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—October 31, 2021
Item 1: Reports to Shareholders
Your Fund’s Performance at a Glance | 1 |
Advisors' Report | 2 |
About Your Fund’s Expenses | 8 |
Performance Summary | 10 |
Financial Statements | 12 |
• | Vanguard Explorer Fund returned 46.27% for Investor Shares and 46.42% for Admiral Shares for the 12 months ended October 31, 2021. The fund outperformed its benchmark, the Russell 2500 Growth Index, which returned 37.12%. |
• | The global economy continued to recover from the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. Swift, extensive fiscal and monetary support from policymakers has also been a key to the rebound. Even amid concerns toward the end of the fiscal year about inflation and the prospect of less accommodative monetary policy, stock returns for the period were excellent. |
• | Growth stocks underperformed their value counterparts, while small- and mid-capitalization stocks surpassed large-caps. |
• | Ten of the fund’s 11 sectors contributed positively to performance, with health care, financials, and materials producing the strongest results. Our stock selection in consumer discretionary detracted slightly. |
Average Annual Total Returns Periods Ended October 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 43.51% | 22.01% | 19.16% |
Russell 2000 Index (Small-caps) | 50.80 | 16.47 | 15.52 |
Russell 3000 Index (Broad U.S. market) | 43.90 | 21.62 | 18.91 |
FTSE All-World ex US Index (International) | 30.23 | 12.42 | 10.05 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.48% | 5.63% | 3.10% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.64 | 5.17 | 3.41 |
FTSE Three-Month U.S. Treasury Bill Index | 0.05 | 1.08 | 1.12 |
CPI | |||
Consumer Price Index | 6.22% | 3.03% | 2.73% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Wellington Management Company LLP | 35 | 8,823 | Conducts research and analysis of individual companies to select stocks believed to have exceptional growth potential relative to their market valuations. Each stock is considered individually before purchase, and company developments are continually monitored for comparison with expectations for growth. |
ClearBridge Investments, LLC | 17 | 4,222 | The firm seeks to invest in cash-generative, quality growth companies that are category leaders (or have the ability to become market leaders), and display capital allocation discipline aimed at fueling long-term sustainable growth. ClearBridge focuses on cash flow based metrics to value companies, as well as revenue or earnings multiples, relying on the most appropriate valuation metrics for each company. This approach aligns with the team’s style of investing in cash generative, quality growth companies. The research process is disciplined and collaborative, with each member of the team executing on a shared investment philosophy and process. |
Stephens Investment Management Group, LLC | 16 | 3,840 | Employs a disciplined, bottom-up investment selection process that combines rigorous fundamental analysis with quantitative screening to identify companies with superior earnings growth potential. The approach screens for core growth stocks and for catalyst stocks. Core growth stocks have strong growth franchises, recurring revenue, and above-average growth rates; catalyst stocks are experiencing changes that could lead to accelerated earnings growth. |
Vanguard Quantitative Equity Group | 16 | 3,837 | Employs a quantitative fundamental management approach, using models that assess valuation, growth prospects, management decisions, market sentiment, earnings and balance-sheet quality, and shorting intensity of companies as compared with their peers. |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
ArrowMark Partners | 15 | 3,600 | The firm employs a “risk-before-reward“ investment strategy and in-depth fundamental research to uncover companies that, in its opinion, can control environments. The portfolio managers start by identifying businesses with strong competitive advantages in industries with high barriers to entry and then narrow their focus to companies with large potential markets and high-quality business models focused on the future. Across this entire investment process, the team takes steps to deliver strong downside protection, resulting in a diversified portfolio of 75–100 stocks. |
Cash Investments | 1 | 346 | 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. |
• | 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 October 31, 2021 | |||
Beginning Account Value 4/30/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Explorer Fund | |||
Investor Shares | $1,000.00 | $1,053.30 | $2.07 |
Admiral™ Shares | 1,000.00 | 1,053.90 | 1.50 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.19 | $2.04 |
Admiral Shares | 1,000.00 | 1,023.74 | 1.48 |
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Explorer Fund Investor Shares | 46.27% | 21.24% | 16.00% | $44,123 | |
Russell 2500 Growth Index | 37.12 | 20.68 | 16.11 | 44,534 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 44.07 | 18.87 | 16.04 | 44,284 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
Explorer Fund Admiral Shares | 46.42% | 21.37% | 16.15% | $223,510 | |
Russell 2500 Growth Index | 37.12 | 20.68 | 16.11 | 222,670 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 44.07 | 18.87 | 16.04 | 221,419 |
Communication Services | 3.0% |
Consumer Discretionary | 13.4 |
Consumer Staples | 2.6 |
Energy | 1.4 |
Financials | 8.8 |
Health Care | 21.6 |
Industrials | 19.5 |
Information Technology | 22.8 |
Materials | 2.1 |
Real Estate | 3.0 |
Utilities | 0.5 |
Other | 1.3 |
Shares | Market Value• ($000) | ||
Common Stocks (97.0%) | |||
Communication Services (2.9%) | |||
* | Live Nation Entertainment Inc. | 1,313,389 | 132,849 |
* | Cinemark Holdings Inc. | 3,792,861 | 71,306 |
New York Times Co. Class A | 1,253,184 | 68,411 | |
* | Take-Two Interactive Software Inc. | 291,712 | 52,800 |
* | Cargurus Inc. | 1,359,118 | 45,585 |
* | Cardlytics Inc. | 567,150 | 44,612 |
* | Match Group Inc. | 262,641 | 39,601 |
* | IAC/InterActiveCorp. | 242,443 | 36,941 |
Warner Music Group Corp. Class A | 730,951 | 36,175 | |
Electronic Arts Inc. | 236,116 | 33,115 | |
* | ZipRecruiter Inc. Class A | 1,071,581 | 29,769 |
* | Bandwidth Inc. Class A | 299,694 | 25,558 |
* | Roku Inc. | 51,772 | 15,785 |
* | Iridium Communications Inc. | 352,422 | 14,291 |
* | TechTarget Inc. | 148,109 | 13,968 |
* | Playtika Holding Corp. | 444,723 | 12,577 |
* | Yelp Inc. Class A | 236,280 | 9,127 |
Nexstar Media Group Inc. Class A | 60,358 | 9,049 | |
