0000932471-17-006087.txt : 20171228
0000932471-17-006087.hdr.sgml : 20171228
20171228102527
ACCESSION NUMBER: 0000932471-17-006087
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20171031
FILED AS OF DATE: 20171228
DATE AS OF CHANGE: 20171228
EFFECTIVENESS DATE: 20171228
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: VANGUARD WINDSOR FUNDS
CENTRAL INDEX KEY: 0000107606
IRS NUMBER: 510082711
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-00834
FILM NUMBER: 171277389
BUSINESS ADDRESS:
STREET 1: PO BOX 2600
STREET 2: V26
CITY: VALLEY FORGE
STATE: PA
ZIP: 19482
BUSINESS PHONE: 6106691000
MAIL ADDRESS:
STREET 1: PO BOX 2600
STREET 2: V26
CITY: VALLEY FORGE
STATE: PA
ZIP: 19482
FORMER COMPANY:
FORMER CONFORMED NAME: VANGUARD WINDSOR FUNDS/
DATE OF NAME CHANGE: 20011121
FORMER COMPANY:
FORMER CONFORMED NAME: VANGUARD/WINDSOR FUNDS INC
DATE OF NAME CHANGE: 19931203
FORMER COMPANY:
FORMER CONFORMED NAME: WINDSOR FUNDS INC
DATE OF NAME CHANGE: 19920703
0000107606
S000004417
Vanguard Windsor Fund
C000012178
Investor Shares
VWNDX
C000012179
Admiral Shares
VWNEX
0000107606
S000004418
Vanguard Windsor II Fund
C000012180
Investor Shares
VWNFX
C000012181
Admiral Shares
VWNAX
NSAR-B
1
answer10-31-17.fil
PAGE 1
000 B000000 10/31/2017
000 C000000 0000107606
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 VANGUARD WINDSOR FUNDS
001 B000000 811-834
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 VANGUARD WINDSOR FUND
007 C030100 N
007 C010200 2
007 C020200 VANGUARD WINDSOR II FUND
007 C030200 N
008 A000101 WELLINGTON MANAGEMENT COMPANY, LLP
008 B000101 A
008 C000101 801-15908
008 D010101 BOSTON
008 D020101 MA
008 D030101 02109
008 A000102 PZENA INVESTMENT MANAGEMENT, LLC
008 B000102 A
008 C000102 801-50838
008 D010102 NEW YORK
008 D020102 NY
008 D030102 10036
008 A000201 BARROW, HANLEY, MEWHINNEY & STRAUSS, INC.
008 B000201 A
008 C000201 801-31237
008 D010201 DALLAS
008 D020201 TX
008 D030201 75201
008 A000202 LAZARD ASSET MANAGEMENT LLC
008 B000202 A
008 C000202 801-61701
008 D010202 NEW YORK
008 D020202 NY
PAGE 2
008 D030202 10112
008 A000203 THE VANGUARD GROUP, INC.
008 B000203 A
008 C000203 801-11953
008 D010203 MALVERN
008 D020203 PA
008 D030203 19355
008 A000204 HOTCHKIS AND WILEY CAPITAL MANAGEMENT, LLC
008 B000204 A
008 C000204 801-60512
008 D010204 LOS ANGELES
008 D020204 CA
008 D030204 90017
008 A000205 SANDERS CAPITAL, LLC
008 B000205 A
008 C000205 801-70661
008 D010205 NEW YORK
008 D020205 NY
008 D030205 10022
010 A00AA01 THE VANGUARD GROUP, INC.
010 B00AA01 801-11953
010 C01AA01 MALVERN
010 C02AA01 PA
010 C03AA01 19355
011 A00AA01 VANGUARD MARKETING CORP.
011 B00AA01 8-21570
011 C01AA01 MALVERN
011 C02AA01 PA
011 C03AA01 19355
012 A00AA01 THE VANGUARD GROUP, INC.
012 B00AA01 84-772
012 C01AA01 MALVERN
012 C02AA01 PA
012 C03AA01 19355
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 VANGUARD MARKETING CORP.
