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: 811-01530 |
Name of Registrant: Vanguard Explorer Fund |
Address of Registrant: |
P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: |
Anne E. Robinson, Esquire |
P.O. Box 876 |
Valley Forge, PA 19482 |
Date of fiscal year end: October 31 |
Date of reporting period: July 31, 2018 |
Item 1: Schedule of Investments |
Vanguard Explorer Fund | |||
Schedule of Investments (unaudited) | |||
As of July 31, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (96.4%)1 | |||
Consumer Discretionary (14.1%) | |||
* | Burlington Stores Inc. | 656,934 | 100,386 |
Carter's Inc. | 865,939 | 90,776 | |
* | Live Nation Entertainment Inc. | 1,838,395 | 90,596 |
Cinemark Holdings Inc. | 2,487,316 | 89,344 | |
*,^ Under Armour Inc. | 4,281,084 | 80,227 | |
New York Times Co. Class A | 2,937,402 | 72,848 | |
* | Skechers U.S.A. Inc. Class A | 2,564,982 | 71,101 |
Monro Inc. | 1,013,697 | 68,374 | |
* | Grand Canyon Education Inc. | 522,268 | 60,860 |
* | Deckers Outdoor Corp. | 524,148 | 59,140 |
Acushnet Holdings Corp. | 2,434,268 | 58,836 | |
* | ServiceMaster Global Holdings Inc. | 973,123 | 55,458 |
^ | Hanesbrands Inc. | 2,472,186 | 55,031 |
La-Z-Boy Inc. | 1,784,066 | 54,414 | |
^ | Cheesecake Factory Inc. | 949,243 | 53,186 |
Tenneco Inc. | 1,104,782 | 50,930 | |
* | Chipotle Mexican Grill Inc. Class A | 108,693 | 47,136 |
*,^ Sally Beauty Holdings Inc. | 2,812,095 | 46,371 | |
Chico's FAS Inc. | 5,289,553 | 46,019 | |
*,^ Carvana Co. Class A | 1,050,000 | 45,150 | |
* | TRI Pointe Group Inc. | 3,049,007 | 43,204 |
^ | Lions Gate Entertainment Corp. Class A | 1,554,879 | 37,084 |
Polaris Industries Inc. | 342,118 | 36,066 | |
Advance Auto Parts Inc. | 229,320 | 32,387 | |
* | Lululemon Athletica Inc. | 255,417 | 30,637 |
* | Ulta Beauty Inc. | 115,532 | 28,235 |
* | Ollie's Bargain Outlet Holdings Inc. | 392,115 | 27,252 |
Core-Mark Holding Co. Inc. | 1,112,110 | 26,891 | |
Wingstop Inc. | 530,349 | 26,173 | |
Aaron's Inc. | 601,521 | 26,052 | |
Wolverine World Wide Inc. | 682,862 | 24,160 | |
Ross Stores Inc. | 258,591 | 22,609 | |
Dunkin' Brands Group Inc. | 323,127 | 22,499 | |
^ | Papa John's International Inc. | 536,000 | 22,491 |
National CineMedia Inc. | 2,430,460 | 20,076 | |
* | Bright Horizons Family Solutions Inc. | 183,988 | 19,685 |
Domino's Pizza Inc. | 74,301 | 19,516 | |
World Wrestling Entertainment Inc. Class A | 240,552 | 19,030 | |
*,^ RH | 138,920 | 18,874 | |
* | Weight Watchers International Inc. | 210,797 | 18,873 |
* | LKQ Corp. | 515,098 | 17,266 |
* | Helen of Troy Ltd. | 145,129 | 16,624 |
* | Urban Outfitters Inc. | 368,200 | 16,348 |
Lear Corp. | 88,911 | 16,016 | |
Expedia Group Inc. | 118,134 | 15,811 | |
* | Chuy's Holdings Inc. | 439,179 | 13,900 |
Bloomin' Brands Inc. | 716,468 | 13,856 | |
Ruth's Hospitality Group Inc. | 449,054 | 13,000 | |
Tailored Brands Inc. | 644,680 | 12,997 |
* Michael Kors Holdings Ltd. | 187,271 | 12,497 |
* Planet Fitness Inc. Class A | 233,478 | 11,095 |
Toll Brothers Inc. | 311,871 | 10,997 |
* Crocs Inc. | 599,252 | 10,852 |
^ PetMed Express Inc. | 289,302 | 10,742 |
* Under Armour Inc. Class A | 511,000 | 10,205 |
Vail Resorts Inc. | 36,370 | 10,070 |
* Five Below Inc. | 101,253 | 9,838 |
Dick's Sporting Goods Inc. | 283,730 | 9,687 |
* Penn National Gaming Inc. | 302,114 | 9,683 |
* MCBC Holdings Inc. | 384,900 | 9,607 |
* Shake Shack Inc. Class A | 150,644 | 9,390 |
Winnebago Industries Inc. | 232,534 | 9,278 |
^ Brinker International Inc. | 188,806 | 8,906 |
Dine Brands Global Inc. | 113,571 | 8,067 |
* NVR Inc. | 2,509 | 6,923 |
H&R Block Inc. | 274,044 | 6,895 |
* Sotheby's | 113,632 | 6,035 |
BJ's Restaurants Inc. | 87,246 | 5,518 |
Churchill Downs Inc. | 18,980 | 5,427 |
Children's Place Inc. | 42,989 | 5,283 |
* ZAGG Inc. | 340,667 | 5,076 |
* Sleep Number Corp. | 176,871 | 5,039 |
* Chegg Inc. | 158,467 | 4,389 |
* Boot Barn Holdings Inc. | 185,431 | 4,337 |
* G-III Apparel Group Ltd. | 86,953 | 3,974 |
Extended Stay America Inc. | 176,950 | 3,767 |
Cracker Barrel Old Country Store Inc. | 23,225 | 3,402 |
* Malibu Boats Inc. Class A | 76,183 | 2,864 |
* Zumiez Inc. | 123,567 | 2,799 |
