UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number: | 811-1530 |
Name of Registrant: | Vanguard Explorer Fund |
Address of Registrant: | P.O. Box 2600 Valley Forge, PA 19482 |
Name and address of agent for service: | R. Gregory Barton, Esquire P.O. Box 876 Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: | October 31 |
Date of reporting period: | November 1, 2004 - April 30, 2005 |
Item 1: | Reports to Shareholders |
Vanguard® Explorer™ Fund | ||
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April 30, 2005![]() |
CONTENTS | |
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1 | CHAIRMAN'S LETTER |
6 | FUND PROFILE |
7 | GLOSSARY OF INVESTMENT TERMS |
8 | PERFORMANCE SUMMARY |
9 | FINANCIAL STATEMENTS |
29 | ABOUT YOUR FUND'S EXPENSES |
30 | ADVISORY AGREEMENT |
SUMMARY | |
• | Vanguard Explorer Fund’s Investor Shares returned 2.2% during the first half of the fund’s 2005 fiscal year, surpassing the returns of both the average competing fund and the benchmark index. |
• | The gains of large-capitalization stocks exceeded those of small-cap stocks in the period, while value-oriented issues outpaced growth-oriented ones. |
• | The advisors’ good stock selection in the health care, financial services, and materials & processing sectors helped the fund’s results. |
VANGUARD’S PLEDGE TO CLIENTS | ||
We recognize that your relationship with Vanguard rests on the twin pillars of trust and excellence, each of which is built upon the character of our people. Our Pledge to Clients reflects our ongoing efforts to deserve your trust and to continually improve so that we can offer you excellence in all that we do. | ||
We will: | ||
Put your interests first at all times. | ||
• | Put your interests first at all times. | |
• | Continually seek to earn your trust by adhering to the highest standards of ethical behavior and fiduciary responsibility. | |
• | Strive to be the highest-value provider of investment services, which means outstanding investment performance and service, both at the lowest possible cost. | |
• | Communicate candidly not only about the rewards of investing but also about the risks and costs. | |
• | Maintain highly effective controls to safeguard your assets and protect your confidential information. | |
• | Invest a majority of our personal assets alongside yours. | |
| ||
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. | ||
| ||
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CHAIRMAN'S LETTER | |
Dear Shareholder,
During the six months ended April 30, 2005, the U.S. equity market struggled under the weight of high energy prices, mounting inflationary pressures, and rising interest rates. Against this backdrop, the Explorer Fund’s Investor Shares returned 2.2%, which exceeded the return of the average mutual fund peer by 3 percentage points and was twice that of the primary benchmark index. However, the Investor Shares’ performance fell 1.3 percentage points shy of that of the broad U.S. market. (The fund’s Admiral Shares returned 2.3% in the period.)
Total Returns | Six Months Ended April 30, 2005 |
---|---|
Vanguard Explorer Fund | |
Investor Shares | 2.2% |
Admiral Shares | 2.3 |
Russell 2500 Growth Index | 1.1 |
Average Small-Cap Growth Fund* | -0.8 |
Dow Jones Wilshire 5000 Index | 3.5 |
*Derived from data provided by Lipper Inc. |
The adjacent table presents the fund's total returns (capital change plus reinvested distributions), as well as those of the Russell 2500 Growth Index, the average small-capitalization growth fund, and the Dow Jones Wilshire 5000 Composite Index, a proxy for the broad stock market. The table on page 5 shows the beginning and ending share prices of the fund, as well as per-share distributions during the period.
STOCKS STALLED AMID UNCERTAINTY
U.S. stocks rallied in the final months of 2004, then drifted lower as the New Year began. Although the economy registered respectable growth during the fiscal half-year, concern about the strength and durability of the expansion seemed to dictate the market's direction. Segments of corporate America generated unexpectedly robust profits, for example,
1
Admiral™Shares | |
A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund. |
but every instance of good news seemed to be overshadowed by a high-profile disappointment. Persistently high oil prices and other specters of inflation also cast a pall on the market's mood.
The broad stock market, as measured by the Dow Jones Wilshire 5000 Index, returned 3.5% for the six months. As has been the case for much of the past five years, value-oriented stocks outpaced their growth-oriented counterparts. In a reversal of recent trends, large-cap stocks bested the market's smaller companies. On balance, international stocks generated higher returns than the U.S. market.
THE FED STEPPED TO THE FORE
In the bond market, the Federal Reserve Board commanded the spotlight, signaling that its near-term objective was to short-circuit any surge in inflation. The Fed raised its target for the federal funds rate to 2.75% during the half-year, a full percentage point higher than its level at the start of the period. (In early May, the Fed raised the target to 3.00%.) The yield of the 3-month U.S. Treasury bill paralleled the Fed's actions, rising steadily to close the period at 2.89%.
Market Barometer | Total Returns Periods Ended April 30, 2005 | ||
---|---|---|---|
| Six Months | One Year | Five Years* |
Stocks | |||
Russell 1000 Index (Large-caps) | 4.0% | 7.2% | -2.7% |
Russell 2000 Index (Small-caps) | -0.1 | 4.7 | 4.1 |
Dow Jones Wilshire 5000 Index | 3.5 | 7.0 | -2.0 |
(Entire market) | |||
MSCI All Country World Index | |||
ex USA (International) | 9.1 | 16.9 | 0.6 |
Bonds | |||
Lehman Aggregate Bond Index | 1.0% | 5.3% | 7.5% |
(Broad taxable market) | |||
Lehman Municipal Bond Index | 1.9 | 6.8 | 7.0 |
Citigroup 3-Month Treasury Bill Index | 1.1 | 1.7 | 2.6 |
CPI | |||
Consumer Price Index | 1.9% | 3.5% | 2.6% |
*Annualized. |
The impact on longer-term securities was less pronounced. The yield of the benchmark 10-year Treasury note rose 0.18 percentage point to 4.20%, while the yields of the longest-term securities declined modestly.
THE FUND HELD ITS OWN IN A CHALLENGING MARKET ENVIRONMENT
As noted, your fund outpaced both its average peer and its benchmark index during the half-year, with returns of 2.2% for the Investor Shares and 2.3% for the Admiral Shares.
2
The Explorer Fund’s multimanager approach offers broad-based exposure to hundreds of small-cap stocks that the advisors believe are poised to benefit from strong earnings growth. The combination of several talented managers in a single fund promotes broad diversification, while preserving
Annualized Expense Ratios: | |||
---|---|---|---|
Your fund compared with its peer group | |||
| Investor Shares | Admiral Shares | Average Small-Cap Growth Fund |
Explorer Fund | 0.55% | 0.40% | 1.71%* |
*Peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2004. |
opportunities for outperformance—goals that can be hard to reconcile in a single-manager small-cap portfolio. To incorporate additional diversification, the fund’s board of trustees in February appointed a sixth investment advisor, Kalmar Investment Advisers of Wilmington, Delaware.
The advisors’ solid stock selection played an important part in the fund’s small gains in the period. This was most evident in the health care sector—the fund’s second-largest sector weighting—which provided more than half of the fund’s total return. Managed-care holdings posted very good results, offsetting weak showings from biotechnology and pharmaceutical holdings. In the financial services sector, which was beset by the fallout from rising interest rates and insurance-industry turmoil, the advisors’ stock choices posted a small positive return that contrasted with the index sector’s negative return. In materials & processing, astute stock selection made the difference, as the return of the fund’s holdings handily outpaced the return of the index sector.
Fund Assets Managed | April 30, 2005 | |
---|---|---|
| $ Million | Percentage |
Grantham, Mayo, Van Otterloo & Co. LLC | $2,504 | 28% |
Vanguard Quantitative Equity Group | 2,095 | 23 |
Granahan Investment Management, Inc. | 1,802 | 20 |
Wellington Management Company, LLP | 1,317 | 15 |
Chartwell Investment Partners | 652 | 7 |
Kalmar Investment Advisers | 372 | 4 |
Cash Investments* | 254 | 3 |
Total | $8,996 | 100% |
*These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
On the negative side, some poor stock selection led to a disappointing showing from the fund’s technology holdings. Numerous tech holdings saw poor sales and earnings and were troubled by an increasingly competitive environment. As a group, the fund’s tech holdings were the largest drag on performance, declining nearly –9% in the period.
3
As always, your fund’s advisors continue to search for “growth at a reasonable price.” Although their respective strategies vary, their portfolios tend to screen out a large number of the more highly valued, speculative stocks that other small-cap managers may snap up in pursuit of high returns.
DIVERSIFICATION AND BALANCE NEVER GO OUT OF STYLE
Investment trends come and go, and investors expend vast amounts of effort and money in pursuit of the best-performing sectors, styles, and funds. Over the years, Vanguard has repeatedly counseled investors to avoid chasing performance, to tune out the markets’ “noise,” and to maintain focus. Unlike some of those “here today, gone tomorrow” trends, a carefully crafted investment plan, grounded in the principles of diversification and balance, never goes out of style.
If you choose low-cost, diversified mutual funds to implement your plan, and then remain on that course through good and bad times, you will enhance your prospects of meeting your goals. Although you may not see your portfolio rise to the loftiest heights in the short run, you improve your chances of avoiding the depths of market downturns. The Explorer Fund can be a valuable way to gain exposure to smaller stocks within a portfolio that already has broad exposure to large-cap stocks.
If you would like some help in fine-tuning your investment plan, or are interested in exploring a vast array of educational material useful to both beginning and seasoned investors, I encourage you to visit Vanguard.com. Our website also provides many interactive tools that you will find useful.
Thank you for your continued confidence in Vanguard.
Sincerely,
John J. Brennan
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
MAY 16, 2005
4
Your Fund's Performance at a Glance | October 31, 2004-April 30, 2005 | |||
---|---|---|---|---|
Distributions Per Share | ||||
| Starting Share Price | Ending Share Price | Income Dividends | Capital Gains |
Explorer Fund | ||||
Investor Shares | $67.01 | $68.45 | $0.000 | $0.073 |
Admiral Shares | 62.37 | 63.76 | 0.000 | 0.068 |
5
FUND PROFILE | |
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As of 4/30/2005 | This Profile provides a snapshot of the fund's characteristics, compared where indicated with both an appropriate market index and a broad market index. Key terms are defined on page 7. |
EXPLORER FUND | |||
---|---|---|---|
Portfolio Characteristics | |||
| Fund | Comparative Index* | Broad Index** |
Number of Stocks | 985 | 1,713 | 4,949 |
Median Market Cap | $1.6B | $1.7B | $26.4B |
Price/Earnings Ratio | 22.6x | 24.8x | 21.2x |
Price/Book Ratio | 2.8x | 3.1x | 2.6x |
Yield | 0.6% | 1.7% | |
Investor Shares | 0.1% | ||
Admiral Shares | 0.2% | ||
Return on Equity | 11.9% | 14.1% | 15.0% |
Earnings Growth Rate | 16.4% | 17.6% | 9.0% |
Foreign Holdings | 2.5% | 0.0% | 1.0% |
Turnover Rate | 86%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.55%† | ||
Admiral Shares | 0.40%† | ||
Short-Term Reserves | 3% | — | — |
Volatility Measures | ||||
---|---|---|---|---|
| Fund | Comparative Index* | Fund | Broad Index** |
R-Squared | 0.99 | 1.00 | 0.84 | 1.00 |
Beta | 0.97 | 1.00 | 1.18 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
| Fund | Comparative Index* | Broad Index** |
Auto & Transportation | 4% | 4% | 2% |
Consumer Discretionary | 24 | 26 | 16 |
Consumer Staples | 0 | 1 | 7 |
Financial Services | 12 | 12 | 23 |
Health Care | 20 | 19 | 13 |
Integrated Oils | 0 | 0 | 4 |
Other Energy | 6 | 5 | 3 |
Materials & Processing | 6 | 5 | 4 |
Producer Durables | 7 | 9 | 5 |
Technology | 16 | 17 | 12 |
Utilities | 2 | 2 | 7 |
Other | 0 | 0 | 4 |
Short-Term Reserves | 3% | — | — |
*Russell 2500 Growth Index. | |||
**Dow Jones Wilshire 5000 Index. | |||
†Annualized. | |||
Ten Largest Holdings (% of total net assets) | |
---|---|
Nextel Partners, Inc. | 0.6% |
(telecommunications) | |
Bausch & Lomb, Inc. | 0.6 |
(medical) | |
American Eagle Outfitters, Inc. | 0.5 |
(retail) | |
Foot Locker, Inc. | 0.5 |
(retail) | |
MSC Industrial Direct Co., Inc. Class A | 0.5 |
(industrial manufacturing) | |
Humana Inc. | 0.5 |
(health care) | |
Urban Outfitters, Inc. | 0.4 |
(retail) | |
CACI International, Inc. | 0.4 |
(computer services) | |
Covance, Inc. | 0.4 |
(pharmaceuticals) | |
CapitalSource Inc. | 0.4 |
(financial services) | |
Top Ten | 4.8% |
“Ten Largest Holdings” excludes any temporary cash investments and equity index products. |
Investment Focus
Visit our website at Vanguard.com
for regularly updated fund information.
6
GLOSSARY OF INVESTMENT TERMS | |
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. A fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Foreign Holdings. The percentage of a fund’s equity assets represented by stocks or depositary receipts of companies based outside the United States.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund's trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors).
