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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE RON BENEDICT
TITLE SECRETARY
[TEXT]
DOW TARGET VARIABLE FUND LLC.
Report on Internal Control Required
by the Securities and Exchange Commission
December 31, 1999
Independent Auditors' Report on Internal Control
The Board of Directors and Shareholders of the
Dow Target Variable Fund LLC.:
In planning and performing our audit of the
financial statements of Dow Target Variable Fund
LLC (the Funds) for the year ended December
31, 1999, we considered their internal
control, including control activities 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 internal control.
The management of the Funds 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 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 any internal
control, error or fraud may occur and 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 one or more internal
control components does not reduce to a relatively
low level the risk that misstatements caused by
error or fraud in amounts that would 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 internal control and
its operation, including controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information
and use of management, the Board of Directors of
the Funds, and the Securities and Exchange
Commission and is not intended to be and should
not be used by anyone other than these specified
parties.
KPMG LLP
Cincinnati, Ohio
February 11, 2000
