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, 2021—April 30, 2022
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSRS/0001104659-22-075758/img4f75e54d1.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 24 |
Liquidity Risk Management | 27 |
• | 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, 2022 | |||
Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Explorer Fund | |||
Investor Shares | $1,000.00 | $810.30 | $2.02 |
Admiral™ Shares | 1,000.00 | 810.80 | 1.53 |
Based on Hypothetical 5% Yearly Return | |||
Explorer Fund | |||
Investor Shares | $1,000.00 | $1,022.56 | $2.26 |
Admiral Shares | 1,000.00 | 1,023.11 | 1.71 |
Communication Services | 3.1% |
Consumer Discretionary | 11.5 |
Consumer Staples | 3.4 |
Energy | 2.3 |
Financials | 9.0 |
Health Care | 20.0 |
Industrials | 20.4 |
Information Technology | 21.5 |
Materials | 2.9 |
Real Estate | 3.8 |
Utilities | 0.8 |
Other | 1.3 |
Shares | Market Value• ($000) | ||
Common Stocks (95.5%) | |||
Communication Services (3.0%) | |||
* | Live Nation Entertainment Inc. | 994,380 | 104,291 |
New York Times Co. Class A | 2,191,142 | 83,964 | |
* | Ziff Davis Inc. | 934,316 | 82,556 |
* | Cinemark Holdings Inc. | 4,231,782 | 67,116 |
* | ZipRecruiter Inc. Class A | 1,700,573 | 38,280 |
* | Take-Two Interactive Software Inc. | 317,144 | 37,902 |
Warner Music Group Corp. Class A | 1,010,748 | 30,090 | |
Electronic Arts Inc. | 236,116 | 27,873 | |
* | Cargurus Inc. | 768,129 | 25,102 |
* | Match Group Inc. | 262,641 | 20,788 |
* | Cardlytics Inc. | 594,524 | 20,291 |
* | Yelp Inc. Class A | 549,953 | 17,890 |
* | Iridium Communications Inc. | 333,589 | 11,912 |
*,1 | Starry Group Holdings Inc. | 963,916 | 8,184 |
* | Playtika Holding Corp. | 444,723 | 7,818 |
* | TechTarget Inc. | 64,673 | 4,353 |
* | Clear Channel Outdoor Holdings Inc. | 1,573,511 | 3,871 |
Nexstar Media Group Inc. Class A | 22,914 | 3,630 | |
Sinclair Broadcast Group Inc. Class A | 137,403 | 3,056 | |
* | Vimeo Inc. | 241,964 | 2,466 |
*,1 | Skillz Inc. Class A | 1,119,801 | 2,296 |
Cogent Communications Holdings Inc. | 35,207 | 2,060 | |
* | Globalstar Inc. | 581,659 | 675 |
* | EverQuote Inc. Class A | 47,437 | 658 |
* | IDT Corp. Class B | 19,546 | 518 |
* | Integral Ad Science Holding Corp. | 35,375 | 418 |
608,058 | |||
Consumer Discretionary (11.0%) | |||
* | Burlington Stores Inc. | 669,839 | 136,352 |
* | Under Armour Inc. Class C | 7,151,853 | 101,485 |
Steven Madden Ltd. | 2,430,672 | 99,803 | |
* | frontdoor Inc. | 3,175,037 | 98,140 |
* | Skechers USA Inc. Class A | 2,289,110 | 87,673 |
* | Skyline Champion Corp. | 1,687,143 | 86,112 |
Shares | Market Value• ($000) | ||
* | Sally Beauty Holdings Inc. | 4,979,371 | 75,288 |
* | Five Below Inc. | 465,912 | 73,195 |
Levi Strauss & Co. Class A | 3,878,914 | 70,247 | |
* | Leslie's Inc. | 3,098,616 | 60,733 |
Wingstop Inc. | 642,773 | 58,981 | |
Hanesbrands Inc. | 4,380,530 | 58,086 | |
Carter's Inc. | 667,042 | 56,192 | |
* | Grand Canyon Education Inc. | 480,852 | 46,147 |
Acushnet Holdings Corp. | 1,118,639 | 45,573 | |
* | Dollar Tree Inc. | 271,749 | 44,146 |
* | Ulta Beauty Inc. | 109,644 | 43,507 |
* | Farfetch Ltd. Class A | 3,634,853 | 40,710 |
*,1 | Petco Health & Wellness Co. Inc. Class A | 2,082,802 | 40,115 |
* | Floor & Decor Holdings Inc. Class A | 486,711 | 38,801 |
* | Revolve Group Inc. | 844,646 | 35,695 |
* | Callaway Golf Co. | 1,626,472 | 35,685 |
* | Etsy Inc. | 352,305 | 32,831 |
Papa John's International Inc. | 358,454 | 32,637 | |
* | National Vision Holdings Inc. | 855,968 | 32,227 |
Pool Corp. | 77,668 | 31,473 | |
* | Deckers Outdoor Corp. | 109,762 | 29,169 |
Shutterstock Inc. | 355,580 | 26,925 | |
Domino's Pizza Inc. | 69,582 | 23,519 | |
Churchill Downs Inc. | 114,034 | 23,142 | |
* | Bright Horizons Family Solutions Inc. | 191,490 | 21,876 |
* | Fox Factory Holding Corp. | 236,229 | 19,342 |
Boyd Gaming Corp. | 319,271 | 19,341 | |
*,1 | Sportradar Holding AG Class A | 1,302,587 | 16,334 |
Williams-Sonoma Inc. | 123,852 | 16,160 | |
* | 2U Inc. | 1,613,064 | 16,098 |
* | Canada Goose Holdings Inc. | 739,138 | 16,091 |
Tapestry Inc. | 483,074 | 15,903 | |
Texas Roadhouse Inc. Class A | 193,016 | 15,891 | |
Garmin Ltd. | 143,448 | 15,742 | |
* | Six Flags Entertainment Corp. | 410,692 | 15,717 |
* | Chegg Inc. | 622,939 | 15,412 |
Polaris Inc. | 152,984 | 14,524 |
Shares | Market Value• ($000) | ||
* | SeaWorld Entertainment Inc. | 212,479 | 14,330 |
*,1 | Chewy Inc. Class A | 455,129 | 13,226 |
Signet Jewelers Ltd. | 186,120 | 13,066 | |
* | Dave & Buster's Entertainment Inc. | 261,536 | 11,900 |
* | Tri Pointe Homes Inc. | 562,345 | 11,624 |
* | Coursera Inc. | 617,730 | 11,620 |
Toll Brothers Inc. | 247,074 | 11,457 | |
Tractor Supply Co. | 51,908 | 10,457 | |
* | Crocs Inc. | 150,674 | 10,009 |
*,1 | Arrival SA | 4,385,123 | 8,463 |
* | Boot Barn Holdings Inc. | 92,452 | 8,326 |
Tempur Sealy International Inc. | 302,723 | 8,207 | |
Buckle Inc. | 257,982 | 8,013 | |
* | Cavco Industries Inc. | 32,667 | 7,718 |
* | Scientific Games Corp. Class A | 128,761 | 7,218 |
Columbia Sportswear Co. | 87,639 | 7,200 | |
Caleres Inc. | 311,437 | 7,141 | |
PulteGroup Inc. | 169,565 | 7,081 | |
*,1 | GameStop Corp. Class A | 54,406 | 6,805 |
Dine Brands Global Inc. | 92,115 | 6,604 | |
* | Brinker International Inc. | 179,270 | 6,513 |
* | Everi Holdings Inc. | 362,188 | 6,288 |
* | Overstock.com Inc. | 171,157 | 5,744 |
* | Stride Inc. | 131,964 | 5,186 |
Winnebago Industries Inc. | 96,554 | 5,135 | |
* | WW International Inc. | 523,431 | 5,124 |
Patrick Industries Inc. | 80,525 | 5,013 | |
Oxford Industries Inc. | 55,871 | 5,006 | |
* | Master Craft Boat Holdings Inc. | 194,458 | 4,681 |
Shoe Carnival Inc. | 151,190 | 4,564 | |