Yield. A snapshot of a fund’s income from interest and dividends. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days and is annualized, or projected forward for the coming year. The index yield is based on the current annualized rate of income provided by securities in the index.
7
PERFORMANCE SUMMARY | |
---|---|
As of 4/30/2005 | All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at www.vanguard.com.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. |
EXPLORER FUND
Fiscal-Year Total Returns (%) October 31, 1994–April 30, 2005
*Six months ended April 30, 2005.
Note: See Financial Highlights tables on pages 24 and 25 for dividend and capital gains information.
Average Annual Total Returns for periods ended March 31, 2005 | ||||||
---|---|---|---|---|---|---|
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information. | ||||||
Since Inception | ||||||
| Inception Date | One Year | Five Years | Capital | Income | Total |
Explorer Fund | ||||||
Investor Shares | 12/11/1967 | 4.89% | 2.56% | 11.07% | 0.29% | 11.36% |
Admiral Shares | 11/12/2001 | 5.03 | 9.29* | — | — | — |
*Return since inception. |
8
As of 4/30/2005 | FINANCIAL STATEMENTS (UNAUDITED) |
---|---|
STATEMENT OF NET ASSETS
This Statement provides a detailed list of the fund's holdings, including each security's market value on the last day of the reporting period. Securities are grouped and subtotaled by asset type (common stocks, bonds, etc.) and by industry sector. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund's Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement of Net Assets, you will find a table displaying the composition of the fund's net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund's investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund's semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund's Forms N-Q on the SEC's website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC's Public Reference Room (see the back cover of this report for further information).
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (95.2%) (1) | ||
Auto & Transportation (3.9%) | ||
*Swift Transportation Co., Inc. | 1,157,272 | $ 24,685 |
*AMR Corp. | 2,282,900 | 23,902 |
J.B. Hunt Transport | ||
Services, Inc. | 598,400 | 23,391 |
CNF Inc. | 538,900 | 23,038 |
*Yellow Roadway Corp. | 451,600 | 22,128 |
Tidewater Inc. | 611,275 | 21,071 |
*Landstar System, Inc. | 589,000 | 18,053 |
C.H. Robinson Worldwide, Inc. | 296,300 | 15,289 |
Knight Transportation, Inc. | 722,900 | 15,275 |
Heartland Express, Inc. | 802,140 | 14,872 |
*AirTran Holdings, Inc. | 1,771,300 | 14,702 |
UTI Worldwide, Inc. | 193,555 | 12,415 |
Oshkosh Truck Corp. | 160,300 | 12,047 |
Polaris Industries, Inc. | 192,101 | 11,057 |
*EGL, Inc. | 495,185 | 9,661 |
Winnebago Industries, Inc. | 320,400 | 9,336 |
Thor Industries, Inc. | 298,200 | 8,036 |
*Aviall Inc. | 270,000 | 7,897 |
*Tenneco Automotive, Inc. | 475,500 | 6,101 |
Wabash National Corp. | 235,100 | 5,995 |
*General Maritime Corp. | 120,200 | 5,271 |
Arkansas Best Corp. | 167,000 | 5,265 |
Overseas Shipholding Group Inc. | 87,800 | 4,955 |
*ExpressJet Holdings, Inc. | 506,900 | 4,501 |
Florida East Coast | ||
Industries, Inc. Class A | 100,200 | 4,269 |
Forward Air Corp. | 165,931 | 3,992 |
Gentex Corp. | 120,050 | 3,897 |
*Old Dominion Freight Line, Inc. | 135,500 | 3,808 |
*Mesa Air Group Inc. | 710,500 | 3,787 |
Visteon Corp. | 1,013,800 | 3,548 |
*The Goodyear Tire & Rubber Co. | 168,000 | 1,994 |
*Aftermarket Technology Corp. | 122,561 | 1,895 |
Superior Industries | ||
International, Inc. | 51,500 | 1,047 |
*Hub Group, Inc. | 4,200 | 231 |
347,411 | ||
9
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
Consumer Discretionary (23.1%) | ||
Advertising Agencies (1.4%) | ||
Catalina Marketing Corp. | 1,137,100 | $ 26,438 |
*ValueClick, Inc. | 2,280,362 | 23,625 |
*Lamar Advertising Co. Class A | 563,185 | 21,052 |
ADVO, Inc. | 446,700 | 12,869 |
*Marchex, Inc. | 630,400 | 10,641 |
*R.H. Donnelley Corp. | 169,300 | 9,642 |
*Valassis Communications, Inc. | 219,600 | 7,741 |
*aQuantive, Inc. | 570,975 | 6,338 |
Harte-Hanks, Inc. | 170,800 | 4,868 |
*Ventiv Health, Inc. | 199,400 | 4,157 |
Cable Television Services (0.3%) | ||
*Astro All Asia Networks PLC | 7,458,300 | 10,221 |
*TiVo Inc. | 1,647,100 | 9,273 |
*Charter Communications, Inc. | 6,808,500 | 7,898 |
Casinos & Gambling (1.3%) | ||
Boyd Gaming Corp. | 429,600 | 22,674 |
Station Casinos, Inc. | 330,785 | 21,346 |
*Argosy Gaming Co. | 338,600 | 15,555 |
*Aztar Corp. | 488,700 | 13,346 |
*Scientific Games Corp. | 368,735 | 7,917 |
Ameristar Casinos, Inc. | 124,555 | 6,141 |
Harrah's Entertainment, Inc. | 89,695 | 5,886 |
*Pinnacle Entertainment, Inc. | 336,400 | 5,100 |
*WMS Industries, Inc. | 168,025 | 4,268 |
*Shuffle Master, Inc. | 166,500 | 4,194 |
*Isle of Capri Casinos, Inc. | 166,900 | 4,032 |
*Multimedia Games Inc. | 177,000 | 1,400 |
*MTR Gaming Group Inc. | 126,000 | 1,387 |
Commercial Information Services (0.2%) | ||
*Ask Jeeves, Inc. | 367,595 | 9,995 |
*ProQuest Co. | 185,700 | 6,024 |
infoUSA Inc. | 169,128 | 1,857 |
Communications & Media (0.0%) | ||
*Entravision Communications Corp. | 226,800 | 1,785 |
Consumer Electronics (1.1%) | ||
*Take-Two Interactive | ||
Software, Inc. | 862,050 | 20,284 |
*Activision, Inc. | 865,476 | 12,515 |
*InfoSpace, Inc. | 371,921 | 11,526 |
*iVillage Inc. | 1,720,400 | 11,269 |
*Earthlink, Inc. | 950,100 | 8,722 |
THQ Inc. | 326,984 | 8,247 |
*CNET Networks, Inc. | 726,596 | 7,204 |
*United Online, Inc. | 618,321 | 5,435 |
*Lifeline Systems, Inc. | 127,600 | 4,351 |
*VeriSign, Inc. | 148,425 | $3,927 |
*DoubleClick Inc. | 347,500 | 2,794 |
*NetFlix.com, Inc. | 168,600 | 1,949 |
Harman International | ||
Industries, Inc. | 23,900 | 1,878 |
*Dolby Laboratories Inc. | 53,015 | 1,084 |
Consumer Products (0.5%) | ||
*Playtex Products, Inc. | 1,212,100 | 12,303 |
Matthews International Corp. | 191,442 | 6,817 |
*Jarden Corp. | 141,410 | 6,317 |
Tupperware Corp. | 237,100 | 5,003 |
*The Yankee Candle Co., Inc. | 155,600 | 4,324 |
Blyth, Inc. | 129,400 | 3,547 |
Nautilus Inc. | 90,150 | 2,241 |
Oakley, Inc. | 146,800 | 1,960 |
Cosmetics (0.4%) | ||
*Helen of Troy Ltd. | 590,000 | 16,485 |
Nu Skin Enterprises, Inc. | 725,000 | 15,950 |
*Revlon, Inc. Class A | 1,212,100 | 3,564 |
*Elizabeth Arden, Inc. | 48,100 | 1,053 |
Education-Services (0.5%) | ||
*ITT Educational Services, Inc. | 406,500 | 18,691 |
*Laureate Education Inc. | 269,482 | 11,970 |
*Education Management Corp. | 301,740 | 8,449 |
*Bright Horizons Family | ||
Solutions, Inc. | 200,000 | 6,778 |
Renaissance Learning, Inc. | 11,200 | 187 |
*Corinthian Colleges, Inc. | 12,700 | 180 |
Electrical-Household Appliances (0.0%) | ||
Maytag Corp. | 283,200 | 2,744 |
Entertainment (0.3%) | ||
*LodgeNet Entertainment Corp. | 799,800 | 13,021 |
Movie Gallery, Inc. | 238,686 | 6,452 |
*Gaylord Entertainment Co. | 140,600 | 5,624 |
Hotel/Motel (0.3%) | ||
Hilton Hotels Corp. | 558,490 | 12,192 |
The Marcus Corp. | 357,600 | 6,848 |
Intrawest Corp. | 320,100 | 6,447 |
*Wynn Resorts Ltd. | 84,020 | 4,448 |
Household Equipment & Products (0.0%) | ||
The Stanley Works | 78,800 | 3,391 |
Household Furnishings (0.4%) | ||
Furniture Brands International Inc. | 646,300 | 12,525 |
Ethan Allen Interiors, Inc. | 312,000 | 9,401 |
10
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
*Tempur-Pedic International Inc. | 445,500 | $ 8,505 |
American Woodmark Corp. | 79,600 | 2,534 |
Jewelry, Watches & Gems (0.2%) | ||
*Fossil, Inc. | 771,150 | 17,937 |
Leisure Time (0.4%) | ||
*Penn National Gaming, Inc. | 763,400 | 24,047 |
SCP Pool Corp. | 211,262 | 6,883 |
*Great Wolf Resorts, Inc. | 188,010 | 3,991 |
*Life Time Fitness, Inc. | 28,900 | 782 |
Miscellaneous Business & Consumer Discretionary (0.1%) | ||
Techtronic Industries Co. | ||
Ltd. ADR | 654,500 | 7,283 |
Publishing-Miscellaneous (0.4%) | ||
*Playboy Enterprises, Inc. | ||
Class B | 1,037,000 | 12,527 |
*(2) Hollywood Media Corp. | 1,825,023 | 8,979 |
Reader's Digest Association, Inc. | 156,900 | 2,667 |
*PRIMEDIA Inc. | 446,000 | 1,971 |
Thomas Nelson, Inc. | 80,100 | 1,921 |
*Martha Stewart Living | ||
Omnimedia, Inc. | 87,300 | 1,766 |
John Wiley & Sons Class A | 47,000 | 1,700 |
Publishing-Newspapers (0.0%) | ||
*Journal Register Co. | 64,000 | 1,012 |
Hollinger International, Inc. | 65,200 | 614 |
Radio & Television Broadcasters (0.1%) | ||
*Radio One, Inc. Class D | 587,200 | 7,675 |
Sinclair Broadcast Group, Inc. | 408,918 | 3,132 |
*Salem Communications Corp. | 42,900 | 825 |
Gray Television, Inc. | 39,900 | 525 |
*Beasley Broadcast Group, Inc. | 9,800 | 154 |
Rent & Lease Services-Consumer (0.2%) | ||
Aaron Rents, Inc. Class B | 308,275 | 6,770 |
*Wesco International, Inc. | 257,800 | 6,234 |
*Rent-A-Center, Inc. | 255,300 | 6,137 |
Amerco, Inc. | 57,300 | 2,632 |
Restaurants (2.1%) | ||
Darden Restaurants Inc. | 669,000 | 20,070 |
*Rare Hospitality International Inc. | 573,600 | 15,958 |
*California Pizza Kitchen, Inc. | 623,388 | 14,213 |
*CEC Entertainment Inc. | 375,950 | 13,609 |
*Sonic Corp. | 378,993 | 12,143 |
Applebee's International, Inc. | 474,873 | 11,767 |
Ruby Tuesday, Inc. | 510,700 | 11,491 |
*CKE Restaurants Inc. | 764,400 | 11,344 |
*Jack in the Box Inc. | 287,000 | 10,493 |
*Brinker International, Inc. | 294,600 | 9,957 |
Outback Steakhouse | 228,600 | 9,235 |
*Red Robin Gourmet Burgers | 190,475 | 9,230 |
CBRL Group, Inc. | 232,189 | 8,946 |
*Panera Bread Co. | 148,200 | 7,413 |
*Papa John's International, Inc. | 210,378 | 7,212 |
*P.F. Chang's China Bistro, Inc. | 114,700 | 6,368 |
*Texas Roadhouse, Inc. | 132,125 | 3,438 |
*The Cheesecake Factory | 81,000 | 2,486 |
