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SIGNATURE GARY LEVINE
TITLE TREASURER
REPORT OF INDEPENDENT ACCOUNTANTS
To the 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, 1998, we considered its internal control, including control
over 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 internal control.
The management of Bancroft Convertible Fund, Inc. is
responsible for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements and financial highlights for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal controls, errors or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud 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 internal control, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of October 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
November 13, 1998