* | Abercrombie & Fitch Co. Class A | 127,582 | 4,412 |
* | MarineMax Inc. | 106,970 | 4,377 |
* | Asbury Automotive Group Inc. | 23,437 | 4,306 |
Wendy's Co. | 206,442 | 4,079 | |
* | Perdoceo Education Corp. | 354,118 | 3,959 |
Red Rock Resorts Inc. Class A | 87,408 | 3,843 | |
* | Children's Place Inc. | 82,603 | 3,827 |
Hibbett Inc. | 88,082 | 3,803 | |
* | American Axle & Manufacturing Holdings Inc. | 570,001 | 3,773 |
Ruth's Hospitality Group Inc. | 172,021 | 3,607 | |
Brunswick Corp. | 47,007 | 3,554 | |
* | XPEL Inc. | 78,695 | 3,405 |
* | Citi Trends Inc. | 111,654 | 3,123 |
* | Dorman Products Inc. | 30,604 | 3,021 |
* | Gentherm Inc. | 44,069 | 2,971 |
Carriage Services Inc. Class A | 66,995 | 2,873 | |
* | RH | 7,099 | 2,386 |
Standard Motor Products Inc. | 49,905 | 2,130 | |
Century Communities Inc. | 40,327 | 2,126 | |
* | YETI Holdings Inc. | 41,881 | 2,047 |
Shares | Market Value• ($000) | ||
Academy Sports & Outdoors Inc. | 54,150 | 2,023 | |
* | Quotient Technology Inc. | 367,054 | 1,949 |
* | Golden Entertainment Inc. | 39,284 | 1,884 |
* | Stitch Fix Inc. Class A | 181,378 | 1,723 |
* | Funko Inc. Class A | 99,480 | 1,621 |
* | Party City Holdco Inc. | 513,716 | 1,587 |
Travel + Leisure Co. | 28,411 | 1,576 | |
* | Visteon Corp. | 13,323 | 1,395 |
* | CarParts.com Inc. | 214,783 | 1,287 |
Murphy USA Inc. | 5,332 | 1,246 | |
* | Chico's FAS Inc. | 227,000 | 1,203 |
*,1 | Workhorse Group Inc. | 378,489 | 1,139 |
* | Mister Car Wash Inc. | 78,834 | 1,135 |
* | LL Flooring Holdings Inc. | 77,571 | 1,071 |
Vail Resorts Inc. | 3,554 | 903 | |
*,1 | Torrid Holdings Inc. | 151,156 | 886 |
* | Vivint Smart Home Inc. | 152,159 | 797 |
* | Neogames SA | 59,624 | 779 |
Aaron's Co. Inc. | 37,036 | 760 | |
* | Red Robin Gourmet Burgers Inc. | 39,006 | 515 |
* | Malibu Boats Inc. Class A | 9,402 | 473 |
* | Kirkland's Inc. | 62,036 | 449 |
2,220,762 | |||
Consumer Staples (3.2%) | |||
* | Performance Food Group Co. | 3,495,105 | 172,134 |
* | BJ's Wholesale Club Holdings Inc. | 1,654,886 | 106,492 |
Nu Skin Enterprises Inc. Class A | 1,845,776 | 78,704 | |
* | Nomad Foods Ltd. | 3,632,511 | 67,056 |
MGP Ingredients Inc. | 604,651 | 55,223 | |
Casey's General Stores Inc. | 266,643 | 53,675 | |
* | BellRing Brands Inc. | 827,775 | 17,739 |
* | Celsius Holdings Inc. | 338,250 | 17,589 |
Coca-Cola Consolidated Inc. | 38,427 | 16,966 | |
* | Darling Ingredients Inc. | 181,689 | 13,334 |
Medifast Inc. | 50,241 | 8,961 | |
* | Herbalife Nutrition Ltd. | 307,058 | 8,162 |
Vector Group Ltd. | 565,968 | 7,199 | |
* | Pilgrim's Pride Corp. | 237,776 | 6,741 |
* | United Natural Foods Inc. | 151,717 | 6,513 |
John B Sanfilippo & Son Inc. | 67,616 | 5,250 | |
* | USANA Health Sciences Inc. | 43,288 | 3,318 |
Lamb Weston Holdings Inc. | 26,121 | 1,727 | |
Albertsons Cos. Inc. Class A | 48,316 | 1,511 | |
* | elf Beauty Inc. | 60,110 | 1,462 |
Turning Point Brands Inc. | 42,881 | 1,346 | |
651,102 | |||
Energy (2.3%) | |||
* | Whiting Petroleum Corp. | 1,288,725 | 94,141 |
Magnolia Oil & Gas Corp. Class A | 3,676,651 | 85,445 | |
Viper Energy Partners LP | 2,138,415 | 61,437 | |
ChampionX Corp. | 1,872,698 | 39,514 |
Shares | Market Value• ($000) | ||
* | Southwestern Energy Co. | 3,970,615 | 29,780 |
Coterra Energy Inc. | 884,713 | 25,471 | |
Cactus Inc. Class A | 397,250 | 19,835 | |
Pioneer Natural Resources Co. | 67,346 | 15,656 | |
Diamondback Energy Inc. | 114,620 | 14,468 | |
Texas Pacific Land Corp. | 10,302 | 14,079 | |
* | Kosmos Energy Ltd. | 1,451,245 | 9,810 |
Ovintiv Inc. (XNYS) | 175,630 | 8,991 | |
* | Talos Energy Inc. | 470,093 | 8,542 |
Matador Resources Co. | 101,347 | 4,948 | |
* | Denbury Inc. | 74,711 | 4,780 |
* | Callon Petroleum Co. | 91,266 | 4,679 |
* | Laredo Petroleum Inc. | 61,065 | 4,348 |
* | Antero Resources Corp. | 68,616 | 2,415 |
Kinetik Holdings Inc. Class A | 27,667 | 1,969 | |
* | NexTier Oilfield Solutions Inc. | 152,546 | 1,683 |
* | Earthstone Energy Inc. Class A | 111,894 | 1,509 |
* | Par Pacific Holdings Inc. | 41,339 | 606 |
454,106 | |||
Financials (8.6%) | |||
LPL Financial Holdings Inc. | 767,784 | 144,244 | |
Synovus Financial Corp. | 2,810,385 | 116,743 | |
Assurant Inc. | 609,293 | 110,818 | |
Assured Guaranty Ltd. | 1,979,361 | 109,162 | |
Western Alliance Bancorp | 1,432,153 | 109,001 | |
American Financial Group Inc. | 718,731 | 99,530 | |
Webster Financial Corp. | 1,961,800 | 98,070 | |
Voya Financial Inc. | 1,487,747 | 93,936 | |
Prosperity Bancshares Inc. | 1,247,226 | 81,544 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,964,532 | 78,562 | |
Valley National Bancorp | 6,164,226 | 73,847 | |
Tradeweb Markets Inc. Class A | 1,015,257 | 72,276 | |
Houlihan Lokey Inc. Class A | 666,420 | 55,506 | |
* | SVB Financial Group | 110,265 | 53,770 |
MGIC Investment Corp. | 3,158,834 | 41,254 | |
* | Silvergate Capital Corp. Class A | 343,808 | 40,212 |
* | PRA Group Inc. | 927,833 | 38,997 |
FirstCash Holdings Inc. | 427,560 | 34,111 | |
MarketAxess Holdings Inc. | 122,223 | 32,219 | |
1 | WisdomTree Investments Inc. | 5,107,013 | 29,774 |
* | Palomar Holdings Inc. | 460,229 | 25,059 |
* | Ryan Specialty Group Holdings Inc. Class A | 606,654 | 22,440 |
* | PROG Holdings Inc. | 699,097 | 18,505 |
Kinsale Capital Group Inc. | 81,196 | 18,000 | |
Everest Re Group Ltd. | 64,317 | 17,668 | |
Bank OZK | 454,598 | 17,466 | |
FactSet Research Systems Inc. | 41,845 | 16,884 |
Shares | Market Value• ($000) | ||
SLM Corp. | 987,740 | 16,525 | |
Piper Sandler Cos. | 108,608 | 12,488 | |
Moelis & Co. Class A | 255,253 | 11,297 | |
Virtus Investment Partners Inc. | 60,974 | 10,802 | |
Walker & Dunlop Inc. | 80,780 | 9,674 | |
*,1 | Upstart Holdings Inc. | 90,055 | 6,756 |
