<SEC-DOCUMENT>0001145443-13-000885.txt : 20130401
<SEC-HEADER>0001145443-13-000885.hdr.sgml : 20130401
<ACCEPTANCE-DATETIME>20130401061312
ACCESSION NUMBER:		0001145443-13-000885
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130131
FILED AS OF DATE:		20130401
DATE AS OF CHANGE:		20130401
EFFECTIVENESS DATE:		20130401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCROFT FUND LTD
		CENTRAL INDEX KEY:			0000009521
		IRS NUMBER:				042476994
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02151
		FILM NUMBER:		13728846

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>d30312_nq.htm
<DESCRIPTION>N-Q
<TEXT>
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<META NAME="author" CONTENT="Gary Levine">
<META NAME="date" CONTENT="03/18/2013">
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<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%"><P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>UNITED STATES</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Washington, DC 20549</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>FORM N-Q</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>MANAGEMENT INVESTMENT COMPANY</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Investment Company Act file number 811-02151</P>
<HR SIZE="1" NOSHADE COLOR="#000000" WIDTH="50%"></FONT></DIV></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Bancroft Fund Ltd.</P>
<HR SIZE="1" NOSHADE COLOR="#000000" WIDTH="50%"></FONT></DIV></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>(Exact name of registrant as specified in charter)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>65 Madison Avenue, Morristown, New Jersey 07960-7308</P>
<HR SIZE="1" NOSHADE COLOR="#000000" WIDTH="50%"></FONT></DIV></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>(Address of principal executive offices) (Zip code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Bancroft Fund Ltd.</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>65 Madison Avenue</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Morristown, New Jersey 07960-7308</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>(Name and address of agent for service)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Copy to:</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Steven B. King, Esq.</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Ballard Spahr LLP</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>1735 Market Street, 51st Floor</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Philadelphia, PA 19103-7599</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Registrant's telephone number, including area code: 973-631-1177</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Date of fiscal year end: &nbsp;October 31, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Date of reporting period: &nbsp;January 31, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">ITEM 1. SCHEDULE OF INVESTMENTS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

