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, 2022—April 30, 2023
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSRS/0001104659-23-075831/tm2312905d4explrfdq242i001.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 25 |
Liquidity Risk Management | 28 |
• | 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, 2023 | |||
Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Explorer Fund | |||
Investor Shares | $1,000.00 | $1,038.30 | $2.32 |
Admiral™ Shares | 1,000.00 | 1,038.80 | 1.77 |
Based on Hypothetical 5% Yearly Return | |||
Explorer Fund | |||
Investor Shares | $1,000.00 | $1,022.51 | $2.31 |
Admiral Shares | 1,000.00 | 1,023.06 | 1.76 |
Communication Services | 3.9% |
Consumer Discretionary | 11.6 |
Consumer Staples | 3.7 |
Energy | 4.1 |
Financials | 8.7 |
Health Care | 20.5 |
Industrials | 21.9 |
Information Technology | 16.0 |
Materials | 4.0 |
Real Estate | 3.3 |
Utilities | 1.4 |
Other | 0.9 |
Shares | Market Value• ($000) | ||
Common Stocks (96.1%) | |||
Communication Services (3.7%) | |||
New York Times Co. Class A | 2,784,978 | 110,703 | |
* | Ziff Davis Inc. | 1,113,345 | 81,430 |
* | Live Nation Entertainment Inc. | 1,116,656 | 75,687 |
* | Bumble Inc. Class A | 3,928,260 | 71,534 |
* | Cinemark Holdings Inc. | 4,236,511 | 71,512 |
* | Cargurus Inc. | 3,506,464 | 57,646 |
* | ZipRecruiter Inc. Class A | 3,050,437 | 51,674 |
* | Take-Two Interactive Software Inc. | 364,212 | 45,268 |
Iridium Communications Inc. | 531,656 | 33,744 | |
Warner Music Group Corp. Class A | 1,063,704 | 32,411 | |
Electronic Arts Inc. | 251,686 | 32,035 | |
* | Yelp Inc. Class A | 539,541 | 16,143 |
* | Spotify Technology SA | 85,181 | 11,380 |
* | IAC Inc. | 193,533 | 10,019 |
* | Playtika Holding Corp. | 479,732 | 4,797 |
Cable One Inc. | 5,312 | 4,029 | |
Shutterstock Inc. | 37,458 | 2,510 | |
* | Clear Channel Outdoor Holdings Inc. | 1,948,279 | 2,474 |
* | TripAdvisor Inc. | 134,252 | 2,380 |
* | TechTarget Inc. | 54,080 | 1,844 |
* | Bandwidth Inc. Class A | 138,727 | 1,688 |
* | Vimeo Inc. | 405,787 | 1,335 |
* | WideOpenWest Inc. | 82,232 | 940 |
* | Integral Ad Science Holding Corp. | 57,555 | 905 |
* | PubMatic Inc. Class A | 62,376 | 852 |
* | Quotient Technology Inc. | 290,641 | 820 |
Madison Square Garden Sports Corp. | 3,883 | 779 | |
* | Eventbrite Inc. Class A | 72,975 | 531 |
* | EverQuote Inc. Class A | 47,437 | 331 |
727,401 | |||
Consumer Discretionary (11.1%) | |||
* | Burlington Stores Inc. | 804,056 | 155,030 |
Wingstop Inc. | 572,671 | 114,597 | |
* | Skyline Champion Corp. | 1,431,284 | 106,158 |
* | Five Below Inc. | 469,972 | 92,754 |
Steven Madden Ltd. | 2,396,569 | 83,976 | |
Meritage Homes Corp. | 647,671 | 82,934 | |
Texas Roadhouse Inc. Class A | 714,960 | 79,089 |
Shares | Market Value• ($000) | ||
Acushnet Holdings Corp. | 1,548,321 | 77,617 | |
* | Crocs Inc. | 621,051 | 76,805 |
Levi Strauss & Co. Class A | 5,121,583 | 74,058 | |
* | YETI Holdings Inc. | 1,854,822 | 73,173 |
Churchill Downs Inc. | 243,658 | 71,277 | |
* | Skechers USA Inc. Class A | 1,172,020 | 62,340 |
Carter's Inc. | 863,697 | 60,260 | |
* | Floor & Decor Holdings Inc. Class A | 473,252 | 47,013 |
Pool Corp. | 110,353 | 38,769 | |
* | Sally Beauty Holdings Inc. | 2,578,939 | 36,698 |
* | Topgolf Callaway Brands Corp. | 1,626,472 | 36,059 |
* | Etsy Inc. | 352,305 | 35,593 |
Domino's Pizza Inc. | 111,036 | 35,251 | |
* | frontdoor Inc. | 1,243,083 | 34,011 |
* | Deckers Outdoor Corp. | 70,901 | 33,986 |
* | National Vision Holdings Inc. | 1,606,547 | 33,802 |
* | Grand Canyon Education Inc. | 256,497 | 30,446 |
* | Ulta Beauty Inc. | 55,103 | 30,385 |
Papa John's International Inc. | 405,439 | 30,323 | |
*,1 | Canada Goose Holdings Inc. | 1,465,228 | 28,748 |
* | Under Armour Inc. Class C | 3,453,127 | 27,763 |
Tractor Supply Co. | 103,272 | 24,620 | |
*,1 | Farfetch Ltd. Class A | 6,009,395 | 24,218 |
*,1 | Sportradar Holding AG Class A | 2,084,277 | 24,115 |
* | Leslie's Inc. | 1,958,600 | 21,251 |
* | Fox Factory Holding Corp. | 190,780 | 21,152 |
Murphy USA Inc. | 75,917 | 20,895 | |
Boyd Gaming Corp. | 265,013 | 18,392 | |
* | Bright Horizons Family Solutions Inc. | 232,132 | 17,670 |
Tapestry Inc. | 368,937 | 15,056 | |
* | Tri Pointe Homes Inc. | 509,141 | 14,602 |
Williams-Sonoma Inc. | 117,330 | 14,202 | |
* | Cavco Industries Inc. | 45,782 | 13,745 |
Hanesbrands Inc. | 2,495,045 | 13,074 | |
* | Revolve Group Inc. | 632,379 | 13,059 |
Buckle Inc. | 355,170 | ��� 11,909 | |
Toll Brothers Inc. | 185,611 | 11,862 |
Shares | Market Value• ($000) | ||
Travel & Leisure Co. | 290,446 | 11,115 | |
* | Chegg Inc. | 566,957 | 10,194 |
* | SeaWorld Entertainment Inc. | 169,834 | 9,113 |
* | Brinker International Inc. | 213,305 | 8,515 |
* | Shake Shack Inc. Class A | 117,595 | 6,445 |
Patrick Industries Inc. | 92,092 | 6,320 | |
* | Master Craft Boat Holdings Inc. | 213,187 | 6,240 |
* | Everi Holdings Inc. | 387,131 | 5,884 |
Oxford Industries Inc. | 55,871 | 5,765 | |
Wendy's Co. | 260,043 | 5,747 | |
* | Malibu Boats Inc. Class A | 94,029 | 5,336 |
* | Visteon Corp. | 37,122 | 5,212 |
Signet Jewelers Ltd. | 70,780 | 5,208 | |
* | Taylor Morrison Home Corp. Class A | 119,320 | 5,142 |
* | RH | 18,414 | 4,698 |
* | American Axle & Manufacturing Holdings Inc. | 648,685 | 4,638 |
* | Perdoceo Education Corp. | 354,118 | 4,596 |
Dine Brands Global Inc. | 68,827 | 4,469 | |
* | CarParts.com Inc. | 932,394 | 4,420 |
Monarch Casino & Resort Inc. | 63,703 | 4,418 | |
Brunswick Corp. | 47,007 | 3,986 | |
International Game Technology plc | 138,513 | 3,898 | |
Installed Building Products Inc. | 31,144 | 3,870 | |
* | Boot Barn Holdings Inc. | 52,825 | 3,828 |
* | Hilton Grand Vacations Inc. | 88,599 | 3,792 |
Ruth's Hospitality Group Inc. | 233,538 | 3,774 | |
* | Stride Inc. | 84,793 | 3,643 |
* | Golden Entertainment Inc. | 83,224 | 3,509 |
Academy Sports & Outdoors Inc. | 54,150 | 3,440 | |