Movado Group Inc. | 56,062 | 2,792 |
* Visteon Corp. | 23,355 | 2,734 |
MDC Holdings Inc. | 93,623 | 2,719 |
* Taylor Morrison Home Corp. Class A | 132,952 | 2,597 |
PulteGroup Inc. | 70,706 | 2,014 |
American Eagle Outfitters Inc. | 79,046 | 1,990 |
* Career Education Corp. | 92,685 | 1,705 |
* MSG Networks Inc. | 72,265 | 1,702 |
Thor Industries Inc. | 17,196 | 1,631 |
Oxford Industries Inc. | 15,459 | 1,424 |
* SeaWorld Entertainment Inc. | 57,999 | 1,235 |
* Lumber Liquidators Holdings Inc. | 62,751 | 1,214 |
* Conn's Inc. | 34,535 | 1,171 |
2,201,365 | ||
Consumer Staples (2.1%) | ||
* Performance Food Group Co. | 1,625,279 | 58,266 |
* Post Holdings Inc. | 581,313 | 50,318 |
Nu Skin Enterprises Inc. Class A | 657,329 | 47,886 |
Casey's General Stores Inc. | 384,546 | 42,062 |
^ Calavo Growers Inc. | 352,636 | 32,619 |
* Monster Beverage Corp. | 473,203 | 28,402 |
MGP Ingredients Inc. | 205,421 | 16,859 |
Medifast Inc. | 88,536 | 15,200 |
* National Beverage Corp. | 92,786 | 9,790 |
Lamb Weston Holdings Inc. | 101,688 | 7,146 |
Spectrum Brands Holdings Inc. | 58,922 | 5,148 |
* Sprouts Farmers Market Inc. | 220,770 | 4,744 |
* | Boston Beer Co. Inc. Class A | 13,009 | 3,577 |
* | Cal-Maine Foods Inc. | 41,589 | 1,871 |
* | US Foods Holding Corp. | 43,265 | 1,463 |
325,351 | |||
Energy (1.7%) | |||
*,^ Jagged Peak Energy Inc. | 4,243,618 | 60,684 | |
Delek US Holdings Inc. | 947,742 | 50,534 | |
^ | Core Laboratories NV | 271,960 | 30,492 |
Cabot Oil & Gas Corp. | 814,932 | 19,151 | |
* | ProPetro Holding Corp. | 853,087 | 14,025 |
* | Carrizo Oil & Gas Inc. | 482,559 | 13,598 |
^ | CVR Energy Inc. | 323,518 | 12,711 |
* | Callon Petroleum Co. | 1,051,287 | 11,312 |
* | Forum Energy Technologies Inc. | 813,510 | 10,698 |
* | Apergy Corp. | 251,425 | 10,308 |
* | RigNet Inc. | 665,780 | 8,189 |
Range Resources Corp. | 369,468 | 5,701 | |
* | Denbury Resources Inc. | 720,890 | 3,251 |
* | CONSOL Energy Inc. | 74,172 | 3,088 |
* | Northern Oil and Gas Inc. | 762,432 | 2,836 |
*,^ Mammoth Energy Services Inc. | 75,811 | 2,822 | |
* | Abraxas Petroleum Corp. | 1,021,140 | 2,655 |
* | Laredo Petroleum Inc. | 228,699 | 2,131 |
* | W&T Offshore Inc. | 252,712 | 1,754 |
265,940 | |||
Financials (6.5%) | |||
* | SVB Financial Group | 393,945 | 121,288 |
Nasdaq Inc. | 915,604 | 83,686 | |
Assurant Inc. | 652,181 | 71,936 | |
Assured Guaranty Ltd. | 1,682,439 | 65,481 | |
* | MGIC Investment Corp. | 4,808,540 | 60,011 |
LPL Financial Holdings Inc. | 864,400 | 57,301 | |
Sterling Bancorp | 2,535,539 | 56,289 | |
Redwood Trust Inc. | 3,113,939 | 52,345 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,521,363 | 49,394 | |
* | Texas Capital Bancshares Inc. | 535,082 | 48,585 |
* | Green Dot Corp. Class A | 511,954 | 40,608 |
WisdomTree Investments Inc. | 3,965,043 | 34,654 | |
MarketAxess Holdings Inc. | 144,765 | 28,051 | |
Affiliated Managers Group Inc. | 172,620 | 27,621 | |
Solar Capital Ltd. | 1,263,598 | 26,889 | |
Primerica Inc. | 162,506 | 18,656 | |
* | PRA Group Inc. | 451,360 | 17,693 |
MSCI Inc. Class A | 105,182 | 17,480 | |
FirstCash Inc. | 198,905 | 16,151 | |
Walker & Dunlop Inc. | 269,177 | 15,951 | |
* | Credit Acceptance Corp. | 36,332 | 13,937 |
* | Bank OZK | 272,467 | 11,144 |
Universal Insurance Holdings Inc. | 240,682 | 10,686 | |
Bank of NT Butterfield & Son Ltd. | 170,823 | 8,449 | |
* | Essent Group Ltd. | 213,216 | 8,188 |
Virtu Financial Inc. Class A | 376,056 | 7,578 | |
* | BofI Holding Inc. | 181,346 | 7,076 |
East West Bancorp Inc. | 107,181 | 6,939 | |
Kemper Corp. | 67,477 | 5,385 | |
Synovus Financial Corp. | 92,579 | 4,575 |
Greenhill & Co. Inc. | 117,834 | 3,853 | |
* | Regional Management Corp. | 104,227 | 3,457 |
* | Enova International Inc. | 108,512 | 3,364 |
SEI Investments Co. | 51,351 | 3,078 | |
Federated Investors Inc. Class B | 54,027 | 1,307 | |
1,009,086 | |||
Health Care (18.8%) | |||
* | ICON plc | 1,184,059 | 164,774 |
* | athenahealth Inc. | 952,457 | 143,545 |
* | Insulet Corp. | 1,694,585 | 140,922 |
* | Medidata Solutions Inc. | 1,441,043 | 107,084 |
* | Molina Healthcare Inc. | 833,825 | 86,793 |
Encompass Health Corp. | 1,103,579 | 83,464 | |