014 B00AA01 8-21570
015 A00AA01 BROWN BROTHERS HARRIMAN & CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 200
019 C00AA00 VANGUARDGR
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
PAGE 3
020 B000001 13-5674085
020 C000001 2279
020 A000002 Abel Noser Corp
020 B000002 13-2833083
020 C000002 1571
020 A000003 MORGAN STANLEY
020 B000003 13-2655998
020 C000003 1436
020 A000004 Bernstein (Sanford C.) & Co., Inc.
020 B000004 13-2625874
020 C000004 1159
020 A000005 CITIGROUP GLOBAL MARKETS, INC.
020 B000005 13-2919773
020 C000005 1109
020 A000006 LIQUIDNET, INC.
020 B000006 13-4095933
020 C000006 1071
020 A000007 J.P. MORGAN SECURITIES INC.
020 B000007 13-3224016
020 C000007 916
020 A000008 UBS SECURITIES LLC
020 B000008 13-3873456
020 C000008 736
020 A000009 CREDIT SUISSE SECURITIES (USA) LLC
020 B000009 13-5659485
020 C000009 733
020 A000010 DEUTSCHE BANK SECURITIES INC.
020 B000010 13-2730828
020 C000010 644
021 000000 18808
022 A000001 VANGUARD MARKET LIQUIDITY FUND
022 B000001 20-0961056
022 C000001 20852488
022 D000001 20344865
022 A000002 BANC OF AMERICA SECURITIES LLC
022 B000002 56-2058405
022 C000002 35850237
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 368548
022 D000003 158262
022 A000004 CREDIT SUISSE SECURITIES (USA) LLC
022 B000004 13-5659485
022 C000004 79784
022 D000004 144473
022 A000005 J.P. MORGAN SECURITIES INC.
022 B000005 13-3224016
022 C000005 159772
022 D000005 62850
022 A000006 MORGAN STANLEY
PAGE 4
022 B000006 13-2655998
022 C000006 112284
022 D000006 95799
022 A000007 DEUTSCHE BANK SECURITIES INC.
022 B000007 13-2730828
022 C000007 126994
022 D000007 69013
022 A000008 JEFFERIES & COMPANY, INC.
022 B000008 95-2622900
022 C000008 81482
022 D000008 105307
022 A000009 LIQUIDNET, INC.
022 B000009 13-4095933
022 C000009 86852
022 D000009 92046
022 A000010 BARCLAYS CAPITAL INC.
022 B000010 13-3410233
022 C000010 101680
022 D000010 66159
023 C000000 58744425
023 D000000 21885548
024 000100 Y
024 000200 Y
025 A000101 Bank of America
025 B000101 56-2058405
025 C000101 E
025 D000101 456155
025 A000102 CITIGROUP GLOBAL MARKETS, INC.
025 B000102 13-2919773
025 C000102 E
025 D000102 1428790
025 A000103 MORGAN STANLEY
025 B000103 13-2655998
025 C000103 E
025 D000103 210433
025 A000104 GOLDMAN, SACHS & CO.
025 B000104 13-5108880
025 C000104 E
025 D000104 99047
025 A000105 J.P. MORGAN SECURITIES INC.
025 B000105 13-3224016
025 C000105 E
025 D000105 1196556
025 A000106 Bank of America
025 B000106 56-2058405
025 C000106 D
025 D000106 122200
025 A000107 UBS SECURITIES LLC
025 B000107 13-3873456
025 C000107 E
025 D000107 86131
PAGE 5
025 A000201 Bank of America
025 B000201 56-2058405
025 C000201 E
025 D000201 1238860
025 A000202 J.P. MORGAN SECURITIES INC.
025 B000202 13-3224016
025 C000202 E
025 D000202 1196556
025 A000203 CITIGROUP GLOBAL MARKETS, INC.
025 B000203 13-2919773
025 C000203 E
025 D000203 1428790
025 A000204 GOLDMAN, SACHS & CO.
025 B000204 13-5108880
025 C000204 E
025 D000204 99047
025 A000205 MORGAN STANLEY
025 B000205 13-2655998
025 C000205 E
025 D000205 210433
025 A000206 BARCLAYS CAPITAL INC.
025 B000206 13-3410233
025 C000206 E
025 D000206 89644
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 Y
026 H000000 N
027 000000 Y
028 A010100 85711
028 A020100 0
028 A030100 0
028 A040100 115670
028 B010100 77298
028 B020100 144861
028 B030100 0
028 B040100 130270
028 C010100 117694
028 C020100 0
028 C030100 0
028 C040100 117020
028 D010100 302522
028 D020100 0
028 D030100 0
028 D040100 376503
028 E010100 66453
PAGE 6
028 E020100 0
028 E030100 0
028 E040100 146672
028 F010100 204607
028 F020100 0
028 F030100 0
028 F040100 272266
028 G010100 854285
028 G020100 144861
028 G030100 0
028 G040100 1158401
028 H000100 0
028 A010200 159437
028 A020200 0
028 A030200 0
028 A040200 464963
028 B010200 231179
028 B020200 459586
028 B030200 0
028 B040200 460304
028 C010200 200596
028 C020200 0
028 C030200 0
028 C040200 456705
028 D010200 674607
028 D020200 0
028 D030200 0
028 D040200 1100927
028 E010200 204434
028 E020200 0
028 E030200 0
028 E040200 469076
028 F010200 595451
028 F020200 0
028 F030200 0
028 F040200 895520
028 G010200 2065704
028 G020200 459586
028 G030200 0
028 G040200 3847495
028 H000200 0
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
PAGE 7
036 B00AA00 0
037 000100 N
037 000200 N
038 000100 0
038 000200 0
039 000100 Y