* | Stitch Fix Inc. Class A | 889,630 | 3,034 |
Winnebago Industries Inc. | 47,651 | 2,770 | |
Build-A-Bear Workshop Inc. | 106,302 | 2,466 | |
Carriage Services Inc. Class A | 80,893 | 2,322 | |
Jack in the Box Inc. | 24,246 | 2,247 | |
Hibbett Inc. | 40,557 | 2,203 | |
* | Chico's FAS Inc. | 414,400 | 2,089 |
* | Six Flags Entertainment Corp. | 84,755 | 2,057 |
Bloomin' Brands Inc. | 73,012 | 1,809 | |
Red Rock Resorts Inc. Class A | 34,699 | 1,693 | |
* | Wayfair Inc. Class A | 45,206 | 1,575 |
* | Dave & Buster's Entertainment Inc. | 41,254 | 1,463 |
Standard Motor Products Inc. | 40,577 | 1,461 | |
* | Coursera Inc. | 115,104 | 1,432 |
1 | Dillard's Inc. Class A | 4,284 | 1,278 |
* | Denny's Corp. | 109,135 | 1,223 |
PulteGroup Inc. | 14,352 | 964 | |
Guess? Inc. | 50,609 | 954 |
Shares | Market Value• ($000) | ||
* | Warby Parker Inc. Class A | 84,745 | 892 |
* | Neogames SA | 59,624 | 802 |
*,1 | Rent the Runway Inc. Class A | 280,483 | 732 |
* | Victoria's Secret & Co. | 20,786 | 645 |
* | Dorman Products Inc. | 6,959 | 600 |
Caleres Inc. | 26,121 | 596 | |
*,1 | Torrid Holdings Inc. | 151,156 | 517 |
* | Red Robin Gourmet Burgers Inc. | 39,006 | 510 |
RCI Hospitality Holdings Inc. | 6,265 | 469 | |
*,1 | RealReal Inc. | 387,636 | 434 |
2,165,189 | |||
Consumer Staples (3.6%) | |||
* | Performance Food Group Co. | 2,276,085 | 142,688 |
* | BJ's Wholesale Club Holdings Inc. | 1,454,265 | 111,062 |
Nu Skin Enterprises Inc. Class A | 1,937,581 | 76,457 | |
Casey's General Stores Inc. | 266,643 | 61,013 | |
* | Freshpet Inc. | 629,337 | 43,405 |
MGP Ingredients Inc. | 391,395 | 38,623 | |
* | Celsius Holdings Inc. | 385,046 | 36,799 |
* | Dollar Tree Inc. | 234,794 | 36,090 |
* | BellRing Brands Inc. | 955,384 | 34,384 |
Coca-Cola Consolidated Inc. | 34,925 | 20,587 | |
* | elf Beauty Inc. | 211,784 | 19,645 |
Lamb Weston Holdings Inc. | 167,092 | 18,683 | |
Cal-Maine Foods Inc. | 307,030 | 14,584 | |
Vector Group Ltd. | 449,117 | 5,722 | |
Medifast Inc. | 53,082 | 4,865 | |
John B Sanfilippo & Son Inc. | 44,462 | 4,622 | |
* | Pilgrim's Pride Corp. | 169,200 | 3,860 |
* | Herbalife Nutrition Ltd. | 231,240 | 3,436 |
* | USANA Health Sciences Inc. | 43,366 | 2,878 |
PriceSmart Inc. | 35,377 | 2,607 | |
Inter Parfums Inc. | 14,739 | 2,237 | |
Energizer Holdings Inc. | 58,694 | 1,962 | |
* | Darling Ingredients Inc. | 32,703 | 1,948 |
Turning Point Brands Inc. | 75,086 | 1,786 | |
*,1 | Rite Aid Corp. | 443,974 | 932 |
* | Beauty Health Co. | 48,845 | 560 |
691,435 | |||
Energy (3.9%) | |||
Chord Energy Corp. | 781,119 | 111,177 | |
Viper Energy Partners LP | 3,632,802 | 106,950 | |
Magnolia Oil & Gas Corp. Class A | 4,961,277 | 104,782 | |
PDC Energy Inc. | 1,338,907 | 87,096 | |
ChampionX Corp. | 1,980,984 | 53,645 | |
EQT Corp. | 1,025,000 | 35,711 | |
Matador Resources Co. | 632,320 | 31,003 | |
* | Southwestern Energy Co. | 5,779,510 | 29,996 |
* | TechnipFMC plc | 1,950,593 | 26,704 |
Cactus Inc. Class A | 520,162 | 21,056 | |
Coterra Energy Inc. | 727,852 | 18,633 | |
Pioneer Natural Resources Co. | 67,346 | 14,651 |
Shares | Market Value• ($000) | ||
Liberty Energy Inc. Class A | 1,090,390 | 13,968 | |
* | Weatherford International plc | 209,982 | 13,571 |
* | Par Pacific Holdings Inc. | 512,433 | 12,006 |
SM Energy Co. | 331,085 | 9,297 | |
* | Nabors Industries Ltd. (XNYS) | 88,305 | 8,808 |
Diamondback Energy Inc. | 60,958 | 8,668 | |
Range Resources Corp. | 303,830 | 8,036 | |
Ovintiv Inc. (XNYS) | 166,438 | 6,005 | |
* | Denbury Inc. | 42,360 | 3,956 |
Delek US Holdings Inc. | 179,642 | 3,907 | |
Murphy Oil Corp. | 99,957 | 3,669 | |
Texas Pacific Land Corp. | 1,949 | 2,880 | |
* | US Silica Holdings Inc. | 208,045 | 2,715 |
* | Amplify Energy Corp. | 363,162 | 2,509 |
* | NexTier Oilfield Solutions Inc. | 308,839 | 2,495 |
* | Talos Energy Inc. | 180,436 | 2,459 |
Patterson-UTI Energy Inc. | 213,365 | 2,388 | |
* | Kosmos Energy Ltd. | 323,339 | 2,069 |
* | Callon Petroleum Co. | 54,997 | 1,823 |
* | Antero Resources Corp. | 70,084 | 1,611 |
* | Oceaneering International Inc. | 90,329 | 1,601 |
CONSOL Energy Inc. | 22,424 | 1,331 | |
* | TETRA Technologies Inc. | 387,026 | 1,103 |
Arch Resources Inc. | 8,036 | 982 | |
* | W&T Offshore Inc. | 188,483 | 824 |
RPC Inc. | 108,947 | 805 | |
PBF Energy Inc. Class A | 20,333 | 709 | |
Solaris Oilfield Infrastructure Inc. Class A | 82,776 | 636 | |
CVR Energy Inc. | 23,550 | 620 | |
762,855 | |||
Financials (8.4%) | |||
LPL Financial Holdings Inc. | 653,303 | 136,436 | |
Houlihan Lokey Inc. Class A | 1,236,685 | 113,008 | |
Voya Financial Inc. | 1,358,922 | 103,930 | |
Assured Guaranty Ltd. | 1,744,302 | 93,966 | |
Tradeweb Markets Inc. Class A | 1,284,641 | 90,452 | |
MGIC Investment Corp. | 5,962,478 | 88,662 | |
Webster Financial Corp. | 2,059,377 | 76,815 | |
StepStone Group Inc. Class A | 3,161,355 | 69,645 | |
* | Euronet Worldwide Inc. | 626,647 | 69,395 |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,366,328 | 67,156 | |
Valley National Bancorp | 6,984,311 | 65,513 | |
American Financial Group Inc. | 500,652 | 61,445 | |
FirstCash Holdings Inc. | 556,424 | 57,328 | |
Prosperity Bancshares Inc. | 871,340 | 54,563 | |
MarketAxess Holdings Inc. | 156,130 | 49,707 | |
Assurant Inc. | 343,381 | 42,281 | |
* | PRA Group Inc. | 1,045,899 | 37,935 |
WisdomTree Inc. | 5,758,737 | 35,935 | |
* | WEX Inc. | 191,166 | 33,903 |
Shares | Market Value• ($000) | ||
Piper Sandler Cos. | 216,530 | 29,327 | |
* | Ryan Specialty Holdings Inc. | 702,355 | 28,698 |
FactSet Research Systems Inc. | 61,740 | 25,418 | |
* | Palomar Holdings Inc. | 501,959 | 25,229 |
Everest Re Group Ltd. | 55,275 | 20,894 | |
* | Toast Inc. Class A | 841,219 | 15,310 |
Virtus Investment Partners Inc. | 77,110 | 14,050 | |
Synovus Financial Corp. | 303,903 | 9,360 | |
RLI Corp. | 64,545 | 8,975 | |
Federated Hermes Inc. | 175,270 | 7,254 | |
