NPORT-EX 2 GB44.htm FOR VALIDATION PURPOSES ONLY - [64092.SOI]

Bancroft Fund Ltd.

Schedule of Investments — January 31, 2021 (Unaudited)

 

 

Principal
Amount

          

Market

Value

  
   CONVERTIBLE CORPORATE BONDS — 78.9%

 

   Aerospace — 1.4%   
  $ 1,500,000      Aerojet Rocketdyne Holdings Inc.,   
  

2.250%, 12/15/23

    $         2,988,329  
     

 

 

  
   Airlines — 0.6%   
  980,000      Southwest Airlines Co.,   
  

1.250%, 05/01/25

      1,385,475  
     

 

 

  
   Business Services — 3.7%   
  1,265,000      2U Inc.,   
  

2.250%, 05/01/25(a)

      2,082,199  
  310,000      Bill.com Holdings Inc.,   
  

Zero Coupon, 12/01/25(a)

      339,577  
  2,000,000      Perficient Inc.,   
  

1.250%, 08/01/25(a)

      2,477,257  
  310,000      Repay Holdings Corp.,   
  

Zero Coupon, 02/01/26

      310,953  
  155,000      Shift4 Payments Inc.,   
  

Zero Coupon, 12/15/25(a)

      178,140  
   Square Inc.,   
  500,000     

0.500%, 05/15/23

      1,395,799  
  1,000,000     

0.250%, 11/01/27(a)

      1,133,292  
     

 

 

  
        7,917,217  
     

 

 

  
   Communications Equipment — 2.2%   
  2,835,000      InterDigital Inc.,   
  

2.000%, 06/01/24

      3,056,413  
  1,250,000      Lumentum Holdings Inc.,   
  

0.500%, 12/15/26

      1,540,857  
     

 

 

  
        4,597,270  
     

 

 

  
   Computer Software and Services — 23.6%   
  1,500,000      Bandwidth Inc.,   
  

0.250%, 03/01/26(a)

      3,038,563  
  1,000,000      Blackline Inc.,   
  

0.125%, 08/01/24

      1,833,867  
  930,000      Box Inc.,   
  

Zero Coupon, 01/15/26

      939,300  
  635,000      Cloudflare Inc.,   
  

0.750%, 05/15/25(a)

      1,372,152  
   Coupa Software Inc.,   
  835,000     

0.125%, 06/15/25

      1,693,951  
  1,260,000     

0.375%, 06/15/26(a)

      1,632,735  
  2,500,000      CSG Systems International Inc.,   
  

4.250%, 03/15/36

      2,636,000  
  940,000      Datadog Inc.,   
  

0.125%, 06/15/25(a)

      1,274,287  
  1,985,000      Everbridge Inc.,   
  

0.125%, 12/15/24

      2,719,321  
  155,000      Fiverr International Ltd.,   
  

Zero Coupon, 11/01/25(a)

      196,154  
  625,000      GoPro Inc.,   
  

1.250%, 11/15/25(a)

      749,408  

Principal
Amount

          

Market

Value

  
  $ 2,015,000      i3 Verticals LLC,   
  

1.000%, 02/15/25(a)

    $         1,967,144  
  1,035,000      Limelight Networks Inc.,   
  

3.500%, 08/01/25(a)

      999,116  
  1,690,000      LivePerson Inc.,   
  

0.750%, 03/01/24

      3,028,544  
  1,500,000      Match Group Financeco 3 Inc.,   
  

2.000%, 01/15/30(a)

      2,730,249  
  465,000      Medallia Inc.,   
  

0.125%, 09/15/25(a)

      591,044  
  1,000,000      MercadoLibre Inc.,   
  

2.000%, 08/15/28

      4,071,357  
  2,250,000      PAR Technology Corp.,   
  

2.875%, 04/15/26(a)

