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001 A000000 BANCROFT CONVERTIBLE FUND, INC
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012 C010001 NEW YORK
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<PAGE> PAGE 2
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020 B000002 52-1718377
020 C000002 3
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020 B000003 13-5108880
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022 C000004 2761
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022 A000005 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
<PAGE> PAGE 3
022 B000005 13-2741729
022 C000005 1649
022 D000005 1413
022 A000006 WECHSLER & CO., INC.
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SIGNATURE GARY LEVINE
TITLE TREASURER
Item 77C
At the Annual Meeting of Stockholders held on February 15, 1996, the share-
holders approved modifications to certain of the Registrant's fundamental
investment policies, by the following votes (substantive changes in uppercase):
The Registrant will not
have less than 80% of the market value of its total assets (excluding cash and
government securities) invested in (a) securities of companies which at the
time of purchase (i) had shares of their common stock listed on the New York
Stock Exchange, THE AMERICAN STOCK EXCHANGE OR NASDAQ NATIONAL MARKET (EACH,
AN "EXCHANGE"), (ii) met the then prevailing earnings requirements for
listing on the New York Stock Exchange, or (iii) had pre-tax earnings of at
least $2,000,000 in three of the five preceding fiscal years, AND (B) IN
AMERICAN DEPOSITARY RECEIPTS THAT AT THE TIME OF PURCHASE (i) ARE LISTED ON
AN EXCHANGE, OR (ii) MET THE THEN PREVAILING EARNINGS REQUIREMENTS FOR LISTING
ON THE NEW YORK STOCK EXCHANGE.
For: 1,447,805 Against: 71,213
The Registrant will not
(a) purchase securities (i) of companies which, with their predecessors, OR
(ii) WHICH ARE GUARANTEED BY COMPANIES WHICH, WITH THEIR PREDECESSORS, have a
record of less than three years' continuous operations, if such purchase would
cause more than 5% of the market value of the Registrant's total assets to be
invested in the securities of such companies, or (b) invest in more than
10% of the outstanding voting securities of any one issuer.
For: 1,439,524 Against: 78,847
The Registrant will not
WITH RESPECT TO 85% OF ITS TOTAL ASSETS, invest more than 5% of the market
value of its total assets in the securities of any one issuer (other than the
United States government or its agencies) or purchase additional securities of
any one issuer (other than the United States government or its agencies) if
after giving effect to such purchase the cost of all securities of such issuer
then held by it would exceed 5% of the market value of its total assets.
For: 1,392,351 Against: 118,055
The Registrant will not
underwrite securities of other issuers, except that it may acquire convertible
securities the subsequent disposition of which (or of the underlying equity
security) would cause the Fund to be deemed an underwriter within the meaning
of the Securities Act of 1933, as amended.
For: 1,362,309 Against: 142,530
The Registrant will not
make loans to other persons, (a) except that (i) THE REGISTRANT MAY LEND ITS
PORTFOLIO SECURITIES PROVIDED THE VALUE OF SUCH LOANED SECURITIES DOES NOT
EXCEED 10% OF ITS TOTAL ASSETS AND (ii) the purchase of debt securities in
accordance with the Registrant's investment policies shall not be considered
the making of a loan, and (b) provided that the Registrant may make temporary
purchases of securities issued or guaranteed by the United States, its
agencies or instrumentalities; bank certificates of deposit; or high-grade
commercial paper, which are subject to repurchase agreements.
For: 1,341,290 Against: 162,211
The Registrant will not
invest in puts, calls, or combinations thereof; provided that, notwithstanding
the foregoing, the Registrant may INVEST UP TO 2% OF ITS NET ASSETS IN PUT
OPTIONS ON COMMON STOCK OR MARKET INDICES AND may write covered call options
and may purchase call options to close out written covered call options.
For: 1,355,685 Against: 162,032
Item 77D
The Registrant has a nonfundamental investment policy which provides
that the Registrant may not purchase the securities of an issuer if,
after giving effect to such purchase, more than 20% of its net assets
would be invested in illiquid securities.
Form N-SAR
For period ended 4/30/96
File Number 811-2151
This report is signed on behalf of the Registrant in the City of
Morristown and State of New Jersey on the 24th day of June, 1996.
Bancroft Convertible Fund, Inc.
Name of Registrant
By:
Gary I. Levine
Treasurer
Witness:
Thomas H. Dinsmore
President
