<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 894386
000 D000000 N
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000 F000000 Y
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000 I000000 3.0.a
000 J000000 A
001 A000000 THE ANALYTIC SERIES FUND
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008 A00AA01 ANALYTIC INVESTMENT MANAGEMENT, INC.
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012 A00AA01 ANALYTIC INVESTMENT MANAGEMENT, INC.
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<PAGE> PAGE 2
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013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 COSTA MESA
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE DEBORAH SHEFLIN
TITLE SR. VICE PRESIDENT
February 2, 1996
To the Board of Directors and Shareholders of
the Analytic Series Fund, Inc.:
In planning and performing our audit of the financial statements
of the Analytic Series 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,
