV97 | Long             | DBT              | CORP              | US        |    900000 | PA      | $4031550.00   | 2.76%             | 2028-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REDWOOD TRUST INC                     | Redwood Trust Inc                     | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003000.00   | 0.69%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC                 | Lumentum Holdings Inc                 | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |    750000 | PA      | $1812000.00   | 1.24%             | 2029-12-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PROGRESS SOFTWARE CORP                | Progress Software Corp                | CUSIP: 743312AD2<br>LEI: 549300R65B3JG6972S24 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2923925.00   | 2.00%             | 2030-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INVACARE CORP SR GLBL COCO 26         | INVACARE CORP SR GLBL COCO 26         | CUSIP: 46124A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12938 | NS      | $0.13         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CENTRUS ENERGY CORP                   | Centrus Energy Corp                   | CUSIP: 15643UAF1<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $2010125.00   | 1.38%             | 2032-08-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| EVOLENT HEALTH INC                    | Evolent Health Inc                    | CUSIP: 30050BAJ0<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004553.99   | 0.69%             | 2031-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AEROVIRONMENT INC                     | AeroVironment Inc                     | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1241500.00   | 0.85%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PURECYCLE TECHNOLOGIES                | PureCycle Technologies Inc            | CUSIP: 74623VAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1202000.00   | 0.82%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COMMVAULT SYSTEMS INC                 | Commvault Systems Inc                 | CUSIP: 204166AA0<br>LEI: 65T5VRP62VXG39YFML83 | Long             | DBT              | CORP              | US        |    575000 | PA      | $594837.50    | 0.41%             | 2030-09-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| APPLIED DIGITAL CORP                  | Applied Digital Corp                  | CUSIP: 038169AA6<br>LEI: 2549004NE2B6RYXINZ02 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $3131158.33   | 2.15%             | 2030-06-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| TRANSMEDICS GROUP INC                 | TransMedics Group Inc                 | CUSIP: 89377MAB5<br>LEI: 549300060GVOSMWARH50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1423350.00   | 0.98%             | 2028-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BRIDGEBIO PHARMA INC                  | Bridgebio Pharma Inc                  | CUSIP: 10806XAH5<br>LEI: 54930028YG89VTY2J114 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $3007687.50   | 2.06%             | 2031-03-01      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| INDIE SEMICONDUCTOR INC               | indie Semiconductor Inc               | CUSIP: 45569UAC5<br>LEI: 254900L1MFXFYGB1PV53 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2146122.52   | 1.47%             | 2029-12-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| PAR TECHNOLOGY CORP                   | PAR Technology Corp                   | CUSIP: 698884AG8<br>LEI: 549300HYPTHBJQINVG57 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1593440.00   | 1.09%             | 2030-01-15      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                   | Coinbase Global Inc                   | CUSIP: 19260QAJ6<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    600000 | PA      | $664200.00    | 0.46%             | 2032-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| KKR & CO INC                          | KKR & Co Inc                          | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |     18000 | NS      | $942300.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NABORS INDUSTRIES INC                 | Nabors Industries Inc                 | CUSIP: 62957HAL9<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $2618000.00   | 1.79%             | 2029-06-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CIPHER MINING                         | Cipher Mining Inc                     | CUSIP: 17253JAB2<br>LEI: 254900QABG5HCQZ28A17 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1103000.00   | 0.76%             | 2031-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTSPRING HEALTH SERV              | BrightSpring Health Services Inc      | CUSIP: 10950A205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     29600 | NS      | $2992264.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INVACARE HOLDINGS CORP                | Invacare Holdings Corp                | CUSIP: 46124A309<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     28911 | NS      | $173466.00    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| TEMPUS AI INC                         | Tempus AI Inc                         | CUSIP: 88023BAD5<br>LEI: 2549009LA0KWRAGQBX50 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2829375.00   | 1.94%             | 2030-07-15      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| KALVISTA PHARMA INC                   | KalVista Pharmaceuticals Inc          | CUSIP: 483497AA1<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $272578.72    | 0.19%             | 2031-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| IMPINJ INC                            | Impinj Inc                            | CUSIP: 453204AE9<br>LEI: 549300M26VGKSMMWWN17 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203923.67    | 0.14%             | 2029-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OSI SYSTEMS INC                       | OSI Systems Inc                       | CUSIP: 671044AF2<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $2543187.50   | 1.74%             | 2029-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WISDOMTREE INC                        | WisdomTree Inc                        | CUSIP: 97717PAJ3<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |    550000 | PA      | $585287.15    | 0.40%             | 2030-08-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                  | Chart Industries Inc                  | CUSIP: 16115Q407<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EP               | CORP              | US        |     33600 | NS      | $2387616.