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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-17f-1 -----------------------------------
OMB APPROVAL
Certificate of Accounting of Securities and Similar -----------------------------------
Investments of a Management Investment Company OMB Number: 3235-0359
in the Custody of Members of Expires: July 31, 1991
National Securities Exchanges Estimated average burden
hours per response . . . .0.05
Pursuant to Rule 17f-1 [17 CFR 270.17f-1]
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<S> <C> <C> <C> <C> <C> <C>
1. Investment Company Act File Number: Date examination completed:
801 - 811-1920 JUNE 30, 2000
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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 108960 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:
Stralem Fund
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4. Name under which business is conducted, if different from above:
N/A
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5. Address of principal place of business (number, street, city, state, zip code):
405 Park Avenue, New York, NY 10022
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INSTRUCTIONS
This Form must be completed by investment companies that place or maintain
securities or similar investments in the custody of a company that is a member
of a national securities exchange.
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-1 under the Act and applicable state law, examines securities and
similar investments in the custody of a company that is a member of a
national securities exchange.
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-1 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
The estimated average burden hours are made solely for purposes of the Paperwork
Reduction Act and are not derived from a comprehensive or even a representative
survey or study of the costs of SEC rules and forms. Direct any comments
concerning the accuracy of the estimated average burden hours for compliance
with SEC rules and forms to Kenneth A. Fogash, Deputy Executive Director, U.S.
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C.,
20549 and Gary Waxman, Clearance Officer.
<PAGE>
[LETTERHEAD]
EISNER
INDEPENDENT AUDITORS' REPORT
To the Trustees
Stralem Fund
and
The Securities Exchange Commission
We have examined management's assertion about Stralem Fund's (the "Fund")
compliance, as it relates to the Stralem Fund Series, with the requirements of
Subsection (b)(1) and (b)(6) of rule 17f-1 under the Investment Company Act of
1940 (the "Act") as of June 30, 2000 and during the period January 1, 2000
through June 30, 2000, included in the accompanying Management Statement
Regarding Compliance with Certain Provisions of the Act. 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 June 30, 2000 and, with respect to agreement of security
purchases and sales, for the period January 1, 2000 through June 30, 2000.
- Confirmation of all securities with the custodian broker, Schroders.
- Reconciliation of all such securities to the books and records of the Fund.
- Agreement of five securities purchased and five securities sold from the
books and records of the Fund to the broker confirmation.
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.
In our opinion, management's assertion that the Fund was in compliance with the
requirements of Subsection (b)(1) and (b)(6) of Rule 17f-1 of the Act as of June
30, 2000 and during the period January 1, 2000 through June 30, 2000 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 management of the
Fund and the Securities Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
/s/ Richard A. Eisner & Company, LLP
New York, New York
August 2, 2000
<PAGE>
[LETTERHEAD]
EISNER
INDEPENDENT AUDITORS' REPORT
To the Trustees
Stralem Fund
and
The Securities Exchange Commission
We have examined management's assertion about Stralem Fund's (the "Fund")
compliance, as it relates to the Stralem Equity Fund Series, with the
requirements of Subsection (b)(1) and (b)(6) of rule 17f-1 under the Investment
Company Act of 1940 (the "Act") as of June 30, 2000 and during the period
January 18, 2000 (date of inception) through June 30, 2000, included in the
accompanying Management Statement Regarding Compliance with Certain Provisions
of the Act. 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 attestion 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 June 30, 2000 and, with respect to agreement of security
purchases and sales, for the period January 18, 2000 through June 30, 2000.
- Confirmation of all securities with the custodian broker, Schroders.
- Reconciliation of all such securities to the books and records of the Fund.
- Agreement of five securities purchased and one security sold (which
represents 100% of the sales) from the books and records of the Fund to the
broker confirmation.
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.
In our opinion, management's assertion that the Fund was in compliance with the
requirements of Subsection (b)(1) and (b)(6) of Rule 17f-1 of the Act as of June
30, 2000 and during the period January 18, 2000 through June 30, 2000 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 management of the
Fund and the Securities Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
/s/ Richard A. Eisner & Company, LLP
New York, New York
August 2, 2000
<PAGE>
[LETTERHEAD]
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940c
We, as members of management of Stralem Fund (The Fund"), are responsible
for complying with the requirements of subsection (b) of Rule 17f-1 "Custody of
Securities with Members of National Securities Exchanges" of the Investment
Company Act of 1940 as it relates to the Stralem Fund series. 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 subsection (b) of Rule 17f-1 as of
June 30, 2000. Based on this evaluation, we assert that the Fund was in
compliance with the requirements of subsections (b) of Rule 17f-1 of the
Investment Company Act of 1940 as of June 30, 2000, and from January 1, 2000
through June 30, 2000, with respect to securities reflected in the investment
account of the Fund.
Stralem Fund
By /s/ Hirschel B. Abelson
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Hirschel B. Abelson, Treasurer
<PAGE>
[LETTERHEAD]
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940C
We, as members of management of Stralem Fund (The Fund"), are
responsible for complying with the requirements of subsection (b) of Rule 17f-1
"Custody of Securities with Members of National Securities Exchanges" of the
Investment Company Act of 1940 as it relates to the Stralem Equity Fund series.
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 subsection (b) of
Rule 17f-1 as of June 30, 2000. Based on this evaluation, we assert that the
Fund was in compliance with the requirements of subsections (b) of Rule 17f-1 of
the Investment Company Act of 1940 as of June 30, 2000, and from January 1, 2000
through June 30, 2000, with respect to securities reflected in the investment
account of the Fund.
Stralem Fund
By /s/ Hirschel B. Abelson
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Hirschel B. Abelson, Treasurer