      3,710,758  
   PROS Holdings Inc.,   
  500,000     

1.000%, 05/15/24

      495,647  
  1,205,000     

2.250%, 09/15/27(a)

      1,502,196  
  1,500,000      Q2 Holdings Inc.,   
  

0.750%, 06/01/26

      2,321,367  
  1,000,000      RingCentral Inc.,   
  

Zero Coupon, 03/15/26

      1,155,361  
   Splunk Inc.,   
  1,500,000     

1.125%, 09/15/25

      1,993,006  
  630,000     

1.125%, 06/15/27(a)

      663,249  
  950,000      Varonis Systems Inc.,   
  

1.250%, 08/15/25(a)

      1,892,753  
  1,500,000      Vocera Communications Inc.,   
  

1.500%, 05/15/23

      2,237,475  
  2,000,000      Workiva Inc.,   
  

1.125%, 08/15/26

      2,800,881  
     

 

 

  
        50,245,885  
     

 

 

  
   Consumer Products — 1.2%   
  645,000      Farfetch Ltd.,   
  

3.750%, 05/01/27(a)

      2,541,112  
     

 

 

  
   Consumer Services — 6.1%   
  950,000      Callaway Golf Co.,   
  

2.750%, 05/01/26(a)

      1,703,160  
  625,000      Chegg Inc.,   
  

Zero Coupon, 09/01/26(a)

      727,187  
  950,000      National Vision Holdings Inc.,   
  

2.500%, 05/15/25(a)

      1,565,601  
  1,360,000      NCL Corp. Ltd.,   
  

5.375%, 08/01/25(a)

      2,106,640  
   Royal Caribbean Cruises Ltd.,   
  395,000     

4.250%, 06/15/23(a)

      481,743  
  620,000     

2.875%, 11/15/23(a)

      704,006  
  620,000      Shopify Inc.,   
  

0.125%, 11/01/25

      733,925  
  2,030,000      Stride Inc.,   
  

1.125%, 09/01/27(a)

      1,806,700  
 

 

1

Bancroft Fund Ltd.

Schedule of Investments (Continued) — January 31, 2021 (Unaudited)

 

 

Principal

Amount

          

Market

Value

  
   CONVERTIBLE CORPORATE BONDS (Continued)

 

   Consumer Services (Continued)   
  $ 1,015,000      TechTarget Inc.,   
  

0.125%, 12/15/25(a)

    $ 1,265,004  
  1,880,000      Wayfair Inc.,   
  

0.625%, 10/01/25(a)

      1,925,160  
     

 

 

  
        13,019,126  
     

 

 

  
   Diversified Industrial — 1.6%   
  750,000      Chart Industries Inc.,   
  

1.000%, 11/15/24(a)

      1,598,792  
  1,349,000      Kaman Corp.,   
  

3.250%, 05/01/24

      1,485,520  
  160,000      Sea Ltd.,   
   2.375%, 12/01/25(a)      399,500  
     

 

 

  
        3,483,812  
     

 

 

  
   Energy and Utilities — 2.1%   
  1,065,000      Bloom Energy Corp.,   
  

2.500%, 08/15/25(a)

      2,458,237  
  2,200,000      Cheniere Energy Inc.,   
  

4.250%, 03/15/45

      1,804,907  
  155,000      Sunrun Inc.,   
  

Zero Coupon, 02/01/26

      157,846  
     

 

 

  
        4,420,990  
     

 

 

  
   Entertainment — 1.6%   
   DISH Network Corp.,   
  1,875,000     

Zero Coupon, 12/15/25(a)

      1,770,554  
  1,000,000     

3.375%, 08/15/26

      924,593  
  785,000      fuboTV Inc.,   
  

3.250%, 02/15/26

      828,285  
     

 

 

  
        3,523,432  
     

 

 

  
   Financial Services — 6.1%   
  790,000      Chimera Investment Corp.,   
  

7.000%, 04/01/23

      1,208,206  
  960,000      Colony Capital Operating Co. LLC,   
  

5.750%, 07/15/25(a)(b)