Cowen Inc. Class A | 210,668 | 4,814 | |
* | Donnelley Financial Solutions Inc. | 154,499 | 4,522 |
* | Focus Financial Partners Inc. Class A | 92,342 | 3,643 |
StepStone Group Inc. Class A | 113,449 | 2,907 | |
Pacific Premier Bancorp Inc. | 79,395 | 2,490 | |
* | Open Lending Corp. Class A | 164,967 | 2,250 |
Ares Management Corp. Class A | 33,558 | 2,222 | |
Hamilton Lane Inc. Class A | 23,878 | 1,638 | |
RLI Corp. | 11,414 | 1,310 | |
* | LendingTree Inc. | 16,036 | 1,274 |
PJT Partners Inc. Class A | 14,603 | 964 | |
Universal Insurance Holdings Inc. | 69,985 | 879 | |
Cohen & Steers Inc. | 11,210 | 871 | |
* | Texas Capital Bancshares Inc. | 11,520 | 592 |
* | Credit Acceptance Corp. | 1,091 | 559 |
* | Atlanticus Holdings Corp. | 12,544 | 540 |
1,748,615 | |||
Health Care (19.1%) | |||
* | ICON plc | 841,885 | 190,443 |
* | Acadia Healthcare Co. Inc. | 2,141,965 | 145,397 |
* | Molina Healthcare Inc. | 388,714 | 121,842 |
* | LHC Group Inc. | 634,765 | 105,276 |
* | Omnicell Inc. | 894,630 | 97,667 |
* | Insulet Corp. | 402,427 | 96,176 |
* | ABIOMED Inc. | 327,845 | 93,954 |
* | Charles River Laboratories International Inc. | 373,861 | 90,291 |
* | Ultragenyx Pharmaceutical Inc. | 1,259,828 | 89,057 |
STERIS plc | 394,101 | 88,298 | |
Bio-Techne Corp. | 228,193 | 86,643 | |
* | ICU Medical Inc. | 397,508 | 85,063 |
* | Hologic Inc. | 1,105,995 | 79,621 |
* | Haemonetics Corp. | 1,517,666 | 76,900 |
* | Globus Medical Inc. Class A | 1,149,508 | 76,120 |
* | Catalent Inc. | 826,523 | 74,850 |
* | Avantor Inc. | 2,334,768 | 74,432 |
* | HealthEquity Inc. | 1,188,927 | 74,094 |
* | Glaukos Corp. | 1,558,177 | 73,686 |
* | Amedisys Inc. | 557,769 | 71,199 |
* | Merit Medical Systems Inc. | 1,084,169 | 67,229 |
* | Horizon Therapeutics plc | 669,904 | 66,026 |
* | Repligen Corp. | 371,568 | 58,425 |
* | Myriad Genetics Inc. | 2,735,640 | 56,081 |
* | Penumbra Inc. | 321,791 | 55,528 |
* | Exelixis Inc. | 2,471,158 | 55,206 |
* | Quidel Corp. | 499,030 | 50,212 |
Shares | Market Value• ($000) | ||
* | Tandem Diabetes Care Inc. | 495,001 | 47,758 |
* | Veracyte Inc. | 2,247,143 | 45,999 |
* | Maravai LifeSciences Holdings Inc. Class A | 1,454,924 | 44,710 |
* | Integra LifeSciences Holdings Corp. | 690,369 | 42,223 |
* | Pacira BioSciences Inc. | 557,637 | 41,583 |
* | Ascendis Pharma A/S ADR | 449,286 | 41,006 |
* | IDEXX Laboratories Inc. | 93,215 | 40,127 |
* | Syneos Health Inc. | 544,833 | 39,822 |
* | Henry Schein Inc. | 486,489 | 39,454 |
* | DexCom Inc. | 94,898 | 38,773 |
* | Apellis Pharmaceuticals Inc. | 857,555 | 37,329 |
ResMed Inc. | 171,664 | 34,328 | |
* | Mettler-Toledo International Inc. | 25,875 | 33,056 |
* | Sotera Health Co. | 1,390,224 | 28,333 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 317,501 | 28,312 |
* | iRhythm Technologies Inc. | 218,034 | 26,899 |
* | Halozyme Therapeutics Inc. | 666,081 | 26,577 |
* | CareDx Inc. | 830,604 | 25,284 |
* | AMN Healthcare Services Inc. | 250,338 | 24,471 |
* | Nevro Corp. | 390,700 | 24,102 |
* | Turning Point Therapeutics Inc. | 792,341 | 23,327 |
Bruker Corp. | 394,652 | 22,689 | |
* | Supernus Pharmaceuticals Inc. | 810,645 | 22,617 |
* | Neurocrine Biosciences Inc. | 250,740 | 22,574 |
* | NuVasive Inc. | 432,899 | 22,268 |
Chemed Corp. | 45,149 | 22,186 | |
* | Stevanato Group SPA | 1,316,623 | 21,066 |
* | Sarepta Therapeutics Inc. | 285,018 | 20,612 |
Azenta Inc. | 271,565 | 20,357 | |
* | MEDNAX Inc. | 1,077,547 | 19,956 |
* | Kymera Therapeutics Inc. | 634,402 | 19,888 |
* | Neogen Corp. | 729,304 | 19,254 |
* | Certara Inc. | 1,046,896 | 19,211 |
* | Ligand Pharmaceuticals Inc. | 203,738 | 18,919 |
* | REVOLUTION Medicines Inc. | 927,115 | 18,514 |
* | Inspire Medical Systems Inc. | 81,567 | 16,783 |
* | Definitive Healthcare Corp. Class A | 699,500 | 16,543 |
* | Ionis Pharmaceuticals Inc. | 446,428 | 16,411 |
Cooper Cos. Inc. | 43,209 | 15,600 | |
* | Medpace Holdings Inc. | 116,311 | 15,536 |
* | Doximity Inc. Class A | 388,760 | 15,500 |
* | Sage Therapeutics Inc. | 478,803 | 15,092 |
* | C4 Therapeutics Inc. | 1,720,462 | 14,744 |
* | Mirati Therapeutics Inc. | 238,314 | 14,725 |
* | SpringWorks Therapeutics Inc. | 322,271 | 13,829 |
* | Relay Therapeutics Inc. | 576,091 | 13,728 |
* | Arvinas Inc. | 237,219 | 13,040 |
Shares | Market Value• ($000) | ||
* | Masimo Corp. | 111,783 | 12,628 |
* | STAAR Surgical Co. | 211,256 | 12,061 |
* | Agios Pharmaceuticals Inc. | 537,641 | 11,812 |
* | Axogen Inc. | 1,577,807 | 11,423 |
* | Alkermes plc | 394,825 | 11,391 |
* | Illumina Inc. | 38,391 | 11,389 |
* | Y-mAbs Therapeutics Inc. | 1,267,284 | 10,645 |
* | Shockwave Medical Inc. | 68,922 | 10,416 |
* | Heron Therapeutics Inc. | 2,110,036 | 9,537 |
* | Veeva Systems Inc. Class A | 48,445 | 8,815 |
* | Tenet Healthcare Corp. | 115,643 | 8,385 |
Select Medical Holdings Corp. | 339,796 | 7,683 | |
* | Schrodinger Inc. | 300,396 | 7,426 |
* | ACADIA Pharmaceuticals Inc. | 401,686 | 7,407 |
* | FibroGen Inc. | 711,913 | 6,621 |
* | Novavax Inc. | 143,800 | 6,481 |
Ensign Group Inc. | 80,101 | 6,435 | |
* | Privia Health Group Inc. | 286,135 | 6,292 |
* | Travere Thrapeutics Inc. | 248,714 | 6,250 |
*,1 | Clovis Oncology Inc. | 3,017,158 | 6,034 |
*,1 | Esperion Therapeutics Inc. | 1,056,361 | 6,000 |
Encompass Health Corp. | 86,469 | 5,952 | |
* | ImmunoGen Inc. | 1,135,017 | 5,482 |
* | Theravance Biopharma Inc. | 553,403 | 5,340 |
* | Community Health Systems Inc. | 695,939 | 5,338 |
*,1 | Intercept Pharmaceuticals Inc. | 331,587 | 5,209 |
* | 10X Genomics Inc. Class A | 108,896 | 5,201 |
* | AtriCure Inc. | 97,699 | 5,073 |
* | Agenus Inc. | 2,487,206 | 4,601 |
* | PTC Therapeutics Inc. | 117,544 | 4,153 |
* | Deciphera Pharmaceuticals Inc. | 387,242 | 3,919 |