* | NMI Holdings Inc. Class A | 293,295 | 6,863 |
* | Shift4 Payments Inc. Class A | 94,025 | 6,372 |
Lincoln National Corp. | 289,221 | 6,285 | |
* | AvidXchange Holdings Inc. | 772,655 | 5,741 |
Brown & Brown Inc. | 78,827 | 5,076 | |
RenaissanceRe Holdings Ltd. | 22,052 | 4,750 | |
Victory Capital Holdings Inc. Class A | 155,043 | 4,735 | |
Western Union Co. | 421,607 | 4,608 | |
* | Green Dot Corp. Class A | 261,866 | 4,502 |
* | Payoneer Global Inc. | 805,677 | 4,399 |
Westamerica BanCorp | 103,214 | 4,181 | |
* | LendingClub Corp. | 534,946 | 3,841 |
* | PROG Holdings Inc. | 112,392 | 3,398 |
* | Donnelley Financial Solutions Inc. | 66,681 | 2,884 |
Brightsphere Investment Group Inc. | 127,564 | 2,880 | |
* | Flywire Corp. | 94,769 | 2,764 |
First BanCorp (XNYS) | 234,947 | 2,761 | |
* | StoneX Group Inc. | 26,779 | 2,626 |
Bank of NT Butterfield & Son Ltd. | 90,902 | 2,339 | |
* | Bancorp Inc. | 60,026 | 1,915 |
Pathward Financial Inc. | 34,693 | 1,545 | |
*,1 | Avantax Inc. | 55,577 | 1,410 |
Kinsale Capital Group Inc. | 3,671 | 1,199 | |
* | Metropolitan Bank Holding Corp. | 36,054 | 1,157 |
Jack Henry & Associates Inc. | 6,955 | 1,136 | |
* | LendingTree Inc. | 36,839 | 878 |
National Bank Holdings Corp. Class A | 25,107 | 798 | |
* | StoneCo. Ltd. Class A | 63,787 | 786 |
Cohen & Steers Inc. | 11,210 | 673 | |
* | Open Lending Corp. Class A | 87,853 | 618 |
Veritex Holdings Inc. | 31,807 | 547 | |
1,626,257 | |||
Health Care (19.7%) | |||
* | ICON plc ADR | 845,083 | 162,839 |
* | Acadia Healthcare Co. Inc. | 1,758,643 | 127,132 |
* | Omnicell Inc. | 1,982,461 | 120,474 |
Bio-Techne Corp. | 1,287,163 | 102,819 | |
* | Merit Medical Systems Inc. | 1,215,588 | 98,815 |
* | QuidelOrtho Corp. | 1,055,490 | 94,941 |
Encompass Health Corp. | 1,422,619 | 91,261 |
Shares | Market Value• ($000) | ||
* | Haemonetics Corp. | 1,077,662 | 90,211 |
* | Insulet Corp. | 274,127 | 87,183 |
* | Surgery Partners Inc. | 2,195,137 | 87,059 |
* | ICU Medical Inc. | 457,762 | 86,581 |
STERIS plc | 457,507 | 86,263 | |
* | Penumbra Inc. | 283,091 | 80,432 |
* | Veracyte Inc. | 3,284,992 | 74,372 |
* | Ultragenyx Pharmaceutical Inc. | 1,664,111 | 72,672 |
* | Glaukos Corp. | 1,476,599 | 70,153 |
* | Globus Medical Inc. Class A | 1,191,930 | 69,299 |
* | Myriad Genetics Inc. | 3,198,220 | 68,090 |
* | Amedisys Inc. | 845,942 | 67,929 |
* | Charles River Laboratories International Inc. | 311,369 | 59,197 |
* | HealthEquity Inc. | 1,098,279 | 58,703 |
Cooper Cos. Inc. | 151,648 | 57,846 | |
* | Doximity Inc. Class A | 1,449,858 | 53,282 |
Stevanato Group SpA | 1,857,902 | 49,253 | |
* | Henry Schein Inc. | 600,430 | 48,521 |
* | DexCom Inc. | 397,861 | 48,276 |
* | Exelixis Inc. | 2,489,078 | 45,550 |
* | Certara Inc. | 1,744,190 | 42,157 |
* | Repligen Corp. | 276,296 | 41,895 |
ResMed Inc. | 171,664 | 41,364 | |
* | Hologic Inc. | 479,970 | 41,282 |
* | Intra-Cellular Therapies Inc. | 635,098 | 39,471 |
* | Molina Healthcare Inc. | 131,653 | 39,218 |
* | Apellis Pharmaceuticals Inc. | 465,480 | 38,835 |
* | Neurocrine Biosciences Inc. | 383,506 | 38,749 |
* | Mettler-Toledo International Inc. | 25,875 | 38,593 |
* | Integra LifeSciences Holdings Corp. | 690,369 | 38,191 |
* | Cytokinetics Inc. | 1,007,865 | 37,694 |
* | Halozyme Therapeutics Inc. | 1,163,879 | 37,395 |
* | Zentalis Pharmaceuticals Inc. | 1,678,842 | 36,985 |
Teleflex Inc. | 131,472 | 35,829 | |
* | Sotera Health Co. | 2,096,408 | 35,157 |
* | Kymera Therapeutics Inc. | 1,113,445 | 35,118 |
* | REVOLUTION Medicines Inc. | 1,473,476 | 34,612 |
* | IDEXX Laboratories Inc. | 68,300 | 33,615 |
* | Blueprint Medicines Corp. | 653,581 | 33,365 |
* | Supernus Pharmaceuticals Inc. | 847,995 | 31,257 |
* | Horizon Therapeutics plc | 273,304 | 30,380 |
Bruker Corp. | 360,103 | 28,495 | |
* | Inspire Medical Systems Inc. | 97,557 | 26,109 |
* | Celldex Therapeutics Inc. | 828,961 | 26,063 |
* | iRhythm Technologies Inc. | 193,516 | 25,428 |
* | Pacira BioSciences Inc. | 557,637 | 25,267 |
* | Nevro Corp. | 859,572 | 25,160 |
* | Legend Biotech Corp. ADR | 361,465 | 24,836 |
* | Sage Therapeutics Inc. | 478,803 | 23,389 |
* | Ascendis Pharma A/S ADR | 315,857 | 22,097 |
Shares | Market Value• ($000) | ||
* | Medpace Holdings Inc. | 102,064 | 20,427 |
Chemed Corp. | 36,870 | 20,325 | |
* | Neogen Corp. | 1,056,876 | 18,199 |
* | Illumina Inc. | 88,337 | 18,159 |
* | NuVasive Inc. | 417,058 | 17,950 |
* | Tandem Diabetes Care Inc. | 446,493 | 17,672 |
* | Ionis Pharmaceuticals Inc. | 494,417 | 17,488 |
* | Shockwave Medical Inc. | 60,169 | 17,459 |
* | Maravai LifeSciences Holdings Inc. Class A | 1,231,667 | 16,985 |
* | Ligand Pharmaceuticals Inc. | 222,433 | 16,983 |
* | Alkermes plc | 594,462 | 16,972 |
* | SpringWorks Therapeutics Inc. | 704,117 | 16,462 |
* | Syneos Health Inc. | 415,318 | 16,305 |
* | Azenta Inc. | 363,802 | 15,822 |
* | Agios Pharmaceuticals Inc. | 682,914 | 15,618 |
* | Sarepta Therapeutics Inc. | 126,656 | 15,550 |
* | Arvinas Inc. | 580,357 | 15,211 |
* | Catalent Inc. | 283,681 | 14,218 |
* | Align Technology Inc. | 42,250 | 13,744 |
* | Teladoc Health Inc. | 514,559 | 13,651 |
* | Lantheus Holdings Inc. | 152,341 | 13,018 |
*,1 | Immatics NV | 1,786,300 | 12,772 |
* | Axonics Inc. | 202,580 | 11,640 |
* | AMN Healthcare Services Inc. | 124,065 | 10,713 |
* | ACADIA Pharmaceuticals Inc. | 477,290 | 10,181 |
* | Relay Therapeutics Inc. | 876,069 | 9,961 |
* | Axogen Inc. | 1,072,597 | 9,675 |
* | Schrodinger Inc. | 299,066 | 8,828 |
* | Veeva Systems Inc. Class A | 48,445 | 8,676 |
* | Exact Sciences Corp. | 135,337 | 8,671 |
* | Tenet Healthcare Corp. | 115,643 | 8,479 |
* | Intercept Pharmaceuticals Inc. | 488,431 | 8,460 |
* | Avantor Inc. | 432,855 | 8,432 |
* | CorVel Corp. | 40,848 | 8,252 |
* | STAAR Surgical Co. | 114,542 | 8,072 |
Ensign Group Inc. | 80,101 | 7,777 | |
