BCV.PRA Bancroft Fund, Ltd.

Principal
Amount

Market

Value

CONVERTIBLE CORPORATE BONDS — 75.8%

Aerojet Rocketdyne Holdings Inc.,

2.250%, 12/15/23

NIO Inc.,

4.500%, 02/01/24(a)

Tesla Inc.,

2.000%, 05/15/24

Perficient Inc.,

2.375%, 09/15/23(a)

RingCentral Inc.,

Zero Coupon, 03/15/23

Square Inc.,

0.500%, 05/15/23

Harmonic Inc.,

4.000%, 12/01/20

InterDigital Inc.,

2.000%, 06/01/24(a)

Lumentum Holdings Inc.,

0.250%, 03/15/24

Computer Software and Services — 17.5%

Boingo Wireless Inc.,

1.000%, 10/01/23(a)

Coupa Software Inc.,

0.125%, 06/15/25(a)

CSG Systems International Inc.,

4.250%, 03/15/36

GDS Holdings Ltd.,

2.000%, 06/01/25

IAC Financeco 3 Inc.,

2.000%, 01/15/30(a)

LivePerson Inc.,

0.750%, 03/01/24(a)

MercadoLibre Inc.,

2.000%, 08/15/28(a)

New Relic Inc.,

0.500%, 05/01/23

Nice Systems Inc.,

1.250%, 01/15/24

Okta Inc.,

0.250%, 02/15/23

Pluralsight Inc.,

0.375%, 03/01/24(a)

Principal
Amount

Market

Value

PROS Holdings Inc.,

2.000%, 06/01/47

Q2 Holdings Inc.,

0.750%, 02/15/23

0.750%, 06/01/26(a)

Splunk Inc.,

1.125%, 09/15/25(a)

The Priceline Group Inc.,

0.350%, 06/15/20

Vocera Communications Inc.,

1.500%, 05/15/23

Chegg Inc.,

0.125%, 03/15/25(a)

Extra Space Storage LP,

3.125%, 10/01/35(a)

Quotient Technology Inc.,

1.750%, 12/01/22

Chart Industries Inc.,

1.000%, 11/15/24(a)

Kaman Corp.,

3.250%, 05/01/24

KBR Inc.,

2.500%, 11/01/23(a)

Team Inc.,

5.000%, 08/01/23

TimkenSteel Corp.,

6.000%, 06/01/21

Applied Optoelectronics Inc.,

5.000%, 03/15/24(a)

Cheniere Energy Inc.,

4.250%, 03/15/45

Newpark Resources Inc.,

4.000%, 12/01/21

SunPower Corp.,

4.000%, 01/15/23

DISH Network Corp.,

3.375%, 08/15/26

Gannett Co. Inc.,

4.750%, 04/15/24

Principal
Amount

Market

Value

CONVERTIBLE CORPORATE BONDS (Continued)

Global Eagle Entertainment Inc.,

2.750%, 02/15/35

Encore Capital Group Inc.,

3.250%, 03/15/22

GSV Capital Corp.,

4.750%, 03/28/23

Heritage Insurance Holdings Inc.,

5.875%, 08/01/37

IIP Operating Partnership LP,

3.750%, 02/21/24(a)

LendingTree Inc.,

0.625%, 06/01/22

BioMarin Pharmaceutical Inc.,

0.599%, 08/01/24

CONMED Corp.,

2.625%, 02/01/24(a)

DexCom Inc.,

0.750%, 12/01/23(a)

Evolent Health Inc.,

1.500%, 10/15/25(a)

Exact Sciences Corp.,

0.375%, 03/15/27

Inovio Pharmaceuticals Inc.,

6.500%, 03/01/24(a)

Insulet Corp.,

1.375%, 11/15/24

Intercept Pharmaceuticals Inc.,

2.000%, 05/15/26

Invacare Corp.,

4.500%, 06/01/22

Neurocrine Biosciences Inc.,

2.250%, 05/15/24

NuVasive Inc.,

2.250%, 03/15/21

Pacira BioSciences Inc.,

2.375%, 04/01/22

Paratek Pharmaceuticals Inc.,

4.750%, 05/01/24

Repligen Corp.,

0.375%, 07/15/24

Retrophin Inc.,

2.500%, 09/15/25

Supernus Pharmaceuticals Inc.,

0.625%, 04/01/23

Principal
Amount

Market

Value

Tabula Rasa HealthCare Inc.,

1.750%, 02/15/26(a)

Teladoc Health Inc.,

3.000%, 12/15/22

Theravance Biopharma Inc.,

3.250%, 11/01/23

Arconic Inc.,

1.625%, 10/15/19

Guess? Inc.,

2.000%, 04/15/24(a)

Advanced Micro Devices Inc.,

2.125%, 09/01/26

Cypress Semiconductor Corp.,

4.500%, 01/15/22

Inphi Corp.,

1.125%, 12/01/20

Knowles Corp.,

3.250%, 11/01/21

Rambus Inc.,

1.375%, 02/01/23

Teradyne Inc.,

1.250%, 12/15/23

8x8 Inc.,

0.500%, 02/01/24(a)

Infinera Corp.,

2.125%, 09/01/24

Liberty Latin America Ltd.,

2.000%, 07/15/24(a)

Twilio Inc.,

0.250%, 06/01/23

Atlas Air Worldwide Holdings Inc.,

2.250%, 06/01/22

GOL Equity Finance SA,

3.750%, 07/15/24(a)

TOTAL CONVERTIBLE CORPORATE BONDS

Shares

Market

Value

Business Services — 0.3%

Amerivon Holdings LLC, common equity units(c)

Financial Services — 4.5%

Landmark Infrastructure Partners LP,

7.216%, Ser. C

TOTAL CONVERTIBLE PREFERRED STOCKS

Diversified Industrial — 3.2%

Colfax Corp.,

5.750%, 01/15/22

International Flavors & Fragrances Inc.,

6.000%, 09/15/21

Rexnord Corp., Ser. A

5.750%, 11/15/19

Energy and Utilities — 6.1%

American Electric Power Co. Inc.,

6.125%, 03/15/22

Aqua America Inc.,

6.000%, 04/30/22

CenterPoint Energy Inc., Ser. B

7.000%, 09/01/21

Dominion Energy Inc.,

Ser. A, 6.750%, 08/15/19

Ser. A, 7.250%, 06/01/22

DTE Energy Co.,

6.500%, 10/01/19

NextEra Energy Inc.,

6.123%, 09/01/19

Sempra Energy,

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

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

Shares

Market

Value

South Jersey Industries Inc.,

7.250%, 04/15/21

Danaher Corp., Ser. A

4.750%, 04/15/22

2017 Mandatory Exchangeable Trust,

5.188%, 12/01/20

Assurant Inc., Ser. D

6.500%, 03/15/21

New York Community Capital Trust V,

6.000%, 11/01/51

Avantor Inc., Ser. A

6.250%, 05/15/22

Becton Dickinson and Co., Ser. A

6.125%, 05/01/20

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

TOTAL MANDATORY CONVERTIBLE SECURITIES

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

Principal
Amount

1.964% to 2.136%††,

10/03/19 to 10/24/19

TOTAL INVESTMENTS — 100.0%
(Cost $141,745,294)

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.

Security is perpetual and has no stated maturity date.

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

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.

American Depositary Receipt