Vanguard® Explorer™ Fund
Schedule of Investments (unaudited)
As of July 31, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Shares | Market Value ($000) | ||
| Common Stocks (97.6%) | |||
| Communication Services (3.4%) | |||
| New York Times Co. Class A | 2,228,653 | 119,433 | |
| * | Cinemark Holdings Inc. | 4,115,487 | 97,043 |
| * | Live Nation Entertainment Inc. | 983,144 | 94,569 |
| * | Cargurus Inc. | 3,340,496 | 82,911 |
| * | Ziff Davis Inc. | 1,630,120 | 78,050 |
| * | IAC Inc. | 885,584 | 46,768 |
| * | Take-Two Interactive Software Inc. | 308,620 | 46,457 |
| Electronic Arts Inc. | 235,173 | 35,497 | |
| 1 | Warner Music Group Corp. Class A | 1,151,912 | 34,569 |
| * | Spotify Technology SA | 90,070 | 30,979 |
| * | ZipRecruiter Inc. Class A | 3,139,073 | 28,754 |
| Iridium Communications Inc. | 950,980 | 27,293 | |
| * | Yelp Inc. | 457,006 | 16,649 |
| Playtika Holding Corp. | 874,927 | 6,676 | |
| * | TripAdvisor Inc. | 279,406 | 4,926 |
| * | Vimeo Inc. | 1,193,598 | 4,798 |
| * | Madison Square Garden Entertainment Corp. | 110,229 | 4,353 |
| * | EverQuote Inc. Class A | 142,652 | 3,722 |
| * | Bandwidth Inc. Class A | 138,727 | 3,166 |
| * | Mediaalpha Inc. Class A | 126,668 | 1,858 |
| * | ZoomInfo Technologies Inc. | 65,752 | 747 |
| * | Grindr Inc. | 62,891 | 731 |
| * | PubMatic Inc. Class A | 32,890 | 722 |
| * | QuinStreet Inc. | 35,944 | 672 |
| * | Roku Inc. | 9,122 | 531 |
| 771,874 | |||
| Consumer Discretionary (10.1%) | |||
| * | Burlington Stores Inc. | 760,174 | 197,888 |
| Wingstop Inc. | 409,041 | 152,932 | |
| Churchill Downs Inc. | 741,349 | 106,428 | |
| * | Skyline Champion Corp. | 1,232,162 | 100,434 |
| Steven Madden Ltd. | 2,142,555 | 97,143 | |
| American Eagle Outfitters Inc. | 4,130,303 | 91,073 | |
| Texas Roadhouse Inc. | 520,461 | 90,878 | |
| Gentex Corp. | 2,506,397 | 77,849 | |
| Levi Strauss & Co. Class A | 4,180,078 | 76,621 | |
| Meritage Homes Corp. | 373,308 | 75,733 | |
| * | Crocs Inc. | 556,475 | 74,774 |
| Acushnet Holdings Corp. | 977,058 | 70,915 | |
| * | Boot Barn Holdings Inc. | 485,762 | 64,839 |
| * | YETI Holdings Inc. | 1,402,561 | 57,996 |
| Carter's Inc. | 876,633 | 53,080 | |
| Pool Corp. | 125,450 | 46,923 | |
| * | Chewy Inc. Class A | 1,897,249 | 45,875 |
| * | Deckers Outdoor Corp. | 46,813 | 43,191 |
| Domino's Pizza Inc. | 100,285 | 42,992 | |
| Installed Building Products Inc. | 155,339 | 41,996 | |
| * | National Vision Holdings Inc. | 2,121,803 | 30,681 |
| * | Floor & Decor Holdings Inc. Class A | 275,533 | 27,002 |
| * | Bright Horizons Family Solutions Inc. | 217,787 | 26,189 |
| * | Valvoline Inc. | 530,122 | 24,651 |
| * | Skechers USA Inc. Class A | 363,513 | 23,676 |
| * | Abercrombie & Fitch Co. Class A | 159,552 | 23,531 |
| Tractor Supply Co. | 85,240 | 22,445 | |
| * | Sally Beauty Holdings Inc. | 1,892,650 | 21,671 |
| * | Norwegian Cruise Line Holdings Ltd. | 1,148,366 | 21,164 |
| * | Fox Factory Holding Corp. | 395,703 | 21,127 |
| Papa John's International Inc. | 469,029 | 20,745 | |
| Toll Brothers Inc. | 135,611 | 19,353 | |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Sportradar Group AG Class A | 1,756,938 | 19,080 |
| Travel & Leisure Co. | 411,313 | 18,957 | |
| * | frontdoor Inc. | 453,365 | 17,890 |
| * | Five Below Inc. | 209,066 | 15,207 |
| * | Etsy Inc. | 224,905 | 14,650 |
| * | Cava Group Inc. | 163,512 | 13,771 |
| Buckle Inc. | 307,709 | 13,290 | |
| * | Urban Outfitters Inc. | 260,085 | 11,977 |
| * | Tri Pointe Homes Inc. | 263,089 | 11,905 |
| * | Carvana Co. | 88,895 | 11,843 |
| * | Duolingo Inc. | 65,884 | 11,328 |
| * | Shake Shack Inc. Class A | 126,579 | 11,091 |
| Upbound Group Inc. | 260,667 | 9,835 | |
| Wynn Resorts Ltd. | 117,335 | 9,718 | |
| * | Dave & Buster's Entertainment Inc. | 246,789 | 9,282 |
| * | Brinker International Inc. | 132,525 | 8,854 |
| * | Visteon Corp. | 75,884 | 8,768 |
| * | Taylor Morrison Home Corp. | 119,320 | 8,004 |
| * | Green Brick Partners Inc. | 107,607 | 7,871 |
| * | Warby Parker Inc. Class A | 472,088 | 7,775 |
| Jack in the Box Inc. | 120,888 | 7,186 | |
| * | Modine Manufacturing Co. | 60,338 | 7,099 |
| * | Wayfair Inc. Class A | 124,933 | 6,800 |
| Tapestry Inc. | 164,807 | 6,607 | |
| Hasbro Inc. | 96,394 | 6,214 | |
| * | Sonos Inc. | 440,636 | 5,949 |
| * | Cavco Industries Inc. | 14,339 | 5,945 |
| Build-A-Bear Workshop Inc. | 202,736 | 5,498 | |
| Academy Sports & Outdoors Inc. | 100,679 | 5,444 | |
| Monarch Casino & Resort Inc. | 56,356 | 4,412 | |
| * | Rush Street Interactive Inc. | 433,659 | 4,341 |
| * | Hanesbrands Inc. | 720,265 | 4,278 |
| * | Hovnanian Enterprises Inc. Class A | 18,858 | 3,958 |
| Perdoceo Education Corp. | 149,700 | 3,711 | |
| * | Coursera Inc. | 398,231 | 3,704 |
| KB Home | 41,606 | 3,581 | |
| * | Chegg Inc. | 904,883 | 3,086 |
| * | Gentherm Inc. | 51,085 | 2,819 |
| * | Grand Canyon Education Inc. | 17,352 | 2,706 |
| Carriage Services Inc. | 80,893 | 2,593 | |
| Bloomin' Brands Inc. | 123,834 | 2,582 | |
| Patrick Industries Inc. | 19,388 | 2,483 | |
| * | RH | 8,370 | 2,428 |
| *,1 | Despegar.com Corp. | 197,691 | 2,297 |
| * | Stitch Fix Inc. Class A | 467,071 | 2,200 |
| * | Sweetgreen Inc. Class A | 79,158 | 2,175 |
| * | Dorman Products Inc. | 20,331 | 2,061 |
| PulteGroup Inc. | 14,352 | 1,894 | |
| * | American Axle & Manufacturing Holdings Inc. | 232,030 | 1,724 |
| J Jill Inc. | 42,827 | 1,647 | |
| Standard Motor Products Inc. | 40,577 | 1,328 | |
| Golden Entertainment Inc. | 36,755 | 1,229 | |
| * | Denny's Corp. | 160,030 | 1,178 |
| * | Dutch Bros Inc. Class A | 29,629 | 1,133 |
| * | Luminar Technologies Inc. | 592,654 | 984 |
| International Game Technology plc | 40,766 | 957 | |
| * | CarParts.com Inc. | 932,394 | 942 |
| * | TopBuild Corp. | 1,955 | 936 |
| * | Udemy Inc. | 90,579 | 837 |
| * | American Public Education Inc. | 36,549 | 730 |
| 2,260,567 | |||
| Consumer Staples (2.9%) | |||
| * | Performance Food Group Co. | 1,387,336 | 95,726 |
| * | Freshpet Inc. | 784,404 | 95,462 |
| * | BJ's Wholesale Club Holdings Inc. | 1,077,240 | 94,754 |
| Casey's General Stores Inc. | 227,743 | 88,328 | |
| * | Simply Good Foods Co. | 1,982,469 | 67,245 |
| * | BellRing Brands Inc. | 1,084,737 | 55,625 |
| * | e.l.f. Beauty Inc. | 225,373 | 38,895 |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Celsius Holdings Inc. | 706,836 | 33,101 |
| Coca-Cola Consolidated Inc. | 18,146 | 20,793 | |
| PriceSmart Inc. | 225,895 | 20,631 | |
| Energizer Holdings Inc. | 204,339 | 6,292 | |
| Primo Water Corp. | 277,500 | 6,086 | |
| John B Sanfilippo & Son Inc. | 52,487 | 5,504 | |
| * | Vital Farms Inc. | 110,180 | 4,020 |
| Turning Point Brands Inc. | 86,434 | 3,260 | |
| * | USANA Health Sciences Inc. | 57,282 | 2,555 |
| * | Boston Beer Co. Inc. Class A | 6,295 | 1,764 |
| Vector Group Ltd. | 116,115 | 1,484 | |
| Dole plc | 88,957 | 1,321 | |
| * | Herbalife Ltd. | 59,531 | 731 |
| * | Honest Co. Inc. | 187,347 | 699 |
| * | Pilgrim's Pride Corp. | 16,899 | 697 |
| 644,973 | |||
| Energy (4.9%) | |||
| Viper Energy Inc. | 4,810,784 | 205,276 | |
| Magnolia Oil & Gas Corp. Class A | 5,497,535 | 149,753 | |
| Chord Energy Corp. | 671,872 | 115,334 | |
| * | Antero Resources Corp. | 3,916,396 | 113,654 |
| * | Seadrill Ltd. | 1,583,329 | 87,099 |
| Matador Resources Co. | 897,544 | 55,181 | |
| TechnipFMC plc | 1,723,911 | 50,855 | |
| * | Weatherford International plc | 396,664 | 46,751 |
| ChampionX Corp. | 1,060,084 | 36,318 | |
| EQT Corp. | 1,025,000 | 35,373 | |
| * | Southwestern Energy Co. | 5,078,623 | 32,757 |
| Diamondback Energy Inc. | 150,201 | 30,387 | |
| Cactus Inc. Class A | 404,260 | 25,517 | |
| Coterra Energy Inc. | 685,020 | 17,674 | |
| SM Energy Co. | 370,579 | 17,121 | |
| Archrock Inc. | 596,264 | 12,361 | |
| * | Oceaneering International Inc. | 383,585 | 11,515 |
| Dorian LPG Ltd. | 236,967 | 9,682 | |
| Permian Resources Corp. | 523,462 | 8,030 | |
| * | Par Pacific Holdings Inc. | 297,589 | 7,901 |
| Texas Pacific Land Corp. | 6,523 | 5,511 | |
| Ovintiv Inc. (XNYS) | 116,307 | 5,401 | |
| Murphy Oil Corp. | 117,091 | 4,845 | |
| Crescent Energy Co. Class A | 261,609 | 3,200 | |
| * | Amplify Energy Corp. | 363,162 | 2,727 |
| * | CONSOL Energy Inc. | 22,424 | 2,238 |
| * | REX American Resources Corp. | 33,864 | 1,721 |
| VAALCO Energy Inc. | 217,663 | 1,558 | |
| SFL Corp. Ltd. | 118,451 | 1,402 | |
| * | TETRA Technologies Inc. | 352,674 | 1,315 |
| Solaris Oilfield Infrastructure Inc. Class A | 82,776 | 1,089 | |
| Antero Midstream Corp. | 63,656 | 914 | |
| Berry Corp. | 102,567 | 704 | |
| 1,101,164 | |||
| Financials (10.4%) | |||
| Houlihan Lokey Inc. | 1,149,158 | 172,661 | |
| Tradeweb Markets Inc. Class A | 1,257,529 | 140,441 | |
| Prosperity Bancshares Inc. | 1,747,490 | 126,728 | |
| Synovus Financial Corp. | 2,693,884 | 125,939 | |
| Pinnacle Financial Partners Inc. | 1,290,749 | 124,325 | |
| HA Sustainable Infrastructure Capital Inc. | 3,340,411 | 109,465 | |
| Morningstar Inc. | 331,906 | 105,430 | |
| Assured Guaranty Ltd. | 1,278,590 | 105,317 | |
| Cadence Bank | 3,112,505 | 102,308 | |
| Voya Financial Inc. | 1,263,025 | 91,860 | |
| * | Euronet Worldwide Inc. | 885,477 | 90,310 |
| MGIC Investment Corp. | 3,393,499 | 84,295 | |
| StepStone Group Inc. Class A | 1,467,790 | 73,771 | |
| Assurant Inc. | 407,829 | 71,317 | |
| * | Palomar Holdings Inc. | 662,645 | 60,970 |
| FirstCash Holdings Inc. | 520,033 | 58,036 | |
| Piper Sandler Cos. | 198,032 | 54,118 | |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Shift4 Payments Inc. Class A | 732,613 | 50,396 |
| Selective Insurance Group Inc. | 505,720 | 45,677 | |
| Ryan Specialty Holdings Inc. | 721,326 | 44,426 | |
| WisdomTree Inc. | 3,575,371 | 42,690 | |
| MarketAxess Holdings Inc. | 190,955 | 42,684 | |
| Equitable Holdings Inc. | 941,662 | 41,066 | |
| Hamilton Lane Inc. Class A | 257,430 | 37,165 | |
| Kinsale Capital Group Inc. | 70,228 | 32,099 | |
| * | Encore Capital Group Inc. | 563,141 | 28,467 |
| * | Remitly Global Inc. | 1,740,944 | 22,998 |
| * | NMI Holdings Inc. Class A | 541,873 | 21,323 |
| * | StoneCo. Ltd. Class A | 1,608,501 | 21,104 |
| * | Toast Inc. Class A | 711,364 | 18,609 |
| BGC Group Inc. Class A | 1,904,900 | 17,544 | |
| Virtus Investment Partners Inc. | 77,306 | 17,471 | |
| Everest Group Ltd. | 43,572 | 17,118 | |
| Victory Capital Holdings Inc. Class A | 266,338 | 13,953 | |
| SLM Corp. | 450,911 | 10,231 | |
| * | Skyward Specialty Insurance Group Inc. | 209,804 | 8,302 |
| Westamerica BanCorp | 146,932 | 7,928 | |
| Federated Hermes Inc. | 215,625 | 7,402 | |
| * | PagSeguro Digital Ltd. Class A | 542,470 | 6,933 |
| * | Marqeta Inc. Class A | 1,282,634 | 6,913 |
| Lincoln National Corp. | 168,554 | 5,613 | |
| Bank of NT Butterfield & Son Ltd. | 142,747 | 5,473 | |
| * | WEX Inc. | 29,782 | 5,464 |
| * | AvidXchange Holdings Inc. | 575,325 | 5,143 |
| First BanCorp (XNYS) | 237,153 | 5,087 | |
| * | Payoneer Global Inc. | 891,537 | 4,930 |
| PROG Holdings Inc. | 96,303 | 4,339 | |
| * | Oscar Health Inc. Class A | 212,536 | 3,758 |
| * | International Money Express Inc. | 144,316 | 3,205 |
| Brightsphere Investment Group Inc. | 122,194 | 3,200 | |
| * | SoFi Technologies Inc. | 392,107 | 2,957 |
| Ally Financial Inc. | 57,080 | 2,569 | |
| Mercury General Corp. | 37,693 | 2,257 | |
| Brown & Brown Inc. | 22,199 | 2,207 | |
| XP Inc. Class A | 122,825 | 2,102 | |
| RLI Corp. | 12,853 | 1,936 | |
| * | SiriusPoint Ltd. | 134,602 | 1,934 |
| Pathward Financial Inc. | 26,187 | 1,769 | |
| * | LendingTree Inc. | 18,747 | 998 |
| Fidelis Insurance Holdings Ltd. | 52,812 | 940 | |
| Jefferies Financial Group Inc. | 15,834 | 926 | |
| * | Open Lending Corp. Class A | 140,825 | 887 |
| Lazard Inc. | 17,980 | 884 | |
| * | StoneX Group Inc. | 8,902 | 742 |
| * | Moneylion Inc. | 10,057 | 693 |
| Patria Investments Ltd. Class A | 40,232 | 523 | |
| 2,330,326 | |||
| Health Care (19.7%) | |||
| * | ICON plc | 485,731 | 159,533 |
| * | Medpace Holdings Inc. | 398,385 | 152,390 |
| * | Globus Medical Inc. Class A | 2,078,112 | 149,541 |
| * | Acadia Healthcare Co. Inc. | 1,855,483 | 120,328 |
| * | Halozyme Therapeutics Inc. | 1,983,119 | 109,587 |
| Encompass Health Corp. | 1,141,965 | 106,134 | |
| * | Doximity Inc. Class A | 3,707,824 | 103,819 |
| Bio-Techne Corp. | 1,254,206 | 102,331 | |
| STERIS plc | 423,361 | 101,082 | |
| * | Ultragenyx Pharmaceutical Inc. | 2,190,840 | 98,632 |
| * | Haemonetics Corp. | 1,081,166 | 97,359 |
| * | Myriad Genetics Inc. | 3,480,696 | 97,355 |
| * | Intra-Cellular Therapies Inc. | 1,102,027 | 86,752 |
| * | Surgery Partners Inc. | 2,811,512 | 85,357 |
| * | HealthEquity Inc. | 1,048,113 | 82,256 |
| * | Veracyte Inc. | 3,367,997 | 80,832 |
| * | Ionis Pharmaceuticals Inc. | 1,537,197 | 76,030 |
| * | Neurocrine Biosciences Inc. | 534,113 | 75,614 |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Blueprint Medicines Corp. | 687,295 | 74,434 |
| * | Natera Inc. | 668,702 | 68,468 |
| * | TransMedics Group Inc. | 481,133 | 68,446 |
| * | Merit Medical Systems Inc. | 800,503 | 68,275 |
| * | Inspire Medical Systems Inc. | 479,559 | 67,642 |
| * | Evolent Health Inc. Class A | 2,877,376 | 67,100 |
| * | Exelixis Inc. | 2,850,388 | 66,842 |
| * | Tandem Diabetes Care Inc. | 1,722,686 | 63,705 |
| * | Cooper Cos. Inc. | 656,048 | 61,229 |
| * | Penumbra Inc. | 356,379 | 59,547 |
| * | Charles River Laboratories International Inc. | 235,348 | 57,448 |
| * | Alkermes plc | 2,036,372 | 55,634 |
| * | Sarepta Therapeutics Inc. | 385,923 | 54,894 |
| * | Insmed Inc. | 709,128 | 51,589 |
| * | REVOLUTION Medicines Inc. | 1,069,476 | 48,811 |
| * | Cytokinetics Inc. | 750,065 | 44,261 |
| * | Celldex Therapeutics Inc. | 1,132,864 | 43,173 |
| * | Repligen Corp. | 248,406 | 41,571 |
| * | Ascendis Pharma A/S ADR | 309,552 | 41,325 |
| * | Kymera Therapeutics Inc. | 873,677 | 40,364 |
| * | Insulet Corp. | 204,627 | 39,769 |
| ResMed Inc. | 185,033 | 39,458 | |
| * | Apellis Pharmaceuticals Inc. | 986,546 | 39,067 |
| * | Hologic Inc. | 469,617 | 38,325 |
| Teleflex Inc. | 167,125 | 36,921 | |
| * | Ligand Pharmaceuticals Inc. | 330,711 | 36,044 |
| * | Immatics NV | 2,941,391 | 35,356 |
| * | QuidelOrtho Corp. | 830,024 | 32,612 |
| CONMED Corp. | 471,615 | 32,560 | |
| * | Supernus Pharmaceuticals Inc. | 1,006,639 | 30,018 |
| * | Waystar Holding Corp. | 1,233,356 | 28,367 |
| * | IDEXX Laboratories Inc. | 56,656 | 26,975 |
| * | Sotera Health Co. | 1,904,584 | 26,417 |
| * | Vaxcyte Inc. | 333,100 | 26,278 |
| * | Apogee Therapeutics Inc. | 530,354 | 25,828 |
| * | Madrigal Pharmaceuticals Inc. | 90,124 | 25,655 |
| * | DexCom Inc. | 371,732 | 25,211 |
| * | Viking Therapeutics Inc. | 426,807 | 24,328 |
| * | Agios Pharmaceuticals Inc. | 493,427 | 22,895 |
| * | Neogen Corp. | 1,324,094 | 22,549 |
| * | Arvinas Inc. | 819,322 | 22,540 |
| * | Option Care Health Inc. | 756,754 | 22,468 |
| * | Certara Inc. | 1,412,290 | 22,046 |
| *,1 | Structure Therapeutics Inc. ADR | 582,447 | 21,778 |
| * | Azenta Inc. | 342,044 | 21,306 |
| *,2 | Nevro Corp. | 2,118,527 | 21,037 |
| * | Legend Biotech Corp. ADR | 361,465 | 20,383 |
| * | Exact Sciences Corp. | 444,115 | 20,287 |
| * | Roivant Sciences Ltd. | 1,860,200 | 20,183 |
| Chemed Corp. | 35,072 | 19,997 | |
| * | SpringWorks Therapeutics Inc. | 530,605 | 19,054 |
| * | iRhythm Technologies Inc. | 220,277 | 18,999 |
| * | Dyne Therapeutics Inc. | 440,157 | 18,887 |
| * | Tenet Healthcare Corp. | 115,643 | 17,312 |
| * | Lantheus Holdings Inc. | 159,130 | 16,682 |
| * | DaVita Inc. | 121,928 | 16,658 |
| * | Omnicell Inc. | 533,264 | 15,577 |
| * | PTC Therapeutics Inc. | 453,545 | 15,352 |
| * | Ironwood Pharmaceuticals Inc. | 2,234,593 | 15,262 |
| * | Schrodinger Inc. | 683,241 | 15,223 |
| Bruker Corp. | 221,043 | 15,144 | |
| * | Axogen Inc. | 1,636,160 | 14,365 |
| * | Align Technology Inc. | 60,722 | 14,080 |
| * | Pacira BioSciences Inc. | 673,569 | 13,909 |
| * | ADMA Biologics Inc. | 1,082,120 | 13,288 |
| * | Illumina Inc. | 97,915 | 12,004 |
| * | Addus HomeCare Corp. | 91,988 | 11,164 |
| * | Hims & Hers Health Inc. | 520,805 | 11,062 |
| * | ACADIA Pharmaceuticals Inc. | 524,179 | 9,970 |
| * | CorVel Corp. | 30,379 | 9,320 |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Veeva Systems Inc. Class A | 48,445 | 9,298 |
| * | Travere Therapeutics Inc. | 967,611 | 9,231 |
| * | BioCryst Pharmaceuticals Inc. | 1,215,893 | 8,852 |
| Select Medical Holdings Corp. | 214,109 | 8,513 | |
| * | ANI Pharmaceuticals Inc. | 115,708 | 7,604 |
| * | Beam Therapeutics Inc. | 236,810 | 7,493 |
| * | AdaptHealth Corp. | 648,815 | 7,371 |
| * | Phreesia Inc. | 287,345 | 7,169 |
| * | Crinetics Pharmaceuticals Inc. | 129,639 | 6,886 |
| * | Fate Therapeutics Inc. | 1,268,133 | 6,759 |
| * | 10X Genomics Inc. Class A | 322,875 | 6,674 |
| * | RxSight Inc. | 145,227 | 6,647 |
| * | Jazz Pharmaceuticals plc | 59,681 | 6,580 |
| * | Novocure Ltd. | 284,710 | 6,483 |
| * | LivaNova plc | 118,331 | 5,846 |
| * | Avidity Biosciences Inc. | 111,192 | 5,068 |
| * | Bridgebio Pharma Inc. | 184,892 | 4,798 |
| * | Sage Therapeutics Inc. | 432,675 | 4,738 |
| * | Arcus Biosciences Inc. | 284,526 | 4,669 |
| * | UFP Technologies Inc. | 13,831 | 4,448 |
| * | Avantor Inc. | 162,604 | 4,350 |
| * | Iovance Biotherapeutics Inc. | 494,274 | 4,315 |
| *,1 | Esperion Therapeutics Inc. | 1,849,243 | 4,272 |
| * | Denali Therapeutics Inc. | 173,259 | 4,222 |
| * | Voyager Therapeutics Inc. | 457,063 | 4,200 |
| * | Vir Biotechnology Inc. | 409,998 | 4,166 |
| * | Novavax Inc. | 307,937 | 3,945 |
| * | Arrowhead Pharmaceuticals Inc. | 137,706 | 3,933 |
| * | Viridian Therapeutics Inc. | 231,196 | 3,896 |
| * | PetIQ Inc. | 155,416 | 3,400 |
| * | Inmode Ltd. | 177,067 | 3,208 |
| * | CareDx Inc. | 153,982 | 3,078 |
| * | Arcutis Biotherapeutics Inc. | 283,317 | 2,853 |
| * | Janux Therapeutics Inc. | 69,651 | 2,828 |
| * | Puma Biotechnology Inc. | 777,390 | 2,787 |
| * | Prothena Corp. plc | 115,801 | 2,696 |
| * | Aldeyra Therapeutics Inc. | 680,004 | 2,679 |
| *,1 | Coherus Biosciences Inc. | 1,693,303 | 2,608 |
| * | Nurix Therapeutics Inc. | 115,755 | 2,533 |
| * | Pennant Group Inc. | 84,434 | 2,517 |
| * | Alector Inc. | 416,287 | 2,498 |
| * | Adaptive Biotechnologies Corp. | 484,990 | 2,207 |
| * | Rhythm Pharmaceuticals Inc. | 44,948 | 2,167 |
| *,1 | Pacific Biosciences of California Inc. | 1,003,089 | 2,066 |
| * | Xencor Inc. | 98,073 | 2,003 |
| * | Karyopharm Therapeutics Inc. | 2,008,163 | 1,986 |
| * | Cullinan Therapeutics Inc. | 94,131 | 1,821 |
| * | Enanta Pharmaceuticals Inc. | 119,191 | 1,759 |
| *,1 | Agenus Inc. | 290,646 | 1,755 |
| *,1 | Altimmune Inc. | 271,873 | 1,729 |
| *,1 | Seres Therapeutics Inc. | 1,222,006 | 1,637 |
| * | Castle Biosciences Inc. | 63,874 | 1,541 |
| * | Keros Therapeutics Inc. | 30,185 | 1,514 |
| * | Edgewise Therapeutics Inc. | 87,852 | 1,496 |
| * | SI-BONE Inc. | 97,340 | 1,480 |
| * | Health Catalyst Inc. | 199,526 | 1,471 |
| * | Tactile Systems Technology Inc. | 108,595 | 1,387 |
| * | Twist Bioscience Corp. | 24,441 | 1,364 |
| * | Vera Therapeutics Inc. | 36,607 | 1,339 |
| * | 89bio Inc. | 145,599 | 1,334 |
| * | Owens & Minor Inc. | 80,551 | 1,323 |
| * | Mersana Therapeutics Inc. | 614,971 | 1,230 |
| * | Stoke Therapeutics Inc. | 81,511 | 1,220 |
| * | Joint Corp. | 81,335 | 1,173 |
| * | CytomX Therapeutics Inc. | 820,461 | 1,132 |
| LeMaitre Vascular Inc. | 12,697 | 1,103 | |
| *,1 | Sangamo Therapeutics Inc. | 1,395,270 | 1,092 |
| * | Rapt Therapeutics Inc. | 337,409 | 1,059 |
| * | Pediatrix Medical Group Inc. | 126,346 | 1,054 |
| * | WaVe Life Sciences Ltd. | 147,297 | 974 |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Quanterix Corp. | 59,600 | 880 |
| * | Soleno Therapeutics Inc. | 18,253 | 880 |
| * | Evolus Inc. | 70,453 | 875 |
| * | EyePoint Pharmaceuticals Inc. | 83,420 | 824 |
| * | Intellia Therapeutics Inc. | 30,463 | 798 |
| * | STAAR Surgical Co. | 18,681 | 771 |
| * | Revance Therapeutics Inc. | 202,769 | 766 |
| * | MacroGenics Inc. | 178,139 | 670 |
| * | Codexis Inc. | 186,328 | 667 |
| * | Arcturus Therapeutics Holdings Inc. | 26,258 | 616 |
| * | Ardelyx Inc. | 109,951 | 610 |
| * | Heron Therapeutics Inc. | 196,112 | 582 |
| * | Affimed NV | 75,667 | 384 |
| * | Organogenesis Holdings Inc. | 126,114 | 381 |
| * | Personalis Inc. | 96,118 | 332 |
| * | Atea Pharmaceuticals Inc. | 81,077 | 310 |
| * | NextCure Inc. | 171,519 | 278 |
| Mei Pharma Inc. | 61,621 | 229 | |
| * | Cabaletta Bio Inc. | 27,656 | 196 |
| * | Syros Pharmaceuticals Inc. | 23,659 | 142 |
| *,3 | Scilex Holding Co. (Acquired 1/6/23, Cost $1,032) | 98,470 | 141 |
| * | Precision BioSciences Inc. | 11,410 | 109 |
| * | Aclaris Therapeutics Inc. | 73,649 | 99 |
| *,1,4 | Cartesian Therapeutics Inc. | 528,838 | 95 |
| *,4 | OmniAb Inc. 12.5 Earnout | 84,348 | — |
| *,4 | OmniAb Inc. 15 Earnout | 84,348 | — |
| 4,410,822 | |||
| Industrials (20.5%) | |||
| * | Kirby Corp. | 1,536,024 | 188,747 |
| * | Fluor Corp. | 3,438,123 | 165,374 |
| AerCap Holdings NV | 1,476,122 | 138,682 | |
| * | Middleby Corp. | 932,537 | 126,433 |
| Rush Enterprises Inc. Class A | 2,469,123 | 125,950 | |
| Flowserve Corp. | 2,437,170 | 123,199 | |
| RB Global Inc. (XTSE) | 1,501,903 | 119,597 | |
| Science Applications International Corp. | 942,777 | 117,281 | |
| * | RBC Bearings Inc. | 402,926 | 117,187 |
| * | Clean Harbors Inc. | 487,307 | 116,335 |
| * | AZEK Co. Inc. | 2,564,887 | 115,138 |
| Ryder System Inc. | 802,597 | 112,492 | |
| * | Trex Co. Inc. | 1,314,828 | 109,959 |
| Boise Cascade Co. | 685,040 | 97,337 | |
| * | XPO Inc. | 829,744 | 95,329 |
| GATX Corp. | 675,691 | 94,259 | |
| * | Gibraltar Industries Inc. | 1,241,222 | 92,186 |
| Sensata Technologies Holding plc | 2,363,244 | 92,143 | |
| Zurn Elkay Water Solutions Corp. | 2,824,580 | 91,686 | |
| Acuity Brands Inc. | 362,238 | 91,048 | |
| *,2 | Sterling Check Corp. | 5,680,540 | 89,071 |
| Vertiv Holdings Co. Class A | 1,103,385 | 86,836 | |
| * | ACV Auctions Inc. Class A | 4,909,436 | 83,853 |
| * | Alight Inc. Class A | 10,219,687 | 77,363 |
| * | Generac Holdings Inc. | 475,318 | 73,997 |
| * | WillScot Holdings Corp. | 1,750,000 | 71,750 |
| * | API Group Corp. | 1,729,355 | 65,525 |
| IDEX Corp. | 313,580 | 65,375 | |
| * | Axon Enterprise Inc. | 212,475 | 63,745 |
| Kennametal Inc. | 2,434,279 | 63,632 | |
| Matson Inc. | 464,944 | 61,703 | |
| Applied Industrial Technologies Inc. | 279,825 | 61,055 | |
| * | SiteOne Landscape Supply Inc. | 370,891 | 54,402 |
| * | Kratos Defense & Security Solutions Inc. | 2,323,899 | 52,381 |
| HEICO Corp. Class A | 258,875 | 49,215 | |
| BWX Technologies Inc. | 488,300 | 48,581 | |
| * | FTI Consulting Inc. | 216,573 | 47,206 |
| Verisk Analytics Inc. | 177,605 | 46,488 | |
| * | Shoals Technologies Group Inc. Class A | 6,928,165 | 45,033 |
| * | Cimpress plc | 468,279 | 42,740 |
| Curtiss-Wright Corp. | 137,442 | 40,504 | |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | GXO Logistics Inc. | 722,545 | 40,448 |
| * | AeroVironment Inc. | 216,346 | 38,626 |
| Toro Co. | 402,941 | 38,574 | |
| Maximus Inc. | 377,696 | 35,084 | |
| Comfort Systems USA Inc. | 90,618 | 30,123 | |
| EMCOR Group Inc. | 79,249 | 29,753 | |
| AAON Inc. | 322,458 | 28,547 | |
| Hubbell Inc. | 65,510 | 25,919 | |
| Rockwell Automation Inc. | 91,802 | 25,581 | |
| Advanced Drainage Systems Inc. | 140,792 | 24,926 | |
| GFL Environmental Inc. (XTSE) | 635,724 | 24,679 | |
| Griffon Corp. | 315,269 | 22,718 | |
| UFP Industries Inc. | 171,423 | 22,616 | |
| Watts Water Technologies Inc. Class A | 105,859 | 21,968 | |
| * | Core & Main Inc. Class A | 409,633 | 21,903 |
| * | GMS Inc. | 225,977 | 21,746 |
| * | Paycor HCM Inc. | 1,746,557 | 21,675 |
| Allison Transmission Holdings Inc. | 237,512 | 21,041 | |
| * | Ameresco Inc. Class A | 591,881 | 18,686 |
| * | Upwork Inc. | 1,468,360 | 17,797 |
| Federal Signal Corp. | 172,888 | 17,284 | |
| * | Casella Waste Systems Inc. Class A | 165,200 | 17,108 |
| JB Hunt Transport Services Inc. | 98,686 | 17,087 | |
| Heartland Express Inc. | 1,259,397 | 16,334 | |
| * | Sterling Infrastructure Inc. | 124,920 | 14,536 |
| H&E Equipment Services Inc. | 272,740 | 14,264 | |
| *,1 | Bloom Energy Corp. Class A | 1,035,000 | 14,014 |
| Herc Holdings Inc. | 88,853 | 13,847 | |
| * | Huron Consulting Group Inc. | 121,630 | 13,380 |
| Terex Corp. | 202,450 | 12,807 | |
| * | Lyft Inc. Class A | 1,048,564 | 12,635 |
| * | American Woodmark Corp. | 116,588 | 11,909 |
| EnerSys | 106,385 | 11,695 | |
| Primoris Services Corp. | 196,529 | 11,098 | |
| * | Legalzoom.com Inc. | 1,654,915 | 11,055 |
| Franklin Electric Co. Inc. | 100,064 | 10,669 | |
| * | Blue Bird Corp. | 203,862 | 10,625 |
| *,1 | ATS Corp. | 350,050 | 10,526 |
| * | Kornit Digital Ltd. | 672,516 | 10,525 |
| Genpact Ltd. | 301,436 | 10,451 | |
| Brink's Co. | 92,668 | 10,193 | |
| Lennox International Inc. | 17,433 | 10,172 | |
| Apogee Enterprises Inc. | 145,364 | 9,978 | |
| * | Beacon Roofing Supply Inc. | 86,108 | 8,852 |
| Atkore Inc. | 62,969 | 8,501 | |
| Donaldson Co. Inc. | 101,940 | 7,627 | |
| * | ExlService Holdings Inc. | 190,289 | 6,710 |
| Tennant Co. | 60,797 | 6,547 | |
| Booz Allen Hamilton Holding Corp. | 45,607 | 6,536 | |
| CSG Systems International Inc. | 134,811 | 6,315 | |
| * | IES Holdings Inc. | 40,192 | 6,188 |
| * | MRC Global Inc. | 424,208 | 6,143 |
| Mueller Water Products Inc. Class A | 249,372 | 5,157 | |
| ArcBest Corp. | 40,368 | 5,088 | |
| Brady Corp. Class A | 71,005 | 5,085 | |
| HNI Corp. | 91,161 | 5,009 | |
| * | American Superconductor Corp. | 176,426 | 4,262 |
| * | Paylocity Holding Corp. | 26,950 | 4,044 |
| Marten Transport Ltd. | 213,884 | 4,023 | |
| * | Janus International Group Inc. | 265,726 | 3,832 |
| Enerpac Tool Group Corp. | 91,276 | 3,669 | |
| Werner Enterprises Inc. | 79,057 | 3,098 | |
| Costamare Inc. | 191,072 | 2,832 | |
| * | NEXTracker Inc. Class A | 56,148 | 2,759 |
| * | Saia Inc. | 6,556 | 2,739 |
| Kforce Inc. | 39,372 | 2,735 | |
| MSA Safety Inc. | 14,443 | 2,725 | |
| REV Group Inc. | 91,369 | 2,666 | |
| * | Masterbrand Inc. | 137,307 | 2,478 |
| * | American Airlines Group Inc. | 205,755 | 2,189 |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Hillman Solutions Corp. | 172,517 | 1,751 |
| * | Healthcare Services Group Inc. | 152,987 | 1,749 |
| * | Leonardo DRS Inc. | 57,967 | 1,635 |
| Alamo Group Inc. | 8,048 | 1,551 | |
| *,1 | Joby Aviation Inc. | 242,958 | 1,453 |
| TTEC Holdings Inc. | 180,775 | 1,443 | |
| * | Franklin Covey Co. | 32,242 | 1,409 |
| Hyster-Yale Inc. | 16,302 | 1,333 | |
| * | BlueLinx Holdings Inc. | 10,970 | 1,323 |
| Argan Inc. | 15,152 | 1,196 | |
| Landstar System Inc. | 5,810 | 1,105 | |
| * | Limbach Holdings Inc. | 16,621 | 1,059 |
| Interface Inc. | 56,869 | 983 | |
| Powell Industries Inc. | 4,731 | 869 | |
| Aris Water Solutions Inc. Class A | 44,402 | 786 | |
| Miller Industries Inc. | 11,037 | 750 | |
| Barrett Business Services Inc. | 19,935 | 726 | |
| * | Hudson Technologies Inc. | 84,041 | 719 |
| * | JELD-WEN Holding Inc. | 42,060 | 702 |
| * | Thermon Group Holdings Inc. | 21,383 | 702 |
| Avis Budget Group Inc. | 6,265 | 633 | |
| 4,597,105 | |||
| Information Technology (17.8%) | |||
| * | Guidewire Software Inc. | 1,433,747 | 215,162 |
| * | Smartsheet Inc. Class A | 3,001,699 | 143,961 |
| * | Dynatrace Inc. | 2,923,277 | 128,390 |
| * | Squarespace Inc. Class A | 2,454,005 | 108,442 |
| * | Manhattan Associates Inc. | 384,161 | 98,107 |
| * | Cirrus Logic Inc. | 741,290 | 96,724 |
| * | Informatica Inc. Class A | 4,034,817 | 96,594 |
| * | Fabrinet | 433,936 | 95,709 |
| Power Integrations Inc. | 1,307,983 | 95,535 | |
| Crane NXT Co. | 1,508,603 | 94,861 | |
| * | Trimble Inc. | 1,692,105 | 92,287 |
| * | Okta Inc. | 962,344 | 90,403 |
| * | Tower Semiconductor Ltd. | 2,155,780 | 87,956 |
| * | Onto Innovation Inc. | 457,392 | 87,499 |
| * | Jamf Holding Corp. | 4,730,206 | 86,610 |
| * | Coherent Corp. | 1,241,779 | 86,527 |
| * | Globant SA | 443,745 | 86,402 |
| * | Wix.com Ltd. | 532,000 | 82,952 |
| * | CyberArk Software Ltd. | 321,153 | 82,337 |
| * | Tenable Holdings Inc. | 1,577,605 | 72,444 |
| *,1 | GLOBALFOUNDRIES Inc. | 1,409,273 | 71,887 |
| * | Five9 Inc. | 1,600,812 | 71,316 |
| * | Sprout Social Inc. Class A | 1,799,542 | 70,308 |
| * | Rambus Inc. | 1,314,582 | 67,622 |
| * | Viavi Solutions Inc. | 8,260,551 | 66,415 |
| * | Teledyne Technologies Inc. | 156,710 | 66,110 |
| * | Pure Storage Inc. Class A | 1,042,426 | 62,473 |
| * | Silicon Laboratories Inc. | 441,236 | 53,006 |
| * | HubSpot Inc. | 104,269 | 51,825 |
| * | Lattice Semiconductor Corp. | 871,958 | 46,214 |
| * | Tyler Technologies Inc. | 80,103 | 45,507 |
| * | Envestnet Inc. | 722,771 | 44,797 |
| * | Elastic NV | 393,494 | 43,154 |
| * | Varonis Systems Inc. | 780,461 | 43,027 |
| * | Cadence Design Systems Inc. | 158,159 | 42,333 |
| * | Blackbaud Inc. | 512,285 | 40,665 |
| * | PTC Inc. | 223,806 | 39,804 |
| * | Procore Technologies Inc. | 542,890 | 38,561 |
| * | CommVault Systems Inc. | 227,156 | 34,721 |
| * | Allegro MicroSystems Inc. | 1,304,400 | 31,358 |
| * | SentinelOne Inc. Class A | 1,301,907 | 29,814 |
| * | Freshworks Inc. Class A | 2,329,440 | 29,118 |
| * | MACOM Technology Solutions Holdings Inc. | 265,725 | 26,817 |
| Bentley Systems Inc. Class B | 550,000 | 26,807 | |
| * | nCino Inc. | 801,982 | 26,273 |
| * | Gitlab Inc. Class A | 505,752 | 25,910 |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | RingCentral Inc. Class A | 716,265 | 25,105 |
| Microchip Technology Inc. | 278,540 | 24,729 | |
| * | N-Able Inc. | 1,701,107 | 23,713 |
| Cognex Corp. | 473,141 | 23,477 | |
| * | Rapid7 Inc. | 590,790 | 23,242 |
| * | Aspen Technology Inc. | 118,735 | 22,316 |
| * | Rubrik Inc. Class A | 594,029 | 22,098 |
| * | Novanta Inc. | 121,300 | 21,977 |
| Pegasystems Inc. | 304,916 | 21,259 | |
| Clear Secure Inc. Class A | 931,200 | 19,881 | |
| * | Altair Engineering Inc. Class A | 218,862 | 19,339 |
| * | 8x8 Inc. | 6,267,475 | 19,304 |
| * | Nutanix Inc. Class A | 353,321 | 17,846 |
| Monolithic Power Systems Inc. | 19,700 | 17,003 | |
| * | Dropbox Inc. Class A | 706,620 | 16,902 |
| * | Impinj Inc. | 103,479 | 16,483 |
| * | ON Semiconductor Corp. | 200,091 | 15,657 |
| * | SMART Global Holdings Inc. | 648,359 | 15,172 |
| * | Ambarella Inc. | 285,806 | 15,045 |
| * | Extreme Networks Inc. | 1,031,973 | 14,757 |
| * | Teradata Corp. | 431,267 | 13,982 |
| * | Consensus Cloud Solutions Inc. | 640,482 | 13,642 |
| * | ANSYS Inc. | 42,440 | 13,310 |
| * | PROS Holdings Inc. | 538,743 | 12,984 |
| * | Sanmina Corp. | 155,036 | 11,679 |
| Jabil Inc. | 100,049 | 11,273 | |
| * | Q2 Holdings Inc. | 164,754 | 11,116 |
| * | Axcelis Technologies Inc. | 86,128 | 10,882 |
| * | Itron Inc. | 101,233 | 10,472 |
| * | Monday.com Ltd. | 44,417 | 10,207 |
| * | ACI Worldwide Inc. | 229,679 | 9,929 |
| * | DigitalOcean Holdings Inc. | 295,785 | 9,799 |
| *,1 | Onestream Inc. | 351,422 | 9,787 |
| Amkor Technology Inc. | 282,937 | 9,241 | |
| A10 Networks Inc. | 696,445 | 9,116 | |
| * | Arlo Technologies Inc. | 575,753 | 8,728 |
| * | MaxLinear Inc. | 587,217 | 8,303 |
| * | BigCommerce Holdings Inc. Series 1 | 1,000,482 | 8,104 |
| * | Semtech Corp. | 247,103 | 7,838 |
| * | UiPath Inc. Class A | 630,795 | 7,677 |
| * | Zuora Inc. Class A | 845,320 | 7,667 |
| * | Yext Inc. | 1,286,954 | 7,413 |
| * | Appian Corp. Class A | 195,196 | 7,211 |
| * | Arrow Electronics Inc. | 56,850 | 7,032 |
| * | Ultra Clean Holdings Inc. | 161,569 | 6,989 |
| * | Verint Systems Inc. | 189,388 | 6,844 |
| * | Zeta Global Holdings Corp. Class A | 311,879 | 6,680 |
| * | Domo Inc. Class B | 778,926 | 6,512 |
| * | Appfolio Inc. Class A | 27,077 | 5,997 |
| * | Credo Technology Group Holding Ltd. | 202,762 | 5,627 |
| * | Marathon Digital Holdings Inc. | 284,935 | 5,605 |
| * | Blackline Inc. | 114,476 | 5,440 |
| * | Box Inc. Class A | 187,396 | 5,270 |
| * | Alkami Technology Inc. | 152,964 | 5,007 |
| * | FormFactor Inc. | 92,333 | 4,945 |
| Hackett Group Inc. | 166,549 | 4,543 | |
| * | PDF Solutions Inc. | 127,689 | 4,481 |
| * | Couchbase Inc. | 233,088 | 4,473 |
| * | Cleanspark Inc. | 253,573 | 4,057 |
| * | ACM Research Inc. Class A | 214,574 | 3,852 |
| * | Confluent Inc. Class A | 151,985 | 3,803 |
| * | Diodes Inc. | 43,882 | 3,432 |
| * | ePlus Inc. | 36,206 | 3,328 |
| * | eGain Corp. | 440,680 | 3,195 |
| * | Ouster Inc. | 240,055 | 3,152 |
| * | Olo Inc. Class A | 638,768 | 3,053 |
| * | AppLovin Corp. Class A | 30,280 | 2,335 |
| * | Weave Communications Inc. | 232,886 | 2,329 |
| * | Fastly Inc. Class A | 274,166 | 2,221 |
| * | Calix Inc. | 53,324 | 2,193 |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Plexus Corp. | 16,950 | 2,172 |
| * | OneSpan Inc. | 111,368 | 1,648 |
| MKS Instruments Inc. | 12,548 | 1,580 | |
| *,1 | SoundHound AI Inc. Class A | 276,576 | 1,408 |
| * | Eastman Kodak Co. | 215,854 | 1,254 |
| * | Brightcove Inc. | 524,919 | 1,249 |
| * | Alpha & Omega Semiconductor Ltd. | 26,248 | 1,087 |
| * | SEMrush Holdings Inc. Class A | 66,167 | 975 |
| * | Terawulf Inc. | 228,600 | 951 |
| * | Amplitude Inc. Class A | 102,159 | 874 |
| * | Cipher Mining Inc. | 156,661 | 819 |
| * | Digital Turbine Inc. | 328,408 | 782 |
| * | inTEST Corp. | 58,088 | 627 |
| * | FARO Technologies Inc. | 33,840 | 579 |
| * | Upland Software Inc. | 233,415 | 538 |
| * | Cambium Networks Corp. | 74,883 | 159 |
| 3,989,506 | |||
| Materials (3.6%) | |||
| Graphic Packaging Holding Co. | 5,346,436 | 160,928 | |
| Cabot Corp. | 1,327,583 | 133,143 | |
| * | Axalta Coating Systems Ltd. | 3,017,854 | 107,587 |
| Methanex Corp. | 2,209,569 | 107,363 | |
| * | Summit Materials Inc. Class A | 1,581,687 | 66,083 |
| Ashland Inc. | 594,300 | 57,439 | |
| Eagle Materials Inc. | 110,658 | 30,132 | |
| * | Arcadium Lithium plc | 8,432,343 | 26,815 |
| Balchem Corp. | 137,495 | 24,400 | |
| Innospec Inc. | 84,348 | 11,061 | |
| Louisiana-Pacific Corp. | 92,360 | 9,066 | |
| * | Constellium SE | 497,545 | 8,861 |
| Kaiser Aluminum Corp. | 89,077 | 7,010 | |
| * | O-I Glass Inc. | 504,778 | 6,744 |
| Berry Global Group Inc. | 91,087 | 5,986 | |
| Orion SA | 229,246 | 5,644 | |
| Sylvamo Corp. | 62,410 | 4,600 | |
| U.S. Lime & Minerals Inc. | 51,255 | 4,359 | |
| Ryerson Holding Corp. | 175,470 | 4,175 | |
| Sealed Air Corp. | 92,090 | 3,504 | |
| Materion Corp. | 25,603 | 3,083 | |
| Steel Dynamics Inc. | 21,205 | 2,825 | |
| * | Century Aluminum Co. | 168,513 | 2,546 |
| Sensient Technologies Corp. | 28,751 | 2,244 | |
| Carpenter Technology Corp. | 12,465 | 1,818 | |
| Myers Industries Inc. | 62,108 | 926 | |
| * | Ecovyst Inc. | 90,552 | 864 |
| Ardagh Metal Packaging SA | 214,653 | 790 | |
| 799,996 | |||
| Other (0.7%) | |||
| 1,5 | Vanguard Small-Cap ETF | 703,985 | 164,310 |
| *,4 | Carisma Therapeutics Inc. CVR | 1,476,709 | — |
| 164,310 | |||
| Real Estate (3.0%) | |||
| Rexford Industrial Realty Inc. | 2,007,437 | 100,593 | |
| CareTrust REIT Inc. | 3,530,714 | 95,188 | |
| Essential Properties Realty Trust Inc. | 3,168,601 | 93,759 | |
| Phillips Edison & Co. Inc. | 2,394,573 | 84,050 | |
| Douglas Emmett Inc. | 5,053,780 | 81,315 | |
| Camden Property Trust | 648,784 | 71,853 | |
| Xenia Hotels & Resorts Inc. | 3,268,299 | 45,364 | |
| * | CoStar Group Inc. | 330,177 | 25,760 |
| Colliers International Group Inc. | 150,000 | 20,201 | |
| Lamar Advertising Co. Class A | 121,552 | 14,569 | |
| Ryman Hospitality Properties Inc. | 84,939 | 8,537 | |
| * | Jones Lang LaSalle Inc. | 30,448 | 7,639 |
| * | Compass Inc. Class A | 852,420 | 3,742 |
| Tanger Inc. | 91,142 | 2,634 | |
| Outfront Media Inc. | 155,512 | 2,522 | |
| DigitalBridge Group Inc. | 168,845 | 2,386 | |
| RMR Group Inc. Class A | 75,418 | 1,956 | |
Vanguard® Explorer™ Fund
| Shares | Market Value ($000) | ||
| * | Redfin Corp. | 175,304 | 1,427 |
| Newmark Group Inc. Class A | 66,197 | 859 | |
| * | Forestar Group Inc. | 21,898 | 693 |
| 665,047 | |||
| Utilities (0.6%) | |||
| IDACORP Inc. | 1,043,591 | 102,011 | |
| Vistra Corp. | 140,543 | 11,134 | |
| New Jersey Resources Corp. | 186,737 | 8,730 | |
| National Fuel Gas Co. | 132,468 | 7,761 | |
| Otter Tail Corp. | 8,449 | 819 | |
| 130,455 | |||
| Total Common Stocks (Cost $16,481,898) | 21,866,145 | ||
| Temporary Cash Investments (2.7%) | |||
| Money Market Fund (1.8%) | |||
| 6,7 | Vanguard Market Liquidity Fund, 5.390% | 3,945,251 | 394,486 |
| Face Amount ($000) | |||
| Repurchase Agreement (0.9%) | |||
| Deutsche Bank Securities, Inc. 5.340%, 8/1/24 (Dated 7/31/24, Repurchase Value $202,930,000, collateralized by U.S. Treasury Note/Bond 0.375%–2.625%, 11/30/25–7/31/29, with a value of $206,958,000) | 202,900 | 202,900 | |
| Total Temporary Cash Investments (Cost $597,313) | 597,386 | ||
| Total Investments (100.3%) (Cost $17,079,211) | 22,463,531 | ||
| Other Assets and Liabilities—Net (-0.3%) | (67,392) | ||
| Net Assets (100%) | 22,396,139 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $72,810,000. |
| 2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 3 | Restricted securities totaling $141,000, representing 0.0% of net assets. |
| 4 | Security value determined using significant unobservable inputs. |
| 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 $76,685,000 was received for securities on loan. |
| ADR—American Depositary Receipt. | |
| CVR—Contingent Value Rights. | |
| REIT—Real Estate Investment Trust. |
Derivative Financial Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| E-mini Russell 2000 Index | September 2024 | 1,373 | 156,041 | 5,855 |
| A. | Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. |
Vanguard® Explorer™ Fund
| B. | Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses). |
| C. | Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral. |
| D. | Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments. |
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
| 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—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of July 31, 2024, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 21,865,909 | 141 | 95 | 21,866,145 |
| Temporary Cash Investments | 394,486 | 202,900 | — | 597,386 |
| Total | 22,260,395 | 203,041 | 95 | 22,463,531 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 5,855 | — | — | 5,855 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
Vanguard® Explorer™ Fund
| F. | 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) | Jul. 31, 2024 Market Value ($000) | |
| 8x8 Inc. | 14,545 | 431 | — | — | 4,328 | 563 | — | NA1 |
| Nevro Corp. | NA2 | 13,955 | 6,621 | (14,552) | 9,430 | — | — | 21,037 |
| Sterling Check Corp. | 63,508 | — | — | — | 25,563 | — | — | 89,071 |
| Vanguard Market Liquidity Fund | 488,155 | NA3 | NA3 | 13 | (25) | 16,014 | 3 | 394,486 |
| Vanguard Small-Cap ETF | 159,304 | — | 38,320 | 856 | 42,470 | 4,224 | — | 164,310 |
| Total | 725,512 | 14,386 | 44,941 | (13,683) | 81,766 | 20,801 | 3 | 668,904 |
| 1 | Not applicable—at July 31, 2024, the security was still held, but the issuer was no longer an affiliated company of the fund. |
| 2 | Not applicable—at October 31, 2023, the issuer was not an affiliated company of the fund. |
| 3 | Not applicable—purchases and sales are for temporary cash investment purposes. |