NPORT-EX 2 Bancroft.htm HTML

Bancroft Fund Ltd.

Schedule of Investments — January 31, 2020 (Unaudited)

 

 

Principal
Amount

          

Market
Value

  
   CONVERTIBLE CORPORATE BONDS — 69.9%   
   Aerospace — 1.8%   
  $1,500,000     

Aerojet Rocketdyne Holdings Inc.,
2.250%, 12/15/23

    $     3,056,305  
     

 

 

  
   Business Services — 3.5%   
  1,500,000     

Perficient Inc.,
2.375%, 09/15/23

      2,152,145  
  850,000     

RingCentral Inc.,
Zero Coupon, 03/15/23

      2,147,488  
  1,500,000     

Square Inc.,
0.500%, 05/15/23

      1,816,270  
     

 

 

  
        6,115,903  
     

 

 

  
   Communications Equipment — 3.2%   
  2,835,000     

InterDigital Inc.,
2.000%, 06/01/24(a)

      2,846,165  
  2,500,000     

Lumentum Holdings Inc., Ser. QIB,
0.500%, 12/15/26(a)

      2,650,343  
     

 

 

  
        5,496,508  
     

 

 

  
   Computer Software and Services — 22.9%   
  1,000,000     

Blackline Inc.,
0.125%, 08/01/24(a)

      1,082,386  
  1,975,000     

Boingo Wireless Inc.,
1.000%, 10/01/23.

      1,781,203  
  1,500,000     

Booking Holdings Inc.,
0.350%, 06/15/20.

      2,089,041  
  1,835,000     

Coupa Software Inc.,
0.125%, 06/15/25(a)

      2,309,806  
  2,500,000     

CSG Systems International Inc.,
4.250%, 03/15/36.

      2,836,693  
  935,000     

CyberArk Software Ltd.,
Zero Coupon, 11/15/24(a)

      1,048,990  
  1,985,000     

Everbridge Inc.,
0.125%, 12/15/24(a)

      2,120,148  
  1,000,000     

GDS Holdings Ltd.,
2.000%, 06/01/25.

      1,213,809  
  2,500,000     

IAC Financeco 3 Inc.,
2.000%, 01/15/30(a)

      2,889,596  
  1,190,000     

LivePerson Inc.,
0.750%, 03/01/24(a)

      1,518,991  
  1,500,000     

MercadoLibre Inc.,
2.000%, 08/15/28.

      2,530,718  
  1,548,000     

Nice Systems Inc.,
1.250%, 01/15/24

      3,261,062  
  1,500,000     

Okta Inc.,
0.125%, 09/01/25(a)

      1,522,125  
  2,000,000     

Pluralsight Inc.,
0.375%, 03/01/24(a)

      1,806,621  
  2,045,000     

Proofpoint Inc.,
0.250%, 08/15/24(a)

      2,188,755  

 

Principal
Amount

          

Market
Value

  
  $1,500,000     

PROS Holdings Inc.,
1.000%, 05/15/24(a)

    $ 1,716,150  
  1,500,000     

Q2 Holdings Inc.,
0.750%, 06/01/26(a)

      1,806,509  
  1,155,000     

SailPoint Technologies Holding Inc.,
0.125%, 09/15/24(a)

      1,298,680  
  1,500,000     

Splunk Inc.,
1.125%, 09/15/25

      1,892,813  
  1,500,000     

Vocera Communications Inc.,
1.500%, 05/15/23.

      1,513,125  
  1,500,000     

Workiva Inc.,
1.125%, 08/15/26(a)

      1,404,484  
     

 

 

  
        39,831,705  
     

 

 

  
   Consumer Services — 1.4%   
  2,000,000     

Extra Space Storage LP,
3.125%, 10/01/35(a)

      2,436,312  
     

 

 

  
   Diversified Industrial — 3.2%   
  750,000     

Chart Industries Inc.,
1.000%, 11/15/24(a)

      950,156  
  1,749,000     

Kaman Corp.,
3.250%, 05/01/24.

      2,021,772  
  1,000,000     

KBR Inc.,
2.500%, 11/01/23(a)

      1,225,337  
  1,457,000     

Team Inc.,
5.000%, 08/01/23

      1,442,140  
     

 

 

  
        5,639,405  
     

 

 

  
   Energy and Utilities — 2.4%   
  2,000,000     

Cheniere Energy Inc.,
4.250%, 03/15/45

      1,570,891  
  3,000,000     

SunPower Corp.,
4.000%, 01/15/23

      2,677,500  
     

 

 

  
        4,248,391  
     

 

 

  
   Entertainment — 1.6%   
  2,000,000     

DISH Network Corp.,
3.375%, 08/15/26

      1,946,348  
  1,625,000     

Global Eagle Entertainment Inc.,
2.750%, 02/15/35

      790,851  
     

 

 

  
        2,737,199  
     

 

 

  
   Financial Services — 3.7%   
  1,250,000     

Encore Capital Group Inc.,
3.250%, 03/15/22

      1,273,445  
  1,000,000     

Heritage Insurance Holdings Inc.,
5.875%, 08/01/37

      1,072,749  
  1,000,000     

IIP Operating Partnership LP,
3.750%, 02/21/24(a)

      1,441,875  
  1,116,000     

LendingTree Inc.,
0.625%, 06/01/22

      1,785,538  
 

 

1

Bancroft Fund Ltd.

