Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
29 Agosto 2013 - 10:26AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number:
811-01685
Name of Registrant:
Vanguard Morgan Growth Fund
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
Date of fiscal year end: September 30
Date of reporting period: June 30, 2013
Item 1:
Schedule of Investments
Morgan Growth Fund
Schedule of Investments
As of June 30, 2013
|
|
|
|
|
Market
|
|
|
Value
|
|
Shares
|
($000)
|
Common Stocks (96.7%)
1
|
|
|
Consumer Discretionary (17.9%)
|
|
|
Home Depot Inc.
|
1,543,875
|
119,604
|
TJX Cos. Inc.
|
2,216,384
|
110,952
|
Lowe's Cos. Inc.
|
2,394,722
|
97,944
|
* Amazon.com Inc.
|
352,452
|
97,872
|
* O'Reilly Automotive Inc.
|
781,155
|
87,974
|
Comcast Corp. Class A
|
1,956,577
|
81,941
|
Starwood Hotels & Resorts Worldwide Inc.
|
1,051,797
|
66,463
|
NIKE Inc. Class B
|
982,434
|
62,561
|
Ralph Lauren Corp. Class A
|
336,106
|
58,395
|
* priceline.com Inc.
|
65,388
|
54,084
|
Omnicom Group Inc.
|
793,204
|
49,869
|
News Corp. Class A
|
1,434,981
|
46,780
|
Wyndham Worldwide Corp.
|
747,544
|
42,782
|
Inditex SA ADR
|
1,530,274
|
37,844
|
* Michael Kors Holdings Ltd.
|
591,825
|
36,705
|
Sirius XM Radio Inc.
|
10,585,012
|
35,460
|
* Dollar Tree Inc.
|
575,160
|
29,241
|
* LKQ Corp.
|
1,135,543
|
29,240
|
Wynn Resorts Ltd.
|
214,131
|
27,409
|
Ford Motor Co.
|
1,763,451
|
27,281
|
Buckle Inc.
|
502,443
|
26,137
|
Harley-Davidson Inc.
|
457,615
|
25,086
|
PetSmart Inc.
|
371,201
|
24,867
|
Gap Inc.
|
578,071
|
24,123
|
* Urban Outfitters Inc.
|
584,406
|
23,505
|
* CarMax Inc.
|
452,610
|
20,892
|
* Discovery Communications Inc.
|
298,190
|
20,772
|
Dick's Sporting Goods Inc.
|
409,475
|
20,498
|
Prada SPA
|
2,216,385
|
19,987
|
* Discovery Communications Inc. Class A
|
214,582
|
16,568
|
Tractor Supply Co.
|
117,465
|
13,815
|
* ASOS plc ADR
|
208,106
|
12,757
|
VF Corp.
|
63,216
|
12,204
|
* TRW Automotive Holdings Corp.
|
183,200
|
12,172
|
Time Warner Cable Inc.
|
107,400
|
12,080
|
* DIRECTV
|
188,800
|
11,634
|
Delphi Automotive plc
|
229,500
|
11,633
|
CBS Corp. Class B
|
212,600
|
10,390
|
PVH Corp.
|
82,700
|
10,342
|
Walt Disney Co.
|
160,300
|
10,123
|
* Imax Corp.
|
402,520
|
10,007
|
GNC Holdings Inc.
|
219,580
|
9,708
|
* Ulta Salon Cosmetics & Fragrance Inc.
|
93,675
|
9,382
|
McDonald's Corp.
|
88,500
|
8,762
|
Service Corp. International
|
424,275
|
7,650
|
* Bed Bath & Beyond Inc.
|
104,441
|
7,405
|
* Goodyear Tire & Rubber Co.
|
471,800
|
7,214
|
Dunkin' Brands Group Inc.
|
157,573
|
6,747
|
Macy's Inc.
|
136,200
|
6,538
|
|
|
|
|
*
|
Jarden Corp.
|
149,175
|
6,526
|
*
|
PulteGroup Inc.
|
333,100
|
6,319
|
|
Comcast Corp.
|
158,100
|
6,272
|
|
Tiffany & Co.
|
84,800
|
6,177
|
|
Target Corp.
