Portfolio Holdings Exhibit to Form N-port (nport-ex)
September 27 2019 - 12:43PM
Edgar (US Regulatory)
Bancroft Fund Ltd.
Schedule
of Investments July 31, 2019 (Unaudited)
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Principal
Amount
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Market
Value
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CONVERTIBLE CORPORATE BONDS 75.8%
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Aerospace 2.1%
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$ 2,000,000
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Aerojet Rocketdyne Holdings Inc.,
2.250%,
12/15/23
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$
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3,447,317
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Automotive 1.3%
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1,000,000
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NIO Inc.,
4.500%, 02/01/24(a)
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578,061
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1,510,000
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Tesla Inc.,
2.000%, 05/15/24
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1,543,448
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2,121,509
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Business Services 3.2%
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1,500,000
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Perficient Inc.,
2.375%, 09/15/23(a)
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1,661,819
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1,040,000
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RingCentral Inc.,
Zero Coupon,
03/15/23
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1,852,120
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1,500,000
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Square Inc.,
0.500%, 05/15/23
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1,913,899
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5,427,838
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Communications Equipment 4.5%
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1,500,000
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Harmonic Inc.,
4.000%, 12/01/20
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2,123,360
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2,335,000
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InterDigital Inc.,
2.000%,
06/01/24(a)
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2,391,741
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2,459,000
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Lumentum Holdings Inc.,
0.250%,
03/15/24
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2,956,752
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7,471,853
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Computer Software and Services 17.5%
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1,725,000
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Boingo Wireless Inc.,
1.000%,
10/01/23(a)
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1,484,818
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1,835,000
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Coupa Software Inc.,
0.125%,
06/15/25(a)
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2,064,094
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2,500,000
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CSG Systems International Inc.,
4.250%,
03/15/36
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2,837,653
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1,000,000
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GDS Holdings Ltd.,
2.000%, 06/01/25
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1,054,039
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2,500,000
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IAC Financeco 3 Inc.,
2.000%,
01/15/30(a)
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2,710,096
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1,190,000
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LivePerson Inc.,
0.750%, 03/01/24(a)
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1,335,858
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1,500,000
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MercadoLibre Inc.,
2.000%,
08/15/28(a)
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2,389,821
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1,776,000
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New Relic Inc.,
0.500%, 05/01/23
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1,959,523
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1,548,000
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Nice Systems Inc.,
1.250%, 01/15/24
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2,921,569
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500,000
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Okta Inc.,
0.250%, 02/15/23
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1,370,140
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340,000
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Pluralsight Inc.,
0.375%, 03/01/24(a)
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370,424
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Principal
Amount
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Market
Value
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$ 1,500,000
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PROS Holdings Inc.,
2.000%, 06/01/47
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$
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2,307,106
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400,000
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Q2 Holdings Inc.,
0.750%, 02/15/23
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594,158
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675,000
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0.750%, 06/01/26(a)
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748,608
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1,500,000
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Splunk Inc.,
1.125%, 09/15/25(a)
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1,739,687
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1,500,000
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The Priceline Group Inc.,
0.350%,
06/15/20
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2,169,963
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1,000,000
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Vocera Communications Inc.,
1.500%,
05/15/23
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1,065,657
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29,123,214
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Consumer Services 3.3%
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1,000,000
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Chegg Inc.,
0.125%, 03/15/25(a)
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1,114,533
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2,000,000
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Extra Space Storage LP,
3.125%,
10/01/35(a)
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2,491,316
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2,000,000
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Quotient Technology Inc.,
1.750%,
12/01/22
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1,953,476
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5,559,325
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Diversified Industrial 4.1%
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750,000
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Chart Industries Inc.,
1.000%,
11/15/24(a)
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1,058,822
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1,749,000
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Kaman Corp.,
3.250%, 05/01/24
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2,037,316
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1,000,000
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KBR Inc.,
2.500%, 11/01/23(a)
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1,213,662
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1,457,000
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Team Inc.,
5.000%, 08/01/23
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1,556,337
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1,000,000
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TimkenSteel Corp.,
6.000%, 06/01/21
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981,415
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6,847,552
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Electronics 0.3%
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515,000
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Applied Optoelectronics Inc.,
5.000%,
03/15/24(a)
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456,386
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Energy and Utilities 3.2%
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2,000,000
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Cheniere Energy Inc.,
4.250%,
03/15/45
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1,585,000
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917,000
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Newpark Resources Inc.,
4.000%,
12/01/21
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1,021,896
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3,000,000
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SunPower Corp.,
4.000%, 01/15/23
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2,692,651
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5,299,547
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Entertainment 2.4%
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2,000,000
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DISH Network Corp.,
3.375%, 08/15/26
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1,837,676
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1,250,000
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Gannett Co. Inc.,
4.750%, 04/15/24
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1,324,766
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1
Bancroft Fund Ltd.
