N-Q 1 morgangrowth_final.htm VANGUARD MORGAN GROWTH FUND morgangrowth_final.htm - Generated by SEC Publisher for SEC Filing

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 30th

Date of reporting period: June 30, 2016

Item 1: Schedule of Investments


Vanguard Morgan Growth Fund    
 
 
 
Schedule of Investments    
As of June 30, 2016    
 
      Market
      Value
    Shares ($000)
Common Stocks (98.5%)1    
Consumer Discretionary (20.6%)    
* Amazon.com Inc. 448,736 321,124
  Home Depot Inc. 1,229,329 156,973
  Comcast Corp. Class A 2,192,800 142,949
  McDonald's Corp. 880,760 105,991
* Priceline Group Inc. 81,371 101,584
  Lowe's Cos. Inc. 1,164,225 92,172
* O'Reilly Automotive Inc. 265,477 71,971
* Netflix Inc. 729,570 66,741
  NIKE Inc. Class B 1,203,863 66,453
  Ross Stores Inc. 1,154,749 65,463
  Dollar General Corp. 691,716 65,021
  Industria de Diseno Textil SA ADR 3,560,162 59,312
  Walt Disney Co. 600,852 58,775
  Starbucks Corp. 988,440 56,460
  Omnicom Group Inc. 670,313 54,624
^ Marriott International Inc. Class A 818,921 54,425
  TJX Cos. Inc. 681,031 52,596
  adidas AG 355,597 50,710
  Scripps Networks Interactive Inc. Class A 785,079 48,887
* Michael Kors Holdings Ltd. 896,641 44,366
*,^ Tesla Motors Inc. 179,990 38,208
* Discovery Communications Inc. Class A 1,321,676 33,346
  Aramark 985,615 32,939
* Dollar Tree Inc. 296,187 27,913
  Wyndham Worldwide Corp. 390,413 27,809
  Royal Caribbean Cruises Ltd. 373,365 25,071
  Dunkin' Brands Group Inc. 554,889 24,204
  Brunswick Corp. 524,217 23,757
  Viacom Inc. Class B 485,415 20,130
  Advance Auto Parts Inc. 111,249 17,981
* LKQ Corp. 562,578 17,834
* lululemon athletica Inc. 237,703 17,557
  Las Vegas Sands Corp. 381,644 16,598
  Harman International Industries Inc. 226,422 16,262
  Target Corp. 160,456 11,203
*,^ Shake Shack Inc. Class A 289,532 10,548
* IMAX Corp. 357,025 10,525
* Sirius XM Holdings Inc. 2,522,029 9,962
* Michaels Cos. Inc. 329,464 9,370
  DR Horton Inc. 296,860 9,345
* Bright Horizons Family Solutions Inc. 139,476 9,249
  Expedia Inc. 84,676 9,001
  Nordstrom Inc. 235,051 8,944
  Carter's Inc. 83,672 8,909
* Urban Outfitters Inc. 310,404 8,536
  Carnival Corp. 175,499 7,757
* Liberty Global plc Class A 263,818 7,667
  Foot Locker Inc. 138,774 7,613
  Lear Corp. 69,324 7,054

 

 