* | Haemonetics Corp. | 776,358 | 75,804 |
Hill-Rom Holdings Inc. | 760,606 | 71,649 | |
* | Mettler-Toledo International Inc. | 110,576 | 65,517 |
* | Globus Medical Inc. | 1,230,133 | 63,327 |
* | Amedisys Inc. | 611,126 | 57,220 |
* | BioMarin Pharmaceutical Inc. | 564,806 | 56,797 |
* | Ultragenyx Pharmaceutical Inc. | 710,870 | 56,237 |
* | LifePoint Health Inc. | 822,071 | 53,270 |
* | IDEXX Laboratories Inc. | 204,081 | 49,986 |
* | LHC Group Inc. | 563,500 | 48,506 |
* | Penumbra Inc. | 320,520 | 45,594 |
* | HealthEquity Inc. | 589,157 | 44,481 |
* | Ligand Pharmaceuticals Inc. | 192,530 | 42,035 |
* | Illumina Inc. | 120,739 | 39,163 |
* | ABIOMED Inc. | 106,260 | 37,672 |
STERIS plc | 320,866 | 36,729 | |
* | Neogen Corp. | 428,303 | 35,292 |
* | PRA Health Sciences Inc. | 333,167 | 35,029 |
* | Seattle Genetics Inc. | 483,200 | 34,017 |
* | DexCom Inc. | 346,347 | 32,948 |
* | Syneos Health Inc. | 639,453 | 31,509 |
* | Intuitive Surgical Inc. | 59,631 | 30,304 |
* | Integra LifeSciences Holdings Corp. | 443,028 | 27,614 |
* | Premier Inc. Class A | 730,490 | 27,320 |
* | Cambrex Corp. | 435,780 | 27,236 |
ResMed Inc. | 253,981 | 26,866 | |
* | WellCare Health Plans Inc. | 100,155 | 26,783 |
* | Blueprint Medicines Corp. | 408,700 | 24,334 |
* | MEDNAX Inc. | 567,296 | 24,275 |
*,^ Teladoc Inc. | 404,165 | 24,189 | |
* | Prestige Brands Holdings Inc. | 672,255 | 24,020 |
* | Pacira Pharmaceuticals Inc. | 597,003 | 23,999 |
* | Arena Pharmaceuticals Inc. | 612,947 | 23,654 |
* | Immunomedics Inc. | 971,183 | 23,240 |
* | Veeva Systems Inc. Class A | 295,847 | 22,375 |
* | Spark Therapeutics Inc. | 288,598 | 22,141 |
* | Hologic Inc. | 514,640 | 22,083 |
* | Inogen Inc. | 109,091 | 21,736 |
* | Catalent Inc. | 518,889 | 21,638 |
* | Cerner Corp. | 340,984 | 21,168 |
Chemed Corp. | 65,004 | 20,543 | |
*,^ CRISPR Therapeutics AG | 423,624 | 20,224 | |
* | Acadia Healthcare Co. Inc. | 509,162 | 20,102 |
* | Charles River Laboratories International Inc. | 161,528 | 20,078 |
* | Repligen Corp. | 412,603 | 19,941 |
Cooper Cos. Inc. | 75,542 | 19,679 | |
*,^ TESARO Inc. | 542,169 | 18,884 | |
* | Neurocrine Biosciences Inc. | 184,462 | 18,537 |
* | NuVasive Inc. | 310,454 | 18,022 |
* | Align Technology Inc. | 47,405 | 16,907 |
* | Tenet Healthcare Corp. | 446,357 | 16,796 |
* | HMS Holdings Corp. | 650,658 | 15,570 |
* | Heron Therapeutics Inc. | 414,213 | 15,512 |
* | Nevro Corp. | 272,456 | 15,328 |
* | Emergent BioSolutions Inc. | 273,582 | 14,869 |
* | Exact Sciences Corp. | 250,530 | 14,643 |
* | Array BioPharma Inc. | 911,639 | 14,030 |
* | Tivity Health Inc. | 395,014 | 13,312 |
Bruker Corp. | 405,702 | 13,145 | |
* | Endologix Inc. | 2,540,186 | 12,930 |
* | FibroGen Inc. | 204,244 | 12,888 |
* | Omnicell Inc. | 213,993 | 12,733 |
* | Medpace Holdings Inc. | 207,346 | 12,725 |
* | Agios Pharmaceuticals Inc. | 147,007 | 12,703 |
* | Vanda Pharmaceuticals Inc. | 603,142 | 12,575 |
* | Masimo Corp. | 125,407 | 12,468 |
* | Revance Therapeutics Inc. | 432,027 | 12,421 |
*,^ MiMedx Group Inc. | 2,918,686 | 12,404 | |
* | DBV Technologies SA ADR | 614,234 | 11,075 |
* | Atara Biotherapeutics Inc. | 291,169 | 10,933 |
* | Aduro Biotech Inc. | 1,845,707 | 10,797 |
* | Exelixis Inc. | 518,616 | 10,735 |
* | Loxo Oncology Inc. | 62,717 | 10,511 |
* | PTC Therapeutics Inc. | 273,163 | 10,399 |
* | Nektar Therapeutics Class A | 197,296 | 10,378 |
* | AMN Healthcare Services Inc. | 168,929 | 10,220 |
* | AxoGen Inc. | 226,494 | 10,175 |
* | Endo International plc | 772,911 | 9,615 |
* | Sangamo Therapeutics Inc. | 628,859 | 8,584 |
* | Enanta Pharmaceuticals Inc. | 80,021 | 7,804 |
* | ImmunoGen Inc. | 823,076 | 7,655 |
* | Halozyme Therapeutics Inc. | 413,579 | 7,486 |
*,^ TransEnterix Inc. | 1,391,766 | 7,446 | |
* | Ionis Pharmaceuticals Inc. | 160,376 | 7,005 |
* | REGENXBIO Inc. | 92,987 | 6,537 |
LeMaitre Vascular Inc. | 170,884 | 6,152 | |
* | Spectrum Pharmaceuticals Inc. | 283,768 | 6,041 |
* | Madrigal Pharmaceuticals Inc. | 19,372 | 4,979 |
* | AAC Holdings Inc. | 478,980 | 4,977 |
* | BioCryst Pharmaceuticals Inc. | 760,658 | 4,488 |
* | Myriad Genetics Inc. | 99,933 | 4,372 |