|
89,400
|
6,156
|
|
News Corp. Class B
|
164,200
|
5,389
|
*
|
Chipotle Mexican Grill Inc. Class A
|
13,490
|
4,915
|
|
Starbucks Corp.
|
66,000
|
4,322
|
|
Whirlpool Corp.
|
26,500
|
3,031
|
*,^
ITT Educational Services Inc.
|
114,392
|
2,791
|
*
|
CST Brands Inc.
|
86,178
|
2,655
|
*
|
Lululemon Athletica Inc.
|
25,957
|
1,701
|
|
Las Vegas Sands Corp.
|
19,700
|
1,043
|
|
|
|
1,670,696
|
Consumer Staples (7.6%)
|
|
|
|
Wal-Mart Stores Inc.
|
1,694,743
|
126,241
|
|
Costco Wholesale Corp.
|
1,034,236
|
114,356
|
|
Philip Morris International Inc.
|
940,449
|
81,462
|
|
Coca-Cola Co.
|
1,870,597
|
75,030
|
|
Whole Foods Market Inc.
|
1,176,674
|
60,575
|
|
CVS Caremark Corp.
|
859,487
|
49,145
|
|
Estee Lauder Cos. Inc. Class A
|
571,875
|
37,612
|
*
|
Green Mountain Coffee Roasters Inc.
|
478,909
|
35,947
|
|
Anheuser-Busch InBev NV ADR
|
385,667
|
34,810
|
|
Herbalife Ltd.
|
400,200
|
18,065
|
|
Colgate-Palmolive Co.
|
289,766
|
16,601
|
|
PepsiCo Inc.
|
158,600
|
12,972
|
|
Brown-Forman Corp. Class B
|
142,179
|
9,604
|
|
Kimberly-Clark Corp.
|
82,200
|
7,985
|
|
Kroger Co.
|
221,400
|
7,647
|
|
Kraft Foods Group Inc.
|
119,400
|
6,671
|
|
Ingredion Inc.
|
87,800
|
5,761
|
|
General Mills Inc.
|
96,800
|
4,698
|
|
Altria Group Inc.
|
128,800
|
4,507
|
|
|
|
709,689
|
Energy (4.2%)
|
|
|
|
Noble Energy Inc.
|
899,330
|
53,996
|
|
Schlumberger Ltd.
|
574,715
|
41,184
|
|
Oceaneering International Inc.
|
519,425
|
37,503
|
|
Cabot Oil & Gas Corp.
|
519,620
|
36,903
|
|
Transocean Ltd.
|
579,861
|
27,804
|
|
Valero Energy Corp.
|
797,824
|
27,740
|
*
|
Cameron International Corp.
|
369,685
|
22,610
|
*
|
Continental Resources Inc.
|
168,700
|
14,518
|
|
Core Laboratories NV
|
95,185
|
14,436
|
*
|
Superior Energy Services Inc.
|
495,420
|
12,851
|
|
EOG Resources Inc.
|
85,900
|
11,311
|
|
Ensco plc Class A
|
194,238
|
11,289
|
*
|
Southwestern Energy Co.
|
300,070
|
10,962
|
*,^
InterOil Corp.
|
140,400
|
9,759
|
*
|
Concho Resources Inc.
|
114,046
|
9,548
|
|
Chesapeake Energy Corp.
|
371,800
|
7,577
|
*
|
Weatherford International Ltd.
|
527,560
|
7,228
|
*
|
Atwood Oceanics Inc.
|
129,500
|
6,740
|
|
Helmerich & Payne Inc.
|
97,500
|
6,089
|
|
Exxon Mobil Corp.
|
65,522
|
5,920
|
|
|
|
|
|
Marathon Petroleum Corp.
|
78,800
|
5,600
|
|
Tesoro Corp.
|
106,800
|
5,588
|
|
HollyFrontier Corp.
|
129,708
|
5,549
|
*
|
McDermott International Inc.
|
450,620
|
3,686
|
|
|
|
396,391
|
Exchange-Traded Fund (0.9%)
|
|
|
^,2
Vanguard Growth ETF
|
1,044,900
|
81,669
|
|
Financials (5.0%)
|
|
|
|
American Express Co.