* | Option Care Health Inc. | 129,218 | 3,861 |
* | Editas Medicine Inc. Class A | 288,730 | 3,823 |
* | Enanta Pharmaceuticals Inc. | 56,521 | 3,640 |
* | Seres Therapeutics Inc. | 752,376 | 3,559 |
* | Vir Biotechnology Inc. | 169,765 | 3,455 |
* | Karyopharm Therapeutics Inc. | 565,925 | 3,452 |
* | Inogen Inc. | 132,913 | 3,360 |
* | Voyager Therapeutics Inc. | 457,063 | 3,350 |
US Physical Therapy Inc. | 31,914 | 3,312 | |
* | MacroGenics Inc. | 431,583 | 3,086 |
* | Figs Inc. Class A | 189,063 | 2,961 |
* | Codexis Inc. | 242,769 | 2,920 |
* | Multiplan Corp. | 643,994 | 2,853 |
* | Atara Biotherapeutics Inc. | 433,448 | 2,757 |
* | CorVel Corp. | 16,998 | 2,636 |
* | Sangamo Therapeutics Inc. | 627,684 | 2,605 |
* | Ovid therapeutics Inc. | 940,320 | 2,586 |
* | Joint Corp. | 81,335 | 2,482 |
* | ModivCare Inc. | 23,484 | 2,442 |
* | Allscripts Healthcare Solutions Inc. | 115,239 | 2,381 |
Shares | Market Value• ($000) | ||
* | Affimed NV | 592,606 | 2,228 |
* | Alector Inc. | 225,106 | 2,161 |
* | LivaNova plc | 27,593 | 2,115 |
* | Fortress Biotech Inc. | 1,732,308 | 1,906 |
*,1 | Akebia Therapeutics Inc. | 4,574,391 | 1,899 |
* | Reata Pharmaceuticals Inc. Class A | 73,952 | 1,877 |
* | Meridian Bioscience Inc. | 73,082 | 1,870 |
* | Puma Biotechnology Inc. | 777,390 | 1,835 |
* | CytomX Therapeutics Inc. | 1,067,482 | 1,825 |
*,1 | Senseonics Holdings Inc. | 1,194,292 | 1,672 |
* | Cross Country Healthcare Inc. | 88,960 | 1,667 |
* | Beam Therapeutics Inc. | 37,652 | 1,413 |
* | Pennant Group Inc. | 85,464 | 1,401 |
* | REGENXBIO Inc. | 50,429 | 1,400 |
* | Natera Inc. | 37,823 | 1,328 |
* | Organogenesis Holdings Inc. Class A | 184,461 | 1,188 |
* | Aerie Pharmaceuticals Inc. | 160,967 | 1,144 |
* | Prothena Corp. plc | 37,827 | 1,103 |
* | Intellia Therapeutics Inc. | 22,290 | 1,093 |
* | RadNet Inc. | 54,879 | 1,070 |
* | Vanda Pharmaceuticals Inc. | 100,970 | 1,002 |
West Pharmaceutical Services Inc. | 3,141 | 990 | |
* | Radius Health Inc. | 143,225 | 980 |
* | Amneal Pharmaceuticals Inc. | 244,539 | 944 |
*,1 | Omeros Corp. | 266,232 | 924 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 97,334 | 908 |
* | Infinity Pharmaceuticals Inc. | 1,121,598 | 885 |
* | ViewRay Inc. | 302,621 | 808 |
*,1 | Sesen Bio Inc. | 2,002,873 | 761 |
Addus HomeCare Corp. | 8,612 | 726 | |
* | Molecular Templates Inc. | 424,818 | 722 |
* | NextCure Inc. | 171,519 | 714 |
* | Allakos Inc. | 187,807 | 708 |
* | Atossa Therapeutics Inc. | 698,520 | 705 |
* | Lexicon Pharmaceuticals Inc. | 382,691 | 693 |
* | Precision BioSciences Inc. | 342,301 | 681 |
* | Endo International plc | 337,491 | 675 |
* | Mustang Bio Inc. | 864,161 | 644 |
* | Minerva Neurosciences Inc. | 1,241,858 | 633 |
* | Bridgebio Pharma Inc. | 78,800 | 632 |
* | Co-Diagnostics Inc. | 143,082 | 630 |
* | Bluebird Bio Inc. | 173,134 | 628 |
* | MEI Pharma Inc. | 1,232,433 | 606 |
*,1 | Alaunos Therapeutics Inc. | 1,105,848 | 588 |
* | Evolent Health Inc. Class A | 21,347 | 587 |
* | Atea Pharmaceuticals Inc. | 98,556 | 579 |
*,1 | vTv Therapeutics Inc. Class A | 820,390 | 566 |
*,1 | Talis Biomedical Corp. | 536,576 | 563 |
* | Personalis Inc. | 96,118 | 538 |
* | Sutro Biopharma Inc. | 84,721 | 509 |
Shares | Market Value• ($000) | ||
* | Rapt Therapeutics Inc. | 33,154 | 502 |
* | Cortexyme Inc. | 131,504 | 481 |
* | Tabula Rasa HealthCare Inc. | 127,712 | 430 |
* | ChemoCentryx Inc. | 22,450 | 414 |
* | Retractable Technologies Inc. | 107,784 | 413 |
* | Selecta Biosciences Inc. | 528,838 | 405 |
* | Tactile Systems Technology Inc. | 22,060 | 372 |
*,1 | PAVmed Inc. | 241,990 | 307 |
* | Mersana Therapeutics Inc. | 84,339 | 293 |
* | Athenex Inc. | 602,458 | 289 |
* | Precigen Inc. | 216,409 | 288 |
* | Aldeyra Therapeutics Inc. | 86,259 | 265 |
* | Spero Therapeutics Inc. | 54,307 | 264 |
* | Syros Pharmaceuticals Inc. | 236,590 | 199 |
* | Cue Biopharma Inc. | 46,345 | 184 |
3,860,581 | |||
Industrials (19.5%) | |||
* | Middleby Corp. | 863,524 | 132,888 |
* | Clean Harbors Inc. | 1,252,049 | 131,377 |
* | TriNet Group Inc. | 1,399,532 | 124,138 |
*,1 | Sterling Check Corp. | 4,537,281 | 117,879 |
* | Builders FirstSource Inc. | 1,830,011 | 112,674 |
* | Kirby Corp. | 1,717,482 | 111,980 |
* | Mercury Systems Inc. | 1,879,996 | 104,885 |
* | Fluor Corp. | 4,138,458 | 102,427 |
* | Chart Industries Inc. | 605,772 | 102,266 |
Spirit AeroSystems Holdings Inc. Class A | 2,400,634 | 100,923 | |
Zurn Water Solutions Corp. | 3,140,046 | 98,032 | |
* | AerCap Holdings NV | 2,016,302 | 94,181 |
* | RBC Bearings Inc. | 519,572 | 87,470 |
Science Applications International Corp. | 1,030,225 | 85,746 | |
GATX Corp. | 826,822 | 85,485 | |
Acuity Brands Inc. | 489,890 | 84,496 | |
John Bean Technologies Corp. | 685,000 | 80,755 | |
Flowserve Corp. | 2,467,747 | 80,720 | |
Rush Enterprises Inc. Class A | 1,555,869 | 79,163 | |
* | Sensata Technologies Holding plc | 1,741,483 | 79,081 |
* | Trex Co. Inc. | 1,316,631 | 76,615 |
Fortune Brands Home & Security Inc. | 1,002,432 | 71,423 | |
Ritchie Bros Auctioneers Inc. | 1,270,832 | 70,010 | |
Matson Inc. | 798,432 | 68,681 | |
2 | Enerpac Tool Group Corp. Class A | 3,166,958 | 63,592 |
Kennametal Inc. | 2,363,286 | 60,807 | |
IDEX Corp. | 308,180 | 58,499 | |
Regal Rexnord Corp. | 459,346 | 58,447 | |
CH Robinson Worldwide Inc. | 526,272 | 55,864 | |
* | WillScot Mobile Mini Holdings Corp. | 1,565,700 | 54,956 |
* | Generac Holdings Inc. | 241,483 | 52,977 |
* | Masonite International Corp. | 645,721 | 50,056 |
Forward Air Corp. | 500,501 | 48,534 | |
* | API Group Corp. | 2,579,955 | 47,884 |
Shares | Market Value• ($000) | ||
* | ACV Auctions Inc. Class A | 3,296,959 | 44,014 |
Tennant Co. | 654,223 | 42,250 | |
* | Gibraltar Industries Inc. | 1,102,820 | 41,731 |
Verisk Analytics Inc. Class A | 197,505 | 40,301 | |
* | XPO Logistics Inc. | 671,745 | 36,133 |
* | Axon Enterprise Inc. | 303,715 | 34,077 |
* | GXO Logistics Inc. | 571,087 | 33,803 |
* | SiteOne Landscape Supply Inc. | 232,356 | 32,769 |
HEICO Corp. Class A | 275,721 | 32,160 | |
* | Kornit Digital Ltd. | 457,222 | 30,405 |
Robert Half International Inc. | 300,294 | 29,522 | |
* | United Rentals Inc. | 88,430 | 27,990 |
* | Alight Inc. Class A | 3,177,710 | 27,297 |
Vertiv Holdings Co. Class A | 2,039,279 | 25,552 | |
* | Saia Inc. | 118,958 | 24,501 |
* | Atkore Inc. | 254,618 | 24,469 |
UFP Industries Inc. | 311,760 | 24,121 | |
Allison Transmission Holdings Inc. | 604,542 | 22,634 | |
Rockwell Automation Inc. | 87,469 | 22,101 | |
ABM Industries Inc. | 450,620 | 21,751 | |
* | AZEK Co. Inc. Class A | 1,000,959 | 21,260 |
* | Cimpress plc | 415,225 | 20,973 |
Boise Cascade Co. | 266,484 | 20,141 | |
* | CoStar Group Inc. | 299,781 | 19,072 |
* | Kratos Defense & Security Solutions Inc. | 1,246,201 | 18,905 |
AGCO Corp. | 145,360 | 18,519 | |
* | Ameresco Inc. Class A | 360,609 | 18,189 |
* | GMS Inc. | 373,764 | 17,922 |
Terex Corp. | 510,296 | 17,350 | |
JB Hunt Transport Services Inc. | 97,176 | 16,602 | |
GrafTech International Ltd. | 1,799,460 | 16,339 | |
Tetra Tech Inc. | 115,531 | 16,091 | |
Applied Industrial Technologies Inc. | 151,903 | 15,903 | |
Toro Co. | 195,285 | 15,648 | |
* | Rocket Lab USA Inc. | 2,096,359 | 15,471 |
AeroVironment Inc. | 177,096 | 14,224 | |
Woodward Inc. | 126,128 | 13,935 | |
* | Shoals Technologies Group Inc. Class A | 1,341,023 | 13,383 |
* | ASGN Inc. | 116,568 | 13,225 |
EMCOR Group Inc. | 123,360 | 13,135 | |
Booz Allen Hamilton Holding Corp. Class A | 154,976 | 12,651 | |
Lincoln Electric Holdings Inc. | 79,116 | 10,659 | |
Simpson Manufacturing Co. Inc. | 100,208 | 10,389 | |
Heartland Express Inc. | 705,913 | 9,742 | |
Mueller Industries Inc. | 165,351 | 8,954 | |
Watts Water Technologies Inc. Class A | 68,011 | 8,669 | |
Landstar System Inc. | 51,972 | 8,050 | |
Kforce Inc. | 99,998 | 7,005 | |
Exponent Inc. | 71,892 | 6,888 | |
Nordson Corp. | 31,874 | 6,875 | |
Franklin Electric Co. Inc. | 82,258 | 5,753 |
Shares | Market Value• ($000) | ||
* | TrueBlue Inc. | 216,816 | 5,544 |
Herc Holdings Inc. | 43,354 | 5,541 | |
Allegion plc | 46,987 | 5,368 | |
Donaldson Co. Inc. | 109,048 | 5,348 | |
* | BlueLinx Holdings Inc. | 59,929 | 3,995 |
Hillenbrand Inc. | 80,898 | 3,302 | |
* | Huron Consulting Group Inc. | 59,206 | 3,066 |
Textainer Group Holdings Ltd. | 89,050 | 2,987 | |
* | Vicor Corp. | 43,383 | 2,626 |
Graco Inc. | 37,609 | 2,332 | |
* | MYR Group Inc. | 26,066 | 2,062 |
* | Titan International Inc. | 132,766 | 1,840 |
*,1 | Virgin Galactic Holdings Inc. | 212,086 | 1,588 |
Pitney Bowes Inc. | 257,266 | 1,356 | |
REV Group Inc. | 99,502 | 1,186 | |
* | Yellow Corp. | 247,355 | 1,108 |
* | First Advantage Corp. | 63,383 | 1,100 |
H&E Equipment Services Inc. | 21,911 | 777 | |
Helios Technologies Inc. | 10,079 | 677 | |
BWX Technologies Inc. | 12,634 | 656 | |
* | SPX Corp. | 14,331 | 600 |
Brady Corp. Class A | 12,906 | 578 | |
Argan Inc. | 15,021 | 552 | |
*,1 | Eos Energy Enterprises Inc. | 168,225 | 357 |
3,938,960 | |||
Information Technology (20.5%) | |||
* | Five9 Inc. | 1,611,165 | 177,389 |
* | New Relic Inc. | 2,162,239 | 136,805 |
Power Integrations Inc. | 1,355,359 | 108,429 | |
* | Varonis Systems Inc. Class B | 2,398,282 | 103,606 |
* | Guidewire Software Inc. | 1,164,142 | 101,211 |
* | GoDaddy Inc. Class A | 1,193,927 | 96,481 |
* | ON Semiconductor Corp. | 1,834,486 | 95,595 |
Concentrix Corp. | 606,866 | 95,569 | |
* | Tower Semiconductor Ltd. | 1,959,616 | 94,649 |
Monolithic Power Systems Inc. | 221,142 | 86,741 | |
* | Zendesk Inc. | 689,921 | 84,198 |
* | Momentive Global Inc. | 5,162,996 | 81,679 |
* | Jamf Holding Corp. | 2,603,271 | 80,181 |
* | Viavi Solutions Inc. | 5,550,949 | 79,601 |
* | First Solar Inc. | 1,083,422 | 79,122 |
* | Silicon Laboratories Inc. | 580,245 | 78,281 |
* | Cadence Design Systems Inc. | 484,723 | 73,120 |
* | Manhattan Associates Inc. | 554,805 | 72,430 |
* | Smartsheet Inc. Class A | 1,377,949 | 66,596 |
* | Cirrus Logic Inc. | 845,695 | 64,104 |
Maximus Inc. | 863,330 | 62,919 | |
*,1 | Informatica Inc. Class A | 2,986,777 | 58,123 |
* | Teledyne Technologies Inc. | 132,410 | 57,142 |
* | Enphase Energy Inc. | 325,614 | 52,554 |
* | Trimble Inc. | 763,206 | 50,906 |
* | Palo Alto Networks Inc. | 81,654 | 45,831 |
*,1 | GLOBALFOUNDRIES Inc. | 875,064 | 45,757 |
* | Envestnet Inc. | 564,755 | 44,977 |
Shares | Market Value• ($000) | ||
* | Semtech Corp. | 709,796 | 42,304 |
* | Aspen Technology Inc. | 252,919 | 40,098 |
* | Everbridge Inc. | 902,383 | 38,893 |
* | PTC Inc. | 340,366 | 38,873 |
* | Onto Innovation Inc. | 539,899 | 38,408 |
* | 8x8 Inc. | 4,155,547 | 38,106 |
* | Avalara Inc. | 496,910 | 37,800 |
* | Fortinet Inc. | 130,156 | 37,616 |
* | Mimecast Ltd. | 470,138 | 37,461 |
* | Euronet Worldwide Inc. | 300,613 | 36,570 |
* | HubSpot Inc. | 93,269 | 35,389 |
* | CyberArk Software Ltd. | 224,703 | 35,310 |
* | Dynatrace Inc. | 898,065 | 34,450 |
* | Globant SA | 159,244 | 34,395 |
* | WEX Inc. | 202,922 | 33,734 |
* | MongoDB Inc. Class A | 94,047 | 33,380 |
* | Tyler Technologies Inc. | 81,643 | 32,225 |
* | Black Knight Inc. | 475,572 | 31,288 |
* | N-Able Inc. | 3,121,497 | 31,215 |
*,1 | Paycor HCM Inc. | 1,253,757 | 30,880 |
Microchip Technology Inc. | 468,210 | 30,527 | |
* | Rapid7 Inc. | 314,117 | 30,004 |
Cognex Corp. | 440,031 | 29,759 | |
* | Box Inc. Class A | 891,970 | 27,312 |
* | Tenable Holdings Inc. | 493,766 | 27,271 |
Jabil Inc. | 462,951 | 26,726 | |
