September 8, 1997
THE DEFENSIVE EQUITY PORTFOLIO
of Analytic Optioned Equity Fund, Inc.
SUPPLEMENT TO THE PROSPECTUS
Dated May 12, 1997
Effective on or about September 8, 1997, the information
under the heading "GENERAL INFORMATION" on Page 23 is
amended as follows:
GENERAL INFORMATION
CUSTODIAN
The Fund's custodian will be The Chase Manhattan Bank,
1211 Avenue of the Americas, New York, New York 10036.
The information under the heading "HOW TO PURCHASE SHARES"
on Page 17 is amended as follows:
HOW TO PURCHASE SHARES
Purchase by Wire. Initial and subsequent purchases may
be made by wiring Federal Funds addressed:
The Chase Manhattan Bank
ABA #021000021
The Analytic Optioned Equity Fund, Inc. - (Defensive Equity
Portfolio)
credit DDA 9102791614
Account Registration: (your name)
Account #: (your account number)
September 8, 1997
THE DEFENSIVE EQUITY PORTFOLIO
of Analytic Optioned Equity Fund, Inc.
SUPPLEMENT TO THE
STATEMENT OF ADDITIONAL INFORMATION
Dated May 12, 1997
Effective on or about September 8, 1997, the information
under the heading "CUSTODIAN" is amended as follows:
CUSTODIAN
The Fund's custodian will be The Chase Manhattan Bank,
1211 Avenue of the Americas, New York, New York 10036.
Pursuant to the terms of the Custodian Agreement, the Fund
will forward to the Custodian the proceeds of each purchase
of Fund shares. The Custodian will hold such proceeds and
make disbursements therefrom in accordance with the terms of
the Custodian Agreement. It will retain possession of the
securities purchased with such proceeds and maintain
appropriate records with respect to receipt and
disbursements of money, receipt and release of securities,
and all other transactions of the Custodian with respect to
the securities and other assets of the Fund.