* | Zynga Inc. Class A | 750,142 | 5,536 |
* | Madison Square Garden Sports Corp. | 18,823 | 3,567 |
*,1 | Skillz Inc. Class A | 288,190 | 3,222 |
*,1 | Gogo Inc. | 151,515 | 2,464 |
Sinclair Broadcast Group Inc. Class A | 83,495 | 2,182 | |
* | Clear Channel Outdoor Holdings Inc. | 515,480 | 1,495 |
* | Globalstar Inc. | 905,122 | 1,493 |
* | Magnite Inc. | 47,752 | 1,291 |
* | EverQuote Inc. Class A | 73,361 | 1,012 |
* | IDT Corp. Class B | 19,546 | 945 |
* | AMC Networks Inc. Class A | 18,335 | 730 |
* | WideOpenWest Inc. | 32,919 | 627 |
716,083 | |||
Consumer Discretionary (13.0%) | |||
* | Burlington Stores Inc. | 621,787 | 171,794 |
* | Under Armour Inc. Class C | 6,355,040 | 119,983 |
* | Skyline Champion Corp. | 1,796,396 | 113,748 |
Shares | Market Value• ($000) | ||
* | Ollie's Bargain Outlet Holdings Inc. | 1,623,460 | 109,843 |
* | Etsy Inc. | 436,405 | 109,402 |
* | Skechers USA Inc. Class A | 2,276,139 | 105,180 |
Steven Madden Ltd. | 2,293,322 | 103,429 | |
*,2 | Houghton Mifflin Harcourt Co. | 6,382,762 | 90,571 |
Levi Strauss & Co. Class A | 3,333,950 | 87,283 | |
Carter's Inc. | 885,205 | 87,210 | |
Wingstop Inc. | 504,337 | 86,983 | |
* | Five Below Inc. | 397,392 | 78,405 |
Acushnet Holdings Corp. | 1,519,598 | 77,408 | |
* | Sally Beauty Holdings Inc. | 4,773,796 | 72,848 |
Hanesbrands Inc. | 4,199,678 | 71,563 | |
* | Deckers Outdoor Corp. | 160,823 | 63,575 |
* | 2U Inc. | 2,104,407 | 62,164 |
* | frontdoor Inc. | 1,608,336 | 59,959 |
* | Farfetch Ltd. Class A | 1,518,293 | 59,532 |
* | Floor & Decor Holdings Inc. Class A | 433,605 | 58,936 |
* | Chegg Inc. | 959,487 | 57,032 |
Papa John's International Inc. | 412,257 | 51,153 | |
*,1 | Chewy Inc. Class A | 652,029 | 49,424 |
* | Vroom Inc. | 2,499,244 | 47,811 |
* | Revolve Group Inc. | 636,740 | 47,781 |
Domino's Pizza Inc. | 95,090 | 46,496 | |
* | Leslie's Inc. | 2,234,927 | 46,218 |
* | Grand Canyon Education Inc. | 560,264 | 44,653 |
* | Dollar Tree Inc. | 400,682 | 43,178 |
* | National Vision Holdings Inc. | 687,868 | 42,400 |
Pool Corp. | 79,423 | 40,916 | |
La-Z-Boy Inc. | 1,217,401 | 40,466 | |
* | Ulta Beauty Inc. | 109,644 | 40,279 |
Shutterstock Inc. | 323,408 | 39,181 | |
* | Purple Innovation Inc. Class A | 2,013,377 | 38,858 |
Ralph Lauren Corp. Class A | 276,182 | 35,122 | |
* | Callaway Golf Co. | 1,228,772 | 33,238 |
* | RealReal Inc. | 2,493,206 | 32,487 |
* | Petco Health & Wellness Co. Inc. Class A | 1,300,002 | 32,149 |
Garmin Ltd. | 203,915 | 29,282 | |
* | Bright Horizons Family Solutions Inc. | 167,797 | 27,854 |
Shares | Market Value• ($000) | ||
*,1 | Canada Goose Holdings Inc. | 642,164 | 23,824 |
Williams-Sonoma Inc. | 123,852 | 23,003 | |
Polaris Inc. | 189,907 | 21,830 | |
* | Coursera Inc. | 617,730 | 21,565 |
* | Crocs Inc. | 123,883 | 20,001 |
* | Fox Factory Holding Corp. | 114,943 | 18,500 |
* | Scientific Games Corp. Class A | 230,325 | 18,438 |
Tapestry Inc. | 458,686 | 17,880 | |
* | Sportradar Holding AG Class A | 842,298 | 17,604 |
Texas Roadhouse Inc. Class A | 193,016 | 17,142 | |
Signet Jewelers Ltd. | 186,120 | 16,598 | |
Tempur Sealy International Inc. | 332,251 | 14,775 | |
* | GameStop Corp. Class A | 78,413 | 14,390 |
* | Boyd Gaming Corp. | 219,803 | 14,019 |
Wendy's Co. | 538,600 | 12,011 | |
* | Everi Holdings Inc. | 461,549 | 11,077 |
Rent-A-Center Inc. | 202,316 | 10,775 | |
* | Urban Outfitters Inc. | 331,063 | 10,571 |
* | Abercrombie & Fitch Co. Class A | 237,788 | 9,402 |
Columbia Sportswear Co. | 87,639 | 9,100 | |
* | Dave & Buster's Entertainment Inc. | 244,177 | 9,066 |
* | Gentherm Inc. | 122,406 | 9,013 |
Winnebago Industries Inc. | 127,240 | 8,613 | |
* | SeaWorld Entertainment Inc. | 134,117 | 8,516 |
H&R Block Inc. | 357,561 | 8,249 | |
* | Six Flags Entertainment Corp. | 199,183 | 8,192 |
* | Tenneco Inc. Class A | 603,877 | 8,013 |
* | Dine Brands Global Inc. | 92,115 | 7,785 |
* | Overstock.com Inc. | 81,089 | 7,722 |
* | Red Rock Resorts Inc. Class A | 141,311 | 7,689 |
* | XPEL Inc. | 101,115 | 7,675 |
* | Sleep Number Corp. | 85,206 | 7,527 |
* | Brinker International Inc. | 174,030 | 7,302 |
* | Children's Place Inc. | 86,376 | 7,160 |
PulteGroup Inc. | 148,276 | 7,129 | |
* | YETI Holdings Inc. | 69,494 | 6,833 |
Hibbett Inc. | 88,082 | 6,821 | |
Churchill Downs Inc. | 26,249 | 6,037 | |
* | Master Craft Boat Holdings Inc. | 194,458 | 5,208 |
Oxford Industries Inc. | 55,745 | 5,169 | |
* | Stitch Fix Inc. Class A | 146,469 | 5,068 |
Caleres Inc. | 195,485 | 4,508 | |
* | Tri Pointe Homes Inc. | 185,793 | 4,494 |
* | Ruth's Hospitality Group Inc. | 227,403 | 4,398 |
Jack in the Box Inc. | 43,836 | 4,338 | |
* | Sonos Inc. | 132,861 | 4,334 |
* | American Axle & Manufacturing Holdings Inc. | 466,464 | 4,236 |
Buckle Inc. | 91,762 | 3,819 | |
* | Perdoceo Education Corp. | 354,118 | 3,761 |
* | Boot Barn Holdings Inc. | 32,689 | 3,416 |
* | Lumber Liquidators Holdings Inc. | 181,642 | 3,284 |
Century Communities Inc. | 40,327 | 2,704 |
Shares | Market Value• ($000) | ||
Wolverine World Wide Inc. | 77,576 | 2,573 | |
Standard Motor Products Inc. | 49,905 | 2,391 | |
* | Academy Sports & Outdoors Inc. | 54,150 | 2,317 |
* | Visteon Corp. | 20,235 | 2,290 |
* | Neogames SA | 59,624 | 2,215 |
* | Kirkland's Inc. | 90,271 | 2,029 |
* | MarineMax Inc. | 37,308 | 1,932 |
* | RH | 2,820 | 1,860 |
Shoe Carnival Inc. | 49,873 | 1,689 | |
* | Chico's FAS Inc. | 287,524 | 1,570 |
* | Citi Trends Inc. | 19,885 | 1,538 |
* | Golden Entertainment Inc. | 29,044 | 1,509 |
* | Bloomin' Brands Inc. | 63,915 | 1,382 |
* | Vivint Smart Home Inc. | 152,159 | 1,380 |
* | Red Robin Gourmet Burgers Inc. | 67,430 | 1,340 |
Aaron's Co. Inc. | 55,989 | 1,310 | |
* | Cheesecake Factory Inc. | 32,135 | 1,306 |
Vail Resorts Inc. | 3,554 | 1,225 | |
* | Lovesac Co. | 14,860 | 1,159 |
Gentex Corp. | 31,593 | 1,118 | |
* | Groupon Inc. Class A | 42,614 | 904 |
Patrick Industries Inc. | 10,262 | 800 | |
* | Dorman Products Inc. | 7,510 | 784 |
* | Malibu Boats Inc. Class A | 9,402 | 664 |
* | Funko Inc. Class A | 39,011 | 639 |
* | WW International Inc. | 19,685 | 342 |
3,214,644 | |||
Consumer Staples (2.5%) | |||
* | Performance Food Group Co. | 2,542,278 | 114,987 |
* | BJ's Wholesale Club Holdings Inc. | 1,666,239 | 97,375 |
* | Nomad Foods Ltd. | 3,504,711 | 95,433 |
Nu Skin Enterprises Inc. Class A | 1,824,547 | 73,256 | |
Casey's General Stores Inc. | 266,643 | 51,073 | |
MGP Ingredients Inc. | 549,568 | 35,288 | |
* | Olaplex Holdings Inc. | 888,230 | 24,790 |
Coca-Cola Consolidated Inc. | 58,182 | 23,354 | |
* | Darling Ingredients Inc. | 197,045 | 16,654 |
