UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-01530
Name of Registrant: | Vanguard Explorer Fund |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2020—April 30, 2021
Item 1: | Reports to Shareholders |
![](https://capedge.com/proxy/N-CSRS/0001104659-21-086781/img173d7e8d1.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 19 |
Liquidity Risk Management | 22 |
• | 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. |
• | 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. |
Six Months Ended April 30, 2021 | |||
Explorer Fund | Beginning Account Value 10/31/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,388.60 | $2.37 |
Admiral™ Shares | 1,000.00 | 1,389.40 | 1.72 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,022.81 | $2.01 |
Admiral Shares | 1,000.00 | 1,023.36 | 1.45 |
Communication Services | 3.0% |
Consumer Discretionary | 14.0 |
Consumer Staples | 2.8 |
Energy | 0.6 |
Financials | 8.2 |
Health Care | 22.7 |
Industrials | 19.2 |
Information Technology | 22.4 |
Materials | 2.0 |
Real Estate | 3.0 |
Utilities | 0.5 |
Other | 1.6 |
Shares | Market Value• ($000) | Percentage of Net Assets | ||
Common Stocks | ||||
Communication Services | ||||
Live Nation Entertainment Inc.* | 1,326,942 | 108,650 | 0.5% | |
† | Communication Services—Other*,1 | 582,153 | 2.4% | |
690,803 | 2.9% | |||
Consumer Discretionary | ||||
Burlington Stores Inc.* | 766,767 | 250,219 | 1.0% | |
Skechers USA Inc. Class A* | 3,958,218 | 191,934 | 0.8% | |
Etsy Inc.* | 754,500 | 149,987 | 0.6% | |
Under Armour Inc. Class C* | 6,043,464 | 120,325 | 0.5% | |
Ollie's Bargain Outlet Holdings Inc.* | 1,291,536 | 119,170 | 0.5% | |
Skyline Champion Corp.* | 2,574,426 | 114,382 | 0.5% | |
Levi Strauss & Co. Class A | 3,855,312 | 111,264 | 0.5% | |
Carter's Inc. | 956,890 | 104,100 | 0.4% | |
Houghton Mifflin Harcourt Co.*,2 | 7,198,968 | 65,367 | 0.3% | |
† | Consumer Discretionary—Other*,1 | 2,023,253 | 8.4% | |
3,250,001 | 13.5% | |||
Consumer Staples | ||||
Performance Food Group Co.* | 1,821,219 | 106,906 | 0.5% | |
† | Consumer Staples—Other*,1 | 541,230 | 2.2% | |
648,136 | 2.7% | |||
†Energy* | 135,289 | 0.6% | ||
Financials | ||||
SVB Financial Group* | 305,694 | 174,805 | 0.7% | |
LPL Financial Holdings Inc. | 1,042,273 | 163,324 | 0.7% |
Shares | Market Value• ($000) | Percentage of Net Assets | ||
Synovus Financial Corp. | 2,176,207 | 101,977 | 0.4% | |
† | Financials—Other* | 1,462,906 | 6.1% | |
1,903,012 | 7.9% | |||
Health Care | ||||
ICON plc* | 968,708 | 210,161 | 0.9% | |
Acadia Healthcare Co. Inc.* | 2,360,454 | 143,799 | 0.6% | |
Omnicell Inc.* | 943,428 | 136,816 | 0.6% | |
Insulet Corp.* | 447,927 | 132,237 | 0.6% | |
Charles River Laboratories International Inc.* | 374,444 | 124,484 | 0.5% | |
Molina Healthcare Inc.* | 460,003 | 117,347 | 0.5% | |
STERIS plc | 525,684 | 110,930 | 0.5% | |
LHC Group Inc.* | 514,723 | 107,201 | 0.5% | |
Penumbra Inc.* | 350,077 | 107,120 | 0.5% | |
† | Health Care—Other*,1 | 4,075,515 | 16.7% | |
5,265,610 | 21.9% | |||
Industrials | ||||
Trex Co. Inc.* | 1,741,427 | 188,057 | 0.8% | |
Middleby Corp.* | 927,493 | 168,173 | 0.7% | |
TriNet Group Inc.* | 1,968,421 | 154,934 | 0.6% | |
Clean Harbors Inc.* | 1,643,611 | 146,216 | 0.6% | |
Rexnord Corp. | 2,407,252 | 120,194 | 0.5% | |
SPX FLOW Inc. | 1,781,417 | 118,625 | 0.5% | |
Generac Holdings Inc.* | 357,185 | 115,710 | 0.5% | |
Kirby Corp.* | 1,766,464 | 112,524 | 0.5% | |
Builders FirstSource Inc.* | 2,263,288 | 110,154 | 0.5% | |
Kennametal Inc. | 2,728,386 | 109,572 | 0.5% | |
Fortune Brands Home & Security Inc. | 1,027,670 | 107,885 | 0.5% | |
Woodward Inc. | 862,478 | 107,818 | 0.5% | |
AerCap Holdings NV* | 1,767,122 | 102,935 | 0.4% | |
Enerpac Tool Group Corp. Class A2 | 3,138,204 | 83,476 | 0.4% | |
† | Industrials—Other*,1,3 | 2,726,508 | 11.1% | |
4,472,781 | 18.6% | |||
Information Technology | ||||
Five9 Inc.* | 1,081,859 | 203,357 | 0.8% | |
Wix.com Ltd.* | 573,864 | 182,420 | 0.8% | |
HubSpot Inc.* | 279,585 | 147,188 | 0.6% | |
Fortinet Inc.* | 681,271 | 139,136 | 0.6% | |
New Relic Inc.* | 2,129,335 | 136,916 | 0.6% | |
Proofpoint Inc.* | 713,807 | 122,853 | 0.5% | |
SVMK Inc.* | 6,521,369 | 117,319 | 0.5% | |
Power Integrations Inc. | 1,390,253 | 115,127 | 0.5% | |
Monolithic Power Systems Inc. | 309,345 | 111,791 | 0.5% | |
Varonis Systems Inc.* | 2,037,044 | 107,861 | 0.4% | |
Cloudera Inc.* | 8,321,005 | 105,594 | 0.4% | |
J2 Global Inc.* | 854,621 | 103,409 | 0.4% | |
† | Information Technology—Other*,1 | 3,602,384 | 15.0% | |
5,195,355 | 21.6% | |||
Materials | ||||
Louisiana-Pacific Corp. | 1,732,669 | 114,148 | 0.5% | |
† | Materials—Other* | 348,576 | 1.4% | |
462,724 | 1.9% |
Shares | Market Value• ($000) | Percentage of Net Assets | ||
Other4 | ||||
Vanguard Small-Cap ETF1,5 | 1,399,927 | 311,470 | 1.3% | |
† | Other—Other*,1,2 | 57,402 | 0.2% | |
368,872 | 1.5% | |||
†Real Estate*,1 | 697,073 | 2.9% | ||
†Utilities* | 130,826 | 0.6% | ||
Total Common Stocks (Cost $14,660,115) | 23,220,482 | 96.6% | ||
Temporary Cash Investments | ||||
Money Market Fund | ||||
Vanguard Market Liquidity Fund, 0.068%6,7 | 7,694,201 | 769,420 | 3.2% | |
Face Amount ($000) | ||||
Repurchase Agreement | ||||
Deutsche Bank Securities Inc. 0.005%, 5/3/21 (Dated 4/30/21, Repurchase Value $140,700,000, collateralized by U.S. Treasury Note 0.750%, 4/30/26, with a value of $143,514,000) | 140,700 | 140,700 | 0.6% | |
†U.S. Government and Agency Obligations8 | 800 | 0.0% | ||
Total Temporary Cash Investments (Cost $910,801) | 910,920 | 3.8% | ||
Total Investments (Cost $15,570,916) | 24,131,402 | 100.4% | ||
Other Assets and Liabilities—Net | (101,967) | (0.4%) | ||
Net Assets | 24,029,435 | 100.0% | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $94,020,000. |
2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
3 | Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $31,345,000, representing 0.1% of net assets. |
4 | “Other” represents securities that are not classified by the fund’s benchmark index. |
5 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $100,453,000 was received for securities on loan. |
8 | Securities with a value of $588,000 have been segregated as initial margin for open futures contracts. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | June 2021 | 4,182 | 472,880 | (14,873) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $14,359,149) | 22,844,267 |