Schedule of Investments (Continued) — January 31, 2020 (Unaudited)

 

 

Principal
Amount

          

Market
Value

  
  

CONVERTIBLE CORPORATE BONDS (Continued)

 

  

Financial Services (Continued)

 

  $1,000,000     

Sutter Rock Capital Corp.,
4.750%, 03/28/23.

    $ 965,000  
        6,538,607  
  

Food and Beverage — 0.9%

 

  1,470,000     

The Chefs’ Warehouse Inc.,
1.875%, 12/01/24(a)

      1,568,435  
  

Health Care — 13.0%

 

  830,000     

Aerie Pharmaceuticals Inc.,
1.500%, 10/01/24(a)

      909,573  
  1,000,000     

CONMED Corp.,
2.625%, 02/01/24(a)

      1,287,500  
  535,000     

DexCom Inc.,
0.750%, 12/01/23.

      850,316  
  1,000,000     

Evolent Health Inc.,
1.500%, 10/15/25.

      731,193  
  1,830,000     

Exact Sciences Corp.,
0.375%, 03/15/27.

      2,067,900  
  750,000     

Inovio Pharmaceuticals Inc.,
6.500%, 03/01/24(a)

      801,467  
  1,500,000     

Insulet Corp.,
0.375%, 09/01/26(a)

      1,689,183  
  1,250,000     

Intercept Pharmaceuticals Inc.,
2.000%, 05/15/26.

      1,391,587  
  330,000     

Invitae Corp.,
2.000%, 09/01/24(a)

      330,155  
  1,384,000     

Neurocrine Biosciences Inc.,
2.250%, 05/15/24.

      2,008,546  
  1,000,000     

NuVasive Inc.,
2.250%, 03/15/21.

      1,317,852  
  1,500,000     

Pacira BioSciences Inc.,
2.375%, 04/01/22.

      1,542,187  
  350,000     

Repligen Corp.,
0.375%, 07/15/24.

      389,033  
  700,000     

Retrophin Inc.,
2.500%, 09/15/25.

      564,970  
  1,288,000     

Supernus Pharmaceuticals Inc.,
0.625%, 04/01/23.

      1,177,372  
  1,370,000     

Tabula Rasa HealthCare Inc.,

1.750%, 02/15/26(a)

      1,520,691  
  1,200,000     

Teladoc Health Inc.,
1.375%, 05/15/25.

      2,437,694  
  1,500,000     

Theravance Biopharma Inc.,
3.250%, 11/01/23.

      1,664,034  
        22,681,253  
  

Semiconductors — 6.1%

 

  750,000     

Adesto Technologies Corp., 4.250%, 09/15/24(a)

      719,728  

Principal
Amount

          

Market
Value

  
  $1,500,000     

Impinj Inc.,
2.000%, 12/15/26(a)

    $ 1,731,899  
  750,000     

Inphi Corp.,
1.125%, 12/01/20.

      1,442,975  
  2,000,000     

Knowles Corp.,
3.250%, 11/01/21.

      2,507,688  
  886,000     

Rambus Inc.,
1.375%, 02/01/23.

      954,970  
  1,500,000     

Teradyne Inc.,
1.250%, 12/15/23.

      3,200,573  
        10,557,833  
  

Telecommunications — 5.0%

 

  1,520,000     

8x8 Inc.,
0.500%, 02/01/24(a)

      1,539,690  
  1,500,000     

Harmonic Inc.,
2.000%, 09/01/24(a)

      1,613,400  
  1,800,000     

Infinera Corp.,
2.125%, 09/01/24.

      1,845,374  
  1,000,000     

Liberty Latin America Ltd.,
2.000%, 07/15/24(a)

      995,868  
  1,500,000     

Twilio Inc.,
0.250%, 06/01/23.

      2,751,563  
        8,745,895  
  

Transportation — 1.2%

 

  1,000,000     

Atlas Air Worldwide Holdings Inc.,
1.875%, 06/01/24.

