UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02151

Bancroft Fund Ltd.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

James A. Dinsmore
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: September 30

Date of reporting period: March 31, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

Bancroft Fund Ltd.

Semiannual Report — March 31, 2026

James A. Dinsmore, CFA

BA, Cornell University
MBA, Rutgers University

To Our Shareholders,

For the six months ended March 31, 2026, the Net Asset Value (NAV) total return of the Bancroft Fund Ltd. was 0.7% compared to the total return of 5.8% for the ICE Bank of America U.S. Convertibles Index. The total return for the Fund’s publicly traded shares was 1.6%. The Fund’s NAV per share was $24.53, while the price of the publicly traded shares closed at $21.54 on the NYSE American. See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

Investment Objective and Strategy (Unaudited)

The Fund is a closed-end, diversified management investment company and invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation, which objectives the Fund considers to be relatively equal over the long term due to the nature of the securities in which it invests.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Performance Discussion (Unaudited)

During the first half of Bancroft’s Fiscal Year 2026 we saw an increase in volatility following a very strong 2025. The AI-related trade, which had driven the market higher, had a pullback in our first fiscal quarter. These convertibles were an important factor in performance and issuance in 2025, but they proved to be a headwind to start the fiscal year. As we moved into the second fiscal quarter, convertible market leadership narrowed, with three large equity sensitive issues contributing significantly to market performance. Overall, our market proved resilient in the face of rising volatility as changing interest rate expectations and the implications of the Iran war led to some quarter end weakness. The bond features of convertibles helped them to outperform their underlying equities through this period, demonstrating the asymmetrical nature of the asset class.

Convertible issuance was quite strong in 2025 and that continued through the first half of the fiscal year. Following up on a record year, the first calendar quarter saw a greater pace of issuance in 2026. While this has been a welcome sight for convertible investors, some pricing has been driven by arbitrage demand, leading to lower coupons and higher premiums. This could prove to be a headwind for the convertible market over time. We are participating in these issues where appropriate but continue to build our portfolio around balanced convertibles.

At current levels the convertible market offers a YTM of 3.2% and a 36% premium to conversion value. Our portfolio offers a 2.7% YTM at a 29% conversion premium. Sensitivity to moves in underlying equities increased slightly in the quarter and the market delta is now 61. Bancroft’s portfolio is more equity sensitive with a delta of 69. At quarter end our portfolio was 25% equity sensitive, 73% total return, and 2% fixed income equivalent. This compares to the market at 41% equity, 32% total return, and 27% fixed income equivalent.

We have managed convertibles through multiple market cycles and remain optimistic. Our focus on the total return segment of the market allows us to position the portfolio cautiously while participating when the market moves higher. We continue to look for opportunities for equity upside, particularly when market volatility creates attractive entry points. We believe this balanced approach will provide opportunity for long term asymmetrical returns.

Top contributors to the portfolio for the first half of 2026 included Lumentum Holdings Inc., 0.375% of 03/15/32 (2.8% of net assets as of March 31, 2026), Akamai Technologies Inc., 0.250% of 05/15/33 (2.0%), and BrightSpring Health Services Inc., 6.750% of 02/01/27 (3.0%).

Detractors from performance included Eos Energy Enterprises (not held), Pagaya Technologies Ltd., 6.125% of 10/01/29 (0.9%), and Shift4 Payments Inc., 6.000% of 05/01/28 (1.1%).

Thank you for your investment in the Bancroft Fund Ltd.

We appreciate your continued confidence and trust.

