-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C7q8FkCtoy8uooY9NmqT1AFPne/DxvNo9ZL3nOHX0diKxE2OimCEbBlcXXZb1wS8 Tkhqtz9e5RY4V3exyijJpw== 0000932471-09-001971.txt : 20091221 0000932471-09-001971.hdr.sgml : 20091221 20091221161532 ACCESSION NUMBER: 0000932471-09-001971 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20091031 FILED AS OF DATE: 20091221 DATE AS OF CHANGE: 20091221 EFFECTIVENESS DATE: 20091221 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: 091252548 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V37 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696289 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V37 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 answer103109.fil WINDSOR NSAR PAGE 1 000 B000000 10/31/2009 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 ALLIANCEBERNSTEIN L.P. 008 B000102 A 008 C000102 801-56720 008 D010102 NEW YORK 008 D020102 NY 008 D030102 10105 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 ARMSTRONG SHAW ASSOCIATES INC. 008 B000202 A 008 C000202 801-20597 008 D010202 NEW CANAAN 008 D020202 CT PAGE 2 008 D030202 06840 008 A000203 LAZARD ASSET MANAGEMENT LLC 008 B000203 A 008 C000203 801-61701 008 D010203 NEW YORK 008 D020203 NY 008 D030203 10112 008 A000204 THE VANGUARD GROUP, INC. 008 B000204 A 008 C000204 801-11953 008 D010204 MALVERN 008 D020204 PA 008 D030204 19355 008 A000205 HOTCHKIS AND WILEY CAPITAL MANAGEMENT, LLC 008 B000205 A 008 C000205 801-60512 008 D010205 LOS ANGELES 008 D020205 CA 008 D030205 90017 008 A000206 DELETE 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 CITIBANK, N.A. 015 B00AA01 C 015 C01AA01 NEW YORK 015 C02AA01 NY 015 C03AA01 10005 015 E01AA01 X 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 156 019 C00AA00 VANGUARDGR PAGE 3 020 A000001 FRANK RUSSELL SECURITIES, INC. 020 B000001 91-0604934 020 C000001 4773 020 A000002 CREDIT SUISSE SECURITIES (USA) LLC 020 B000002 13-5659485 020 C000002 3370 020 A000003 UBS SECURITIES LLC 020 B000003 13-3873456 020 C000003 3026 020 A000004 J.P. 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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 0 048 H020100 0.000 048 I010100 0 048 I020100 0.000 PAGE 8 048 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 054 L000100 N 054 M000100 N 054 N000100 N PAGE 9 054 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 3000 061 000200 10000 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 0.0 062 O00AA00 0.0 062 P00AA00 0.0 062 Q00AA00 0.0 PAGE 10 062 R00AA00 0.0 063 A00AA00 0 063 B00AA00 0.0 066 A00AA00 Y 066 B00AA00 N 066 C00AA00 N 066 D00AA00 N 066 E00AA00 Y 066 F00AA00 N 066 G00AA00 N 067 00AA00 N 068 A00AA00 N 068 B00AA00 N 069 00AA00 N 070 A010100 Y 070 A020100 Y 070 B010100 Y 070 B020100 N 070 C010100 N 070 C020100 N 070 D010100 Y 070 D020100 N 070 E010100 N 070 E020100 N 070 F010100 Y 070 F020100 Y 070 G010100 Y 070 G020100 N 070 H010100 Y 070 H020100 N 070 I010100 N 070 I020100 N 070 J010100 Y 070 J020100 Y 070 K010100 Y 070 K020100 Y 070 L010100 Y 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 N 070 Q020100 N 070 R010100 N 070 R020100 N 070 A010200 Y PAGE 11 070 A020200 N 070 B010200 Y 070 B020200 N 070 C010200 N 070 C020200 N 070 D010200 Y 070 D020200 N 070 E010200 N 070 E020200 N 070 F010200 Y 070 F020200 Y 070 G010200 Y 070 G020200 N 070 H010200 Y 070 H020200 N 070 I010200 N 070 I020200 N 070 J010200 Y 070 J020200 Y 070 K010200 Y 070 K020200 Y 070 L010200 Y 070 L020200 Y 070 M010200 Y 070 M020200 N 070 N010200 Y 070 N020200 Y 070 O010200 Y 070 O020200 N 070 P010200 Y 070 P020200 N 070 Q010200 N 070 Q020200 N 070 R010200 N 070 R020200 N 071 A000100 6348339 071 B000100 7609225 071 C000100 10459305 071 D000100 61 071 A000200 11415946 071 B000200 12493449 071 C000200 27963551 071 D000200 41 072 A000100 12 072 B000100 2536 072 C000100 