<PAGE> PAGE 1
000 B000000 04/30/96
000 C000000 0000927437
000 D000000 N
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000 F000000 Y
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001 A000000 CROFT FUNDS CORPORATION
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003 000000 N
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007 C020100 CROFT LEOMINSTER VALUE FUND
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007 C020200 CROFT LEOMINSTER INCOME FUND
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012 A00AA01 AMERICAN DATA SERVICES, INC
012 B00AA01 84-1964
012 C01AA01 HUNTINGTON
012 C02AA01 NY
012 C03AA01 11743
020 A000001 PAINE WEBBER
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE JAMES E. CINO
TITLE FUND ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> CROFT LEOMINSTER VALUE
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 1159478
<INVESTMENTS-AT-VALUE> 1265240
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 8274
<INTEREST-INCOME> 8279
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 6168
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<APPREC-INCREASE-CURRENT> 105762
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 3788
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<SHARES-REINVESTED> 862
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<PER-SHARE-NAV-END> 11.74
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 2
<NAME> CROFT LEOMINSTER INCOME
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<INVESTMENTS-AT-VALUE> 6406632
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<NET-INVESTMENT-INCOME> 406481
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<DISTRIBUTIONS-OF-GAINS> 17033
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</TABLE>
Board of Directors
Croft Funds Corporation
In planning and performing our audit of the financial statements of Croft Funds
Corporation for the year ended April 30, 1996, 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 control structure.
The management of Croft Funds Corporation is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and proced-
ures. 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 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 may 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
Page 2
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
the internal control structure, including procedures for safeguarding securi-
ties that we consider to be material weaknesses as defined above as of April 30,
1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
May 23, 1996