PVH Corp. 73,254 6,903
CBS Corp. Class B 126,671 6,896
* NVR Inc. 3,502 6,235
* MGM Resorts International 263,700 5,967
* AMC Networks Inc. Class A 89,342 5,398
L Brands Inc. 44,644 2,997
Yum! Brands Inc. 26,832 2,225
* Liberty SiriusXM Group Class A 68,390 2,145
Bed Bath & Beyond Inc. 43,405 1,876
* Discovery Communications Inc. 47,938 1,143
* Liberty Global Plc LiLAC Class A 34,473 1,112
* Liberty Global Plc LiLAC 19,793 643
    2,255,429
Consumer Staples (8.4%)    
PepsiCo Inc. 1,558,508 165,108
Altria Group Inc. 1,815,104 125,170
Costco Wholesale Corp. 625,918 98,294
CVS Health Corp. 922,051 88,277
Colgate-Palmolive Co. 948,595 69,437
Hershey Co. 595,126 67,541
* Monster Beverage Corp. 316,671 50,892
Estee Lauder Cos. Inc. Class A 530,035 48,244
Wal-Mart Stores Inc. 611,895 44,681
Mondelez International Inc. Class A 792,628 36,073
Brown-Forman Corp. Class B 153,041 15,267
Kroger Co. 385,356 14,177
Mead Johnson Nutrition Co. 151,206 13,722
Anheuser-Busch InBev SA/NV ADR 99,220 13,065
Tyson Foods Inc. Class A 173,439 11,584
Ingredion Inc. 80,917 10,471
Walgreens Boots Alliance Inc. 120,579 10,041
Sysco Corp. 197,788 10,036
Pilgrim's Pride Corp. 356,730 9,089
Kimberly-Clark Corp. 59,326 8,156
Clorox Co. 42,761 5,918
* Sprouts Farmers Market Inc. 241,071 5,521
    920,764
Energy (1.3%)    
BP plc ADR 1,077,671 38,268
* Concho Resources Inc. 303,989 36,257
Chevron Corp. 311,378 32,641
* Carrizo Oil & Gas Inc. 417,580 14,970
Tesoro Corp. 108,929 8,161
* Newfield Exploration Co. 104,729 4,627
Energen Corp. 78,589 3,789
    138,713
Financials (4.3%)    
Public Storage 215,531 55,088
Intercontinental Exchange Inc. 208,878 53,464
Aon plc 357,440 39,043
Morgan Stanley 1,058,309 27,495
Raymond James Financial Inc. 519,991 25,636
Nasdaq Inc. 392,234 25,366
FactSet Research Systems Inc. 138,728 22,393
* E*TRADE Financial Corp. 898,246 21,100
* Berkshire Hathaway Inc. Class B 141,114 20,432

 

 

American International Group Inc. 357,005 18,882
* Signature Bank 127,178 15,887
JPMorgan Chase & Co. 245,381 15,248
Moody's Corp. 141,162 13,228
Bank of America Corp. 942,801 12,511
Citigroup Inc. 260,558 11,045
Macerich Co. 128,603 10,981
Marsh & McLennan Cos. Inc. 150,157 10,280
MSCI Inc. Class A 128,652 9,922
Communications Sales & Leasing Inc. 328,363 9,490
Brixmor Property Group Inc. 349,257 9,241
Ameriprise Financial Inc. 87,803 7,889
^ WisdomTree Investments Inc. 712,230 6,973
Regency Centers Corp. 80,095 6,706
S&P Global Inc. 47,781 5,125
Crown Castle International Corp. 48,505 4,920
Voya Financial Inc. 118,711 2,939
Simon Property Group Inc. 12,203 2,647
T. Rowe Price Group Inc. 16,621 1,213
Equity LifeStyle Properties Inc. 10,843 868
American Express Co. 11,738 713
    466,725
Health Care (16.4%)    
Bristol-Myers Squibb Co. 2,841,328 208,980
Amgen Inc. 859,587 130,786
CR Bard Inc. 413,582 97,258
* Allergan plc 387,453 89,537
Gilead Sciences Inc. 1,030,128 85,933
Johnson & Johnson 590,416 71,618
* BioMarin Pharmaceutical Inc. 805,468 62,665
* Celgene Corp. 633,967 62,528
Aetna Inc. 491,905 60,076
Danaher Corp. 578,541 58,433
Cardinal Health Inc. 691,764 53,965
Merck & Co. Inc. 931,456 53,661
Becton Dickinson and Co. 303,476 51,467
* Alexion Pharmaceuticals Inc. 437,881 51,127
Shire plc ADR 277,685 51,116
Medtronic plc 539,494 46,812
Novo Nordisk A/S ADR 763,432 41,057
Cooper Cos. Inc. 163,160 27,993
* Biogen Inc. 105,484 25,508
STERIS plc 344,129 23,659
Universal Health Services Inc. Class B 164,927 22,117
* Vertex Pharmaceuticals Inc. 248,892 21,410
Zimmer Biomet Holdings Inc. 164,834 19,843
* PAREXEL International Corp. 308,063 19,371
Anthem Inc. 145,343 19,089
* Incyte Corp. 238,415 19,068
* Illumina Inc. 133,862 18,792
* Align Technology Inc. 225,890 18,195
* Medivation Inc. 287,484 17,335
* Express Scripts Holding Co. 226,392 17,161
AstraZeneca plc ADR 547,887 16,541
* Varian Medical Systems Inc. 185,099 15,221
McKesson Corp. 75,005 14,000
Eli Lilly & Co. 177,048 13,943

