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: | John E. Schadl, 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, 2023—April 30, 2024
Item 1: Reports to Shareholders
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, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Explorer Fund | |||
Investor Shares | $1,000.00 | $1,217.20 | $2.48 |
Admiral™ Shares | 1,000.00 | 1,218.10 | 1.88 |
Based on Hypothetical 5% Yearly Return | |||
Explorer Fund | |||
Investor Shares | $1,000.00 | $1,022.63 | $2.26 |
Admiral Shares | 1,000.00 | 1,023.17 | 1.71 |
Communication Services | 3.5% |
Consumer Discretionary | 11.8 |
Consumer Staples | 3.1 |
Energy | 5.2 |
Financials | 10.4 |
Health Care | 19.4 |
Industrials | 21.6 |
Information Technology | 17.6 |
Materials | 3.3 |
Real Estate | 2.8 |
Utilities | 0.6 |
Other | 0.7 |
Shares | Market Value• ($000) | ||
Common Stocks (96.8%) | |||
Communication Services (3.4%) | |||
New York Times Co. Class A | 2,228,653 | 95,899 | |
* | Live Nation Entertainment Inc. | 987,676 | 87,814 |
* | Ziff Davis Inc. | 1,583,262 | 79,337 |
* | Cargurus Inc. | 3,340,496 | 75,028 |
* | Cinemark Holdings Inc. | 4,236,195 | 72,608 |
* | Take-Two Interactive Software Inc. | 312,950 | 44,692 |
* | IAC Inc. | 885,584 | 42,118 |
Warner Music Group Corp. Class A | 1,081,350 | 35,685 | |
* | ZipRecruiter Inc. Class A | 3,085,866 | 31,723 |
Iridium Communications Inc. | 1,009,697 | 31,089 | |
Electronic Arts Inc. | 237,715 | 30,147 | |
* | Spotify Technology SA | 96,802 | 27,147 |
* | Bumble Inc. Class A | 1,987,095 | 20,070 |
* | Yelp Inc. | 457,006 | 18,390 |
* | TripAdvisor Inc. | 279,406 | 7,357 |
Playtika Holding Corp. | 874,927 | 6,343 | |
* | Madison Square Garden Entertainment Corp. | 110,229 | 4,315 |
* | Vimeo Inc. | 1,193,598 | 4,285 |
* | ZoomInfo Technologies Inc. | 173,719 | 2,755 |
* | Bandwidth Inc. Class A | 138,727 | 2,525 |
* | Mediaalpha Inc. Class A | 74,887 | 1,516 |
* | Integral Ad Science Holding Corp. | 92,652 | 889 |
* | PubMatic Inc. Class A | 32,890 | 738 |
* | Roku Inc. | 9,122 | 526 |
722,996 | |||
Consumer Discretionary (11.4%) | |||
Wingstop Inc. | 425,311 | 163,655 | |
* | Burlington Stores Inc. | 876,472 | 157,712 |
* | Crocs Inc. | 919,851 | 114,402 |
Texas Roadhouse Inc. | 651,152 | 104,692 | |
Levi Strauss & Co. Class A | 4,876,985 | 103,490 | |
Papa John's International Inc. | 1,551,122 | 95,689 | |
* | Five Below Inc. | 650,751 | 95,231 |
* | Skyline Champion Corp. | 1,232,162 | 92,400 |
Steven Madden Ltd. | 2,142,555 | 86,581 | |
Gentex Corp. | 2,506,397 | 85,969 | |
* | Boot Barn Holdings Inc. | 790,945 | 84,212 |
Shares | Market Value• ($000) | ||
Churchill Downs Inc. | 619,182 | 79,875 | |
American Eagle Outfitters Inc. | 3,108,577 | 75,414 | |
Meritage Homes Corp. | 448,982 | 74,414 | |
* | Deckers Outdoor Corp. | 88,818 | 72,695 |
Carter's Inc. | 876,633 | 59,970 | |
Acushnet Holdings Corp. | 977,058 | 59,581 | |
* | YETI Holdings Inc. | 1,603,046 | 57,261 |
Domino's Pizza Inc. | 104,141 | 55,119 | |
Pool Corp. | 130,758 | 47,404 | |
* | Skechers USA Inc. Class A | 711,894 | 47,021 |
* | Floor & Decor Holdings Inc. Class A | 387,877 | 42,794 |
Tractor Supply Co. | 133,724 | 36,517 | |
* | National Vision Holdings Inc. | 1,997,089 | 34,789 |
Installed Building Products Inc. | 109,077 | 25,713 | |
* | Etsy Inc. | 358,505 | 24,619 |
* | Bright Horizons Family Solutions Inc. | 219,402 | 22,754 |
Murphy USA Inc. | 51,257 | 21,211 | |
* | Sally Beauty Holdings Inc. | 1,892,650 | 20,535 |
* | Sportradar Group AG Class A | 2,180,201 | 20,320 |
* | Abercrombie & Fitch Co. Class A | 159,552 | 19,389 |
Travel & Leisure Co. | 434,223 | 18,906 | |
* | Chewy Inc. Class A | 1,250,237 | 18,741 |
* | frontdoor Inc. | 532,345 | 16,338 |
* | Grand Canyon Education Inc. | 124,897 | 16,239 |
Toll Brothers Inc. | 135,611 | 16,153 | |
* | Fox Factory Holding Corp. | 395,504 | 15,393 |
* | Ulta Beauty Inc. | 35,626 | 14,423 |
* | Duolingo Inc. | 60,426 | 13,641 |
* | Shake Shack Inc. Class A | 126,579 | 13,398 |
* | Green Brick Partners Inc. | 217,653 | 11,782 |
* | Urban Outfitters Inc. | 278,595 | 10,854 |
Wynn Resorts Ltd. | 117,335 | 10,754 | |
Buckle Inc. | 282,315 | 10,556 | |
* | Visteon Corp. | 82,044 | 9,077 |
* | Brinker International Inc. | 163,257 | 8,751 |
Upbound Group Inc. | 260,667 | 8,083 | |
* | Dave & Buster's Entertainment Inc. | 142,671 | 7,619 |
* | Tri Pointe Homes Inc. | 187,338 | 6,903 |
Shares | Market Value• ($000) | ||
* | Taylor Morrison Home Corp. | 119,320 | 6,683 |
Tapestry Inc. | 164,807 | 6,579 | |
* | Everi Holdings Inc. | 797,530 | 6,516 |
* | Carvana Co. | 75,619 | 6,270 |
* | Norwegian Cruise Line Holdings Ltd. | 331,180 | 6,266 |
* | Wayfair Inc. Class A | 124,933 | 6,265 |
Build-A-Bear Workshop Inc. | 202,736 | 6,115 | |
Perdoceo Education Corp. | 303,430 | 5,553 | |
* | Cavco Industries Inc. | 14,339 | 5,222 |
* | Sonos Inc. | 294,042 | 4,969 |
Jack in the Box Inc. | 76,360 | 4,358 | |
* | MasterCraft Boat Holdings Inc. | 213,187 | 4,313 |
* | RH | 17,210 | 4,252 |
* | Chegg Inc. | 798,136 | 4,126 |
* | Warby Parker Inc. Class A | 350,179 | 4,111 |
* | Coursera Inc. | 398,231 | 4,070 |
* | Valvoline Inc. | 92,555 | 3,935 |
Monarch Casino & Resort Inc. | 56,356 | 3,819 | |
* | United Parks & Resorts Inc. | 66,395 | 3,374 |
* | Hanesbrands Inc. | 697,502 | 3,181 |
Academy Sports & Outdoors Inc. | 54,150 | 3,157 | |
Patrick Industries Inc. | 29,427 | 3,075 | |
International Game Technology plc | 140,242 | 2,768 | |
Dine Brands Global Inc. | 61,341 | 2,705 | |