      2,235,648  
  1,250,000      Encore Capital Group Inc.,   
  

3.250%, 03/15/22

      1,256,875  
  1,000,000      Heritage Insurance Holdings Inc.,   
  

5.875%, 08/01/37

      984,745  
  1,000,000      IIP Operating Partnership LP,   
  

3.750%, 02/21/24(a)

      2,859,343  
   LendingTree Inc.,   
  1,116,000     

0.625%, 06/01/22

      1,811,327  
  1,095,000     

0.500%, 07/15/25(a)

      1,128,794  
  1,000,000      SuRo Capital Corp.,   
  

4.750%, 03/28/23

      1,605,000  
     

 

 

  
          13,089,938  
     

 

 

  

Principal
Amount

          

Market

Value

  
   Health Care — 13.0%   
  $ 1,450,000      1Life Healthcare Inc.,   
  

3.000%, 06/15/25(a)

    $ 2,035,510  
  235,000      Bridgebio Pharma Inc.,   
  

2.250%, 02/01/29

      228,252  
  665,000      Coherus Biosciences Inc.,   
  

1.500%, 04/15/26(a)

      820,172  
  1,000,000      Collegium Pharmaceutical Inc.,   
  

2.625%, 02/15/26

      1,088,125  
  1,000,000      CONMED Corp.,   
  

2.625%, 02/01/24

      1,405,982  
   DexCom Inc.,   
  535,000     

0.750%, 12/01/23

      1,236,894  
  475,000     

0.250%, 11/15/25(a)

      485,498  
  1,240,000      Esperion Therapeutics Inc.,   
  

4.000%, 11/15/25(a)

      1,401,779  
  1,830,000      Exact Sciences Corp.,   
  

0.375%, 03/15/27

      2,627,993  
  1,500,000      Insulet Corp.,   
  

0.375%, 09/01/26

      2,067,676  
  625,000      NeoGenomics Inc.,   
  

0.250%, 01/15/28

      674,274  
  1,384,000      Neurocrine Biosciences Inc.,   
  

2.250%, 05/15/24

      2,083,135  
  310,000      Novocure Ltd.,   
  

Zero Coupon, 11/01/25(a)

      385,278  
  1,500,000      Pacira BioSciences Inc.,   
  

2.375%, 04/01/22

      1,783,685  
  1,270,000      PetIQ Inc.,   
  

4.000%, 06/01/26(a)

      1,804,695  
  1,288,000      Supernus Pharmaceuticals Inc.,   
  

0.625%, 04/01/23

      1,273,811  
  1,370,000      Tabula Rasa HealthCare Inc.,   
  

1.750%, 02/15/26(a)

      1,514,093  
  1,795,000      Teladoc Health Inc.,   
  

1.250%, 06/01/27(a)

      2,542,169  
  1,500,000      Theravance Biopharma Inc.,   
  

3.250%, 11/01/23

      1,472,628  
  700,000      Travere Therapeutics Inc.,   
  

2.500%, 09/15/25

      700,243  
     

 

 

  
          27,631,892  
     

 

 

  
   Real Estate — 0.7%   
  310,000      Pebblebrook Hotel Trust,   
  

1.750%, 12/15/26

      331,415  
  155,000      Redfin Corp.,   
  

Zero Coupon, 10/15/25(a)

      190,615  
  935,000      Summit Hotel Properties Inc.,   
  

1.500%, 02/15/26

      924,476  
     

 

 

  
        1,446,506  
     

 

 

  
 

 

2

Bancroft Fund Ltd.

