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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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1. Investment Company Act File Number: Date examination completed:
811-6038 January 29, 1999
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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 Europe Fund
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4. Address of principal executive office (number, street, city, state, zip code):
Four Embarcadero Center, San Francisco, CA 94111
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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)
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Dresdner RCM Investment Funds Incorporated:
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about the Dresdner RCM Europe Fund's (the "Fund's") compliance with
the requirements of subsections (b) and (c) of rule 17f-2 under the Investment
Company Act of 1940 (the "Act") as of January 29, 1999. Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Fund's compliance with
those requirements and performing such other procedures as we considered
necessary in the circumstances. Included among our procedures were the following
tests performed as of January 29, 1999, and with respect to agreement of
security purchases and sales, for the period from December 31, 1998 (the date of
our last examination), through January 29, 1999:
- - Count and inspection of all securities located in the vault, if any, of
State Street Bank and Trust, in Quincy, Massachusetts, the Custodian,
without prior notice to management;
- - Confirmation of all securities held by Dresdner Bank AG and the Depository
Trust Company in book entry form;
- - Confirmation of all securities hypothecated, pledged, placed in escrow, or
out for transfer with brokers, pledgees and/or transfer agents;
- - Reconciliation of all such securities to the books and records of the Fund
and the Custodian; and
- - Tests of selected security transactions since the date of our last report.
- - Agreement of two security purchases and one security sale or maturity since
our last report from the books and records of the Company to broker
confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
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In our opinion, management's assertion that the Dresdner RCM Europe Fund was in
compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the
Investment Company Act of 1940 as of January 29, 1999, with respect to
securities reflected in the investment account of the Fund is fairly stated, in
all material respects.
This report is intended solely for the information and use of the Board of
Directors of Dresdner RCM Investment Funds Incorporated, management of the
Dresdner RCM Europe Fund and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
Boston, Massachusetts
March 18, 1999
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March 18, 1999
PricewaterhouseCoopers LLP
160 Federal Street
Boston, Massachusetts 02110
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF THE
INVESTMENT COMPANY ACT OF 1940
We, as members of management of the Dresdner RCM Europe Fund (the "Fund"), are
responsible for complying with the requirements of subsections (b) and (c) of
rule 17f-2, "Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Fund's compliance
with the requirements of subsections (b) and (c) of rule 17f-2 as of
January 29, 1999, and from December 31, 1998 through January 29, 1999.
Based on this evaluation, we assert that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as January 29, 1999, and from December 31, 1998, through
January 29, 1999, with respect to securities reflected in the investment account
of the Fund.
Dresdner RCM Europe Fund
/s/ Steven Wong
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Steven Wong, Assistant Treasurer