The views expressed reflect the opinions of the Fund’s portfolio manager and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through March 31, 2026 (a) (b) (Unaudited)

	Six Months			1 Year			3 Year			5 Year			10 Year			Since Inception (4/20/71)
Bancroft Fund Ltd. (BCV)
NAV Total Return (c)		0.71	%		34.48	%		14.21	%		2.79	%		9.55	%		8.87	%
Investment Total Return (d)		1.57			31.63			16.28			2.49			10.92			9.52
ICE Bank of America U.S. Convertibles Index		5.77			25.04			13.94			5.22			11.80			N/A	(e)
Bloomberg Balanced U.S. Convertibles Index		(2.77	)		14.89			10.72			3.22			8.63			N/A	(f)

(a)	The Fund’s fiscal year ends on September 30.
(b)	Performance returns for periods of less than one year are not annualized. Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. NAV total returns would have been lower had Gabelli Funds, LLC (the Adviser) not reimbursed certain expenses of the Fund. The ICE Bank of America U.S. Convertibles Index is a market value weighted index of all dollar denominated convertible securities that are exchangeable into U.S. equities that have a market value of more than $50 million. The Bloomberg Balanced U.S. Convertibles Index is a market value weighted index that tracks the performance of publicly placed, dollar denominated convertible securities that are between 40% and 80% sensitive to movements in their underlying common stocks. Dividends and interest income are considered reinvested. You cannot invest directly in an index.
(c)	Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date for the period beginning November 2015, and are net of expenses. For the period December 2008 through October 2015, distributions were reinvested on the payable date using market prices. For the period May 2006 through November 2008, distributions were reinvested on the payable date using NAV. Total returns and average annual returns were adjusted for the 1987 tender offering (no adjustments were made for the 1982 and 2007 tender offers nor for the 1987 or 2003 rights offerings). Since inception return is based on an initial NAV of $22.92.
(d)	Total returns and average annual returns reflect changes in closing market values on the NYSE American and reinvestment of distributions. Total returns and average annual returns were adjusted for the1987 tender offering (no adjustments were made for the 1982 and 2007 tender offers nor for the 1987 or 2003 rights offerings). Since inception return is based on an initial offering price of $25.00.
(e)	The ICE Bank of America U.S. Convertibles Index inception date is December 31, 1987.
(f)	The Bloomberg Balanced U.S. Convertibles Index inception date is January 1, 2003.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2026:

Bancroft Fund Ltd.

Energy and Utilities	31.0	%
Health Care	26.3	%
Computer Software and Services	11.2	%
Financial Services	9.7	%
Aerospace and Defense	8.5	%
Semiconductors	6.4	%
Telecommunications	5.9	%
Business Services	4.0	%
Retail	3.6	%

Diversified Industrial	3.1	%
Metals and Mining	2.6	%
Real Estate Investment Trusts	2.3	%
Consumer Services	1.9	%
Consumer Products	1.5	%
U.S. Government Obligations	1.4	%
Automotive: Parts and Accessories	0.8	%
Other Assets and Liabilities (Net)	(20.2	)%
	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

Bancroft Fund Ltd.

Schedule of Investments — March 31, 2026 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 101.5%
		Aerospace and Defense — 5.9%
$	2,500,000	AeroVironment Inc.,
		Zero Coupon, 07/15/30	$	2,759,039	$	2,452,500
	1,700,000	AST SpaceMobile Inc.,
		2.000%, 01/15/36(a)		1,554,025		1,799,875
	1,500,000	BlackSky Technology Inc.,
		8.250%, 08/01/33(a)		1,577,801		1,811,250
	2,000,000	Voyager Technologies Inc.,
		0.750%, 11/15/30(a)		1,996,534		2,078,000
				7,887,399		8,141,625
		Automotive: Parts and Accessories — 0.8%
	1,000,000	Plug Power Inc.,
		6.750%, 12/01/33(a)		951,668		1,128,608