Affiliated Issuers (Cost $1,211,767) | 1,287,135 |
Total Investments in Securities | 24,131,402 |
Investment in Vanguard | 839 |
Cash Collateral Pledged—Futures Contracts | 26,561 |
Receivables for Investment Securities Sold | 44,442 |
Receivables for Accrued Income | 3,239 |
Receivables for Capital Shares Issued | 15,315 |
Total Assets | 24,221,798 |
Liabilities | |
Due to Custodian | 2,591 |
Payables for Investment Securities Purchased | 64,955 |
Collateral for Securities on Loan | 100,453 |
Payables to Investment Advisor | 8,832 |
Payables for Capital Shares Redeemed | 8,017 |
Payables to Vanguard | 1,525 |
Variation Margin Payable—Futures Contracts | 5,990 |
Total Liabilities | 192,363 |
Net Assets | 24,029,435 |
At April 30, 2021, net assets consisted of: | |
Paid-in Capital | 13,573,621 |
Total Distributable Earnings (Loss) | 10,455,814 |
Net Assets | 24,029,435 |
Investor Shares—Net Assets | |
Applicable to 30,337,191 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,362,428 |
Net Asset Value Per Share—Investor Shares | $143.80 |
Admiral Shares—Net Assets | |
Applicable to 146,980,468 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 19,667,007 |
Net Asset Value Per Share—Admiral Shares | $133.81 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 43,974 |
Dividends—Affiliated Issuers | 995 |
Interest—Unaffiliated Issuers | 41 |
Interest—Affiliated Issuers | 354 |
Securities Lending—Net | 2,396 |
Total Income | 47,760 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 17,903 |
Performance Adjustment | (1,080) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 4,800 |
Management and Administrative—Admiral Shares | 11,415 |
Marketing and Distribution—Investor Shares | 129 |
Marketing and Distribution—Admiral Shares | 324 |
Custodian Fees | 71 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—Admiral Shares | 38 |
Trustees’ Fees and Expenses | 5 |
Total Expenses | 33,606 |
Net Investment Income | 14,154 |
Realized Net Gain (Loss) | |
Investment Securities Sold—Unaffiliated Issuers | 1,679,754 |
Investment Securities Sold—Affiliated Issuers | 85,994 |
Futures Contracts | 175,445 |
Foreign Currencies | 14 |
Realized Net Gain (Loss) | 1,941,207 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 4,461,690 |
Investment Securities—Affiliated Issuers | 181,772 |
Futures Contracts | (9,329) |
Foreign Currencies | 21 |
Change in Unrealized Appreciation (Depreciation) | 4,634,154 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,589,515 |
1 | Dividends are net of foreign withholding taxes of $121,000. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 14,154 | 58,101 | |
Realized Net Gain (Loss) | 1,941,207 | 1,371,327 | |
Change in Unrealized Appreciation (Depreciation) | 4,634,154 | 675,466 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,589,515 | 2,104,894 | |
Distributions | |||
Investor Shares | (250,706) | (178,026) | |
Admiral Shares | (1,099,471) | (652,715) | |
Total Distributions | (1,350,177) | (830,741) | |
Capital Share Transactions | |||
Investor Shares | 27,824 | (483,899) | |
Admiral Shares | 2,157,559 | (274,035) | |
Net Increase (Decrease) from Capital Share Transactions | 2,185,383 | (757,934) | |
Total Increase (Decrease) | 7,424,721 | 516,219 | |
Net Assets | |||
Beginning of Period | 16,604,714 | 16,088,495 | |
End of Period | 24,029,435 | 16,604,714 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $110.44 | $101.66 | $102.25 | $102.10 | $83.91 | $90.55 |
Investment Operations | ||||||
Net Investment Income | .0311 | .2841 | .3331 | .3251 | .4211 | .393 |
Net Realized and Unrealized Gain (Loss) on Investments | 41.877 | 13.688 | 8.234 | 11.192 | 21.657 | 1.581 |
Total from Investment Operations | 41.908 | 13.972 | 8.567 | 11.517 | 22.078 | 1.974 |
Distributions | ||||||
Dividends from Net Investment Income | (.158) | (.295) | (.286) | (.475) | (.318) | (.270) |
Distributions from Realized Capital Gains | (8.390) | (4.897) | (8.871) | (10.892) | (3.570) | (8.344) |
Total Distributions | (8.548) | (5.192) | (9.157) | (11.367) | (3.888) | (8.614) |
Net Asset Value, End of Period | $143.80 | $110.44 | $101.66 | $102.25 | $102.10 | $83.91 |
Total Return2 | 38.86% | 14.08% | 10.15% | 12.12% | 27.10% | 2.47% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,362 | $3,325 | $3,520 | $3,420 | $3,520 | $3,324 |
Ratio of Total Expenses to Average Net Assets3 | 0.40% | 0.41% | 0.45% | 0.44% | 0.43% | 0.45% |
Ratio of Net Investment Income to Average Net Assets | 0.09% | 0.28% | 0.33% | 0.31% | 0.45% | 0.46% |
Portfolio Turnover Rate | 22% | 43% | 41% | 50% | 76% | 66% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), 0.03%, 0.02%, (0.01%), and (0.02%) |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $102.82 | $94.64 | $95.24 | $94.99 | $78.07 | $84.28 |
Investment Operations | ||||||
Net Investment Income | .0931 | .3651 | .4091 | .4181 | .4951 | .473 |
Net Realized and Unrealized Gain (Loss) on Investments | 38.985 | 12.752 | 7.648 | 10.405 | 20.145 | 1.455 |
Total from Investment Operations | 39.078 | 13.117 | 8.057 | 10.823 | 20.640 | 1.928 |
Distributions | ||||||
Dividends from Net Investment Income | (.275) | (.378) | (.393) | (.438) | (.403) | (.383) |
Distributions from Realized Capital Gains | (7.813) | (4.559) | (8.264) | (10.135) | (3.317) | (7.755) |
Total Distributions | (8.088) | (4.937) | (8.657) | (10.573) | (3.720) | (8.138) |
Net Asset Value, End of Period | $133.81 | $102.82 | $94.64 | $95.24 | $94.99 | $78.07 |
Total Return2 | 38.94% | 14.21% | 10.27% | 12.24% | 27.25% | 2.60% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $19,667 | $13,279 | $12,569 | $11,616 | $9,514 | $7,496 |
Ratio of Total Expenses to Average Net Assets3 | 0.29% | 0.30% | 0.34% | 0.32% | 0.31% | 0.33% |
Ratio of Net Investment Income to Average Net Assets | 0.19% | 0.39% | 0.44% | 0.43% | 0.57% | 0.58% |
Portfolio Turnover Rate | 22% | 43% | 41% | 50% | 76% | 66% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), 0.03%, 0.02%, (0.01%), and (0.02%) |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Wellington Management Company llp, ClearBridge Investments, LLC, Stephens Investment Management Group, LLC, and ArrowMark Colorado Holdings, LLC, 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 Wellington Management Company llp and ClearBridge Investments, LLC, are subject to quarterly adjustments based on performance relative to the Russell 2500 Growth Index for the preceding three years. The basic fees of Stephens Investment Management Group, LLC, and ArrowMark Colorado Holdings, LLC, are subject to quarterly adjustments based on performance relative to the Russell 2500 Growth Index for the preceding five years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 23,122,086 | 98,396 | — | 23,220,482 |
