NPORT-EX 2 vngexplorerfnd01312020.htm vngexplorerfnd01312020.htm - Generated by SEC Publisher for SEC Filing
Vanguard Explorer Fund     
 
 
 
Schedule of Investments (unaudited)     
As of January 31, 2020     
 
      Market 
      Value 
    Shares  ($000) 
Common Stocks (96.9%)1     
Communication Services (3.4%)     
*  Live Nation Entertainment Inc.  1,651,768  112,585 
  Cinemark Holdings Inc.  3,446,864  108,611 
  New York Times Co.  2,022,187  64,730 
  Bandwidth Inc. Class A  818,175  58,058 
  IAC/InterActiveCorp  146,672  35,728 
*  Yelp Inc.  834,380  27,201 
*  Take-Two Interactive Software Inc.  202,433  25,231 
  Pinterest Inc. Class A  1,008,165  22,210 
  National CineMedia Inc.  2,802,770  20,684 
  Cargurus Inc.  427,554  15,242 
  Zynga Inc.  2,503,014  15,068 
*  Electronic Arts Inc.  139,290  15,032 
*  Glu Mobile Inc.  1,970,966  11,629 
*,^ Match Group Inc.  147,118  11,508 
*  Boingo Wireless Inc.  902,091  10,139 
  EverQuote Inc. Class A  188,237  6,906 
*  TechTarget Inc.  196,482  4,989 
*  Liberty TripAdvisor Holdings Inc.  548,572  3,231 
^  Gogo Inc.  329,834  1,735 
^  Meredith Corp.  55,317  1,662 
*  MSG Networks Inc.  56,187  855 
      573,034 
Consumer Discretionary (13.3%)     
*  Burlington Stores Inc.  599,575  130,390 
*  MercadoLibre Inc.  171,755  113,874 
*  Skechers U.S.A. Inc.  2,875,951  107,532 
  Carter's Inc.  875,793  92,895 
  Monro Inc.  1,456,914  91,349 
*  Under Armour Inc.  4,358,087  78,271 
*  Etsy Inc.  1,500,698  73,249 
*  Deckers Outdoor Corp.  371,738  70,969 
*,^ Carvana Co.  878,390  69,612 
*  Skyline Champion Corp.  2,351,579  67,608 
  Hyatt Hotels Corp.  794,624  67,178 
  Hanesbrands Inc.  4,798,905  66,033 
  Acushnet Holdings Corp.  2,087,945  64,664 
*  Sally Beauty Holdings Inc.  3,959,757  60,782 
  La-Z-Boy Inc.  1,868,338  57,246 
  Levi Strauss & Co. Class A  2,618,700  51,431 
^  Cheesecake Factory Inc.  1,330,088  51,075 
  Domino's Pizza Inc.  168,229  47,399 
  Chewy Inc.  1,752,054  46,447 
  Wingstop Inc.  496,464  46,057 
*,2 Houghton Mifflin Harcourt Co.  7,198,968  39,738 
  Aaron's Inc.  653,316  38,781 
  Polaris Inc.  405,977  37,285 
^  Children's Place Inc.  618,639  36,914 
*  Lululemon Athletica Inc.  149,003  35,670 

 

 

