Form 40-17F2 - Certificate of accounting of securities in custody of management investment companies [Rule 17f-2]
September 05 2024 - 2:32PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-17f-2 |
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OMB APPROVAL |
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OMB Number: 3235-0360 |
Certificate of Accounting of Securities and Similar |
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Expires: December 31, 2026 |
Investments in the Custody of |
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Estimated average burden |
Management Investment Companies |
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hours per response 2.0 |
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Pursuant to Rule 17f-2 [17 CFR 270.17f-2] |
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1. Investment Company Act File Number:
811-02201 |
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Date examination completed:
August 28, 2024 |
2. State identification Number: |
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DE |
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DC |
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GA |
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HI |
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ID |
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IL |
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IN |
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NC |
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OH |
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OR |
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PUERTO RICO |
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Other (specify): |
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3. Exact name of investment company as specified in registration statement:
Insight Select Income Fund |
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4. Address of principal executive office (number, street, city, state, zip
code):
200 Park Avenue 7th Floor
New York 10166 |
INSTRUCTIONS
This Form must be completed by investment
companies that have custody of securities or similar investments.
Investment Company
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All items must be completed by the investment company. |
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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
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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 (04-09)
SEC’s Collection of Information
An agency may not conduct or sponsor, and a person
is not required to respond to, a collection of information unless it displays a currently valid OMB control number. Filing of Form N-17f-2 is
mandatory for an investment company that has custody of securities or similar investments. Rule 17f-2 under section 17(f) of
the Investment Company Act of 1940 requires the investment company to retain an independent public accountant to verify the company’s
securities and similar investments by actual examination three times during each fiscal year. The accountant must prepare a certificate
stating that the examination has occurred and describing the examination, and must transmit the certificate to the Commission with Form N-17f-2 as
a cover sheet. The Commission uses the Form to ensure that the certificate is properly attributed to the investment company. The Commission
estimates that the burden of completing Form N-17f-2 is approximately 1.0 hours per filing. Any member of the public may direct
to the Commission any comments concerning the accuracy of the burden estimate of this Form, and any suggestions for reducing this burden.
This collection of information has been reviewed by the Office of Management and Budget in accordance with the clearance requirements
of 44 U.S.C. § 3507. Responses to this collection of information will not be kept confidential.
2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Board of Trustees of
Insight Select Income Fund
We have examined management’s assertion,
included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of
1940, that the Insight Select Income Fund, (the “Fund”), complied with the requirements of subsections (b) and (c) of
Rule 17f-2 under the Investment Company Act of 1940 (the “Act”) as of April 30, 2024. Management is responsible for its
assertion about compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act (the specified requirements).
Our responsibility is to express an opinion on management’s assertion about the Fund’s compliance with the specified
requirements based on our examination.
Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the
examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements
is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management’s
assertion is fairly stated in all material respects. The nature, timing, and extent of the procedures selected depend on our judgment,
including an assessment of the risks of material misstatement of management’s assertion, whether due to fraud or error. We believe
that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
Included among our procedures were the following
tests performed as of April 30, 2024, and with respect to agreement of security and similar investments purchases and sales, for the
period from March 31, 2024 (the date of our last examination) through April 30, 2024.
| • | Confirmation of all securities held by BNY Mellon, custodian in book entry form and reconciliation with
depositories and subcustodians used by BNY Mellon. |
| • | Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers,
pledges, or transfer agents. |
| • | Reconciliation of all such securities to the books and records of the Fund and the custodian, BNY Mellon. |
| • | Confirmation of all time deposits with broker/banks and agreement with custodian records. |
| • | Agreement of five security purchases and five security sales since our last report from the books and
records of the Fund 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.
In our opinion, management’s assertion that the Insight Select Income Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of April 30, 2024, with respect to securities and similar investments reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
To the Board of Trustees of
Insight Select Income Fund
Page Two
This report is intended solely for the information
and use of management and the Board of Trustees of the Insight Select Income 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.
![](https://www.sec.gov/Archives/edgar/data/30125/000113322824008682/img002.jpg)
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 28, 2024
MANAGEMENT STATEMENT REGARDING
COMPLIANCE
WITH CERTAIN PROVISIONS OF
THE
INVESTMENT COMPANY ACT OF 1940
August 28, 2024
We, as members of management of the Insight
Select Income 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 control 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 April 30, 2024, and from April 1, 2024 through April 30, 2024.
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 of April 30, 2024, and from April 1, 2024 through April 30, 2024 with respect to securities and
similar investments reflected in the investment accounts of the Fund.
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Insight Select Income Fund |
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![](https://www.sec.gov/Archives/edgar/data/30125/000113322824008682/img003.jpg) |
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David Leduc |
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President |
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![](https://www.sec.gov/Archives/edgar/data/30125/000113322824008682/img004.jpg) |
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Thomas E. Stabile |
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Treasurer |
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