Carriage Services Inc. | 80,893 | 2,069 | |
Golden Entertainment Inc. | 59,527 | 1,908 | |
* | Modine Manufacturing Co. | 18,864 | 1,747 |
* | American Axle & Manufacturing Holdings Inc. | 232,030 | 1,703 |
PulteGroup Inc. | 14,352 | 1,599 | |
* | Malibu Boats Inc. Class A | 38,474 | 1,309 |
Standard Motor Products Inc. | 40,577 | 1,303 | |
* | Denny's Corp. | 160,030 | 1,283 |
* | CarParts.com Inc. | 932,394 | 1,147 |
* | Gentherm Inc. | 20,652 | 1,044 |
* | Stitch Fix Inc. Class A | 467,071 | 990 |
Wolverine World Wide Inc. | 69,907 | 751 | |
* | Stride Inc. | 11,107 | 741 |
* | Dorman Products Inc. | 7,539 | 659 |
* | Chuy's Holdings Inc. | 15,554 | 458 |
2,439,432 | |||
Consumer Staples (3.0%) | |||
* | Performance Food Group Co. | 1,651,570 | 112,109 |
* | BJ's Wholesale Club Holdings Inc. | 1,479,711 | 110,505 |
Casey's General Stores Inc. | 283,743 | 90,679 | |
* | Freshpet Inc. | 784,404 | 83,202 |
* | BellRing Brands Inc. | 1,096,675 | 60,504 |
* | Celsius Holdings Inc. | 758,446 | 54,054 |
* | Simply Good Foods Co. | 901,649 | 32,865 |
Shares | Market Value• ($000) | ||
Coca-Cola Consolidated Inc. | 28,027 | 23,150 | |
PriceSmart Inc. | 239,238 | 19,280 | |
* | e.l.f. Beauty Inc. | 113,464 | 18,441 |
Primo Water Corp. | 390,793 | 7,374 | |
Energizer Holdings Inc. | 210,783 | 6,054 | |
John B Sanfilippo & Son Inc. | 57,258 | 5,709 | |
Vector Group Ltd. | 499,667 | 5,172 | |
* | Boston Beer Co. Inc. Class A | 16,757 | 4,665 |
Inter Parfums Inc. | 20,105 | 2,340 | |
Turning Point Brands Inc. | 75,086 | 2,165 | |
* | USANA Health Sciences Inc. | 49,907 | 2,072 |
Dole plc | 142,490 | 1,734 | |
Medifast Inc. | 59,845 | 1,648 | |
* | Vital Farms Inc. | 58,007 | 1,552 |
645,274 | |||
Energy (5.0%) | |||
Viper Energy Inc. | 4,813,571 | 183,686 | |
Magnolia Oil & Gas Corp. Class A | 5,517,263 | 138,318 | |
* | Antero Resources Corp. | 3,916,396 | 133,197 |
Chord Energy Corp. | 671,872 | 118,908 | |
* | Seadrill Ltd. | 1,583,329 | 76,871 |
ChampionX Corp. | 2,015,984 | 67,677 | |
TechnipFMC plc | 1,844,618 | 47,259 | |
Matador Resources Co. | 747,923 | 46,596 | |
EQT Corp. | 1,025,000 | 41,092 | |
* | Southwestern Energy Co. | 5,139,434 | 38,494 |
APA Corp. | 973,899 | 30,619 | |
Diamondback Energy Inc. | 150,471 | 30,264 | |
Cactus Inc. Class A | 406,904 | 20,199 | |
Coterra Energy Inc. | 688,127 | 18,827 | |
* | Weatherford International plc | 122,852 | 15,187 |
* | Par Pacific Holdings Inc. | 448,315 | 13,808 |
1 | Dorian LPG Ltd. | 304,981 | 12,602 |
* | Oceaneering International Inc. | 383,585 | 8,788 |
SM Energy Co. | 145,240 | 7,043 | |
Murphy Oil Corp. | 117,091 | 5,227 | |
Liberty Energy Inc. | 206,344 | 4,539 | |
Archrock Inc. | 181,613 | 3,485 | |
* | Amplify Energy Corp. | 363,162 | 2,564 |
* | REX American Resources Corp. | 33,864 | 1,874 |
* | TETRA Technologies Inc. | 436,457 | 1,872 |
CONSOL Energy Inc. | 22,424 | 1,856 | |
Antero Midstream Corp. | 63,656 | 881 | |
VAALCO Energy Inc. | 118,025 | 755 | |
Ovintiv Inc. (XNYS) | 14,645 | 752 | |
Solaris Oilfield Infrastructure Inc. Class A | 82,776 | 729 | |
* | SilverBow Resources Inc. | 20,054 | 616 |
PBF Energy Inc. Class A | 11,404 | 607 | |
1,075,192 | |||
Financials (10.1%) | |||
Houlihan Lokey Inc. | 1,176,758 | 150,025 | |
Tradeweb Markets Inc. Class A | 1,265,737 | 128,738 |
Shares | Market Value• ($000) | ||
Prosperity Bancshares Inc. | 1,747,490 | 108,292 | |
Webster Financial Corp. | 2,305,848 | 101,065 | |
Pinnacle Financial Partners Inc. | 1,290,749 | 99,000 | |
Assured Guaranty Ltd. | 1,278,590 | 98,068 | |
Morningstar Inc. | 323,934 | 91,560 | |
* | Euronet Worldwide Inc. | 885,477 | 90,921 |
Synovus Financial Corp. | 2,485,491 | 88,956 | |
Selective Insurance Group Inc. | 851,198 | 86,524 | |
Voya Financial Inc. | 1,263,025 | 86,088 | |
StepStone Group Inc. Class A | 2,317,644 | 83,597 | |
1 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 3,340,411 | 83,544 |
Assurant Inc. | 407,829 | 71,125 | |
MGIC Investment Corp. | 3,393,499 | 68,820 | |
FirstCash Holdings Inc. | 527,924 | 59,645 | |
* | Palomar Holdings Inc. | 650,449 | 51,171 |
LPL Financial Holdings Inc. | 169,534 | 45,627 | |
Piper Sandler Cos. | 204,818 | 40,101 | |
Equitable Holdings Inc. | 1,072,242 | 39,576 | |
Ryan Specialty Holdings Inc. | 696,255 | 34,353 | |
WisdomTree Inc. | 3,478,787 | 30,961 | |
MarketAxess Holdings Inc. | 150,930 | 30,200 | |
* | WEX Inc. | 135,405 | 28,606 |
* | Remitly Global Inc. | 1,522,940 | 27,154 |
* | Shift4 Payments Inc. Class A | 443,400 | 25,655 |
Hamilton Lane Inc. Class A | 227,400 | 25,405 | |
Kinsale Capital Group Inc. | 60,439 | 21,955 | |
* | Encore Capital Group Inc. | 529,164 | 21,743 |
* | Toast Inc. Class A | 795,412 | 18,796 |
* | NMI Holdings Inc. Class A | 583,635 | 18,011 |
Virtus Investment Partners Inc. | 77,110 | 16,912 | |
Everest Group Ltd. | 43,572 | 15,965 | |
Victory Capital Holdings Inc. Class A | 305,167 | 15,521 | |
Lincoln National Corp. | 560,220 | 15,277 | |
* | StoneCo. Ltd. Class A | 918,538 | 14,329 |
SLM Corp. | 571,896 | 12,119 | |
* | Marqeta Inc. Class A | 1,899,216 | 10,541 |
FactSet Research Systems Inc. | 22,055 | 9,195 | |
BGC Group Inc. Class A | 1,050,000 | 8,222 | |
Federated Hermes Inc. | 215,625 | 7,083 | |
Westamerica BanCorp | 146,932 | 6,840 | |
* | AvidXchange Holdings Inc. | 575,325 | 6,708 |
* | Skyward Specialty Insurance Group Inc. | 167,138 | 5,836 |
Brown & Brown Inc. | 71,091 | 5,797 | |
XP Inc. Class A | 271,539 | 5,558 | |
Bank of NT Butterfield & Son Ltd. | 142,747 | 4,853 | |