* | Herbalife Nutrition Ltd. | 341,214 | 15,832 |
* | Oatly Group AB ADR | 967,400 | 12,470 |
* | BellRing Brands Inc. Class A | 371,394 | 9,961 |
Vector Group Ltd. | 679,282 | 9,007 | |
Medifast Inc. | 37,605 | 7,381 | |
* | Pilgrim's Pride Corp. | 214,595 | 6,043 |
John B Sanfilippo & Son Inc. | 67,616 | 5,714 | |
* | USANA Health Sciences Inc. | 49,637 | 4,818 |
National Beverage Corp. | 64,370 | 3,630 | |
Turning Point Brands Inc. | 50,998 | 1,947 | |
Albertsons Cos. Inc. Class A | 48,316 | 1,495 | |
* | United Natural Foods Inc. | 31,380 | 1,362 |
611,870 | |||
Energy (1.4%) | |||
* | Whiting Petroleum Corp. | 1,185,021 | 77,180 |
Magnolia Oil & Gas Corp. Class A | 3,619,565 | 75,577 |
Shares | Market Value• ($000) | ||
* | ChampionX Corp. | 1,448,898 | 38,005 |
Viper Energy Partners LP | 1,652,764 | 36,444 | |
Pioneer Natural Resources Co. | 103,134 | 19,284 | |
Ovintiv Inc. (XNYS) | 503,335 | 18,885 | |
Coterra Energy Inc. | 755,303 | 16,103 | |
* | Southwestern Energy Co. | 2,583,787 | 12,609 |
Diamondback Energy Inc. | 90,451 | 9,696 | |
* | Delek US Holdings Inc. | 445,157 | 8,658 |
* | Callon Petroleum Co. | 150,868 | 7,804 |
* | Laredo Petroleum Inc. | 99,992 | 7,539 |
Texas Pacific Land Corp. | 5,728 | 7,296 | |
* | Denbury Inc. | 74,711 | 6,325 |
* | Kosmos Energy Ltd. | 1,315,322 | 4,735 |
Matador Resources Co. | 17,141 | 717 | |
346,857 | |||
Financials (8.6%) | |||
* | SVB Financial Group | 232,265 | 166,627 |
LPL Financial Holdings Inc. | 950,851 | 155,959 | |
Synovus Financial Corp. | 2,582,150 | 120,302 | |
Assured Guaranty Ltd. | 1,979,361 | 110,013 | |
Western Alliance Bancorp | 889,042 | 103,209 | |
MGIC Investment Corp. | 6,337,340 | 102,411 | |
Tradeweb Markets Inc. Class A | 1,122,453 | 100,011 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,653,077 | 99,846 | |
Voya Financial Inc. | 1,419,245 | 99,021 | |
Webster Financial Corp. | 1,686,269 | 94,364 | |
American Financial Group Inc. | 685,638 | 93,274 | |
Prosperity Bancshares Inc. | 1,189,799 | 89,604 | |
Sterling Bancorp | 3,449,086 | 87,779 | |
Assurant Inc. | 525,119 | 84,707 | |
* | Green Dot Corp. Class A | 1,515,413 | 64,193 |
Houlihan Lokey Inc. Class A | 510,467 | 57,213 | |
* | Silvergate Capital Corp. Class A | 299,152 | 46,853 |
PROG Holdings Inc. | 1,098,813 | 44,447 | |
* | PRA Group Inc. | 956,062 | 40,996 |
* | Palomar Holdings Inc. | 401,579 | 36,724 |
MarketAxess Holdings Inc. | 83,870 | 34,275 | |
WisdomTree Investments Inc. | 4,896,168 | 31,286 | |
Piper Sandler Cos. | 168,193 | 27,700 | |
* | Ryan Specialty Group Holdings Inc. Class A | 606,654 | 22,925 |
Primerica Inc. | 134,402 | 22,612 | |
Bank OZK | 454,598 | 20,307 | |
* | Upstart Holdings Inc. | 62,933 | 20,267 |
SLM Corp. | 1,078,192 | 19,785 | |
* | Credit Acceptance Corp. | 29,904 | 17,889 |
Virtus Investment Partners Inc. | 42,398 | 13,567 | |
Moelis & Co. Class A | 171,565 | 12,480 | |
Walker & Dunlop Inc. | 87,519 | 11,384 | |
* | Enova International Inc. | 304,985 | 9,894 |
Kinsale Capital Group Inc. | 44,749 | 8,375 | |
Brightsphere Investment Group Inc. | 270,769 | 8,118 | |
Cowen Inc. Class A | 210,668 | 7,948 |
Shares | Market Value• ($000) | ||
* | Texas Capital Bancshares Inc. | 123,129 | 7,462 |
Brown & Brown Inc. | 112,810 | 7,119 | |
Meta Financial Group Inc. | 59,362 | 3,291 | |
Universal Insurance Holdings Inc. | 206,778 | 3,054 | |
Everest Re Group Ltd. | 7,600 | 1,987 | |
PJT Partners Inc. Class A | 19,739 | 1,614 | |
StepStone Group Inc. Class A | 32,121 | 1,509 | |
Pacific Premier Bancorp Inc. | 19,243 | 808 | |
FactSet Research Systems Inc. | 1,742 | 773 | |
2,113,982 | |||
Health Care (20.9%) | |||
* | ICON plc | 1,043,673 | 299,294 |
* | Omnicell Inc. | 1,076,825 | 191,836 |
* | Charles River Laboratories International Inc. | 361,762 | 162,315 |
* | Molina Healthcare Inc. | 471,328 | 139,381 |
* | Acadia Healthcare Co. Inc. | 2,081,623 | 129,061 |
* | Insulet Corp. | 402,427 | 124,760 |
STERIS plc | 524,480 | 122,592 | |
Bio-Techne Corp. | 223,501 | 117,036 | |
* | Hologic Inc. | 1,559,606 | 114,335 |
* | Repligen Corp. | 355,878 | 103,383 |
* | Catalent Inc. | 746,969 | 102,977 |
* | ABIOMED Inc. | 293,141 | 97,335 |
* | Penumbra Inc. | 349,479 | 96,648 |
* | Avantor Inc. | 2,228,907 | 90,003 |
* | Veracyte Inc. | 1,877,537 | 89,896 |
* | Haemonetics Corp. | 1,265,338 | 86,941 |
* | Globus Medical Inc. Class A | 1,107,902 | 85,497 |
* | LHC Group Inc. | 625,168 | 84,141 |
* | Merit Medical Systems Inc. | 1,210,764 | 81,436 |
* | Horizon Therapeutics plc | 669,904 | 80,328 |
* | Amedisys Inc. | 467,088 | 79,097 |
Hill-Rom Holdings Inc. | 500,720 | 77,561 | |
* | Syneos Health Inc. | 758,784 | 70,825 |
* | Kodiak Sciences Inc. | 574,758 | 67,298 |
* | Integra LifeSciences Holdings Corp. | 965,457 | 64,164 |
* | Ultragenyx Pharmaceutical Inc. | 751,380 | 63,056 |
* | IDEXX Laboratories Inc. | 93,215 | 62,094 |
* | Tandem Diabetes Care Inc. | 444,783 | 60,637 |
* | HealthEquity Inc. | 915,599 | 60,594 |
* | DexCom Inc. | 94,898 | 59,141 |
* | Maravai LifeSciences Holdings Inc. Class A | 1,369,473 | 57,915 |
* | Allakos Inc. | 502,922 | 50,584 |
* | Mettler-Toledo International Inc. | 32,775 | 48,536 |
* | Exelixis Inc. | 2,247,664 | 48,347 |
ResMed Inc. | 171,664 | 45,132 | |
* | Mirati Therapeutics Inc. | 238,314 | 45,046 |
* | Myriad Genetics Inc. | 1,428,723 | 43,962 |
* | Glaukos Corp. | 934,488 | 42,715 |
* | Quidel Corp. | 320,003 | 42,487 |
* | Inovalon Holdings Inc. Class A | 1,001,904 | 40,868 |
* | AMN Healthcare Services Inc. | 399,182 | 39,399 |
Shares | Market Value• ($000) | ||
* | Ascendis Pharma A/S ADR | 239,806 | 36,357 |
* | Neogen Corp. | 841,693 | 35,612 |
* | Henry Schein Inc. | 466,404 | 35,610 |
* | Cano Health Inc. | 3,168,481 | 34,822 |
* | Stevanato Group SPA | 1,316,623 | 33,798 |
Bruker Corp. | 394,652 | 31,691 | |
* | Neurocrine Biosciences Inc. | 293,414 | 30,929 |
* | ALX Oncology Holdings Inc. | 548,551 | 30,741 |
* | Arena Pharmaceuticals Inc. | 526,953 | 30,242 |
* | Ligand Pharmaceuticals Inc. | 203,738 | 29,733 |
* | Y-mAbs Therapeutics Inc. | 1,209,598 | 29,708 |
* | 10X Genomics Inc. Class A | 183,145 | 29,536 |
* | Pacira BioSciences Inc. | 557,637 | 29,153 |
* | Apellis Pharmaceuticals Inc. | 920,333 | 28,291 |
* | Sotera Health Co. | 1,113,322 | 27,499 |
*,1 | Doximity Inc. Class A | 388,760 | 27,011 |
* | Nevro Corp. | 234,307 | 26,650 |
* | Turning Point Therapeutics Inc. | 623,157 | 25,911 |
* | Align Technology Inc. | 41,048 | 25,629 |
* | Halozyme Therapeutics Inc. | 666,081 | 25,358 |
* | MEDNAX Inc. | 921,608 | 25,095 |
Chemed Corp. | 50,545 | 24,375 | |
* | Axogen Inc. | 1,577,807 | 23,967 |