* | Fate Therapeutics Inc. | 1,187,376 | 7,207 |
* | AtriCure Inc. | 153,416 | 6,749 |
* | LivaNova plc | 129,443 | 6,200 |
* | Deciphera Pharmaceuticals Inc. | 366,577 | 5,209 |
* | Karyopharm Therapeutics Inc. | 1,422,802 | 5,094 |
* | C4 Therapeutics Inc. | 1,651,861 | 4,989 |
* | Natera Inc. | 95,741 | 4,856 |
* | Bridgebio Pharma Inc. | 330,474 | 4,798 |
* | PTC Therapeutics Inc. | 84,568 | 4,663 |
* | Arrowhead Pharmaceuticals Inc. | 128,416 | 4,547 |
* | Protagonist Therapeutics Inc. | 196,775 | 4,447 |
* | Phreesia Inc. | 137,823 | 4,361 |
* | Evolent Health Inc. Class A | 119,600 | 4,355 |
*,1 | Akebia Therapeutics Inc. | 4,698,164 | 4,268 |
* | FibroGen Inc. | 246,795 | 4,225 |
* | Option Care Health Inc. | 129,218 | 4,154 |
Shares | Market Value• ($000) | ||
* | 10X Genomics Inc. Class A | 71,953 | 3,772 |
* | Novocure Ltd. | 56,067 | 3,695 |
* | ImmunoGen Inc. | 623,526 | 3,361 |
* | Voyager Therapeutics Inc. | 457,063 | 3,314 |
* | Coherus Biosciences Inc. | 445,965 | 3,224 |
* | Arcturus Therapeutics Holdings Inc. | 120,612 | 3,211 |
Agenus Inc. | 2,079,443 | 3,140 | |
* | Atara Biotherapeutics Inc. | 1,112,882 | 3,016 |
*,1 | Novavax Inc. | 377,198 | 2,893 |
* | Hims & Hers Health Inc. | 241,759 | 2,802 |
* | Twist Bioscience Corp. | 215,290 | 2,687 |
* | MacroGenics Inc. | 352,568 | 2,429 |
* | Masimo Corp. | 12,204 | 2,308 |
* | Health Catalyst Inc. | 169,456 | 2,135 |
* | Puma Biotechnology Inc. | 777,390 | 2,083 |
* | Sangamo Therapeutics Inc. | 1,395,270 | 2,051 |
* | Amphastar Pharmaceuticals Inc. | 55,905 | 2,000 |
* | Inogen Inc. | 140,851 | 1,875 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 169,216 | 1,819 |
* | Pediatrix Medical Group Inc. | 126,346 | 1,811 |
* | Silk Road Medical Inc. | 40,573 | 1,786 |
* | Viridian Therapeutics Inc. | 59,893 | 1,679 |
*,1 | Heron Therapeutics Inc. | 688,101 | 1,645 |
* | Alector Inc. | 236,904 | 1,564 |
* | Karuna Therapeutics Inc. | 7,384 | 1,465 |
* | Veradigm Inc. | 115,239 | 1,439 |
*,1 | OmniAb Inc. (XNMS) | 407,650 | 1,419 |
* | Morphic Holding Inc. | 29,762 | 1,407 |
* | Seres Therapeutics Inc. | 274,560 | 1,338 |
* | CytomX Therapeutics Inc. | 820,461 | 1,337 |
* | Fortress Biotech Inc. | 1,732,308 | 1,329 |
* | Lexicon Pharmaceuticals Inc. | 542,066 | 1,296 |
* | Joint Corp. | 81,335 | 1,284 |
* | UFP Technologies Inc. | 7,810 | 1,077 |
* | MannKind Corp. | 277,305 | 1,068 |
* | Tactile Systems Technology Inc. | 58,309 | 1,063 |
* | TG Therapeutics Inc. | 39,506 | 981 |
* | ViewRay Inc. | 800,777 | 945 |
* | Pennant Group Inc. | 66,647 | 924 |
* | Amicus Therapeutics Inc. | 78,779 | 909 |
* | Cerus Corp. | 359,734 | 831 |
* | IVERIC bio Inc. | 24,708 | 813 |
* | Rapt Therapeutics Inc. | 42,902 | 781 |
* | Surmodics Inc. | 33,543 | 773 |
* | Codexis Inc. | 186,328 | 730 |
*,1 | Gossamer Bio Inc. | 555,356 | 716 |
Embecta Corp. | 25,159 | 698 | |
* | Affimed NV | 756,672 | 681 |
*,2 | Scilex Holding Co. (Acquired 1/6/23, Cost $1,032) | 98,470 | 642 |
* | Selecta Biosciences Inc. | 528,838 | 629 |
* | Esperion Therapeutics Inc. | 445,798 | 588 |
* | ModivCare Inc. | 9,225 | 587 |
* | BioCryst Pharmaceuticals Inc. | 69,117 | 526 |
* | Amneal Pharmaceuticals Inc. | 244,539 | 472 |
Shares | Market Value• ($000) | ||
*,1 | Mei Pharma Inc. | 61,622 | 314 |
1 | Carisma Therapeutics Inc. | 73,835 | 306 |
* | Precision BioSciences Inc. | 342,301 | 288 |
* | Atea Pharmaceuticals Inc. | 81,077 | 265 |
* | NextCure Inc. | 171,519 | 259 |
* | Organogenesis Holdings Inc. Class A | 126,114 | 259 |
* | Personalis Inc. | 96,118 | 219 |
* | Cue Biopharma Inc. | 46,345 | 201 |
* | Retractable Technologies Inc. | 107,784 | 188 |
*,1 | Molecular Templates Inc. | 424,818 | 167 |
*,1 | Syros Pharmaceuticals Inc. | 23,659 | 75 |
* | MiNK Therapeutics Inc. | 27,384 | 49 |
* | Athenex Inc. | 30,123 | 39 |
*,3 | OmniAb Inc. 12.5 Earnout | 84,348 | — |
*,3 | OmniAb Inc. 15 Earnout | 84,348 | — |
3,827,765 | |||
Industrials (21.1%) | |||
* | Kirby Corp. | 1,993,652 | 143,224 |
* | Builders FirstSource Inc. | 1,188,682 | 112,651 |
* | AerCap Holdings NV | 1,991,001 | 112,213 |
Science Applications International Corp. | 1,081,467 | 110,342 | |
* | Middleby Corp. | 759,669 | 107,022 |
* | TriNet Group Inc. | 1,104,188 | 102,447 |
* | RBC Bearings Inc. | 427,357 | 97,014 |
* | Fluor Corp. | 3,333,293 | 96,866 |
GATX Corp. | 842,618 | 95,983 | |
Rush Enterprises Inc. Class A | 1,734,829 | 92,137 | |
Ritchie Bros Auctioneers Inc. | 1,535,162 | 87,796 | |
* | WillScot Mobile Mini Holdings Corp. | 1,925,867 | 87,434 |
Flowserve Corp. | 2,590,489 | 86,496 | |
Kennametal Inc. | 3,184,949 | 82,681 | |
Herc Holdings Inc. | 799,233 | 79,939 | |
* | Alight Inc. Class A | 8,425,033 | 77,932 |
* | Clean Harbors Inc. | 531,062 | 77,089 |
* | Shoals Technologies Group Inc. Class A | 3,645,221 | 76,149 |
Fortune Brands Innovations Inc. | 1,142,814 | 73,929 | |
Zurn Elkay Water Solutions Corp. | 3,426,725 | 73,846 | |
Sensata Technologies Holding plc | 1,699,056 | 73,824 | |
* | Gibraltar Industries Inc. | 1,458,504 | 72,984 |
* | Trex Co. Inc. | 1,316,631 | 71,967 |
Spirit AeroSystems Holdings Inc. Class A | 2,415,062 | 71,872 | |
* | Mercury Systems Inc. | 1,491,214 | 71,086 |
* | Axon Enterprise Inc. | 322,369 | 67,926 |
* | Alaska Air Group Inc. | 1,474,686 | 64,090 |
IDEX Corp. | 308,180 | 63,584 | |
Maximus Inc. | 735,549 | 61,529 | |
* | ACV Auctions Inc. Class A | 4,699,170 | 61,230 |
* | Masonite International Corp. | 642,393 | 58,721 |
Concentrix Corp. | 594,073 | 57,334 | |
Acuity Brands Inc. | 353,785 | 55,679 |
Shares | Market Value• ($000) | ||
Matson Inc. | 738,516 | 50,241 | |
Forward Air Corp. | 472,233 | 49,825 | |
* | Sterling Check Corp. | 3,958,602 | 44,495 |
* | API Group Corp. | 1,928,355 | 43,889 |
Tennant Co. | 568,668 | 43,458 | |
Verisk Analytics Inc. Class A | 214,559 | 41,648 | |
Applied Industrial Technologies Inc. | 301,380 | 40,885 | |