Temporary Cash Investments | 769,420 | 141,500 | — | 910,920 |
Total | 23,891,506 | 239,896 | — | 24,131,402 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 14,873 | — | — | 14,873 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | As of April 30, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 15,611,889 |
Gross Unrealized Appreciation | 8,927,056 |
Gross Unrealized Depreciation | (422,416) |
Net Unrealized Appreciation (Depreciation) | 8,504,640 |
F. | During the six months ended April 30, 2021, the fund purchased $5,388,724,000 of investment securities and sold $4,525,776,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 328,133 | 2,423 | 459,953 | 5,209 | |
Issued in Lieu of Cash Distributions | 244,060 | 1,898 | 173,422 | 1,675 | |
Redeemed | (544,369) | (4,095) | (1,117,274) | (11,398) | |
Net Increase (Decrease)—Investor Shares | 27,824 | 226 | (483,899) | (4,514) |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 2,279,331 | 18,439 | 1,845,208 | 19,941 | |
Issued in Lieu of Cash Distributions | 1,024,109 | 8,560 | 603,114 | 6,261 | |
Redeemed | (1,145,881) | (9,172) | (2,722,357) | (29,848) | |
Net Increase (Decrease)—Admiral Shares | 2,157,559 | 17,827 | (274,035) | (3,646) |
H. | Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows: |
Current Period Transactions | ||||||||
Oct. 31, 2020 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2021 Market Value ($000) | |
BioTelemetry Inc. | 87,075 | 1,786 | 149,536 | 50,245 | 10,430 | — | — | NA1 |
Cardtronics plc Class A | 56,987 | — | 126,000 | 21,643 | 47,370 | — | — | NA1 |
Enerpac Tool Group Corp. Class A | NA2 | 4,612 | 653 | 225 | 26,606 | — | — | 83,476 |
Houghton Mifflin Harcourt Co. | 18,789 | — | — | — | 46,578 | — | — | 65,367 |
Jaws Acquisition Corp. Class A | NA2 | 51,726 | — | — | 5,676 | — | — | 57,402 |
Vanguard Market Liquidity Fund | 456,995 | NA3 | NA3 | — | (15) | 354 | — | 769,420 |
Vanguard Small-Cap ETF | 196,329 | 173,344 | 117,211 | 13,881 | 45,127 | 995 | — | 311,470 |
Total | 816,175 | 85,994 | 181,772 | 1,349 | — | 1,287,135 |
1 | Not applicable—at April 30, 2021, the issuer was not an affiliated company of the fund. |
2 | Not applicable—at October 31, 2020, the issuer was not an affiliated company of the fund. |
3 | Not applicable—purchases and sales are for temporary cash investment purposes. |
I. | Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements. |
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Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Shares | Market Value ($000) | ||
Common Stocks (96.6%) | |||
Communication Services (2.9%) | |||
* | Live Nation Entertainment Inc. | 1,326,942 | 108,650 |
* | Cinemark Holdings Inc. | 3,792,861 | 80,409 |
* | Cardlytics Inc. | 567,150 | 78,000 |
* | Match Group Inc. | 430,285 | 66,965 |
New York Times Co. Class A | 1,253,184 | 56,907 | |
* | IAC/Inter Active Corp. | 219,359 | 55,601 |
* | Take-Two Interactive Software Inc. | 257,828 | 45,218 |
Electronic Arts Inc. | 222,113 | 31,558 | |
* | Cargurus Inc. | 1,200,310 | 29,624 |
* | Bandwidth Inc. Class A | 199,694 | 26,400 |
* | Roku Inc. | 74,236 | 25,461 |
Warner Music Group Corp. Class A | 640,707 | 24,321 | |
* | Iridium Communications Inc. | 432,787 | 16,442 |
* | TechTarget Inc. | 208,898 | 16,022 |
* | Zillow Group Inc. Class A | 62,932 | 8,392 |
* | Zynga Inc. Class A | 750,142 | 8,117 |
* | Meredith Corp. | 110,628 | 3,440 |
Nexstar Media Group Inc. Class A | 22,714 | 3,348 | |
* | EverQuote Inc. Class A | 73,361 | 2,485 |
* | Yelp Inc. Class A | 59,273 | 2,329 |
*,1 | Gogo Inc. | 106,949 | 1,114 |
690,803 | |||
Consumer Discretionary (13.5%) | |||
* | Burlington Stores Inc. | 766,767 | 250,219 |
* | Skechers USA Inc. Class A | 3,958,218 | 191,934 |
* | Etsy Inc. | 754,500 | 149,987 |
* | Under Armour Inc. Class C | 6,043,464 | 120,325 |
* | Ollie's Bargain Outlet Holdings Inc. | 1,291,536 | 119,170 |
* | Skyline Champion Corp. | 2,574,426 | 114,382 |
Levi Strauss & Co. Class A | 3,855,312 | 111,264 | |
Carter's Inc. | 956,890 | 104,100 | |
* | Vroom Inc. | 2,126,057 | 98,373 |
* | Sally Beauty Holdings Inc. | 4,702,280 | 94,375 |
* | 2U Inc. | 2,178,525 | 85,507 |
Hanesbrands Inc. | 3,929,942 | 82,765 | |
* | Chegg Inc. | 866,722 | 78,291 |
Acushnet Holdings Corp. | 1,825,861 | 77,252 | |
* | frontdoor Inc. | 1,396,063 | 74,731 |
* | Deckers Outdoor Corp. | 204,416 | 69,133 |
La-Z-Boy Inc. | 1,525,612 | 67,829 | |
*,2 | Houghton Mifflin Harcourt Co. | 7,198,968 | 65,367 |
Wingstop Inc. | 363,997 | 57,661 | |
* | Floor & Decor Holdings Inc. Class A | 504,055 | 55,910 |
* | Carvana Co. Class A | 194,026 | 55,348 |
*,1 | Chewy Inc. Class A | 652,029 | 51,980 |
* | Farfetch Ltd. Class A | 1,051,619 | 51,519 |
Domino's Pizza Inc. | 114,947 | 48,547 | |
Shutterstock Inc. | 541,352 | 47,195 | |
Papa John's International Inc. | 470,788 | 45,535 | |
* | Ulta Beauty Inc. | 135,554 | 44,645 |
Core-Mark Holding Co. Inc. | 1,046,789 | 44,551 | |
* | Dollar Tree Inc. | 372,318 | 42,779 |
Polaris Inc. | 279,459 | 39,133 | |
* | Leslie's Inc. | 1,280,900 | 36,403 |
Pool Corp. | 83,315 | 35,202 | |
Garmin Ltd. | 223,945 | 30,734 | |
* | Revolve Group Inc. | 613,450 | 29,746 |
* | National Vision Holdings Inc. | 560,710 | 28,265 |
Shares | Market Value ($000) | ||
Ralph Lauren Corp. Class A | 209,895 | 27,977 | |
* | Purple Innovation Inc. Class A | 813,825 | 27,735 |
Monro Inc. | 390,730 | 27,582 | |
* | Bright Horizons Family Solutions Inc. | 172,195 | 24,939 |
Rent-A-Center Inc. | 430,528 | 24,777 | |
Callaway Golf Co. | 759,949 | 22,000 | |
* | Fox Factory Holding Corp. | 132,905 | 20,365 |
* | Five Below Inc. | 100,860 | 20,300 |
* | Grand Canyon Education Inc. | 185,808 | 20,121 |
*,1 | Coursera Inc. | 400,000 | 17,880 |
* | Planet Fitness Inc. Class A | 174,799 | 14,681 |
* | Canada Goose Holdings Inc. | 346,393 | 14,642 |
Winnebago Industries Inc. | 177,721 | 14,209 | |