 

 

UnitedHealth Group Inc. 97,436 13,758
Teleflex Inc. 75,378 13,365
* HCA Holdings Inc. 163,109 12,561
AmerisourceBergen Corp. Class A 141,632 11,234
Baxter International Inc. 237,071 10,720
* Cerner Corp. 176,949 10,369
* Laboratory Corp. of America Holdings 78,284 10,198
* Mettler-Toledo International Inc. 27,679 10,101
* Hologic Inc. 285,029 9,862
* Quintiles Transnational Holdings Inc. 147,641 9,644
* Edwards Lifesciences Corp. 92,463 9,221
* United Therapeutics Corp. 84,055 8,903
Humana Inc. 47,506 8,545
Agilent Technologies Inc. 192,298 8,530
* DexCom Inc. 103,648 8,222
PerkinElmer Inc. 155,354 8,144
* Alkermes plc 185,457 8,016
Zoetis Inc. 89,060 4,227
Cigna Corp. 31,795 4,069
* Charles River Laboratories International Inc. 42,000 3,463
* Regeneron Pharmaceuticals Inc. 8,591 3,000
AbbVie Inc. 41,011 2,539
Thermo Fisher Scientific Inc. 15,107 2,232
* Boston Scientific Corp. 79,085 1,848
Abbott Laboratories 32,104 1,262
    1,800,298
Industrials (8.6%)    
Boeing Co. 661,399 85,896
Honeywell International Inc. 694,366 80,769
* TransDigm Group Inc. 247,270 65,203
Rockwell Automation Inc. 415,549 47,713
* IHS Inc. Class A 411,483 47,572
Nielsen Holdings plc 881,578 45,816
* Verisk Analytics Inc. Class A 557,661 45,215
Cintas Corp. 430,571 42,252
Equifax Inc. 325,526 41,798
* HD Supply Holdings Inc. 1,122,455 39,084
CH Robinson Worldwide Inc. 431,789 32,060
Emerson Electric Co. 577,844 30,140
* Waste Connections Inc. 400,147 28,831
JB Hunt Transport Services Inc. 307,018 24,847
Cummins Inc. 186,003 20,914
* Kirby Corp. 290,499 18,124
Wabtec Corp. 252,652 17,744
KAR Auction Services Inc. 398,529 16,635
Roper Technologies Inc. 92,413 15,762
Northrop Grumman Corp. 66,435 14,767
* Beacon Roofing Supply Inc. 324,708 14,764
AO Smith Corp. 163,235 14,383
Experian plc 683,884 12,990
* United Continental Holdings Inc. 314,155 12,893
Delta Air Lines Inc. 333,640 12,154
Southwest Airlines Co. 300,974 11,801
Huntington Ingalls Industries Inc. 61,912 10,403
Masco Corp. 331,088 10,244
Stanley Black & Decker Inc. 86,526 9,623
* United Rentals Inc. 138,142 9,269

 

 