* | AeroVironment Inc. | 390,586 | 39,328 |
* | GXO Logistics Inc. | 710,045 | 37,725 |
* | Paycor HCM Inc. | 1,578,757 | 37,101 |
HEICO Corp. Class A | 275,721 | 37,010 | |
* | SiteOne Landscape Supply Inc. | 232,356 | 34,328 |
* | Generac Holdings Inc. | 312,630 | 31,957 |
BWX Technologies Inc. | 479,800 | 30,985 | |
John Bean Technologies Corp. | 279,185 | 30,350 | |
* | XPO Inc. | 671,745 | 29,678 |
* | Cimpress plc | 545,472 | 28,337 |
Rockwell Automation Inc. | 98,390 | 27,885 | |
* | CoStar Group Inc. | 329,309 | 25,340 |
* | Kratos Defense & Security Solutions Inc. | 1,923,712 | 24,816 |
Allison Transmission Holdings Inc. | 477,607 | 23,302 | |
* | Atkore Inc. | 178,234 | 22,516 |
Vertiv Holdings Co. Class A | 1,505,421 | 22,461 | |
* | FTI Consulting Inc. | 123,760 | 22,339 |
EMCOR Group Inc. | 130,452 | 22,307 | |
* | GMS Inc. | 364,908 | 21,187 |
UFP Industries Inc. | 252,956 | 19,862 | |
Tetra Tech Inc. | 140,626 | 19,458 | |
United Rentals Inc. | 53,030 | 19,150 | |
* | Bloom Energy Corp. Class A | 1,114,527 | 18,557 |
Watts Water Technologies Inc. Class A | 108,704 | 17,581 | |
Terex Corp. | 393,845 | 17,562 | |
* | Paylocity Holding Corp. | 90,438 | 17,481 |
JB Hunt Transport Services Inc. | 97,176 | 17,034 | |
* | Ameresco Inc. Class A | 387,477 | 16,119 |
* | AZEK Co. Inc. Class A | 579,264 | 15,721 |
AGCO Corp. | 123,805 | 15,344 | |
WESCO International Inc. | 96,186 | 13,851 | |
Lincoln Electric Holdings Inc. | 72,317 | 12,135 | |
* | Rocket Lab USA Inc. | 2,930,021 | 11,486 |
Heartland Express Inc. | 777,833 | 11,263 | |
Carlisle Cos. Inc. | 51,632 | 11,145 | |
Valmont Industries Inc. | 37,580 | 10,919 | |
Howmet Aerospace Inc. | 237,533 | 10,520 | |
* | ExlService Holdings Inc. | 57,465 | 10,251 |
Donaldson Co. Inc. | 153,545 | 9,758 | |
* | Kornit Digital Ltd. | 519,660 | 9,489 |
* | ASGN Inc. | 131,412 | 9,408 |
Kforce Inc. | 156,820 | 9,274 | |
* | Masterbrand Inc. | 1,119,087 | 9,031 |
H&E Equipment Services Inc. | 246,118 | 8,983 | |
Robert Half International Inc. | 115,175 | 8,408 |
Shares | Market Value• ($000) | ||
CSG Systems International Inc. | 151,605 | 7,987 | |
Exponent Inc. | 79,887 | 7,354 | |
GrafTech International Ltd. | 1,534,770 | 7,229 | |
Insperity Inc. | 56,807 | 6,957 | |
* | Huron Consulting Group Inc. | 81,442 | 6,905 |
Boise Cascade Co. | 99,722 | 6,812 | |
Franklin Electric Co. Inc. | 64,887 | 5,805 | |
Booz Allen Hamilton Holding Corp. Class A | 58,856 | 5,634 | |
Korn Ferry | 109,855 | 5,275 | |
Wabash National Corp. | 205,407 | 5,273 | |
* | MYR Group Inc. | 40,941 | 5,240 |
TTEC Holdings Inc. | 133,353 | 4,543 | |
Veritiv Corp. | 37,835 | 4,346 | |
* | MRC Global Inc. | 442,185 | 4,307 |
* | Lyft Inc. Class A | 403,550 | 4,136 |
Graco Inc. | 47,324 | 3,752 | |
MSA Safety Inc. | 28,388 | 3,683 | |
* | Titan International Inc. | 371,644 | 3,627 |
Marten Transport Ltd. | 175,503 | 3,543 | |
Comfort Systems USA Inc. | 22,839 | 3,414 | |
Brink's Co. | 53,132 | 3,339 | |
* | TrueBlue Inc. | 216,816 | 3,285 |
EnerSys | 39,072 | 3,242 | |
Brady Corp. Class A | 59,622 | 3,043 | |
* | RXO Inc. | 149,256 | 2,700 |
* | Saia Inc. | 9,000 | 2,680 |
Advanced Drainage Systems Inc. | 30,190 | 2,588 | |
AAON Inc. | 25,713 | 2,520 | |
* | Upwork Inc. | 261,839 | 2,506 |
* | Air Transport Services Group Inc. | 103,493 | 2,102 |
Mueller Industries Inc. | 27,510 | 1,977 | |
Apogee Enterprises Inc. | 40,965 | 1,743 | |
Kadant Inc. | 8,754 | 1,627 | |
Enerpac Tool Group Corp. Class A | 67,758 | 1,610 | |
* | Array Technologies Inc. | 68,521 | 1,401 |
Alamo Group Inc. | 7,543 | 1,333 | |
ArcBest Corp. | 13,894 | 1,312 | |
* | First Advantage Corp. | 100,264 | 1,289 |
* | Sterling Infrastructure Inc. | 34,313 | 1,267 |
Primoris Services Corp. | 43,424 | 1,099 | |
Genpact Ltd. | 22,978 | 1,024 | |
* | Hudson Technologies Inc. | 111,677 | 863 |
* | Janus International Group Inc. | 92,812 | 835 |
* | LegalZoom.Com Inc. | 87,515 | 821 |
Pitney Bowes Inc. | 233,155 | 818 | |
Lindsay Corp. | 6,673 | 806 | |
* | BlueLinx Holdings Inc. | 10,970 | 769 |
* | JELD-WEN Holding Inc. | 59,489 | 760 |
* | Franklin Covey Co. | 20,352 | 747 |
* | Casella Waste Systems Inc. Class A | 8,044 | 716 |
Moog Inc. Class A | 7,332 | 661 | |
CRA International Inc. | 5,856 | 616 | |
Quanta Services Inc. | 3,590 | 609 | |
Federal Signal Corp. | 11,453 | 588 | |
Allegion plc | 5,313 | 587 | |
AECOM | 6,965 | 578 |
Shares | Market Value• ($000) | ||
* | Frontier Group Holdings Inc. | 58,954 | 559 |
* | Hireright Holdings Corp. | 36,992 | 392 |
4,099,433 | |||
Information Technology (15.3%) | |||
* | Guidewire Software Inc. | 1,914,156 | 145,840 |
* | Five9 Inc. | 2,186,731 | 141,788 |
* | New Relic Inc. | 1,959,822 | 140,068 |
* | Dynatrace Inc. | 2,215,395 | 93,667 |
* | GoDaddy Inc. Class A | 1,221,300 | 92,428 |
Power Integrations Inc. | 1,228,437 | 89,406 | |
* | Manhattan Associates Inc. | 524,588 | 86,914 |
Monolithic Power Systems Inc. | 180,500 | 83,386 | |
* | Jamf Holding Corp. | 3,930,067 | 74,357 |
* | Smartsheet Inc. Class A | 1,743,564 | 71,259 |
* | Cirrus Logic Inc. | 816,299 | 70,030 |
* | Viavi Solutions Inc. | 7,189,842 | 64,421 |
* | Cadence Design Systems Inc. | 306,290 | 64,152 |
* | Trimble Inc. | 1,284,710 | 60,510 |
* | Informatica Inc. Class A | 3,875,209 | 59,911 |
* | HubSpot Inc. | 134,569 | 56,647 |
* | Teledyne Technologies Inc. | 132,410 | 54,871 |
* | Wix.com Ltd. | 568,513 | 49,591 |
* | Silicon Laboratories Inc. | 355,812 | 49,565 |
* | Lattice Semiconductor Corp. | 562,017 | 44,793 |
* | Palo Alto Networks Inc. | 244,962 | 44,696 |
* | Tenable Holdings Inc. | 1,185,140 | 43,838 |
* | Onto Innovation Inc. | 539,899 | 43,721 |
* | PTC Inc. | 318,526 | 40,067 |
*,1 | GLOBALFOUNDRIES Inc. | 677,328 | 39,827 |
* | Envestnet Inc. | 618,898 | 39,226 |
* | Rapid7 Inc. | 736,538 | 35,803 |
* | Globant SA | 219,417 | 34,420 |
* | Tyler Technologies Inc. | 85,764 | 32,507 |