Service Corp. International | 248,412 | 13,275 | |
* | Lululemon Athletica Inc. | 39,388 | 13,206 |
Tempur Sealy International Inc. | 332,251 | 12,672 | |
Camping World Holdings Inc. Class A | 283,102 | 12,326 | |
* | Crocs Inc. | 114,802 | 11,494 |
*,1 | Petco Health & Wellness Co. Inc. | 481,890 | 11,382 |
Wendy's Co. | 503,466 | 11,363 | |
H&R Block Inc. | 507,392 | 11,295 | |
* | Penn National Gaming Inc. | 114,921 | 10,242 |
PulteGroup Inc. | 166,248 | 9,829 | |
* | Gentherm Inc. | 119,540 | 8,511 |
* | Stamps.com Inc. | 40,714 | 8,361 |
* | Sleep Number Corp. | 73,470 | 8,221 |
Big Lots Inc. | 116,858 | 8,056 | |
* | Academy Sports and Outdoors Inc. | 248,034 | 7,642 |
* | Overstock.com Inc. | 89,052 | 7,258 |
* | YETI Holdings Inc. | 80,308 | 6,860 |
* | Sonos Inc. | 142,721 | 5,713 |
* | Brinker International Inc. | 83,976 | 5,637 |
Williams-Sonoma Inc. | 32,587 | 5,564 | |
Jack in the Box Inc. | 43,836 | 5,289 | |
* | Lovesac Co. | 68,601 | 5,026 |
* | Scientific Games Corp. Class A | 79,015 | 4,624 |
* | Visteon Corp. | 37,686 | 4,590 |
* | Asbury Automotive Group Inc. | 23,079 | 4,584 |
* | Perdoceo Education Corp. | 354,118 | 4,129 |
* | Malibu Boats Inc. Class A | 48,595 | 4,051 |
Lithia Motors Inc. Class A | 10,333 | 3,972 | |
* | Lumber Liquidators Holdings Inc. | 164,280 | 3,938 |
* | Master Craft Boat Holdings Inc. | 131,652 | 3,734 |
Gentex Corp. | 103,851 | 3,653 | |
Red Rock Resorts Inc. Class A | 94,575 | 3,464 | |
Churchill Downs Inc. | 14,745 | 3,119 | |
* | El Pollo Loco Holdings Inc. | 169,399 | 2,870 |
* | Bloomin' Brands Inc. | 83,469 | 2,638 |
Kontoor Brands Inc. | 38,587 | 2,424 | |
* | Ruth's Hospitality Group Inc. | 85,851 | 2,242 |
*,1 | GAN Ltd. | 113,065 | 2,085 |
Standard Motor Products Inc. | 43,880 | 1,879 | |
* | Vivint Smart Home Inc. | 152,159 | 1,823 |
* | Waitr Holdings Inc. | 722,145 | 1,776 |
Aaron's Co. Inc. | 55,989 | 1,729 | |
PetMed Express Inc. | 55,128 | 1,622 | |
Texas Roadhouse Inc. Class A | 12,421 | 1,329 | |
Cracker Barrel Old Country Store Inc. | 7,762 | 1,300 | |
Vail Resorts Inc. | 3,554 | 1,156 | |
* | iRobot Corp. | 10,083 | 1,097 |
* | Everi Holdings Inc. | 58,754 | 1,039 |
Shares | Market Value ($000) | ||
* | Dorman Products Inc. | 10,355 | 1,027 |
Strategic Education Inc. | 12,971 | 974 | |
* | WW International Inc. | 19,685 | 546 |
3,250,001 | |||
Consumer Staples (2.7%) | |||
* | Performance Food Group Co. | 1,821,219 | 106,906 |
Sanderson Farms Inc. | 527,686 | 86,820 | |
* | Nomad Foods Ltd. | 2,866,687 | 83,593 |
* | BJ's Wholesale Club Holdings Inc. | 1,696,376 | 75,777 |
Nu Skin Enterprises Inc. Class A | 1,412,345 | 74,657 | |
Casey's General Stores Inc. | 244,515 | 54,329 | |
Calavo Growers Inc. | 421,325 | 32,918 | |
* | Monster Beverage Corp. | 219,365 | 21,289 |
Coca-Cola Consolidated Inc. | 71,877 | 21,078 | |
MGP Ingredients Inc. | 287,672 | 17,289 | |
* | Boston Beer Co. Inc. Class A | 13,005 | 15,820 |
* | Herbalife Nutrition Ltd. | 314,391 | 14,390 |
National Beverage Corp. | 131,642 | 6,396 | |
John B Sanfilippo & Son Inc. | 67,616 | 5,943 | |
Medifast Inc. | 26,046 | 5,915 | |
* | Pilgrim's Pride Corp. | 230,529 | 5,523 |
* | Sprouts Farmers Market Inc. | 200,334 | 5,131 |
Vector Group Ltd. | 359,254 | 4,688 | |
* | USANA Health Sciences Inc. | 49,637 | 4,467 |
Turning Point Brands Inc. | 59,064 | 2,884 | |
1 | Albertsons Cos. Inc. Class A | 125,115 | 2,323 |
648,136 | |||
Energy (0.6%) | |||
Delek US Holdings Inc. | 1,788,075 | 42,431 | |
Viper Energy Partners LP | 1,652,764 | 29,766 | |
* | ChampionX Corp. | 1,276,922 | 26,828 |
Pioneer Natural Resources Co. | 94,345 | 14,513 | |
Cabot Oil & Gas Corp. | 774,468 | 12,911 | |
* | Magnolia Oil & Gas Corp. Class A | 785,089 | 8,840 |
135,289 | |||
Financials (7.9%) | |||
* | SVB Financial Group | 305,694 | 174,805 |
LPL Financial Holdings Inc. | 1,042,273 | 163,324 | |
Synovus Financial Corp. | 2,176,207 | 101,977 | |
Assured Guaranty Ltd. | 1,979,361 | 100,651 | |
Assurant Inc. | 645,146 | 100,385 | |
Tradeweb Markets Inc. Class A | 1,225,095 | 99,576 | |
MGIC Investment Corp. | 6,337,340 | 96,581 | |
Voya Financial Inc. | 1,419,245 | 96,253 | |
Western Alliance Bancorp | 889,042 | 93,412 | |
Webster Financial Corp. | 1,686,269 | 89,220 | |
Sterling Bancorp | 3,449,086 | 86,676 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,561,878 | 81,842 | |
Prosperity Bancshares Inc. | 1,100,660 | 80,744 | |
* | Green Dot Corp. Class A | 1,515,413 | 69,345 |
PROG Holdings Inc. | 1,032,499 | 52,596 | |
American Financial Group Inc. | 373,250 | 45,857 | |
MarketAxess Holdings Inc. | 86,095 | 42,054 | |
WisdomTree Investments Inc. | 5,549,767 | 37,655 | |
* | PRA Group Inc. | 893,024 | 33,649 |
Piper Sandler Cos. | 250,507 | 29,056 | |
Houlihan Lokey Inc. Class A | 382,540 | 25,351 | |
Primerica Inc. | 158,454 | 25,316 | |
* | Palomar Holdings Inc. | 350,207 | 24,641 |
SLM Corp. | 1,140,435 | 22,421 |
Shares | Market Value ($000) | ||
* | Silvergate Capital Corp. Class A | 196,527 | 21,072 |
Bank OZK | 484,329 | 19,853 | |
Walker & Dunlop Inc. | 112,381 | 12,457 | |
* | Enova International Inc. | 304,985 | 10,443 |
Virtu Financial Inc. Class A | 345,378 | 10,234 | |
Kinsale Capital Group Inc. | 56,567 | 9,843 | |
Brightsphere Investment Group Inc. | 391,654 | 8,816 | |
Cowen Inc. Class A | 184,969 | 7,304 | |
Virtus Investment Partners Inc. | 19,556 | 5,348 | |
Erie Indemnity Co. Class A | 23,790 | 5,092 | |
Morningstar Inc. | 14,918 | 3,953 | |
* | Selectquote Inc. | 101,434 | 3,158 |
Universal Insurance Holdings Inc. | 206,778 | 2,885 | |
Bank of NT Butterfield & Son Ltd. | 58,402 | 2,291 | |
Federated Hermes Inc. | 65,284 | 1,880 | |
PJT Partners Inc. Class A | 19,739 | 1,451 | |
Ares Management Corp. Class A | 25,371 | 1,332 | |
* | NMI Holdings Inc. Class A | 43,188 | 1,116 |
Moelis & Co. Class A | 20,215 | 1,097 | |
1,903,012 | |||
Health Care (21.9%) | |||
* | ICON plc | 968,708 | 210,161 |
* | Acadia Healthcare Co. Inc. | 2,360,454 | 143,799 |
* | Omnicell Inc. | 943,428 | 136,816 |
* | Insulet Corp. | 447,927 | 132,237 |
* | Charles River Laboratories International Inc. | 374,444 | 124,484 |
* | Molina Healthcare Inc. | 460,003 | 117,347 |
STERIS plc | 525,684 | 110,930 | |
* | LHC Group Inc. | 514,723 | 107,201 |
* | Penumbra Inc. | 350,077 | 107,120 |
* | Hologic Inc. | 1,531,965 | 100,420 |
Bio-Techne Corp. | 223,229 | 95,428 | |
