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SIGNATURE GARY LEVINE
TITLE TREASURER
REPORT OF INDEPENDENT ACCOUNTANTS
To Shareholders and Board of Directors
of Bancroft Convertible Fund, Inc.
In planning and performing our audit of the financial statements
and financial highlights of Bancroft Convertible Fund, Inc. for
the year ended October 31, 1995, we considered the Fund's
internal control structure, including the procedures for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and financial highlights and to comply with
the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Bancroft Convertible Fund, Inc. 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 control 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 may not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that procedures may
become inadequate because of changes in conditions or that the
effectiveness of 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 and financial highlights
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 securities, that we consider to be material
weaknesses, as defined above, as of October 31, 1995.
This report is intended solely for the information and use of
Bancroft Convertible Fund, Inc. and the Securities and Exchange
Commission.
COOPERS & LYBRAND L.L.P.
New York, New York
November 15, 1995
THE BANCROFT CONVERTIBLE FUND, INC.
KB:ds
B. Quinn
2 Mr. Sigmund Levine
The Bancroft Covertible Fund, Inc.
65 Madison Avenue
Morristown, NJ 07960
1 K. J. Brennan
1 B. Quinn
1 M. Meotti
1 Files
1 Workpapers