First BanCorp (XNYS) | 237,153 | 4,091 | |
PROG Holdings Inc. | 117,218 | 3,896 |
Shares | Market Value• ($000) | ||
Brightsphere Investment Group Inc. | 140,749 | 3,130 | |
Primerica Inc. | 13,699 | 2,902 | |
* | International Money Express Inc. | 117,616 | 2,379 |
* | Payoneer Global Inc. | 450,125 | 2,224 |
Pathward Financial Inc. | 39,310 | 1,980 | |
RLI Corp. | 12,853 | 1,817 | |
1 | Fidelis Insurance Holdings Ltd. | 94,943 | 1,764 |
* | StoneX Group Inc. | 22,826 | 1,657 |
* | SiriusPoint Ltd. | 134,602 | 1,586 |
* | PagSeguro Digital Ltd. Class A | 77,557 | 966 |
* | LendingTree Inc. | 18,747 | 905 |
* | Open Lending Corp. Class A | 140,825 | 718 |
Patria Investments Ltd. Class A | 40,232 | 539 | |
2,146,592 | |||
Health Care (18.8%) | |||
* | ICON plc | 504,477 | 150,274 |
* | Medpace Holdings Inc. | 373,525 | 145,058 |
* | Acadia Healthcare Co. Inc. | 1,745,183 | 129,039 |
* | Haemonetics Corp. | 1,225,244 | 112,661 |
Encompass Health Corp. | 1,349,055 | 112,484 | |
* | Globus Medical Inc. Class A | 2,080,720 | 103,599 |
Bio-Techne Corp. | 1,496,200 | 94,575 | |
* | Ultragenyx Pharmaceutical Inc. | 2,103,740 | 89,493 |
STERIS plc | 420,479 | 86,013 | |
* | Merit Medical Systems Inc. | 1,143,223 | 84,713 |
* | HealthEquity Inc. | 1,069,754 | 84,414 |
* | Inspire Medical Systems Inc. | 340,776 | 82,352 |
* | Myriad Genetics Inc. | 3,938,772 | 77,082 |
* | Intra-Cellular Therapies Inc. | 1,048,130 | 75,266 |
* | Neurocrine Biosciences Inc. | 534,113 | 73,462 |
* | Doximity Inc. Class A | 2,971,149 | 72,169 |
* | Veracyte Inc. | 3,653,869 | 71,506 |
* | Penumbra Inc. | 356,379 | 70,018 |
* | Evolent Health Inc. Class A | 2,438,468 | 67,643 |
* | Exelixis Inc. | 2,872,475 | 67,388 |
* | Surgery Partners Inc. | 2,635,148 | 65,747 |
* | Halozyme Therapeutics Inc. | 1,703,546 | 64,905 |
* | Tandem Diabetes Care Inc. | 1,679,226 | 61,611 |
* | Blueprint Medicines Corp. | 671,350 | 61,321 |
Cooper Cos. Inc. | 656,048 | 58,428 | |
* | Charles River Laboratories International Inc. | 242,140 | 55,450 |
Stevanato Group SpA | 1,950,275 | 54,686 | |
* | Ionis Pharmaceuticals Inc. | 1,293,209 | 53,358 |
* | Alkermes plc | 2,036,372 | 49,973 |
* | Shockwave Medical Inc. | 151,200 | 49,925 |
* | REVOLUTION Medicines Inc. | 1,337,027 | 49,844 |
* | DexCom Inc. | 376,669 | 47,984 |
Shares | Market Value• ($000) | ||
* | Ascendis Pharma A/S ADR | 309,552 | 42,854 |
* | Celldex Therapeutics Inc. | 1,132,864 | 42,392 |
* | Sarepta Therapeutics Inc. | 330,579 | 41,871 |
* | Apellis Pharmaceuticals Inc. | 894,309 | 39,520 |
* | TransMedics Group Inc. | 415,529 | 39,114 |
* | Immunocore Holdings plc ADR | 648,221 | 38,297 |
ResMed Inc. | 177,877 | 38,064 | |
* | Repligen Corp. | 229,697 | 37,716 |
* | Kymera Therapeutics Inc. | 1,075,438 | 36,156 |
* | QuidelOrtho Corp. | 868,229 | 35,207 |
* | Insulet Corp. | 204,627 | 35,184 |
* | Cytokinetics Inc. | 573,014 | 35,137 |
Teleflex Inc. | 165,007 | 34,445 | |
* | Hologic Inc. | 454,008 | 34,400 |
* | IDEXX Laboratories Inc. | 64,525 | 31,795 |
* | Structure Therapeutics Inc. ADR | 785,626 | 30,985 |
*,1 | Immatics NV | 2,941,391 | 29,208 |
* | Supernus Pharmaceuticals Inc. | 966,496 | 29,092 |
* | Sotera Health Co. | 2,441,729 | 27,347 |
* | Mettler-Toledo International Inc. | 21,375 | 26,285 |
* | SpringWorks Therapeutics Inc. | 530,605 | 24,774 |
* | Certara Inc. | 1,412,290 | 24,164 |
Bruker Corp. | 304,569 | 23,759 | |
* | Option Care Health Inc. | 785,789 | 23,487 |
* | Ligand Pharmaceuticals Inc. | 325,961 | 22,781 |
* | Agios Pharmaceuticals Inc. | 682,914 | 22,195 |
* | iRhythm Technologies Inc. | 200,290 | 21,948 |
* | PTC Therapeutics Inc. | 638,054 | 20,513 |
Chemed Corp. | 35,072 | 19,921 | |
* | Arvinas Inc. | 617,362 | 19,614 |
* | Viking Therapeutics Inc. | 234,279 | 18,644 |
* | Lantheus Holdings Inc. | 278,966 | 18,562 |
* | Azenta Inc. | 343,631 | 18,027 |
* | Pacira BioSciences Inc. | 676,612 | 17,761 |
* | DaVita Inc. | 121,928 | 16,949 |
* | Neogen Corp. | 1,332,647 | 16,432 |
* | Madrigal Pharmaceuticals Inc. | 79,927 | 16,307 |
* | Legend Biotech Corp. ADR | 361,465 | 15,811 |
* | Ironwood Pharmaceuticals Inc. | 1,978,285 | 15,332 |
* | Align Technology Inc. | 53,118 | 14,999 |
* | Morphic Holding Inc. | 528,256 | 14,406 |
* | Masimo Corp. | 104,160 | 14,000 |
* | Nevro Corp. | 1,272,791 | 13,466 |
* | Roivant Sciences Ltd. | 1,229,600 | 13,403 |
* | Omnicell Inc. | 487,038 | 13,058 |
* | Tenet Healthcare Corp. | 115,643 | 12,986 |
* | Insmed Inc. | 503,700 | 12,451 |
* | Illumina Inc. | 97,915 | 12,048 |
* | Natera Inc. | 125,787 | 11,683 |
* | Schrodinger Inc. | 456,492 | 11,129 |
* | Jazz Pharmaceuticals plc | 99,215 | 10,988 |
* | Axogen Inc. | 1,636,160 | 10,488 |
CONMED Corp. | 149,646 | 10,173 | |
* | Veeva Systems Inc. Class A | 48,445 | 9,619 |
Shares | Market Value• ($000) | ||
* | CorVel Corp. | 37,797 | 9,028 |
* | ACADIA Pharmaceuticals Inc. | 524,179 | 8,759 |
* | Exact Sciences Corp. | 144,785 | 8,593 |
* | Addus HomeCare Corp. | 88,580 | 8,517 |
* | Relay Therapeutics Inc. | 1,287,830 | 8,397 |
* | Hims & Hers Health Inc. | 660,279 | 8,273 |
Select Medical Holdings Corp. | 280,907 | 7,969 | |
* | ANI Pharmaceuticals Inc. | 103,131 | 6,807 |
* | Avantor Inc. | 279,169 | 6,764 |
* | LivaNova plc | 118,331 | 6,597 |
* | Phreesia Inc. | 303,345 | 6,291 |
* | Beam Therapeutics Inc. | 279,154 | 5,924 |
* | AdaptHealth Corp. | 513,482 | 5,058 |
* | Sage Therapeutics Inc. | 359,785 | 5,015 |
* | Fate Therapeutics Inc. | 1,268,133 | 5,009 |
* | Inmode Ltd. | 283,461 | 4,873 |
* | Arrowhead Pharmaceuticals Inc. | 212,167 | 4,799 |
* | BioCryst Pharmaceuticals Inc. | 1,122,762 | 4,637 |
* | Travere Therapeutics Inc. | 833,137 | 4,607 |
* | AtriCure Inc. | 164,475 | 3,967 |
* | Puma Biotechnology Inc. | 777,390 | 3,941 |
* | Voyager Therapeutics Inc. | 457,063 | 3,574 |
*,1 | Agenus Inc. | 290,646 | 3,523 |
* | Vir Biotechnology Inc. | 409,998 | 3,469 |
* | 10X Genomics Inc. Class A | 115,915 | 3,394 |
*,1 | Coherus Biosciences Inc. | 1,693,303 | 3,319 |
* | ADMA Biologics Inc. | 500,584 | 3,264 |
*,1 | Novavax Inc. | 733,101 | 3,174 |
* | Denali Therapeutics Inc. | 200,354 | 3,093 |
* | UFP Technologies Inc. | 13,831 | 2,848 |
* | Aldeyra Therapeutics Inc. | 680,004 | 2,679 |
* | PetIQ Inc. | 155,416 | 2,536 |
* | SI-BONE Inc. | 177,276 | 2,528 |
* | RxSight Inc. | 41,481 | 2,162 |
* | Alector Inc. | 416,287 | 2,115 |
*,1 | Karyopharm Therapeutics Inc. | 2,008,163 | 2,068 |
* | Xencor Inc. | 98,073 | 2,054 |
* | Rapt Therapeutics Inc. | 241,993 | 1,863 |
* | Enanta Pharmaceuticals Inc. | 119,191 | 1,638 |
* | Arcus Biosciences Inc. | 98,488 | 1,500 |
* | Tactile Systems Technology Inc. | 108,595 | 1,495 |
* | Cogent Biosciences Inc. | 229,670 | 1,493 |
* | Mersana Therapeutics Inc. | 442,937 | 1,404 |
* | Pennant Group Inc. | 66,647 | 1,394 |
* | CytomX Therapeutics Inc. | 820,461 | 1,337 |
* | Adaptive Biotechnologies Corp. | 484,990 | 1,271 |
* | Health Catalyst Inc. | 199,526 | 1,241 |
* | 89bio Inc. | 145,599 | 1,239 |
*,1 | Seres Therapeutics Inc. | 1,222,006 | 1,211 |
* | Prothena Corp. plc | 55,531 | 1,130 |
* | Pediatrix Medical Group Inc. | 126,346 | 1,121 |
* | Novocure Ltd. | 84,137 | 1,030 |
* | Joint Corp. | 81,335 | 971 |
* | Quanterix Corp. | 59,600 | 961 |
* | Esperion Therapeutics Inc. | 445,798 | 878 |
Shares | Market Value• ($000) | ||
* | Surmodics Inc. | 33,543 | 862 |
* | STAAR Surgical Co. | 18,681 | 859 |
* | Bridgebio Pharma Inc. | 33,283 | 853 |
* | Evolus Inc. | 70,453 | 829 |
LeMaitre Vascular Inc. | 12,697 | 823 | |
* | Pacific Biosciences of California Inc. | 485,725 | 801 |
* | Sangamo Therapeutics Inc. | 1,395,270 | 718 |
* | Amneal Pharmaceuticals Inc. | 117,099 | 708 |
* | Intellia Therapeutics Inc. | 30,463 | 652 |
* | Arcutis Biotherapeutics Inc. | 77,365 | 644 |
* | Keros Therapeutics Inc. | 11,248 | 634 |
*,1 | Heron Therapeutics Inc. | 244,797 | 568 |
* | Codexis Inc. | 186,328 | 542 |
* | Affimed NV | 75,667 | 405 |
* | Ventyx Biosciences Inc. | 103,893 | 389 |
* | Atea Pharmaceuticals Inc. | 81,077 | 300 |
* | Organogenesis Holdings Inc. | 126,114 | 296 |
* | Cabaletta Bio Inc. | 27,656 | 294 |
Embecta Corp. | 28,751 | 291 | |
* | NextCure Inc. | 171,519 | 208 |
Mei Pharma Inc. | 61,621 | 188 | |
* | Personalis Inc. | 96,118 | 141 |
* | Syros Pharmaceuticals Inc. | 23,659 | 128 |
* | Precision BioSciences Inc. | 11,410 | 119 |
*,2 | Cartesian Therapeutics Inc. CVR | 528,838 | 95 |
* | Aclaris Therapeutics Inc. | 73,649 | 89 |
*,3 | Scilex Holding Co. (Acquired 1/6/23, Cost $1,032) | 98,470 | 76 |
*,2 | OmniAb Inc. 12.5 Earnout | 84,348 | — |
*,2 | OmniAb Inc. 15 Earnout | 84,348 | — |
4,004,702 | |||
Industrials (20.9%) | |||
* | Kirby Corp. | 1,591,706 | 173,703 |
* | AerCap Holdings NV | 1,731,887 | 146,327 |
Vertiv Holdings Co. Class A | 1,556,788 | 144,781 | |
* | Fluor Corp. | 3,383,217 | 136,445 |
Science Applications International Corp. | 942,777 | 121,335 | |
* | Middleby Corp. | 869,395 | 120,820 |
* | Trex Co. Inc. | 1,318,144 | 116,722 |
Flowserve Corp. | 2,437,170 | 114,937 | |
Rush Enterprises Inc. Class A | 2,469,123 | 108,444 | |
RB Global Inc. (XTSE) | 1,501,903 | 107,506 | |
* | RBC Bearings Inc. | 432,992 | 105,888 |
Acuity Brands Inc. | 416,637 | 103,451 | |
Ryder System Inc. | 802,597 | 97,796 | |
* | Clean Harbors Inc. | 487,307 | 92,320 |
Sensata Technologies Holding plc | 2,363,244 | 90,536 | |
* | AZEK Co. Inc. | 1,955,498 | 89,249 |
Matson Inc. | 819,815 | 88,360 | |
Zurn Elkay Water Solutions Corp. | 2,824,580 | 88,353 | |
* | Gibraltar Industries Inc. | 1,222,320 | 87,347 |
* | Axon Enterprise Inc. | 276,155 | 86,619 |
Shares | Market Value• ($000) | ||
*,4 | Sterling Check Corp. | 5,680,540 | 85,947 |
* | ACV Auctions Inc. Class A | 4,909,436 | 85,670 |
Boise Cascade Co. | 632,891 | 83,712 | |
GATX Corp. | 675,691 | 82,677 | |
* | Alight Inc. Class A | 8,908,491 | 80,355 |
* | WillScot Mobile Mini Holdings Corp. | 2,070,598 | 76,529 |
* | Builders FirstSource Inc. | 392,241 | 71,709 |
* | XPO Inc. | 644,545 | 69,263 |
IDEX Corp. | 313,580 | 69,132 | |
* | API Group Corp. | 1,729,355 | 66,701 |
* | Shoals Technologies Group Inc. Class A | 7,132,918 | 60,273 |
Herc Holdings Inc. | 415,646 | 59,450 | |
* | SiteOne Landscape Supply Inc. | 370,891 | 58,189 |
Kennametal Inc. | 2,434,279 | 57,279 | |
* | AeroVironment Inc. | 336,320 | 53,741 |
Applied Industrial Technologies Inc. | 283,088 | 51,876 | |
* | Generac Holdings Inc. | 354,008 | 48,131 |
* | Cimpress plc | 561,834 | 47,908 |
BWX Technologies Inc. | 488,300 | 46,764 | |
HEICO Corp. Class A | 262,401 | 43,519 | |
Verisk Analytics Inc. | 180,028 | 39,239 | |
* | Kratos Defense & Security Solutions Inc. | 2,059,976 | 36,709 |
* | GXO Logistics Inc. | 722,545 | 35,882 |
* | FTI Consulting Inc. | 166,418 | 35,585 |
Toro Co. | 351,243 | 30,765 | |
Curtiss-Wright Corp. | 120,231 | 30,469 | |
* | Paycor HCM Inc. | 1,746,557 | 30,338 |
EMCOR Group Inc. | 81,254 | 29,021 | |
Comfort Systems USA Inc. | 83,761 | 25,916 | |
Rockwell Automation Inc. | 92,528 | 25,071 | |
Maximus Inc. | 304,529 | 24,448 | |
Watts Water Technologies Inc. Class A | 105,859 | 21,009 | |
AAON Inc. | 222,231 | 20,910 | |
* | GMS Inc. | 225,977 | 20,907 |
* | Core & Main Inc. Class A | 357,077 | 20,164 |
* | Beacon Roofing Supply Inc. | 201,418 | 19,846 |
UFP Industries Inc. | 171,423 | 19,319 | |
Allison Transmission Holdings Inc. | 253,988 | 18,681 | |
Griffon Corp. | 277,649 | 18,192 | |
* | American Airlines Group Inc. | 1,299,831 | 17,561 |
* | Upwork Inc. | 1,440,525 | 16,854 |
Advanced Drainage Systems Inc. | 105,153 | 16,509 | |
JB Hunt Transport Services Inc. | 98,846 | 16,069 | |
* | ExlService Holdings Inc. | 512,241 | 14,855 |
* | Legalzoom.com Inc. | 1,232,889 | 14,733 |
Atkore Inc. | 82,367 | 14,439 | |
Booz Allen Hamilton Holding Corp. | 94,366 | 13,935 | |
Terex Corp. | 248,624 | 13,935 | |
GFL Environmental Inc. (XTSE) | 429,650 | 13,706 | |
Heartland Express Inc. | 1,259,397 | 12,518 |
Shares | Market Value• ($000) | ||
H&E Equipment Services Inc. | 252,506 | 12,193 | |
* | Sterling Infrastructure Inc. | 117,736 | 11,962 |
* | Huron Consulting Group Inc. | 128,196 | 11,953 |
*,1 | Bloom Energy Corp. Class A | 1,035,000 | 11,519 |
* | ATS Corp. | 350,050 | 11,517 |
* | ASGN Inc. | 117,167 | 11,301 |
* | Kornit Digital Ltd. | 672,516 | 10,363 |
* | Lyft Inc. Class A | 656,089 | 10,261 |
Franklin Electric Co. Inc. | 100,064 | 9,633 | |
EnerSys | 106,385 | 9,622 | |
AGCO Corp. | 82,115 | 9,377 | |
* | American Woodmark Corp. | 100,811 | 9,283 |
CSG Systems International Inc. | 193,187 | 9,126 | |
Genpact Ltd. | 288,939 | 8,882 | |
Graco Inc. | 95,801 | 7,683 | |
* | Ameresco Inc. Class A | 365,671 | 7,653 |
Federal Signal Corp. | 93,939 | 7,637 | |
Brink's Co. | 86,356 | 7,553 | |
Donaldson Co. Inc. | 101,940 | 7,360 | |
* | Janus International Group Inc. | 501,652 | 7,229 |
Tennant Co. | 60,797 | 7,082 | |
Apogee Enterprises Inc. | 114,547 | 7,077 | |
* | MRC Global Inc. | 424,208 | 4,764 |
* | Blue Bird Corp. | 141,366 | 4,659 |
Brady Corp. Class A | 71,005 | 4,189 | |
* | Paylocity Holding Corp. | 26,950 | 4,182 |
* | Titan International Inc. | 319,736 | 3,523 |
* | Masterbrand Inc. | 205,388 | 3,424 |
Enerpac Tool Group Corp. | 91,276 | 3,252 | |
Alamo Group Inc. | 16,579 | 3,223 | |
TriNet Group Inc. | 29,181 | 2,929 | |
Mueller Water Products Inc. Class A | 182,712 | 2,894 | |
* | Atmus Filtration Technologies Inc. | 85,896 | 2,602 |
Marten Transport Ltd. | 150,410 | 2,545 | |
HNI Corp. | 59,663 | 2,503 | |
Kforce Inc. | 39,372 | 2,432 | |
* | NEXTracker Inc. Class A | 56,148 | 2,403 |
* | JELD-WEN Holding Inc. | 108,714 | 2,229 |
Forward Air Corp. | 98,845 | 2,177 | |
ArcBest Corp. | 19,265 | 2,137 | |
* | IES Holdings Inc. | 12,533 | 1,693 |
* | Healthcare Services Group Inc. | 152,987 | 1,625 |
CSW Industrials Inc. | 6,152 | 1,462 | |
* | Limbach Holdings Inc. | 31,811 | 1,442 |
TTEC Holdings Inc. | 180,775 | 1,316 | |
* | Franklin Covey Co. | 32,242 | 1,255 |
* | BlueLinx Holdings Inc. | 10,970 | 1,203 |
* | MYR Group Inc. | 7,038 | 1,170 |
Hyster-Yale Materials Handling Inc. | 16,302 | 955 | |
Lincoln Electric Holdings Inc. | 3,806 | 835 | |
* | Hudson Technologies Inc. | 84,041 | 834 |
Avis Budget Group Inc. | 6,265 | 598 | |
4,464,070 |
Shares | Market Value• ($000) | ||
Information Technology (17.0%) | |||
* | Guidewire Software Inc. | 1,439,219 | 158,890 |
* | Dynatrace Inc. | 2,666,931 | 120,839 |
* | Informatica Inc. Class A | 3,523,672 | 109,128 |
* | Smartsheet Inc. Class A | 2,793,550 | 105,680 |
* | Trimble Inc. | 1,675,689 | 100,659 |
* | Five9 Inc. | 1,672,845 | 96,306 |
Crane NXT Co. | 1,508,603 | 91,738 | |
* | Onto Innovation Inc. | 492,262 | 91,310 |
* | Squarespace Inc. Class A | 2,601,990 | 90,705 |
Power Integrations Inc. | 1,309,795 | 87,390 | |
* | Manhattan Associates Inc. | 422,545 | 87,070 |
Monolithic Power Systems Inc. | 126,700 | 84,804 | |
* | Jamf Holding Corp. | 4,167,342 | 81,138 |
* | Okta Inc. | 847,698 | 78,819 |
* | Sprout Social Inc. Class A | 1,547,650 | 78,079 |
* | CyberArk Software Ltd. | 324,202 | 77,565 |
* | Fabrinet | 433,936 | 75,101 |
* | Super Micro Computer Inc. | 80,378 | 69,029 |
* | Cirrus Logic Inc. | 772,790 | 68,446 |
* | Globant SA | 380,718 | 67,992 |
* | Viavi Solutions Inc. | 8,595,344 | 67,903 |
* | Tenable Holdings Inc. | 1,464,861 | 65,875 |
* | HubSpot Inc. | 104,269 | 63,069 |
* | Wix.com Ltd. | 511,798 | 60,837 |
*,1 | GLOBALFOUNDRIES Inc. | 1,228,462 | 60,047 |
* | Cadence Design Systems Inc. | 209,473 | 57,737 |
* | Pure Storage Inc. Class A | 1,031,109 | 51,968 |
* | Teledyne Technologies Inc. | 134,710 | 51,389 |
* | Tower Semiconductor Ltd. | 1,402,844 | 46,112 |
* | Envestnet Inc. | 732,439 | 45,463 |
* | Silicon Laboratories Inc. | 372,337 | 45,235 |
* | PTC Inc. | 249,895 | 44,341 |
* | Freshworks Inc. Class A | 2,329,440 | 41,581 |
* | Elastic NV | 389,952 | 39,861 |
* | Tyler Technologies Inc. | 81,084 | 37,424 |
* | Procore Technologies Inc. | 542,890 | 37,145 |
* | Varonis Systems Inc. | 789,213 | 34,528 |
Bentley Systems Inc. Class B | 655,290 | 34,422 | |
* | Rapid7 Inc. | 750,048 | 33,602 |
* | Lattice Semiconductor Corp. | 404,818 | 27,771 |
* | MACOM Technology Solutions Holdings Inc. | 268,241 | 27,347 |
Microchip Technology Inc. | 280,946 | 25,841 | |
* | Allegro MicroSystems Inc. | 859,400 | 25,516 |
* | CommVault Systems Inc. | 232,574 | 23,832 |
* | Aspen Technology Inc. | 119,679 | 23,561 |
* | Gitlab Inc. Class A | 418,205 | 21,943 |
* | Everbridge Inc. | 623,273 | 21,659 |
* | SentinelOne Inc. Class A | 1,022,600 | 21,608 |
* | Nutanix Inc. Class A | 353,321 | 21,447 |
* | ANSYS Inc. | 65,771 | 21,368 |
* | Axcelis Technologies Inc. | 206,231 | 21,349 |
* | N-Able Inc. | 1,701,107 | 20,856 |
Pegasystems Inc. | 341,506 | 20,292 | |
Cognex Corp. | 476,016 | 19,774 |
Shares | Market Value• ($000) | ||
* | RingCentral Inc. Class A | 659,400 | 19,531 |
*,1 | Rubrik Inc. Class A | 594,029 | 19,021 |
* | Novanta Inc. | 121,300 | 18,983 |
* | Blackbaud Inc. | 231,382 | 18,029 |
* | Altair Engineering Inc. Class A | 219,892 | 17,690 |
* | PROS Holdings Inc. | 539,208 | 17,659 |
* | Qualys Inc. | 105,624 | 17,313 |
*,1 | MicroStrategy Inc. Class A | 15,561 | 16,573 |
* | MaxLinear Inc. | 789,941 | 16,423 |
Clear Secure Inc. Class A | 931,200 | 16,268 | |
* | nCino Inc. | 547,327 | 15,960 |
* | Dropbox Inc. Class A | 665,808 | 15,420 |
Jabil Inc. | 124,484 | 14,609 | |
* | Teradata Corp. | 388,342 | 14,408 |
* | ON Semiconductor Corp. | 200,091 | 14,038 |
*,4 | 8x8 Inc. | 6,267,475 | 13,851 |
* | SMART Global Holdings Inc. | 748,023 | 13,666 |
* | UiPath Inc. Class A | 630,795 | 11,966 |
* | Ambarella Inc. | 253,067 | 11,634 |
* | Appian Corp. Class A | 259,134 | 9,702 |
* | Fortinet Inc. | 151,246 | 9,556 |
* | Zuora Inc. Class A | 955,888 | 9,425 |
* | Itron Inc. | 101,233 | 9,326 |
Amkor Technology Inc. | 282,937 | 9,153 | |
A10 Networks Inc. | 696,445 | 9,096 | |
* | Blackline Inc. | 154,643 | 8,977 |
* | Diodes Inc. | 121,698 | 8,885 |
* | Extreme Networks Inc. | 772,959 | 8,657 |
* | Sanmina Corp. | 135,790 | 8,238 |
* | Infinera Corp. | 1,704,810 | 8,217 |
* | Consensus Cloud Solutions Inc. | 640,482 | 7,455 |
* | Arrow Electronics Inc. | 56,850 | 7,258 |
* | Arlo Technologies Inc. | 575,753 | 7,128 |
* | Box Inc. Class A | 263,050 | 6,845 |
* | Ultra Clean Holdings Inc. | 161,569 | 6,758 |
* | Q2 Holdings Inc. | 123,680 | 6,356 |
* | Yext Inc. | 1,154,695 | 6,339 |
* | DigitalOcean Holdings Inc. | 192,200 | 6,316 |
* | Domo Inc. Class B | 778,926 | 5,865 |
* | BigCommerce Holdings Inc. Series 1 | 1,000,482 | 5,663 |
* | Verint Systems Inc. | 166,972 | 5,056 |
* | Credo Technology Group Holding Ltd. | 244,258 | 4,365 |
* | FormFactor Inc. | 92,333 | 4,117 |
* | PDF Solutions Inc. | 127,689 | 3,841 |
* | ACM Research Inc. Class A | 147,660 | 3,768 |
* | CommScope Holding Co. Inc. | 4,123,004 | 3,686 |
* | Impinj Inc. | 22,895 | 3,649 |
Hackett Group Inc. | 166,549 | 3,612 | |
* | ACI Worldwide Inc. | 98,620 | 3,363 |
* | Couchbase Inc. | 137,133 | 3,310 |
* | Marathon Digital Holdings Inc. | 180,595 | 2,900 |
* | ePlus Inc. | 36,206 | 2,784 |
* | Rambus Inc. | 50,559 | 2,772 |
* | eGain Corp. | 440,680 | 2,737 |
* | Olo Inc. Class A | 541,129 | 2,597 |
* | Weave Communications Inc. | 179,914 | 1,923 |
* | Fastly Inc. Class A | 149,909 | 1,896 |
Shares | Market Value• ($000) | ||
* | Plexus Corp. | 16,950 | 1,712 |
* | OSI Systems Inc. | 11,776 | 1,548 |
*,1 | Maxeon Solar Technologies Ltd. | 782,113 | 1,525 |
* | Calix Inc. | 53,324 | 1,479 |
* | Confluent Inc. Class A | 40,136 | 1,129 |
Vontier Corp. | 25,628 | 1,041 | |
* | Amplitude Inc. Class A | 102,159 | 1,000 |
* | Eastman Kodak Co. | 215,854 | 971 |
Bel Fuse Inc. Class B | 16,161 | 949 | |
* | Brightcove Inc. | 524,919 | 934 |
* | Asana Inc. Class A | 55,806 | 830 |
* | OneSpan Inc. | 71,641 | 775 |
* | inTEST Corp. | 58,088 | 655 |
*,1 | Veritone Inc. | 196,405 | 642 |
* | FARO Technologies Inc. | 33,840 | 635 |
* | Digital Turbine Inc. | 328,408 | 627 |
* | Alpha & Omega Semiconductor Ltd. | 26,248 | 574 |
* | Upland Software Inc. | 233,415 | 504 |
* | LivePerson Inc. | 731,897 | 367 |
* | Cambium Networks Corp. | 74,883 | 254 |
3,626,175 | |||
Materials (3.2%) | |||
Graphic Packaging Holding Co. | 6,054,172 | 156,500 | |
Cabot Corp. | 1,327,583 | 121,115 | |
Methanex Corp. | 2,209,569 | 105,860 | |
* | Summit Materials Inc. Class A | 1,581,687 | 61,528 |
Ashland Inc. | 594,300 | 56,655 | |
* | Arcadium Lithium plc | 8,432,343 | 37,102 |
Eagle Materials Inc. | 113,115 | 28,359 | |
Balchem Corp. | 138,320 | 19,556 | |
* | Axalta Coating Systems Ltd. | 565,558 | 17,781 |
Innospec Inc. | 72,173 | 8,661 | |
* | Constellium SE | 425,631 | 8,381 |
Ryerson Holding Corp. | 285,331 | 8,146 | |
* | O-I Glass Inc. | 504,778 | 7,551 |
Warrior Met Coal Inc. | 95,725 | 6,543 | |
Berry Global Group Inc. | 101,746 | 5,763 | |
RPM International Inc. | 52,650 | 5,629 | |
Orion SA | 229,246 | 5,424 | |
Steel Dynamics Inc. | 34,879 | 4,538 | |
Materion Corp. | 36,771 | 4,226 | |
Kaiser Aluminum Corp. | 39,767 | 3,599 | |
Sealed Air Corp. | 92,090 | 2,899 | |
Sensient Technologies Corp. | 28,751 | 2,105 | |
U.S. Lime & Minerals Inc. | 2,941 | 912 | |
* | Ecovyst Inc. | 90,552 | 854 |
Myers Industries Inc. | 37,719 | 826 | |
Hawkins Inc. | 9,658 | 732 | |
Greif Inc. Class A | 9,098 | 558 | |
681,803 | |||
Other (0.7%) | |||
1,5 | Vanguard Small-Cap ETF | 703,985 | 150,505 |
*,2 | Carisma Therapeutics Inc. CVR | 1,476,709 | — |
150,505 |
Shares | Market Value• ($000) | ||
Real Estate (2.7%) | |||
Essential Properties Realty Trust Inc. | 3,323,347 | 87,537 | |
Rexford Industrial Realty Inc. | 2,007,437 | 85,938 | |
Phillips Edison & Co. Inc. | 2,394,573 | 78,303 | |
CareTrust REIT Inc. | 3,060,714 | 75,661 | |
Douglas Emmett Inc. | 5,053,780 | 69,287 | |
Xenia Hotels & Resorts Inc. | 3,484,299 | 48,327 | |
PotlatchDeltic Corp. | 1,172,635 | 46,917 | |
* | CoStar Group Inc. | 267,101 | 24,448 |
Lamar Advertising Co. Class A | 142,896 | 16,554 | |
Colliers International Group Inc. | 150,000 | 15,606 | |