Hill-Rom Holdings Inc. | 816,269 | 89,969 | |
* | Amedisys Inc. | 331,968 | 89,582 |
* | Globus Medical Inc. Class A | 1,242,756 | 89,193 |
* | ABIOMED Inc. | 263,032 | 84,362 |
* | Catalent Inc. | 746,969 | 84,012 |
* | Repligen Corp. | 395,886 | 83,813 |
* | Horizon Therapeutics plc | 882,961 | 83,546 |
* | Merit Medical Systems Inc. | 1,281,995 | 81,535 |
* | Ultragenyx Pharmaceutical Inc. | 706,424 | 78,865 |
* | HealthEquity Inc. | 950,008 | 72,172 |
* | Kodiak Sciences Inc. | 588,976 | 71,172 |
* | Mettler-Toledo International Inc. | 53,972 | 70,883 |
* | Integra LifeSciences Holdings Corp. | 947,789 | 70,212 |
* | Avantor Inc. | 2,187,764 | 70,096 |
* | Haemonetics Corp. | 999,750 | 67,243 |
* | IDEXX Laboratories Inc. | 122,289 | 67,135 |
* | Avanos Medical Inc. | 1,553,044 | 67,107 |
* | Syneos Health Inc. | 783,206 | 66,455 |
* | Neurocrine Biosciences Inc. | 626,511 | 59,199 |
* | Veracyte Inc. | 1,145,330 | 56,980 |
* | Maravai LifeSciences Holdings Inc. Class A | 1,231,667 | 47,924 |
* | DexCom Inc. | 123,648 | 47,740 |
* | Allakos Inc. | 427,329 | 46,630 |
* | AMN Healthcare Services Inc. | 586,002 | 46,470 |
* | Apellis Pharmaceuticals Inc. | 911,053 | 46,163 |
* | Glaukos Corp. | 476,572 | 44,874 |
* | ImmunoGen Inc. | 5,544,468 | 44,688 |
* | Dicerna Pharmaceuticals Inc. | 1,405,279 | 43,831 |
* | Neogen Corp. | 444,824 | 42,708 |
Shares | Market Value ($000) | ||
* | Halozyme Therapeutics Inc. | 854,930 | 42,704 |
* | Tandem Diabetes Care Inc. | 453,409 | 41,668 |
* | PRA Health Sciences Inc. | 241,801 | 40,354 |
* | Sage Therapeutics Inc. | 502,805 | 39,601 |
* | Inovalon Holdings Inc. Class A | 1,279,414 | 38,651 |
* | Arena Pharmaceuticals Inc. | 551,811 | 37,871 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 502,427 | 37,732 |
* | TG Therapeutics Inc. | 838,487 | 37,489 |
ResMed Inc. | 197,379 | 37,101 | |
* | Theravance Biopharma Inc. | 1,849,516 | 36,509 |
* | Quidel Corp. | 347,597 | 36,425 |
* | Y-mAbs Therapeutics Inc. | 1,209,598 | 36,373 |
* | Exelixis Inc. | 1,467,673 | 36,134 |
* | Ascendis Pharma A/S ADR | 239,806 | 34,765 |
* | ALX Oncology Holdings Inc. | 548,551 | 34,372 |
* | Turning Point Therapeutics Inc. | 448,636 | 34,200 |
* | Nevro Corp. | 192,122 | 33,201 |
* | Mirati Therapeutics Inc. | 195,080 | 32,426 |
* | Henry Schein Inc. | 435,448 | 31,570 |
* | Novocure Ltd. | 153,697 | 31,370 |
Chemed Corp. | 64,880 | 30,922 | |
* | Pacira BioSciences Inc. | 483,148 | 30,525 |
* | Axogen Inc. | 1,628,287 | 30,482 |
* | Agios Pharmaceuticals Inc. | 545,088 | 30,416 |
* | Revance Therapeutics Inc. | 1,015,980 | 29,585 |
* | Heron Therapeutics Inc. | 1,663,789 | 29,083 |
* | Ligand Pharmaceuticals Inc. | 192,346 | 28,061 |
Bruker Corp. | 400,004 | 27,408 | |
* | Sotera Health Co. | 1,041,816 | 26,837 |
* | Align Technology Inc. | 44,882 | 26,729 |
Cooper Cos. Inc. | 65,021 | 26,716 | |
* | MEDNAX Inc. | 927,578 | 24,414 |
Cerner Corp. | 322,870 | 24,231 | |
* | Deciphera Pharmaceuticals Inc. | 518,726 | 24,053 |
PerkinElmer Inc. | 173,118 | 22,441 | |
* | Constellation Pharmaceuticals Inc. | 1,025,353 | 22,168 |
* | Medpace Holdings Inc. | 130,367 | 22,121 |
* | NuVasive Inc. | 305,012 | 21,793 |
* | Tenet Healthcare Corp. | 358,401 | 21,239 |
* | Natera Inc. | 169,449 | 18,643 |
* | Supernus Pharmaceuticals Inc. | 607,532 | 18,499 |
* | iRhythm Technologies Inc. | 234,439 | 18,253 |
* | Veeva Systems Inc. Class A | 61,250 | 17,300 |
* | Select Medical Holdings Corp. | 447,960 | 16,897 |
* | SpringWorks Therapeutics Inc. | 225,048 | 16,172 |
* | Exact Sciences Corp. | 121,614 | 16,031 |
* | Illumina Inc. | 39,387 | 15,473 |
* | Viking Therapeutics Inc. | 2,296,822 | 14,677 |
* | 10X Genomics Inc. Class A | 73,455 | 14,529 |
* | Sarepta Therapeutics Inc. | 203,618 | 14,424 |
* | MacroGenics Inc. | 431,583 | 13,966 |
* | Guardant Health Inc. | 86,306 | 13,721 |
* | Travere Thrapeutics Inc. | 496,379 | 12,270 |
* | Talis Biomedical Corp. | 1,008,230 | 12,099 |
* | Masimo Corp. | 51,825 | 12,058 |
Ensign Group Inc. | 139,832 | 12,005 | |
* | Pacific Biosciences of California Inc. | 388,427 | 11,595 |
* | Enanta Pharmaceuticals Inc. | 224,069 | 11,369 |
* | CareDx Inc. | 143,086 | 11,314 |
* | Instil Bio Inc. | 513,100 | 10,534 |
* | Arvinas Inc. | 150,126 | 10,350 |
Shares | Market Value ($000) | ||
* | REVOLUTION Medicines Inc. | 284,400 | 9,439 |
* | Forte Biosciences Inc. | 256,781 | 9,293 |
* | Ionis Pharmaceuticals Inc. | 209,360 | 8,965 |
* | Teladoc Health Inc. | 51,298 | 8,841 |
* | ModivCare Inc. | 61,332 | 8,591 |
* | Vanda Pharmaceuticals Inc. | 516,657 | 8,577 |
* | Emergent BioSolutions Inc. | 139,856 | 8,528 |
* | AtriCure Inc. | 108,745 | 8,381 |
* | CytomX Therapeutics Inc. | 894,241 | 8,370 |
Encompass Health Corp. | 96,610 | 8,198 | |
* | Agenus Inc. | 2,523,900 | 7,799 |
* | Puma Biotechnology Inc. | 785,378 | 7,744 |
* | Ironwood Pharmaceuticals Inc. Class A | 659,595 | 7,282 |
* | Fortress Biotech Inc. | 1,685,226 | 7,280 |
* | Blueprint Medicines Corp. | 75,557 | 7,278 |
* | Alkermes plc | 327,679 | 7,211 |
* | Corcept Therapeutics Inc. | 310,876 | 7,085 |
* | Bluebird Bio Inc. | 236,009 | 7,080 |
* | Tivity Health Inc. | 289,116 | 6,991 |
* | Inspire Medical Systems Inc. | 29,344 | 6,949 |
* | Inari Medical Inc. | 59,949 | 6,852 |
* | Meridian Bioscience Inc. | 348,216 | 6,818 |
* | Integer Holdings Corp. | 70,546 | 6,623 |
* | Acceleron Pharma Inc. | 51,978 | 6,496 |
* | Ortho Clinical Diagnostics Holdings plc Class H | 321,780 | 6,336 |
* | Akebia Therapeutics Inc. | 1,981,661 | 6,321 |
* | STAAR Surgical Co. | 44,920 | 6,154 |
* | Novavax Inc. | 25,421 | 6,023 |
* | Iovance Biotherapeutics Inc. | 186,594 | 5,867 |
* | Cytokinetics Inc. | 219,027 | 5,572 |
* | Denali Therapeutics Inc. | 85,960 | 5,195 |
* | Atara Biotherapeutics Inc. | 366,795 | 5,157 |
* | MannKind Corp. | 1,122,074 | 5,128 |
* | Twist Bioscience Corp. | 36,313 | 4,873 |
* | Precision BioSciences Inc. | 513,916 | 4,774 |
* | Intellia Therapeutics Inc. | 61,747 | 4,740 |
* | Intercept Pharmaceuticals Inc. | 232,932 | 4,607 |
West Pharmaceutical Services Inc. | 13,983 | 4,594 | |
*,1 | Esperion Therapeutics Inc. | 157,426 | 4,243 |
U.S. Physical Therapy Inc. | 36,819 | 4,140 | |
* | Pennant Group Inc. | 101,356 | 4,097 |
* | Option Care Health Inc. | 213,416 | 4,072 |
* | Sutro Biopharma Inc. | 192,582 | 3,950 |