|
963,243
|
72,012
|
|
Bank of America Corp.
|
4,577,826
|
58,871
|
|
Morgan Stanley
|
1,909,070
|
46,638
|
|
Goldman Sachs Group Inc.
|
296,680
|
44,873
|
|
JPMorgan Chase & Co.
|
813,429
|
42,941
|
|
T Rowe Price Group Inc.
|
451,620
|
33,036
|
*
|
Affiliated Managers Group Inc.
|
90,790
|
14,884
|
|
American Tower Corporation
|
197,645
|
14,462
|
|
Citigroup Inc.
|
299,200
|
14,353
|
|
Arthur J Gallagher & Co.
|
311,680
|
13,617
|
|
Allied World Assurance Co. Holdings AG
|
148,100
|
13,553
|
*
|
IntercontinentalExchange Inc.
|
69,839
|
12,415
|
*
|
Berkshire Hathaway Inc. Class B
|
105,900
|
11,852
|
|
Raymond James Financial Inc.
|
274,300
|
11,789
|
|
Franklin Resources Inc.
|
63,000
|
8,569
|
*
|
Signature Bank/New York NY
|
96,832
|
8,039
|
|
Discover Financial Services
|
164,900
|
7,856
|
|
Ameriprise Financial Inc.
|
84,100
|
6,802
|
|
Simon Property Group Inc.
|
41,200
|
6,506
|
*
|
Arch Capital Group Ltd.
|
107,000
|
5,501
|
*
|
American International Group Inc.
|
122,400
|
5,471
|
|
Weyerhaeuser Co.
|
133,900
|
3,815
|
|
Ventas Inc.
|
48,900
|
3,397
|
|
Weingarten Realty Investors
|
90,800
|
2,794
|
|
Regency Centers Corp.
|
36,300
|
1,844
|
|
Public Storage
|
7,300
|
1,119
|
|
|
|
467,009
|
Health Care (15.2%)
|
|
|
*
|
Biogen Idec Inc.
|
512,095
|
110,203
|
|
Amgen Inc.
|
1,115,305
|
110,036
|
*
|
Gilead Sciences Inc.
|
2,126,266
|
108,886
|
*
|
Express Scripts Holding Co.
|
1,317,788
|
81,294
|
|
Abbott Laboratories
|
1,950,513
|
68,034
|
*
|
Celgene Corp.
|
546,553
|
63,898
|
*
|
Vertex Pharmaceuticals Inc.
|
767,377
|
61,290
|
|
Medtronic Inc.
|
1,167,176
|
60,075
|
|
Johnson & Johnson
|
627,136
|
53,846
|
|
Eli Lilly & Co.
|
1,094,252
|
53,750
|
|
Zimmer Holdings Inc.
|
653,852
|
49,000
|
|
Cooper Cos. Inc.
|
352,684
|
41,987
|
|
McKesson Corp.
|
359,582
|
41,172
|
|
Merck & Co. Inc.
|
885,153
|
41,115
|
*
|
Alexion Pharmaceuticals Inc.
|
424,114
|
39,120
|
|
Novo Nordisk A/S ADR
|
221,405
|
34,311
|
|
Aetna Inc.
|
486,771
|
30,929
|
*
|
Actavis Inc.
|
241,085
|
30,430
|
|
Becton Dickinson and Co.
|
232,747
|
23,002
|
|
|
|
* Covance Inc.
|
298,100
|
22,697
|
Allergan Inc.
|
251,659
|
21,200
|
ResMed Inc.
|
467,095
|
21,080
|
CR Bard Inc.
|
193,044
|
20,980
|
Thermo Fisher Scientific Inc.
|
213,010
|
18,027
|
* BioMarin Pharmaceutical Inc.
|
293,842
|
16,393
|
* Catamaran Corp.
|
325,245
|
15,846
|
* MEDNAX Inc.
|
161,996
|
14,836
|
Shire plc ADR
|
150,779
|
14,341
|
Baxter International Inc.
|
168,400
|
11,665
|
* Sirona Dental Systems Inc.
|
173,419
|
11,425
|
* Bruker Corp.
