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SIGNATURE DEBORAH SHEFLIN
TITLE DIRECTOR OF ADMIN
February 10, 1997
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,
1996 (on which we have issued our report dated February 10, 1997), 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 promptly 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 it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation 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, 1996.
This report is intended solely for the information and use of management
of the Fund and the Securities and Exchange Commission.
Yours truly,
Deloitte & Touche LLP
Los Angeles, CA