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP                   | Exact Sciences Corp                   | CUSIP: 30063PAD7<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3126376.32   | 2.14%             | 2030-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP               | Digital Realty Trust LP               | CUSIP: 25389JAX4<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3157500.00   | 2.16%             | 2029-11-15      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| INTEGER HOLDINGS CORP                 | Integer Holdings Corp                 | CUSIP: 45826HAC3<br>LEI: 549300SUD2ED5XG6X569 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3409000.00   | 2.34%             | 2030-03-15      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| CMS ENERGY CORP                       | CMS Energy Corp                       | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2195000.00   | 1.50%             | 2028-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MIRION TECHNOLOGIES INC               | Mirion Technologies Inc               | CUSIP: 60471AAA9<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |    700000 | PA      | $863975.00    | 0.59%             | 2030-06-01      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                    | NextEra Energy Inc                    | CUSIP: 65339F119<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |     44000 | NS      | $2069320.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVA LTD                              | Nova Ltd                              | CUSIP: 66982MAA2<br>LEI: 529900B2DSWE5V3SC292 | Long             | DBT              | CORP              | IL        |   1600000 | PA      | $1927430.32   | 1.32%             | 2030-09-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ADTRAN HOLDINGS INC                   | ADTRAN Holdings Inc                   | CUSIP: 00486HAA3<br>LEI: 549300VV36J86CRRWF77 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1410625.00   | 0.97%             | 2030-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEBIUS GROUP NV                       | Nebius Group NV                       | CUSIP: 63954QAF3<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1165000.00   | 0.80%             | 2032-09-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| BLACKSKY TECHNOLOGY INC               | BlackSky Technology Inc               | CUSIP: 09263BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1695000.00   | 1.16%             | 2033-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA TECHNOLOGIES LTD               | Pagaya Technologies Ltd               | CUSIP: 69549FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | IL        |    900000 | PA      | $2140200.00   | 1.47%             | 2029-10-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                   | Coinbase Global Inc                   | CUSIP: 19260QAF4<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1511100.00   | 1.04%             | 2030-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| COHU INC                              | Cohu Inc                              | CUSIP: 192576AA4<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1025282.54   | 0.70%             | 2031-01-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| INVACARE CORP                         | INVACARE CORP                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    940000 | PA      | $0.09         | 0.00%             | 2028-05-08      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UBER TECHNOLOGIES INC                 | Uber Technologies Inc                 | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2140000 | PA      | $3151150.00   | 2.16%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| CELCUITY INC                          | Celcuity Inc                          | CUSIP: 15102KAA8<br>LEI: 25490070W7UU7W2SEY87 | Long             | DBT              | CORP              | US        |    219000 | PA      | $291873.89    | 0.20%             | 2031-08-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CSG SYSTEMS INTERNATIONA              | CSG Systems International Inc         | CUSIP: 126349AH2<br>LEI: 549300D7FJZUOHHXUA81 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3339750.00   | 2.29%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CARDLYTICS INC                        | Cardlytics Inc                        | CUSIP: 14161WAD7<br>LEI: 549300JETJBH94EIPC66 | Long             | DBT              | CORP              | US        |   4350000 | PA      | $2312245.15   | 1.58%             | 2029-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RIVIAN AUTO INC                       | Rivian Automotive Inc                 | CUSIP: 76954AAB9<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1038625.00   | 0.71%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ARRAY TECHNOLOGIES INC                | Array Technologies Inc                | CUSIP: 04271TAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |   1838000 | PA      | $1598172.50   | 1.10%             | 2028-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BITDEER TECHNOLOGIES GRP              | Bitdeer Technologies Group            | CUSIP: 09175RAD2<br>LEI: 2549007M2KGWVJ9XFP20 | Long             | DBT              | CORP              | KY        |    375000 | PA      | $510000.00    | 0.35%             | 2031-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| EVOLENT HEALTH INC                    | Evolent Health Inc                    | CUSIP: 30050BAH4<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1329075.00   | 0.91%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN              | Live Nation Entertainment Inc         | CUSIP: 538034BB4<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1777600.00   | 1.22%             | 2030-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| LIGAND PHARMACEUTICALS I              | Ligand Pharmaceuticals Inc            | CUSIP: 53220KAG3<br>LEI: 5493008K7TB0IKP37H79 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1806885.73   | 1.24%             | 2030-10-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| HP ENTERPRISE CO                      | Hewlett Packard Enterprise Co         | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |     57000 | NS      | $3870300.