|
705,610
|
11,396
|
* Onyx Pharmaceuticals Inc.
|
83,518
|
10,973
|
* Illumina Inc.
|
130,348
|
9,755
|
Essilor International SA
|
83,438
|
8,889
|
* Salix Pharmaceuticals Ltd.
|
131,950
|
8,729
|
* Mylan Inc.
|
270,500
|
8,394
|
* Centene Corp.
|
144,300
|
7,570
|
* Alkermes plc
|
255,170
|
7,318
|
HCA Holdings Inc.
|
193,800
|
6,988
|
Cigna Corp.
|
92,100
|
6,676
|
* DaVita Inc.
|
53,107
|
6,415
|
AbbVie Inc.
|
143,100
|
5,916
|
* Edwards Lifesciences Corp.
|
86,900
|
5,840
|
* Cerner Corp.
|
58,899
|
5,660
|
* Seattle Genetics Inc.
|
172,828
|
5,437
|
* Regeneron Pharmaceuticals Inc.
|
22,900
|
5,150
|
UnitedHealth Group Inc.
|
56,500
|
3,700
|
St. Jude Medical Inc.
|
72,900
|
3,326
|
* Charles River Laboratories International Inc.
|
42,000
|
1,723
|
Warner Chilcott plc Class A
|
30,900
|
614
|
Universal Health Services Inc. Class B
|
5,600
|
375
|
|
|
1,421,712
|
Industrials (11.9%)
|
|
|
Boeing Co.
|
1,041,069
|
106,647
|
United Technologies Corp.
|
798,027
|
74,169
|
Honeywell International Inc.
|
907,790
|
72,024
|
3M Co.
|
643,166
|
70,330
|
* Hertz Global Holdings Inc.
|
2,128,757
|
52,793
|
* B/E Aerospace Inc.
|
815,844
|
51,463
|
TransDigm Group Inc.
|
320,895
|
50,307
|
AMETEK Inc.
|
1,172,336
|
49,590
|
Precision Castparts Corp.
|
212,002
|
47,915
|
Danaher Corp.
|
730,926
|
46,268
|
Parker Hannifin Corp.
|
389,666
|
37,174
|
^ Canadian Pacific Railway Ltd.
|
245,877
|
29,845
|
Dover Corp.
|
307,924
|
23,913
|
Pentair Ltd.
|
385,875
|
22,261
|
* IHS Inc. Class A
|
211,800
|
22,108
|
Flowserve Corp.
|
368,400
|
19,897
|
* Quanta Services Inc.
|
739,998
|
19,580
|
Union Pacific Corp.
|
113,000
|
17,434
|
General Electric Co.
|
723,788
|
16,785
|
* Stericycle Inc.
|
146,875
|
16,219
|
* United Continental Holdings Inc.
|
510,800
|
15,983
|
Tyco International Ltd.
|
477,681
|
15,740
|
ADT Corp.
|
388,774
|
15,493
|
|
|
|
Illinois Tool Works Inc.
|
198,790
|
13,750
|
MSC Industrial Direct Co. Inc. Class A
|
163,680
|
12,679
|
Fastenal Co.
|
263,350
|
12,075
|
* Kirby Corp.
|
148,200
|
11,788
|
United Parcel Service Inc. Class B
|
115,000
|
9,945
|
* Clean Harbors Inc.
|
195,175
|
9,862
|
Pall Corp.
|
137,192
|
9,114
|
* Delta Air Lines Inc.
|
484,500
|
9,065
|
Ingersoll-Rand plc
|
158,900
|
8,822
|
* WESCO International Inc.
|
128,709
|
8,747
|
JB Hunt Transport Services Inc.
|
119,770
|
8,652
|
Landstar System Inc.
|
167,415
|
8,622
|
* Chart Industries Inc.
|
88,200
|
8,299
|
* Jacobs Engineering Group Inc.
|
149,200
|
8,225
|
KAR Auction Services Inc.
|
349,440
|
7,992
|
Expeditors International of Washington Inc.
|
196,245
|
7,459
|
Acuity Brands Inc.
|
98,590
|
7,445
|
Rockwell Automation Inc.