249484 072 D000100 0 072 E000100 1618 072 F000100 8408 072 G000100 7309 072 H000100 0 PAGE 12 072 I000100 10871 072 J000100 175 072 K000100 0 072 L000100 470 072 M000100 22 072 N000100 0 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 26 072 S000100 0 072 T000100 2794 072 U000100 0 072 V000100 0 072 W000100 0 072 X000100 30075 072 Y000100 1218 072 Z000100 224781 072AA000100 989111 072BB000100 3122563 072CC010100 3679831 072CC020100 0 072DD010100 159222 072DD020100 101534 072EE000100 0 072 A000200 12 072 B000200 7932 072 C000200 928762 072 D000200 0 072 E000200 28474 072 F000200 38589 072 G000200 18829 072 H000200 0 072 I000200 30889 072 J000200 418 072 K000200 0 072 L000200 1496 072 M000200 57 072 N000200 0 072 O000200 0 072 P000200 0 072 Q000200 0 072 R000200 28 072 S000200 0 072 T000200 7740 072 U000200 0 072 V000200 0 072 W000200 0 072 X000200 98046 072 Y000200 2749 072 Z000200 869871 PAGE 13 072AA000200 2114297 072BB000200 3519754 072CC010200 3981516 072CC020200 0 072DD010200 629788 072DD020200 381680 072EE000200 0 073 A010100 0.2230 073 A020100 0.7910 073 B000100 0.0000 073 C000100 0.0000 073 A010200 0.6700 073 A020200 1.2260 073 B000200 0.0000 073 C000200 0.0000 074 A000100 563 074 B000100 54500 074 C000100 0 074 D000100 29990 074 E000100 0 074 F000100 11643555 074 G000100 0 074 H000100 0 074 I000100 177715 074 J000100 128658 074 K000100 0 074 L000100 26033 074 M000100 0 074 N000100 12061014 074 O000100 190785 074 P000100 33720 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 24295 074 S000100 0 074 T000100 11812214 074 U010100 693890 074 U020100 113544 074 V010100 10.97 074 V020100 37.01 074 W000100 0.0000 074 X000100 345782 074 Y000100 29990 074 A000200 3173 074 B000200 0 074 C000200 63480 074 D000200 0 074 E000200 0 074 F000200 31240845 PAGE 14 074 G000200 0 074 H000200 0 074 I000200 1237122 074 J000200 511389 074 K000200 0 074 L000200 64415 074 M000200 0 074 N000200 33120424 074 O000200 232362 074 P000200 68743 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 63926 074 S000200 0 074 T000200 32755393 074 U010200 931237 074 U020200 305658 074 V010200 22.22 074 V020200 39.46 074 W000200 0.0000 074 X000200 914295 074 Y000200 63480 075 A000100 0 075 B000100 10817639 075 A000200 0 075 B000200 29133868 076 000100 0.00 076 000200 0.00 077 A000000 Y 077 B000000 Y 077 C000000 Y 077 Q010000 Y 078 000000 N 080 A00AA00 ICI Mutual Insurance Company 080 B00AA00 N/A 080 C00AA00 400000 081 A00AA00 Y 081 B00AA00 205 082 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 PAGE 15 086 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-99.77Q1 OTHR EXHB 2 allfundssaisupp_072009.txt SUPPLEMENTAL INFO [SHIP LOGO VANGUARD/(R)/] VANGUARD FUNDS SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION At a meeting held on July 2, 2009, the shareholders of the Vanguard funds approved the following changes to the funds: TRUSTEES ELECTED TO VANGUARD FUNDS' BOARDS OF TRUSTEES Vanguard fund shareholders have elected F. William McNabb III and Peter F. Volanakis as trustees, effective July 2009. The trustees set broad policies for the funds; select investment advisors; monitor fund operations, performance, and costs; nominate and select new trustees; and elect fund officers. Also effective July 2009, J. Lawrence Wilson has retired from the funds' boards of trustees. Mr. McNabb's principal occupations during the past five years include: Director of Vanguard since 2008; Chief Executive Officer and President of Vanguard and of each of the investment companies served by Vanguard, since 2008; Director of Vanguard Marketing Corporation; and Managing Director of Vanguard (1995-2008). Mr. McNabb is considered an "interested trustee" of each Vanguard fund because he also holds the positions of President and Chief Executive Officer. Mr. Volanakis's principal occupations during the past