Cerner Corp. | 314,623 | 23,373 | |
* | Adagio Therapeutics Inc. | 785,259 | 22,961 |
* | CareDx Inc. | 448,798 | 22,889 |
* | NuVasive Inc. | 414,493 | 22,117 |
* | Medpace Holdings Inc. | 96,883 | 21,949 |
* | Supernus Pharmaceuticals Inc. | 727,620 | 21,719 |
* | C4 Therapeutics Inc. | 484,333 | 21,514 |
* | Agios Pharmaceuticals Inc. | 448,128 | 21,062 |
* | Deciphera Pharmaceuticals Inc. | 613,792 | 20,494 |
* | REVOLUTION Medicines Inc. | 695,291 | 20,462 |
PerkinElmer Inc. | 113,546 | 20,085 | |
* | Heron Therapeutics Inc. | 1,782,068 | 19,621 |
* | STAAR Surgical Co. | 163,636 | 19,384 |
* | Sage Therapeutics Inc. | 478,803 | 19,324 |
* | Sarepta Therapeutics Inc. | 232,940 | 18,433 |
* | Novavax Inc. | 116,833 | 17,388 |
Cooper Cos. Inc. | 41,425 | 17,271 | |
* | Exact Sciences Corp. | 175,526 | 16,714 |
* | SpringWorks Therapeutics Inc. | 243,960 | 16,360 |
* | Relay Therapeutics Inc. | 486,731 | 16,184 |
Select Medical Holdings Corp. | 481,146 | 15,984 | |
* | Illumina Inc. | 38,391 | 15,935 |
* | Veeva Systems Inc. Class A | 48,445 | 15,358 |
* | Viking Therapeutics Inc. | 2,460,104 | 14,318 |
* | Enanta Pharmaceuticals Inc. | 163,291 | 14,019 |
* | iRhythm Technologies Inc. | 194,678 | 13,655 |
* | Natera Inc. | 112,600 | 12,901 |
* | Travere Thrapeutics Inc. | 395,087 | 11,382 |
Shares | Market Value• ($000) | ||
* | Arvinas Inc. | 130,495 | 11,298 |
* | Alkermes plc | 366,419 | 11,099 |
* | Inspire Medical Systems Inc. | 40,519 | 10,923 |
* | Ionis Pharmaceuticals Inc. | 340,374 | 10,848 |
* | Tenet Healthcare Corp. | 148,573 | 10,647 |
* | Intellia Therapeutics Inc. | 78,484 | 10,437 |
* | ModivCare Inc. | 61,332 | 9,983 |
* | Agenus Inc. | 2,523,285 | 9,689 |
Encompass Health Corp. | 147,233 | 9,358 | |
* | Blueprint Medicines Corp. | 75,557 | 8,499 |
* | MacroGenics Inc. | 431,583 | 8,429 |
* | Ortho Clinical Diagnostics Holdings plc Class H | 418,147 | 8,267 |
* | Atara Biotherapeutics Inc. | 519,272 | 8,038 |
* | Tivity Health Inc. | 289,116 | 7,234 |
* | ImmunoGen Inc. | 1,190,122 | 7,176 |
Ensign Group Inc. | 87,656 | 6,838 | |
* | Community Health Systems Inc. | 510,579 | 6,689 |
* | Joint Corp. | 72,839 | 6,372 |
* | CytomX Therapeutics Inc. | 1,067,482 | 6,330 |
* | Shockwave Medical Inc. | 29,223 | 6,245 |
* | Option Care Health Inc. | 213,416 | 5,833 |
* | Precision BioSciences Inc. | 611,650 | 5,805 |
* | ACADIA Pharmaceuticals Inc. | 320,256 | 5,749 |
* | Akebia Therapeutics Inc. | 1,981,661 | 5,687 |
* | Fortress Biotech Inc. | 1,732,308 | 5,647 |
* | Vanda Pharmaceuticals Inc. | 324,929 | 5,563 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 38,214 | 5,439 |
* | Apria Inc. | 142,381 | 5,329 |
*,1 | Figs Inc. Class A | 155,323 | 5,220 |
* | Meridian Bioscience Inc. | 273,724 | 5,149 |
*,1 | Talis Biomedical Corp. | 946,340 | 5,063 |
*,1 | Clovis Oncology Inc. | 1,133,242 | 4,907 |
* | PTC Therapeutics Inc. | 117,544 | 4,458 |
* | Twist Bioscience Corp. | 36,313 | 4,314 |
* | Inari Medical Inc. | 45,330 | 4,103 |
* | Bluebird Bio Inc. | 173,134 | 4,053 |
* | Affimed NV | 592,606 | 4,030 |
US Physical Therapy Inc. | 36,819 | 3,971 | |
* | Puma Biotechnology Inc. | 777,390 | 3,965 |
*,1 | Ocugen Inc. | 333,006 | 3,943 |
* | AtriCure Inc. | 49,809 | 3,739 |
* | FibroGen Inc. | 329,220 | 3,661 |
* | Pacific Biosciences of California Inc. | 125,467 | 3,322 |
* | Ovid therapeutics Inc. | 940,320 | 3,197 |
*,1 | Intercept Pharmaceuticals Inc. | 189,212 | 3,190 |
* | Radius Health Inc. | 143,225 | 3,094 |
* | Emergent BioSolutions Inc. | 64,032 | 3,052 |
* | Sutro Biopharma Inc. | 150,023 | 3,024 |
* | Codexis Inc. | 84,450 | 2,936 |
* | RadNet Inc. | 89,046 | 2,768 |
* | Pennant Group Inc. | 101,356 | 2,592 |
* | Quanterix Corp. | 50,537 | 2,558 |
* | Seres Therapeutics Inc. | 419,871 | 2,553 |
* | Personalis Inc. | 126,241 | 2,477 |
* | Infinity Pharmaceuticals Inc. | 972,852 | 2,471 |
* | Denali Therapeutics Inc. | 49,329 | 2,385 |
*,1 | Esperion Therapeutics Inc. | 265,969 | 2,378 |
Shares | Market Value• ($000) | ||
* | Sangamo Therapeutics Inc. | 287,893 | 2,338 |
* | Anavex Life Sciences Corp. | 124,590 | 2,335 |
* | ICU Medical Inc. | 9,472 | 2,218 |
* | Molecular Templates Inc. | 424,818 | 2,218 |
* | Vir Biotechnology Inc. | 56,981 | 2,150 |
*,1 | Cassava Sciences Inc. | 49,215 | 2,123 |
* | Fate Therapeutics Inc. | 38,443 | 2,068 |
* | Inogen Inc. | 51,839 | 2,055 |
Owens & Minor Inc. | 56,793 | 2,038 | |
* | Lexicon Pharmaceuticals Inc. | 382,691 | 2,024 |
* | Protagonist Therapeutics Inc. | 62,425 | 1,945 |
* | Mustang Bio Inc. | 864,161 | 1,936 |
* | Selecta Biosciences Inc. | 528,838 | 1,899 |
* | REGENXBIO Inc. | 52,874 | 1,874 |
*,1 | Atossa Therapeutics Inc. | 698,520 | 1,795 |
* | Amneal Pharmaceuticals Inc. | 325,809 | 1,789 |
* | Sesen Bio Inc. | 1,461,872 | 1,769 |
* | Minerva Neurosciences Inc. | 1,241,858 | 1,739 |
* | Prothena Corp. plc | 30,703 | 1,699 |
* | ZIOPHARM Oncology Inc. | 1,105,848 | 1,659 |
* | Silk Road Medical Inc. | 28,212 | 1,656 |
* | Voyager Therapeutics Inc. | 457,063 | 1,655 |
* | Surgery Partners Inc. | 38,739 | 1,594 |
* | Allscripts Healthcare Solutions Inc. | 115,239 | 1,588 |
* | Vocera Communications Inc. | 27,954 | 1,582 |
* | Organogenesis Holdings Inc. Class A | 143,772 | 1,579 |
* | NanoString Technologies Inc. | 32,290 | 1,560 |
* | Athenex Inc. | 602,458 | 1,530 |
* | Endo International plc | 337,491 | 1,434 |
* | NextCure Inc. | 171,519 | 1,410 |
West Pharmaceutical Services Inc. | 3,141 | 1,350 | |
* | Editas Medicine Inc. Class A | 36,482 | 1,340 |
* | PAVmed Inc. | 241,990 | 1,314 |
* | Theravance Biopharma Inc. | 167,969 | 1,305 |
* | Sana Biotechnology Inc. | 60,449 | 1,254 |
* | Cutera Inc. | 29,037 | 1,249 |
* | Xencor Inc. | 30,194 | 1,194 |
* | Co-Diagnostics Inc. | 143,082 | 1,175 |
*,1 | vTv Therapeutics Inc. Class A | 820,390 | 1,173 |
* | Castle Biosciences Inc. | 18,657 | 1,163 |
* | Rapt Therapeutics Inc. | 33,154 | 1,047 |
* | Precigen Inc. | 216,409 | 1,045 |
* | Alector Inc. | 47,973 | 1,043 |
*,1 | Retractable Technologies Inc. | 107,784 | 1,020 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 97,334 | 1,011 |
* | VBI Vaccines Inc. | 344,562 | 999 |
* | Syros Pharmaceuticals Inc. | 236,590 | 977 |
* | Spero Therapeutics Inc. | 54,307 | 954 |
* | Arrowhead Pharmaceuticals Inc. | 14,785 | 944 |
* | Vaxart Inc. | 139,045 | 933 |
Shares | Market Value• ($000) | ||
* | Cue Biopharma Inc. | 74,522 | 910 |
* | MannKind Corp. | 180,550 | 850 |
* | Amphastar Pharmaceuticals Inc. | 45,367 | 847 |
* | Omeros Corp. | 132,583 | 831 |
* | Corcept Therapeutics Inc. | 44,841 | 807 |