|
89,000
|
7,399
|
* United Rentals Inc.
|
143,460
|
7,160
|
Lockheed Martin Corp.
|
62,200
|
6,746
|
Masco Corp.
|
333,200
|
6,494
|
Dun & Bradstreet Corp.
|
66,600
|
6,490
|
Textron Inc.
|
244,200
|
6,361
|
* Verisk Analytics Inc. Class A
|
95,696
|
5,713
|
WW Grainger Inc.
|
22,280
|
5,619
|
Fortune Brands Home & Security Inc.
|
119,400
|
4,626
|
* Alaska Air Group Inc.
|
77,914
|
4,051
|
Emerson Electric Co.
|
17,300
|
944
|
|
|
1,118,082
|
Information Technology (29.3%)
|
|
|
* Google Inc. Class A
|
287,717
|
253,297
|
Cisco Systems Inc.
|
10,344,066
|
251,464
|
Microsoft Corp.
|
5,822,801
|
201,061
|
Apple Inc.
|
485,809
|
192,419
|
International Business Machines Corp.
|
563,351
|
107,662
|
Oracle Corp.
|
3,462,980
|
106,383
|
Mastercard Inc. Class A
|
174,590
|
100,302
|
* NetApp Inc.
|
2,239,410
|
84,605
|
* Alliance Data Systems Corp.
|
426,642
|
77,235
|
Visa Inc. Class A
|
421,431
|
77,017
|
* eBay Inc.
|
1,480,514
|
76,572
|
Xilinx Inc.
|
1,657,850
|
65,667
|
* LinkedIn Corp. Class A
|
352,331
|
62,821
|
* Yahoo! Inc.
|
1,953,281
|
49,047
|
Broadcom Corp. Class A
|
1,443,673
|
48,738
|
IAC/InterActiveCorp
|
1,023,764
|
48,690
|
* Check Point Software Technologies Ltd.
|
937,343
|
46,567
|
Altera Corp.
|
1,362,141
|
44,937
|
* Red Hat Inc.
|
896,286
|
42,860
|
* SanDisk Corp.
|
657,788
|
40,191
|
EMC Corp.
|
1,476,148
|
34,867
|
Microchip Technology Inc.
|
910,545
|
33,918
|
QUALCOMM Inc.
|
502,782
|
30,710
|
* VMware Inc. Class A
|
445,059
|
29,814
|
Western Digital Corp.
|
475,125
|
29,501
|
Amphenol Corp. Class A
|
349,760
|
27,260
|
Intuit Inc.
|
444,765
|
27,144
|
|
|
|
Intel Corp.
|
1,116,072
|
27,031
|
Fidelity National Information Services Inc.
|
563,275
|
24,131
|
* Salesforce.com Inc.
|
615,843
|
23,513
|
Avago Technologies Ltd.
|
617,020
|
23,064
|
Paychex Inc.
|
601,042
|
21,950
|
* BMC Software Inc.
|
473,091
|
21,355
|
* Facebook Inc. Class A
|
845,357
|
21,016
|
* Cognizant Technology Solutions Corp. Class A
|
324,110
|
20,293
|
* Workday Inc. Class A
|
294,430
|
18,870
|
* Cadence Design Systems Inc.
|
1,300,416
|
18,830
|
* Gartner Inc.
|
324,429
|
18,489
|
* NetSuite Inc.
|
191,038
|
17,526
|
* Informatica Corp.
|
445,075
|
15,569
|
* NCR Corp.
|
439,215
|
14,490
|
* Trimble Navigation Ltd.
|
543,620
|
14,140
|
* Lam Research Corp.
|
313,825
|
13,915
|
FEI Co.
|
185,242
|
13,521
|
* WEX Inc.
|
175,930
|
13,494
|
Jack Henry & Associates Inc.
|
279,090
|
13,154
|
Accenture plc Class A
|
176,900
|
12,730
|
* Electronic Arts Inc.
|
548,500
|
12,599
|
* Autodesk Inc.
|
362,980
|
12,320
|
* F5 Networks Inc.
|
146,265
|
10,063
|
* Citrix Systems Inc.