*  frontdoor Inc.  817,361  34,803 
  Advance Auto Parts Inc.  240,510  31,687 
*  Bright Horizons Family Solutions Inc.  183,988  30,124 
  Floor & Decor Holdings Inc. Class A  603,442  29,756 
  Core-Mark Holding Co. Inc.  1,268,352  29,730 
*  Shutterstock Inc.  670,691  29,061 
*,^ Ollie's Bargain Outlet Holdings Inc.  499,208  26,478 
*  Planet Fitness Inc.  326,850  26,406 
*  Five Below Inc.  228,060  25,821 
*  Grand Canyon Education Inc.  329,739  25,812 
*  SeaWorld Entertainment Inc.  568,371  19,586 
  TopBuild Corp.  169,479  19,407 
  PulteGroup Inc.  413,223  18,450 
  Wolverine World Wide Inc.  584,051  18,438 
*  NVR Inc.  4,747  18,119 
*  RH  86,670  18,092 
  Rent-A-Center Inc.  556,085  16,199 
  H&R Block Inc.  608,416  14,115 
^  Farfetch Ltd. Class A  1,101,829  13,442 
  Dine Brands Global Inc.  152,180  12,973 
  Lithia Motors Inc. Class A  93,232  12,646 
  Dave & Buster's Entertainment Inc.  255,353  11,276 
*,^ YETI Holdings Inc.  292,345  10,630 
*  Fox Factory Holding Corp.  153,429  10,099 
  Murphy USA Inc.  86,421  8,830 
*  Boot Barn Holdings Inc.  203,824  8,555 
  Brinker International Inc.  196,070  8,370 
  Kontoor Brands Inc.  204,684  7,807 
  Everi Holdings Inc.  478,637  5,983 
  Mattel Inc.  401,569  5,875 
*  Zumiez Inc.  176,458  5,500 
*  Taylor Morrison Home Corp.  205,180  5,310 
  Lear Corp.  41,810  5,150 
  KB Home  131,324  4,931 
*  Helen of Troy Ltd.  22,924  4,334 
  Asbury Automotive Group Inc.  42,057  4,056 
  Jack in the Box Inc.  49,605  4,055 
  Perdoceo Education Corp.  211,058  3,753 
  Sleep Number Corp.  67,520  3,483 
  Bloomin' Brands Inc.  166,275  3,454 
  Gentex Corp.  108,497  3,230 
^  Funko Inc.  118,211  1,777 
  Rubicon Project Inc.  170,242  1,593 
  Vail Resorts Inc.  6,467  1,517 
      2,243,162 
Consumer Staples (2.1%)     
*  Performance Food Group Co.  1,336,035  69,193 
  Casey's General Stores Inc.  307,194  49,415 
  Nu Skin Enterprises Inc.  1,412,345  46,028 
*  BJ's Wholesale Club Holdings Inc.  1,689,610  34,671 
  Sanderson Farms Inc.  216,983  29,876 
  Calavo Growers Inc.  376,400  28,836 
  Nomad Foods Ltd.  1,325,161  26,742 
*  Monster Beverage Corp.  370,208  24,656 
  Coca-Cola Consolidated Inc.  52,419  14,196 
^  B&G Foods Inc.  610,986  9,812 
  Medifast Inc.  57,979  5,603 

 

 

Pilgrim's Pride Corp.  178,805  4,658 
John B Sanfilippo & Son Inc.  29,225  2,464 
* Herbalife Nutrition Ltd.  34,809  1,352 
* Post Holdings Inc.  12,373  1,294 
    348,796 
Energy (0.9%)     
Delek US Holdings Inc.  1,967,669  54,032 
Viper Energy Partners LP  1,652,764  36,047 
* Apergy Corp.  1,104,002  28,549 
Cabot Oil & Gas Corp.  876,691  12,353 
Parsley Energy Inc.  638,939  10,632 
^ Core Laboratories NV  249,011  8,748 
CVR Energy Inc.  119,153  4,124 
* Renewable Energy Group Inc.  43,985  1,156 
* W&T Offshore Inc.  252,712  1,046 
* CONSOL Energy Inc.  91,268  742 
    157,429 
Financials (6.4%)     
* SVB Financial Group  360,566  86,655 
Voya Financial Inc.  1,414,100  84,464 
MGIC Investment Corp.  5,484,746  75,635 
Assurant Inc.  562,139  73,393 
Synovus Financial Corp.  1,941,321  67,985 
Nasdaq Inc.  567,249  66,062 
Sterling Bancorp  3,180,680  63,614 
Assured Guaranty Ltd.  1,273,474  58,376 
BOK Financial Corp.  734,996  57,991 
Redwood Trust Inc.  3,202,290  56,456 
Tradeweb Markets Inc. Class A  1,111,333  51,321 
LPL Financial Holdings Inc.  486,770  44,846 
MarketAxess Holdings Inc.  123,629  43,787 
* PRA Group Inc.  960,272  33,955 
FirstCash Inc.  357,868  31,124 
WisdomTree Investments Inc.  6,067,844  25,546 
Palomar Holdings Inc.  380,064  20,314 
Primerica Inc.  156,696  18,578 
MSCI Inc.  64,818  18,525 
Walker & Dunlop Inc.  254,892  16,917 
OneMain Holdings Inc  257,573  10,913 
* Enova International Inc.  428,183  10,730 
CIT Group Inc.  198,167  9,058 
^ Health Insurance Innovations Inc.  330,600  7,597 
Bank OZK  274,557  7,462 
Bank of NT Butterfield & Son Ltd.  207,669  6,899 
Essent Group Ltd.  104,911  5,205 
NMI Holdings Inc.  152,628  4,872 
Universal Insurance Holdings Inc.  184,462  4,490 
Erie Indemnity Co.  22,095  3,679 
Evercore Inc.  45,925  3,519 
Alleghany Corp.  2,225  1,775 
Federated Investors Inc. Class B  34,800  1,261 
First Financial Bankshares Inc.  32,804  1,099 
    1,074,103 
Health Care (19.8%)     
* ICON plc  1,218,207  205,414 
* Insulet Corp.  704,955  136,789 