Retail (7.4%) | ||
American Eagle Outfitters, Inc. | 1,808,800 | 47,427 |
Foot Locker, Inc. | 1,654,200 | 44,101 |
MSC Industrial | ||
Direct Co., Inc. Class A | 1,515,189 | 40,713 |
*Urban Outfitters, Inc. | 911,600 | 40,384 |
*O'Reilly Automotive, Inc. | 550,050 | 28,229 |
Abercrombie & Fitch Co. | 481,380 | 25,970 |
Michaels Stores, Inc. | 759,825 | 25,226 |
*Pacific Sunwear of California, Inc. | 959,825 | 21,702 |
*Insight Enterprises, Inc. | 1,018,210 | 18,430 |
*Hibbett Sporting Goods, Inc. | 658,650 | 17,764 |
*Genesco, Inc. | 666,000 | 17,136 |
*Priceline.com, Inc. | 660,840 | 16,759 |
Claire's Stores, Inc. | 754,200 | 16,457 |
*Men's Wearhouse, Inc. | 380,400 | 15,699 |
Fred's, Inc. | 1,055,600 | 15,243 |
Borders Group, Inc. | 620,000 | 14,998 |
bebe stores, inc | 410,625 | 13,271 |
The Neiman Marcus | ||
Group, Inc. Class A | 129,600 | 12,742 |
*Chico's FAS, Inc. | 494,000 | 12,661 |
*GameStop Corp. | 488,625 | 12,025 |
*Aeropostale, Inc. | 410,250 | 11,458 |
*United Natural Foods, Inc. | 415,137 | 11,126 |
Tractor Supply Co. | 251,150 | 10,101 |
*The Children's Place | ||
Retail Stores, Inc. | 269,103 | 10,013 |
*CSK Auto Corp. | 600,000 | 9,306 |
*PETCO Animal Supplies, Inc. | 292,330 | 9,150 |
*The Pantry, Inc. | 282,600 | 9,049 |
*Global Imaging Systems, Inc. | 250,278 | 8,682 |
*Barnes & Noble, Inc. | 221,399 | 7,882 |
PETsMART, Inc. | 288,600 | 7,691 |
*Tuesday Morning Corp. | 290,000 | 7,615 |
The Pep Boys | ||
(Manny, Moe & Jack) | 506,650 | 7,184 |
United Auto Group, Inc. | 225,700 | 6,396 |
*Dollar Tree Stores, Inc. | 259,300 | 6,350 |
CDW Corp. | 101,625 | 5,558 |
11
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
*Central Garden and Pet Co. | 122,205 | $ 5,082 |
*Zale Corp. | 187,100 | 5,057 |
*Dick's Sporting Goods, Inc. | 159,100 | 4,894 |
*Guitar Center, Inc. | 95,200 | 4,698 |
Fastenal Co. | 87,100 | 4,665 |
*Coldwater Creek Inc. | 258,150 | 4,315 |
*BJ's Wholesale Club, Inc. | 149,900 | 3,995 |
*MarineMax, Inc. | 145,245 | 3,929 |
Pier 1 Imports Inc. | 266,200 | 3,865 |
*Too Inc. | 165,800 | 3,815 |
*Hot Topic, Inc. | 184,500 | 3,688 |
Blockbuster Inc. Class A | 330,600 | 3,273 |
Ross Stores, Inc. | 116,300 | 3,108 |
*Jos. A. Bank Clothiers, Inc. | 94,425 | 3,097 |
*Overstock.com, Inc. | 77,090 | 2,720 |
*Stein Mart, Inc. | 131,600 | 2,666 |
Christopher & Banks Corp. | 168,600 | 2,634 |
Cost Plus, Inc. | 104,150 | 2,415 |
Talbots Inc. | 89,300 | 2,282 |
*Electronics Boutique | ||
Holdings Corp. | 38,835 | 2,164 |
*Cabela's Inc. | 89,600 | 1,786 |
*GameStop Corp. Class B | 70,142 | 1,637 |
*Stage Stores, Inc. | 41,019 | 1,551 |
*The Dress Barn, Inc. | 67,400 | 1,159 |
Services-Commercial (3.9%) | ||
*Getty Images, Inc. | 419,375 | 30,006 |
*MPS Group, Inc. | 2,645,945 | 21,141 |
*Labor Ready, Inc. | 1,098,128 | 18,328 |
Regis Corp. | 502,400 | 17,951 |
*The Advisory Board Co. | 376,225 | 15,312 |
The Brink's Co. | 455,800 | 14,704 |
The Corporate | ||
Executive Board Co. | 219,515 | 14,429 |
*Navigant Consulting, Inc. | 549,325 | 12,893 |
*Korn/Ferry International | 880,218 | 12,675 |
*CRA International | 240,200 | 12,586 |
*CoStar Group, Inc. | 317,200 | 12,545 |
*Monster Worldwide Inc. | 483,828 | 11,133 |
*Copart, Inc. | 513,298 | 11,128 |
*Wireless Facilities, Inc. | 1,823,800 | 9,648 |
*West Corp. | 289,759 | 9,385 |
ChoicePoint Inc. | 214,925 | 8,483 |
Chemed Corp. | 118,375 | 8,386 |
*Harris Interactive Inc. | 1,879,000 | 7,817 |
Hewitt Associates, Inc. | 291,775 | 7,764 |
Robert Half International, Inc. | 303,780 | 7,540 |
*Weight Watchers | ||
International, Inc. | 174,600 | 7,290 |
MAXIMUS, Inc. | 226,425 | 6,951 |
*Iron Mountain, Inc. | 232,700 | 6,911 |
*Resources Global Professionals | 338,600 | 6,471 |
*Coinstar, Inc. | 376,600 | 6,455 |
Jackson Hewitt Tax Service Inc. | 325,300 | 5,992 |
Sabre Holdings Corp. | 299,500 | 5,858 |
Aramark Corp. Class B | 231,900 | 5,684 |
*Waste Connections, Inc. | 139,900 | 4,927 |
*Heidrick & Struggles | ||
International, Inc. | 180,725 | 4,674 |
*Teletech Holdings Inc. | 425,746 | 4,470 |
Pre-Paid Legal Services, Inc. | 112,595 | 4,021 |
*Vertrue Inc. | 122,872 | 3,737 |
*Autobytel Inc. | 608,900 | 2,904 |
Manpower Inc. | 63,600 | 2,452 |
World Fuel Services Corp. | 89,900 | 2,248 |
*AMN Healthcare Services, Inc. | 133,172 | 1,967 |
Gevity HR, Inc. | 114,000 | 1,830 |
*DiamondCluster International, Inc. | 113,100 | 1,408 |
*Convergys Corp. | 92,900 | 1,204 |
*Gartner, Inc. Class B | 92,087 | 774 |
Shoes (0.5%) | ||
*Timberland Co. | 237,800 | 16,420 |
K-Swiss, Inc. | 314,595 | 9,438 |
Finish Line, Inc. | 409,189 | 7,374 |
Kenneth Cole Productions, Inc. | 113,600 | 3,406 |
*Deckers Outdoor Corp. | 152,500 | 3,213 |
*Skechers U.S.A., Inc. | 249,018 | 3,048 |
*Steven Madden, Ltd. | 93,400 | 1,483 |
Textiles-Apparel Manufacturing (0.9%) | ||
*Quiksilver, Inc. | 632,100 | 17,414 |
*Guess ?, Inc. | 1,078,200 | 14,038 |
Phillips-Van Heusen Corp. | 399,900 | 10,349 |
*The Warnaco Group, Inc. | 416,700 | 9,359 |
*World Co. Ltd. | 238,200 | 7,890 |
*Carter's, Inc. | 187,900 | 7,088 |
*Columbia Sportswear Co. | 122,500 | 5,268 |
Liz Claiborne, Inc. | 113,200 | 4,011 |
Polo Ralph Lauren Corp. | 73,760 | 2,589 |
Toys (0.1%) | ||
*Leapfrog Enterprises, Inc. | 780,000 | 7,808 |
*Marvel Enterprises Inc. | 95,700 | 1,876 |
Wholesalers (0.1%) | ||
*Brightpoint, Inc. | 204,950 | 4,329 |
*United Stationers, Inc. | 90,300 | 3,809 |
*Tech Data Corp. | 90,600 | 3,310 |
2,080,938 | ||
12
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
Consumer Staples (0.6%) | ||
*Performance Food Group Co. | 619,100 | $ 16,648 |
Pilgrim's Pride Corp. | 215,500 | 7,777 |
*Constellation Brands, Inc. | ||
Class A | 140,900 | 7,427 |
*7-Eleven, Inc. | 264,300 | 6,182 |
*Rite Aid Corp. | 1,230,900 | 4,468 |
Sanderson Farms, Inc. | 100,400 | 3,638 |
*NBTY, Inc. | 152,300 | 3,247 |
Nash-Finch Co. | 69,000 | 2,441 |
Church & Dwight, Inc. | 52,050 | 1,875 |
Longs Drug Stores, Inc. | 47,900 | 1,741 |
*Boston Beer Co., Inc. Class A | 73,700 | 1,474 |
56,918 | ||
Financial Services (11.0%) | ||
*CapitalSource Inc. | 1,823,525 | 38,294 |
*CheckFree Corp. | 734,300 | 26,934 |
*Alliance Data Systems Corp. | 654,905 | 26,457 |
Cullen/Frost Bankers, Inc. | 580,500 | 25,147 |
Global Payments Inc. | 387,330 | 25,083 |
*La Quinta Corp. REIT | 2,868,815 | 24,959 |
*The First Marblehead Corp. | 631,915 | 24,348 |
*Euronet Worldwide, Inc. | 802,600 | 23,725 |
Avalonbay Communities, Inc. | ||
REIT | 279,300 | 20,110 |
City National Corp. | 282,100 | 19,888 |
Ryder System, Inc. | 534,700 | 19,746 |
Legg Mason Inc. | 271,220 | 19,219 |
*Providian Financial Corp. | 1,096,700 | 18,282 |
Jefferies Group, Inc. | 494,400 | 17,897 |
SEI Investments Co. | 528,000 | 17,324 |
*Investment Technology | ||
Group, Inc. | 879,600 | 16,721 |
*Affiliated Managers Group, Inc. | 261,390 | 16,345 |
Cash America International Inc. | 1,082,300 | 16,072 |
Westcorp, Inc. | 350,500 | 15,681 |
IndyMac Bancorp, Inc. | 385,200 | 14,822 |
Eaton Vance Corp. | 621,915 | 14,571 |
*BISYS Group, Inc. | 1,012,369 | 14,295 |
Regency Centers Corp. REIT | 262,900 | 13,842 |
*Ocwen Financial Corp. | 1,883,777 | 13,714 |
Redwood Trust, Inc. REIT | 268,200 | 13,442 |
Reinsurance Group | ||
of America, Inc. | 297,500 | 13,304 |
Assured Guaranty Ltd. | 681,000 | 12,980 |
Apartment Investment & | ||
Management Co. | ||
Class A REIT | 322,300 | 12,286 |
Webster Financial Corp. | 269,000 | 12,226 |
Fremont General Corp. | 533,000 | 11,561 |
*S1 Corp. | 2,162,177 | 11,416 |
American Capital Strategies, Ltd. | 341,585 | 10,924 |
*CB Richard Ellis Group, Inc. | 306,075 | 10,636 |
*Signature Bank | 413,450 | 10,183 |
TCF Financial Corp. | 387,300 | 9,795 |
Brown & Brown, Inc. | 223,300 | 9,769 |
*Silicon Valley Bancshares | 197,019 | 9,339 |
*United Rentals, Inc. | 491,900 | 9,046 |
FactSet Research Systems Inc. | 316,600 | 8,789 |
*Portfolio Recovery | ||
Associates, Inc. | 243,800 | 8,765 |
*Nasdaq Stock Market Inc. | 562,300 | 8,429 |
Catellus Development Corp. REIT | 297,900 | 8,252 |
John H. Harland Co. | 211,000 | 7,596 |
UCBH Holdings, Inc. | 477,954 | 7,518 |
*E*TRADE FINANCIAL Corp. | 674,145 | 7,490 |
GATX Corp. | 221,400 | 7,244 |
People's Bank | 173,200 | 7,193 |
East West Bancorp, Inc. | 216,500 | 6,954 |
First American Corp. | 187,200 | 6,702 |
The Phoenix Cos., Inc. | 586,800 | 6,648 |
*Accredited Home | ||
Lenders Holding Co. | 166,792 | 6,627 |
Student Loan Corp. | 33,500 | 6,491 |
*Nelnet, Inc. | 201,900 | 6,431 |
Bank of Hawaii Corp. | 133,100 | 6,302 |
*The Dun & Bradstreet Corp. | 99,600 | 6,219 |
Flagstar Bancorp, Inc. | 317,100 | 6,038 |
*WellChoice Inc. | 104,620 | 5,880 |
*Arch Capital Group Ltd. | 146,800 | 5,871 |
Nuveen Investments, Inc. Class A | 172,340 | 5,858 |
*CompuCredit Corp. | 218,300 | 5,783 |
Zenith National Insurance Corp. | 99,600 | 5,728 |
*iPayment Holdings, Inc. | 156,743 | 5,704 |
Arthur J. Gallagher & Co. | 204,500 | 5,693 |
StanCorp Financial Group, Inc. | 73,300 | 5,609 |
Apollo Investment Corp. | 347,325 | 5,509 |
Host Marriott Corp. REIT | 317,605 | 5,342 |
Boston Private | ||
Financial Holdings, Inc. | 226,575 | 5,062 |
First Industrial Realty Trust REIT | 132,400 | 5,058 |
Federated Investors, Inc. | 177,400 | 5,047 |
Equifax, Inc. | 146,900 | 4,943 |
*Digital Insight Corp. | 226,243 | 4,541 |
Fair, Isaac, Inc. | 134,675 | 4,428 |
Associated Banc-Corp | 141,600 | 4,378 |
*Sotheby's Holdings Class A | 266,000 | 4,357 |
Gold Banc Corp., Inc. | 310,200 | 4,290 |
Westamerica Bancorporation | 85,500 | 4,270 |
Financial Federal Corp. | 118,600 | 4,187 |
*Conseco, Inc. | 217,475 | 4,184 |
WFS Financial, Inc. | 91,765 | 4,125 |
13
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