* | Mirati Therapeutics Inc. | 70,546 | 4,331 |
* | Tandem Diabetes Care Inc. | 154,124 | 4,248 |
* | CytomX Therapeutics Inc. | 153,833 | 4,052 |
* | Genomic Health Inc. | 74,714 | 4,011 |
* | Depomed Inc. | 444,550 | 3,939 |
* | ArQule Inc. | 761,400 | 3,792 |
* | Cytokinetics Inc. | 492,604 | 3,621 |
* | AnaptysBio Inc. | 45,668 | 3,577 |
* | Acorda Therapeutics Inc. | 137,147 | 3,422 |
* | Amphastar Pharmaceuticals Inc. | 195,190 | 3,406 |
* | Zogenix Inc. | 55,736 | 3,163 |
* | Corcept Therapeutics Inc. | 240,407 | 3,156 |
* | Vericel Corp. | 298,911 | 3,124 |
*,^ Endocyte Inc. | 198,874 | 3,047 | |
* | Concert Pharmaceuticals Inc. | 186,221 | 2,978 |
* | Sage Therapeutics Inc. | 19,252 | 2,778 |
* | Supernus Pharmaceuticals Inc. | 51,690 | 2,737 |
* | MacroGenics Inc. | 130,306 | 2,691 |
*,^ Viking Therapeutics Inc. | 263,227 | 2,685 | |
* | STAAR Surgical Co. | 82,254 | 2,537 |
* | Novavax Inc. | 1,954,057 | 2,482 |
Luminex Corp. | 61,241 | 2,074 | |
Ensign Group Inc. | 56,307 | 2,031 | |
* | Tactile Systems Technology Inc. | 41,563 | 1,998 |
* | Cutera Inc. | 44,252 | 1,770 |
* | Reata Pharmaceuticals Inc. Class A | 23,857 | 1,673 |
CONMED Corp. | 21,848 | 1,617 | |
* | Integer Holdings Corp. | 22,515 | 1,609 |
* | Select Medical Holdings Corp. | 75,240 | 1,565 |
* | Arbutus Biopharma Corp. | 124,213 | 1,379 |
* | Orthofix International NV | 22,661 | 1,371 |
* | Arrowhead Pharmaceuticals Inc. | 93,889 | 1,368 |
*,^ Sorrento Therapeutics Inc. | 229,340 | 1,284 | |
* | Providence Service Corp. | 18,298 | 1,282 |
* | Tabula Rasa HealthCare Inc. | 21,092 | 1,228 |
* | Voyager Therapeutics Inc. | 61,401 | 1,158 |
* | Innoviva Inc. | 78,694 | 1,113 |
* | Ophthotech Corp. | 420,409 | 1,047 |
2,928,016 | |||
Industrials (19.8%) | |||
* | TriNet Group Inc. | 2,836,514 | 152,746 |
* | Sensata Technologies Holding plc | 2,070,613 | 112,579 |
John Bean Technologies Corp. | 990,197 | 109,516 | |
* | Kirby Corp. | 1,274,979 | 106,397 |
* | Trex Co. Inc. | 1,272,360 | 98,913 |
* | Teledyne Technologies Inc. | 445,415 | 97,733 |
Woodward Inc. | 1,023,412 | 85,158 | |
* | Chart Industries Inc. | 1,046,400 | 81,713 |
* | Copart Inc. | 1,359,190 | 78,004 |
* | AerCap Holdings NV | 1,373,256 | 77,081 |
IDEX Corp. | 464,476 | 71,334 | |
* | United Rentals Inc. | 406,902 | 60,547 |
Actuant Corp. Class A | 2,045,019 | 58,385 | |
HEICO Corp. Class A | 891,417 | 57,719 | |
MSC Industrial Direct Co. Inc. Class A | 681,570 | 57,681 | |
Advanced Drainage Systems Inc. | 2,019,942 | 56,457 | |
* | SPX FLOW Inc. | 1,184,887 | 56,306 |
Watts Water Technologies Inc. Class A | 644,118 | 55,104 | |
* | Proto Labs Inc. | 421,389 | 52,526 |
* | Clean Harbors Inc. | 913,154 | 51,986 |
* | JELD-WEN Holding Inc. | 1,865,600 | 51,192 |
AGCO Corp. | 810,374 | 51,070 | |
TransUnion | 690,915 | 50,022 | |
* | XPO Logistics Inc. | 492,436 | 49,106 |
* | Spirit Airlines Inc. | 1,124,881 | 48,865 |
Multi-Color Corp. | 698,662 | 46,356 | |
Terex Corp. | 1,031,920 | 45,528 |
Timken Co. | 913,005 | 44,966 | |
GATX Corp. | 498,557 | 41,051 | |
* | Masonite International Corp. | 578,030 | 39,451 |
Kennametal Inc. | 986,305 | 38,427 | |
*,^ Middleby Corp. | 371,763 | 38,098 | |
* | CoStar Group Inc. | 91,243 | 37,943 |
* | MRC Global Inc. | 1,614,810 | 36,576 |
* | Cimpress NV | 241,048 | 35,210 |
Heartland Express Inc. | 1,797,642 | 34,497 | |
Tennant Co. | 407,783 | 33,173 | |
Forward Air Corp. | 517,840 | 33,090 | |
* | Axon Enterprise Inc. | 486,251 | 33,031 |
ABM Industries Inc. | 979,613 | 30,564 | |
* | Verisk Analytics Inc. Class A | 268,691 | 29,723 |
* | WageWorks Inc. | 493,207 | 26,041 |
Harris Corp. | 155,695 | 25,682 | |
Schneider National Inc. Class B | 963,818 | 25,194 | |
Allegion plc | 298,782 | 24,363 | |
* | SiteOne Landscape Supply Inc. | 270,162 | 24,088 |
* | WABCO Holdings Inc. | 178,110 | 22,385 |
Allison Transmission Holdings Inc. | 450,971 | 21,196 | |
Graco Inc. | 440,115 | 20,307 | |
* | Evoqua Water Technologies Corp. | 945,801 | 20,183 |
Ritchie Bros Auctioneers Inc. | 547,498 | 18,215 | |
Wabtec Corp. | 156,291 | 17,242 | |
* | Mercury Systems Inc. | 411,366 | 17,166 |
* | Generac Holdings Inc. | 313,256 | 16,838 |