 

 

* Penumbra Inc.  531,152  93,196 
* Mettler-Toledo International Inc.  116,565  88,261 
Encompass Health Corp.  1,134,124  87,362 
Hill-Rom Holdings Inc.  774,891  82,518 
* Amedisys Inc.  463,642  81,828 
* Molina Healthcare Inc.  645,195  79,340 
* BioTelemetry Inc.  1,517,138  74,218 
* Globus Medical Inc.  1,367,667  71,502 
* Omnicell Inc.  855,675  69,549 
* LHC Group Inc.  459,036  66,904 
* Integra LifeSciences Holdings Corp.  1,213,534  66,793 
* Acadia Healthcare Co. Inc.  2,014,308  64,720 
STERIS plc  419,775  63,256 
* DexCom Inc.  244,310  58,818 
* Haemonetics Corp.  525,265  56,408 
* ABIOMED Inc.  293,273  54,634 
* Syneos Health Inc.  820,432  50,342 
* BioMarin Pharmaceutical Inc.  592,410  49,466 
* IDEXX Laboratories Inc.  176,028  47,705 
iRhythm Technologies Inc.  503,817  43,142 
* PRA Health Sciences Inc.  423,065  42,861 
Kodiak Sciences Inc.  699,808  42,737 
Merit Medical Systems Inc.  1,165,832  42,460 
* ImmunoGen Inc.  8,461,938  39,983 
* MEDNAX Inc.  1,700,703  39,235 
* Catalent Inc.  633,879  38,730 
ResMed Inc.  227,631  36,186 
* Repligen Corp.  351,866  35,324 
* HealthEquity Inc.  532,607  35,184 
Y-mAbs Therapeutics Inc.  1,047,600  34,560 
Apellis Pharmaceuticals Inc.  791,900  32,555 
* NuVasive Inc.  408,241  31,484 
* Pacira BioSciences Inc.  708,943  30,641 
Theravance Biopharma Inc.  1,039,168  28,972 
Cooper Cos. Inc.  82,155  28,499 
* Hologic Inc.  521,781  27,926 
Cerner Corp.  376,389  27,036 
Deciphera Pharmaceuticals Inc.  427,740  26,789 
* Arena Pharmaceuticals Inc.  584,300  26,697 
* Premier Inc.  766,880  26,664 
Chemed Corp.  56,970  26,607 
Tricida Inc.  732,055  25,812 
* Charles River Laboratories International Inc.  164,502  25,429 
Novocure Ltd.  299,431  24,392 
* Ultragenyx Pharmaceutical Inc.  463,290  24,346 
* Quidel Corp.  316,804  24,331 
* Avanos Medical Inc.  850,800  23,431 
* Tandem Diabetes Care Inc.  307,248  23,363 
* Ligand Pharmaceuticals Inc.  263,115  23,104 
* HMS Holdings Corp.  822,000  22,457 
* Sangamo Therapeutics Inc.  2,895,855  21,227 
* CRISPR Therapeutics AG  401,124  20,838 
* Agios Pharmaceuticals Inc.  421,593  20,544 
Bruker Corp.  414,817  20,521 
* Neogen Corp.  302,030  20,318 
* Immunomedics Inc.  1,087,748  20,199 
* Blueprint Medicines Corp.  317,100  20,120 

 

 

