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SIGNATURE DEBORAH SHEFLIN
TITLE SR. VICE PRESIDENT
February 2, 1996
To the Board of Directors and Shareholders of
Analytic Optioned Equity Fund, Inc.:
In planning and performing our audit of the financial statements
of Analytic Optioned Equity Fund, Inc. (the Fund) for the year
ended December 31, 1995 (on which we have issued our report dated
February 2, 1996), we considered its internal control structure,
including procedures 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 the internal
control structure.
The management of the Fund 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 internal control structure policies and 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 the preparation of financial
statements in accordance with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and 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 the design and operation of policies and procedures 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 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 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 December 31, 1995.
This report is intended solely for the information and use of
management of the Fund and the Securities and Exchange Commission.
Yours truly,