* | Sangamo Therapeutics Inc. | 334,141 | 3,936 |
* | Molecular Templates Inc. | 416,914 | 3,902 |
* | Radius Health Inc. | 171,459 | 3,824 |
*,1 | Clovis Oncology Inc. | 615,246 | 3,655 |
* | Reata Pharmaceuticals Inc. Class A | 34,447 | 3,493 |
* | Ovid therapeutics Inc. | 946,381 | 3,473 |
* | Affimed NV | 316,497 | 3,383 |
* | Fate Therapeutics Inc. | 38,443 | 3,360 |
* | Certara Inc. | 98,231 | 3,125 |
* | Editas Medicine Inc. Class A | 81,620 | 3,021 |
* | Minerva Neurosciences Inc. | 1,250,958 | 2,977 |
* | REGENXBIO Inc. | 85,240 | 2,957 |
* | Silk Road Medical Inc. | 47,078 | 2,878 |
* | Castle Biosciences Inc. | 40,799 | 2,816 |
* | Accolade Inc. | 55,602 | 2,788 |
* | Surgery Partners Inc. | 56,119 | 2,705 |
* | Allscripts Healthcare Solutions Inc. | 167,460 | 2,606 |
* | Lexicon Pharmaceuticals Inc. | 521,386 | 2,534 |
Shares | Market Value ($000) | ||
* | ICU Medical Inc. | 12,066 | 2,513 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 149,772 | 2,465 |
* | Pulmonx Corp. | 49,539 | 2,329 |
* | Evolent Health Inc. Class A | 106,855 | 2,314 |
* | Mustang Bio Inc. | 716,234 | 2,313 |
* | Voyager Therapeutics Inc. | 461,527 | 2,225 |
* | Immunovant Inc. | 141,405 | 2,217 |
* | Xencor Inc. | 49,947 | 2,126 |
* | Fulgent Genetics Inc. | 27,257 | 2,099 |
*,1 | Inovio Pharmaceuticals Inc. | 297,224 | 2,024 |
* | OraSure Technologies Inc. | 217,055 | 1,986 |
* | Endo International plc | 337,491 | 1,934 |
*,1 | vTv Therapeutics Inc. Class A | 750,000 | 1,920 |
* | NextCure Inc. | 214,536 | 1,881 |
* | Quanterix Corp. | 30,726 | 1,879 |
* | Invitae Corp. | 53,091 | 1,853 |
* | Protagonist Therapeutics Inc. | 62,425 | 1,807 |
* | ACADIA Pharmaceuticals Inc. | 87,601 | 1,801 |
* | Translate Bio Inc. | 76,396 | 1,774 |
* | ZIOPHARM Oncology Inc. | 495,275 | 1,714 |
* | Selecta Biosciences Inc. | 570,606 | 1,712 |
* | Athenex Inc. | 417,851 | 1,676 |
* | 1Life Healthcare Inc. | 37,256 | 1,621 |
* | Myriad Genetics Inc. | 53,493 | 1,617 |
* | Personalis Inc. | 60,510 | 1,491 |
* | NanoString Technologies Inc. | 18,383 | 1,465 |
* | Karyopharm Therapeutics Inc. | 153,747 | 1,436 |
*,1 | Vaxart Inc. | 126,018 | 1,358 |
* | Replimune Group Inc. | 36,255 | 1,327 |
*,1 | Co-Diagnostics Inc. | 149,282 | 1,323 |
*,1 | PAVmed Inc. | 272,223 | 1,244 |
* | Sorrento Therapeutics Inc. | 148,786 | 1,225 |
* | Amneal Pharmaceuticals Inc. | 215,743 | 1,189 |
* | Seres Therapeutics Inc. | 56,569 | 1,177 |
* | Precigen Inc. | 150,542 | 1,164 |
* | Vir Biotechnology Inc. | 23,998 | 1,146 |
* | Provention Bio Inc. | 158,622 | 1,140 |
* | Amphastar Pharmaceuticals Inc. | 65,345 | 1,137 |
* | Cue Biopharma Inc. | 90,638 | 1,099 |
* | VBI Vaccines Inc. | 344,562 | 1,085 |
* | Relay Therapeutics Inc. | 34,153 | 1,083 |
* | Pliant Therapeutics Inc. | 31,676 | 1,061 |
* | G1 Therapeutics Inc. | 47,376 | 998 |
* | Anavex Life Sciences Corp. | 81,921 | 990 |
* | Solid Biosciences Inc. | 193,436 | 985 |
* | Omeros Corp. | 55,408 | 978 |
* | PTC Therapeutics Inc. | 23,442 | 966 |
* | Innoviva Inc. | 82,607 | 946 |
*,1 | Immunitybio Inc. | 46,921 | 833 |
* | Kadmon Holdings Inc. | 197,694 | 803 |
* | Arcturus Therapeutics Holdings Inc. | 21,864 | 802 |
* | FibroGen Inc. | 35,774 | 798 |
* | Adaptive Biotechnologies Corp. | 18,317 | 762 |
* | Spero Therapeutics Inc. | 54,307 | 747 |
*,1 | Retractable Technologies Inc. | 76,472 | 743 |
* | ChemoCentryx Inc. | 15,267 | 738 |
* | Vocera Communications Inc. | 18,323 | 663 |
* | Syros Pharmaceuticals Inc. | 89,395 | 540 |
5,265,610 | |||
Industrials (18.6%) | |||
* | Trex Co. Inc. | 1,741,427 | 188,057 |
Shares | Market Value ($000) | ||
* | Middleby Corp. | 927,493 | 168,173 |
* | TriNet Group Inc. | 1,968,421 | 154,934 |
* | Clean Harbors Inc. | 1,643,611 | 146,216 |
Rexnord Corp. | 2,407,252 | 120,194 | |
SPX FLOW Inc. | 1,781,417 | 118,625 | |
* | Generac Holdings Inc. | 357,185 | 115,710 |
* | Kirby Corp. | 1,766,464 | 112,524 |
* | Builders FirstSource Inc. | 2,263,288 | 110,154 |
Kennametal Inc. | 2,728,386 | 109,572 | |
Fortune Brands Home & Security Inc. | 1,027,670 | 107,885 | |
Woodward Inc. | 862,478 | 107,818 | |
* | AerCap Holdings NV | 1,767,122 | 102,935 |
John Bean Technologies Corp. | 699,131 | 101,640 | |
* | Sensata Technologies Holding plc | 1,732,232 | 100,019 |
Ritchie Bros Auctioneers Inc. | 1,414,236 | 89,945 | |
2 | Enerpac Tool Group Corp. Class A | 3,138,204 | 83,476 |
* | Gibraltar Industries Inc. | 906,682 | 83,288 |
* | Chart Industries Inc. | 512,209 | 82,276 |
EnerSys | 890,982 | 81,596 | |
TransUnion | 774,622 | 81,018 | |
GATX Corp. | 812,202 | 79,360 | |
Matson Inc. | 1,214,556 | 79,347 | |
* | United Rentals Inc. | 245,230 | 78,461 |
BWX Technologies Inc. | 1,153,425 | 77,187 | |
* | Masonite International Corp. | 599,790 | 75,747 |
IDEX Corp. | 308,180 | 69,094 | |
Science Applications International Corp. | 759,235 | 67,891 | |
* | XPO Logistics Inc. | 485,045 | 67,479 |
* | Copart Inc. | 512,469 | 63,808 |
ABM Industries Inc. | 1,207,255 | 62,065 | |
* | SiteOne Landscape Supply Inc. | 340,541 | 61,086 |
CH Robinson Worldwide Inc. | 605,485 | 58,780 | |
* | RBC Bearings Inc. | 275,364 | 54,916 |
Tennant Co. | 690,578 | 54,494 | |
* | Kornit Digital Ltd. | 533,514 | 52,156 |
Rush Enterprises Inc. Class A | 985,531 | 48,646 | |
Verisk Analytics Inc. Class A | 255,996 | 48,178 | |
* | Teledyne Technologies Inc. | 107,510 | 48,138 |
Vertiv Holdings Co. Class A | 1,784,079 | 40,499 | |
* | Cimpress plc | 385,536 | 36,726 |
* | Mercury Systems Inc. | 487,727 | 36,697 |
* | Kratos Defense & Security Solutions Inc. | 1,369,047 | 36,608 |
* | Axon Enterprise Inc. | 236,766 | 35,896 |
* | Shoals Technologies Group Inc. Class A | 1,100,279 | 35,286 |
Booz Allen Hamilton Holding Corp. Class A | 416,281 | 34,531 | |
HEICO Corp. Class A | 267,451 | 33,774 | |
Forward Air Corp. | 379,351 | 33,493 | |
*,3 | API Group Corp. | 1,474,350 | 31,345 |
* | Atkore Inc. | 391,486 | 30,646 |
UFP Industries Inc. | 352,870 | 29,655 | |
* | AZEK Co. Inc. Class A | 594,443 | 28,700 |
* | CoStar Group Inc. | 31,471 | 26,890 |
EMCOR Group Inc. | 202,508 | 24,260 | |
* | Fluor Corp. | 1,044,572 | 24,004 |
Rockwell Automation Inc. | 89,762 | 23,721 | |
Boise Cascade Co. | 353,105 | 23,559 | |
* | IAA Inc. | 367,401 | 23,076 |
Landstar System Inc. | 133,068 | 22,925 | |
Allison Transmission Holdings Inc. | 544,361 | 22,575 | |