HCC Insurance Holdings, Inc. | 112,800 | $ 4,012 |
Hudson United Bancorp | 116,600 | 3,995 |
Protective Life Corp. | 102,500 | 3,920 |
Jack Henry & Associates Inc. | 218,000 | 3,747 |
A.G. Edwards & Sons, Inc. | 88,200 | 3,502 |
*Ohio Casualty Corp. | 140,500 | 3,295 |
*Sterling Financial Corp. | 97,716 | 3,194 |
*eFunds Corp. | 143,800 | 3,143 |
Investors Financial Services Corp. | 74,800 | 3,138 |
Independent Bank Corp. (MI) | 113,415 | 3,098 |
BankUnited Financial Corp. | 126,000 | 3,009 |
Bank of the Ozarks, Inc. | 96,500 | 2,989 |
*Danielson Holdings Corp. | 203,700 | 2,925 |
Cousins Properties, Inc. REIT | 106,600 | 2,878 |
Inland Real Estate Corp. REIT | 184,019 | 2,825 |
*Kronos, Inc. | 69,600 | 2,718 |
W Holding Co., Inc. | 333,800 | 2,700 |
*Alleghany Corp. | 9,996 | 2,699 |
Advance America Cash | ||
Advance Centers Inc. | 173,600 | 2,418 |
First BanCorp Puerto Rico | 66,400 | 2,408 |
Certegy, Inc. | 65,900 | 2,401 |
Equity Lifestyle | ||
Properties, Inc. REIT | 56,100 | 2,053 |
Commercial Capital Bancorp, Inc. | 126,800 | 2,002 |
Wintrust Financial Corp. | 43,500 | 1,997 |
New Century REIT, Inc. | 43,300 | 1,968 |
Umpqua Holdings Corp. | 88,200 | 1,960 |
*Markel Corp. | 5,600 | 1,921 |
*Encore Capital Group, Inc. | 118,803 | 1,859 |
McGrath RentCorp | 83,400 | 1,851 |
Arden Realty Group, Inc. REIT | 49,300 | 1,759 |
Scottish Re Group Ltd. | 74,000 | 1,738 |
*TNS Inc. | 93,000 | 1,726 |
Wilmington Trust Corp. | 48,000 | 1,697 |
Hanmi Financial Corp. | 104,201 | 1,527 |
Irwin Financial Corp. | 71,000 | 1,425 |
Old Second Bancorp, Inc. | 47,700 | 1,412 |
CBL & Associates | ||
Properties, Inc. REIT | 18,200 | 1,408 |
CVB Financial Corp. | 66,225 | 1,139 |
Global Signal, Inc. REIT | 37,000 | 1,104 |
LaSalle Hotel Properties REIT | 30,200 | 917 |
*Argonaut Group, Inc. | 44,800 | 881 |
MoneyGram International, Inc. | 44,200 | 857 |
Fidelity Bankshares, Inc. | 35,550 | 820 |
*FelCor Lodging Trust, Inc. REIT | 51,300 | 628 |
*Asset Acceptance Capital Corp. | 24,836 | 508 |
NewAlliance Bancshares, Inc. | 32,300 | 423 |
Waddell & Reed Financial, Inc. | 18,000 | 313 |
*Credit Acceptance Corp. | 12,800 | 240 |
987,065 | ||
Health Care (19.3%) | ||
Bausch & Lomb, Inc. | 739,700 | 55,477 |
*Humana Inc. | 1,172,800 | 40,638 |
*Covance, Inc. | 840,490 | 38,360 |
Cooper Cos., Inc. | 564,444 | 38,128 |
*Henry Schein, Inc. | 917,690 | 34,423 |
*Triad Hospitals, Inc. | 646,266 | 33,121 |
*Pharmaceutical Product | ||
Development, Inc. | 687,396 | 31,194 |
*CONMED Corp. | 995,125 | 29,575 |
*Respironics, Inc. | 414,885 | 26,217 |
*Lincare Holdings, Inc. | 586,800 | 25,045 |
*Protein Design Labs, Inc. | 1,380,202 | 24,678 |
*Charles River Laboratories, Inc. | 514,653 | 24,379 |
*Human Genome Sciences, Inc. | 2,151,000 | 22,241 |
DENTSPLY International Inc. | 404,750 | 22,124 |
*Affymetrix, Inc. | 475,900 | 21,944 |
*Dade Behring Holdings Inc. | 351,900 | 21,702 |
*DaVita, Inc. | 531,269 | 21,409 |
*Millennium Pharmaceuticals, Inc. | 2,360,700 | 20,680 |
Manor Care, Inc. | 587,000 | 19,576 |
*Amylin Pharmaceuticals, Inc. | 1,146,600 | 19,492 |
*Health Net Inc. | 567,000 | 19,295 |
*Impax Laboratories, Inc. | 1,168,478 | 19,011 |
*Transkaryotic Therapies, Inc. | 558,400 | 18,919 |
*Intuitive Surgical, Inc. | 416,764 | 17,896 |
*Advanced Medical Optics, Inc. | 476,600 | 17,625 |
*Immucor Inc. | 586,526 | 17,502 |
*Coventry Health Care Inc. | 253,150 | 17,323 |
Mentor Corp. | 467,000 | 17,139 |
*Kissei Pharmaceutical Co., Ltd. | 805,000 | 16,893 |
*IDEXX Laboratories Corp. | 294,998 | 16,738 |
*Matria Healthcare, Inc. | 605,700 | 16,735 |
*PacifiCare Health Systems, Inc. | 279,500 | 16,703 |
*Cerner Corp. | 285,888 | 16,599 |
*Renal Care Group, Inc. | 432,875 | 16,514 |
*Biosite Inc. | 283,500 | 16,160 |
*IDX Systems Corp. | 510,500 | 15,810 |
*Sybron Dental Specialties, Inc. | 422,775 | 15,748 |
*ResMed Inc. | 253,200 | 15,724 |
Arrow International, Inc. | 473,956 | 15,707 |
*Salix Pharmaceuticals, Ltd. | 1,067,014 | 15,258 |
*Abgenix, Inc. | 2,150,300 | 14,988 |
*MGI Pharma, Inc. | 674,180 | 14,866 |
*Invitrogen Corp. | 197,605 | 14,479 |
Hogy Medical Co., Ltd. | 311,500 | 14,289 |
*Watson Pharmaceuticals, Inc. | 475,000 | 14,250 |
*LifePoint Hospitals, Inc. | 319,900 | 14,220 |
*Techne Corp. | 339,793 | 14,197 |
*Sierra Health Services, Inc. | 210,700 | 13,630 |
*Serologicals Corp. | 630,775 | 13,581 |
14
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
*United Therapeutics Corp. | 280,503 | $ 13,461 |
Beckman Coulter, Inc. | 197,585 | 13,181 |
*Biogen Idec Inc. | 360,000 | 13,046 |
*Beverly Enterprises, Inc. | 1,102,700 | 12,924 |
*AMERIGROUP Corp. | 366,900 | 12,886 |
*Edwards Lifesciences Corp. | 290,900 | 12,811 |
Barr Pharmaceuticals Inc. | 244,625 | 12,686 |
*Haemonetics Corp. | 292,200 | 12,497 |
*First Horizon | ||
Pharmaceutical Corp. | 681,797 | 12,347 |
*Kinetic Concepts, Inc. | 197,900 | 12,161 |
*Kindred Healthcare, Inc. | 362,700 | 11,933 |
*Gen-Probe Inc. | 223,400 | 11,212 |
IMS Health, Inc. | 457,200 | 10,964 |
*Genesis Healthcare Corp. | 273,964 | 10,931 |
*Chattem, Inc. | 264,390 | 10,877 |
*Telik, Inc. | 671,246 | 10,874 |
*NPS Pharmaceuticals Inc. | 889,400 | 10,806 |
*ICOS Corp. | 475,800 | 10,734 |
*Zymogenetics, Inc. | 675,400 | 10,442 |
*United Surgical Partners | ||
International, Inc. | 235,250 | 10,410 |
*Connetics Corp. | 466,008 | 10,125 |
*Cephalon, Inc. | 225,200 | 9,886 |
*Qiagen NV | 757,000 | 9,841 |
*CV Therapeutics, Inc. | 491,300 | 9,738 |
*American Healthways Inc. | 259,100 | 9,677 |
*IntraLase Corp. | 550,000 | 9,196 |
*Pediatrix Medical Group, Inc. | 134,700 | 9,172 |
*Martek Biosciences Corp. | 239,525 | 9,167 |
*Centene Corp. | 327,100 | 9,110 |
*Bruker BioSciences Corp. | 2,776,200 | 9,050 |
PolyMedica Corp. | 291,900 | 9,046 |
Invacare Corp. | 215,901 | 8,843 |
*Apria Healthcare Group Inc. | 290,700 | 8,750 |
Universal Health | ||
Services Class B | 153,700 | 8,721 |
*Axcan Pharma Inc. | 598,100 | 8,631 |
*Hologic, Inc. | 226,100 | 8,045 |
*Kensey Nash Corp. | 290,534 | 7,984 |
*Andrx Group | 399,300 | 7,950 |
*Cambridge Antibody | ||
Technology Group | 713,000 | 7,665 |
*WebMD Corp. | 800,000 | 7,600 |
*STERIS Corp. | 312,400 | 7,398 |
*Vertex Pharmaceuticals, Inc. | 764,400 | 7,292 |
*Community Health Systems, Inc. | 199,495 | 7,272 |
*NeighborCare Inc. | 245,500 | 7,051 |
*Wellcare Group Inc. | 238,655 | 7,040 |
*Kos Pharmaceuticals, Inc. | 145,200 | 6,994 |
Medicis Pharmaceutical Corp. | 236,500 | 6,646 |
*Psychiatric Solutions, Inc. | 150,900 | 6,492 |
*Alkermes, Inc. | 563,800 | 6,343 |
*Accredo Health, Inc. | 137,500 | 6,229 |
*Molina Healthcare Inc. | 140,300 | 6,138 |
*Per-Se Technologies, Inc. | 391,856 | 6,097 |
*Medarex, Inc. | 844,000 | 5,976 |
*Gentiva Health Services, Inc. | 293,994 | 5,756 |
*QLT Inc. | 528,600 | 5,667 |
Shire Pharmaceuticals | ||
Group PLC ADR | 180,300 | 5,604 |
*Cell Genesys, Inc. | 1,183,600 | 5,516 |
*Chiron Corp. | 160,000 | 5,464 |
*Pharmion Corp. | 230,200 | 5,318 |
Varian Medical Systems, Inc. | 155,225 | 5,237 |
*The Medicines Co. | 232,600 | 4,966 |
Omnicare, Inc. | 142,250 | 4,932 |
*DJ Orthopedics Inc. | 194,848 | 4,900 |
*Neurocrine Biosciences, Inc. | 137,756 | 4,816 |
*Endo Pharmaceuticals | ||
Holdings, Inc. | 241,200 | 4,788 |
*Eon Labs, Inc. | 151,100 | 4,515 |
Quality Systems, Inc. | 91,200 | 4,339 |
*Nektar Therapeutics | 303,000 | 4,321 |
Diagnostic Products Corp. | 83,500 | 4,050 |
*Enzon Pharmaceuticals, Inc. | 504,200 | 3,908 |
*Vicuron Pharmaceuticals Inc. | 237,833 | 3,889 |
*InterMune Inc. | 350,000 | 3,780 |
*AmSurg Corp. | 143,563 | 3,717 |
*Noven Pharmaceuticals, Inc. | 221,500 | 3,684 |
*Priority Healthcare Corp. Class B | 157,100 | 3,579 |
*Amedisys Inc. | 116,000 | 3,481 |
*Ventana Medical Systems, Inc. | 82,600 | 3,289 |
*Possis Medical Inc. | 369,200 | 3,271 |
*Nuvelo, Inc. | 558,700 | 3,257 |
Celgene Corp. | 85,100 | 3,226 |
Perrigo Co. | 167,800 | 3,074 |
*ImmunoGen, Inc. | 592,000 | 2,990 |
*Merit Medical Systems, Inc. | 235,471 | 2,979 |
*Digene Corp. | 152,137 | 2,898 |
*Tanox, Inc. | 298,079 | 2,868 |
*Cytyc Corp. | 133,903 | 2,853 |
*Kyphon Inc. | 103,507 | 2,707 |
*PSS World Medical, Inc. | 240,828 | 2,688 |
*Onyx Pharmaceuticals, Inc. | 84,500 | 2,610 |
*King Pharmaceuticals, Inc. | 322,300 | 2,578 |
*Bio-Rad Laboratories, Inc. Class A | 52,600 | 2,543 |
*SFBC International, Inc. | 81,000 | 2,527 |
*VCA Antech, Inc. | 107,800 | 2,510 |
*Molecular Devices Corp. | 127,594 | 2,412 |
*INAMED Corp. | 38,800 | 2,361 |
*Symmetry Medical Inc. | 127,900 | 2,200 |
15
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
*Alliance Imaging, Inc. | 195,200 | $ 2,038 |
*Regeneron Pharmaceuticals, Inc. | 361,900 | 2,012 |
Vital Signs, Inc. | 47,786 | 1,950 |
Valeant Pharmaceuticals | ||
International | 92,400 | 1,917 |
*K-V Pharmaceutical Co. Class A | 73,850 | 1,728 |
*Ligand Pharmaceuticals Inc. | ||
Class B | 323,898 | 1,710 |
*NitroMed, Inc. | 111,200 | 1,662 |
*Stericycle, Inc. | 34,099 | 1,660 |
*LabOne, Inc. | 43,899 | 1,540 |
*Keryx Biopharmaceuticals, Inc. | 102,534 | 1,486 |
*Myriad Genetics, Inc. | 88,500 | 1,430 |
*RehabCare Group, Inc. | 46,200 | 1,387 |
*Odyssey Healthcare, Inc. | 104,550 | 1,195 |
*ICU Medical, Inc. | 32,400 | 1,148 |
*Applera Corp.-Celera | ||
Genomics Group | 123,600 | 1,137 |
*AtheroGenics, Inc. | 105,600 | 1,134 |
*PAREXEL International Corp. | 48,900 | 891 |
*SciClone Pharmaceuticals, Inc. | 371,300 | 828 |
*Immunomedics Inc. | 296,400 | 640 |
*CorVel Corp. | 19,000 | 390 |
*OSI Pharmaceuticals, Inc. | 5,900 | 279 |
1,730,780 | ||
Integrated Oils (0.3%) | ||
*Western Oil Sand Inc. | 418,400 | 18,590 |
*KCS Energy, Inc. | 397,000 | 5,574 |
Niko Resources Ltd. | 65,800 | 2,779 |
