UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2008
Check here if Amendment [  ];  Amendment Number:
This Amendment (Check only one.): [  ]is a restatement.
                       	         [  ]adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:		Stephen M. Strachan
Address:	410 North Michigan Avenue
		Room 590
		Chicago, Illinois 60611

Form 13F File Number:	28-10850

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:		David E. Mates
Title:
Phone:	   	312-644-6720
Signature,              Place              and Date of Signing:
David E. Mates       Chicago, Illinois		4/22/08

Report Type (Check only one.):

[ ] 13F HOLDINGS REPORT.  (Check here if all holdings of this
reporting manager are reported in this report.)

[x] 13F NOTICE.  (Check here if no holdings reported are in
this report, and all holdings are reported by other
reporting manager(s).)

[ ] 13F COMBINATION REPORT.  (Check here if a portion of the
holdings for this reporting manager are reported in this
report and a portion are reported by other reporting
manager(s).)

List Of Other Managers Reporting for this Manager:

13F File Number		Name

28-10858		John Rau