* | Fair Isaac Corp. | 69,796 | 26,070 |
* | Wix.com Ltd. | 343,313 | 25,906 |
* | Dropbox Inc. Class A | 1,182,939 | 25,729 |
* | Ciena Corp. | 458,743 | 25,309 |
*,1 | Monday.com Ltd. | 192,860 | 24,956 |
* | Procore Technologies Inc. | 441,147 | 24,470 |
* | Qualys Inc. | 174,109 | 23,728 |
* | Nutanix Inc. Class A | 943,860 | 23,625 |
National Instruments Corp. | 652,976 | 23,599 | |
* | KnowBe4 Inc. Class A | 989,238 | 23,544 |
* | Pure Storage Inc. Class A | 758,619 | 22,228 |
* | Q2 Holdings Inc. | 410,449 | 21,233 |
* | SentinelOne Inc. Class A | 635,300 | 21,136 |
* | Anaplan Inc. | 314,402 | 20,433 |
*,1 | Freshworks Inc. Class A | 1,106,800 | 20,111 |
* | ANSYS Inc. | 69,172 | 19,070 |
* | Allegro MicroSystems Inc. | 783,984 | 19,059 |
* | Teradata Corp. | 454,925 | 18,811 |
* | Sumo Logic Inc. | 1,985,179 | 18,621 |
* | Mandiant Inc. | 834,271 | 18,337 |
* | Lattice Semiconductor Corp. | 370,947 | 17,820 |
A10 Networks Inc. | 1,241,398 | 17,727 | |
* | Elastic NV | 230,902 | 17,581 |
* | CommScope Holding Co. Inc. | 2,885,995 | 17,403 |
* | Ambarella Inc. | 199,526 | 16,377 |
* | Consensus Cloud Solutions Inc. | 297,889 | 15,705 |
*,1 | Clear Secure Inc. Class A | 516,100 | 15,700 |
TTEC Holdings Inc. | 202,881 | 14,975 | |
* | MaxLinear Inc. | 299,859 | 14,354 |
* | PROS Holdings Inc. | 509,666 | 14,235 |
* | CommVault Systems Inc. | 233,057 | 14,216 |
Shares | Market Value• ($000) | ||
Belden Inc. | 272,868 | 14,088 | |
* | Extreme Networks Inc. | 1,344,068 | 12,903 |
* | Paylocity Holding Corp. | 65,901 | 12,497 |
* | DocuSign Inc. Class A | 152,806 | 12,377 |
* | Axcelis Technologies Inc. | 221,954 | 12,085 |
* | Toast Inc. Class A | 616,373 | 11,483 |
* | Coupa Software Inc. | 126,409 | 10,909 |
* | Alarm.com Holdings Inc. | 176,547 | 10,783 |
* | Atlassian Corp. plc Class A | 47,201 | 10,612 |
* | Diodes Inc. | 142,496 | 10,406 |
CDW Corp. | 63,762 | 10,405 | |
CSG Systems International Inc. | 164,794 | 10,130 | |
* | Domo Inc. Class B | 242,849 | 10,059 |
* | RingCentral Inc. Class A | 113,841 | 9,659 |
Kulicke & Soffa Industries Inc. | 206,097 | 9,565 | |
* | Unity Software Inc. | 133,516 | 8,867 |
* | Ultra Clean Holdings Inc. | 276,065 | 8,605 |
* | EPAM Systems Inc. | 32,097 | 8,505 |
* | Alpha & Omega Semiconductor Ltd. | 195,699 | 8,395 |
* | Bill.Com Holdings Inc. | 47,566 | 8,120 |
* | SMART Global Holdings Inc. | 350,636 | 7,945 |
Amkor Technology Inc. | 409,906 | 7,710 | |
* | Workiva Inc. Class A | 70,140 | 6,769 |
* | Sprout Social Inc. Class A | 108,992 | 6,679 |
* | Perficient Inc. | 60,211 | 5,986 |
* | ChannelAdvisor Corp. | 382,754 | 5,554 |
* | Sitime Corp. | 31,417 | 5,296 |
* | Fabrinet | 52,652 | 5,170 |
* | Agilysys Inc. | 137,951 | 5,078 |
Entegris Inc. | 42,735 | 4,760 | |
Hackett Group Inc. | 198,772 | 4,669 | |
* | Yext Inc. | 792,404 | 4,588 |
* | eGain Corp. | 440,680 | 4,561 |
* | Ichor Holdings Ltd. | 148,537 | 4,324 |
* | ePlus Inc. | 73,114 | 4,129 |
* | Unisys Corp. | 289,663 | 4,116 |
* | Eastman Kodak Co. | 772,655 | 3,995 |
* | MACOM Technology Solutions Holdings Inc. Class H | 75,523 | 3,848 |
* | Brightcove Inc. | 524,919 | 3,701 |
* | ExlService Holdings Inc. | 26,665 | 3,630 |
Bentley Systems Inc. Class B | 83,253 | 3,529 | |
* | Upland Software Inc. | 233,415 | 3,483 |
* | Cohu Inc. | 128,232 | 3,406 |
* | Avaya Holdings Corp. | 365,179 | 3,378 |
* | Zuora Inc. Class A | 260,253 | 3,167 |
* | Super Micro Computer Inc. | 65,149 | 2,743 |
* | International Money Express Inc. | 134,153 | 2,666 |
* | Digital Turbine Inc. | 70,633 | 2,236 |
* | Diebold Nixdorf Inc. | 519,313 | 2,129 |
ACI Worldwide Inc. | 71,312 | 1,970 | |
* | LivePerson Inc. | 82,359 | 1,863 |
* | DigitalOcean Holdings Inc. | 43,587 | 1,719 |
* | Avid Technology Inc. | 54,061 | 1,714 |
* | Duck Creek Technologies Inc. | 90,771 | 1,446 |
* | LiveRamp Holdings Inc. | 44,254 | 1,386 |
Shares | Market Value• ($000) | ||
* | Cambium Networks Corp. | 89,119 | 1,361 |
* | FormFactor Inc. | 31,333 | 1,194 |
* | Arlo Technologies Inc. | 127,938 | 990 |
* | ON24 Inc. | 76,124 | 964 |
* | Couchbase Inc. | 55,396 | 942 |
*,1 | Veritone Inc. | 83,752 | 907 |
*,1 | MicroVision Inc. | 252,145 | 814 |
*,1 | MicroStrategy Inc. Class A | 2,155 | 763 |
* | C3.ai Inc. Class A | 31,316 | 532 |
* | Mitek Systems Inc. | 37,186 | 415 |
4,144,736 | |||
Materials (2.7%) | |||
Graphic Packaging Holding Co. | 5,512,709 | 120,177 | |
Louisiana-Pacific Corp. | 1,477,256 | 95,312 | |
Methanex Corp. | 1,897,077 | 95,157 | |
* | Summit Materials Inc. Class A | 1,830,961 | 50,901 |
Cabot Corp. | 665,628 | 43,832 | |
Ashland Global Holdings Inc. | 360,700 | 37,863 | |
Westlake Corp. | 162,373 | 20,548 | |
Balchem Corp. | 165,590 | 20,401 | |
Olin Corp. | 331,300 | 19,017 | |
Steel Dynamics Inc. | 163,836 | 14,049 | |
Warrior Met Coal Inc. | 293,137 | 9,987 | |
* | O-I Glass Inc. | 520,515 | 7,016 |
Chemours Co. | 130,286 | 4,308 | |
Sensient Technologies Corp. | 49,030 | 4,148 | |
* | Livent Corp. | 193,790 | 4,139 |
Schnitzer Steel Industries Inc. Class A | 61,147 | 2,790 | |
Avery Dennison Corp. | 15,281 | 2,760 | |
Innospec Inc. | 8,642 | 824 | |
* | PureCycle Technologies Inc. | 81,539 | 636 |
Orion Engineered Carbons SA | 41,985 | 634 | |
* | Allegheny Technologies Inc. | 21,949 | 597 |
555,096 | |||
Other (1.2%) | |||
3 | Vanguard Small-Cap ETF | 1,248,435 | 243,507 |
Real Estate (3.6%) | |||
Phillips Edison & Co. Inc. | 2,887,428 | 97,768 | |
PS Business Parks Inc. | 503,048 | 94,171 | |
Rexford Industrial Realty Inc. | 1,096,726 | 85,589 | |
Douglas Emmett Inc. | 2,788,751 | 82,157 | |
Life Storage Inc. | 602,311 | 79,800 | |
Essential Properties Realty Trust Inc. | 3,119,165 | 74,860 | |
Pebblebrook Hotel Trust | 2,748,545 | 67,120 | |