Schedule
of Investments (Continued) July 31, 2019 (Unaudited)
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Principal
Amount
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Market
Value
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CONVERTIBLE CORPORATE BONDS (Continued)
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Entertainment (Continued)
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$ 1,625,000
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Global Eagle Entertainment Inc.,
2.750%,
02/15/35
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$
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789,730
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3,952,172
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Financial Services 4.4%
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1,250,000
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Encore Capital Group Inc.,
3.250%,
03/15/22
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1,307,535
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1,500,000
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GSV Capital Corp.,
4.750%, 03/28/23
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1,442,557
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1,000,000
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Heritage Insurance Holdings Inc.,
5.875%,
08/01/37
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1,125,294
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1,000,000
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IIP Operating Partnership LP,
3.750%,
02/21/24(a)
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1,615,643
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1,116,000
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LendingTree Inc.,
0.625%, 06/01/22
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1,843,493
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7,334,522
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Health Care 13.9%
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1,550,000
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BioMarin Pharmaceutical Inc.,
0.599%,
08/01/24
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1,579,656
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1,000,000
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CONMED Corp.,
2.625%, 02/01/24(a)
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1,173,606
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535,000
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DexCom Inc.,
0.750%, 12/01/23(a)
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643,672
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1,500,000
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Evolent Health Inc.,
1.500%,
10/15/25(a)
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957,446
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1,330,000
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Exact Sciences Corp.,
0.375%,
03/15/27
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1,644,289
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750,000
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Inovio Pharmaceuticals Inc.,
6.500%,
03/01/24(a)
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607,004
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1,566,000
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Insulet Corp.,
1.375%, 11/15/24
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2,276,706
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1,250,000
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Intercept Pharmaceuticals Inc.,
2.000%,
05/15/26
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1,102,527
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500,000
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Invacare Corp.,
4.500%, 06/01/22
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375,069
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1,384,000
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Neurocrine Biosciences Inc.,
2.250%,
05/15/24
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1,995,152
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1,000,000
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NuVasive Inc.,
2.250%, 03/15/21
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1,205,206
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1,500,000
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Pacira BioSciences Inc.,
2.375%,
04/01/22
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1,546,291
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2,000,000