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<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>Bancroft Fund Ltd. - Schedule of Investments - unaudited</B></P>
<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>January 31, 2013</B></P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center">Principal</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman; text-align: left; vertical-align: bottom">CONVERTIBLE BONDS AND NOTES - 67.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman; text-align: left; vertical-align: bottom">Airlines - 1.3%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman; padding-bottom: 1pt">Hawaiian Holdings, Inc., 5.00%, Due 3/15/16, (BB)</TD><TD STYLE="width: 8%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">$</TD><TD NOWRAP STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">1,375,000</TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 5%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">$</TD><TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,448,047</TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Biotechnology - 5.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Cubist Pharmaceuticals, Inc., 2.50%, Due 11/1/17, (AA)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">802,500</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Exelixis, Inc., 4.25%, Due 8/15/19, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">503,438</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Gilead Sciences, Inc., 1.00%, Due 5/1/14, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,314,844</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Gilead Sciences, Inc., 1.625%, Due 5/1/16, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,795,005</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">OPKO Health Inc., 3.00%, Due 2/1/33, (AA) (1)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">505,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Regeneron Pharmaceuticals, Inc., 1.875%, Due 10/1/16, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">250,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">534,375</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Theravance, Inc., 2.125%, Due 1/15/23, (BBB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">520,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">5,975,162</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Capital Markets - 1.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Knight Capital Group, Inc., 3.50%, Due 3/15/15, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">496,875</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Prospect Capital Corp., 5.75%, Due 3/15/18, (BBB) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,500,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,511,250</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,008,125</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Commercial Services &amp; Supplies - 1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Encore Capital Group, Inc., 3.00%, Due 11/27/17, (AA) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,121,250</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Communications Equipment - 1.7%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Finisar Corp., 5.00%, Due 10/15/29, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">75,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">132,703</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Ixia, 3.00%, Due 12/15/15, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">615,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">InterDigital, Inc., 2.50%, Due 3/15/16, (BBB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,092,500</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,840,203</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Computers &amp; Peripherals - 2.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">EMC Corp., 1.75%, Due 12/1/13, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,400,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">2,165,632</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">NetApp Inc., 1.75%, Due 6/1/13, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">250,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">291,719</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">SanDisk Corp., 1.50%, Due 8/15/17, (BB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">625,312</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">3,082,663</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Construction Materials - 1.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">CEMEX S.A.B. de C.V., 4.875%, Due 3/15/15, (NR)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,151,875</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Consumer Finance - 1.3%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">DFC Global Corp., 3.25%, Due 4/15/17, (B) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,250,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,397,656</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Diversified Telecommunications Services - 0.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Alaska Communications Systems Group, Inc., 6.25%,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;Due 5/1/18, (BB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">668,125</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Energy Equipment &amp; Services - 2.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Bristow Group Inc., 3.00%, Due 6/15/38, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,156,000</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,262,930</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Hornbeck Offshore Services, Inc., 1.50%, Due 9/1/19, (BB) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,043,125</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,306,055</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Food Products - 0.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Chiquita Brands International, 4.25%, Due 8/15/16, (B)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">449,375</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>Bancroft Fund Ltd. - Schedule of Investments - continued</B></P>
<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>January 31, 2013</B></P>
<P style="margin:0px"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center">Principal</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">CONVERTIBLE BONDS AND NOTES - continued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Health Care Equipment &amp; Supplies - 2.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: 10pt Times New Roman">Chemed Corp., 1.875%, Due 5/15/14, (A)</TD><TD STYLE="width: 8%; font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">890,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 5%; font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">958,419</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Insulet Corp., 3.75%, Due 6/15/16, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,128,750</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Volcano Corp., 1.75%, Due 12/1/17, (A)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">524,375</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,611,544</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Health Care Providers &amp; Services - 1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Lifepoint Hospitals, Inc., 3.50%, Due 5/15/14, (B)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,068,125</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Hotels, Restaurants &amp; Leisure - 2.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">International Game Technology, 3.25%, Due 5/1/14, (NR) (1)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">529,062</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">MGM Resorts International, 4.25%, Due 4/15/15, (B)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,086,250</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Morgans Hotel Group Co., 2.375%, Due 10/15/14, (BB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">947,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,562,812</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Household Durables - 1.3%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Jarden Corp., 1.875%, Due 9/15/18, (B) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,379,688</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Insurance - 3.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">AmTrust Financial Services, Inc., 5.50%, Due 12/15/21, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,731,250</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">National Financial Partners Corp., 4.00%, Due 6/15/17, (AAA)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,127,344</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Tower Group, Inc., 5.00%, Due 9/15/14, (A)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,306,250</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">4,164,844</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Internet &amp; Catalog Retail - 1.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Priceline.com Inc., 1.25%, Due 3/15/15, (BBB) (1)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">450,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,026,281</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Priceline.com Inc., 1.00%, Due 3/15/18, (BBB) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">615,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">682,266</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,708,547</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Internet Software &amp; Services - 2.3%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Digital River, Inc., 2.00%, Due 11/1/30, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">985,625</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Equinix, Inc., 3.00%, Due 10/15/14, (B)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,518,281</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,503,906</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">IT Services - 1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">CSG Systems International, Inc., 3.00%, Due 3/1/17, (A) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,073,125</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Machinery - 0.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Chart Industries, Inc., 2.00%, Due 8/1/18, (B)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">918,281</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Marine - 0.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">DryShips Inc., 5.00%, Due 12/1/14, (BB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">424,688</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P style="margin:0px"><BR>
<BR></P>

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<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>Bancroft Fund Ltd. - Schedule of Investments - continued</B></P>
<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>January 31, 2013</B></P>
<P style="margin:0px"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center">Principal</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">CONVERTIBLE BONDS AND NOTES - continued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Metals &amp; Mining - 5.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: 10pt Times New Roman">A.M. Castle &amp; Co., 7.00%, Due 12/15/17, (BB) (1)</TD><TD STYLE="width: 8%; font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">250,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 5%; font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">451,250</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Kaiser Aluminum Corp., 4.50%, Due 4/1/15, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,370,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Newmont Mining Corp., 1.625%, Due 7/15/17, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">612,812</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Northgate Minerals Corp., 3.50%, Due 10/1/16, (NR)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">&nbsp;(cv. into AuRico Gold Inc.)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">600,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">629,625</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">RTI International Metals, Inc., 3.00%, Due 12/1/15, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">600,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">660,750</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Silver Standard Resources Inc., 2.875%, Due 2/1/33, (NR) (1)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">238,125</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Stillwater Mining Company, 1.75%, Due 10/15/32, (B)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">614,688</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">United States Steel Corp., 4.00%, Due 5/15/14, (BB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">791,250</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">5,368,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Oil, Gas &amp; Consumable Fuels - 1.7%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Endeavour International Corp., 5.50%, Due 7/15/16, (CCC)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">386,250</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Goodrich Petroleum Corp., 5.00%, Due 10/1/29, (CCC)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">960,625</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Ship Finance International Ltd., 3.25%, Due 2/1/18, (NR)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">505,650</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,852,525</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Pharmaceuticals - 2.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Mylan Inc., 3.75%, Due 9/15/15, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,639,688</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Salix Pharmaceuticals Ltd., 2.75%, Due 5/15/15, (A)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">600,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">745,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,385,188</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Real Estate Investment Trusts - 2.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Annaly Capital Management, Inc., 4.00%, Due 2/15/15, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">901,406</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Corporate Office Properties Trust, 4.25%, Due 4/15/30, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">519,688</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Lexington Realty Trust, 6.00%, Due 1/15/30, (AAA)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,635,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">3,056,094</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Semiconductors &amp; Semiconductor Equipment - 6.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">GT Advanced Technologies, Inc., 3.00%, Due 10/1/17, (B)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">572,812</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">JinkoSolar Holding Co. Ltd., 4.00%, Due 5/15/16, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">142,500</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Micron Technology, Inc., 3.125%, Due 5/1/32, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,091,875</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Micron Technology, Inc., 1.50%, Due 8/1/31, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">625,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">641,016</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Photronics, Inc., 3.25%, Due 4/1/16, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,025,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">ReneSola Ltd., 4.125%, Due 3/15/18, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">288,750</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Rudolph Technologies Inc., 3.75%, Due 7/15/16, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">630,312</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">SunPower Corp., 4.75%, Due 4/15/14, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">485,625</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">SunPower Corp., 4.50%, Due 3/15/15, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,182,812</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Xilinx, Inc., 2.625%, Due 6/15/17, (BBB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">866,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,200,492</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">7,261,194</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>Bancroft Fund Ltd. - Schedule of Investments - continued</B></P>
<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>January 31, 2013</B></P>
<P style="margin:0px"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center">Principal</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">CONVERTIBLE BONDS AND NOTES - continued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Software - 7.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: 10pt Times New Roman">Bottomline Technologies, Inc., 1.50%, Due 12/1/17, (A)</TD><TD STYLE="width: 8%; font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 5%; font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">890,156</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Electronic Arts, 0.75%, Due 7/15/16, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">474,688</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Mentor Graphics Corp., 4.00%, Due 4/1/31, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">871,406</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Microsoft Corp., 0.00%, Due 6/15/13, (AAA)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">502,188</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Nuance Communications, Inc., 2.75%, Due 8/15/27, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">2,062,500</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Rovi Corp., 2.625%, Due 2/15/40, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,013,750</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Take-Two Interactive Software, Inc., 1.75%, Due 12/1/16, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">745,312</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">TeleCommunications Systems, Inc., 4.50%, Due 11/1/14, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">940,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Tibco Software Inc., 2.25%, Due 5/1/32, (BBB) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">977,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">8,477,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Textiles, Apparel &amp; Luxury Goods - 1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Iconix Brand Group, Inc., 2.50%, Due 6/1/16, (A)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,080,625</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Trading Companies &amp; Distributors - 1.5%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Kaman Corp., 3.25%, Due 11/15/17, (A)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">500,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">629,375</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Titan Machinery Inc., 3.75%, Due 5/1/19, (B) (1)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,019,375</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,648,750</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Wireless Telecommunications - 1.3%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">SBA Communications Corp., 4.00%, Due 10/1/14, (NR)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">600,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,392,750</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman; padding-bottom: 1pt">Total Convertible Bonds and Notes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">72,387,222</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Convertible Preferred Stock - 13.5%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: center; vertical-align: bottom">Shares</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Commercial Banks - 4.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Fifth Third Bancorp, 8.50%, (BB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">9,750</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,415,895</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Huntington Bancshares, Inc., 8.50%, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,267,500</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Wells Fargo &amp; Co., 7.50%, (BBB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">2,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,581,800</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">5,265,195</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Diversified Financial Services - 1.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Bank of America Corp., 7.25%, (BB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,897,232</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Food Products - 0.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Bunge Ltd., 4.875%, (BB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">7,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">809,250</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Machinery - 1.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Stanley Black &amp; Decker, Inc., 4.75%, (BBB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,234,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Oil, Gas &amp; Consumable Fuels - 2.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Chesapeake Energy Corp., 5.75%, (B)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">2,050</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,101,250</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>Bancroft Fund Ltd. - Schedule of Investments - continued</B></P>
<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>January 31, 2013</B></P>
<P style="margin:0px"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman; text-align: left; vertical-align: bottom">CONVERTIBLE PREFERRED STOCK - continued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman; text-align: left; vertical-align: bottom">Real Estate Investment Trusts - 1.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman; padding-bottom: 1pt">Health Care REIT, Inc., 6.50%, (BB)</TD><TD STYLE="width: 8%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">20,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 5%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,167,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Specialty Retail - 0.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Amerivon Holdings LLC, 4.00%, (NR) (1,2,3)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">610,778</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">910,059</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Amerivon Holdings LLC, common equity units, (NR) (1,2,3)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">272,728</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">32,727</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">942,786</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Thrift &amp; Mortgage Finance - 1.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">New York Community Capital Trust V, 6.00%, (BB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">24,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,188,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman; padding-bottom: 1pt">Total Convertible Preferred Stock</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">14,605,213</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Mandatory Convertible Securities - 12.0% (4)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Aerospace &amp; Defense - 2.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">United Technologies Corp., 7.50%, Due 8/1/22, (BBB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">40,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,277,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Automobiles - 1.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">General Motors Co., 4.75%, Due 12/1/13, (NR)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">40,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,732,800</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Electric Utilities - 2.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">NextEra Energy, Inc., 5.599%, Due 6/1/17, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">7,500</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">390,900</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">NextEra Energy, Inc., 5.889%, Due 9/1/18, (BBB)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">20,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,030,400</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">PPL Corp., 8.75%, Due 5/1/19, (NR)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">25,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,367,250</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">2,788,550</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Insurance - 1.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">MetLife, Inc., 5.00%, Due 10/8/14, (BBB)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">40,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,951,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">IT Services - 0.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Unisys Corp., 6.25%, Due 3/1/14, (B)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">644,100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Metals &amp; Mining - 0.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">AngloGold Ashanti Ltd., 6.00%, Due 9/15/13, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">5,900</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">200,069</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">ArcelorMittal, 6.00%, (NR)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">258,100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">458,169</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Oil, Gas &amp; Consumable Fuels - 1.3%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Apache Corp., 6.00%, Due 8/1/13, (A)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,419,900</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Road &amp; Rail - 1.5%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman">Genesee &amp; Wyoming, Inc., 5.00%, Due 10/1/15, (NR)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">10,000</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">1,207,600</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">2010 Swift Mandatory Common Exchange Security Trust, 6.00%,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;&nbsp;Due 12/31/13, (NR)</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">375,657</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">1,583,257</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman; padding-bottom: 1pt">Total Mandatory Convertible Securities (4)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">12,855,976</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P style="margin:0px"><BR>
<BR></P>

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<P style="margin:0px;"><BR></P>
<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>Bancroft Fund Ltd. - Schedule of Investments - continued</B></P>
<P style="line-height:14pt; margin:0px; font-family:TIMES NEW ROMAN"><B>January 31, 2013</B></P>
<P style="margin:0px"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman; text-align: left; vertical-align: bottom">Preferred Stock - 0.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman; text-align: left; vertical-align: bottom">Metals &amp; Mining - 0.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman; padding-bottom: 1pt">Vale/P, (NR)</TD><TD STYLE="width: 8%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman; text-align: right">20,145</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 5%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">387,791</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Common Stock - 0.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Diversified Financial Services - 0.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Citigroup Inc.</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">19,547</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">824,093</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Total Convertible Bonds and Notes - 67.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">72,387,222</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Total Convertible Preferred Stock - 13.5%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">14,605,213</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman">Total Mandatory Convertible Securities - 12.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">12,855,976</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Total Preferred Stock - 0.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">387,791</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman; padding-bottom: 1pt">Total Common Stock - 0.8%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">824,093</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman">Total Investments - 93.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; text-align: right">101,060,295</TD><TD STYLE="font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman; padding-bottom: 1pt">Other Assets and Liabilites - 6.1%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">6,509,465</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman; padding-bottom: 2.5pt">Total Net Assets - 100.0%</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 2.5pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: right">107,569,760</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


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<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>Bancroft Fund Ltd. - Schedule of Investments &#150; continued</B></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>January 31, 2013<BR>
</B></P>

<P style="margin:0px"><BR></P>

<P style="margin:0px; font-family:TIMES NEW ROMAN">(1) Security not registered under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;) (e.g., the security was purchased in a Rule 144A or a Regulation D transaction). The security may be
resold only pursuant to an exemption from registration under the Securities Act, typically to qualified institutional buyers. The Fund generally has no rights to demand registration of such securities. The aggregate market value of these unregistered
securities at January 31, 2013 was $13,897,740 which represented 12.9% of the Fund's net assets.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">(2) Investment is valued at fair value as determined in good faith pursuant to procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount
that might ultimately be realized in the near term, and the difference could be material. The fair value of these securities amounted to $942,786 at January 31, 2013, which represented 0.9% of the Fund's net assets.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">(3) Restricted securities include securities that have not been registered under the Securities Act and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that
are consistent with the Fund&#146;s investment objective and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer&#146;s expense, either upon demand by the Fund or in
connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated
value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. As of January 31, 2013, the Fund was invested in the following restricted securities:</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Security</P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Acquisition Date</P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Shares</P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Cost</P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Price per Share</P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>Value</P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>% Net Assets</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN">Amerivon Holdings LLC<BR>
series A 4.00% cv. pfd.</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>April 1, 2010</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>610,778</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>$1,500,000</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>$1.328</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>$910,059</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>0.84%</P>
</TD></TR>


<TR STYLE="background-color: White"><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN">Amerivon Holdings LLC<BR>
common equity units</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>April 1, 2010</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>272,728</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>0</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>0.010</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>32,727</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-family:TIMES NEW ROMAN" align=center>0.03%</P>
</TD></TR>
</TABLE>


<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">(4) 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.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>PORTFOLIO RATINGS:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Where a security is rated by Standard &amp; Poor&#146;s, such rating appears in parentheses next to such security (but without any applicable + or - that might apply).<BR>
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Where a security is rated by Standard &amp; Poor&#146;s and at least one other rating agency and the Fund believes the ratings to be functionally equivalent to one another, the Standard &amp; Poor&#146;s rating
appears in parentheses next to such security (but without any applicable + or - that might apply).<BR>
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Where a security is rated by Standard &amp; Poor&#146;s and at least one other rating agency and the Fund believes the ratings not to be functionally equivalent to one another, the Fund puts in parentheses next
to such security the Standard &amp; Poor&#146;s rating which it believes approximates the average of all such ratings (but without any applicable + or - that might apply).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Where a security is not rated by Standard &amp; Poor&#146;s, the Fund puts in parentheses next to such security the Standard &amp; Poor&#146;s rating which it believes approximates the average
of all such ratings (but without any applicable + or - that might apply).<BR>
<BR>
NR is used whenever a rating is unavailable.</P>
<P style="margin:0px"><BR>
<BR></P>

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<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0>
<TR height=0 style="font-size:0"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"></TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"></TD><TD width: 1%></TD></TR>
<TR><TD valign=bottom colspan=2 nowrap><P style="margin:0px; font-family:TIMES NEW ROMAN"><B>SUMMARY OF PORTFOLIO RATINGS </B>*</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P style="margin:0px; font-family:TIMES NEW ROMAN">AAA</P>
</TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P STYLE="margin: 0px; font-family: TIMES NEW ROMAN">3%</P>
</TD><TD width: 1%><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P style="margin:0px; font-family:TIMES NEW ROMAN">AA</P>
</TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P STYLE="margin: 0px; font-family: TIMES NEW ROMAN">2%</P>
</TD><TD width: 1%><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P style="margin:0px; font-family:TIMES NEW ROMAN">A</P>
</TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P STYLE="margin: 0px; font-family: TIMES NEW ROMAN">18%</P>
</TD><TD width: 1%><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P style="margin:0px; font-family:TIMES NEW ROMAN">BBB</P>
</TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P STYLE="margin: 0px; font-family: TIMES NEW ROMAN">23%</P>
</TD><TD width: 1%><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P style="margin:0px; font-family:TIMES NEW ROMAN">BB</P>
</TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P STYLE="margin: 0px; font-family: TIMES NEW ROMAN">25%</P>
</TD><TD width: 1%><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P style="margin:0px; font-family:TIMES NEW ROMAN">B</P>
</TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P STYLE="margin: 0px; font-family: TIMES NEW ROMAN">13%</P>
</TD><TD width: 1%><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P style="margin:0px; font-family:TIMES NEW ROMAN">CCC &amp; below</P>
</TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P STYLE="margin: 0px; font-family: TIMES NEW ROMAN">1%</P>
</TD><TD width: 1%><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P style="margin:0px; font-family:TIMES NEW ROMAN">Not Rated</P>
</TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P STYLE="margin: 0px; font-family: TIMES NEW ROMAN">15<A NAME="_GoBack"></A>%</P>
</TD><TD width: 1%><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD WIDTH="120" STYLE="text-align: left; vertical-align: top"><P>&nbsp;</P></TD><TD WIDTH="108" STYLE="text-align: right; vertical-align: top"><P>&nbsp;</P></TD><TD width: 1%><P>&nbsp;</P></TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:7.2px; font-family:TIMES NEW ROMAN">* Excludes common stocks and cash.<BR>
<BR>
<I>See accompanying notes</I></P>
<P style="margin:0px"><BR></P>