* | Xenia Hotels & Resorts Inc. | 2,601,688 | 50,187 |
Americold Realty Trust | 1,070,900 | 28,250 | |
National Storage Affiliates Trust | 305,438 | 17,288 | |
Lamar Advertising Co. Class A | 143,120 | 15,802 | |
EastGroup Properties Inc. | 78,125 | 14,648 | |
Iron Mountain Inc. | 105,010 | 5,642 |
Shares | Market Value• ($000) | ||
Outfront Media Inc. | 170,085 | 4,354 | |
Necessity Retail REIT Inc. | 551,884 | 4,123 | |
Alexander's Inc. | 9,841 | 2,442 | |
RMR Group Inc. Class A | 75,418 | 2,057 | |
UMH Properties Inc. | 80,599 | 1,896 | |
NexPoint Residential Trust Inc. | 21,049 | 1,877 | |
Douglas Elliman Inc. | 306,322 | 1,856 | |
* | Redfin Corp. | 97,708 | 1,089 |
Gladstone Commercial Corp. | 47,494 | 999 | |
St. Joe Co. | 11,103 | 591 | |
734,566 | |||
Utilities (0.8%) | |||
Atlantica Sustainable Infrastructure plc | 2,459,043 | 75,984 | |
Portland General Electric Co. | 1,562,858 | 73,970 | |
NRG Energy Inc. | 132,151 | 4,744 | |
Brookfield Infrastructure Corp. Class A (XTSE) | 54,357 | 3,855 | |
American States Water Co. | 16,305 | 1,283 | |
159,836 | |||
Total Common Stocks (Cost $16,743,300) | 19,319,925 | ||
Preferred Stock (0.0%) | |||
*,1,4 | Meta Material Inc. Preference Shares (Cost $267) | 181,756 | 229 |
Temporary Cash Investments (5.1%) | |||
Money Market Fund (3.9%) | |||
5,6 | Vanguard Market Liquidity Fund, 0.409% | 7,880,665 | 787,988 |
Face Amount ($000) | Market Value• ($000) | ||
Repurchase Agreement (1.2%) | |||
Deutsche Bank Securities, Inc. 0.300%, 5/2/22 (Dated 4/29/22, Repurchase Value $248,606,000, collateralized by U.S. Treasury Note/Bond 2.375%–4.625%, 2/15/40–11/15/49, with a value of $253,572,000) | 248,600 | 248,600 | |
Total Temporary Cash Investments (Cost $1,036,518) | 1,036,588 | ||
Total Investments (100.6%) (Cost $17,780,085) | 20,356,742 | ||
Other Assets and Liabilities—Net (-0.6%) | (113,516) | ||
Net Assets (100%) | 20,243,226 | ||
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 $110,436,000. |
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 | Perpetual security with no stated maturity date. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $126,671,000 was received for securities on loan, of which $126,409,000 is held in Vanguard Market Liquidity Fund and $262,000 is held in cash. |
ADR—American Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
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 2022 | 5,758 | 535,868 | (26,471) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $16,703,005) | 19,261,655 |
Affiliated Issuers (Cost $1,077,080) | 1,095,087 |
Total Investments in Securities | 20,356,742 |
Investment in Vanguard | 740 |
Cash | 640 |
Cash Collateral Pledged—Futures Contracts | 31,278 |
Receivables for Investment Securities Sold | 37,089 |
Receivables for Accrued Income | 1,560 |
Receivables for Capital Shares Issued | 58,393 |
Total Assets | 20,486,442 |
Liabilities | |
Payables for Investment Securities Purchased | 74,862 |
Collateral for Securities on Loan | 126,671 |
Payables to Investment Advisor | 10,939 |
Payables for Capital Shares Redeemed | 15,407 |
Payables to Vanguard | 1,360 |
Variation Margin Payable—Futures Contracts | 13,977 |
Total Liabilities | 243,216 |
Net Assets | 20,243,226 |
1 Includes $110,436 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 16,834,314 |
Total Distributable Earnings (Loss) | 3,408,912 |
Net Assets | 20,243,226 |
Investor Shares—Net Assets | |
Applicable to 30,064,953 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,158,466 |
Net Asset Value Per Share—Investor Shares | $105.05 |
Admiral Shares—Net Assets | |
Applicable to 174,847,988 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 17,084,760 |
Net Asset Value Per Share—Admiral Shares | $97.71 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 64,191 |
Dividends—Affiliated Issuers | 1,974 |
Interest—Unaffiliated Issuers | 81 |
Interest—Affiliated Issuers | 478 |
Securities Lending—Net | 661 |
Total Income | 67,385 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 18,549 |
Performance Adjustment | 3,898 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 4,258 |
Management and Administrative—Admiral Shares | 12,298 |
Marketing and Distribution—Investor Shares | 152 |
Marketing and Distribution—Admiral Shares | 467 |
Custodian Fees | 63 |
Shareholders’ Reports—Investor Shares | 25 |
Shareholders’ Reports—Admiral Shares | 95 |
Trustees’ Fees and Expenses | 6 |
Other Expenses | 9 |
Total Expenses | 39,820 |
Net Investment Income | 27,565 |
Realized Net Gain (Loss) | |
Capital Gains Distributions Received – Affiliated Issuers | 15 |
Investment Securities Sold—Unaffiliated Issuers | 925,676 |
Investment Securities Sold—Affiliated Issuers | 64,486 |
Futures Contracts | (67,574) |
Foreign Currencies | (48) |
Realized Net Gain (Loss) | 922,555 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | (5,481,472) |
Investment Securities—Affiliated Issuers | (135,172) |
Futures Contracts | (35,743) |
Foreign Currencies | 1 |
Change in Unrealized Appreciation (Depreciation) | (5,652,386) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,702,266) |
1 | Dividends are net of foreign withholding taxes of $185,000. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 27,565 | 52,288 | |
Realized Net Gain (Loss) | 922,555 | 3,516,351 | |
Change in Unrealized Appreciation (Depreciation) | (5,652,386) | 4,291,092 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,702,266) | 7,859,731 | |
Distributions | |||
Investor Shares | (542,949) | (250,706) | |
Admiral Shares | (2,859,142) | (1,099,471) | |
Total Distributions | (3,402,091) | (1,350,177) | |
Capital Share Transactions | |||
Investor Shares | 376,265 | (480,536) | |
Admiral Shares | 3,303,455 | 2,034,131 | |