* | 1Life Healthcare Inc. | 37,256 | 807 |
* | Cross Country Healthcare Inc. | 38,107 | 790 |
* | Aldeyra Therapeutics Inc. | 86,259 | 785 |
* | Fulgent Genetics Inc. | 9,376 | 777 |
* | Tactile Systems Technology Inc. | 22,060 | 761 |
* | Mersana Therapeutics Inc. | 84,339 | 722 |
5,167,887 | |||
Industrials (18.9%) | |||
* | Trex Co. Inc. | 1,646,231 | 175,159 |
* | TriNet Group Inc. | 1,698,738 | 171,997 |
* | Clean Harbors Inc. | 1,497,861 | 168,569 |
* | Middleby Corp. | 892,771 | 162,877 |
* | Builders FirstSource Inc. | 2,138,210 | 124,594 |
* | RBC Bearings Inc. | 503,672 | 117,824 |
Matson Inc. | 1,300,899 | 108,339 | |
* | AerCap Holdings NV | 1,767,122 | 104,331 |
Fortune Brands Home & Security Inc. | 1,000,482 | 101,449 | |
* | Kirby Corp. | 1,926,143 | 100,949 |
* | Mercury Systems Inc. | 1,902,818 | 98,071 |
* | Sensata Technologies Holding plc | 1,741,483 | 95,956 |
SPX FLOW Inc. | 1,271,584 | 95,000 | |
GATX Corp. | 959,213 | 90,981 | |
Kennametal Inc. | 2,283,998 | 90,789 | |
John Bean Technologies Corp. | 602,162 | 88,969 | |
Ritchie Bros Auctioneers Inc. | 1,294,796 | 88,499 | |
* | Fluor Corp. | 4,516,658 | 87,804 |
Acuity Brands Inc. | 421,321 | 86,552 | |
* | Kornit Digital Ltd. | 491,741 | 82,258 |
Spirit AeroSystems Holdings Inc. Class A | 1,970,553 | 81,364 | |
* | United Rentals Inc. | 207,830 | 78,790 |
* | Masonite International Corp. | 634,940 | ��� 76,199 |
Zurn Water Solutions Corp. | 2,052,584 | 74,468 | |
* | Generac Holdings Inc. | 144,302 | 71,943 |
EnerSys | 890,982 | 71,314 | |
Regal Rexnord Corp. | 457,646 | 69,713 | |
* | Gibraltar Industries Inc. | 1,063,520 | 69,299 |
IDEX Corp. | 308,180 | 68,592 | |
TransUnion | 592,363 | 68,294 | |
Science Applications International Corp. | 759,235 | 68,164 | |
* | SiteOne Landscape Supply Inc. | 285,354 | 67,047 |
2 | Enerpac Tool Group Corp. Class A | 3,138,204 | 65,557 |
BWX Technologies Inc. | 1,153,425 | 65,445 | |
CH Robinson Worldwide Inc. | 658,831 | 63,900 | |
* | Chart Industries Inc. | 356,588 | 63,302 |
Tennant Co. | 654,223 | 51,985 | |
Rush Enterprises Inc. Class A | 985,531 | 51,326 | |
* | API Group Corp. | 2,315,455 | 50,431 |
Shares | Market Value• ($000) | ||
Verisk Analytics Inc. Class A | 231,694 | 48,718 | |
* | Axon Enterprise Inc. | 265,860 | 47,844 |
Vertiv Holdings Co. Class A | 1,784,079 | 45,815 | |
* | XPO Logistics Inc. | 512,442 | 43,968 |
Forward Air Corp. | 430,722 | 43,313 | |
* | GXO Logistics Inc. | 485,045 | 43,072 |
* | Shoals Technologies Group Inc. Class A | 1,341,023 | 41,558 |
ABM Industries Inc. | 895,699 | 39,420 | |
* | Cimpress plc | 398,534 | 35,597 |
HEICO Corp. Class A | 275,721 | 34,653 | |
Robert Half International Inc. | 300,294 | 33,954 | |
* | Ameresco Inc. Class A | 360,609 | 29,617 |
UFP Industries Inc. | 352,870 | 28,875 | |
* | Atkore Inc. | 299,355 | 28,298 |
Booz Allen Hamilton Holding Corp. Class A | 323,563 | 28,105 | |
Rockwell Automation Inc. | 87,469 | 27,938 | |
* | ACV Auctions Inc. Class A | 1,434,145 | 27,923 |
* | IAA Inc. | 383,856 | 22,897 |
EMCOR Group Inc. | 187,448 | 22,773 | |
JB Hunt Transport Services Inc. | 114,725 | 22,623 | |
* | CoStar Group Inc. | 250,893 | 21,589 |
Boise Cascade Co. | 378,230 | 21,415 | |
* | AZEK Co. Inc. Class A | 579,264 | 21,253 |
Allison Transmission Holdings Inc. | 604,542 | 20,168 | |
Terex Corp. | 447,069 | 20,029 | |
* | GMS Inc. | 401,251 | 19,874 |
* | Kratos Defense & Security Solutions Inc. | 900,850 | 19,269 |
AGCO Corp. | 157,238 | 19,216 | |
Tetra Tech Inc. | 104,908 | 18,428 | |
Woodward Inc. | 144,121 | 16,278 | |
Landstar System Inc. | 85,379 | 15,011 | |
Applied Industrial Technologies Inc. | 151,903 | 14,808 | |
* | Sterling Check Corp. | 684,340 | 14,679 |
Allegion plc | 110,219 | 14,141 | |
Heartland Express Inc. | 705,913 | 11,528 | |
Lincoln Electric Holdings Inc. | 79,116 | 11,266 | |
* | Saia Inc. | 34,011 | 10,633 |
Exponent Inc. | 89,232 | 10,244 | |
Franklin Electric Co. Inc. | 118,567 | 10,242 | |
GrafTech International Ltd. | 904,089 | 9,674 | |
* | Plug Power Inc. | 249,410 | 9,545 |
* | Upwork Inc. | 197,226 | 9,293 |
* | Avis Budget Group Inc. | 50,177 | 8,696 |
Simpson Manufacturing Co. Inc. | 81,375 | 8,633 | |
* | Textainer Group Holdings Ltd. | 212,950 | 8,367 |
* | Cornerstone Building Brands Inc. | 449,698 | 6,435 |
Nordson Corp. | 25,243 | 6,417 | |
* | TrueBlue Inc. | 216,816 | 6,038 |
* | Atlas Air Worldwide Holdings Inc. | 72,218 | 5,858 |
Pitney Bowes Inc. | 802,463 | 5,569 | |
Hillenbrand Inc. | 117,790 | 5,355 | |
Primoris Services Corp. | 198,177 | 5,341 | |
Graco Inc. | 68,931 | 5,182 | |
* | SPX Corp. | 88,933 | 5,166 |
Shares | Market Value• ($000) | ||
* | ASGN Inc. | 37,249 | 4,457 |
Mueller Industries Inc. | 76,025 | 4,002 | |
* | Meritor Inc. | 135,630 | 3,301 |
Toro Co. | 32,667 | 3,119 | |
* | MYR Group Inc. | 26,235 | 2,680 |
REV Group Inc. | 168,117 | 2,540 | |
Donaldson Co. Inc. | 41,457 | 2,488 | |
Kforce Inc. | 34,779 | 2,252 | |
Brady Corp. Class A | 41,583 | 2,166 | |
Huntington Ingalls Industries Inc. | 10,058 | 2,039 | |
* | American Woodmark Corp. | 20,555 | 1,413 |
* | BlueLinx Holdings Inc. | 20,513 | 977 |
Werner Enterprises Inc. | 19,260 | 873 | |
* | Huron Consulting Group Inc. | 15,382 | 772 |
Argan Inc. | 15,021 | 620 | |
4,664,400 | |||
Information Technology (22.1%) | |||
*,2 | Momentive Global Inc. | 9,194,299 | 210,733 |
* | Five9 Inc. | 1,286,197 | 203,232 |
* | New Relic Inc. | 2,184,644 | 177,306 |
Monolithic Power Systems Inc. | 280,533 | 147,409 | |
Power Integrations Inc. | 1,329,105 | 137,177 | |
* | ON Semiconductor Corp. | 2,799,906 | 134,592 |
* | First Solar Inc. | 1,118,913 | 133,811 |
* | Varonis Systems Inc. Class B | 2,050,895 | 132,775 |
* | HubSpot Inc. | 137,069 | 111,057 |
* | Ziff Davis Inc. | 856,774 | 109,898 |
Concentrix Corp. | 578,923 | 102,863 | |
* | Manhattan Associates Inc. | 554,805 | 100,719 |
* | Cadence Design Systems Inc. | 557,122 | 96,443 |
* | Tower Semiconductor Ltd. | 3,017,577 | 96,170 |
* | Ciena Corp. | 1,663,239 | 90,297 |
* | Silicon Laboratories Inc. | 440,945 | 83,233 |
* | Viavi Solutions Inc. | 5,295,361 | 81,549 |
* | Guidewire Software Inc. | 640,696 | 80,555 |
* | Fortinet Inc. | 232,048 | 78,047 |
Entegris Inc. | 554,151 | 78,013 | |
Maximus Inc. | 898,393 | 75,977 | |
* | GoDaddy Inc. Class A | 1,039,828 | 71,925 |
* | Smartsheet Inc. Class A | 1,031,800 | 71,205 |
* | Enphase Energy Inc. | 287,703 | 66,641 |
* | Everbridge Inc. | 415,373 | 66,173 |
Belden Inc. | 1,075,651 | 64,765 | |
* | Trimble Inc. | 731,697 | 63,928 |
* | Wix.com Ltd. | 343,313 | 63,843 |
* | Dynatrace Inc. | 833,056 | 62,479 |
