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<PAGE> PAGE 9
SIGNATURE GENE T PRETTI
TITLE GENERAL PARTNER
ARTHUR ANDERSEN LLP
To the Partners of
Zazove Convertible Fund, L.P.:
In planning and performing our audit of the financial statements of ZAZOVE
CONVERTIBLE FUND, L.P. for the year ended December 31, 1995, we
considered its internal control structure, including procedures 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 the
internal controlstructure.
The management of Zazove Convertible Fund, L.P. is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
asses the expected benefits and related costs of internal control structure
policy and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 structure elements
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 or performing their assigned
functions. However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities,that we
consider to be material weaknesses as defined above as of December 31,1995.
This report is intended solely for the use of management and the Securities
and Exchange Commission and should not be used for any other purpose.
[Arthur Andersen LLP]
Chicago, Illinois
February 9, 1996