Duvernay Oil Corp. | 94,800 | 2,002 |
Delta Petroleum Corp. | 99,050 | 1,107 |
30,052 | ||
Other Energy (5.6%) | ||
*Cal Dive International, Inc. | 844,900 | 37,581 |
*Grey Wolf, Inc. | 5,120,995 | 30,726 |
Patterson-UTI Energy, Inc. | 1,137,000 | 27,254 |
*National-Oilwell Varco Inc. | 632,700 | 25,143 |
IHC Caland NV | 326,747 | 21,373 |
*Unit Corp. | 549,200 | 21,067 |
St. Mary Land & Exploration Co. | 928,798 | 20,155 |
CARBO Ceramics Inc. | 299,600 | 19,887 |
*Grant Prideco, Inc. | 809,704 | 17,959 |
*TETRA Technologies, Inc. | 600,400 | 16,229 |
*Pride International, Inc. | 622,100 | 13,873 |
*FMC Technologies Inc. | 383,300 | 11,625 |
Patina Oil & Gas Corp. | 278,224 | 10,684 |
Helmerich & Payne, Inc. | 277,800 | 10,679 |
*Global Power | ||
Equipment Group Inc. | 1,100,000 | 9,966 |
*Whiting Petroleum Corp. | 315,750 | 9,558 |
*Denbury Resources, Inc. | 284,200 | 9,020 |
Equitable Resources, Inc. | 155,000 | 8,934 |
*Tesoro Petroleum Corp. | 218,600 | 8,294 |
Rowan Cos., Inc. | 308,200 | 8,177 |
*OPTI Canada, Inc. | 423,800 | 8,156 |
*Cimarex Energy Co. | 200,500 | 7,118 |
*Spinnaker Exploration Co. | 222,310 | 7,116 |
*Hydrill Co. | 127,300 | 6,696 |
XTO Energy, Inc. | 215,933 | 6,515 |
*Energy Partners, Ltd. | 282,758 | 6,464 |
*Atwood Oceanics, Inc. | 111,200 | 6,346 |
Range Resources Corp. | 277,600 | 6,288 |
Peabody Energy Corp. | 136,800 | 5,988 |
Ultra Petroleum Corp. | 112,875 | 5,698 |
*Encore Acquisition Co. | 151,889 | 5,577 |
Vintage Petroleum, Inc. | 174,400 | 5,038 |
Premcor, Inc. | 75,200 | 4,974 |
*Harvest Natural Resources, Inc. | 442,800 | 4,778 |
CONSOL Energy, Inc. | 105,700 | 4,570 |
Massey Energy Co. | 119,400 | 4,312 |
ENSCO International, Inc. | 131,700 | 4,293 |
*Remington Oil & Gas Corp. | 142,500 | 4,157 |
*Hornbeck Offshore Services, Inc. | 179,425 | 4,127 |
Holly Corp. | 117,000 | 4,010 |
*Superior Energy Services, Inc. | 258,025 | 3,839 |
*Todco | 170,500 | 3,794 |
*Pioneer Drilling Co. | 277,375 | 3,659 |
*Swift Energy Co. | 135,900 | 3,578 |
Noble Energy, Inc. | 55,600 | 3,565 |
Chesapeake Energy Corp. | 161,335 | 3,104 |
*Comstock Resources, Inc. | 114,800 | 2,904 |
*Plains Exploration & | ||
Production Co. | 89,500 | 2,880 |
*W-H Energy Services, Inc. | 125,900 | 2,772 |
*FuelCell Energy, Inc. | 341,500 | 2,732 |
*Oil States International, Inc. | 129,900 | 2,638 |
*Newfield Exploration Co. | 36,950 | 2,625 |
*Petroleum Development Corp. | 100,900 | 2,583 |
*Oceaneering International, Inc. | 78,100 | 2,562 |
*Stone Energy Corp. | 51,000 | 2,292 |
*Alpha Natural Resources, Inc. | 98,500 | 2,280 |
*Capstone Turbine Corp. | 1,849,176 | 2,090 |
*Calpine Corp. | 156,500 | 280 |
Cabot Oil & Gas Corp. | 150 | 4 |
500,586 | ||
Materials & Processing (5.9%) | ||
Watsco, Inc. | 723,100 | 31,375 |
Chicago Bridge & Iron Co. N.V | 1,210,250 | 27,085 |
Precision Castparts Corp. | 362,640 | 26,712 |
The St. Joe Co. | 348,200 | 24,231 |
Cytec Industries, Inc. | 491,100 | 22,650 |
*Crown Holdings, Inc. | 1,349,500 | 20,309 |
16
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
Fluor Corp. | 375,200 | $ 19,345 |
*Maverick Tube Corp. | 599,300 | 17,434 |
*Trex Co., Inc. | 384,500 | 15,449 |
Minerals Technologies, Inc. | 220,600 | 14,410 |
Ferro Corp. | 750,900 | 13,606 |
Hughes Supply, Inc. | 518,400 | 13,530 |
*Armor Holdings, Inc. | 365,900 | 12,810 |
*Pactiv Corp. | 593,600 | 12,727 |
URS Corp. | 389,100 | 11,965 |
Allegheny Technologies Inc. | 530,200 | 11,876 |
Corn Products International, Inc. | 454,400 | 10,006 |
*Scotts Miracle-Gro Co. | 130,100 | 9,419 |
Ball Corp. | 228,300 | 9,018 |
Commercial Metals Co. | 330,000 | 8,418 |
Steel Dynamics, Inc. | 297,900 | 8,097 |
*NCI Building Systems, Inc. | 245,425 | 7,957 |
Georgia Gulf Corp. | 215,100 | 7,939 |
*Lone Star Technologies, Inc. | 185,600 | 7,227 |
*Jacobs Engineering Group Inc. | 141,600 | 6,897 |
Worthington Industries, Inc. | 411,300 | 6,688 |
Brookfield Homes Corp. | 153,800 | 6,603 |
Lyondell Chemical Co. | 241,300 | 6,054 |
*Mobile Mini, Inc. | 166,806 | 5,848 |
Forest City Enterprise Class A | 90,900 | 5,740 |
*Energy Conversion Devices, Inc. | 248,009 | 5,590 |
Texas Industries, Inc. | 120,800 | 5,579 |
Mueller Industries Inc. | 215,200 | 5,574 |
Southern Peru Copper Corp. | 108,100 | 5,528 |
*W.R. Grace & Co. | 583,600 | 5,474 |
*Cabot Microelectronics Corp. | 185,800 | 5,349 |
Harsco Corp. | 94,725 | 5,082 |
Carpenter Technology Corp. | 88,600 | 4,900 |
Schnitzer Steel | ||
Industries, Inc. Class A | 198,900 | 4,899 |
Sonoco Products Co. | 162,800 | 4,410 |
*Terra Industries, Inc. | 609,900 | 4,208 |
Building Materials Holding Corp. | 73,200 | 4,022 |
*Owens-Illinois, Inc. | 159,100 | 3,901 |
Simpson Manufacturing Co. | 141,600 | 3,823 |
*Dycom Industries, Inc. | 155,600 | 3,619 |
*Rogers Corp. | 104,000 | 3,592 |
*AK Steel Corp. | 487,900 | 3,537 |
Ashland, Inc. | 52,200 | 3,510 |
ElkCorp | 127,550 | 3,507 |
Airgas, Inc. | 156,600 | 3,433 |
*NS Group Inc. | 105,700 | 3,040 |
*USG Corp. | 72,200 | 3,032 |
Eastman Chemical Company | 51,600 | 2,786 |
Bemis Co., Inc. | 97,800 | 2,695 |
*FMC Corp. | 53,300 | 2,612 |
Silgan Holdings, Inc. | 40,265 | 2,463 |
Cabot Corp. | 75,400 | 2,303 |
*Hexcel Corp. | 135,000 | 2,214 |
*DHB Industries, Inc. | 332,900 | 2,210 |
Engelhard Corp. | 61,300 | 1,878 |
Florida Rock Industries, Inc. | 27,800 | 1,615 |
Ryerson Tull, Inc. | 153,900 | 1,608 |
Neenah Paper Inc. | 50,100 | 1,508 |
*Ceradyne, Inc. | 66,998 | 1,331 |
Apogee Enterprises, Inc. | 100,484 | 1,294 |
MacDermid, Inc. | 38,900 | 1,181 |
*GrafTech International Ltd. | 294,900 | 1,124 |
*Tejon Ranch Co. | 18,300 | 812 |
*Encore Wire Corp. | 78,520 | 715 |
*Exide Technologies | 65,028 | 676 |
Crompton Corp. | 36,000 | 506 |
528,565 | ||
Producer Durables (6.9%) | ||
United Defense Industries Inc. | 496,700 | 36,746 |
Donaldson Co., Inc. | 1,159,050 | 34,481 |
Plantronics, Inc. | 733,500 | 23,098 |
*Toll Brothers, Inc. | 294,100 | 22,293 |
*Meritage Corp. | 336,900 | 21,322 |
Garmin Ltd. | 532,100 | 21,018 |
Joy Global Inc. | 581,200 | 19,685 |
*NVR, Inc. | 25,500 | 18,318 |
MDC Holdings, Inc. | 268,249 | 17,538 |
Ryland Group, Inc. | 270,200 | 16,590 |
*Hovnanian Enterprises Inc. | ||
Class A | 305,100 | 15,490 |
Graco, Inc. | 452,715 | 15,288 |
Tektronix, Inc. | 633,700 | 13,726 |
*Moog Inc. | 454,775 | 13,557 |
*Polycom, Inc. | 883,100 | 13,476 |
*Mettler-Toledo International Inc. | 282,999 | 12,976 |
Cummins Inc. | 189,700 | 12,900 |
*Esterline Technologies Corp. | 397,300 | 12,841 |
Bucyrus International, Inc. | 321,400 | 12,515 |
Pentair, Inc. | 292,450 | 11,634 |
*Symmetricom Inc. | 1,000,000 | 10,300 |
*Paxar Corp. | 543,800 | 9,745 |
KB HOME | 169,200 | 9,644 |
Engineered Support | ||
Systems, Inc. | 272,812 | 9,636 |
*Rayovac Corp. | 262,000 | 9,547 |
*Arris Group Inc. | 1,215,375 | 9,225 |
Standard Pacific Corp. | 124,300 | 8,901 |
*Varian Semiconductor | ||
Equipment Associates, Inc. | 237,800 | 8,868 |
*AGCO Corp. | 465,100 | 8,000 |
Beazer Homes USA, Inc. | 171,000 | 7,798 |
*BE Aerospace, Inc. | 635,245 | 7,712 |
17
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
*Actuant Corp. | 172,600 | $ 7,351 |
*ESCO Technologies Inc. | 93,300 | 6,841 |
*Sonic Solutions, Inc. | 444,400 | 6,528 |
United Industrial Corp. | 226,800 | 6,375 |
*Photronics Inc. | 400,369 | 6,366 |
*American Tower Corp. Class A | 361,395 | 6,227 |
Mine Safety Appliances Co. | 172,000 | 6,140 |
*Orbital Sciences Corp. | 584,900 | 5,451 |
Lincoln Electric Holdings, Inc. | 172,400 | 5,267 |
*Crown Castle International Corp. | 321,700 | 5,189 |
JLG Industries, Inc. | 246,000 | 5,013 |
*Alliant Techsystems, Inc. | 69,700 | 4,822 |
Curtiss-Wright Corp. | 88,100 | 4,775 |
ATMI, Inc. | 204,700 | 4,691 |
*Gardner Denver Inc. | 116,010 | 4,239 |
*Metrologic Instruments, Inc. | 286,500 | 3,845 |
Roper Industries Inc. | 54,500 | 3,688 |
*LAM Research Corp. | 142,695 | 3,660 |
CTS Corp. | 342,500 | 3,613 |
*Palm Harbor Homes, Inc. | 210,000 | 3,578 |
*Champion Enterprises, Inc. | 358,600 | 3,385 |
IDEX Corp. | 88,575 | 3,299 |
*Mattson Technology, Inc. | 483,307 | 3,069 |
Diebold, Inc. | 62,900 | 3,042 |
*Littelfuse, Inc. | 107,200 | 2,888 |
Watts Water Technologies, Inc. | 90,475 | 2,827 |
Levitt Corp. Class A | 110,300 | 2,766 |
*Credence Systems Corp. | 437,775 | 2,754 |
*Imagistics International Inc. | 87,899 | 2,360 |
*Brooks Automation, Inc. | 178,025 | 2,289 |
Applied Industrial Technology, Inc. | 81,800 | 2,282 |
*Dionex Corp. | 51,300 | 2,203 |
*General Cable Corp. | 178,200 | 2,165 |
Steelcase Inc. | 163,600 | 2,150 |
*Viisage Technology, Inc. | 600,000 | 1,806 |
FEI Co. | 99,750 | 1,798 |
Keithley Instruments Inc. | 123,400 | 1,714 |
The Middleby Corp. | 35,100 | 1,546 |
Ametek, Inc. | 38,500 | 1,458 |
Herman Miller, Inc. | 50,500 | 1,444 |
*Thomas & Betts Corp. | 46,200 | 1,438 |
Applied Signal Technology, Inc. | 72,200 | 1,409 |
*Rudolph Technologies, Inc. | 98,800 | 1,275 |
*Cymer, Inc. | 48,700 | 1,207 |
*William Lyon Homes, Inc. | 13,000 | 1,149 |
*Andrew Corp. | 75,000 | 920 |
Stewart & Stevenson | ||
Services, Inc. | 23,900 | 574 |
*Entegris Inc. | 64,700 | 557 |
624,301 | ||
Technology (15.7%) | ||
*CACI International, Inc. | 631,900 | 39,254 |
*Hutchinson Technology, Inc. | 964,800 | 35,736 |
*Western Digital Corp. | 2,772,500 | 35,183 |
*Ingram Micro, Inc. Class A | 2,088,300 | 34,791 |
Acxiom Corp. | 1,789,900 | 34,008 |
*Hyperion Solutions Corp. | 628,586 | 25,565 |
*Red Hat, Inc. | 2,291,700 | 24,636 |
Harris Corp. | 844,000 | 23,801 |
*Brocade Communications | ||
Systems, Inc. | 5,401,700 | 23,551 |
*Cree, Inc. | 967,673 | 23,408 |
*Sapient Corp. | 3,161,539 | 22,605 |
*Anteon International Corp. | 534,025 | 22,322 |
*Foundry Networks, Inc. | 2,587,100 | 21,732 |