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Paratek Pharmaceuticals Inc.,
4.750%,
05/01/24
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1,387,658
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350,000
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Repligen Corp.,
0.375%, 07/15/24
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377,921
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400,000
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Retrophin Inc.,
2.500%, 09/15/25
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362,551
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1,500,000
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Supernus Pharmaceuticals Inc.,
0.625%,
04/01/23
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1,474,022
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Principal
Amount
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Market
Value
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$ 1,370,000
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Tabula Rasa HealthCare Inc.,
1.750%,
02/15/26(a)
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$
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1,534,236
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1,200,000
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Teladoc Health Inc.,
3.000%, 12/15/22
|
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2,073,945
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1,000,000
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Theravance Biopharma Inc.,
3.250%,
11/01/23
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942,250
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23,259,207
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Metals and Mining 0.3%
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500,000
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Arconic Inc.,
1.625%, 10/15/19
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502,773
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Retail 0.2%
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400,000
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Guess? Inc.,
2.000%, 04/15/24(a)
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385,882
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Semiconductors 9.3%
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650,000
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Advanced Micro Devices Inc.,
2.125%,
09/01/26
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|
2,527,250
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1,500,000
|
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Cypress Semiconductor Corp.,
4.500%,
01/15/22
|
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2,582,326
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|
1,500,000
|
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Inphi Corp.,
1.125%, 12/01/20
|
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|
2,326,243
|
|
|
2,000,000
|
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Knowles Corp.,
3.250%, 11/01/21
|
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|
2,559,700
|
|
|
2,386,000
|
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Rambus Inc.,
1.375%, 02/01/23
|
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|
2,360,482
|
|
|
1,750,000
|
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Teradyne Inc.,
1.250%, 12/15/23
|
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|
3,210,688
|
|
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|
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|
|
|
|
|
|
|
15,566,689
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
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Telecommunications 3.9%
|
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|
|
|
|
520,000
|
|
|
8x8 Inc.,
0.500%, 02/01/24(a)
|
|
|
602,412
|
|
|
2,500,000
|
|
|
Infinera Corp.,
2.125%, 09/01/24
|
|
|
1,896,201
|
|
|
1,000,000
|
|
|
Liberty Latin America Ltd.,
2.000%,
07/15/24(a)
|
|
|
986,411
|
|
|
1,500,000
|
|
|
Twilio Inc.,
0.250%, 06/01/23
|
|
|
3,067,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,552,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Transportation 1.9%
|
|
|
|
|
|
2,000,000
|
|
|
Atlas Air Worldwide Holdings Inc.,
2.250%,
06/01/22
|
|
|
1,996,112
|
|
|
865,000
|
|
|
GOL Equity Finance SA,
3.750%,
07/15/24(a)
|
|
|
1,121,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,117,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE CORPORATE BONDS
|
|
|
126,425,857
|
|
|
|
|
|
|
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2
Bancroft Fund Ltd.
Schedule
of Investments (Continued) July 31, 2019 (Unaudited)
|
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|