039 000200 Y
040 000100 N
040 000200 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000100 0
043 000200 0
044 000100 0
044 000200 0
045 000100 Y
045 000200 Y
046 000100 Y
046 000200 Y
047 000100 N
047 000200 N
048 000100 0.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
PAGE 8
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
048 000200 0.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000100 N
049 000200 N
050 000100 N
050 000200 N
051 000100 Y
051 000200 Y
052 000100 N
052 000200 N
053 A000100 N
053 A000200 N
054 A000100 N
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 N
054 I000100 N
054 J000100 N
054 K000100 N
PAGE 9
054 L000100 N
054 M000100 N
054 N000100 N
054 O000100 N
054 A000200 N
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 N
054 I000200 N
054 J000200 N
054 K000200 N
054 L000200 N
054 M000200 N
054 N000200 N
054 O000200 N
055 A000100 N
055 B000100 N
055 A000200 N
055 B000200 N
056 000100 Y
056 000200 Y
057 000100 N
057 000200 N
058 A000100 N
058 A000200 N
059 000100 Y
059 000200 Y
060 A000100 Y
060 B000100 Y
060 A000200 Y
060 B000200 Y
061 000100 0
061 000200 0
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
PAGE 10
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000100 N
067 000200 N
068 A000100 N
068 B000100 N
068 A000200 N
068 B000200 N
069 000100 N
069 000200 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
PAGE 11
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 Y
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000100 4633915
071 B000100 5385438
PAGE 12
071 C000100 17916177
071 D000100 26
071 A000200 14696581
071 B000200 17840412
071 C000200 46545566
071 D000200 32
072 A000100 12
072 B000100 3705
072 C000100 358704
072 D000100 0
072 E000100 478
072 F000100 14998
072 G000100 18609
072 H000100 0
072 I000100 8338
072 J000100 160
072 K000100 0
072 L000100 499
072 M000100 33
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 47
072 S000100 0
072 T000100 1344
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 44028
072 Y000100 0
072 Z000100 318859
072AA000100 1317739
072BB000100 760932
072CC010100 3093941
072CC020100 0
072DD010100 103547
072DD020100 270719
072EE000100 0
072 A000200 12
072 B000200 13037
072 C000200 1113862
072 D000200 0
072 E000200 1681
072 F000200 56800
072 G000200 50552
072 H000200 0
072 I000200 21970
072 J000200 459
072 K000200 0
072 L000200 1347
PAGE 13
072 M000200 84
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 51
072 S000200 0
072 T000200 3700
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 134963
072 Y000200 1723
072 Z000200 995340
072AA000200 4990684
072BB000200 1793577
072CC010200 4305009
072CC020200 0
072DD010200 328011
072DD020200 780981
072EE000200 2471427
073 A010100 0.4330
073 A020100 1.5380
073 B000100 0.0000
073 C000100 0.0000
073 A010200 0.8510
073 A020200 1.5650
073 B000200 0.0000
073 C000200 0.0000
074 A000100 0
074 B000100 122200
074 C000100 83388
074 D000100 0
074 E000100 0
074 F000100 19147489
074 G000100 0
074 H000100 0
074 I000100 242455
074 J000100 52593
074 K000100 0
074 L000100 22946
074 M000100 0
074 N000100 19671071
074 O000100 61971
074 P000100 30956
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 21069
074 S000100 0
PAGE 14
074 T000100 19557075
074 U010100 222011
074 U020100 182132
074 V010100 23.38
074 V020100 78.88
074 W000100 0.0000
074 X000100 229466
074 Y000100 7890
074 A000200 3039
074 B000200 0
074 C000200 25055
074 D000200 0
074 E000200 0
074 F000200 48009093
074 G000200 0
074 H000200 0
074 I000200 1243454
074 J000200 12235
074 K000200 0
074 L000200 56781
074 M000200 0
074 N000200 49349657
074 O000200 29995
074 P000200 83558
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 84195
074 S000200 0
074 T000200 49151909
074 U010200 351397
074 U020200 515599
074 V010200 38.81
074 V020200 68.88
074 W000200 0.0000
074 X000200 292086
074 Y000200 12253
075 A000100 0
075 B000100 18332593
075 A000200 0
075 B000200 47797167
076 000100 0.00
076 000200 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
PAGE 15
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 Y
078 000000 N
080 A00AA00 ICI Mutual Insurance Company
080 B00AA00 N/A
080 C00AA00 400000
081 A00AA00 Y
081 B00AA00 211
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE CHUCK SIMPKINS
TITLE MANAGER
EX-99
2
3.q773windsor103117.txt
EXHIBIT 77Q3 TO FORM N-SAR