Owens Corning 176,093 9,072
* Spirit AeroSystems Holdings Inc. Class A 210,880 9,068
* JetBlue Airways Corp. 545,583 9,035
Alaska Air Group Inc. 154,299 8,994
Lennox International Inc. 47,082 6,714
B/E Aerospace Inc. 82,345 3,802
United Parcel Service Inc. Class B 35,029 3,773
Union Pacific Corp. 40,537 3,537
Lockheed Martin Corp. 10,345 2,567
3M Co. 14,509 2,541
Illinois Tool Works Inc. 12,644 1,317
Allison Transmission Holdings Inc. 43,000 1,214
Ingersoll-Rand plc 16,204 1,032
    942,332
Information Technology (34.0%)    
Apple Inc. 4,090,981 391,098
* Alphabet Inc. Class C 457,209 316,434
* Facebook Inc. Class A 2,733,902 312,430
Visa Inc. Class A 2,814,393 208,744
Microsoft Corp. 3,162,459 161,823
Oracle Corp. 3,349,201 137,083
* salesforce.com Inc. 1,607,763 127,672
* Vantiv Inc. Class A 1,841,557 104,232
* Alphabet Inc. Class A 146,762 103,251
Texas Instruments Inc. 1,262,944 79,123
MasterCard Inc. Class A 891,438 78,500
Global Payments Inc. 1,022,775 73,006
* Red Hat Inc. 981,941 71,289
* Alibaba Group Holding Ltd. ADR 887,780 70,605
* Check Point Software Technologies Ltd. 886,020 70,598
* Electronic Arts Inc. 867,074 65,690
* Fiserv Inc. 590,224 64,175
Jack Henry & Associates Inc. 720,337 62,864
Tencent Holdings Ltd. 2,694,438 61,384
Paychex Inc. 1,007,995 59,976
Linear Technology Corp. 1,263,103 58,772
* Adobe Systems Inc. 600,878 57,558
* Workday Inc. Class A 665,717 49,709
* PayPal Holdings Inc. 1,346,393 49,157
* Gartner Inc. 495,265 48,244
Maxim Integrated Products Inc. 1,302,150 46,474
* Cadence Design Systems Inc. 1,645,291 39,981
* Alliance Data Systems Corp. 198,611 38,912
Activision Blizzard Inc. 965,534 38,264
Intuit Inc. 320,486 35,769
QUALCOMM Inc. 656,433 35,165
CDK Global Inc. 620,103 34,410
Cisco Systems Inc. 1,154,563 33,124
Amdocs Ltd. 565,944 32,666
* Euronet Worldwide Inc. 467,260 32,330
* F5 Networks Inc. 265,040 30,172
* Palo Alto Networks Inc. 227,658 27,920
* Cognizant Technology Solutions Corp. Class A 449,280 25,717
* Splunk Inc. 466,903 25,297
* Qorvo Inc. 432,866 23,920
* Fortinet Inc. 717,303 22,660
* First Solar Inc. 465,586 22,572

 

 

  Lam Research Corp. 253,020 21,269
  Fair Isaac Corp. 180,874 20,441
  Accenture plc Class A 177,388 20,096
  Analog Devices Inc. 328,714 18,618
* Baidu Inc. ADR 110,054 18,175
* eBay Inc. 732,272 17,142
  Amphenol Corp. Class A 256,709 14,717
* Cirrus Logic Inc. 377,724 14,652
  Sabre Corp. 472,201 12,650
* Genpact Ltd. 464,432 12,465
  Applied Materials Inc. 519,548 12,454
* Universal Display Corp. 181,243 12,288
* NXP Semiconductors NV 153,431 12,020
*,^ Mobileye NV 229,731 10,600
* Citrix Systems Inc. 127,658 10,224
  Broadridge Financial Solutions Inc. 156,297 10,191
  CDW Corp. 231,741 9,288
*,^ VMware Inc. Class A 156,637 8,963
  Total System Services Inc. 160,586 8,529
* Teradata Corp. 335,800 8,418
* Flextronics International Ltd. 700,633 8,267
* First Data Corp. Class A 723,719 8,012
* Rackspace Hosting Inc. 374,819 7,819
  Broadcom Ltd. 12,989 2,018
  Motorola Solutions Inc. 16,556 1,092
* Black Knight Financial Services Inc. Class A 20,238 761
      3,729,939
Materials (1.3%)    
  Sherwin-Williams Co. 236,768 69,532
  Eagle Materials Inc. 240,533 18,557
  Martin Marietta Materials Inc. 85,353 16,388
* Crown Holdings Inc. 188,446 9,548
  Steel Dynamics Inc. 355,126 8,700
  Sealed Air Corp. 151,353 6,958
  Packaging Corp. of America 76,163 5,098
  WR Grace & Co. 54,258 3,972
  Nucor Corp. 27,158 1,342
  NewMarket Corp. 1,716 711
  RPM International Inc. 12,515 625
      141,431
Other (1.0%)    
2 Vanguard Growth ETF 1,044,900 112,013
 