*  Revance Therapeutics Inc.  895,529  20,033 
*  Medpace Holdings Inc.  220,898  18,898 
*  Illumina Inc.  64,405  18,682 
*  Bluebird Bio Inc.  234,000  18,647 
*  Heron Therapeutics Inc.  889,111  18,547 
*  Tenet Healthcare Corp.  578,443  18,302 
*  Prestige Consumer Healthcare Inc.  429,679  17,428 
*  Integer Holdings Corp.  201,559  17,213 
*  Axogen Inc.  1,355,597  16,755 
*  Esperion Therapeutics Inc.  309,785  16,753 
*  Intuitive Surgical Inc.  29,585  16,561 
*  Ironwood Pharmaceuticals Inc.  1,363,738  16,474 
*  Align Technology Inc.  59,563  15,314 
*  Ionis Pharmaceuticals Inc.  260,013  15,164 
*  Arrowhead Pharmaceuticals Inc.  346,557  14,524 
*  Neurocrine Biosciences Inc.  145,082  14,520 
*  Veeva Systems Inc.  94,417  13,842 
*  Nevro Corp.  100,231  13,322 
*  DBV Technologies SA ADR  1,310,470  12,751 
*,^ Viking Therapeutics Inc.  2,010,224  12,624 
*  Masimo Corp.  73,256  12,497 
*  STAAR Surgical Co.  368,657  12,402 
*  Exelixis Inc.  626,731  10,780 
*  Horizon Therapeutics plc  296,804  10,237 
  PerkinElmer Inc.  110,039  10,176 
  Avantor Inc.  534,616  9,874 
^  SmileDirectClub Inc.  700,199  9,376 
*  Enanta Pharmaceuticals Inc.  176,689  9,107 
*  Natera Inc.  242,674  8,496 
*  Halozyme Therapeutics Inc.  432,814  8,215 
*  Endo International plc  1,427,203  8,092 
  Global Blood Therapeutics Inc.  118,882  7,758 
  LeMaitre Vascular Inc.  210,803  7,586 
  Puma Biotechnology Inc.  911,887  7,167 
*  Cytokinetics Inc.  575,993  7,085 
  Veracyte Inc.  268,716  7,054 
*  Vanda Pharmaceuticals Inc.  549,286  7,003 
*  Alkermes plc  327,679  5,705 
*  MacroGenics Inc.  591,105  5,468 
  US Physical Therapy Inc.  43,797  5,130 
*  Biohaven Pharmaceutical Holding Co. Ltd.  105,539  5,118 
  Ensign Group Inc.  107,052  4,839 
*  Voyager Therapeutics Inc.  409,376  4,515 
  Iovance Biotherapeutics Inc.  206,375  4,487 
  Bio-Techne Corp.  16,582  3,482 
  Mesa Laboratories Inc.  12,702  3,333 
^  Clovis Oncology Inc.  387,884  3,216 
*  CareDx Inc.  132,003  3,189 
  Pennant Group Inc.  120,283  3,175 
^  Zynerba Pharmaceuticals Inc.  595,057  2,999 
^  Eidos Therapeutics Inc.  55,920  2,979 
*  Myriad Genetics Inc.  104,334  2,885 
*  Exact Sciences Corp.  29,787  2,779 
  Inovalon Holdings Inc.  132,421  2,683 
*  BioCryst Pharmaceuticals Inc.  854,416  2,435 
*  ICU Medical Inc.  13,316  2,430 
  Shockwave Medical Inc.  53,443  2,320 

 

 

*  FibroGen Inc.  53,154  2,224 
  Precision BioSciences Inc.  269,349  2,179 
  Lantheus Holdings Inc.  116,110  2,033 
*  Spectrum Pharmaceuticals Inc.  773,904  1,958 
  Fluidigm Corp.  508,836  1,954 
  Jazz Pharmaceuticals plc  12,086  1,733 
*  Acorda Therapeutics Inc.  775,332  1,574 
*  CytomX Therapeutics Inc.  207,130  1,537 
*  Select Medical Holdings Corp.  66,071  1,509 
  Silk Road Medical Inc.  31,108  1,448 
  Allscripts Healthcare Solutions Inc.  167,460  1,437 
  Luminex Corp.  61,241  1,389 
  NanoString Technologies Inc.  50,682  1,377 
*  Vericel Corp  82,301  1,350 
*,^ Novavax Inc.  171,846  1,309 
*  Amphastar Pharmaceuticals Inc.  69,074  1,306 
*,2 Endologix Inc.  1,055,952  1,056 
*  Assertio Therapeutics Inc.  879,479  941 
  Dicerna Pharmaceuticals Inc.  14,853  293 
  Cyclerion Therapeutics Inc.  73,838  242 
      3,335,002 
Industrials (19.0%)     
*  TriNet Group Inc.  2,332,564  133,096 
*  Trex Co. Inc.  1,202,869  118,170 
*  Clean Harbors Inc.  1,345,431  110,621 
*  Copart Inc.  1,056,280  107,170 
  John Bean Technologies Corp.  907,719  102,563 
  Fortune Brands Home & Security Inc.  1,378,739  94,733 
*  Sensata Technologies Holding plc  1,913,581  90,455 
*  Kirby Corp.  1,211,154  88,765 
  Advanced Drainage Systems Inc.  2,066,637  85,910 
  Rexnord Corp.  2,497,365  81,539 
  BWX Technologies Inc.  1,153,425  73,346 
  Woodward Inc.  621,938  72,338 
  Kennametal Inc.  2,139,652  66,950 
*  AerCap Holdings NV  1,168,803  66,166 
*  SPX FLOW Inc.  1,476,315  64,574 
  EnerSys  890,982  64,115 
  IDEX Corp.  377,782  61,900 
  AGCO Corp.  838,097  58,784 
*  Chart Industries Inc.  893,142  57,143 
  GATX Corp.  734,111  55,888 
  TransUnion  574,622  52,693 
  Enerpac Tool Group Corp. Class A  2,273,269  52,535 
*  CoStar Group Inc.  79,840  52,135 
  HEICO Corp. Class A  537,119  51,644 
  ABM Industries Inc.  1,340,171  51,114 
  Watts Water Technologies Inc.  511,428  50,994 
*  Middleby Corp.  451,675  50,660 
*  Teledyne Technologies Inc.  129,550  47,294 
*  Masonite International Corp.  606,210  45,532 
*  XPO Logistics Inc.  503,525  44,773 
  Verisk Analytics Inc.  268,691  43,654 
*  Proto Labs Inc.  416,397  43,097 
*  United Rentals Inc.  311,490  42,266 
*  RBC Bearings Inc.  266,851  41,498 
  Ritchie Bros Auctioneers Inc.  919,707  38,830 