Registrant Name: Vanguard Windsor Fund(s)
File Number: 811-00834
Registrant CIK Number: 0000107606
Items 72, 73 and 74
Because the electronic format for filing Form N-SAR does not provide
adequate space for responding to Items 72 through 74 completely, the Registrant
has set forth in their entirety the complete responses to the indicated Items or
Sub-Items below, in accordance with verbal instructions provided to the
Registrant by the staff of the Commission on September 20, 2002, and September
23, 2002.
Series 1 Identifier S000004417 Windsosr Fund
Class 1 SEC Identifier C000012178
Class 2 SEC Identifier C000012179
Item 73
Distributions per share for which record date passed during the period:
B) 1. Distributions of capital gains $.595
2. Distributions of capital gains from a second class of open-end
company shares $2.007
Series 2 Identifier S000004418 Windsor II
Class 1 SEC Identifier C000012180
Class 2 SEC Identifier C000012181
Item 73
Distributions per share for which record date passed during the period:
B) 1. Distributions of capital gains $1.966
2. Distributions of capital gains from a second class of open-end
company shares $3.488
EX-99.77B ACCT LTTR
3
b77windsor103117.txt
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Windsor Funds and the Shareholders
of Vanguard Windsor Fund
In our opinion, the accompanying statement of net assets and the related
statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial
position of Vanguard Windsor Fund (constituting a separate portfolio of
Vanguard Windsor Funds,
hereafter referred to as the "Fund") as of October 31, 2017, the results
of its operations for the year then
ended, the changes in its net assets for each of the two years in the
period then ended and the financial
highlights for each of the five years in the period then ended, in
conformity with accounting principles
generally accepted in the United States of America. These financial
statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility
of the Fund's management. Our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted
our audits of these financial statements in accordance with the standards
of the Public Company
Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by
management, and evaluating the overall financial statement presentation.
We believe that our audits,
which included confirmation of securities as of October 31, 2017 by
correspondence with the custodians
and brokers and by agreement to the underlying ownership records of the
transfer agent, provide a
reasonable basis for our opinion.
December 13, 2017
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market
Street, Philadelphia, PA 19103-7042
T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us
EX-99.77B ACCT LTTR
4
b77windsorII103117.txt
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Windsor Funds and the Shareholders
of Vanguard Windsor II Fund
In our opinion, the accompanying statement of net assets and the
related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial
position of Vanguard Windsor II Fund (constituting a separate portfolio of
Vanguard Windsor Funds,
hereafter referred to as the "Fund") as of October 31, 2017, the results
of its operations for the year then
ended, the changes in its net assets for each of the two years
in the period then ended and the financial
highlights for each of the five years in the period then ended, in
conformity with accounting principles
generally accepted in the United States of America. These financial
statements and financial highlights
(hereafter referred to as "financial statements") are the
responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted
our audits of these financial statements in accordance with the standards
of the Public Company
Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by
management, and evaluating the overall financial statement presentation.
We believe that our audits,
which included confirmation of securities as of October 31, 2017 by
correspondence with the custodian
and brokers and by agreement to the underlying ownership records of the
transfer agent, provide a
reasonable basis for our opinion.
December 13, 2017
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market
Street, Philadelphia, PA 19103-7042
T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us