* | Harsco Corp. | 660,790 | 16,751 |
* | HD Supply Holdings Inc. | 371,285 | 16,329 |
Huntington Ingalls Industries Inc. | 69,073 | 16,098 | |
Rockwell Automation Inc. | 84,841 | 15,913 | |
* | Beacon Roofing Supply Inc. | 373,657 | 15,724 |
* | Continental Building Products Inc. | 465,437 | 14,847 |
* | IHS Markit Ltd. | 278,883 | 14,789 |
JB Hunt Transport Services Inc. | 115,890 | 13,895 | |
Spirit AeroSystems Holdings Inc. Class A | 140,548 | 13,106 | |
KBR Inc. | 643,627 | 12,860 | |
*,^ Bloom Energy Corp. Class A | 469,040 | 10,811 | |
EMCOR Group Inc. | 136,367 | 10,493 | |
* | Avis Budget Group Inc. | 287,691 | 10,026 |
Korn/Ferry International | 147,780 | 9,751 | |
Global Brass & Copper Holdings Inc. | 293,237 | 9,662 | |
* | Meritor Inc. | 449,349 | 9,257 |
*,^ Kornit Digital Ltd. | 502,780 | 9,151 | |
Air Lease Corp. Class A | 205,574 | 9,037 | |
* | Aerojet Rocketdyne Holdings Inc. | 260,155 | 8,767 |
* | Builders FirstSource Inc. | 456,187 | 8,179 |
KAR Auction Services Inc. | 124,228 | 7,385 | |
* | SP Plus Corp. | 187,094 | 7,297 |
* | Rush Enterprises Inc. Class A | 151,061 | 6,811 |
* | TrueBlue Inc. | 250,328 | 6,771 |
* | Atkore International Group Inc. | 272,527 | 6,448 |
Dun & Bradstreet Corp. | 49,718 | 6,259 | |
* | Gardner Denver Holdings Inc. | 200,968 | 5,750 |
Greenbrier Cos. Inc. | 95,102 | 5,388 | |
Barrett Business Services Inc. | 56,874 | 5,226 | |
Old Dominion Freight Line Inc. | 33,535 | 4,923 |
Kimball International Inc. Class B | 289,346 | 4,673 | |
* | ASGN Inc. | 47,061 | 4,250 |
* | Herc Holdings Inc. | 74,617 | 4,240 |
H&E Equipment Services Inc. | 107,121 | 3,941 | |
Kaman Corp. | 58,690 | 3,887 | |
Copa Holdings SA Class A | 38,086 | 3,707 | |
* | Aerovironment Inc. | 43,016 | 3,166 |
Quad/Graphics Inc. | 149,016 | 3,064 | |
Hillenbrand Inc. | 57,341 | 2,879 | |
Insperity Inc. | 30,212 | 2,873 | |
Mueller Water Products Inc. Class A | 224,027 | 2,767 | |
^ | ADT Inc. | 304,779 | 2,746 |
ArcBest Corp. | 47,348 | 2,204 | |
Brink's Co. | 22,810 | 1,821 | |
* | Vicor Corp. | 29,754 | 1,712 |
Covanta Holding Corp. | 86,670 | 1,560 | |
Simpson Manufacturing Co. Inc. | 19,921 | 1,453 | |
* | GMS Inc. | 54,088 | 1,419 |
Applied Industrial Technologies Inc. | 16,882 | 1,260 | |
HEICO Corp. | 16,427 | 1,255 | |
3,067,305 | |||
Information Technology (22.9%) | |||
* | Fortinet Inc. | 1,861,883 | 117,131 |
* | GrubHub Inc. | 824,121 | 100,452 |
* | Cadence Design Systems Inc. | 2,223,188 | 98,020 |
* | 2U Inc. | 1,264,507 | 95,673 |
* | New Relic Inc. | 930,299 | 90,890 |
MercadoLibre Inc. | 245,792 | 84,285 | |
* | GoDaddy Inc. Class A | 1,089,317 | 80,196 |
* | Atlassian Corp. plc Class A | 1,053,801 | 76,306 |
* | Cornerstone OnDemand Inc. | 1,448,312 | 71,547 |
*,2 Cardtronics plc Class A | 2,723,836 | 68,968 | |
* | First Solar Inc. | 1,270,510 | 66,511 |
Power Integrations Inc. | 873,292 | 62,440 | |
* | HubSpot Inc. | 495,022 | 61,432 |
Teradyne Inc. | 1,414,232 | 61,166 | |
Entegris Inc. | 1,657,875 | 58,274 | |
* | Tableau Software Inc. Class A | 562,844 | 58,012 |
CDW Corp. | 674,854 | 56,748 | |
* | Ciena Corp. | 2,164,576 | 54,980 |
* | Trimble Inc. | 1,411,182 | 49,815 |
* | Integrated Device Technology Inc. | 1,419,245 | 48,865 |
* | Euronet Worldwide Inc. | 531,385 | 48,856 |
* | Twilio Inc. Class A | 841,293 | 48,702 |
* | Etsy Inc. | 1,148,360 | 46,922 |
* | Square Inc. | 681,452 | 44,056 |
* | ServiceNow Inc. | 249,580 | 43,916 |
* | Zendesk Inc. | 778,742 | 42,418 |
MAXIMUS Inc. | 636,398 | 41,245 | |
* | Wix.com Ltd. | 425,440 | 40,417 |
* | Five9 Inc. | 1,250,463 | 39,890 |
* | Trade Desk Inc. Class A | 462,674 | 39,013 |
* | Cloudera Inc. | 2,890,352 | 38,702 |
* | Aspen Technology Inc. | 401,767 | 38,485 |
LogMeIn Inc. | 471,412 | 38,208 | |
SS&C Technologies Holdings Inc. | 701,492 | 37,228 | |
*,^ Advanced Micro Devices Inc. | 1,966,228 | 36,041 |
* | Proofpoint Inc. | 306,169 | 34,919 |
* | Arrow Electronics Inc. | 458,289 | 34,757 |
* | WEX Inc. | 179,649 | 34,101 |
* | CyberArk Software Ltd. | 547,473 | 33,237 |
FLIR Systems Inc. | 533,050 | 31,237 | |
* | Shutterstock Inc. | 671,801 | 30,950 |
* | IPG Photonics Corp. | 188,342 | 30,896 |