* | Proto Labs Inc. | 181,357 | 20,323 |
* | Array Technologies Inc. | 719,429 | 20,259 |
Shares | Market Value ($000) | ||
JB Hunt Transport Services Inc. | 117,701 | 20,093 | |
* | GMS Inc. | 415,465 | 18,160 |
* | Ameresco Inc. Class A | 339,375 | 17,916 |
* | Upwork Inc. | 360,212 | 16,591 |
Tetra Tech Inc. | 119,493 | 15,251 | |
Heartland Express Inc. | 752,079 | 13,981 | |
Applied Industrial Technologies Inc. | 133,861 | 12,805 | |
* | MRC Global Inc. | 1,335,510 | 12,581 |
Simpson Manufacturing Co. Inc. | 99,618 | 11,227 | |
Allegion plc | 82,408 | 11,074 | |
* | ACV Auctions Inc. Class A | 295,293 | 10,037 |
Franklin Electric Co. Inc. | 119,810 | 9,737 | |
Exponent Inc. | 89,232 | 8,596 | |
Terex Corp. | 177,468 | 8,339 | |
* | Atlas Air Worldwide Holdings Inc. | 119,543 | 8,118 |
* | Plug Power Inc. | 273,395 | 7,794 |
Nordson Corp. | 32,952 | 6,966 | |
Werner Enterprises Inc. | 147,062 | 6,799 | |
Graco Inc. | 85,576 | 6,572 | |
* | AeroVironment Inc. | 58,839 | 6,494 |
* | TrueBlue Inc. | 216,816 | 6,136 |
Primoris Services Corp. | 168,052 | 5,489 | |
* | SPX Corp. | 79,846 | 4,843 |
* | American Woodmark Corp. | 45,560 | 4,531 |
Albany International Corp. Class A | 47,271 | 4,218 | |
* | ASGN Inc. | 37,249 | 3,918 |
* | Meritor Inc. | 128,057 | 3,461 |
Donaldson Co. Inc. | 54,435 | 3,423 | |
Pitney Bowes Inc. | 430,564 | 3,216 | |
* | Cornerstone Building Brands Inc. | 191,970 | 2,699 |
Huntington Ingalls Industries Inc. | 11,868 | 2,520 | |
Toro Co. | 19,075 | 2,186 | |
*,1 | Alpha Pro Tech Ltd. | 224,231 | 2,009 |
* | Avis Budget Group Inc. | 20,874 | 1,871 |
Brady Corp. Class A | 27,380 | 1,494 | |
* | Herc Holdings Inc. | 13,842 | 1,462 |
* | Vicor Corp. | 11,759 | 1,085 |
Argan Inc. | 15,021 | 753 | |
4,472,781 | |||
Information Technology (21.6%) | |||
* | Five9 Inc. | 1,081,859 | 203,357 |
* | Wix.com Ltd. | 573,864 | 182,420 |
* | HubSpot Inc. | 279,585 | 147,188 |
* | Fortinet Inc. | 681,271 | 139,136 |
* | New Relic Inc. | 2,129,335 | 136,916 |
* | Proofpoint Inc. | 713,807 | 122,853 |
* | SVMK Inc. | 6,521,369 | 117,319 |
Power Integrations Inc. | 1,390,253 | 115,127 | |
Monolithic Power Systems Inc. | 309,345 | 111,791 | |
* | Varonis Systems Inc. | 2,037,044 | 107,861 |
* | Cloudera Inc. | 8,321,005 | 105,594 |
* | J2 Global Inc. | 854,621 | 103,409 |
* | ON Semiconductor Corp. | 2,460,343 | 95,953 |
* | Concentrix Corp. | 609,605 | 94,720 |
MKS Instruments Inc. | 528,657 | 94,688 | |
* | GoDaddy Inc. Class A | 1,039,828 | 90,278 |
* | Tower Semiconductor Ltd. | 3,017,577 | 85,397 |
* | Arrow Electronics Inc. | 746,484 | 85,151 |
* | Cadence Design Systems Inc. | 642,273 | 84,632 |
* | Ciena Corp. | 1,675,288 | 84,552 |
* | First Solar Inc. | 1,100,213 | 84,199 |
Shares | Market Value ($000) | ||
* | Manhattan Associates Inc. | 613,012 | 84,130 |
MAXIMUS Inc. | 837,842 | 76,780 | |
* | DocuSign Inc. Class A | 338,602 | 75,488 |
* | Cornerstone OnDemand Inc. | 1,442,098 | 63,834 |
* | FireEye Inc. | 3,177,680 | 63,156 |
Entegris Inc. | 554,151 | 62,386 | |
* | Euronet Worldwide Inc. | 425,298 | 61,001 |
Marvell Technology Inc. | 1,335,097 | 60,360 | |
* | Medallia Inc. | 2,046,702 | 60,357 |
* | Trimble Inc. | 733,377 | 60,137 |
* | Envestnet Inc. | 795,858 | 58,758 |
* | IPG Photonics Corp. | 254,533 | 55,262 |
* | Everbridge Inc. | 415,373 | 55,124 |
* | 8x8 Inc. | 1,603,463 | 52,738 |
Belden Inc. | 1,145,998 | 49,599 | |
Microchip Technology Inc. | 321,940 | 48,384 | |
* | PTC Inc. | 356,491 | 46,679 |
* | Nuance Communications Inc. | 827,360 | 43,991 |
* | Semtech Corp. | 644,341 | 43,648 |
* | Fair Isaac Corp. | 82,093 | 42,804 |
* | Viavi Solutions Inc. | 2,557,035 | 41,833 |
* | RingCentral Inc. Class A | 130,150 | 41,511 |
Jack Henry & Associates Inc. | 253,344 | 41,252 | |
* | WEX Inc. | 196,462 | 40,316 |
* | Dynatrace Inc. | 769,495 | 40,045 |
* | Smartsheet Inc. Class A | 670,830 | 39,780 |
* | Gartner Inc. | 193,919 | 37,985 |
* | SolarWinds Corp. | 2,246,975 | 37,884 |
* | Silicon Laboratories Inc. | 259,975 | 36,643 |
* | Tyler Technologies Inc. | 83,806 | 35,606 |
* | Sprout Social Inc. Class A | 529,083 | 35,073 |
Cognex Corp. | 403,923 | 34,786 | |
* | Aspen Technology Inc. | 254,716 | 33,327 |
Teradyne Inc. | 251,088 | 31,406 | |
* | Palo Alto Networks Inc. | 83,807 | 29,617 |
* | Q2 Holdings Inc. | 273,862 | 28,487 |
* | Teradata Corp. | 561,484 | 27,777 |
* | Zendesk Inc. | 185,644 | 27,132 |
Brooks Automation Inc. | 265,425 | 26,896 | |
* | Workiva Inc. Class A | 284,743 | 26,766 |
* | ANSYS Inc. | 70,986 | 25,957 |
* | Box Inc. Class A | 1,214,961 | 25,879 |
TTEC Holdings Inc. | 244,069 | 24,829 | |
* | Enphase Energy Inc. | 177,650 | 24,738 |
* | Onto Innovation Inc. | 355,385 | 24,351 |
* | Rapid7 Inc. | 292,186 | 23,740 |
* | CyberArk Software Ltd. | 166,836 | 23,440 |
Jabil Inc. | 443,781 | 23,263 | |
* | EPAM Systems Inc. | 50,432 | 23,085 |
National Instruments Corp. | 550,939 | 22,814 | |
* | Domo Inc. Class B | 331,906 | 21,338 |
* | ChannelAdvisor Corp. | 1,008,265 | 21,325 |
* | SolarEdge Technologies Inc. | 79,859 | 21,046 |
* | Elastic NV | 170,241 | 20,534 |
* | Repay Holdings Corp. | 888,929 | 20,312 |
* | PROS Holdings Inc. | 467,594 | 20,097 |
* | Atlassian Corp. plc Class A | 84,502 | 20,074 |
* | Black Knight Inc. | 275,172 | 19,928 |
* | Sumo Logic Inc. | 957,366 | 18,659 |
* | Alarm.com Holdings Inc. | 205,834 | 18,476 |
* | Qualys Inc. | 178,612 | 18,104 |
Shares | Market Value ($000) | ||
* | Guidewire Software Inc. | 163,043 | 17,203 |
* | Avalara Inc. | 114,474 | 16,222 |
* | Avaya Holdings Corp. | 550,356 | 15,834 |
CDW Corp. | 85,552 | 15,257 | |
* | Comm Scope Holding Co. Inc. | 873,088 | 14,362 |
* | Coupa Software Inc. | 52,212 | 14,047 |
* | Ultra Clean Holdings Inc. | 272,342 | 13,909 |
* | Zebra Technologies Corp. Class A | 28,343 | 13,824 |
* | Bill.Com Holdings Inc. | 87,019 | 13,456 |
* | A10 Networks Inc. | 1,522,903 | 13,219 |
* | Zscaler Inc. | 67,545 | 12,674 |
*,1 | Maxeon Solar Technologies Ltd. | 695,811 | 12,525 |
* | MongoDB Inc. | 42,021 | 12,500 |
* | Synaptics Inc. | 83,783 | 11,719 |
* | Tenable Holdings Inc. | 269,221 | 10,094 |
* | Digital Turbine Inc. | 131,927 | 9,951 |
* | Plantronics Inc. | 247,995 | 9,917 |
* | StoneCo. Ltd. Class A | 153,163 | 9,900 |
* | Ichor Holdings Ltd. | 171,343 | 9,556 |
* | Avid Technology Inc. | 409,417 | 9,310 |
* | Mimecast Ltd. | 192,737 | 8,369 |