Net Increase (Decrease) from Capital Share Transactions | 3,679,720 | 1,553,595 | |
Total Increase (Decrease) | (4,424,637) | 8,063,149 | |
Net Assets | |||
Beginning of Period | 24,667,863 | 16,604,714 | |
End of Period | 20,243,226 | 24,667,863 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $151.47 | $110.44 | $101.66 | $102.25 | $102.10 | $83.91 |
Investment Operations | ||||||
Net Investment Income1 | .098 | .206 | .284 | .333 | .325 | .421 |
Net Realized and Unrealized Gain (Loss) on Investments | (26.034) | 49.372 | 13.688 | 8.234 | 11.192 | 21.657 |
Total from Investment Operations | (25.936) | 49.578 | 13.972 | 8.567 | 11.517 | 22.078 |
Distributions | ||||||
Dividends from Net Investment Income | (.278) | (.158) | (.295) | (.286) | (.475) | (.318) |
Distributions from Realized Capital Gains | (20.206) | (8.390) | (4.897) | (8.871) | (10.892) | (3.570) |
Total Distributions | (20.484) | (8.548) | (5.192) | (9.157) | (11.367) | (3.888) |
Net Asset Value, End of Period | $105.05 | $151.47 | $110.44 | $101.66 | $102.25 | $102.10 |
Total Return2 | -18.97% | 46.27% | 14.08% | 10.15% | 12.12% | 27.10% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,158 | $4,074 | $3,325 | $3,520 | $3,420 | $3,520 |
Ratio of Total Expenses to Average Net Assets3 | 0.45% | 0.40% | 0.41% | 0.45% | 0.44% | 0.43% |
Ratio of Net Investment Income to Average Net Assets | 0.14% | 0.15% | 0.28% | 0.33% | 0.31% | 0.45% |
Portfolio Turnover Rate | 24% | 45% | 43% | 41% | 50% | 76% |
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 0.03%, (0.01%), (0.01%), 0.03%, 0.02%, and (0.01%). |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $141.02 | $102.82 | $94.64 | $95.24 | $94.99 | $78.07 |
Investment Operations | ||||||
Net Investment Income1 | .149 | .321 | .365 | .409 | .418 | .495 |
Net Realized and Unrealized Gain (Loss) on Investments | (24.209) | 45.967 | 12.752 | 7.648 | 10.405 | 20.145 |
Total from Investment Operations | (24.060) | 46.288 | 13.117 | 8.057 | 10.823 | 20.640 |
Distributions | ||||||
Dividends from Net Investment Income | (.434) | (.275) | (.378) | (.393) | (.438) | (.403) |
Distributions from Realized Capital Gains | (18.816) | (7.813) | (4.559) | (8.264) | (10.135) | (3.317) |
Total Distributions | (19.250) | (8.088) | (4.937) | (8.657) | (10.573) | (3.720) |
Net Asset Value, End of Period | $97.71 | $141.02 | $102.82 | $94.64 | $95.24 | $94.99 |
Total Return2 | -18.92% | 46.42% | 14.21% | 10.27% | 12.24% | 27.25% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $17,085 | $20,594 | $13,279 | $12,569 | $11,616 | $9,514 |
Ratio of Total Expenses to Average Net Assets3 | 0.34% | 0.29% | 0.30% | 0.34% | 0.32% | 0.31% |
Ratio of Net Investment Income to Average Net Assets | 0.24% | 0.25% | 0.39% | 0.44% | 0.43% | 0.57% |
Portfolio Turnover Rate | 24% | 45% | 43% | 41% | 50% | 76% |
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 0.03%, (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 | 19,319,925 | — | — | 19,319,925 |
Preferred Stock | 229 | — | — | 229 |
Temporary Cash Investments | 787,988 | 248,600 | — | 1,036,588 |
Total | 20,108,142 | 248,600 | — | 20,356,742 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 26,471 | — | — | 26,471 |
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, 2022, 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 | 17,873,192 |
Gross Unrealized Appreciation | 4,512,752 |
Gross Unrealized Depreciation | (2,055,673) |
Net Unrealized Appreciation (Depreciation) | 2,457,079 |
F. | During the six months ended April 30, 2022, the fund purchased $5,195,601,000 of investment securities and sold $5,187,322,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 156,571 | 1,243 | 493,604 | 3,566 | |
Issued in Lieu of Cash Distributions | 526,661 | 4,330 | 244,060 | 1,898 | |
Redeemed | (306,967) | (2,404) | (1,218,200) | (8,679) | |
Net Increase (Decrease)—Investor Shares | 376,265 | 3,169 | (480,536) | (3,215) | |
Admiral Shares | |||||
Issued | 1,853,082 | 16,001 | 3,692,806 | 28,851 | |
Issued in Lieu of Cash Distributions | 2,659,575 | 23,515 | 1,024,110 | 8,560 | |
Redeemed | (1,209,202) | (10,705) | (2,682,785) | (20,527) | |
Net Increase (Decrease)—Admiral Shares | 3,303,455 | 28,811 | 2,034,131 | 16,884 |
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, 2021 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, 2022 Market Value ($000) | |
Enerpac Tool Group Corp. Class A | 65,557 | 532 | — | — | (2,497) | — | — | 63,592 |
Houghton Mifflin Harcourt Co. | 90,571 | 681 | 134,702 | 78,350 | (34,900) | — | — | — |
Momentive Global Inc. | 210,733 | 6,189 | 69,398 | (6,429) | (59,416) | — | — | NA1 |
Vanguard Market Liquidity Fund | 627,469 | NA2 | NA2 | (28) | (26) | 478 | 15 | 787,988 |
Vanguard Small-Cap ETF | 315,115 | 160,778 | 186,646 | (7,407) | (38,333) | 1,974 | — | 243,507 |
Total | 1,309,445 | 168,180 | 390,746 | 64,486 | (135,172) | 2,452 | 15 | 1,095,087 |
1 | Not applicable—at April 30, 2022, the security was still held, but the issuer was no longer an affiliated company of the fund. |
2 | 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, 2022, that would require recognition or disclosure in these financial statements. |
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All rights reserved.
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.
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) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications filed 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 17, 2022
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 17, 2022
VANGUARD EXPLORER FUND | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 17, 2022
* 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.