 

 

^ Cimpress plc  322,984  38,639 
Tennant Co.  485,897  37,521 
* SiteOne Landscape Supply Inc.  322,645  31,151 
* Mercury Systems Inc.  395,524  30,356 
Kratos Defense & Security Solutions Inc.  1,438,793  26,387 
Heartland Express Inc.  1,370,930  25,623 
* Axon Enterprise Inc.  328,637  25,243 
* Kornit Digital Ltd.  571,859  23,892 
CH Robinson Worldwide Inc.  316,805  22,880 
* IHS Markit Ltd.  278,883  21,993 
Armstrong World Industries Inc.  207,795  20,848 
Spirit AeroSystems Holdings Inc.  313,447  20,474 
Allison Transmission Holdings Inc.  453,212  20,032 
* Atkore International Group Inc.  485,572  19,277 
* MRC Global Inc.  1,696,410  19,102 
Matson Inc.  506,593  18,242 
* Aerojet Rocketdyne Holdings Inc.  337,981  17,599 
EMCOR Group Inc.  213,069  17,508 
MasTec Inc.  301,496  17,411 
Builders FirstSource Inc.  695,268  17,239 
Forward Air Corp.  260,914  17,077 
L3Harris Technologies Inc.  75,350  16,677 
Rockwell Automation Inc.  84,841  16,261 
* Generac Holdings Inc.  156,419  16,203 
JB Hunt Transport Services Inc.  133,953  14,458 
Korn Ferry  346,178  14,186 
Huntington Ingalls Industries Inc.  52,525  13,709 
Acuity Brands Inc.  115,415  13,604 
Albany International Corp.  192,104  13,403 
Westinghouse Air Brake Technologies Corp.  179,759  13,277 
Landstar System Inc.  119,279  13,210 
Robert Half International Inc.  221,931  12,910 
* Meritor Inc.  571,820  12,529 
* HD Supply Holdings Inc.  295,554  12,041 
Tetra Tech Inc.  135,197  11,573 
GMS Inc.  407,409  10,886 
Terex Corp.  423,043  10,724 
MSC Industrial Direct Co. Inc. Class A  157,405  10,715 
* AeroVironment Inc.  145,686  9,704 
JetBlue Airways Corp.  451,449  8,952 
MSA Safety Inc.  62,380  8,459 
American Woodmark Corp.  75,118  8,237 
KAR Auction Services Inc.  349,791  7,353 
Barrett Business Services Inc.  77,419  6,413 
* TrueBlue Inc.  282,708  6,194 
Simpson Manufacturing Co. Inc.  71,537  5,914 
Rush Enterprises Inc.  136,052  5,850 
Kimball International Inc.  309,189  5,807 
* Herc Holdings Inc.  141,197  5,665 
Hillenbrand Inc.  182,304  5,292 
ArcBest Corp.  215,405  4,806 
FTI Consulting Inc.  36,626  4,397 
Covanta Holding Corp.  269,125  4,032 
* Avis Budget Group Inc.  110,237  3,616 
Triumph Group Inc.  158,988  3,248 
Herman Miller Inc.  79,804  3,084 
Hubbell Inc.  19,476  2,790 

 

 