* | ON Semiconductor Corp. | 1,337,966 | 29,502 |
* | Guidewire Software Inc. | 334,745 | 28,855 |
* | Ultimate Software Group Inc. | 103,366 | 28,621 |
Microchip Technology Inc. | 305,587 | 28,551 | |
*,^ Ambarella Inc. | 709,022 | 27,779 | |
* | Envestnet Inc. | 468,792 | 27,471 |
* | Semtech Corp. | 578,845 | 27,466 |
* | TrueCar Inc. | 2,464,122 | 27,401 |
* | Take-Two Interactive Software Inc. | 241,602 | 27,306 |
^,2 Switch Inc. | 1,982,594 | 25,813 | |
* | Yelp Inc. Class A | 660,262 | 24,350 |
* | Stamps.com Inc. | 92,671 | 24,187 |
* | Acacia Communications Inc. | 736,107 | 23,658 |
Cognex Corp. | 445,909 | 23,535 | |
j2 Global Inc. | 276,462 | 23,455 | |
*,^ Inphi Corp. | 701,390 | 22,052 | |
Booz Allen Hamilton Holding Corp. Class A | 460,117 | 21,750 | |
* | PTC Inc. | 235,300 | 21,626 |
* | Tyler Technologies Inc. | 95,855 | 21,566 |
Alliance Data Systems Corp. | 95,260 | 21,422 | |
* | RingCentral Inc. Class A | 286,022 | 21,094 |
* | Descartes Systems Group Inc. | 653,814 | 20,857 |
* | Imperva Inc. | 447,360 | 20,690 |
*,^ ANGI Homeservices Inc. Class A | 1,314,943 | 20,658 | |
* | Carbonite Inc. | 586,683 | 20,123 |
Belden Inc. | 301,716 | 19,536 | |
* | Q2 Holdings Inc. | 312,751 | 18,499 |
* | Qualys Inc. | 210,820 | 18,362 |
* | Red Hat Inc. | 129,551 | 18,296 |
* | Zebra Technologies Corp. | 132,529 | 18,280 |
* | Presidio Inc. | 1,287,333 | 17,971 |
* | Shopify Inc. | 128,913 | 17,817 |
* | Gartner Inc. | 130,907 | 17,729 |
* | Silicon Laboratories Inc. | 185,730 | 17,691 |
Broadridge Financial Solutions Inc. | 152,780 | 17,261 | |
* | Electronic Arts Inc. | 128,026 | 16,483 |
* | Nutanix Inc. | 327,372 | 16,005 |
* | RealPage Inc. | 279,475 | 15,399 |
*,^ DocuSign Inc. | 284,333 | 15,326 | |
* | Manhattan Associates Inc. | 313,004 | 15,062 |
* | Palo Alto Networks Inc. | 74,950 | 14,860 |
* | Box Inc. | 614,420 | 14,722 |
*,^ Match Group Inc. | 395,753 | 14,295 | |
*,^ Stratasys Ltd. | 719,533 | 13,973 | |
* | ANSYS Inc. | 80,683 | 13,626 |
National Instruments Corp. | 308,157 | 13,500 | |
* | ChannelAdvisor Corp. | 957,649 | 13,311 |
* | Coherent Inc. | 82,750 | 13,079 |
* | 8x8 Inc. | 588,129 | 11,733 |
*,^ 3D Systems Corp. | 942,006 | 11,464 |
* Hortonworks Inc. | 652,573 | 11,368 |
* Varonis Systems Inc. | 188,853 | 11,289 |
* PROS Holdings Inc. | 291,079 | 10,811 |
* SMART Global Holdings Inc. | 347,446 | 10,608 |
* Unisys Corp. | 817,039 | 10,499 |
* Workiva Inc. | 408,961 | 10,326 |
* Cargurus Inc. | 235,046 | 10,189 |
* Glu Mobile Inc. | 1,742,005 | 9,285 |
Versum Materials Inc. | 233,980 | 9,020 |
* Pure Storage Inc. Class A | 374,699 | 8,116 |
Science Applications International Corp. | 91,059 | 7,683 |
* ePlus Inc. | 75,253 | 7,424 |
TTEC Holdings Inc. | 216,855 | 6,972 |
* A10 Networks Inc. | 1,026,019 | 6,936 |
* NCR Corp. | 226,686 | 6,329 |
* Fair Isaac Corp. | 27,829 | 5,606 |
* Control4 Corp. | 212,167 | 5,395 |
* Care.com Inc. | 296,122 | 5,336 |
Plantronics Inc. | 75,269 | 5,168 |
* Okta Inc. | 101,616 | 5,045 |
MKS Instruments Inc. | 50,059 | 4,721 |
SYNNEX Corp. | 45,355 | 4,375 |
Cabot Microelectronics Corp. | 35,928 | 4,328 |
* Altair Engineering Inc. Class A | 119,729 | 4,202 |
* TechTarget Inc. | 147,233 | 4,184 |
Sabre Corp. | 162,583 | 4,003 |
* Sykes Enterprises Inc. | 133,217 | 3,951 |
* Diodes Inc. | 97,807 | 3,635 |
Travelport Worldwide Ltd. | 181,306 | 3,427 |
Hackett Group Inc. | 172,257 | 3,106 |
* Blucora Inc. | 86,650 | 3,011 |
* Appfolio Inc. | 40,267 | 2,907 |
* Immersion Corp. | 206,403 | 2,898 |
* OSI Systems Inc. | 31,204 | 2,489 |
* Virtusa Corp. | 44,265 | 2,339 |
* eGain Corp. | 176,701 | 2,297 |
* Avid Technology Inc. | 338,422 | 1,899 |
* Insight Enterprises Inc. | 28,132 | 1,414 |
* Brightcove Inc. | 163,191 | 1,395 |
* Synaptics Inc. | 26,429 | 1,324 |
CSG Systems International Inc. | 31,923 | 1,298 |
* Extreme Networks Inc. | 150,427 | 1,279 |
* Arista Networks Inc. | 4,617 | 1,181 |
Blackbaud Inc. | 10,113 | 1,009 |
3,550,052 | ||
Materials (4.6%) | ||
Orion Engineered Carbons SA | 2,347,015 | 76,982 |
Carpenter Technology Corp. | 1,357,409 | 74,345 |
* Ferro Corp. | 2,681,213 | 60,381 |
Methanex Corp. | 835,813 | 57,755 |
