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SIGNATURE GARY LEVINE
TITLE TREASURER
SUB-ITEM 77D: Policies with respect to security investment
At Registrant's regular Board of Directors Meeting held on April 28, 1997
the Board discussed clarifying the investment policies of the Fund,
consistent with the Fund's fundamental investment restriction which permits
certain types of short sales. After further discussion and upon motion duly made
and seconded,it was unanimously
RESOLVED, that the following investment policy be, and it hereby is,
adopted for the Fund:
The Fund may engage in short sales of convertible securities as well as
common stock, provided that at the time of sale it owns or has the right
to acquire, with or without payment of further consideration through its
ownership of convertible or exchangeable securities or warrants or rights,
an equal amount of such securities. The Fund may close out any short sale
of common stock through the conversion or exchange of securities or the
exercise of warrants or rights it owns, or through the purchase and
delivery of common stock.
Form N-SAR
For period ended 04/30/97
File Number 811-4656
This report is signed on behalf of the Registrant in the City of
Morristown and State of New Jersey on the 30th day of June, 1997.
Bancroft Convertible Fund, Inc.
Name of Registrant
By: /s/ Gary I. Levine
Gary I. Levine
Treasurer
Witness:/s/ Thomas H. Dinsmore
Thomas H. Dinsmore
Chairman