  Universal Forest Products Inc.  56,560  2,709 
  Foundation Building Materials Inc.  126,620  2,258 
  HEICO Corp.  17,720  2,169 
  Mobile Mini Inc.  42,397  1,770 
  Steelcase Inc.  90,453  1,683 
  Alaska Air Group Inc.  21,539  1,391 
  Exponent Inc.  16,392  1,193 
  SPX Corp.  22,130  1,086 
  Kaman Corp.  17,301  1,068 
  Allegiant Travel Co.  4,000  672 
      3,203,617 
Information Technology (24.3%)     
*  Five9 Inc.  1,976,314  141,761 
*,2 Cardtronics plc  2,797,772  125,900 
*  Fortinet Inc.  1,087,814  125,490 
*  Cornerstone OnDemand Inc.  2,090,821  122,940 
*  DocuSign Inc. Class A  1,443,897  113,360 
*  HubSpot Inc.  555,007  100,423 
  SVMK Inc.  5,360,188  94,607 
  LogMeIn Inc.  1,078,864  92,750 
  Power Integrations Inc.  855,526  83,559 
*  New Relic Inc.  1,134,018  74,857 
*  Tower Semiconductor Ltd.  3,352,578  74,360 
*  Wix.com Ltd.  517,500  73,842 
*  Ciena Corp.  1,728,464  70,297 
  j2 Global Inc.  732,311  70,199 
*  Euronet Worldwide Inc.  422,818  66,653 
*  First Solar Inc.  1,315,196  65,207 
  Entegris Inc.  1,252,834  64,847 
  Science Applications International Corp.  710,885  62,394 
*  ON Semiconductor Corp.  2,557,561  59,208 
  Mimecast Ltd.  1,149,227  58,645 
*  GoDaddy Inc.  845,344  56,816 
*  Arrow Electronics Inc.  746,484  56,688 
*  RingCentral Inc.  275,028  56,540 
*  Proofpoint Inc.  459,167  56,390 
  Teradyne Inc.  851,472  56,189 
*  Cadence Design Systems Inc.  777,651  56,076 
^  Slack Technologies Inc. Class A  2,625,000  54,416 
*  Inphi Corp.  715,630  54,359 
*  Manhattan Associates Inc.  610,013  52,132 
*  RealPage Inc.  864,153  50,423 
  Monolithic Power Systems Inc.  285,440  48,859 
  MAXIMUS Inc.  665,750  47,768 
*  SolarWinds Corp.  2,481,208  46,944 
  Jack Henry & Associates Inc.  305,264  45,649 
*  Envestnet Inc.  540,456  42,626 
*  Aspen Technology Inc.  355,015  42,240 
  SS&C Technologies Holdings Inc.  665,973  41,963 
  FLIR Systems Inc.  812,033  41,852 
*,^ Cloudera Inc.  3,977,799  40,932 
  SunPower Corp.  4,632,827  39,472 
  Paycom Software Inc.  123,838  39,400 
  MKS Instruments Inc.  371,973  38,990 
*  IPG Photonics Corp.  297,641  38,000 
*  Shopify Inc.  79,540  37,039 
  Belden Inc.  746,877  36,799 

 

 

Microchip Technology Inc.  359,292  35,024 
* Trade Desk Inc.  130,102  35,021 
Nuance Communications Inc.  1,775,796  33,598 
* Semtech Corp.  643,894  31,029 
* Tyler Technologies Inc.  95,855  31,026 
Booz Allen Hamilton Holding Corp.  395,370  30,855 
* WEX Inc.  138,204  29,979 
* Fair Isaac Corp.  74,116  29,823 
* 2U Inc.  1,401,795  27,770 
* Q2 Holdings Inc.  312,751  27,269 
* FireEye Inc.  1,647,681  26,330 
Cognex Corp.  507,790  25,882 
Dynatrace Inc.  819,860  25,670 
* Square Inc.  339,863  25,384 
* Trimble Inc.  587,063  24,962 
Switch Inc.  1,540,548  24,649 
* Gartner Inc.  147,869  23,774 
* CyberArk Software Ltd.  171,908  23,763 
* Silicon Laboratories Inc.  234,892  23,092 
* PTC Inc.  269,042  22,363 
* ANSYS Inc.  80,683  22,134 
* Guidewire Software Inc.  192,203  21,623 
* PROS Holdings Inc.  353,223  21,193 
* EPAM Systems Inc.  91,204  20,807 
* Palo Alto Networks Inc.  86,260  20,252 
* Zebra Technologies Corp.  83,216  19,890 
Pluralsight Inc. Class A  1,018,919  19,757 
Anaplan Inc.  327,080  18,837 
National Instruments Corp.  418,724  18,688 
* Qualys Inc.  203,321  17,433 
* Workiva Inc.  373,758  17,002 
Smartsheet Inc. Class A  345,000  16,726 
* Atlassian Corp. plc Class A  111,397  16,375 
* Synaptics Inc.  243,345  16,229 
Jabil Inc.  400,288  15,567 
CDW Corp.  116,978  15,260 
Lattice Semiconductor Corp.  766,610  14,259 
^ Zscaler Inc.  249,379  13,988 
NCR Corp.  404,694  13,646 
Sabre Corp.  625,903  13,482 
^ Enphase Energy Inc.  400,396  12,620 
Alteryx Inc.  89,059  12,421 
* 8x8 Inc.  588,129  10,951 
Teradata Corp.  414,695  10,094 
Paylocity Holding Corp.  70,812  10,047 
* Box Inc.  661,549  9,943 
* Diodes Inc.  186,657  9,639 
* Cirrus Logic Inc.  123,222  9,465 
* Coupa Software Inc.  58,545  9,435 
TTEC Holdings Inc.  227,935  9,054 
* Unisys Corp.  917,118  8,905 
* SMART Global Holdings Inc.  285,501  8,611 
Everbridge Inc.  85,674  7,765 
* ChannelAdvisor Corp.  815,033  7,629 
CSG Systems International Inc.  149,331  7,440 
* Insight Enterprises Inc.  109,491  7,212 
Diebold Nixdorf Inc.  619,053  7,125 

