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SIGNATURE PHILIPPE E. BAUMANN
TITLE PRESIDENT
[LETTERHEAD OF EISNER]
Trustees
Stralem Fund
New York, New York
In planning and performing our audit of the financial statements of Stralem Fund
for the year ended December 31, 1999, we considered its internal control,
including controls over 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 Stralem Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of internal control 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 the specific internal control component 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, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of December 31,
1999.
This report is intended solely for the information and use of management, the
Trustees, and the Securities and Exchange Commission.
/s/ Richard A. Eisner, LLP
New York, New York
January 27, 2000
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