      833,407  
  1,190,000     

GOL Equity Finance SA,
3.750%, 07/15/24(a)

      1,298,921  
        2,132,328  
  

TOTAL CONVERTIBLE CORPORATE BONDS

      121,786,079  
     

 

 

  

Shares

              
  

CONVERTIBLE PREFERRED STOCKS — 5.7%

 

  

Agriculture — 0.6%

 

  10,000         

Bunge Ltd., 4.875%

      1,033,200  
  

Business Services — 0.2%

 

  809,253         

Amerivon Holdings LLC, 4.000%(b)

      436,035  
  272,728         

Amerivon Holdings LLC,
common equity units(b)

      16,364  
        452,399  
  

Financial Services — 4.9%

 

  2,000         

Bank of America Corp., 7.250%, Ser. L

      3,145,400  
  40,000         

Landmark Infrastructure Partners LP, 6.608%,
Ser. C

      1,045,200  
  15,000         

QTS Realty Trust Inc., 6.500%, Ser. B

      2,013,450  
 

 

2

Bancroft Fund Ltd.

Schedule of Investments (Continued) — January 31, 2020 (Unaudited)

 

 

Shares

          

Market
Value

  
   CONVERTIBLE PREFERRED STOCKS (Continued)   
   Financial Services (Continued)   
  1,500         

Wells Fargo & Co., 7.500%, Ser. L

    $ 2,318,340  
     

 

 

  
        8,522,390  
     

 

 

  
   TOTAL CONVERTIBLE PREFERRED STOCKS      10,007,989  
     

 

 

  
   MANDATORY CONVERTIBLE SECURITIES (c) — 19.4%

 

   Diversified Industrial — 2.7%   
  15,000         

Colfax Corp.,
5.750%, 01/15/22

      2,279,250  
  30,311         

International Flavors & Fragrances Inc.,
6.000%, 09/15/21

      1,476,449  
  9,675         

Stanley Black & Decker Inc.,
5.250%, 11/15/22

      1,015,778  
     

 

 

  
        4,771,477  
     

 

 

  
   Energy and Utilities — 7.8%   
  25,180         

American Electric Power Co. Inc.,
6.125%, 03/15/22

      1,460,440  
  3,325         

Aqua America Inc.,
6.000%, 04/30/22

      225,535  
  37,200         

CenterPoint Energy Inc., Ser. B
7.000%, 09/01/21

      1,787,832  
  14,800         

Dominion Energy Inc., Ser. A
7.250%, 06/01/22

      1,624,004  
  35,700         

DTE Energy Co.,
6.250%, 11/01/22

      1,830,339  
  46,675         

NextEra Energy Inc.,
4.872%, 09/01/22

      2,549,855  
  5,369         

Sempra Energy,
Ser. A, 6.000%, 01/15/21

      679,769  
  5,000         

Ser. B, 6.750%, 07/15/21

      625,200  
  25,530         

South Jersey Industries Inc.,
7.250%, 04/15/21

      1,274,202  
  26,500         

The Southern Co.,
6.750%, 08/01/22

      1,504,935  
     

 

 

  
        13,562,111  
     

 

 

  
   Equipment and Supplies — 0.7%   
  1,000         

Danaher Corp., Ser. A
4.750%, 04/15/22

      1,221,140  
     

 

 

  
   Financial Services — 2.7%   
  10,000         

2017 Mandatory Exchangeable Trust,
5.188%, 12/01/20

      1,555,890  
  14,800         

Assurant Inc., Ser. D
6.500%, 03/15/21

      1,901,800  

 

Shares

          

Market
Value

  
  24,000         

New York Community Capital Trust V,
6.000%, 11/01/51

    $ 1,222,800  
     

 

 

  
        4,680,490  
     

 

 

  
   Health Care — 2.6%   
  24,965         

Avantor Inc., Ser. A
6.250%, 05/15/22

      1,591,768  
  27,747         

Becton, Dickinson and Co., Ser. A
6.125%, 05/01/20

      1,818,816  
  19,115         

Elanco Animal Health Inc.,
5.000%, 02/01/23

      1,046,757  
     

 

 

  
        4,457,341  
     

 

 

  
   Real Estate Investment Trusts — 1.6%   
  2,060         

Crown Castle International Corp., Ser. A
6.875%, 08/01/20

      2,741,530  
     

 

 

  
   Semiconductors — 1.3%   
  2,015         

Broadcom Inc., Ser. A
8.000%, 09/30/22

      2,314,429  
     

 

 

  
   TOTAL MANDATORY CONVERTIBLE SECURITIES      33,748,518  
     

 

 

  
   COMMON STOCKS — 0.0%   
   Energy and Utilities — 0.0%   
  133         

Goodrich Petroleum Corp.†

      892  
     

 

 

  
   WARRANTS — 0.0%   
   Energy and Utilities — 0.0%   
  1,135         

Goodrich Petroleum Corp., expire 10/12/26†(b)

      0  
     

 

 

  

Principal
Amount

              
   U.S. GOVERNMENT OBLIGATIONS — 5.0%   
  $8,703,000     

U.S. Treasury Bills,
1.487% to 1.545%††,
02/06/20 to 07/23/20

      8,672,325  
     

 

 

  
  

TOTAL INVESTMENTS — 100.0%
(Cost $148,586,529)

    $ 174,215,803  
     

 

 

  

 

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(c)

Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

 

 

3