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SIGNATURE ROBERT J. DIDOMENICO
TITLE TREASURER
Item 77C: Submission of matters to a
vote of securities holders
(a) The 1995 annual meeting of shareholders was held on
May 17, 1995.
(b) The following persons were elected directors at the
annual meetings being all of the directors named in
Registrant's proxy statement and now in office:
Dr. Donald C. Carroll
Paul B. Fay, Jr.
Robert F. Gurnee
John C. Jansing
James S. Morgan
Philip R. Reynolds
Marciarose E. Shestack
Mark E. Stalnecker
(c) At the annual meeting, the stockholders also voted to
ratify the selection of Deloitte & Touche as auditors
to examine the books and securities for the period
December 1, 1994 to November 30, 1995. 5,124,166
shares were cast in favor of such ratification.
28,634 shares were cast against such ratification; and
85,169 shares abstained from voting on this matter.
Exh99-1.txt
INDEPENDENT AUDITORS' REPORT
The Stockholders and Board of Directors
Vestaur Securities, Inc.
Philadelphia, Pennsylvania
We have audited the accompanying statements of assets and
liabilities of Vestaur Securities, Inc. (the "Company") as of
November 30, 1995 and 1994, including the schedule of investments
as of November 30, 1995, and the related statements of operations
and changes in net assets for the years ended November 30, 1995
and 1994, and the financial highlights for each of the five years
in the period ended November 30, 1995. These financial
statements and financial highlights are the responsibility of the
Company's management. Our responsibility is to express an
opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned at November 30, 1995 by correspondence with the
custodians. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial
highlights present fairly, in all material respects, the
financial position of Vestaur Securities, Inc. as of November 30,
1995 and 1994, and the results of its operations and changes in
its net assets for the years then ended, and the financial
highlights for each of the five years in the period ended
November 30, 1995 in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE
December 19, 1995
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Vestaur Securities, Inc.
Philadelphia, Pennsylvania
In planning and performing our audit of the financial statements
of Vestaur Securities, Inc. for the year ended November 30, 1995
(on which we have issued our report dated December 19, 1995), we
considered its internal control structure, including procedures
for 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 Vestaur Securities, Inc. is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and transactions are executed in
accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure 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 structure
elements 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 structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of November 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
DELOITTE & TOUCHE
December 19, 1995
The Board of Directors
Vestaur Securities, Inc.
Philadelphia, Pennsylvania
We are independent public accountants with respect to Vestaur
Securities, Inc. ("Vestaur"). We have performed procedures
relating to the investment accounts shown by the books and
records of Vestaur from the date of our last similar procedures
on July 11, 1995 to November 30, 1995. It is understood that
this report is solely for the use of management and the
Securities and Exchange Commission and should not be used for any
other purpose.
Securities owned as of the close of business on November 30,
1995, shown by the books and records, were in the custody of the
CoreStates' Trust Department ("CoreStates") at November 30, 1995,
but were physically located at the Depository Trust Company, the
Participant Trust Company, a depository for Government National
Mortgage Association securities, the Federal Reserve Bank, the
depository for Federal Home Loan Bank and Federal National
Mortgage Association Securities, or at GE Capital Services, the
issuer of short-term commercial paper held by Vestaur. We
confirmed these security holdings with CoreStates. We obtained a
confirmation for the $29,793 Residential Mortgage Participation
Note, 8-3/8%, from the custodian, Provident National Bank,
("Provident"), 17th and Chestnut Streets, Philadelphia,
Pennsylvania. We compared and reconciled Vestaur's security
records as of November 30, 1995 to the confirmations received
from CoreStates and Provident.
Because the above procedures do not constitute an audit conducted
in accordance with generally accepted auditing standards, we do
not express an opinion on the investment accounts referred to
above. In connection with the procedures referred to above, no
matters came to our attention that caused us to believe that the
specified accounts should be adjusted. Had we performed
additional procedures or had we audited the financial statements
in accordance with generally accepted auditing standards, matters
might have come to our attention that would have been reported to
you. This report relates only to the investments specified above
and does not extend to any financial statements of Vestaur
Securities, Inc. taken as a whole.
DELOITTE & TOUCHE
December 19, 1995
The Board of Directors
Vestaur Securities, Inc.
Philadelphia, Pennsylvania
We are independent public accountants with respect to Vestaur
Securities, Inc. ("Vestaur"). We have performed procedures
relating to the investment accounts shown by the books and
records of Vestaur from the date of our last similar procedures
on November 30, 1994 to April 19, 1995. It is understood that
this report is solely for the use of management and the
Securities and Exchange Commission and should not be used for any
other purpose.
Securities owned as of the close of business on April 19, 1995,
shown by the books and records, were in the custody of the
CoreStates' Trust Department at April 19, 1995, but were
physically located at the Depository Trust Company, the
Participant Trust Company, a depository for Government National
Mortgage Association securities or at the Federal Reserve Bank, a
depository for Federal National Mortgage Association securities.
We confirmed these security holdings with the Trust Department of
CoreStates. We obtained a confirmation for the $34,734
Residential Mortgage Participation Note,
8-3/8%, from the custodian, Provident National Bank
("Provident"), 17th and Chestnut Streets, Philadelphia,
Pennsylvania. We compared and reconciled Vestaur's security
records as of April 19, 1995 to the confirmations received from
CoreStates and Provident.
Because the above procedures do not constitute an audit conducted
in accordance with generally accepted auditing standards, we do
not express an opinion on the investment accounts referred to
above. In connection with the procedures referred to above, no
matters came to our attention that caused us to believe that the
specified accounts should be adjusted. Had we performed
additional procedures or had we audited the financial statements
in accordance with generally accepted auditing standards, matters
might have come to our attention that would have been reported to
you. This report relates only to the investments specified above
and does not extend to any financial statements of Vestaur
Securities, Inc. taken as a whole.
DELOITTE & TOUCHE
April 19, 1995