Schedule of Investments (Continued) — January 31, 2021 (Unaudited)

 

 

Principal
Amount

          

Market

Value

  
   CONVERTIBLE CORPORATE BONDS (Continued)

 

   Security Software — 6.3%

 

  $  1,245,000      Cardlytics Inc.,   
  

1.000%, 09/15/25(a)

    $ 2,044,165  
  1,500,000     

CyberArk Software Ltd.,

   
  

Zero Coupon, 11/15/24

      1,835,700  
  465,000     

Nice Ltd.,

   
  

Zero Coupon, 09/15/25(a)

      533,715  
  798,000      Nice Systems Inc.,   
  

1.250%, 01/15/24

      2,502,728  
  1,500,000      Okta Inc.,   
  

0.375%, 06/15/26(a)

      1,961,937  
  2,045,000      Proofpoint Inc.,   
  

0.250%, 08/15/24

      2,241,987  
  1,475,000      Zscaler Inc.,   
  

0.125%, 07/01/25(a)

      2,206,911  
     

 

 

  
        13,327,143  
     

 

 

  
   Semiconductors — 2.0%   
  1,500,000      Impinj Inc.,   
  

2.000%, 12/15/26

      2,547,089  
  500,000      Teradyne Inc.,   
  

1.250%, 12/15/23

      1,790,922  
     

 

 

  
        4,338,011  
     

 

 

  
   Telecommunications — 5.4%   
  1,520,000      8x8 Inc.,   
  

0.500%, 02/01/24

      2,288,302  
  500,000      Harmonic Inc.,   
  

2.000%, 09/01/24

      559,879  
  1,500,000      Infinera Corp.,   
  

2.500%, 03/01/27(a)

      2,242,516  
  1,315,000      PagerDuty Inc.,   
  

1.250%, 07/01/25(a)

      1,879,577  
  900,000      Twilio Inc.,   
  

0.250%, 06/01/23

      4,567,558  
     

 

 

  
        11,537,832  
     

 

 

  
   Transportation — 1.3%   
  1,000,000      Atlas Air Worldwide Holdings Inc.,   
  

1.875%, 06/01/24

      1,123,800  
  690,000      GOL Equity Finance SA,   
  

3.750%, 07/15/24(a)

      576,315  
  620,000      Seaspan Corp.,   
  

3.750%, 12/15/25(a)

      678,488  
  310,000      Uber Technologies Inc.,   
  

Zero Coupon, 12/15/25(a)

      324,672  
     

 

 

  
        2,703,275  
     

 

 

  
   TOTAL CONVERTIBLE CORPORATE BONDS      168,197,245  
     

 

 

  

Shares

          

Market

Value

  
   CONVERTIBLE PREFERRED STOCKS — 4.6%

 

   Agriculture — 0.5%   
  9,000      Bunge Ltd., 4.875%    $         975,150  
     

 

 

  
   Business Services — 0.2%   
  809,253      Amerivon Holdings LLC, 4.000%(c)      436,035  
  272,728      Amerivon Holdings LLC,   
  

common equity units(c)

      16,364  
     

 

 

  
        452,399  
     

 

 

  
   Financial Services — 3.9%   
  2,000      Bank of America Corp., 7.250%, Ser. L      2,925,560  
  40,000      Landmark Infrastructure Partners LP, 7.000%, Ser. C      1,030,000  
  15,000      QTS Realty Trust Inc., 6.500%, Ser. B      2,195,250  
  1,500      Wells Fargo & Co., 7.500%, Ser. L      2,166,000  
     

 

 

  
        8,316,810  
     

 

 

  
   TOTAL CONVERTIBLE PREFERRED STOCKS      9,744,359  
     

 

 

  
   MANDATORY CONVERTIBLE SECURITIES (d) — 12.8%

 

   Automotive: Parts and Accessories — 1.3%

 

  18,300     

Aptiv plc, Ser. A

   
  

5.500%, 06/15/23

      2,844,735  
     

 

 

  
   Diversified Industrial — 1.4%   
  15,000      Colfax Corp.,   
  

5.750%, 01/15/22

      2,311,200  
  6,675      Stanley Black & Decker Inc.,   
  

5.250%, 11/15/22

      727,375  
     

 

