<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 894386
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001 A000000 THE ANALYTIC SERIES FUND
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<PAGE> PAGE 2
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015 A00AA01 UNION BANK OF CALIFORNIA, N.A.
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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 DIRECTOR, ADMIN
February 10, 1997
To the Board of Directors and Shareholders of Analytic Series Fund,
Inc:
In planning and performing our audit of the financial statements of
Analytic Series 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
