Measurements of the inclusive cross-sections forK 0 and Λ production in hadronic decays of the Z are presented together with measurements of two-particle correlations within pairs of Λ andK 0. The results are compared with predictions from the hadronization models Jetset, based on string fragmentation, and Herwig, based on cluster decays. TheK 0 spectrum is found to be harder than predicted by both models, while the Λ spectrum is softer than predicted. The correlation measurements are all reproduced well by Jetset, while Herwig misses some of the qualitative features and overestimates the size of the ΛΛˉ correlation. Finally, the possibility of Bose-Einstein correlation in theK S 0 K S 0 system is discussed.