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<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN;"><B>Bancroft Fund Ltd. - Selected Notes to Financial Statements - unaudited</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Bancroft Fund Ltd. (the &#147;Fund&#148;), is registered under the Investment Company Act of 1940, as amended, (the &#147;Act&#148;) as a diversified, closed-end management investment company.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>Security Valuation</B> - Investments in securities traded on a national securities exchange are valued at market using the last reported sales price, supplied by an independent pricing service, as of the close of
regular trading. Listed securities, for which no sales were reported, are valued at the mean between closing reported bid and asked prices as of the close of regular trading. Unlisted securities traded in the over-the-counter market are valued
using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and asked prices, the price to be used
is the mean of the bid and asked prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may
also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. Securities for which quotations are not readily available, restricted securities and other assets are valued at
fair value as determined in good faith pursuant to procedures approved by the Board of Trustees. Short-term debt securities with original maturities of 60 days or less are valued at amortized cost.</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">&nbsp;</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy
for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the
period. These inputs are summarized in the three broad levels listed below:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Level 1 - Quoted unadjusted prices for identical instruments in active markets.</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">&nbsp;</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven
valuation in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances
where prices vary substantially over time or among brokered market makers, and those received from an independent pricing service.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Level 3 - Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund&#146;s own assumptions that
market participants would use to price an asset or liability based on the best available information.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the
security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>

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<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>Bancroft Fund Ltd. - Selected Notes to Financial Statements - continued</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">The following is a summary of the inputs used to value the investments of the Fund as of<BR>
January 31, 2013:</P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid; width: 1%">Level 1</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid; width: 1%">Level 2</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid; width: 1%">Level 3</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid; width: 1%">Totals</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; text-align: left; vertical-align: top">Investments in Securities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; text-align: left; vertical-align: top">Common Stock:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt">Diversified Telecommunications<BR>Services</TD><TD STYLE="width: 3%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">$</TD><TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">824,093</TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">$</TD><TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">$</TD><TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%; font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left">$</TD><TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">824,093</TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman; text-align: left; vertical-align: top">Total Common Stock</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">824,093</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">824,093</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; text-align: left; vertical-align: top">Convertible Bonds and Notes</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">72,387,222</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">72,387,222</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; text-align: left; vertical-align: top">Convertible Preferred Stock</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">13,662,427</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">942,786</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">14,605,213</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; text-align: left; vertical-align: top">Mandatory Convertible Securities</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">12,855,976</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: right; width: 1%">12,855,976</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; text-align: left; vertical-align: top">Preferred Stock</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right; width: 1%">387,791</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right; width: 1%">&mdash;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right; width: 1%">387,791</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman; padding-bottom: 2.5pt; text-align: left; vertical-align: top">Total Investments</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: left; width: 1%">$</TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: right; width: 1%">824,093</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: left; width: 1%">$</TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: right; width: 1%">99,293,416</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: left; width: 1%">$</TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: right; width: 1%">942,786</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font: 10pt Times New Roman; padding-bottom: 2.5pt; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: left; width: 1%">$</TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: right; width: 1%">101,060,295</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman; text-align: left; width: 1%">&nbsp;</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">The following is a reconciliation of assets for which Level 3 inputs were used in determining value:</P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 50%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="font: 10pt Times New Roman; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR> Preferred<BR> Stock</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font: 10pt Times New Roman">Beginning balance</TD><TD STYLE="width: 10%; font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; font: 10pt Times New Roman; text-align: left">&nbsp;</TD><TD NOWRAP COLSPAN="4" STYLE="font: 10pt Times New Roman; text-align: right">$942,786</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman">Change in unrealized<BR>appreciation (depreciation)</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman; text-align: left; width: 5%">&nbsp;</TD><TD NOWRAP COLSPAN="4" STYLE="font: 10pt Times New Roman; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">Net transfers in/out of Level 3</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: left; width: 5%">&nbsp;</TD><TD NOWRAP COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman; padding-bottom: 2.5pt">Ending balance</TD><TD STYLE="font: 10pt Times New Roman; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: left; width: 5%">&nbsp;</TD><TD NOWRAP COLSPAN="4" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman; text-align: right">$942,786</TD><TD STYLE="font: 10pt Times New Roman">&nbsp;</TD></TR>
</TABLE>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (&#147;ASU&#148;) No. 2011-04 &#147;Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.
GAAP and International Financial Reporting Standards (&#147;IFRS&#148;)&#148;. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting to entities to
disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting
entity, and a narrative description of the sensitivity of the fair value measurement to changes in observable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting
to entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15,
2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">In December 2011, FASB issued ASU No. 2011-11 related to disclosures about offsetting assets and liabilities. The amendments in this ASU require an entity to disclose
information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January
1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Fund is currently evaluating the impact ASU 2011-11 will have on the financial statement disclosures.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>Securities Transactions and Related Investment Income</B> - Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed) with gain or loss on the sale of securities
being determined based upon identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis, including accretion of discounts and amortization of non-equity premium.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>Federal Income Tax Cost </B>- At January 31, 2013, the cost basis of investments for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess
of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $92,007,571, $12,272,164, $(3,219,439) and $9,052,725, respectively.</P>
<P style="margin:0px"><BR>
<BR></P>

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<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>
<PAGE>

<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN;">ITEM 2. CONTROLS AND PROCEDURES.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Conclusions of principal officers concerning controls and procedures.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">(a) The Fund&#146;s principal executive officer and principal financial officer have concluded that the Fund&#146;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))
are effective as of February 28, 2013 based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
or 17 CFR 240.15d-15(b)).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">(b) There have been no changes in the Fund&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Fund&#146;s last fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">ITEM 3. EXHIBITS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Certifications of the principal executive officer and the principal financial officer of the Fund, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">SIGNATURES</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Bancroft Fund Ltd.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:TIMES NEW ROMAN">By:</P>
<P style="margin:0px; text-indent:36px; font-family:TIMES NEW ROMAN">/s/Thomas H. Dinsmore</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">Thomas H. Dinsmore</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">Chairman of the Board and</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">Chief Executive Officer</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><P style="margin:0px; font-family:TIMES NEW ROMAN">Date: <A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A>April 1, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:TIMES NEW ROMAN">By:</P>
<P style="margin:0px; text-indent:36px; font-family:TIMES NEW ROMAN">/s/Thomas H. Dinsmore</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">Thomas H. Dinsmore</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">Chairman of the Board and</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">Chief Executive Officer</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Date: April 1, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:TIMES NEW ROMAN">By:</P>
<P style="margin:0px; text-indent:36px; font-family:TIMES NEW ROMAN">/s/Gary I. Levine</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">Gary I. Levine</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">Chief Financial Officer</P>
<P style="margin:0px; padding-left:36px; font-family:TIMES NEW ROMAN">(Principal Financial Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Date: April 1, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d30312_ex99cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE></TITLE>
<META NAME="author" CONTENT="Gary Levine">
<META NAME="date" CONTENT="03/18/2013">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%">
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>Exhibit 99.CERT</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">I, Thomas H. Dinsmore, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">1. I have reviewed this report on Form N-Q of Bancroft Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the
report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing
the equivalent functions):</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">&nbsp;Date: April 1, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">&nbsp;/s/ Thomas H. Dinsmore </P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Chairman of the Board and Chief Executive Officer </P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">(Principal Executive Officer)</P>

<P style="margin:0px"><BR></P>

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<P style="margin:0px"><BR></P>


<P style="margin:0px; font-family:TIMES NEW ROMAN"><B>CERTIFICATION OF PRINCIPAL&nbsp;FINANCIAL OFFICER</B></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN"><BR>
I, Gary I. Levine, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">1. I have reviewed this report on Form N-Q of Bancroft Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the
report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN" align=justify>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant&#146;s ability to record, process, summarize, and report financial information; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:TIMES NEW ROMAN" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top><P style="margin:0px; font-family:TIMES NEW ROMAN">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">&nbsp;</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">&nbsp;Date: April 1, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">&nbsp;</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">/s/ Gary I. Levine</P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">Chief Financial Officer </P>
<P style="margin:0px; font-family:TIMES NEW ROMAN">(Principal Financial Officer)</P>
<P style="margin:0px"><BR>
<BR></P>




<P style="margin:0px"><BR></P>

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