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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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SIGNATURE MILT EMERINE
TITLE MANAGER FIN ADMIN
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000908711
<NAME> MINERVA FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 139561878
<INVESTMENTS-AT-VALUE> 158134888
<RECEIVABLES> 256403
<ASSETS-OTHER> 53360
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 158444651
<PAYABLE-FOR-SECURITIES> 179313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 203564
<TOTAL-LIABILITIES> 382877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127728135
<SHARES-COMMON-STOCK> 8839670
<SHARES-COMMON-PRIOR> 4681166
<ACCUMULATED-NII-CURRENT> 84813
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11675816
<OVERDISTRIBUTION-GAINS> 0
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<INTEREST-INCOME> 62280
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<EXPENSES-NET> 628405
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<REALIZED-GAINS-CURRENT> 12077544
<APPREC-INCREASE-CURRENT> 14980398
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1115106
<DISTRIBUTIONS-OF-GAINS> 1718039
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6270075
<NUMBER-OF-SHARES-REDEEMED> 2274049
<SHARES-REINVESTED> 162478
<NET-CHANGE-IN-ASSETS> 94520028
<ACCUMULATED-NII-PRIOR> 117802
<ACCUMULATED-GAINS-PRIOR> 1284531
<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
November 19, 1997
To the Directors of
Minerva Fund, Inc.
In planning and performing our audit of the financial
statements of Minerva Fund, Inc. (the "Fund") for the
year ended September 30, 1997, we considered
its internal control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments
by management are required to assess the expected
benefits and related costs of control activities. Generally,
control activities that are relevant to an audit pertain to
the entity's objective of preparing financial statements
for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those control activities include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and may not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by
the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design
or operation of the specific internal control components
does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be
material in relation to the financial statements
being audited may occur and not be detected
within a timely period by employees in the
normal course of performing their assigned
functions. However, we noted no matters
involving internal control, including control
activities for safeguarding securities, that we
consider to be material weaknesses as defined
above as of September 30, 1997.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
Price Waterhouse LLP