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|
|
Shares
|
|
|
|
|
Market
Value
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCKS (b) 5.6%
|
|
|
|
|
|
Agriculture 0.8%
|
|
|
|
|
|
12,500
|
|
|
Bunge Ltd., 4.875%
|
|
$
|
1,293,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Services 0.3%
|
|
|
|
|
|
711,039
|
|
|
Amerivon Holdings LLC, 4.000%(c)
|
|
|
436,009
|
|
|
272,728
|
|
|
Amerivon Holdings LLC, common equity units(c)
|
|
|
16,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
452,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services 4.5%
|
|
|
|
|
|
2,000
|
|
|
Bank of America Corp., 7.250%, Ser. L
|
|
|
2,834,880
|
|
|
40,000
|
|
|
Landmark Infrastructure Partners LP,
7.216%,
Ser. C
|
|
|
1,001,200
|
|
|
15,000
|
|
|
QTS Realty Trust Inc., 6.500%, Ser. B
|
|
|
1,696,650
|
|
|
1,500
|
|
|
Wells Fargo & Co., 7.500%, Ser. L
|
|
|
2,085,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,618,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
|
|
|
9,364,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANDATORY CONVERTIBLE SECURITIES (d) 15.8%
|
|
|
|
|
|
Diversified Industrial 3.2%
|
|
|
|
|
|
15,000
|
|
|
Colfax Corp.,
5.750%, 01/15/22
|
|
|
1,871,550
|
|
|
30,311
|
|
|
International Flavors & Fragrances Inc.,
6.000%, 09/15/21
|
|
|
1,629,822
|
|
|
30,100
|
|
|
Rexnord Corp., Ser. A
5.750%,
11/15/19
|
|
|
1,778,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,279,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Utilities 6.1%
|
|
|
|
|
|
25,180
|
|
|
American Electric Power Co. Inc.,
6.125%,
03/15/22
|
|
|
1,371,806
|
|
|
3,325
|
|
|
Aqua America Inc.,
6.000%, 04/30/22
|
|
|
190,123
|
|
|
37,200
|
|
|
CenterPoint Energy Inc., Ser. B
7.000%,
09/01/21
|
|
|
1,901,292
|
|
|
20,000
|
|
|
Dominion Energy Inc.,
Ser. A, 6.750%,
08/15/19
|
|
|
1,004,000
|
|
|
14,800
|
|
|
Ser. A, 7.250%, 06/01/22
|
|
|
1,487,252
|
|
|
18,600
|
|
|
DTE Energy Co.,
6.500%, 10/01/19
|
|
|
1,037,880
|
|
|
10,000
|
|
|
NextEra Energy Inc.,
6.123%, 09/01/19
|
|
|
660,700
|
|
|
5,369
|
|
|
Sempra Energy,
Ser. A, 6.000%,
01/15/21
|
|
|
596,818
|
|
|
5,000
|
|
|
Ser. B, 6.750%, 07/15/21
|
|
|
557,250
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Market
Value
|
|
|
|
|
|
25,530
|
|
|
South Jersey Industries Inc.,
7.250%,
04/15/21
|
|
$
|
1,368,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,175,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment and Supplies 0.7%
|
|
|
|
|
|
1,000
|
|
|
Danaher Corp., Ser. A
4.750%,
04/15/22
|
|
|
1,134,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services 2.7%
|
|
|
|
|
|
10,000
|
|
|
2017 Mandatory Exchangeable Trust,
5.188%,
12/01/20
|
|
|
1,729,445
|
|
|
14,800
|
|
|
Assurant Inc., Ser. D
6.500%,
03/15/21
|
|
|
1,728,936
|
|
|
24,000
|
|
|
New York Community Capital Trust V,
6.000%,
11/01/51
|
|
|
1,151,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,609,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 1.6%
|
|
|
|
|
|
14,965
|
|
|
Avantor Inc., Ser. A
6.250%, 05/15/22
|
|
|
917,055
|
|
|
27,747
|
|
|
Becton Dickinson and Co., Ser. A
6.125%,
05/01/20
|
|
|
1,710,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,627,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 1.5%
|
|
|
2,060
|
|
|
Crown Castle International Corp., Ser. A 6.875%, 08/01/20
|
|
|
2,483,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MANDATORY CONVERTIBLE SECURITIES
|
|
|
26,310,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 1.7%
|
|
|
|
|
|
Computer Software and Services 1.7%
|
|
|
16,645
|
|
|
Alibaba Group Holding Ltd., ADR
|
|
|
2,881,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Utilities 0.0%
|
|
|
|
|
|
133
|
|
|
Goodrich Petroleum Corp.
|
|
|
1,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
|
|
|
2,882,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WARRANTS 0.0%
|
|
|
|
|
|
|
|
|
Energy and Utilities 0.0%
|
|
|
|
|
|
1,135
|
|
|
Goodrich Petroleum Corp., expire 10/12/26(c)
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS 1.1%
|
|
|
$ 1,865,000
|
|
|
U.S. Treasury Bills,
|
|
|
|
|
|
|
|
|
1.964% to 2.136%,
|
|
|
|
|
|
|
|
|
10/03/19 to 10/24/19
|
|
|
1,857,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 100.0%
(Cost $141,745,294)
|
|
$
|
166,842,355
|
|
|
|
|
|
|
|
|
|
|
3
Bancroft Fund Ltd.
Schedule
of Investments (Continued) July 31, 2019 (Unaudited)
(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. At July 31, 2019, the market value of Rule 144A securities amounted to $33,437,220 or 20.04% of total investments.
|
(b)
|
Security is perpetual and has no stated maturity date.
|
(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.
|
ADR
|
American Depositary Receipt
|
4
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