* | ON Semiconductor Corp. | 445,737 | 32,075 |
* | Momentive Global Inc. | 3,405,877 | 31,981 |
* | Okta Inc. | 434,973 | 29,809 |
Microchip Technology Inc. | 402,808 | 29,401 | |
* | N-Able Inc. | 2,272,741 | 28,977 |
* | CyberArk Software Ltd. | 224,703 | 27,998 |
* | Fortinet Inc. | 437,523 | 27,586 |
* | Box Inc. Class A | 1,037,323 | 27,448 |
* | Procore Technologies Inc. | 505,100 | 26,977 |
Jabil Inc. | 339,220 | 26,510 | |
* | Black Knight Inc. | 475,572 | 25,985 |
Bentley Systems Inc. Class B | 603,500 | 25,685 | |
National Instruments Corp. | 429,029 | 24,982 | |
* | Qualtrics International Inc. Class A | 1,378,248 | 24,712 |
* | Allegro MicroSystems Inc. | 622,400 | 22,263 |
Clear Secure Inc. Class A | 915,000 | 22,134 | |
* | Monday.com Ltd. | 181,381 | 22,114 |
* | Consensus Cloud Solutions Inc. | 591,462 | 22,079 |
* | ANSYS Inc. | 69,172 | 21,714 |
* | Everbridge Inc. | 823,211 | 21,634 |
* | Freshworks Inc. Class A | 1,465,200 | 19,575 |
Shares | Market Value• ($000) | ||
* | Sprout Social Inc. Class A | 373,944 | 18,420 |
* | RingCentral Inc. Class A | 652,573 | 17,985 |
* | Elastic NV | 308,520 | 17,663 |
*,4 | 8x8 Inc. | 5,986,571 | 17,181 |
* | Qualys Inc. | 149,899 | 16,930 |
* | Ambarella Inc. | 268,391 | 16,635 |
* | Dropbox Inc. Class A | 790,480 | 16,078 |
* | Nutanix Inc. Class A | 654,791 | 15,702 |
* | Axcelis Technologies Inc. | 131,069 | 15,505 |
* | PROS Holdings Inc. | 509,666 | 14,459 |
Cognex Corp. | 295,926 | 14,113 | |
* | Enphase Energy Inc. | 85,700 | 14,072 |
* | Extreme Networks Inc. | 780,336 | 13,874 |
* | Aspen Technology Inc. | 77,388 | 13,698 |
* | Varonis Systems Inc. Class B | 553,560 | 12,820 |
* | SentinelOne Inc. Class A | 779,800 | 12,531 |
* | CommVault Systems Inc. | 212,028 | 12,355 |
* | Fair Isaac Corp. | 16,400 | 11,938 |
* | Sumo Logic Inc. | 952,418 | 11,429 |
* | Diodes Inc. | 142,496 | 11,357 |
* | Impinj Inc. | 125,467 | 11,093 |
* | Domo Inc. Class B | 689,400 | 10,948 |
* | Pure Storage Inc. Class A | 471,169 | 10,757 |
* | CommScope Holding Co. Inc. | 2,139,814 | 10,549 |
* | Yext Inc. | 1,154,695 | 10,138 |
A10 Networks Inc. | 696,445 | 9,848 | |
* | Teradata Corp. | 237,629 | 9,199 |
Pegasystems Inc. | 170,017 | 7,756 | |
Amkor Technology Inc. | 330,034 | 7,383 | |
* | Super Micro Computer Inc. | 65,365 | 6,891 |
* | Arrow Electronics Inc. | 56,850 | 6,505 |
* | Synaptics Inc. | 69,929 | 6,193 |
* | SMART Global Holdings Inc. | 391,410 | 6,036 |
* | Semtech Corp. | 299,743 | 5,842 |
* | Blackline Inc. | 96,212 | 5,360 |
* | MaxLinear Inc. | 215,960 | 5,211 |
* | Ultra Clean Holdings Inc. | 173,955 | 4,965 |
* | Infinera Corp. | 722,166 | 4,571 |
* | Confluent Inc. Class A | 203,019 | 4,466 |
* | Itron Inc. | 83,484 | 4,458 |
* | Agilysys Inc. | 51,299 | 4,003 |
* | Fabrinet | 38,015 | 3,610 |
* | ePlus Inc. | 80,163 | �� 3,490 |
* | eGain Corp. | 440,680 | 3,235 |
Hackett Group Inc. | 166,549 | 3,091 | |
* | Workiva Inc. Class A | 29,811 | 2,785 |
* | Plexus Corp. | 26,959 | 2,358 |
* | FormFactor Inc. | 84,193 | 2,299 |
* | Brightcove Inc. | 524,919 | 2,173 |
* | Arlo Technologies Inc. | 308,971 | 1,990 |
* | BigCommerce Holdings Inc. Series 1 | 246,340 | 1,820 |
* | ACI Worldwide Inc. | 71,312 | 1,806 |
Vishay Intertechnology Inc. | 83,285 | 1,773 | |
* | Zuora Inc. Class A | 201,576 | 1,570 |
* | Alarm.com Holdings Inc. | 32,459 | 1,548 |
* | Eastman Kodak Co. | 451,327 | 1,485 |
* | UiPath Inc. Class A | 101,537 | 1,430 |
* | EngageSmart Inc. | 77,198 | 1,326 |
* | Squarespace Inc. Class A | 39,792 | 1,238 |
Shares | Market Value• ($000) | ||
* | Cambium Networks Corp. | 74,883 | 1,134 |
* | ACM Research Inc. Class A | 115,490 | 1,080 |
* | LivePerson Inc. | 194,339 | 900 |
* | OSI Systems Inc. | 7,962 | 899 |
* | Upland Software Inc. | 233,415 | 857 |
* | Alpha & Omega Semiconductor Ltd. | 26,248 | 627 |
* | NCR Corp. | 22,956 | 512 |
* | Couchbase Inc. | 32,929 | 506 |
2,981,807 | |||
Materials (3.8%) | |||
Graphic Packaging Holding Co. | 7,247,372 | 178,720 | |
Methanex Corp. | 1,991,434 | 89,196 | |
Cabot Corp. | 1,158,477 | 83,132 | |
Louisiana-Pacific Corp. | 1,373,173 | 82,033 | |
* | Livent Corp. | 2,621,691 | 57,284 |
* | Summit Materials Inc. Class A | 1,862,087 | 51,040 |
Ashland Inc. | 474,900 | 48,255 | |
Eagle Materials Inc. | 148,714 | 22,041 | |
Balchem Corp. | 157,248 | 20,662 | |
Olin Corp. | 229,096 | 12,692 | |
Chemours Co. | 387,612 | 11,268 | |
Warrior Met Coal Inc. | 305,413 | 10,558 | |
* | O-I Glass Inc. | 439,634 | 9,879 |
Avery Dennison Corp. | 39,485 | 6,889 | |
* | Ingevity Corp. | 90,240 | 6,474 |
Sensient Technologies Corp. | 85,307 | 6,352 | |
Innospec Inc. | 49,420 | 5,023 | |
AdvanSix Inc. | 130,940 | 4,934 | |
Berry Global Group Inc. | 82,011 | 4,741 | |
* | Constellium SE Class A | 277,734 | 4,124 |
Steel Dynamics Inc. | 34,879 | 3,626 | |
Sylvamo Corp. | 57,284 | 2,625 | |
Orion Engineered Carbons SA | 95,525 | 2,313 | |
American Vanguard Corp. | 119,450 | 2,299 | |
Alpha Metallurgical Resources Inc. | 15,522 | 2,275 | |
Sealed Air Corp. | 46,762 | 2,244 | |
* | LSB Industries Inc. | 184,089 | 1,644 |
* | ATI Inc. | 42,219 | 1,630 |
Greif Inc. Class A | 24,713 | 1,552 | |
Avient Corp. | 38,038 | 1,465 | |
Ryerson Holding Corp. | 37,745 | 1,426 | |
Schnitzer Steel Industries Inc. Class A | 26,655 | 770 | |
* | Century Aluminum Co. | 67,544 | 580 |
739,746 | |||
Other (0.9%) | |||
5 | Vanguard Small-Cap ETF | 923,288 | 172,941 |
*,3 | Sesen Bio CVR | 1,476,709 | — |
172,941 | |||
Real Estate (3.2%) | |||
Life Storage Inc. | 741,052 | 99,582 | |
Essential Properties Realty Trust Inc. | 3,663,517 | 90,672 | |
Phillips Edison & Co. Inc. | 2,794,797 | 88,148 | |
Rexford Industrial Realty Inc. | 1,411,877 | 78,740 | |
PotlatchDeltic Corp. | 1,650,467 | 76,301 | |
Douglas Emmett Inc. | 3,819,325 | 49,193 |
Shares | Market Value• ($000) | ||
