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REPORT ON EXAMINATION OF SECURITIES PURSUANT TO RULE 17F-2
To the Board of Directors of Dresdner RCM Global Small Cap Fund:
We have examined the securities represented by the investment accounts included
on the books and records of Dresdner RCM Global Small Cap Fund ("The Fund") for
the period from the date of our last similar examination on February 20, 1998 to
July 31, 1998. Our examination was performed without prior notice to the Fund
and in accordance with Rule 17f-2 of the Investment Company Act of 1940, as
amended. It is understood that this report is solely for the use of management
of Dresdner RCM Global Small Cap Fund and the Securities and Exchange Commission
and should not be used for any other purpose.
We performed the following procedures with respect to securities owned by The
Funds as of the close of business on July 31, 1998:
All securities owned by the Funds are custodied with State Street Bank and
Trust Company ("State Street"). All Deutschemark denominated securities
held by the Fund will be custodied with Dresdner Bank AG as Sub Custodian
for State Street. All securities custodied with Dresdner Bank AG are
custodied in book entry method. All Deutschemark denominated securities
owned by Dresdner RCM Global Small Cap Fund are held in an individual
account.
We reviewed State Street's daily exception report which compares the
safekeeping report of securities held by the Fund to those held by Dresdner
Bank AG on an individual account basis, from February 20, 1998 (the date of
our last security count) to July 31, 1998 noting that the exceptions on the
report, if any, for the Fund had been resolved during the period. We
agreed securities shown on the State Street safekeeping report to Dresdner
Bank AG's custody statement as of the count date.
Securities designated as securities of the Fund on State Street's
safekeeping report were traced to the books and records of the Fund, noting
agreement except for securities purchased/sold but not received/delivered
on that date, as to which we requested confirmation from the brokers.
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We reviewed the daily reconciliation between Dresdner Bank's records and
the records of the central depository, Deutscher Kassenverein AG, ("the
DKV") and noted that the exceptions or unmatched items on the report, if
any, had been resolved in a timely manner during the period.
Because the above procedures do not constitute an audit in accordance with
generally accepted auditing standards, we do not express an opinion on the
specified investment accounts referred to above. In connection with the
procedures referred to above, no matters came to our attention that caused us
to believe that the specified accounts should be adjusted. Had we performed
additional procedures or had we audited the financial statements in accordance
with generally accepted auditing standards, matters might have come to our
attention that would have been reported to you. This report related only to the
investments specified above and does not extend to any financial statements of
Dresdner RCM Global Small Cap Fund taken as a whole.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 9, 1998 PricewaterhouseCoopers LLP
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UNITED STATES --------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
WASHINGTON, D.C. 20549 --------------------------
OMB NUMBER: 3235-0360
FORM N-17F-2 EXPIRES:
ESTIMATED AVERAGE BURDEN
Certificate of Accounting of Securities and Similar HOURS PER RESPONSE 0.05
Investments in the Custody of --------------------------
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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<CAPTION>
<S><C>
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1. Investment Company Act File Number: Date examination completed:
811-09100 July 31, 1998
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2. State identification Number:
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in registration statement:
Dresdner RCM Global Small Cap Fund
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4. Address of principal executive office (number, street, city, state, zip code):
4 Embarcadero Center, San Francisco, CA 94111
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</TABLE>
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
INVESTMENT COMPANY
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
ACCOUNTANT
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