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| RIOT PLATFORMS INC                    | Riot Platforms Inc                    | CUSIP: 767292AA3<br>LEI: 5299005LKZAJQDQZDF73 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $3293273.68   | 2.26%             | 2030-01-15      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| NUTANIX INC                           | Nutanix Inc                           | CUSIP: 67059NAJ7<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $2143584.20   | 1.47%             | 2029-12-15      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                | Northern Oil & Gas Inc                | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3518375.00   | 2.41%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MP MATERIALS CORP                     | MP Materials Corp                     | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |    650000 | PA      | $2072200.00   | 1.42%             | 2030-03-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO/THE                         | Boeing Co/The                         | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     25050 | NS      | $1742728.50   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BOX INC                               | Box Inc                               | CUSIP: 10316TAD6<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3022500.00   | 2.07%             | 2029-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                        | Cloudflare Inc                        | CUSIP: 18915MAE7<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |    380000 | PA      | $432440.00    | 0.30%             | 2030-06-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC               | Akamai Technologies Inc               | CUSIP: 00971TAN1<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1881000.00   | 1.29%             | 2029-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ENOVIX CORP                           | Enovix Corp                           | CUSIP: 293594AC1<br>LEI: 549300EC7NZGWORHYJ53 | Long             | DBT              | CORP              | US        |    750000 | PA      | $769125.00    | 0.53%             | 2028-05-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| COLLEGIUM PHARMA INC                  | Collegium Pharmaceutical Inc          | CUSIP: 19459JAC8<br>LEI: 54930049FXZMTLW8D496 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1184709.57   | 0.81%             | 2029-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| DIGITALOCEAN HOLDINGS                 | DigitalOcean Holdings Inc             | CUSIP: 25402DAC6<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |    350000 | PA      | $390908.34    | 0.27%             | 2030-08-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| AST SPACEMOBILE INC                   | AST SpaceMobile Inc                   | CUSIP: 00217DAC4<br>LEI: 254900MBSC9P2UCI6623 | Long             | DBT              | CORP              | US        |    750000 | PA      | $781125.00    | 0.54%             | 2032-10-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                   | Shift4 Payments Inc                   | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25600 | NS      | $2428672.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GALAXY DIGITAL HOLDIN LP              | Galaxy Digital Holdings LP            | CUSIP: 36317GAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $3289555.06   | 2.25%             | 2029-12-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC                 | Lumentum Holdings Inc                 | CUSIP: 55024UAJ8<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1553175.00   | 1.06%             | 2032-03-15      | Fixed         | 0.38%                 | Yes           |                  2 | On Loan: No      |
| SOFI TECHNOLOGIES INC                 | SoFi Technologies Inc                 | CUSIP: 83406FAC6<br>LEI: 549300SW81JCMVZDDY09 | Long             | DBT              | CORP              | US        |    825000 | PA      | $2350425.00   | 1.61%             | 2029-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| VERTEX INC                            | Vertex Inc                            | CUSIP: 92538JAB2<br>LEI: 549300QMYW171MP1PL50 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2040000.00   | 1.40%             | 2029-05-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                         | United States Treasury Bill           | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1090800.73   | 0.75%             | 2025-12-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ITRACHEALTH CORP 8.00 6/30/27 CVT(PP) | ITRACHEALTH CORP 8.00 6/30/27 CVT(PP) | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.69%             | 2027-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS               | Alnylam Pharmaceuticals Inc           | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1646000.00   | 1.13%             | 2027-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| SNOWFLAKE INC                         | Snowflake Inc                         | CUSIP: 833445AD1<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |    900000 | PA      | $1410637.50   | 0.97%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                      | FirstEnergy Corp                      | CUSIP: 337932AU1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    900000 | PA      | $973350.00    | 0.67%             | 2031-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| PLANET LABS PBC                       | Planet Labs PBC                       | CUSIP: 72703XAA4<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | DBT              | CORP              | US        |    800000 | PA      | $1082000.00   | 0.74%             | 2030-10-15      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC               | PPL Capital Funding Inc               | CUSIP: 69352PAS2<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3428250.00   | 2.35%             | 2028-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FLUOR CORP                            | Fluor Corp                            | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3567000.00   | 2.44%             | 2029-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ODDITY FINANCE LLC                    | Oddity Finance LLC                    | CUSIP: 67579RAA8<br>LEI: 254900FTSJH2TRDJ3905 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1516875.00   | 1.04%             | 2030-06-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| VERITONE INC                          | Veritone Inc                          | CUSIP: 92347MAB6<br>LEI: 549300XTAS2FCSL4EL89 | Long             | DBT              | CORP              | US        |   4156000 | PA      | $3021660.20   | 2.07%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC              | Microchip Technology Inc              | CUSIP: 595017302<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EP               | CORP              | US        |     41500 | NS      | $2449745.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PARSONS CORP                          | Parsons Corp                          | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3998750.00   | 2.74%             | 2029-03-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Bancroft Fund Ltd

**Signature:** John C. Ball

**Name of Signer:** John C. Ball

**Title:** Treasurer