Telecommunication Services (2.1%)    
  Verizon Communications Inc. 2,858,040 159,593
* SBA Communications Corp. Class A 464,673 50,157
  Cogent Communications Holdings Inc. 444,967 17,825
* T-Mobile US Inc. 172,415 7,461
      235,036
Utilities (0.5%)    
  NextEra Energy Inc. 411,416 53,649
Total Common Stocks (Cost $8,126,532)   10,796,329

 

 

  Coupon      
Temporary Cash Investments (2.1%)1        
Money Market Fund (1.9%)        
3,4 Vanguard Market Liquidity Fund 0.538%   216,077,991 216,078
 
      Face  
    Maturity Amount  
    Date ($000)  
Repurchase Agreement (0.1%)        
Bank of America Securities, LLC        
(Dated 6/30/16, Repurchase Value        
$6,800,000, collateralized by Government        
National Mortgage Assn. 4.500%, 4/20/44,        
with a value of $6,936,000) 0.440% 7/1/16 6,800 6,800
 
U.S. Government and Agency Obligations (0.1%)      
5,6 Federal Home Loan Bank Discount Notes 0.567%-0.572% 7/6/16 8,000 8,000
5,6 Federal Home Loan Bank Discount Notes 0.450% 8/19/16 1,000 1,000
        9,000
Total Temporary Cash Investments (Cost $231,877)     231,878
Total Investments (100.6%) (Cost $8,358,409)       11,028,207
Other Assets and Liabilities-Net (-0.6%)       (70,403)
Net Assets (100%)       10,957,804

 

* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $48,840,000.
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 99.4% and 1.2%, 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 $48,846,000 of collateral received for securities on loan.
5 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.
6 Securities with a value of $4,300,000 have been segregated as initial margin for open futures contracts.
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

 

Morgan Growth Fund

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 enters 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 prequalified 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. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

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.).

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, 2016, based on the inputs used to value them:

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 10,671,245 125,084 —
Temporary Cash Investments 216,078 15,800 —
Futures Contracts—Assets1 1,149 — —
Futures Contracts—Liabilities1 (37) — —
Total 10,888,435 140,884 —
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

 

Morgan Growth Fund

fund and the prices of futures contracts, and the possibility of an illiquid market. 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.

Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as an asset (liability).

At June 30, 2016, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

        ($000)
 
      Aggregate  
    Number of Settlement Unrealized
    Long (Short) Value Long Appreciation
Futures Contracts Expiration Contracts (Short)  (Depreciation)
E-mini S&P 500 Index September 2016 919 96,045 2,030

 

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.

F. At June 30, 2016, the cost of investment securities for tax purposes was $8,358,409,000. Net unrealized appreciation of investment securities for tax purposes was $2,669,798,000, consisting of unrealized gains of $2,850,922,000 on securities that had risen in value since their purchase and $181,124,000 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 17, 2016

 

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 17, 2016

 

  VANGUARD MORGAN GROWTH FUND
 
  /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
 
Date: August 17, 2016

 

* By:/s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.