		Business Services — 2.7%
	1,600,000	Live Nation Entertainment Inc.,
		2.875%, 01/15/30		1,621,107		1,728,000
	700,000	Mirion Technologies Inc.,
		0.250%, 06/01/30(a)		714,889		761,775
	1,200,000	Terawulf Inc.,
		Zero Coupon, 05/01/32(a)		1,205,501		1,242,496
				3,541,497		3,732,271
		Computer Software and Services — 8.5%
	2,000,000	Akamai Technologies Inc.,
		0.250%, 05/15/33(a)		2,000,000		2,773,500
	375,000	Bitdeer Technologies Group,
		4.000%, 11/15/31(a)		376,630		310,312
	3,000,000	CyberArk Software Ltd.,
		Zero Coupon, 06/15/30(a)		3,036,047		3,087,900
		Nebius Group NV
	350,000	1.250%, 03/15/31(a)		350,000		337,295
	2,250,000	2.750%, 09/15/32(a)		2,308,431		2,354,625
	1,050,000	2.625%, 03/15/33(a)		1,054,573		981,330
	1,100,000	Pagaya Technologies Ltd.,
		6.125%, 10/01/29		1,318,987		1,267,750
	750,000	Whitefiber Inc.,
		4.500%, 02/01/31(a)		750,000		626,250
				11,194,668		11,738,962
		Consumer Products — 1.5%
	2,000,000	Zoetis Inc.,
		0.250%, 06/15/29(a)		2,000,000		1,990,000

Principal Amount			Cost		Market Value
		Consumer Services — 1.9%
$	2,140,000	Uber Technologies Inc., Ser. 2028,
		0.875%, 12/01/28	$	2,310,327	$	2,577,095

		Diversified Industrial — 3.1%
	2,500,000	BWX Technologies Inc.,
		Zero Coupon, 11/01/30(a)		2,550,656		2,595,000
	375,000	Enovix Corp.,
		4.750%, 09/15/30(a)		361,380		297,563
	1,500,000	PureCycle Technologies Inc.,
		7.250%, 08/15/30		1,449,106		1,317,896
				4,361,142		4,210,459
		Energy and Utilities — 27.6%
	200,000	Bloom Energy Corp.,
		3.000%, 06/01/28		217,647		1,439,360
	1,800,000	Centrus Energy Corp.,
		Zero Coupon, 08/15/32(a)		2,227,620		1,912,950
		CMS Energy Corp.
	2,000,000	3.375%, 05/01/28		2,000,174		2,262,500
	1,000,000	3.125%, 05/01/31(a)		1,000,000		1,026,750
	2,000,000	Crescent Energy Co.,
		2.750%, 03/15/31(a)		2,031,573		2,301,000
	1,300,000	Energy Fuels Inc.,
		0.750%, 11/01/31(a)		1,615,912		1,525,550
	3,000,000	FirstEnergy Corp.,
		3.875%, 01/15/31(a)		3,195,567		3,462,000
	3,350,000	Fluor Corp.,
		1.125%, 08/15/29		3,695,895		4,138,087
	2,000,000	Golar LNG Ltd.,
		2.750%, 12/15/30(a)		1,985,616		2,382,000
	1,600,000	Liberty Energy Inc.,
		Zero Coupon, 03/01/31(a)		1,597,994		1,754,400
	3,500,000	Northern Oil & Gas Inc.,
		3.625%, 04/15/29		3,695,120		3,851,203
	1,225,000	Ormat Technologies Inc., Ser. A,
		1.500%, 03/15/31(a)		1,238,042		1,275,164
		PPL Capital Funding Inc.
	3,000,000	2.875%, 03/15/28		2,965,404		3,518,250
	1,000,000	3.000%, 12/01/30(a)		1,002,803		1,046,000
	2,000,000	Solaris Energy Infrastructure Inc.,
		0.250%, 10/01/31		2,183,279		2,507,500
	500,000	Ur-Energy Inc.,
		4.750%, 01/15/31(a)		664,537		609,500

See accompanying notes to financial statements.

Bancroft Fund Ltd.