* | Arrow Electronics Inc. | 538,296 | 62,308 |
* | GLOBALFOUNDRIES Inc. | 1,253,965 | 61,118 |
* | Semtech Corp. | 700,833 | 59,592 |
* | Mandiant Inc. | 3,208,620 | 55,958 |
* | Avalara Inc. | 299,210 | 53,750 |
* | Euronet Worldwide Inc. | 454,489 | 50,989 |
* | Mimecast Ltd. | 662,875 | 50,007 |
* | Sprout Social Inc. Class A | 379,938 | 48,511 |
* | 8x8 Inc. | 2,139,262 | 48,476 |
* | Teledyne Technologies Inc. | 107,510 | 48,296 |
* | Envestnet Inc. | 564,755 | 47,157 |
* | PTC Inc. | 351,536 | 44,768 |
* | Tyler Technologies Inc. | 81,643 | 44,350 |
Shares | Market Value• ($000) | ||
* | Nuance Communications Inc. | 776,573 | 42,750 |
Jack Henry & Associates Inc. | 253,344 | 42,177 | |
* | Palo Alto Networks Inc. | 81,654 | 41,569 |
* | Tenable Holdings Inc. | 768,154 | 40,904 |
* | Paycor HCM Inc. | 1,253,757 | 40,672 |
* | CyberArk Software Ltd. | 224,703 | 40,471 |
* | Informatica Inc. Class A | 1,362,534 | 40,413 |
Brooks Automation Inc. | 329,135 | 38,328 | |
* | MongoDB Inc. Class A | 73,414 | 38,270 |
Microchip Technology Inc. | 515,012 | 38,157 | |
* | IPG Photonics Corp. | 232,761 | 37,011 |
* | Rapid7 Inc. | 284,700 | 36,655 |
Cognex Corp. | 393,517 | 34,468 | |
* | Fair Isaac Corp. | 82,404 | 32,813 |
*,1 | N-Able Inc. | 2,305,242 | 30,660 |
* | Dropbox Inc. Class A | 971,499 | 29,621 |
* | Elastic NV | 170,241 | 29,539 |
* | A10 Networks Inc. | 1,540,105 | 28,785 |
* | WEX Inc. | 191,392 | 28,651 |
Jabil Inc. | 467,929 | 28,057 | |
* | RingCentral Inc. Class A | 113,841 | 27,752 |
National Instruments Corp. | 652,976 | 27,732 | |
* | Teradata Corp. | 486,838 | 27,536 |
* | Zendesk Inc. | 270,216 | 27,508 |
* | Onto Innovation Inc. | 346,299 | 27,430 |
MKS Instruments Inc. | 181,582 | 27,246 | |
* | ANSYS Inc. | 69,172 | 26,256 |
*,1 | Procore Technologies Inc. | 281,000 | 25,697 |
* | Atlassian Corp. plc Class A | 54,325 | 24,888 |
* | ChannelAdvisor Corp. | 963,952 | 24,590 |
* | EPAM Systems Inc. | 35,487 | 23,891 |
* | Nutanix Inc. Class A | 688,378 | 23,618 |
* | Aspen Technology Inc. | 148,164 | 23,216 |
TTEC Holdings Inc. | 231,974 | 21,896 | |
* | Qualys Inc. | 174,109 | 21,673 |
* | Q2 Holdings Inc. | 266,843 | 20,937 |
* | Domo Inc. Class B | 235,975 | 20,848 |
* | Workiva Inc. Class A | 137,586 | 20,576 |
* | Unity Software Inc. | 133,516 | 20,202 |
* | Coupa Software Inc. | 86,418 | 19,677 |
* | DocuSign Inc. Class A | 69,916 | 19,457 |
* | Black Knight Inc. | 275,172 | 19,292 |
* | Alarm.com Holdings Inc. | 218,670 | 18,425 |
* | Consensus Cloud Solutions Inc. | 285,591 | 18,087 |
* | CommScope Holding Co. Inc. | 1,607,387 | 17,215 |
SolarWinds Corp. | 1,056,943 | 17,017 | |
* | Repay Holdings Corp. Class A | 800,562 | 16,820 |
* | Sumo Logic Inc. | 955,172 | 16,496 |
* | Ultra Clean Holdings Inc. | 331,446 | 16,430 |
* | Pure Storage Inc. Class A | 571,614 | 15,354 |
* | PROS Holdings Inc. | 509,666 | 15,290 |
* | Box Inc. Class A | 590,933 | 15,264 |
* | Freshworks Inc. Class A | 297,800 | 14,964 |
* | SentinelOne Inc. Class A | 200,000 | 13,280 |
* | Digital Turbine Inc. | 151,448 | 13,034 |
* | Bill.Com Holdings Inc. | 43,474 | 12,795 |
* | Axcelis Technologies Inc. | 221,954 | 12,192 |
CDW Corp. | 63,762 | 11,901 | |
* | SMART Global Holdings Inc. | 221,794 | 11,857 |
Shares | Market Value• ($000) | ||
* | Avaya Holdings Corp. | 593,540 | 11,052 |
* | Paylocity Holding Corp. | 35,666 | 10,883 |
* | Lattice Semiconductor Corp. | 152,156 | 10,566 |
* | Ichor Holdings Ltd. | 220,818 | 9,654 |
* | Diodes Inc. | 95,389 | 9,166 |
* | Zuora Inc. Class A | 411,505 | 8,996 |
* | Extreme Networks Inc. | 881,306 | 8,663 |
* | Calix Inc. | 137,476 | 8,605 |
* | Anaplan Inc. | 128,054 | 8,350 |
* | Vonage Holdings Corp. | 514,293 | 8,290 |
CSG Systems International Inc. | 158,429 | 7,929 | |
* | CommVault Systems Inc. | 122,747 | 7,549 |
* | Unisys Corp. | 289,663 | 7,407 |
Amkor Technology Inc. | 336,946 | 7,386 | |
* | MACOM Technology Solutions Holdings Inc. Class H | 100,248 | 6,999 |
* | NeoPhotonics Corp. | 677,376 | 6,855 |
Kulicke & Soffa Industries Inc. | 117,991 | 6,726 | |
* | Plantronics Inc. | 247,995 | 6,636 |
* | MaxLinear Inc. | 97,795 | 6,161 |
* | Agilysys Inc. | 127,866 | 6,102 |
* | Ambarella Inc. | 32,816 | 6,098 |
* | Avid Technology Inc. | 203,741 | 5,835 |
McAfee Corp.Class A | 261,409 | 5,586 | |
* | Allegro MicroSystems Inc. | 161,584 | 5,390 |
* | Brightcove Inc. | 524,919 | 5,207 |
EVERTEC Inc. | 104,732 | 4,735 | |
* | Sitime Corp. | 17,186 | 4,552 |
* | eGain Corp. | 440,680 | 4,548 |
* | Diebold Nixdorf Inc. | 476,775 | 4,291 |
Hackett Group Inc. | 198,772 | 4,202 | |
Advanced Energy Industries Inc. | 45,509 | 4,179 | |
* | Cohu Inc. | 128,232 | 4,109 |
* | ePlus Inc. | 36,557 | 4,042 |
Pegasystems Inc. | 33,682 | 3,999 | |
Progress Software Corp. | 61,785 | 3,176 | |
* | FormFactor Inc. | 73,194 | 2,912 |
* | Cambium Networks Corp. | 103,127 | 2,910 |
* | Veritone Inc. | 94,947 | 2,840 |
*,1 | Riot Blockchain Inc. | 96,185 | 2,618 |
*,1 | Eastman Kodak Co. | 382,179 | 2,595 |
* | LiveRamp Holdings Inc. | 44,254 | 2,368 |
* | Super Micro Computer Inc. | 65,149 | 2,306 |
* | ON24 Inc. | 117,797 | 2,254 |
Genpact Ltd. | 45,152 | 2,228 | |
* | Yext Inc. | 165,798 | 2,087 |
* | Globant SA | 6,503 | 2,076 |
* | International Money Express Inc. | 118,414 | 1,982 |
* | Zix Corp. | 220,604 | 1,869 |
* | Duck Creek Technologies Inc. | 54,756 | 1,725 |
* | 3D Systems Corp. | 54,900 | 1,546 |
* | MicroStrategy Inc. Class A | 2,155 | 1,541 |
* | LivePerson Inc. | 26,532 | 1,367 |
* | Insight Enterprises Inc. | 14,117 | 1,337 |
* | Telos Corp. | 51,444 | 1,333 |
* | BigCommerce Holdings Inc. Series 1 | 24,538 | 1,134 |
* | Fabrinet | 10,699 | 1,027 |
Shares | Market Value• ($000) | ||
* | DigitalOcean Holdings Inc. | 10,459 | 1,021 |
* | Grid Dynamics Holdings Inc. | 34,623 | 995 |
* | Asana Inc. Class A | 6,938 | 942 |
* | Turtle Beach Corp. | 30,150 | 867 |
* | Arlo Technologies Inc. | 114,201 | 788 |
* | Mitek Systems Inc. | 37,186 | 700 |
ADTRAN Inc. | 30,789 | 569 | |
5,448,266 | |||
Materials (2.0%) | |||
Methanex Corp. | 2,284,243 | 102,289 | |
Smurfit Kappa Group plc | 1,917,978 | 100,584 | |
Louisiana-Pacific Corp. | 1,649,384 | 97,198 | |
* | Summit Materials Inc. Class A | 1,830,961 | 65,274 |
Graphic Packaging Holding Co. | 1,370,758 | 27,319 | |
Balchem Corp. | 145,522 | 22,278 | |
Westlake Chemical Corp. | 213,486 | 20,781 | |
Steel Dynamics Inc. | 293,385 | 19,387 | |
Avery Dennison Corp. | 55,235 | 12,026 | |
Trinseo plc | 193,974 | 10,874 | |
Olin Corp. | 133,316 | 7,596 | |
Sensient Technologies Corp. | 49,030 | 4,687 | |
* | O-I Glass Inc. | 316,625 | 4,132 |