Ryman Hospitality Properties Inc. | 146,428 | 15,445 | |
Tanger Inc. | 252,375 | 7,155 | |
* | Redfin Corp. | 680,024 | 3,815 |
* | Opendoor Technologies Inc. | 1,512,420 | 3,010 |
Outfront Media Inc. | 140,093 | 2,222 | |
RMR Group Inc. Class A | 75,418 | 1,789 | |
* | Compass Inc. Class A | 280,864 | 885 |
Newmark Group Inc. Class A | 66,197 | 633 | |
583,532 | |||
Utilities (0.6%) | |||
IDACORP Inc. | 905,367 | 85,811 | |
Vistra Corp. | 236,707 | 17,952 | |
New Jersey Resources Corp. | 188,536 | 8,237 | |
National Fuel Gas Co. | 132,468 | 7,034 | |
MGE Energy Inc. | 10,109 | 792 | |
Otter Tail Corp. | 8,449 | 721 | |
120,547 | |||
Total Common Stocks (Cost $16,441,919) | 20,660,820 | ||
Temporary Cash Investments (3.6%) | |||
Money Market Fund (2.1%) | |||
6,7 | Vanguard Market Liquidity Fund, 5.394% | 4,571,984 | 457,152 |
Face Amount ($000) | Market Value• ($000) | ||
Repurchase Agreement (1.5%) | |||
Deutsche Bank Securities Inc. 5.310%, 5/1/24 (Dated 4/30/24, Repurchase Value $321,347,000, collateralized by Federal Farm Credit Bank 0.000%–6.080%, 5/24/24–11/26/36, Federal Home Loan Bank 0.000%–5.380%, 5/3/24–3/10/34, Freddie Mac 6.000%, 10/1/53, and U.S. Treasury Note/Bond 1.875%–2.000%, 8/15/25–2/15/32, with a value of $327,726,000) | 321,300 | 321,300 | |
Total Temporary Cash Investments (Cost $778,376) | 778,452 | ||
Total Investments (100.4%) (Cost $17,220,295) | 21,439,272 | ||
Other Assets and Liabilities—Net (-0.4%) | (85,888) | ||
Net Assets (100%) | 21,353,384 | ||
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 $87,022,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Restricted securities totaling $76,000, representing 0.0% of net assets. |
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 $94,101,000 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 2024 | 2,831 | 281,062 | (722) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $16,470,519) | 20,731,817 |
Affiliated Issuers (Cost $749,776) | 707,455 |
Total Investments in Securities | 21,439,272 |
Investment in Vanguard | 673 |
Cash | 13,163 |
Cash Collateral Pledged—Futures Contracts | 18,568 |
Receivables for Investment Securities Sold | 53,916 |
Receivables for Accrued Income | 2,971 |
Receivables for Capital Shares Issued | 12,656 |
Total Assets | 21,541,219 |
Liabilities | |
Payables for Investment Securities Purchased | 66,604 |
Collateral for Securities on Loan | 94,101 |
Payables to Investment Advisor | 10,517 |
Payables for Capital Shares Redeemed | 9,422 |
Payables to Vanguard | 1,366 |
Variation Margin Payable—Futures Contracts | 5,825 |
Total Liabilities | 187,835 |
Net Assets | 21,353,384 |
1 Includes $87,022,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 16,648,240 |
Total Distributable Earnings (Loss) | 4,705,144 |
Net Assets | 21,353,384 |
Investor Shares—Net Assets | |
Applicable to 27,862,190 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,115,354 |
Net Asset Value Per Share—Investor Shares | $111.81 |
Admiral Shares—Net Assets | |
Applicable to 175,389,024 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 18,238,030 |
Net Asset Value Per Share—Admiral Shares | $103.99 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 71,755 |
Dividends—Affiliated Issuers | 2,816 |
Interest—Unaffiliated Issuers | 6,274 |
Interest—Affiliated Issuers | 10,989 |
Securities Lending—Net | 803 |
Total Income | 92,637 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 17,393 |
Performance Adjustment | 3,883 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 3,669 |
Management and Administrative—Admiral Shares | 11,490 |
Marketing and Distribution—Investor Shares | 76 |
Marketing and Distribution—Admiral Shares | 406 |
Custodian Fees | 56 |
Shareholders’ Reports—Investor Shares | 38 |
Shareholders’ Reports—Admiral Shares | 124 |
Trustees’ Fees and Expenses | 8 |
Other Expenses | 8 |
Total Expenses | 37,151 |
Expenses Paid Indirectly | (3) |
Net Expenses | 37,148 |
Net Investment Income | 55,489 |
Realized Net Gain (Loss) | |
Capital Gains Distributions Received – Affiliated Issuers | 3 |
Investment Securities Sold—Unaffiliated Issuers | 561,949 |
Investment Securities Sold—Affiliated Issuers | 874 |
Futures Contracts | 32,002 |
Realized Net Gain (Loss) | 594,828 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 3,174,565 |
Investment Securities—Affiliated Issuers | 49,957 |
Futures Contracts | 6,888 |
Change in Unrealized Appreciation (Depreciation) | 3,231,410 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,881,727 |
1 | Dividends are net of foreign withholding taxes of $253,000. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 55,489 | 128,360 | |
Realized Net Gain (Loss) | 594,828 | 19,456 | |
Change in Unrealized Appreciation (Depreciation) | 3,231,410 | (537,048) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,881,727 | (389,232) | |
Distributions | |||
Investor Shares | (25,316) | (137,228) | |
Admiral Shares | (160,709) | (780,809) | |
Total Distributions | (186,025) | (918,037) | |
Capital Share Transactions | |||
Investor Shares | (74,767) | (65,684) | |
Admiral Shares | (202,520) | 256,923 | |
Net Increase (Decrease) from Capital Share Transactions | (277,287) | 191,239 | |
Total Increase (Decrease) | 3,418,415 | (1,116,030) | |
Net Assets | |||
Beginning of Period | 17,934,969 | 19,050,999 | |
End of Period | 21,353,384 | 17,934,969 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $92.60 | $99.70 | $151.47 | $110.44 | $101.66 | $102.25 |
Investment Operations | ||||||