 

  
        3,038,575  
     

 

 

  
   Energy and Utilities — 4.1%   
  21,150      American Electric Power Co. Inc.,   
  

6.125%, 03/15/22

      1,009,278  
  42,700      DTE Energy Co.,   
  

6.250%, 11/01/22

      1,980,426  
  3,325      Essential Utilities Inc.,   
  

6.000%, 04/30/22

      196,341  
   NextEra Energy Inc.,   
  25,500     

5.279%, 03/01/23

      1,362,720  
  46,675     

4.872%, 09/01/22

      2,854,643  
  24,860     

6.219%, 09/01/23

      1,323,049  
     

 

 

  
        8,726,457  
     

 

 

  
   Equipment and Supplies — 0.8%   
  1,000      Danaher Corp., Ser. A   
  

4.750%, 04/15/22

      1,620,300  
     

 

 

  
 

 

3

Bancroft Fund Ltd.

Schedule of Investments (Continued) — January 31, 2021 (Unaudited)

 

 

Shares

          

Market

Value

  
  

MANDATORY CONVERTIBLE SECURITIES (d) (Continued)

 

  

Financial Services — 2.1%

   
  1,575     

2020 Cash Mandatory Exchangeable Trust,

   
  

5.250%, 06/01/23

    $ 1,813,424  
  630     

2020 Mandatory Exchangeable Trust,

   
  

6.500%, 05/16/23

      1,430,663  
  24,000     

New York Community Capital Trust V,

   
  

6.000%, 11/01/51

      1,102,560  
     

 

 

  
        4,346,647  
     

 

 

  
  

Health Care — 1.7%

   
  24,965     

Avantor Inc., Ser. A

   
  

6.250%, 05/15/22

      2,312,009  
  29,115     

Elanco Animal Health Inc.,

   
  

5.000%, 02/01/23

      1,344,240  
     

 

 

  
        3,656,249  
     

 

 

  
  

Semiconductors — 1.4%

   
  2,015     

Broadcom Inc., Ser. A

   
  

8.000%, 09/30/22

      2,959,531  
     

 

 

  
  

TOTAL MANDATORY CONVERTIBLE SECURITIES

      27,192,494  
     

 

 

  
  

COMMON STOCKS — 1.3%

   
  

Energy and Utilities — 0.0%

   
  133     

Goodrich Petroleum Corp.†

      1,286  
     

 

 

  
  

Real Estate Investment Trusts — 1.3%

   
  18,136     

Crown Castle International Corp.

      2,888,339  
     

 

 

  
  

TOTAL COMMON STOCKS

      2,889,625  
     

 

 

  
  

WARRANTS — 0.0%

   
  

Energy and Utilities — 0.0%

   
  1,135     

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

      0  
     

 

 

  

Principal
Amount

          

Market

Value

  
  

U.S. GOVERNMENT OBLIGATIONS — 2.4%

   
  $  5,070,000     

U.S. Treasury Bills,

   
  

0.070% to 0.085%††,

   
  

03/11/21 to 05/20/21

    $ 5,069,337  
     

 

 

  
  

TOTAL INVESTMENTS — 100.0%

   
  

(Cost $153,659,457)

    $ 213,093,060  
     

 

 

  

 

(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)

At January 31, 2021, the Fund held investments in restricted and illiquid security amounting to $2,235,648 or 1.05% of the Fund’s total investments, which were valued under methods approved by the Board of Trustees as follows:

 

        Acquisition        

Principal

    Amount    

  

Issuer

   Acquisition
Date		     Acquisition
Cost		     01/31/21
Carrying
Value
Per Bond		  
    $960,000      

Colony Capital Operating Co. LLC, 5.750%, 07/ 15/25

    
 07/17/20-
11/11/20		  
 		     $1,222,715     $ 2,328.8000  
(c)

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

(d)

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.

 

 

4