 

 

* A10 Networks Inc.  1,008,438  6,867 
* SPS Commerce Inc.  93,507  5,314 
Ceridian HCM Holding Inc.  67,633  4,957 
Domo Inc.  182,079  4,410 
^ GTT Communications Inc.  359,153  4,256 
* Altair Engineering Inc.  109,844  4,059 
Cerence Inc.  188,072  4,015 
* ePlus Inc.  48,103  3,835 
Zuora Inc. Class A  250,219  3,691 
* Avid Technology Inc.  406,274  3,415 
Perspecta Inc.  118,047  3,314 
* Okta Inc.  24,989  3,200 
^ Medallia Inc.  112,464  3,174 
Hackett Group Inc.  201,447  3,113 
^ Paysign Inc.  317,778  2,777 
Viavi Solutions Inc.  194,342  2,740 
* eGain Corp.  377,661  2,719 
PagerDuty Inc.  107,938  2,517 
* Virtusa Corp.  56,154  2,338 
Alliance Data Systems Corp.  22,271  2,289 
CDK Global Inc.  41,318  2,218 
OSI Systems Inc.  22,228  1,924 
Verint Systems Inc.  29,181  1,692 
SailPoint Technologies Holding Inc.  64,770  1,625 
* Brightcove Inc.  162,060  1,403 
Digital Turbine Inc.  222,139  1,386 
Broadridge Financial Solutions Inc.  11,424  1,361 
Perficient Inc.  24,714  1,228 
MicroStrategy Inc.  7,809  1,187 
EVERTEC Inc.  33,433  1,122 
* Alarm.com Holdings Inc.  24,966  1,097 
Model N Inc.  32,298  1,007 
ACI Worldwide Inc.  28,874  995 
    4,079,873 
Materials (2.8%)     
Louisiana-Pacific Corp.  2,835,840  87,004 
Smurfit Kappa Group plc  1,917,978  66,383 
Carpenter Technology Corp.  1,395,922  55,474 
* Summit Materials Inc.  2,206,151  48,469 
Methanex Corp.  1,148,603  37,272 
Orion Engineered Carbons SA  2,327,943  36,549 
Scotts Miracle-Gro Co.  175,360  21,524 
Balchem Corp.  169,035  18,259 
Graphic Packaging Holding Co.  1,166,438  18,231 
Element Solutions Inc.  1,325,785  15,512 
Royal Gold Inc.  121,673  14,031 
Avery Dennison Corp.  99,566  13,067 
Sealed Air Corp.  268,087  9,517 
Boise Cascade Co.  237,957  8,614 
Huntsman Corp.  385,568  7,927 
* Verso Corp.  343,235  5,783 
HB Fuller Co.  36,927  1,706 
Axalta Coating Systems Ltd.  46,600  1,343 
Silgan Holdings Inc.  42,479  1,311 
* AdvanSix Inc.  54,527  1,021 
    468,997 

 

 