* | Ingevity Corp. | 49,933 | 3,890 |
Schnitzer Steel Industries Inc. Class A | 61,147 | 3,290 | |
* | Orion Engineered Carbons SA | 141,341 | 2,657 |
Innospec Inc. | 8,642 | 783 | |
505,045 | |||
Other (1.3%) | |||
3 | Vanguard Small-Cap ETF | 1,373,109 | 315,115 |
Real Estate (2.9%) | |||
PS Business Parks Inc. | 692,306 | 123,023 | |
Essential Properties Realty Trust Inc. | 2,999,109 | 89,344 | |
VICI Properties Inc. | 2,825,326 | 82,923 | |
Life Storage Inc. | 574,578 | 76,884 | |
Douglas Emmett Inc. | 2,135,110 | 69,775 | |
Pebblebrook Hotel Trust | 2,114,744 | 47,497 | |
* | Xenia Hotels & Resorts Inc. | 2,529,999 | 45,034 |
SBA Communications Corp. Class A | 113,161 | 39,078 | |
CoreSite Realty Corp. | 265,651 | 37,845 | |
Iron Mountain Inc. | 463,141 | 21,138 | |
Americold Realty Trust | 484,600 | 14,281 | |
Lamar Advertising Co. Class A | 125,224 | 14,175 | |
National Storage Affiliates Trust | 186,601 | 11,655 | |
* | Redfin Corp. | 195,608 | 10,043 |
eXp World Holdings Inc. | 115,703 | 5,970 | |
* | Ryman Hospitality Properties Inc. | 60,552 | 5,180 |
GEO Group Inc. | 549,674 | 4,496 | |
JBG SMITH Properties | 142,633 | 4,116 | |
Alexander's Inc. | 9,841 | 2,744 | |
American Finance Trust Inc. | 326,857 | 2,706 | |
RMR Group Inc. Class A | 75,418 | 2,624 |
Shares | Market Value• ($000) | ||
Tanger Factory Outlet Centers Inc. | 133,774 | 2,247 | |
Outfront Media Inc. | 85,345 | 2,124 | |
Innovative Industrial Properties Inc. | 3,636 | 957 | |
715,859 | |||
Utilities (0.5%) | |||
Atlantica Sustainable Infrastructure plc | 2,379,746 | 93,643 | |
NRG Energy Inc. | 322,044 | 12,846 | |
1 | Brookfield Infrastructure Corp. Class A | 54,357 | 3,296 |
Brookfield Renewable Corp. Class A | 21,140 | 876 | |
American States Water Co. | 8,440 | 767 | |
111,428 | |||
Total Common Stocks (Cost $15,738,197) | 23,931,436 | ||
Preferred Stock (0.0%) | |||
*,1 | Meta Material Inc. 0.000%, 12/28/21 (Cost $267) | 181,756 | 233 |
Temporary Cash Investments (3.3%) | |||
Money Market Fund (2.5%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.070% | 6,274,692 | 627,469 |
Face Amount ($000) | Market Value• ($000) | ||
Repurchase Agreement (0.8%) | |||
Deutsche Bank Securities Inc. 0.050%, 11/1/21 (Dated 10/29/21, Repurchase Value $190,801,000, collateralized by U.S. Treasury Note/Bond 1.625%–2.000%, 2/15/23–8/15/25, with a value of $194,616,000) | 190,800 | 190,800 | |
Total Temporary Cash Investments (Cost $818,173) | 818,269 | ||
Total Investments (100.3%) (Cost $16,556,637) | 24,749,938 | ||
Other Assets and Liabilities—Net (-0.3%) | (82,075) | ||
Net Assets (100%) | 24,667,863 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $76,359,000. |
2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $79,231,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | December 2021 | 3,058 | 350,951 | 9,272 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $15,384,308) | 23,440,493 |
Affiliated Issuers (Cost $1,172,329) | 1,309,445 |
Total Investments in Securities | 24,749,938 |
Investment in Vanguard | 797 |
Cash Collateral Pledged—Futures Contracts | 19,588 |
Receivables for Investment Securities Sold | 93,834 |
Receivables for Accrued Income | 1,601 |
Receivables for Capital Shares Issued | 9,888 |
Variation Margin Receivable—Futures Contracts | 29 |
Total Assets | 24,875,675 |
Liabilities | |
Due to Custodian | 6,801 |
Payables for Investment Securities Purchased | 103,763 |
Collateral for Securities on Loan | 79,231 |
Payables to Investment Advisor | 8,735 |
Payables for Capital Shares Redeemed | 7,588 |
Payables to Vanguard | 1,694 |
Total Liabilities | 207,812 |
Net Assets | 24,667,863 |
At October 31, 2021, net assets consisted of: | |
Paid-in Capital | 13,154,594 |
Total Distributable Earnings (Loss) | 11,513,269 |
Net Assets | 24,667,863 |
Investor Shares—Net Assets | |
Applicable to 26,895,565 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,073,750 |
Net Asset Value Per Share—Investor Shares | $151.47 |
Admiral Shares—Net Assets | |
Applicable to 146,037,033 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,594,113 |
Net Asset Value Per Share—Admiral Shares | $141.02 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 116,446 |
Dividends—Affiliated Issuers | 2,603 |
Interest—Unaffiliated Issuers | 188 |
Interest—Affiliated Issuers | 434 |
Securities Lending—Net | 3,137 |
Total Income | 122,808 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 37,530 |
Performance Adjustment | (2,317) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 9,902 |
Management and Administrative—Admiral Shares | 24,249 |
Marketing and Distribution—Investor Shares | 206 |
Marketing and Distribution—Admiral Shares | 554 |
Custodian Fees | 140 |
Auditing Fees | 45 |
Shareholders’ Reports—Investor Shares | 54 |
Shareholders’ Reports—Admiral Shares | 141 |
Trustees’ Fees and Expenses | 16 |
Total Expenses | 70,520 |
Net Investment Income | 52,288 |
Realized Net Gain (Loss) | |
Investment Securities Sold—Unaffiliated Issuers | 3,260,679 |
Investment Securities Sold—Affiliated Issuers | 104,429 |
Futures Contracts | 151,193 |
Foreign Currencies | 50 |
Realized Net Gain (Loss) | 3,516,351 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 4,056,065 |
Investment Securities—Affiliated Issuers | 220,212 |
Futures Contracts | 14,816 |
Foreign Currencies | (1) |
Change in Unrealized Appreciation (Depreciation) | 4,291,092 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,859,731 |
1 | Dividends are net of foreign withholding taxes of $290,000. |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 52,288 | 58,101 |
Realized Net Gain (Loss) | 3,516,351 | 1,371,327 |
Change in Unrealized Appreciation (Depreciation) | 4,291,092 | 675,466 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,859,731 | 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 | (480,536) | (483,899) |
Admiral Shares | 2,034,131 | (274,035) |
Net Increase (Decrease) from Capital Share Transactions | 1,553,595 | (757,934) |
Total Increase (Decrease) | 8,063,149 | 516,219 |
Net Assets | ||
Beginning of Period | 16,604,714 | 16,088,495 |
End of Period | 24,667,863 | 16,604,714 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $110.44 | $101.66 | $102.25 | $102.10 | $83.91 |
Investment Operations | |||||
Net Investment Income1 | .206 | .284 | .333 | .325 | .421 |
Net Realized and Unrealized Gain (Loss) on Investments | 49.372 | 13.688 | 8.234 | 11.192 | 21.657 |
Total from Investment Operations | 49.578 | 13.972 | 8.567 | 11.517 | 22.078 |
Distributions | |||||
Dividends from Net Investment Income | (.158) | (.295) | (.286) | (.475) | (.318) |