Smurfit Kappa Group plc | 1,215,089 | 49,818 |
* Berry Global Group Inc. | 1,005,406 | 49,114 |
Ferroglobe plc | 5,378,975 | 43,839 |
PolyOne Corp. | 956,872 | 42,916 |
Minerals Technologies Inc. | 566,930 | 42,860 |
* Summit Materials Inc. Class A | 1,670,119 | 41,920 |
Graphic Packaging Holding Co. | 1,649,455 | 23,967 |
Balchem Corp. | 169,035 | 16,952 | |
Huntsman Corp. | 485,624 | 16,283 | |
Chemours Co. | 351,391 | 16,097 | |
Louisiana-Pacific Corp. | 576,973 | 15,532 | |
Westlake Chemical Corp. | 130,169 | 13,957 | |
WR Grace & Co. | 172,634 | 12,751 | |
Boise Cascade Co. | 288,645 | 12,484 | |
* | Koppers Holdings Inc. | 267,262 | 10,036 |
Packaging Corp. of America | 67,664 | 7,639 | |
Greif Inc. Class A | 137,669 | 7,496 | |
Kronos Worldwide Inc. | 226,240 | 5,145 | |
* | Ingevity Corp. | 44,837 | 4,469 |
Albemarle Corp. | 44,453 | 4,187 | |
* | AdvanSix Inc. | 88,199 | 3,569 |
* | GCP Applied Technologies Inc. | 47,461 | 1,383 |
711,877 | |||
Other (1.9%) | |||
3 | Vanguard Small-Cap ETF | 1,422,117 | 225,406 |
^,3 Vanguard Small-Cap Growth ETF | 384,700 | 68,284 | |
*,4 Dropbox Private Placement | 118,921 | 2,865 | |
*,§ Dyax Corp. CVR Exp. 12/31/2019 | 134,316 | 269 | |
296,824 | |||
Real Estate (3.1%) | |||
* | SBA Communications Corp. Class A | 493,164 | 78,043 |
Jones Lang LaSalle Inc. | 381,150 | 65,181 | |
Life Storage Inc. | 587,227 | 56,350 | |
Xenia Hotels & Resorts Inc. | 2,229,055 | 54,367 | |
PS Business Parks Inc. | 423,480 | 54,108 | |
Douglas Emmett Inc. | 1,312,511 | 50,978 | |
*,^ Five Point Holdings LLC Class A | 2,956,816 | 33,087 | |
National Storage Affiliates Trust | 610,266 | 17,594 | |
Ryman Hospitality Properties Inc. | 187,923 | 15,975 | |
CubeSmart | 452,763 | 13,746 | |
Taubman Centers Inc. | 135,554 | 8,411 | |
National Health Investors Inc. | 110,495 | 8,269 | |
Gaming and Leisure Properties Inc. | 219,020 | 7,955 | |
CoreSite Realty Corp. | 50,542 | 5,666 | |
EastGroup Properties Inc. | 32,198 | 3,069 | |
RMR Group Inc. Class A | 24,969 | 2,167 | |
Lamar Advertising Co. Class A | 14,654 | 1,079 | |
476,045 | |||
Telecommunication Services (0.5%) | |||
* | Vonage Holdings Corp. | 4,259,371 | 54,562 |
* | Boingo Wireless Inc. | 617,528 | 14,271 |
* | Zayo Group Holdings Inc. | 135,741 | 5,035 |
Shenandoah Telecommunications Co. | 33,064 | 1,091 | |
74,959 | |||
Utilities (0.4%) | |||
^ | Pattern Energy Group Inc. Class A | 2,908,695 | 54,014 |
NRG Energy Inc. | 313,062 | 9,915 | |
63,929 | |||
Total Common Stocks (Cost $11,075,295) | 14,970,749 |
Coupon | |||||
Temporary Cash Investments (5.5%)1 | |||||
Money Market Fund (5.0%) | |||||
5,6 Vanguard Market Liquidity Fund | 2.145% | 7,796,059 | 779,606 | ||
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
Repurchase Agreement (0.3%) | |||||
Deutsche Bank Securities, Inc. | |||||
(Dated 7/31/18, Repurchase Value | |||||
$55,103,000, collateralized by Government | |||||
National Mortgage Assn. 2.990%-6.000%, | |||||
4/15/20-5/20/48, with a value of | |||||
$56,202,000) | 1.920% | 8/1/18 | 55,100 | 55,100 | |
U.S. Government and Agency Obligations (0.2%) | |||||
United States Treasury Bill | 1.916% | 9/6/18 | 8,000 | 7,985 | |
7 | United States Treasury Bill | 1.918%–1.946% | 10/4/18 | 2,800 | 2,790 |
7 | United States Treasury Bill | 1.986% | 10/18/18 | 1,300 | 1,295 |
7 | United States Treasury Bill | 2.027%–2.078% | 11/15/18 | 10,000 | 9,941 |
7 | United States Treasury Bill | 2.037%–2.040% | 11/29/18 | 1,750 | 1,738 |
United States Treasury Bill | 2.082% | 12/20/18 | 3,000 | 2,976 | |
26,725 | |||||
Total Temporary Cash Investments (Cost $861,397) | 861,431 | ||||
Total Investments (101.9%) (Cost $11,936,692) | 15,832,180 | ||||
Other Assets and Liabilities-Net (-1.9%)6 | (295,781) | ||||
Net Assets (100%) | 15,536,399 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $284,733,000.
§ Security value determined using significant unobservable inputs.
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 98.5% and 3.4%, respectively, of net assets.
2 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities
of such company.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 Includes restricted security representing 0.0% of net assets. See Restricted Security table for additional
information.
5 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
6 Includes $294,619,000 of collateral received for securities on loan.
7 Securities with a value of $14,120,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
CVR—Contingent Value Rights.
Restricted Securities as of Period End | ||||
Security Name | Acquisition Date | Acquisition Cost ($000) | ||
Dropbox Inc. Class A | May 2012 | 1,615 | ||
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | September 2018 | 3,890 | 325,282 | (2,481) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
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 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.
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
Explorer Fund
a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. 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). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments as of July 31, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 14,917,797 | 52,683 | 269 |
Temporary Cash Investments | 779,606 | 81,825 | — |
Futures Contracts—Assets1 | 3,376 | — | — |
Total | 15,700,779 | 134,508 | 269 |
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. 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. Any assets pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as an asset (liability).
Explorer Fund
F. At July 31, 2018, the cost of investment securities for tax purposes was $11,936,692,000. Net unrealized appreciation of investment securities for tax purposes was $3,895,488,000, consisting of unrealized gains of $4,382,648,000 on securities that had risen in value since their purchase and $487,160,000 in unrealized losses on securities that had fallen in value since their purchase.
G. Certain of the fund's investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:
Current Period Transactions | ||||||||
Oct. 31, | Proceeds | Net | Change in | July 31, | ||||
2017 | from | Realized | Net | Capital Gain | 2018 | |||
Market | Purchases | Securities | Gain | Unrealized | Distributions | Market | ||
Value | at Cost | Sold | (Loss) | App.(Dep.) | Income | Received | Value | |
($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
Cardtronics plc Class A | NA1 | 16,926 | — | — | 4,890 | — | — | 68,968 |
Kindred Healthcare Inc. | 30,653 | — | 45,747 | (4,877) | 19,971 | — | — | — |
Switch Inc. | NA1 | 23,224 | — | — | (7,884) | 60 | 25,813 | |
Vanguard Market | ||||||||
Liquidity | 565,395 | NA2 | NA2 | (89) | 32 | 5,642 | — | 779,606 |
Vanguard Small-Cap | ||||||||
ETF | 68,655 | 515,265 | 372,292 | (1,099) | 14,877 | 1,747 | — | 225,406 |
Vanguard Small-Cap | ||||||||
Growth ETF | 60,086 | — | — | — | 8,198 | 397 | — | 68,284 |
Total | 724,789 | (6,065) | 40,084 | 7,846 | — | 1,168,077 |
1 Not applicable—at October 31, 2017, the issuer was not an affiliated company of the fund.
2 Not applicable—purchases and sales are for temporary cash investment purposes.
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 EXPLORER FUND | |
|
|
By: |
/s/ MORTIMER J. BUCKLEY* |
MORTIMER J. BUCKLEY | |
CHIEF EXECUTIVE OFFICER | |
Date: September 13, 2018 |
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 EXPLORER FUND | |
|
|
By: |
/s/ MORTIMER J. BUCKLEY* |
MORTIMER J. BUCKLEY | |
CHIEF EXECUTIVE OFFICER | |
Date: September 13, 2018 | |
|
VANGUARD EXPLORER FUND |
|
|
By: |
/s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: September 13, 2018 |
*By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 see file Number 33-32216, Incorporated by Reference.
CERTIFICATIONS
I, Mortimer J. Buckley, certify that:
1. I have reviewed this report on Form N-Q of Vanguard Explorer Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: September 13, 2018 | /s/ Mortimer J. Buckley |
Mortimer J. Buckley | |
Chief Executive Officer |
CERTIFICATIONS
I, Thomas J. Higgins, certify that:
1. I have reviewed this report on Form N-Q of Vanguard Explorer Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: September 13, 2018 | /s/ Thomas J. Higgins |
Thomas J. Higgins | |
Chief Financial Officer |