Other (1.2%)     
^,3 Vanguard Small-Cap ETF  1,225,514  198,901 
 
Real Estate (3.6%)     
SBA Communications Corp.  348,946  87,083 
Hannon Armstrong Sustainable Infrastructure Capital Inc.  2,156,676  73,521 
Life Storage Inc.  613,138  69,395 
Jones Lang LaSalle Inc.  400,200  67,962 
PS Business Parks Inc.  373,719  62,620 
Xenia Hotels & Resorts Inc.  2,529,999  47,286 
CoreSite Realty Corp.  239,330  28,109 
JBG SMITH Properties  678,891  27,529 
Douglas Emmett Inc.  634,806  26,344 
Americold Realty Trust  583,900  20,127 
National Health Investors Inc.  187,901  15,855 
GEO Group Inc.  979,388  15,474 
^ Tanger Factory Outlet Centers Inc.  943,668  13,806 
Omega Healthcare Investors Inc.  236,835  9,935 
EastGroup Properties Inc.  53,972  7,344 
American Homes 4 Rent  268,051  7,326 
Four Corners Property Trust Inc.  105,868  3,207 
iStar Inc.  218,681  3,184 
RMR Group Inc.  67,052  3,089 
National Storage Affiliates Trust  83,629  2,856 
Terreno Realty Corp.  45,069  2,581 
Alexander's Inc.  7,471  2,411 
American Finance Trust Inc.  176,468  2,289 
Newmark Group Inc.  128,727  1,515 
American Assets Trust Inc.  24,500  1,116 
Colony Capital Inc.  194,140  907 
    602,871 
Utilities (0.1%)     
NRG Energy Inc.  330,908  12,207 
South Jersey Industries Inc.  87,255  2,688 
    14,895 
Total Common Stocks (Cost $12,374,799)    16,300,680 

 

 

          Market 
          Value 
    Coupon    Shares  ($000) 
Temporary Cash Investments (4.8%)1         
Money Market Fund (4.3%)         
4,5 Vanguard Market Liquidity Fund  1.730%    7,212,541  721,398 
        Face   
      Maturity  Amount   
      Date  ($000)   
Repurchase Agreement (0.4%)         
  Deutsche Bank Securities, Inc.         
  (Dated 1/31/20,Repurchase Value         
  $72,009,000 collateralized by         
  Federal National Mortgage Assn.         
  3.000%,1/1/34, and U.S.         
  Treasury Bill 0.000%, 6/11/20,         
  with a value of $73,440,000)  1.570%  2/3/20  72,000  72,000 
 
U.S. Government and Agency Obligations (0.1%)         
6  United States Treasury Bill  1.546%  3/26/20  9,000  8,980 
6  United States Treasury Bill  1.515%  4/9/20  500  499 
  United States Treasury Bill  1.543%  4/16/20  2,690  2,682 
          12,161 
Total Temporary Cash Investments (Cost $805,435)        805,559 
Total Investments (101.7%) (Cost $13,180,234)        17,106,239 
Other Assets and Liabilities-Net (-1.7%)5,6        (286,879) 
Net Assets (100%)        16,819,360 

* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $222,779,000.
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 98.4% and 3.3%, 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 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
5 Collateral of $237,656,000 was received for securities on loan.
6 Securities with a value of $9,479,000 and cash of $1,557,000 have been segregated as initial margin for open
futures contracts.
ADR—American Depositary Receipt.

 

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  March 2020  3,204  258,675  (7,393) 

 

 

Explorer Fund

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. 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).

D. 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, 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

 

Explorer Fund

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.

E. 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 and derivatives as of
January 31, 2020, based on the inputs used to value them:

  Level 1  Level 2  Level 3 
Investments  ($000)  ($000)  ($000) 
Common Stocks  16,234,297  66,383  — 
Temporary Cash Investments  721,398  84,161  — 
Futures Contracts—Liabilities1  (5,740)  —  — 
Total  16,949,955  150,544  — 
1 Represents variation margin on the last day of the reporting period.     

F. 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          Jan. 31, 
  2019    from   Realized   Change in    Capital Gain  2020 
  Market  Purchases  Securities  Net 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 110,834  2,247  21,302  691  33,430  —  —  125,900 
Endologix Inc.  2,587  —  —  —  (1,531)  —  —  1,056 
Houghton Mifflin                 
Harcourt Co.  45,222  1,255  —  —  (6,739)  —  —  39,738 
Vanguard Market                 
Liquidity Fund  786,814  NA1  NA1  21  66  2,225  —  721,398 
Vanguard Small-Cap                 
ETF  147,939  245,185  199,843  4,344  1,276  815  —  198,901 
Total  1,093,396      5,056  26,502  3,040  —  1,086,993 

 

 

Explorer Fund

1 Not applicable—purchases and sales are for temporary cash investment purposes.