*Benchmark Electronics, Inc. | 784,100 | 21,202 |
*Trimble Navigation Ltd. | 586,900 | 20,201 |
*F5 Networks, Inc. | 462,722 | 19,809 |
*Progress Software Corp. | 732,570 | 19,545 |
*International Rectifier Corp. | 453,775 | 19,304 |
*Digital River, Inc. | 701,200 | 18,652 |
*Tessera Technologies, Inc. | 678,945 | 18,033 |
Amphenol Corp. | 454,800 | 17,937 |
*OmniVision Technologies, Inc. | 1,280,600 | 17,928 |
*Cognizant Technology | ||
Solutions Corp. | 421,992 | 17,728 |
*Avid Technology, Inc. | 351,563 | 17,406 |
*Microsemi Corp. | 1,007,107 | 17,040 |
*WebEx Communications, Inc. | 734,000 | 16,016 |
*SERENA Software, Inc. | 835,600 | 15,901 |
*Comverse Technology, Inc. | 690,915 | 15,746 |
*QLogic Corp. | 472,400 | 15,703 |
*Maxtor Corp. | 3,191,000 | 15,476 |
*ON Semiconductor Corp. | 4,374,797 | 15,049 |
*Cadence Design Systems, Inc. | 1,018,200 | 14,255 |
*Silicon Image, Inc. | 1,393,314 | 14,031 |
*MICROS Systems, Inc. | 349,200 | 13,846 |
*Agere Systems Inc. Class A | 11,480,800 | 13,433 |
*Electronics for Imaging, Inc. | 806,800 | 13,248 |
*MEMC Electronic | ||
Materials, Inc. | 1,114,096 | 13,068 |
*Websense, Inc. | 244,300 | 12,960 |
*j2 Global Communications, Inc. | 345,200 | 12,331 |
*Trident Microsystems, Inc. | 700,000 | 11,921 |
Symbol Technologies, Inc. | 886,900 | 11,858 |
*NICE-Systems Ltd. | 335,525 | 11,800 |
SS&C Technologies, Inc. | 461,300 | 11,722 |
*Avocent Corp. | 451,867 | 11,360 |
*Macromedia, Inc. | 282,395 | 11,186 |
*Internet Security Systems, Inc. | 562,400 | 10,939 |
*Parametric Technology Corp. | 2,041,206 | 10,859 |
18
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
*Extreme Networks, Inc. | 2,435,700 | $ 10,839 |
PerkinElmer, Inc. | 573,800 | 10,615 |
*Ixia | 660,600 | 10,576 |
*Synaptics Inc. | 581,500 | 10,543 |
*Informatica Corp. | 1,363,720 | 10,542 |
*Wind River Systems Inc. | 812,138 | 10,542 |
*Witness Systems, Inc. | 595,000 | 10,478 |
*ANSYS, Inc. | 336,432 | 10,241 |
Affiliated Computer | ||
Services, Inc. Class A | 214,650 | 10,232 |
*SpectraSite, Inc. | 180,475 | 10,130 |
Reynolds & Reynolds Class A | 377,600 | 9,957 |
*Digitas Inc. | 958,075 | 9,552 |
*MicroStrategy Inc. | 211,968 | 9,227 |
*Concur Technologies, Inc. | 1,100,000 | 9,163 |
*CIENA Corp. | 3,878,500 | 8,921 |
Scientific-Atlanta, Inc. | 290,800 | 8,893 |
*ScanSource, Inc. | 188,025 | 8,696 |
*ManTech International Corp. | 356,000 | 8,562 |
Applera Corp.-Applied | ||
Biosystems Group | 400,000 | 8,480 |
*RSA Security Inc. | 770,100 | 8,271 |
*McAfee Inc. | 381,100 | 7,969 |
*Essex Corp. | 516,200 | 7,929 |
*SRA International, Inc. | 121,000 | 7,907 |
*Jupitermedia Corp. | 618,791 | 7,865 |
*Coherent, Inc. | 239,700 | 7,690 |
*Openwave Systems Inc. | 541,475 | 7,250 |
*PalmOne, Inc. | 326,900 | 7,005 |
*Ariba, Inc. | 1,152,725 | 6,962 |
*Skyworks Solutions, Inc. | 1,292,900 | 6,775 |
*Transaction Systems | ||
Architects, Inc. | 319,000 | 6,613 |
*Opsware, Inc. | 1,369,400 | 6,546 |
*Agile Software Corp. | 979,100 | 6,433 |
*InterVoice, Inc. | 583,772 | 6,261 |
*@ Road, Inc. | 1,840,200 | 6,238 |
*Novatel Wireless, Inc. | 652,664 | 5,848 |
*Atheros Communications | 787,900 | 5,736 |
*Perot Systems Corp. | 445,066 | 5,621 |
*Ditech Communications Corp. | 496,181 | 5,612 |
*Tekelec | 410,300 | 5,584 |
*Epicor Software Corp. | 500,729 | 5,513 |
*Multi-Fineline Electronix, Inc. | 279,088 | 5,442 |
Ceridian Corp. | 322,475 | 5,440 |
*UNOVA, Inc. | 303,600 | 5,392 |
*Komag, Inc. | 229,238 | 5,392 |
*(2) Hifn, Inc. | 855,500 | 5,193 |
*Ulticom, Inc. | 578,700 | 5,168 |
*Anixter International Inc. | 139,800 | 5,161 |
*Kanbay International Inc. | 281,350 | 5,059 |
*Akamai Technologies, Inc. | 427,538 | 5,049 |
*SigmaTel Inc. | 192,000 | 5,028 |
*Comtech Telecommunications | ||
Corp | 134,300 | 4,715 |
*Sycamore Networks, Inc. | 1,393,000 | 4,680 |
National Semiconductor Corp. | 241,025 | 4,599 |
Intermagnetics General Corp. | 172,475 | 4,236 |
*DRS Technologies, Inc. | 95,600 | 4,230 |
*FLIR Systems, Inc. | 157,305 | 4,183 |
*Keane, Inc. | 350,500 | 4,171 |
*Macrovision Corp. | 200,100 | 4,092 |
*Cirrus Logic, Inc. | 910,285 | 3,841 |
*Aspect Communications Corp. | 449,600 | 3,826 |
*Integrated Circuit Systems, Inc. | 202,900 | 3,707 |
Microchip Technology, Inc. | 124,190 | 3,537 |
Autodesk, Inc. | 110,380 | 3,513 |
EDO Corp. | 117,400 | 3,502 |
*DSP Group Inc. | 145,200 | 3,499 |
*FormFactor Inc. | 151,925 | 3,470 |
*Marvell Technology Group Ltd. | 101,270 | 3,391 |
*SafeNet, Inc. | 118,795 | 3,320 |
*Jabil Circuit, Inc. | 117,885 | 3,254 |
*Siebel Systems, Inc. | 353,250 | 3,179 |
*The Titan Corp. | 174,000 | 3,123 |
*Aeroflex, Inc. | 376,363 | 2,985 |
*Dendrite International, Inc. | 189,700 | 2,925 |
*Innovative Solutions and | ||
Support, Inc. | 91,800 | 2,897 |
*Westell Technologies, Inc. | 547,099 | 2,834 |
*Citrix Systems, Inc. | 119,400 | 2,686 |
*Integrated Device | ||
Technology Inc. | 237,325 | 2,539 |
*Cypress Semiconductor Corp. | 204,300 | 2,450 |
*Packeteer, Inc. | 206,300 | 2,410 |
*Stratex Networks, Inc. | 1,850,600 | 2,406 |
*Salesforce.com, Inc. | 161,325 | 2,336 |
*TTM Technologies, Inc. | 251,260 | 2,264 |
*Standard Microsystem Corp. | 155,700 | 2,203 |
*Tyler Technologies, Inc. | 379,700 | 2,195 |
*Anaren, Inc. | 224,865 | 2,188 |
*Cognos Inc. | 55,275 | 2,092 |
*Micrel, Inc. | 216,000 | 2,030 |
*Blackboard Inc. | 109,700 | 1,990 |
*ViaSat, Inc. | 110,500 | 1,968 |
*TIBCO Software Inc. | 261,600 | 1,868 |
*CommScope, Inc. | 125,200 | 1,768 |
*Emageon Inc. | 109,000 | 1,719 |
*Borland Software Corp. | 284,500 | 1,653 |
*Herley Industries Inc. | 81,700 | 1,481 |
*Quantum Corp. | 600,400 | 1,441 |
BEI Technologies, Inc. | 60,272 | 1,386 |
19
Explorer Fund | Shares | Market Value^ (000) |
---|---|---|
*Varian, Inc. | 40,801 | $ 1,353 |
*Plumtree Software, Inc. | 297,000 | 1,337 |
QAD Inc. | 158,917 | 1,302 |
RadiSys Corp. | 83,325 | 1,167 |
*Siliconix, Inc. | 34,207 | 1,128 |
*RF Micro Devices, Inc. | 271,900 | 1,066 |
*Semtech Corp. | 60,100 | 1,015 |
*Harmonic, Inc. | 181,000 | 997 |
Inter-Tel, Inc. | 51,100 | 973 |
*Quest Software, Inc. | 82,000 | 973 |
*Excel Technology, Inc. | 40,400 | 848 |
*Open Solutions Inc. | 42,200 | 789 |
*Pixelworks, Inc. | 101,809 | 784 |
*McDATA Corp. Class A | 251,700 | 775 |
*ESS Technology, Inc. | 177,300 | 681 |
*Micromuse Inc. | 101,200 | 523 |
*Secure Computing Corp. | 34,700 | 307 |
*Gartner, Inc. Class A | 17,500 | 148 |
1,415,174 | ||
Utilities (2.4%) | ||
*Nextel Partners, Inc. | 2,473,800 | 58,184 |
*UbiquiTel Inc. | 2,991,625 | 21,629 |
*Philippine Long Distance | ||
Telephone Co. ADR | 578,800 | 14,916 |
PNM Resources Inc. | 513,700 | 14,204 |
*Western Wireless Corp. | ||
Class A | 251,200 | 9,845 |
*General Communication, Inc. | 1,140,000 | 9,622 |
*Southwestern Energy Co. | 158,801 | 9,330 |
Western Gas Resources, Inc. | 267,300 | 8,930 |
FairPoint Communications, Inc. | 536,300 | 7,873 |
Energen Corp. | 112,000 | 6,938 |
*Telecom Argentina SA ADR | 564,000 | 6,458 |
Questar Corp. | 97,800 | 5,712 |
*NII Holdings Inc. | 112,900 | 5,653 |
SCANA Corp. | 134,100 | 5,208 |
*Commonwealth Telephone | ||
Enterprises, Inc. | 95,739 | 4,448 |
*Cincinnati Bell Inc. | 1,036,500 | 4,146 |
*Premiere Global Services, Inc. | 315,983 | 3,413 |
*Mediacom Communications Corp. | 531,744 | 2,941 |
ONEOK, Inc. | 92,600 | 2,672 |
Duquesne Light Holdings, Inc. | 138,800 | 2,441 |
DPL Inc. | 89,800 | 2,284 |
*USA Mobility, Inc. | 70,500 | 2,111 |
*Intrado Inc. | 163,128 | 2,057 |
*Primus Telecommunications | ||
Group, Inc. | 1,079,103 | 1,629 |
UGI Corp. Holding Co. | 30,900 | 1,552 |
*Centennial Communications | ||
Corp. Class A | 75,000 | 862 |
215,058 | ||
Other (0.5%) | ||
Brunswick Corp. | 335,700 | $14,099 |
Carlisle Co., Inc. | 138,350 | 9,936 |
*McDermott International, Inc. | 379,100 | 7,700 |
Walter Industries, Inc. | 189,153 | 6,488 |
Lancaster Colony Corp. | 92,900 | 3,861 |
SPX Corp. | 76,700 | 2,968 |
45,052 | ||
TOTAL COMMON STOCKS | ||
(Cost $7,783,296) | 8,561,900 | |
TEMPORARY INVESTMENTS (7.7%)(1) | ||
Exchange-Traded Funds (1.5%) | ||
Vanguard Index Participation | ||
Equity Receipts- | ||
Small-Cap | 1,982,703 | 102,129 |
Small-Cap Growth | 755,800 | 36,913 |
139,042 | ||
Money Market Fund (5.6%) | ||
Vanguard Market | ||
Liquidity Fund, | ||
2.829 | 360,724,850 | 360,725 |
Vanguard Market | ||
Liquidity Fund, | ||
2.829%**-Note G | 145,078,400 | 145,078 |
505,803 | ||
Face | ||
Amount | ||
(000) | ||
Repurchase Agreement (0.3%) | ||
Goldman Sachs & Co. | ||
2.970%, 5/2/2005 | ||
(Dated 4/29/2005, | ||
Repurchase Value | ||
$22,906,000, collateralized | ||
by Federal Home Loan Bank, | ||
3.125%, 9/15/2006, and | ||
Federal Home Loan Mortgage | ||
Corp., 2.500%, 12/30/2005) | $22,900 | 22,900 |
U.S. Government and Agency Obligations (0.3%) | ||
Federal Home Loan Mortgage Corp.† | ||
(3)3.002%, 7/19/2005 | 21,000 | 20,864 |
U.S. Treasury Bill | ||
3.082%, 9/22/2005 | 2,600 | 2,569 |
23,433 | ||
TOTAL TEMPORARY INVESTMENTS | ||
(Cost $686,659) | 691,178 | |
TOTAL INVESTMENTS (102.9%) | ||
(Cost $8,469,955) | 9,253,078 | |
20
| Market Value^ (000) |
---|---|
OTHER ASSETS AND LIABILITIES (–2.9%) | |
Other Assets–Note C | $142,906 |
Payables for Investment | |
Securities Purchased | (232,327) |
Other Liabilities–Note G | (167,701) |
(257,122) | |
NET ASSETS (100%) | $8,995,956 |