|
164,250
|
9,909
|
Texas Instruments Inc.
|
274,500
|
9,572
|
* Rovi Corp.
|
408,425
|
9,328
|
* Atmel Corp.
|
1,266,053
|
9,305
|
* QLogic Corp.
|
933,207
|
8,921
|
* Nuance Communications Inc.
|
484,865
|
8,912
|
Motorola Solutions Inc.
|
146,257
|
8,443
|
Symantec Corp.
|
369,900
|
8,312
|
Maxim Integrated Products Inc.
|
298,935
|
8,304
|
* Akamai Technologies Inc.
|
182,267
|
7,755
|
* Equinix Inc.
|
41,450
|
7,657
|
Computer Sciences Corp.
|
173,740
|
7,605
|
* Emulex Corp.
|
1,126,001
|
7,342
|
* Vantiv Inc. Class A
|
260,000
|
7,176
|
* Teradata Corp.
|
126,678
|
6,363
|
* LSI Corp.
|
888,300
|
6,342
|
* Itron Inc.
|
147,500
|
6,258
|
* Concur Technologies Inc.
|
66,550
|
5,416
|
MAXIMUS Inc.
|
59,300
|
4,417
|
* Freescale Semiconductor Ltd.
|
269,900
|
3,657
|
NVIDIA Corp.
|
202,900
|
2,847
|
|
|
2,746,653
|
Materials (3.3%)
|
|
|
Monsanto Co.
|
1,222,244
|
120,758
|
Sherwin-Williams Co.
|
247,204
|
43,656
|
FMC Corp.
|
537,233
|
32,804
|
Ashland Inc.
|
222,275
|
18,560
|
* WR Grace & Co.
|
215,635
|
18,122
|
Albemarle Corp.
|
267,930
|
16,689
|
Eagle Materials Inc.
|
141,820
|
9,398
|
Celanese Corp. Class A
|
180,400
|
8,082
|
Praxair Inc.
|
68,560
|
7,895
|
PPG Industries Inc.
|
51,391
|
7,524
|
Martin Marietta Materials Inc.
|
74,695
|
7,352
|
|
|
|
|
|
Cytec Industries Inc.
|
|
|
72,600
|
5,318
|
CF Industries Holdings Inc.
|
|
|
30,700
|
5,265
|
* Allied Nevada Gold Corp.
|
|
|
632,142
|
4,096
|
Rock Tenn Co. Class A
|
|
|
39,500
|
3,945
|
Westlake Chemical Corp.
|
|
|
14,300
|
1,379
|
|
|
|
|
310,843
|
Telecommunication Services (1.4%)
|
|
|
|
|
Verizon Communications Inc.
|
|
|
1,977,616
|
99,553
|
* SBA Communications Corp. Class A
|
|
|
377,196
|
27,958
|
T-Mobile US Inc.
|
|
|
95,800
|
2,377
|
|
|
|
|
129,888
|
Total Common Stocks (Cost $6,934,532)
|
|
|
|
9,052,632
|
|
|
|
Coupon
|
|
|
|
Temporary Cash Investments (4.2%)
1
|
|
|
|
|
Money Market Fund (2.5%)
|
|
|
|
|
3,4
Vanguard Market Liquidity Fund
|
0.127%
|
|
233,225,982
|
233,226
|
|
|
|
|
Face
|
|
|
|
|
Amount
|
|
|
|
|
($000)
|
|
Repurchase Agreement (1.6%)
|
|
|
|
|
Bank of America Securities, LLC
|
|
|
|
|
(Dated 6/28/13, Repurchase Value
|
|
|
|
|
$148,102,000, collateralized by Federal
|
|
|
|
|
National Mortgage Assn. 2.500%-7.000%,
|
|
|
|
|
6/1/25-7/1/47 and Federal Home Loan
|
|
|
|
|
Mortgage Corp. 2.500%-6.500%, 6/1/26-
|
|
|
|
|
6/1/43, with a value of $151,062,000)
|
0.130%
|
7/1/13
|
148,100
|
148,100
|
|
U.S. Government and Agency Obligations (0.1%)
|
|
|
|
5,6
Fannie Mae Discount Notes
|
0.085% - 0.110%
|
8/21/13
|
5,700
|
5,699
|
6,7
Federal Home Loan Bank Discount Notes
|
0.090%
|
10/25/13
|
300
|
300
|
7 Federal Home Loan Bank Discount Notes
|
0.100%
|
11/13/13
|
300
|
300
|
5,6
Freddie Mac Discount Notes
|
0.130%
|
9/16/13
|
1,400
|
1,399
|
5,6
Freddie Mac Discount Notes
|
0.120%
|
11/5/13
|
1,000
|
999
|
|
|
|
|
8,697
|
Total Temporary Cash Investments (Cost $390,024)
|
|
|
390,023
|
Total Investments (100.9%) (Cost $7,324,556)
|
|
|
|
9,442,655
|
Other Assets and Liabilities-Net (-0.9%)
4
|
|
|
|
(81,033)
|
Net Assets (100%)
|
|
|
|
9,361,622
|
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $44,206,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After
giving effect to futures investments, the fund's effective common stock and temporary cash investment positions
represent 97.7% and 3.2%, respectively, of net assets.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