Xenia Hotels & Resorts Inc. | 2,990,372 | 37,858 | |
Americold Realty Trust Inc. | 1,266,700 | 37,482 | |
Outfront Media Inc. | 989,416 | 16,484 | |
Lamar Advertising Co. Class A | 76,468 | 8,081 | |
Tanger Factory Outlet Centers Inc. | 353,172 | 6,926 | |
Equity LifeStyle Properties Inc. | 96,584 | 6,655 | |
* | Zillow Group Inc. Class C | 150,418 | 6,549 |
CareTrust REIT Inc. | 287,444 | 5,602 | |
DigitalBridge Group Inc. | 303,203 | 3,769 | |
NexPoint Residential Trust Inc. | 87,297 | 3,748 | |
Newmark Group Inc. Class A | 310,206 | 1,967 | |
Alexander's Inc. | 9,841 | 1,831 | |
RMR Group Inc. Class A | 75,418 | 1,791 | |
Gladstone Commercial Corp. | 109,587 | 1,308 | |
Douglas Elliman Inc. | 254,240 | 811 | |
Iron Mountain Inc. | 11,561 | 639 | |
St. Joe Co. | 15,361 | 631 | |
624,768 | |||
Utilities (1.4%) | |||
Portland General Electric Co. | 1,640,592 | 83,047 | |
Atlantica Sustainable Infrastructure plc | 2,892,055 | 76,986 | |
Ormat Technologies Inc. (XNYS) | 726,935 | 62,378 | |
Vistra Corp. | 652,108 | 15,559 | |
National Fuel Gas Co. | 245,502 | 13,724 | |
Otter Tail Corp. | 122,848 | 8,839 | |
MGE Energy Inc. | 26,302 | 2,015 | |
Clearway Energy Inc. Class C | 50,247 | 1,526 | |
264,074 | |||
Total Common Stocks (Cost $16,430,626) | 18,683,671 | ||
Temporary Cash Investments (4.1%) | |||
Money Market Fund (3.5%) | |||
6,7 | Vanguard Market Liquidity Fund, 4.853% | 6,888,362 | 688,767 |
Face Amount ($000) | Market Value• ($000) | ||
Repurchase Agreement (0.6%) | |||
Deutsche Bank Securities, Inc. 4.790%, 5/1/23 (Dated 4/28/23, Repurchase Value $117,747,000, collateralized by Fannie Mae 3.00%–5.000%, 6/1/37–4/1/53, with a value of $120,054,000) | 117,700 | 117,700 | |
Total Temporary Cash Investments (Cost $806,353) | 806,467 | ||
Total Investments (100.2%) (Cost $17,236,979) | 19,490,138 | ||
Other Assets and Liabilities—Net (-0.2%) | (40,062) | ||
Net Assets (100%) | 19,450,076 | ||
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 $62,211,000. |
2 | Restricted securities totaling $642,000, representing 0.0% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
5 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $67,322,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
CVR—Contingent Value Rights. | |
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 2023 | 4,527 | 401,726 | (2,546) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $16,318,589) | 18,611,249 |
Affiliated Issuers (Cost $918,390) | 878,889 |
Total Investments in Securities | 19,490,138 |
Investment in Vanguard | 702 |
Cash Collateral Pledged—Futures Contracts | 27,118 |
Receivables for Investment Securities Sold | 38,254 |
Receivables for Accrued Income | 4,607 |
Receivables for Capital Shares Issued | 20,556 |
Variation Margin Receivable—Futures Contracts | 3,881 |
Total Assets | 19,585,256 |
Liabilities | |
Due to Custodian | 2,890 |
Payables for Investment Securities Purchased | 45,504 |
Collateral for Securities on Loan | 67,322 |
Payables to Investment Advisor | 10,189 |
Payables for Capital Shares Redeemed | 8,022 |
Payables to Vanguard | 1,253 |
Total Liabilities | 135,180 |
Net Assets | 19,450,076 |
1 Includes $62,211,000 of securities on loan. | |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 17,324,102 |
Total Distributable Earnings (Loss) | 2,125,974 |
Net Assets | 19,450,076 |
Investor Shares—Net Assets | |
Applicable to 29,242,232 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,878,544 |
Net Asset Value Per Share—Investor Shares | $98.44 |
Admiral Shares—Net Assets | |
Applicable to 181,033,699 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,571,532 |
Net Asset Value Per Share—Admiral Shares | $91.54 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 79,043 |
Dividends—Affiliated Issuers | 1,860 |
Interest—Unaffiliated Issuers | 4,402 |
Interest—Affiliated Issuers | 12,397 |
Securities Lending—Net | 1,096 |
Total Income | 98,798 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 15,947 |
Performance Adjustment | 4,457 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 3,467 |
Management and Administrative—Admiral Shares | 10,582 |
Marketing and Distribution—Investor Shares | 66 |
Marketing and Distribution—Admiral Shares | 388 |
Custodian Fees | 52 |
Shareholders’ Reports—Investor Shares | 40 |
Shareholders’ Reports—Admiral Shares | 131 |
Trustees’ Fees and Expenses | 4 |
Other Expenses | 7 |
Total Expenses | 35,141 |
Expenses Paid Indirectly | (4) |
Net Expenses | 35,137 |
Net Investment Income | 63,661 |
Realized Net Gain (Loss) | |
Capital Gains Distributions Received – Affiliated Issuers | 1 |
Investment Securities Sold—Unaffiliated Issuers | (13,855) |
Investment Securities Sold—Affiliated Issuers | (19,110) |
Futures Contracts | (30,836) |
Realized Net Gain (Loss) | (63,800) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 704,228 |
Investment Securities—Affiliated Issuers | 18,554 |
Futures Contracts | 3,938 |
Change in Unrealized Appreciation (Depreciation) | 726,720 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 726,581 |
1 | Dividends are net of foreign withholding taxes of $470,000. |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 63,661 | 84,527 | |
Realized Net Gain (Loss) | (63,800) | 865,754 | |
Change in Unrealized Appreciation (Depreciation) | 726,720 | (6,678,679) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 726,581 | (5,728,398) | |
Distributions | |||
Investor Shares | (137,228) | (542,949) | |
Admiral Shares | (780,809) | (2,859,142) | |
Total Distributions | (918,037) | (3,402,091) | |
Capital Share Transactions | |||
Investor Shares | 10,035 | 274,349 | |
Admiral Shares | 580,498 | 3,239,276 | |
Net Increase (Decrease) from Capital Share Transactions | 590,533 | 3,513,625 | |
Total Increase (Decrease) | 399,077 | (5,616,864) | |
Net Assets | |||
Beginning of Period | 19,050,999 | 24,667,863 | |