^See Note A in Notes to Financial Statements. *Non-income-producing security. **Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. †The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer’s line-of-credit) would require congressional action. (1)The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and exchange-traded funds. After giving effect to these investments, the fund’s effective common stock and temporary cash investment positions represent 98.4% and 4.5%, respectively, of net assets. See Note E in Notes to Financial Statements. (2)Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. See Note I in Notes to Financial Statements. (3)Securities with a value of $20,864,000 and cash of $2,600,000 have been segregated as initial margin for open futures contracts. ADR-American Depositary Receipts. REIT—Real Estate Investment Trust. |
| Amount (000) |
---|---|
AT APRIL 30, 2005, NET ASSETS CONSISTED OF: | |
Paid-in Capital | $7,762,124 |
Accumulated Net Investment Losses | (4,987) |
Accumulated Net Realized Gains | 463,881 |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 783,123 |
Futures Contracts | (8,185) |
NET ASSETS | $8,995,956 |
Investor Shares-Net Assets | |
Applicable to 111,307,431 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $7,618,788 |
NET ASSET VALUE PER SHARE- | |
INVESTOR SHARES | $68.45 |
Admiral Shares-Net Assets | |
Applicable to 21,600,784 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,377,168 |
NET ASSET VALUE PER SHARE- | |
ADMIRAL SHARES | $63.76 |
See Note E in Notes to Financial Statements for the tax-basis components of net assets. |
21
STATEMENT OF OPERATIONS
This Statement shows the types of income earned by the fund during the reporting period, and details the operating expenses charged to each class of its shares. These expenses directly reduce the amount of investment income available to pay to shareholders as income dividends. This Statement also shows any Net Gain (Loss) realized on the sale of investments, and the increase or decrease in the Unrealized Appreciation (Depreciation) of investments during the period.
| Explorer Fund Six Months Ended April 30, 2005 (000) |
---|---|
INVESTMENT INCOME | |
Income | |
Dividends | $21,994 |
Interest | 5,408 |
Security Lending | 726 |
Total Income | 28,128 |
Expenses | |
Investment Advisory Fees-Note B | |
Basic Fee | 7,551 |
Performance Adjustment | 643 |
The Vanguard Group-Note C | |
Management and Administrative | |
Investor Shares | 13,848 |
Admiral Shares | 1,346 |
Marketing and Distribution | |
Investor Shares | 578 |
Admiral Shares | 111 |
Custodian Fees | 46 |
Shareholders' Reports | |
Investor Shares | 208 |
Admiral Shares | — |
Trustees' Fees and Expenses | 10 |
Total Expenses | 24,341 |
Expenses Paid Indirectly-Note D | (239) |
Net Expenses | 24,102 |
NET INVESTMENT INCOME | 4,026 |
REALIZED NET GAIN (LOSS) | |
Investment Securities Sold | 459,554 |
Futures Contracts | 8,372 |
REALIZED NET GAIN (LOSS) | 467,926 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | |
Investment Securities | (291,900) |
Futures Contracts | (10,106) |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | (302,006) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $169,946 |
22
STATEMENT OF CHANGES IN NET ASSETS
This Statement shows how the fund's total net assets changed during the two most recent reporting periods. The Operations section summarizes information detailed in the Statement of Operations. The amounts shown as Distributions to shareholders from the fund's net income and capital gains may not match the amounts shown in the Operations section, because distributions are determined on a tax basis and may be made in a period different from the one in which the income was earned or the gains were realized on the financial statements. The Capital Share Transactions section shows the net amount shareholders invested in or redeemed from the fund. Distributions and Capital Share Transactions are shown separately for each class of shares.
Explorer Fund | ||
---|---|---|
| Six Months Ended Apr. 30, 2005 (000) | Year Ended Oct. 31, 2004 (000) |
INCREASE (DECREASE) IN NET ASSETS | ||
Operations | ||
Net Investment Income (Loss) | $4,026 | $(6,788) |
Realized Net Gain (Loss) | 467,926 | 607,899 |
Change in Unrealized Appreciation (Depreciation) | (302,006) | (209,385) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 169,946 | 391,726 |
Distributions | ||
Net Investment Income | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Realized Capital Gain | ||
Investor Shares | (8,028) | — |
Admiral Shares | (1,311) | — |
Total Distributions | (9,339) | — |
Capital Share Transactions-Note H | ||
Investor Shares | 170,599 | 1,288,479 |
Admiral Shares | 202,199 | 399,501 |
Net Increase (Decrease) from Capital Share Transactions | 372,798 | 1,687,980 |
Total Increase (Decrease) | 533,405 | 2,079,706 |
Net Assets | ||
Beginning of Period | 8,462,551 | 6,382,845 |
End of Period | $8,995,956 | $8,462,551 |
23
FINANCIAL HIGHLIGHTS
This table summarizes the fund’s investment results and distributions to shareholders on a per-share basis for each class of shares. It also presents the Total Return and shows net investment income and expenses as percentages of average net assets. These data will help you assess: the variability of the fund’s net income and total returns from year to year; the relative contributions of net income and capital gains to the fund’s total return; how much it costs to operate the fund; and the extent to which the fund tends to distribute capital gains. The table also shows the Portfolio Turnover Rate, a measure of trading activity. A turnover rate of 100% means that the average security is held in the fund for one year.
Explorer Fund Investor Shares | |||||||
---|---|---|---|---|---|---|---|
| Year Ended October 31, | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |
Net Asset Value, Beginning of Period | $67.01 | $63.17 | $44.60 | $51.91 | $77.28 | $61.49 | |
Investment Operations | |||||||
Net Investment Income (Loss) | .024 | (.05) | (.012) | (.005) | .15 | .25 | |
Net Realized and Unrealized Gain (Loss) on Investments | 1.489 | 3.89 | 18.587 | (7.200) | (11.36) | 23.80 | |
Total from Investment Operations | 1.513 | 3.84 | 18.575 | (7.205) | (11.21) | 24.05 | |
Distributions | |||||||
Dividends from Net Investment Income | — | — | (.005) | (.105) | (.25) | (.23) | |
Distributions from Realized Capital Gains | (.073) | — | — | — | (13.91) | (8.03) | |
Total Distributions | (.073) | — | (.005) | (.105) | (14.16) | (8.26) | |
Net Asset Value, End of Period | $68.45 | $67.01 | $63.17 | $44.60 | $51.91 | $77.28 | |
Total Return | 2.25% | 6.08% | 41.65% | -13.93% | -16.22% | 42.56% | |
Ratios/Supplemental Data | |||||||
Net Assets, End of Period (Millions) | $7,619 | $7,302 | $5,662 | $3,432 | $3,996 | $4,566 | |
Ratio of Total Expenses to Average Net Assets* | 0.55%** | 0.57% | 0.72% | 0.70% | 0.72% | 0.71% | |
Ratio of Net Investment Income (Loss) | |||||||
to Average Net Assets | 0.07%** | (0.11%) | (0.08%) | (0.01%) | 0.24% | 0.36% | |
Portfolio Turnover Rate | 86%** | 82% | 77% | 69% | 77% | 123% | |
*Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.02%, 0.07%, 0.07%, 0.06%, and 0.05%. **Annualized. |
24
Explorer Fund Admiral Shares | ||||
---|---|---|---|---|
| Six Months Ended | Year Ended October 31, | Nov.12, 2001* to Oct. 31, | |
For a Share Outstanding Throughout Each Period | April 30, 2005 | 2004 | 2003 | 2002 |
Net Asset Value, Beginning of Period | $62.37 | $58.71 | $41.43 | $50.00 |
Investment Operations | ||||
Net Investment Income (Loss) | .077 | .04 | .064 | .035 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.381 | 3.62 | 17.259 | (8.498) |
Total from Investment Operations | 1.458 | 3.66 | 17.323 | (8.463) |
Distributions | ||||
Dividends from Net Investment Income | — | — | (.043) | (.107) |
Distributions from Realized Capital Gains | (.068) | — | — | — |
Total Distributions | (.068) | — | (.043) | (.107) |
Net Asset Value, End of Period | $63.76 | $62.37 | $58.71 | $41.43 |
Total Return | 2.33% | 6.23% | 41.85% | -16.98% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $1,377 | $1,161 | $721 | $293 |
Ratio of Total Expenses to Average Net Assets** | 0.40%† | 0.43% | 0.57% | 0.61%† |
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.21%† | 0.04% | 0.05% | 0.13%† |
Portfolio Turnover Rate | 86%† | 82% | 77% | 69% |
*Inception **Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.02%, 0.07%, and 0.07%. †Annualized. |
NOTES TO FINANCIAL STATEMENTS
Vanguard Explorer Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares, Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, servicing, tenure, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 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 materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
25
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. Futures Contracts: The fund uses Nasdaq 100 and Russell 2000 Index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
3. Repurchase Agreements: The fund may invest in repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. Grantham, Mayo, Van Otterloo & Co. LLC, Granahan Investment Management, Inc., Wellington Management Company, LLP, Chartwell Investment Partners, and beginning February 1, 2005, Kalmar Investment Advisers each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fees of each advisor, except Kalmar Investment Advisers, are subject to quarterly adjustments based on performance for the preceding three years relative to the Russell 2000 Growth Index for periods prior to January 31, 2003, and their new benchmark, the Russell 2500 Growth Index, beginning January 31, 2003. The benchmark change will be fully phased in by January 2006. In accordance with the advisory contract entered into with Kalmar Investment Advisers in February 2005, the investment advisory fee will be subject to quarterly adjustments based on performance relative to the Russell 2500 Growth Index beginning February 1, 2007.