4 Includes $45,416,000 of collateral received for securities on loan.
5 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
6 Securities with a value of $4,799,000 have been segregated as initial margin for open futures contracts.
7 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
ADR—American Depositary Receipt.
A.
Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
B.
Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C.
Repurchase Agreements: The fund may enter into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of pre-qualified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund.
D.
Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—
Quoted prices in active markets for identical securities.
Level 2—
Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Morgan Growth Fund
Level 3—
Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund's investments as of June 30, 2013, based on the inputs used to value them:
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
Investments
|
($000)
|
($000)
|
($000)
|
Common Stocks
|
9,012,783
|
39,849
|
—
|
Temporary Cash Investments
|
233,226
|
156,797
|
—
|
Futures Contracts—Assets
1
|
55
|
—
|
—
|
Futures Contracts—Liabilities
1
|
(501)
|
—
|
—
|
Total
|
9,245,563
|
196,646
|
—
|
1 Represents variation margin on the last day of the reporting period.
|
E.
Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued at their quoted daily settlement prices. The aggregate notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability). Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange; monitors the financial strength of its clearing brokers and clearinghouse; and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
At June 30, 2013, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
|
|
|
|
|
|
|
|
|
($000)
|
|
|
|
Aggregate
|
|
|
|
Number of
|
Settlement
|
Unrealized
|
|
|
Long (Short)
|
Value
|
Appreciation
|
Futures Contracts
|
Expiration
|
Contracts
|
Long (Short)
|
(Depreciation)
|
S&P 500 Index
|
September 2013
|
229
|
91,560
|
(1,224)
|
E-mini S&P 500 Index
|
September 2013
|
3
|
240
|
2
|
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
F.
At June 30, 2013, the cost of investment securities for tax purposes was $7,324,556,000. Net unrealized appreciation of investment securities for tax purposes was $2,118,099,000, consisting of
Morgan Growth Fund
unrealized gains of $2,222,820,000 on securities that had risen in value since their purchase and $104,721,000 in unrealized losses on securities that had fallen in value since their purchase.
Item 2: Controls and Procedures
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3: Exhibits
(a) Certifications
|
|
|
VANGUARD MORGAN
GROWTH
FUND
|
|
By:
|
/s/ F. WILLIAM MCNABB III*
|
|
F. WILLIAM MCNABB III
|
|
CHIEF EXECUTIVE OFFICER
|
|
Date: August 20, 2013
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
VANGUARD MORGAN
GROWTH
FUND
|
|
By:
|
/s/ F. WILLIAM MCNABB III*
|
|
F. WILLIAM MCNABB III
|
|
CHIEF EXECUTIVE OFFICER
|
|
Date: August 20, 2013
|
|
|
|
VANGUARD MORGAN
GROWTH
FUND
|
|
By:
|
/s/ THOMAS J. HIGGINS*
|
|
THOMAS J. HIGGINS
|
|
CHIEF FINANCIAL OFFICER
|
|
Date: August 20, 2013
|
* By:/s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on
March 27, 2012 see file Number 2-11444
, Incorporated by Reference.
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