Net Investment Income1 | .239 | .563 | .349 | .206 | .284 | .333 |
Net Realized and Unrealized Gain (Loss) on Investments | 19.852 | (2.910) | (31.635) | 49.372 | 13.688 | 8.234 |
Total from Investment Operations | 20.091 | (2.347) | (31.286) | 49.578 | 13.972 | 8.567 |
Distributions | ||||||
Dividends from Net Investment Income | (.579) | (.360) | (.278) | (.158) | (.295) | (.286) |
Distributions from Realized Capital Gains | (.302) | (4.393) | (20.206) | (8.390) | (4.897) | (8.871) |
Total Distributions | (.881) | (4.753) | (20.484) | (8.548) | (5.192) | (9.157) |
Net Asset Value, End of Period | $111.81 | $92.60 | $99.70 | $151.47 | $110.44 | $101.66 |
Total Return2 | 21.72% | -2.33% | -23.09% | 46.27% | 14.08% | 10.15% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,115 | $2,637 | $2,894 | $4,074 | $3,325 | $3,520 |
Ratio of Total Expenses to Average Net Assets3 | 0.45%4 | 0.45%4 | 0.45%4 | 0.40% | 0.41% | 0.45% |
Ratio of Net Investment Income to Average Net Assets | 0.43% | 0.56% | 0.31% | 0.15% | 0.28% | 0.33% |
Portfolio Turnover Rate | 17% | 40% | 44% | 45% | 43% | 41% |
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 0.04%, 0.04%, 0.04%, (0.01%), (0.01%), and 0.03%. |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.45%. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $86.15 | $92.79 | $141.02 | $102.82 | $94.64 | $95.24 |
Investment Operations | ||||||
Net Investment Income1 | .277 | .625 | .437 | .321 | .365 | .409 |
Net Realized and Unrealized Gain (Loss) on Investments | 18.484 | (2.730) | (29.417) | 45.967 | 12.752 | 7.648 |
Total from Investment Operations | 18.761 | (2.105) | (28.980) | 46.288 | 13.117 | 8.057 |
Distributions | ||||||
Dividends from Net Investment Income | (.640) | (.447) | (.434) | (.275) | (.378) | (.393) |
Distributions from Realized Capital Gains | (.281) | (4.088) | (18.816) | (7.813) | (4.559) | (8.264) |
Total Distributions | (.921) | (4.535) | (19.250) | (8.088) | (4.937) | (8.657) |
Net Asset Value, End of Period | $103.99 | $86.15 | $92.79 | $141.02 | $102.82 | $94.64 |
Total Return2 | 21.81% | -2.24% | -23.00% | 46.42% | 14.21% | 10.27% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $18,238 | $15,298 | $16,157 | $20,594 | $13,279 | $12,569 |
Ratio of Total Expenses to Average Net Assets3 | 0.34%4 | 0.34%4 | 0.34%4 | 0.29% | 0.30% | 0.34% |
Ratio of Net Investment Income to Average Net Assets | 0.54% | 0.67% | 0.42% | 0.25% | 0.39% | 0.44% |
Portfolio Turnover Rate | 17% | 40% | 44% | 45% | 43% | 41% |
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 0.04%, 0.04%, 0.04%, (0.01%), (0.01%), and 0.03%. |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.34%. |
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, Stephens Investment Management Group, LLC, ClearBridge Investments, 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, 2024, these arrangements reduced the fund’s expenses by $3,000 (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 | 20,660,649 | 76 | 95 | 20,660,820 |
Temporary Cash Investments | 457,152 | 321,300 | — | 778,452 |
Total | 21,117,801 | 321,376 | 95 | 21,439,272 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 722 | — | — | 722 |
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, 2024, 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 | 17,365,196 |
Gross Unrealized Appreciation | 5,750,764 |
Gross Unrealized Depreciation | (1,677,410) |
Net Unrealized Appreciation (Depreciation) | 4,073,354 |
G. | During the six months ended April 30, 2024, the fund purchased $3,497,461,000 of investment securities and sold $4,013,144,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 185,537 | 1,777 | 184,543 | 1,831 | |
Issued in Lieu of Cash Distributions | 24,491 | 225 | 133,501 | 1,448 | |
Redeemed | (284,795) | (2,615) | (383,728) | (3,828) | |
Net Increase (Decrease)—Investor Shares | (74,767) | (613) | (65,684) | (549) | |
Admiral Shares | |||||
Issued | 1,200,801 | 11,785 | 1,980,306 | 21,287 | |
Issued in Lieu of Cash Distributions | 148,486 | 1,469 | 723,744 | 8,447 | |
Redeemed | (1,551,807) | (15,432) | (2,447,127) | (26,299) | |
Net Increase (Decrease)—Admiral Shares | (202,520) | (2,178) | 256,923 | 3,435 |
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, 2023 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, 2024 Market Value ($000) | |
8x8 Inc. | 14,545 | 431 | — | — | (1,125) | — | — | 13,851 |
Sterling Check Corp. | 63,508 | — | — | — | 22,439 | — | — | 85,947 |
Vanguard Market Liquidity Fund | 488,155 | NA1 | NA1 | 18 | (22) | 10,989 | 3 | 457,152 |
Vanguard Small-Cap ETF | 159,304 | — | 38,320 | 856 | 28,665 | 2,816 | — | 150,505 |
Total | 725,512 | 431 | 38,320 | 874 | 49,957 | 13,805 | 3 | 707,455 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
J. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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, 2024, that would require recognition or disclosure in these financial statements. |
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. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(a)(2) | 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 20, 2024
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 20, 2024
VANGUARD EXPLORER FUND | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 20, 2024
* By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on January 11, 2024 (see File Number 33-34494); a Power of Attorney filed on July 21, 2023 (see File Number 33-53683), Incorporated by Reference; and a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.