The Vanguard Group provides investment advisory services to a portion of the fund on an at-cost basis; the fund paid Vanguard advisory fees of $409,000 for the six months ended April 30, 2005.
26
For the six months ended April 30, 2005, the aggregate investment advisory fee represented an effective annual basic rate of 0.16% of the fund’s average net assets before an increase of $643,000 (0.01%) based on performance.
C. The Vanguard Group furnishes at cost corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2005, the fund had contributed capital of $1,172,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 1.17% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
D. The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. The fund’s custodian bank has also agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2005, these arrangements reduced the fund’s management and administrative expenses by $224,000 and custodian fees by $15,000. The total expense reduction represented an effective annual rate of 0.01% of the fund’s average net assets.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
At April 30, 2005, net unrealized appreciation of investment securities for tax purposes was $783,123,000, consisting of unrealized gains of $1,455,183,000 on securities that had risen in value since their purchase and $672,060,000 in unrealized losses on securities that had fallen in value since their purchase.
At April 30, 2005, the aggregate settlement value of open futures contracts expiring in June 2005 and the related unrealized appreciation (depreciation) were:
(000) | |||
---|---|---|---|
| Number of | Aggregate Settlement | Unrealized Appreciation |
Futures Contracts | Long Contracts | Value | (Depreciation) |
Russell 2000 Index | 237 | $73,826 | $(4,989) |
E-mini Russell 2000 Index | 756 | 46,196 | (2,280) |
E-mini Nasdaq 100 Index | 780 | 22,826 | (588) |
Nasdaq 100 Index | 39 | 5,887 | (328) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
F. During the six months ended April 30, 2005, the fund purchased $4,334,255,000 of investment securities and sold $3,772,599,000 of investment securities, other than temporary cash investments.
G. The market value of securities on loan to broker/dealers at April 30, 2005, was $139,683,000, for which the fund received cash collateral of $145,078,000.
27
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
H. Capital share transactions for each class of shares were:
| Six Months Ended April 30, 2005 | Year Ended October 31, 2004 | ||
---|---|---|---|---|
| Amount (000) | Shares (000) | Amount (000) | Shares (000) |
Investor Shares | ||||
Issued | $965,010 | 13,364 | $2,451,079 | 36,994 |
Issued in Lieu of Cash Distributions | 7,866 | 106 | — | — |
Redeemed | (802,277) | (11,124) | (1,162,600) | (17,671) |
Net Increase (Decrease)-Investor Shares | 170,599 | 2,346 | 1,288,479 | 19,323 |
Admiral Shares | ||||
Issued | 373,641 | 5,546 | 760,028 | 12,207 |
Issued in Lieu of Cash Distributions | 1,242 | 18 | — | — |
Redeemed | (172,684) | (2,578) | (360,527) | (5,868) |
Net Increase (Decrease)-Admiral Shares | 202,199 | 2,986 | 399,501 | 6,339 |
I. 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. Transactions during the six months ended April 30, 2005, in securities of affiliated companies were as follows:
(000) | |||||
---|---|---|---|---|---|
Current Period Transactions | |||||
| Oct. 31, 2004 Market Value | Purchases at Cost | Proceeds from Securities Sold | Dividend Income | Apr. 30, 2005 Market Value |
Hollywood Media Corp. | $6,570 | — | — | — | $8,979 |
Hifn, Inc. | — | $7,116 | — | — | 5,193 |
$6,570 | — | $14,172 | |||
28
ABOUT YOUR FUND’S EXPENSES | |
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table below illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs or account maintenance fees. They do not include your fund’s low-balance fee, which is described in the prospectus. If this fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it carry a “sales load.”
Six Months Ended April 30, 2004 | |||
---|---|---|---|
Explorer Fund | Beginning Account Value 10/31/2004 | Ending Account Value 4/30/2005 | Expenses Paid During Period* |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,022.50 | $2.76 |
Admiral Shares | 1,000.00 | 1,023.30 | 2.01 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,022.07 | $2.76 |
Admiral Shares | 1,000.00 | 1,022.81 | 2.01 |
*The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are 0.55% for Investor Shares and 0.40% for Admiral Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period. |
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate fund prospectus.
29
TRUSTEES APPROVE ADVISORY ARRANGEMENTS | |
The board of trustees of Vanguard Explorer Fund has renewed its investment advisory arrangements with Grantham, Mayo, Van Otterloo & Co. LLC (GMO), Kalmar Investment Advisers (Kalmar), and The Vanguard Group, Inc., three of the fund's investment advisors. The board determined that the retention of GMO, Kalmar, and Vanguard was in the best interests of the fund and its shareholders. The board will review the investment advisory agreements with the fund's other advisors-Chartwell Investment Partners, Granahan Investment Management, and Wellington Management Company, LLP-on different dates throughout 2005.
The board decided to renew the arrangements with GMO, Kalmar, and Vanguard based upon its most recent evaluation of each firm's investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decision.
NATURE, EXTENT, AND QUALITY OF SERVICES
The board considered the quality of investment management over both short- and long-term periods, and took into account the organizational depth and stability of each firm.
• Grantham, Mayo, Van Otterloo & Co. LLC. GMO is stable and diverse, with assets under management of about $87 billion. Portfolio managers Christopher M. Darnell and Robert M. Soucy have worked in investment management since 1979 and 1987, respectively. They have advised a portion of the fund since 2000.
• Kalmar Investment Advisers. Kalmar is a fundamental high-quality manager with a track record of consistent success. The firm, founded in 1996, uses a disciplined fundamental investment strategy. Portfolio manager Ford B. Draper, Jr. has significant experience, having worked in investment management since 1967. Kalmar began advising a portion of the fund in 2005.
• The Vanguard Group. Vanguard, through its Quantitative Equity Group, has been managing investments for more than two decades. George U. Sauter, Vanguard managing director and chief investment officer, has been in the investment management business since 1985 and oversees more than $580 billion in assets (stocks and bonds). The group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
INVESTMENT PERFORMANCE
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance of relevant benchmarks and peer groups. Each investment advisor has carried out its investment strategy in disciplined fashion, and the results provided by each advisor have been in line with expectations. The fund outperformed the average returns of its peer group over the one-, five-, and ten-year periods. Information about the fund's performance, including some of the data considered by the board, can be found in the "Performance Summary" section of this report.
COST
The fund's expense ratio was far below the average expense ratio charged by funds in the fund's peer group. The fund's advisory fees were also well below the peer-group average. Information about the fund's expense ratio appears in the "About Your Fund's Expenses" section of this report as well as in the "Financial Statements" section, which also includes
30
information about the advisory fee rate. The board did not consider profitability of GMO and Kalmar in determining whether to approve the advisory fee. GMO and Kalmar are independent firms, and the advisory fee is the result of arm's-length negotiations. The board does not consider a "profitability" analysis of Vanguard because of Vanguard's unique "at-cost" structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and only produces "profits" in the form of reduced expenses for fund shareholders.
THE BENEFIT OF ECONOMIES OF SCALE
The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedule for GMO and Kalmar. The breakpoints reduce the effective rate of the fee as the fund's assets managed by GMO and Kalmar increase. The board also concluded that the Explorer Fund's low-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as the fund's assets managed by Vanguard increase.
The advisory arrangements with GMO, Kalmar, and Vanguard will continue for one year and are renewable by the fund's board after that for successive one-year periods.
31
THE PEOPLE WHO GOVERN YOUR FUND
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis. | |
A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. | |
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are |
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
John J. Brennan* (1954) May 1987 | Chairman of the Board, Chief Executive Officer, and Trustee (132) | Chairman of the Board,Chief Executive Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group. |
INDEPENDENT TRUSTEES | ||
Charles D. Ellis (1937) January 2001 | Trustee (132) | The Partners of `63 (pro bono ventures in education); Senior Advisor to Greenwich Associates (international business strategy consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
Rajiv L. Gupta (1945) December 2001** | Trustee (132) | Chairman and Chief Executive Officer of Rohm and Haas Co. (chemicals); Board Member of the American Chemistry Council; Director of Tyco International, Ltd. (diversified manufacturing and services) (since 2005);Trustee of Drexel University and of the Chemical Heritage Foundation. |
JoAnn Heffernan Heisen (1950) July 1998 | Trustee (132) | Vice President, Chief Information Officer, and Member of the Executive Committee of Johnson & Johnson (pharmaceuticals/consumer products); Director of the University Medical Center at Princeton and Women's Research and Education Institute. |
Burton G. Malkiel (1932) May 1977 | Trustee (129) | Chemical Bank Chairman's Professor of Economics, Princeton University; Director of Vanguard Investment Series plc (Irish investment fund) (since November 2001), Vanguard Group (Ireland) Limited (investment management) (since November 2001), BKF Capital (investment management), The Jeffrey Co. (holding company), and CareGain, Inc. (health care management). |
André F. Perold (1952) December 2004 | Trustee (132) | George Gund Professor of Finance and Banking, Harvard Business School (since 2000); Senior Associate Dean, Director of Faculty Recruiting, and Chair of Finance Faculty, Harvard Business School; Director and Chairman of UNX, Inc. (equities trading firm) (since 2003); Director of registered investment companies advised by Merrill Lynch Investment Managers and affiliates (1985–2004), Genbel Securities Limited (South African financial services firm) (1999–2003), Gensec Bank (1999–2003), Sanlam Investment Management (1999–2001), Sanlam, Ltd. (South African insurance company) (2001–2003), Stockback, Inc. (credit card firm) (2000–2002), and Bulldogresearch.com (investment research) (1999–2001); and Trustee of Commonfund (investment management) (1989–2001). |
selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers. | |
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. |
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
Alfred M. Rankin, Jr. (1941) January 1993 | Trustee (132) | Chairman, President, Chief Executive Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director of Goodrich Corporation (industrial products/aircraft systems and services); Director of Standard Products Company (supplier for the automotive industry) until 1998. |
J. Lawrence Wilson (1936) April 1985 | Trustee (132) | Retired Chairman and Chief Executive Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines), MeadWestvaco Corp. (packaging products), and AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University and of Culver Educational Foundation. |
EXECUTIVE OFFICERS* | ||
R. Gregory Barton (1951) June 2001 | Secretary (132) | Managing Director and General Counsel of The Vanguard Group, Inc.; Secretary of The Vanguard Group, Inc. and of each of the investment companies served by The Vanguard Group since June 2001. |
Thomas J. Higgins (1957) July 1998 | Treasurer (132) | Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group. |
* | Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940. |
** | December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
VANGUARD SENIOR MANAGEMENT TEAM | |
---|---|
Mortimer J. Buckley, Information Technology. James H. Gately, Investment Programs and Services. Kathleen C. Gubanich, Human Resources. F. William McNabb, III, Client Relationship Group. | Michael S. Miller, Planning and Development. Ralph K. Packard, Finance. George U. Sauter, Chief Investment Officer. |
John C. Bogle, Founder; Chairman and Chief Executive Officer, 1974-1996. | |
Post Office Box 2600
Valley Forge, PA 19482-2600
Vanguard, The Vanguard Group, Vanguard.com, Admiral, Explorer, and the ship logo are trademarks of The Vanguard Group, Inc.
All other marks are the exclusive property of their respective owners.
All comparative mutual fund data are from Lipper Inc. or Morningstar, Inc., unless otherwise noted.
For More Information
This report is intended for the fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current fund prospectus. To receive a free copy of the prospectus or the Statement of Additional Information, or to request additional information about the fund or other Vanguard funds, please contact us at one of the adjacent telephone numbers or by e-mail through Vanguard.com. Prospectuses may also be viewed online.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting our website, www.vanguard.com, and searching for “proxy voting guidelines,” or by calling Vanguard at 800- 662-2739. They are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either www.vanguard.com or www.sec.gov.
You can review and copy information about your fund at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at 202-942- 8090. Information about your fund is also available on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request in either of two ways: via e-mail addressed to publicinfo@sec.gov or via regular mail addressed to the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549–0102.
World Wide Web
www.vanguard.com
Fund Information
800-662-7447
Direct Investor
Account Services
800-662-2739
Institutional Investor
Services
800-523-1036
Text Telephone
800-952-3335
©2005 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing
Corporation, Distributor.
Q242 062005
Item 2: Not Applicable
Item 3: Not Applicable
Item 4: Not Applicable
Item 5: Not applicable.
Item 6: Not applicable.
Item 7: Not applicable.
Item 8: Not applicable.
Item 9: Not applicable.
Item 10: Not applicable.
Item 11: 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. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD EXPLORER FUND | |
BY: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | June 14, 2005 |
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: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | June 14, 2005 |
VANGUARD EXPLORER FUND | |
BY: | (signature) |
(HEIDI STAM) THOMAS J. HIGGINS* TREASURER |
Date: | June 14, 2005 |
*By Power of Attorney. Filed on December 20, 2004, see File Number 002-14336. Incorporated by Reference.