Distributions from Realized Capital Gains | (8.390) | (4.897) | (8.871) | (10.892) | (3.570) |
Total Distributions | (8.548) | (5.192) | (9.157) | (11.367) | (3.888) |
Net Asset Value, End of Period | $151.47 | $110.44 | $101.66 | $102.25 | $102.10 |
Total Return2 | 46.27% | 14.08% | 10.15% | 12.12% | 27.10% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,074 | $3,325 | $3,520 | $3,420 | $3,520 |
Ratio of Total Expenses to Average Net Assets3 | 0.40% | 0.41% | 0.45% | 0.44% | 0.43% |
Ratio of Net Investment Income to Average Net Assets | 0.15% | 0.28% | 0.33% | 0.31% | 0.45% |
Portfolio Turnover Rate | 45% | 43% | 41% | 50% | 76% |
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%, and (0.01%). |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $102.82 | $94.64 | $95.24 | $94.99 | $78.07 |
Investment Operations | |||||
Net Investment Income1 | .321 | .365 | .409 | .418 | .495 |
Net Realized and Unrealized Gain (Loss) on Investments | 45.967 | 12.752 | 7.648 | 10.405 | 20.145 |
Total from Investment Operations | 46.288 | 13.117 | 8.057 | 10.823 | 20.640 |
Distributions | |||||
Dividends from Net Investment Income | (.275) | (.378) | (.393) | (.438) | (.403) |
Distributions from Realized Capital Gains | (7.813) | (4.559) | (8.264) | (10.135) | (3.317) |
Total Distributions | (8.088) | (4.937) | (8.657) | (10.573) | (3.720) |
Net Asset Value, End of Period | $141.02 | $102.82 | $94.64 | $95.24 | $94.99 |
Total Return2 | 46.42% | 14.21% | 10.27% | 12.24% | 27.25% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $20,594 | $13,279 | $12,569 | $11,616 | $9,514 |
Ratio of Total Expenses to Average Net Assets3 | 0.29% | 0.30% | 0.34% | 0.32% | 0.31% |
Ratio of Net Investment Income to Average Net Assets | 0.25% | 0.39% | 0.44% | 0.43% | 0.57% |
Portfolio Turnover Rate | 45% | 43% | 41% | 50% | 76% |
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%, and (0.01%). |
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 | 23,830,852 | 100,584 | — | 23,931,436 |
Preferred Stock | 233 | — | — | 233 |
Temporary Cash Investments | 627,469 | 190,800 | — | 818,269 |
Total | 24,458,554 | 291,384 | — | 24,749,938 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 9,272 | — | — | 9,272 |
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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for foreign currency transactions, passive foreign investment companies, and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 212,761 |
Total Distributable Earnings (Loss) | (212,761) |
Amount ($000) | |
Undistributed Ordinary Income | 832,238 |
Undistributed Long-Term Gains | 2,546,328 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 8,134,703 |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 167,722 | 60,023 |
Long-Term Capital Gains | 1,182,455 | 770,718 |
Total | 1,350,177 | 830,741 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 16,615,235 |
Gross Unrealized Appreciation | 9,036,433 |
Gross Unrealized Depreciation | (901,730) |
Net Unrealized Appreciation (Depreciation) | 8,134,703 |
F. | During the year ended October 31, 2021, the fund purchased $9,961,600,000 of investment securities and sold $9,706,497,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 493,604 | 3,566 | 459,953 | 5,209 | |
Issued in Lieu of Cash Distributions | 244,060 | 1,898 | 173,422 | 1,675 | |
Redeemed | (1,218,200) | (8,679) | (1,117,274) | (11,398) | |
Net Increase (Decrease)—Investor Shares | (480,536) | (3,215) | (483,899) | (4,514) |
Year Ended October 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 3,692,806 | 28,851 | 1,845,208 | 19,941 | |
Issued in Lieu of Cash Distributions | 1,024,110 | 8,560 | 603,114 | 6,261 | |
Redeemed | (2,682,785) | (20,527) | (2,722,357) | (29,848) | |
Net Increase (Decrease)—Admiral Shares | 2,034,131 | 16,884 | (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) | Oct. 31, 2021 Market Value ($000) | |
BioTelemetry Inc. | 87,075 | 1,786 | 149,536 | 50,245 | 10,430 | — | — | — |
Cardtronics plc Class A | 56,987 | — | 126,000 | 21,643 | 47,370 | — | — | — |
Enerpac Tool Group Corp. Class A | NA1 | 4,612 | 653 | 225 | 8,686 | 126 | — | 65,557 |
Houghton Mifflin Harcourt Co. | 18,789 | — | 11,039 | 2,692 | 80,129 | — | — | 90,571 |
Jaws Acquisition Corp. Class A | NA1 | 51,726 | 66,512 | 14,786 | — | — | — | — |
Momentive Global Inc.2 | NA1 | 89,740 | 7,049 | 767 | 20,045 | — | — | 210,733 |
Vanguard Market Liquidity Fund | 456,995 | NA3 | NA3 | 38 | (38) | 434 | — | 627,469 |
Vanguard Small-Cap ETF | 196,329 | 207,999 | 156,836 | 14,033 | 53,590 | 2,477 | — | 315,115 |
Total | 816,175 | 104,429 | 220,212 | 3,037 | — | 1,309,445 |
1 | Not applicable—at October 31, 2020, the issuer was not an affiliated company of the fund. |
2 | In June 2021, SVMK Inc. changed its name to Momentive Global Inc. |
3 | Not applicable—purchases and sales are for temporary cash investment purposes. |
I. | Management has determined that no events or transactions occurred subsequent to October 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 17, 2021
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
John T. Marcante | Lauren Valente |
Chris D. Mclsaac |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended October 31, 2021: $45,000
Fiscal Year Ended October 31, 2020: $39,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended October 31, 2021: $11,244,694
Fiscal Year Ended October 31, 2020: $10,761,407
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended October 31, 2021: $2,955,181
Fiscal Year Ended October 31, 2020: $2,915,863
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended October 31, 2021: $2,047,574
Fiscal Year Ended October 31, 2020: $247,168
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended October 31, 2021: $280,000
Fiscal Year Ended October 31, 2020: $115,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended October 31, 2021: $2,327,574
Fiscal Year Ended October 31, 2020: $362,168
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
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) | Code of Ethics filed herewith. |
(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: December 20, 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: December 20, 2021
VANGUARD EXPLORER FUND | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: December 20, 2021
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on November 29, 2021 (see File Number 33-64845), a Power of Attorney filed on October 12, 2021 (see File Number 33-23444), and a Power of Attorney filed on August 26, 2021 (see file Number 811-02652), Incorporated by Reference.