End of Period | 19,450,076 | 19,050,999 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $99.70 | $151.47 | $110.44 | $101.66 | $102.25 | $102.10 |
Investment Operations | ||||||
Net Investment Income1 | .280 | .349 | .206 | .284 | .333 | .325 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.213 | (31.635) | 49.372 | 13.688 | 8.234 | 11.192 |
Total from Investment Operations | 3.493 | (31.286) | 49.578 | 13.972 | 8.567 | 11.517 |
Distributions | ||||||
Dividends from Net Investment Income | (.360) | (.278) | (.158) | (.295) | (.286) | (.475) |
Distributions from Realized Capital Gains | (4.393) | (20.206) | (8.390) | (4.897) | (8.871) | (10.892) |
Total Distributions | (4.753) | (20.484) | (8.548) | (5.192) | (9.157) | (11.367) |
Net Asset Value, End of Period | $98.44 | $99.70 | $151.47 | $110.44 | $101.66 | $102.25 |
Total Return2 | 3.83% | -23.09% | 46.27% | 14.08% | 10.15% | 12.12% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,879 | $2,894 | $4,074 | $3,325 | $3,520 | $3,420 |
Ratio of Total Expenses to Average Net Assets3 | 0.46%4 | 0.45%4 | 0.40% | 0.41% | 0.45% | 0.44% |
Ratio of Net Investment Income to Average Net Assets | 0.55% | 0.31% | 0.15% | 0.28% | 0.33% | 0.31% |
Portfolio Turnover Rate | 18% | 44% | 45% | 43% | 41% | 50% |
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 0.05%, 0.04%, (0.01%), (0.01%), 0.03% and 0.02%. |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.46% and 0.45%, respectively. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $92.79 | $141.02 | $102.82 | $94.64 | $95.24 | $94.99 |
Investment Operations | ||||||
Net Investment Income1 | .310 | .437 | .321 | .365 | .409 | .418 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.975 | (29.417) | 45.967 | 12.752 | 7.648 | 10.405 |
Total from Investment Operations | 3.285 | (28.980) | 46.288 | 13.117 | 8.057 | 10.823 |
Distributions | ||||||
Dividends from Net Investment Income | (.447) | (.434) | (.275) | (.378) | (.393) | (.438) |
Distributions from Realized Capital Gains | (4.088) | (18.816) | (7.813) | (4.559) | (8.264) | (10.135) |
Total Distributions | (4.535) | (19.250) | (8.088) | (4.937) | (8.657) | (10.573) |
Net Asset Value, End of Period | $91.54 | $92.79 | $141.02 | $102.82 | $94.64 | $95.24 |
Total Return2 | 3.88% | -23.00% | 46.42% | 14.21% | 10.27% | 12.24% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $16,572 | $16,157 | $20,594 | $13,279 | $12,569 | $11,616 |
Ratio of Total Expenses to Average Net Assets3 | 0.35%4 | 0.34%4 | 0.29% | 0.30% | 0.34% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 0.66% | 0.42% | 0.25% | 0.39% | 0.44% | 0.43% |
Portfolio Turnover Rate | 18% | 44% | 45% | 43% | 41% | 50% |
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 0.05%, 0.04%, (0.01%), (0.01%), 0.03% and 0.02%. |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.35% and 0.34%, respectively. |
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 investment advisory, corporate management, administrative, marketing, and distribution 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. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the six months ended April 30, 2023, these arrangements reduced the fund’s expenses by $4,000 (an annual rate of less than 0.01% of average net assets). |
E. | 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 | 18,683,029 | 642 | — | 18,683,671 |
Temporary Cash Investments | 688,767 | 117,700 | — | 806,467 |
Total | 19,371,796 | 118,342 | — | 19,490,138 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 2,546 | — | — | 2,546 |
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. |
F. | As of April 30, 2023, 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 | 17,376,487 |
Gross Unrealized Appreciation | 4,168,372 |
Gross Unrealized Depreciation | (2,057,267) |
Net Unrealized Appreciation (Depreciation) | 2,111,105 |
G. | During the six months ended April 30, 2023, the fund purchased $3,334,198,000 of investment securities and sold $3,630,047,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 100,872 | 1,009 | 237,214 | 2,052 | |
Issued in Lieu of Cash Distributions | 133,501 | 1,448 | 526,661 | 4,329 | |
Redeemed | (224,338) | (2,239) | (489,526) | (4,253) | |
Net Increase (Decrease)—Investor Shares | 10,035 | 218 | 274,349 | 2,128 | |
Admiral Shares | |||||
Issued | 1,071,991 | 11,621 | 2,678,849 | 24,883 | |
Issued in Lieu of Cash Distributions | 723,744 | 8,447 | 2,659,574 | 23,515 | |
Redeemed | (1,215,237) | (13,166) | (2,099,147) | (20,303) | |
Net Increase (Decrease)—Admiral Shares | 580,498 | 6,902 | 3,239,276 | 28,095 |
I. | Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company 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, 2022 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, 2023 Market Value ($000) | |
8x8 Inc. | NA1 | 4,632 | 3,895 | (8,749) | 661 | — | — | 17,181 |
Vanguard Market Liquidity Fund | 716,694 | NA2 | NA2 | 65 | (4) | 12,397 | 1 | 688,767 |
Vanguard Small-Cap ETF | 217,998 | 62,946 | 103,119 | 207 | (5,091) | 1,860 | — | 172,941 |
Veracyte Inc. | 79,133 | 4,189 | 21,305 | (10,633) | 22,988 | — | — | NA3 |
Total | 1,013,825 | 71,767 | 128,319 | (19,110) | 18,554 | 14,257 | 1 | 878,889 |
1 | Not applicable—at October 31, 2022, the issuer was not an affiliated company of the fund. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
3 | Not applicable—at April 30, 2023, the security was still held, but the issuer was no longer an affiliated company of the fund. |
J. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
K. | Management has determined that no events or transactions occurred subsequent to April 30, 2023, 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 19, 2023
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 19, 2023
��
VANGUARD EXPLORER FUND | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 19, 2023
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.