Schedule of Investments (Continued) — March 31, 2026 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Energy and Utilities (Continued)
$	2,450,000	WEC Energy Group Inc.,
		4.375%, 06/01/29	$	2,450,000	$	3,033,713
				33,767,183		38,045,927
		Financial Services — 8.6%
	3,495,000	Bitfarms Ltd.,
		1.375%, 01/15/31(a)		3,042,314		2,271,750
	3,000,000	Cleanspark Inc.,
		Zero Coupon, 02/15/32(a)		3,000,000		2,028,000
	435,000	Dave Inc.,
		Zero Coupon, 04/01/31(a)		453,758		413,685
	2,000,000	Galaxy Digital Holdings LP,
		2.500%, 12/01/29(a)		2,000,000		2,293,829
	2,150,000	Riot Platforms Inc.,
		0.750%, 01/15/30		2,113,375		2,477,875
	2,350,000	WisdomTree Inc.,
		4.500%, 10/01/31		2,397,957		2,437,655
				13,007,404		11,922,794
		Health Care — 22.6%
	2,000,000	ANI Pharmaceuticals Inc.,
		2.250%, 09/01/29		2,035,503		2,486,250
	825,000	Arrowhead Pharmaceuticals Inc.,
		Zero Coupon, 01/15/32		886,388		855,608
	2,250,000	Bridgebio Pharma Inc.,
		1.750%, 03/01/31		2,420,484		3,821,063
	700,000	Cogent Biosciences Inc.,
		1.625%, 11/15/31		762,179		858,550
	815,000	CRISPR Therapeutics AG,
		1.731%, 03/01/31(a)		839,166		798,700
	2,000,000	Cytokinetics Inc.,
		1.750%, 10/01/31(a)		2,145,149		2,553,750
	3,000,000	Halozyme Therapeutics Inc.,
		0.875%, 11/15/32(a)		3,107,685		2,967,000
	750,000	Indivior Pharmaceuticals Inc.,
		0.625%, 03/15/31(a)		750,000		765,000
	940,000	Invacare Corp., Escrow,
		Zero Coupon, 05/08/28(b)		1,219		0
	2,400,000	Ionis Pharmaceuticals Inc.,
		Zero Coupon, 12/01/30(a)		2,534,639		2,506,500
	2,600,000	Ligand Pharmaceuticals Inc.,
		0.750%, 10/01/30(a)		2,775,639		3,151,200
		OSI Systems Inc.
	1,750,000	2.250%, 08/01/29		1,758,192		2,686,687

Principal Amount			Cost		Market Value
$	300,000	0.500%, 02/01/31(a)	$	300,000	$	306,900
	4,000,000	Sarepta Therapeutics Inc.,
		4.875%, 09/01/30(a)		3,440,513		3,355,000
	2,250,000	Tempus AI Inc.,
		0.750%, 07/15/30(a)		2,255,125		2,150,437
	1,500,000	TransMedics Group Inc.,
		1.500%, 06/01/28		1,825,234		1,944,675
				27,837,115		31,207,320
		Metals and Mining — 2.6%
	750,000	Endeavour Silver Corp.,
		0.250%, 01/15/31(a)		750,000		812,850
	150,000	First Majestic Silver Corp.,
		0.125%, 01/15/31(a)		150,000		191,100
	1,100,000	MP Materials Corp.,
		3.000%, 03/01/30(a)		1,920,608		2,623,500
				2,820,608		3,627,450
		Real Estate Investment Trusts — 2.3%
	3,000,000	Digital Realty Trust LP,
		1.875%, 11/15/29(a)		3,014,999		3,183,391

		Retail — 3.6%
	2,450,000	Alibaba Group Holding Ltd.,
		0.500%, 06/01/31		2,664,320		3,402,437
	1,500,000	GameStop Corp.,
		Zero Coupon, 06/15/32(a)		1,556,314		1,551,000
				4,220,634		4,953,437
		Semiconductors — 3.9%
	1,000,000

SEC Form N-CSRS filed by Bancroft Fund Ltd.