five years and outside directorships include: President since 2007 and Chief Operating Officer since 2005 of Corning Incorporated (communications equipment); President of Corning Technologies (2001-2005); Director of Corning Incorporated and Dow Corning; Trustee of the Corning Incorporated Foundation and the Corning Museum of Glass; and Overseer of the Amos Tuck School of Business Administration at Dartmouth College. STANDARDIZED FUNDAMENTAL POLICIES FOR ALL VANGUARD FUNDS The shareholders of the Vanguard funds approved changes to the funds' fundamental policies (i.e., policies that cannot be changed without a shareholder vote). The newly adopted standardized fundamental policies for each of the Vanguard funds are as follows: Borrowing. The Fund may borrow money only as permitted by the 1940 Act or other governing statute, by the Rules thereunder, or by the SEC or other regulatory agency with authority over the Fund. Commodities. The Fund may invest in commodities only as permitted by the 1940 Act or other governing statute, by the Rules thereunder, or by the SEC or other regulatory agency with authority over the Fund. Industry Concentration. [For funds, other than index funds and money market funds, that do not concentrate.] The Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry. [For index funds that do not concentrate.] The Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry, except as may be necessary to approximate the composition of its target index. [For funds, other than money market funds, that concentrate.] The Fund will concentrate its investments in the securities of issuers whose principal business activities are in the ________ industry, as defined in the prospectus or Statement of Additional Information (SAI) (the blank to be consistent with the fund's name, such as energy, health care, etc.). [For the Prime Money Market Fund, Vanguard Variable Insurance Fund--Money Market Portfolio, and Market Liquidity Fund.] The Fund will concentrate its assets in the securities of issuers whose principal business activities are in the financial services industry. For the purposes of this policy, the financial services industry is deemed to include the group of industries within the financial services sector. In addition, the Fund reserves the right to concentrate its investments in government securities, as defined in the 1940 Act. [For all other money market funds.] The Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry, except that the Fund reserves the right to concentrate its investments in government securities, as defined in the 1940 Act, and certificates of deposit and bankers' acceptances issued by domestic banks (which may include U.S. branches of non-U.S. banks). Loans. The Fund may make loans to another person only as permitted by the 1940 Act or other governing statute, by the Rules thereunder, or by the SEC or other regulatory agency with authority over the Fund. Real Estate. The Fund may not invest directly in real estate unless it is acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the Fund from investing in securities or other instruments (1) issued by companies that invest, deal, or otherwise engage in transactions in real estate, or (2) backed or secured by real estate or interests in real estate. Senior Securities. The Fund may not issue senior securities except as permitted by the 1940 Act or other governing statute, by the Rules thereunder, or by the SEC or other regulatory agency with authority over the Fund. The funds' current fundamental policies with respect to diversification, investment objective, and underwriting, if applicable, remain unchanged. (C) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. SAI0709 EX-99.77C VOTES 3 windsor1209proxyresults.txt PROXY INFO Windsor Funds Shareholder Report Proxy Voting Results At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals: Proposal 1- Elect trustees for each fund.* The individuals listed in the table below were elected as trustees for each fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting. Trustee For Withheld Percentage For John J. Brennan 1,462,617,078 41,395,188 97.2% Charles D. Ellis 1,458,717,131 45,295,136 97.0% Emerson U. Fullwood 1,462,442,012 41,570,254 97.2% Rajiv L. Gupta 1,460,115,928 43,896,339 97.1% Amy Gutmann 1,463,668,659 40,343,607 97.3% JoAnn Heffernan Heisen 1,461,679,414 42,332,852 97.2% F. William McNabb III 1,464,260,763 39,751,504 97.4% Andre F. Perold 1,459,755,929 44,256,337 97.1% Alfred M. Rankin, Jr. 1,461,179,223 42,833,043 97.2% Peter F. Volanakis 1,464,881,112 39,131,154 97.4% * Results are for all funds within the same trust Proposal 2: - Update and standardize the funds' fundamental policies regarding: (a) Purchasing and selling real estate. (b) Issuing senior securities. (c) Borrowing money. (d) Making loans. (e) Purchasing and selling commodities. (f) Concentrating investments in a particular industry or group of industries. (g) Eliminating outdated fundamental investment policies not required by law. The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings. For Abstain Against Broker Percentage Non-Votes For Windsor Fund 2a 591,976,834 12,012,414 30,298,706 16,146,865 91.0% 2b 590,999,439 13,072,969 30,215,545 16,146,866 90.9% 2c 585,308,550 13,121,695 35,857,706 16,146,868 90.0% 2d 586,552,119 12,915,618 34,820,214 16,146,868 90.2% 2e 588,761,329 12,383,944 33,142,682 16,146,865 90.5% 2f 589,794,808 13,263,025 31,230,121 16,146,865 90.7% 2g 594,936,766 12,615,999 26,735,187 16,146,868 91.5% Windsor II Fund 2a 777,186,280 14,023,991 24,795,542 37,571,634 91.05% 2b 774,442,220 16,012,659 25,550,928 37,571,639 90.73% 2c 757,734,429 15,655,158 42,616,226 37,571,634 88.77% 2d 768,579,658 16,037,876 31,388,282 37,571,631 90.04% 2e 769,863,470 15,350,994 30,791,352 37,571,632 90.19% 2f 772,406,246 15,458,422 28,141,146 37,571,634 90.49% 2g 782,735,917 14,666,451 18,601,768 37,573,311 91.70% Proposal 3 - Institute procedures to prevent holding investments in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. The trustees recommended a vote against this proposal because it called for procedures that duplicate existing practices and procedures of the Vanguard funds. For Abstain Against Broker Percentage Non Votes For Windsor Fund 62,897,474 23,504,407 547,886,058 16,146,880 9.7% EX-99.77B ACCT LTTR 4 b77pwcwindsor103109.txt PWC LETTER Report of Independent Registered Public Accounting Firm To the Board of Trustees of Vanguard Windsor Funds and the Shareholders of Vanguard Windsor Fund and Vanguard Windsor II Fund In planning and performing our audits of the financial statements of Vanguard Windsor Fund and Vanguard Windsor II Fund, (constituting Vanguard Windsor Funds, hereafter referred to as the ?Trust?) as of and for the year ended October 31, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trust?s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trust?s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Trust's internal control over financial reporting. The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company?s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company?s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Trust's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Trust?s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust?s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of October 31, 2009. This report is intended solely for the information and use of management and the Board of Trustees of Vanguard Windsor Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. PricewaterhouseCoopers LLP December 8, 2009 2 2 -----END PRIVACY-ENHANCED MESSAGE-----