* | SMART Global Holdings Inc. | 180,879 | 8,348 |
* | Axcelis Technologies Inc. | 187,556 | 7,789 |
* | Cirrus Logic Inc. | 100,866 | 7,505 |
* | Nutanix Inc. Class A | 274,963 | 7,435 |
Amkor Technology Inc. | 364,019 | 7,360 | |
* | Zuora Inc. Class A | 449,115 | 7,276 |
* | Brightcove Inc. | 490,827 | 7,127 |
* | Calix Inc. | 165,778 | 7,011 |
* | MACOM Technology Solutions Holdings Inc. Class H | 123,741 | 7,005 |
* | NeoPhotonics Corp. | 739,695 | 6,924 |
CSG Systems International Inc. | 147,717 | 6,794 | |
* | Agilysys Inc. | 134,355 | 6,773 |
* | Digitalocean Holdings Inc. | 152,449 | 6,642 |
* | McAfee Corp.Class A | 261,409 | 6,347 |
* | Unisys Corp. | 262,126 | 6,291 |
* | SPS Commerce Inc. | 58,991 | 6,043 |
* | Diebold Nixdorf Inc. | 398,312 | 5,979 |
* | Anaplan Inc. | 98,519 | 5,877 |
* | Diodes Inc. | 74,645 | 5,733 |
* | Unity Software Inc. | 51,765 | 5,258 |
* | Paylocity Holding Corp. | 25,850 | 4,995 |
* | Cohu Inc. | 119,023 | 4,762 |
Progress Software Corp. | 106,336 | 4,643 | |
* | Extreme Networks Inc. | 396,690 | 4,514 |
* | eGain Corp. | 456,710 | 4,489 |
* | Cambium Networks Corp. | 71,827 | 4,310 |
* | ePlus Inc. | 40,614 | 4,076 |
* | LiveRamp Holdings Inc. | 81,219 | 3,978 |
Advanced Energy Industries Inc. | 33,178 | 3,660 | |
* | Appian Corp. Class A | 29,666 | 3,595 |
Hackett Group Inc. | 215,377 | 3,582 | |
* | FormFactor Inc. | 90,395 | 3,539 |
* | LivePerson Inc. | 64,427 | 3,521 |
EVERTEC Inc. | 74,346 | 2,966 | |
* | Veritone Inc. | 118,490 | 2,858 |
* | Ambarella Inc. | 26,351 | 2,569 |
* | Super Micro Computer Inc. | 65,149 | 2,412 |
* | Alteryx Inc. Class A | 25,800 | 2,109 |
* | Telos Corp. | 58,599 | 1,944 |
* | SunPower Corp. | 74,969 | 1,926 |
Shares | Market Value ($000) | ||
* | International Money Express Inc. | 118,414 | 1,869 |
* | Zix Corp. | 220,604 | 1,739 |
* | ON24 Inc. | 37,202 | 1,637 |
* | Sitime Corp. | 15,500 | 1,435 |
* | Insight Enterprises Inc. | 14,117 | 1,417 |
* | Mitek Systems Inc. | 76,785 | 1,245 |
* | Altair Engineering Inc. Class A | 17,233 | 1,120 |
* | Infinera Corp. | 116,084 | 1,070 |
* | Corsair Gaming Inc. | 22,375 | 742 |
5,195,355 | |||
Materials (1.9%) | |||
Louisiana-Pacific Corp. | 1,732,669 | 114,148 | |
Smurfit Kappa Group plc | 1,917,978 | 98,396 | |
Methanex Corp. | 1,857,316 | 67,904 | |
* | Summit Materials Inc. Class A | 1,830,961 | 52,713 |
Graphic Packaging Holding Co. | 1,460,405 | 27,091 | |
Balchem Corp. | 149,302 | 18,990 | |
Royal Gold Inc. | 144,929 | 16,212 | |
Avery Dennison Corp. | 75,152 | 16,095 | |
RPM International Inc. | 131,453 | 12,467 | |
Element Solutions Inc. | 563,847 | 12,337 | |
Sensient Technologies Corp. | 123,144 | 10,127 | |
Trinseo SA | 112,018 | 6,935 | |
* | O-I Glass Inc. | 264,299 | 4,358 |
* | Ingevity Corp. | 45,394 | 3,544 |
* | Orion Engineered Carbons SA | 70,835 | 1,407 |
462,724 | |||
Other (1.5%)4 | |||
1,5 | Vanguard Small-Cap ETF | 1,399,927 | 311,470 |
*,1,2 | Jaws Acquisition Corp. Class A | 4,429,188 | 57,402 |
368,872 | |||
Real Estate (2.9%) | |||
Essential Properties Realty Trust Inc. | 3,592,726 | 94,094 | |
VICI Properties Inc. | 2,825,326 | 89,563 | |
PS Business Parks Inc. | 548,252 | 89,020 | |
Life Storage Inc. | 919,707 | 88,347 | |
JBG SMITH Properties | 2,034,287 | 66,338 | |
Pebblebrook Hotel Trust | 2,114,744 | 50,500 | |
* | Xenia Hotels & Resorts Inc. | 2,529,999 | 49,158 |
SBA Communications Corp. Class A | 121,661 | 36,464 | |
CoreSite Realty Corp. | 255,670 | 31,061 | |
* | Redfin Corp. | 403,806 | 28,581 |
Iron Mountain Inc. | 488,766 | 19,609 | |
Americold Realty Trust | 484,600 | 19,573 | |
Uniti Group Inc. | 1,162,924 | 13,257 | |
National Health Investors Inc. | 82,435 | 6,052 | |
CareTrust REIT Inc. | 173,698 | 4,200 | |
1 | GEO Group Inc. | 617,508 | 3,403 |
RMR Group Inc. Class A | 57,499 | 2,276 | |
Innovative Industrial Properties Inc. | 11,747 | 2,151 | |
Alexander's Inc. | 5,148 | 1,427 | |
Equity LifeStyle Properties Inc. | 16,993 | 1,179 | |
American Finance Trust Inc. | 81,888 | 820 | |
697,073 | |||
Utilities (0.6%) | |||
Atlantica Sustainable Infrastructure plc | 2,379,746 | 91,739 | |
NRG Energy Inc. | 610,154 | 21,856 | |
American States Water Co. | 77,230 | 6,116 | |
Brookfield Renewable Corp. Class A | 129,990 | 5,392 | |
Brookfield Infrastructure Corp. Class A | 47,381 | 3,413 |
Shares | Market Value ($000) | ||
* | Southwest Gas Holdings Inc. | 33,142 | 2,310 |
130,826 | |||
Total Common Stocks (Cost $14,660,115) | 23,220,482 | ||
Temporary Cash Investments (3.8%) | |||
Money Market Fund (3.2%) | |||
6,7 | Vanguard Market Liquidity Fund, 0.068% | 7,694,201 | 769,420 |
Face Amount ($000) | |||
Repurchase Agreement (0.6%) | |||
Deutsche Bank Securities Inc. 0.005%, 5/3/21 (Dated 4/30/2021, Repurchase Value $140,700,000, collateralized by U.S. Treasury Note 0.750%, 4/30/26, with a value of $143,514,000) | 140,700 | 140,700 | |
U.S. Government and Agency Obligations (0.0%) | |||
8 | U.S. Treasury Bill, 0.020%, 8/26/21 | 800 | 800 |
Total Temporary Cash Investments (Cost $910,801) | 910,920 | ||
Total Investments (100.4%) (Cost $15,570,916) | 24,131,402 | ||
Other Assets and Liabilities—Net (-0.4%) | (101,967) | ||
Net Assets (100%) | 24,029,435 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $94,020,000. |
2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $31,345,000, representing 0.1% of net assets. |
4 | “Other” represents securities that are not classified by the fund’s benchmark index. |
5 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $100,453,000 was received for securities on loan. |
8 | Securities with a value of $588,000 have been segregated as initial margin for open futures contracts. |
ADR—American Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
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 the 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: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications field herewith. |
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: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 18, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD EXPLORER FUND |
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 18, 2021
VANGUARD EXPLORER FUND |
BY: | /s/ JOHN BENDL* | |
JOHN BENDL | ||
CHIEF FINANCIAL OFFICER |
Date: June 18, 2021
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference