N-Q 1 explorer_final.htm explorer_final.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY

 

Investment Company Act file number:   811-1530
Name of Registrant:   Vanguard Explorer Fund
Address of Registrant:  
P.O. Box 2600  
Valley Forge, PA 19482  
Name and address of agent for service:
Heidi Stam, Esquire  
P.O. Box 876  
Valley Forge, PA 19482  
Date of fiscal year end:   October 31
Date of reporting period: January 31, 2011
Item 1: Schedule of Investments

 

 

Vanguard Explorer Fund

Schedule of Investments
As of January 31, 2011

      Market
      Value
    Shares ($000)
Common Stocks (95.8%)1    
Consumer Discretionary (12.8%)    
* LKQ Corp. 2,220,820 53,655
* DreamWorks Animation SKG Inc. Class A 1,809,650 50,797
* WMS Industries Inc. 1,174,903 49,287
* MGM Resorts International 3,213,300 47,653
* Life Time Fitness Inc. 1,034,865 41,270
  DeVry Inc. 781,656 40,732
  Gentex Corp. 1,230,685 39,468
  Cinemark Holdings Inc. 2,286,100 38,749
  Williams-Sonoma Inc. 1,193,356 38,426
* CarMax Inc. 1,144,470 37,367
  Tractor Supply Co. 694,805 35,651
* GameStop Corp. Class A 1,680,690 35,412
* Penn National Gaming Inc. 858,525 30,675
* Tenneco Inc. 700,441 28,949
* Texas Roadhouse Inc. Class A 1,657,724 27,551
* Lumber Liquidators Holdings Inc. 980,850 27,405
* O'Reilly Automotive Inc. 456,422 25,939
  Service Corp. International 2,973,040 25,776
* Bally Technologies Inc. 615,900 25,209
  Darden Restaurants Inc. 522,165 24,599
  Aaron's Inc. 1,219,450 23,401
* G-III Apparel Group Ltd. 581,950 20,304
* Interpublic Group of Cos. Inc. 1,836,750 19,635
* Select Comfort Corp. 1,864,856 18,947
* Pier 1 Imports Inc. 2,015,110 18,882
* Coinstar Inc. 445,051 18,421
* Buffalo Wild Wings Inc. 417,300 18,265
* Childrens Place Retail Stores Inc. 434,929 18,219
* Steven Madden Ltd. 470,709 17,967
* Cheesecake Factory Inc. 546,593 16,130
* Gaylord Entertainment Co. 477,848 15,932
* DSW Inc. Class A 475,321 15,824
* Panera Bread Co. Class A 141,150 13,488
*,^ Talbots Inc.  2,452,590 13,391
* Warnaco Group Inc. 259,660 13,263
* Ulta Salon Cosmetics & Fragrance Inc. 343,804 12,735
  Monro Muffler Brake Inc. 370,175 12,245
* priceline.com Inc. 28,485 12,206
* Urban Outfitters Inc. 330,110 11,164
* Fossil Inc. 152,621 10,844
*,^ Liz Claiborne Inc. 2,189,500 10,816
  Regis Corp. 590,650 9,899
  Foot Locker Inc. 533,500 9,528
* ITT Educational Services Inc. 135,613 8,929
  Ross Stores Inc. 129,523 8,445
  Coach Inc. 148,750 8,046
  Sotheby's 190,619 7,682
* Capella Education Co. 126,000 7,214
  Strayer Education Inc. 58,350 7,002

 

 

* K12 Inc. 256,014 6,976
* Royal Caribbean Cruises Ltd. 153,371 6,886
Starwood Hotels & Resorts Worldwide Inc. 115,675 6,821
Tiffany & Co. 116,587 6,777
Express Inc. 352,575 6,135
Wyndham Worldwide Corp. 208,275 5,859
* Tempur-Pedic International Inc. 127,597 5,568
American Eagle Outfitters Inc. 375,600 5,431
Bebe Stores Inc. 929,350 5,218
* Pinnacle Entertainment Inc. 345,130 5,205
* JOS A Bank Clothiers Inc. 121,000 5,170
* BJ's Restaurants Inc. 136,200 4,812
* BorgWarner Inc. 70,800 4,772
* American Public Education Inc. 132,800 4,457
* Steiner Leisure Ltd. 92,880 4,117
Group 1 Automotive Inc. 108,384 4,101
PetSmart Inc. 92,800 3,734
* MDC Partners Inc. Class A 220,000 3,681
* Hibbett Sports Inc. 98,550 3,156
* TRW Automotive Holdings Corp. 52,745 3,147
Polaris Industries Inc. 38,800 2,985
PF Chang's China Bistro Inc. 63,036 2,902
* Dana Holding Corp. 161,737 2,898
* Valassis Communications Inc. 90,776 2,754
Autoliv Inc. 35,709 2,743
* Pre-Paid Legal Services Inc. 40,474 2,665
Cracker Barrel Old Country Store Inc. 50,824 2,616
* AnnTaylor Stores Corp. 115,472 2,554
Cato Corp. Class A 100,274 2,451
* Domino's Pizza Inc. 143,099 2,347
Finish Line Inc. Class A 148,691 2,288
* Sally Beauty Holdings Inc. 155,872 2,051
John Wiley & Sons Inc. Class A 40,584 1,865
Brinker International Inc. 77,057 1,813
* CEC Entertainment Inc. 43,764 1,617
* American Axle & Manufacturing Holdings Inc. 105,200 1,504
* Rue21 Inc. 49,015 1,446
* Perry Ellis International Inc. 46,600 1,312
* Chipotle Mexican Grill Inc. Class A 5,600 1,226
* Deckers Outdoor Corp. 15,600 1,145
* CROCS Inc. 43,300 710
Cooper Tire & Rubber Co. 29,792 681
Meredith Corp. 17,980 606
* Timberland Co. Class A 17,515 468
* Jo-Ann Stores Inc. 6,607 399
* Madison Square Garden Inc. Class A 14,532 367
* DineEquity Inc. 6,650 343
* Krispy Kreme Doughnuts Inc. Warrants Exp. 03/02/2012 8,183 2
    1,272,175
Consumer Staples (2.3%)    
Herbalife Ltd. 682,554 44,591
Pricesmart Inc. 821,743 29,986
* United Natural Foods Inc. 796,959 29,488
* Smithfield Foods Inc. 1,304,400 25,971
Nu Skin Enterprises Inc. Class A 690,936 20,783
Ruddick Corp. 594,752 20,043
* Cott Corp. 2,197,000 17,664

 

 

* BJ's Wholesale Club Inc. 288,200 12,664
* Constellation Brands Inc. Class A 638,150 12,265
* Boston Beer Co. Inc. Class A 70,105 6,310
* Green Mountain Coffee Roasters Inc. 140,000 4,701
  Diamond Foods Inc. 94,000 4,678
  B&G Foods Inc. Class A 124,600 1,673
  Spartan Stores Inc. 46,596 675
  Lancaster Colony Corp. 8,902 495
      231,987
Energy (5.2%)    
* Atwood Oceanics Inc. 957,645 38,708
  Core Laboratories NV 409,069 37,332
* Global Industries Ltd. 4,018,366 32,207
* Brigham Exploration Co. 1,018,245 30,150
* Hornbeck Offshore Services Inc. 1,265,600 30,045
* Ultra Petroleum Corp. 596,960 28,493
* Comstock Resources Inc. 993,200 27,512
  SM Energy Co. 379,712 23,603
* Alpha Natural Resources Inc. 417,140 22,413
  Niko Resources Ltd. 200,700 19,476
  Berry Petroleum Co. Class A 405,550 18,927
* Tesco Corp. 1,212,697 18,512
* Frontier Oil Corp. 872,400 18,146
* Rosetta Resources Inc. 449,160 17,944
* Petrohawk Energy Corp. 827,620 16,594
* Whiting Petroleum Corp. 125,123 15,800
* Southwestern Energy Co. 397,625 15,706
  CARBO Ceramics Inc. 121,319 13,971
* Clean Energy Fuels Corp. 1,173,020 13,924
* Oceaneering International Inc. 146,270 11,296
  EXCO Resources Inc. 450,575 9,048
* Rex Energy Corp. 714,337 8,597
* Energy XXI Bermuda Ltd. 290,650 8,374
* Basic Energy Services Inc. 410,000 7,487
  Patterson-UTI Energy Inc. 284,550 6,641
* Kodiak Oil & Gas Corp. 925,775 5,879
* SandRidge Energy Inc. 540,282 4,020
  Arch Coal Inc. 89,600 3,069
* Venoco Inc. 126,653 2,642
* Clayton Williams Energy Inc. 28,678 2,542
* Oil States International Inc. 35,876 2,431
* Superior Energy Services Inc. 63,500 2,230
  W&T Offshore Inc. 106,156 2,160
  Holly Corp. 31,700 1,555
* Forest Oil Corp. 30,902 1,199
* Concho Resources Inc. 11,350 1,092
* Cloud Peak Energy Inc. 15,500 353
  RPC Inc. 17,250 303
* Petroquest Energy Inc. 15,279 120
      520,501
Exchange-Traded Funds (2.4%)    
^ iShares Russell 2000 Index Fund 1,205,546 93,972
^,2 Vanguard Small-Cap ETF  1,165,083 85,214
^,2 Vanguard Small-Cap Growth ETF  713,200 56,158
      235,344
Financials (6.1%)    
  Waddell & Reed Financial Inc. Class A 1,470,450 53,113

 

 

* NASDAQ OMX Group Inc. 1,713,600 41,949
* Affiliated Managers Group Inc. 379,725 38,667
  SEI Investments Co. 1,461,200 33,827
  Lazard Ltd. Class A 772,230 32,218
  Brown & Brown Inc. 1,280,900 31,715
  Redwood Trust Inc. 1,943,500 29,094
  Cash America International Inc. 694,798 27,952
  Och-Ziff Capital Management Group LLC Class A 1,717,450 27,582
  Jefferies Group Inc. 1,026,563 25,674
* Signature Bank 437,270 22,843
  MB Financial Inc. 1,097,175 21,571
  MFA Financial Inc. 2,599,400 21,237
  Umpqua Holdings Corp. 1,747,800 19,173
  PrivateBancorp Inc. Class A 1,212,349 18,634
* Stifel Financial Corp. 262,500 16,842
  Evercore Partners Inc. Class A 476,750 15,399
  Sabra Healthcare REIT Inc. 767,076 14,275
* National Financial Partners Corp. 1,058,354 13,420
* CB Richard Ellis Group Inc. Class A 426,099 9,455
* American Assets Trust Inc. 422,250 8,990
  TCF Financial Corp. 585,500 8,747
  Northwest Bancshares Inc. 739,200 8,660
*,^ eHealth Inc.  690,000 8,349
  Valley National Bancorp 604,700 8,182
* HFF Inc. Class A 418,050 5,272
  Discover Financial Services 246,285 5,071
  T Rowe Price Group Inc. 70,225 4,629
  Webster Financial Corp. 160,507 3,672
  QC Holdings Inc. 670,000 2,740
* Ezcorp Inc. Class A 93,704 2,521
* World Acceptance Corp. 43,615 2,449
* Credit Acceptance Corp. 43,200 2,443
  Endurance Specialty Holdings Ltd. 50,164 2,332
  Nelnet Inc. Class A 99,602 2,233
* Arch Capital Group Ltd. 24,052 2,123
  Provident Financial Services Inc. 141,025 2,066
  Bank of the Ozarks Inc. 41,611 1,795
  Apartment Investment & Management Co. 69,300 1,771
  Rayonier Inc. 29,800 1,765
  Mid-America Apartment Communities Inc. 24,554 1,565
  Getty Realty Corp. 48,559 1,410
* Strategic Hotels & Resorts Inc. 248,701 1,370
* First Cash Financial Services Inc. 40,350 1,331
  Potlatch Corp. 11,500 427
  Washington Real Estate Investment Trust 6,500 200
  Digital Realty Trust Inc. 2,778 151
      606,904
Health Care (17.4%)    
* Coventry Health Care Inc. 2,476,600 74,224
* Bruker Corp. 4,202,248 73,539
  Cooper Cos. Inc. 1,250,710 71,716
* Regeneron Pharmaceuticals Inc. 1,804,050 60,760
* Health Management Associates Inc. Class A 5,104,100 46,447
* Alkermes Inc. 3,118,400 40,259
* Seattle Genetics Inc. 2,366,904 38,794
* Mettler-Toledo International Inc. 257,904 38,477
* Bio-Rad Laboratories Inc. Class A 348,010 37,891

 

 

* Brookdale Senior Living Inc. Class A 1,567,163 34,242
* ResMed Inc. 1,087,250 34,237
* Henry Schein Inc. 504,500 33,125
* Allscripts Healthcare Solutions Inc. 1,569,095 33,124
* Volcano Corp. 1,249,440 32,810
* ICON plc ADR 1,472,095 32,784
  PerkinElmer Inc. 1,278,600 32,707
* Edwards Lifesciences Corp. 368,800 31,086
* Elan Corp. plc ADR 4,460,300 30,107
  DENTSPLY International Inc. 834,300 29,601
* Varian Medical Systems Inc. 434,242 29,342
* Salix Pharmaceuticals Ltd. 716,045 29,336
* Kindred Healthcare Inc. 1,523,144 28,498
* Parexel International Corp. 1,204,971 27,967
* Covance Inc. 490,313 27,644
* RehabCare Group Inc. 1,113,900 27,357
  West Pharmaceutical Services Inc. 677,850 27,107
  Pharmaceutical Product Development Inc. 916,850 26,717
* Exelixis Inc. 3,080,200 26,705
* Nektar Therapeutics 2,292,900 25,703
* Onyx Pharmaceuticals Inc. 721,550 25,460
* BioMarin Pharmaceutical Inc. 994,800 25,288
* Cubist Pharmaceuticals Inc. 1,147,300 25,172
* QIAGEN NV 1,362,100 25,131
* Healthspring Inc. 707,500 21,501
* SXC Health Solutions Corp. 445,476 21,432
* Alexion Pharmaceuticals Inc. 252,087 21,130
*,3 ABIOMED Inc.  2,037,400 19,966
* Cephalon Inc. 325,300 19,219
  Quality Systems Inc. 238,600 19,050
  Warner Chilcott plc Class A 777,600 18,655
* IPC The Hospitalist Co. Inc. 487,575 18,104
* Incyte Corp. Ltd. 1,219,400 17,974
* Amylin Pharmaceuticals Inc. 1,056,100 17,088
* Targacept Inc. 662,058 17,055
* NxStage Medical Inc. 699,875 16,825
  Hikma Pharmaceuticals plc 1,256,850 16,193
* Hospira Inc. 283,530 15,659
* Align Technology Inc. 750,900 15,641
* Ardea Biosciences Inc. 553,900 14,689
  Patterson Cos. Inc. 415,800 13,746
* Par Pharmaceutical Cos. Inc. 382,650 13,668
* United Therapeutics Corp. 197,862 13,451
*,^ Cadence Pharmaceuticals Inc.  1,662,019 12,906
* Jazz Pharmaceuticals Inc. 542,200 12,124
* Luminex Corp. 700,400 11,893
* Sirona Dental Systems Inc. 271,035 11,874
* MWI Veterinary Supply Inc. 190,493 11,841
* XenoPort Inc. 1,460,000 11,505
* Isis Pharmaceuticals Inc. 1,261,549 11,480
* Momenta Pharmaceuticals Inc. 812,000 10,385
  Universal Health Services Inc. Class B 222,513 9,368
* Mylan Inc. 376,850 8,728
  Perrigo Co. 98,450 7,161
* Accretive Health Inc. 379,423 6,883
* Immunogen Inc. 790,300 6,528
* Life Technologies Corp. 118,205 6,417
* Cepheid Inc. 235,325 5,591

 

 

* ExamWorks Group Inc. 243,449 5,327
  AmerisourceBergen Corp. Class A 141,250 5,065
* American Medical Systems Holdings Inc. 256,471 5,006
* Cerner Corp. 49,375 4,881
* Durect Corp. 1,545,600 4,822
* Express Scripts Inc. 82,448 4,644
* Questcor Pharmaceuticals Inc. 266,756 4,124
* Medidata Solutions Inc. 157,745 3,936
*,^ Arena Pharmaceuticals Inc.  2,181,646 3,447
* Community Health Systems Inc. 83,817 2,944
  STERIS Corp. 82,521 2,873
* Healthsouth Corp. 126,790 2,868
* Impax Laboratories Inc. 121,000 2,810
  Chemed Corp. 44,406 2,763
* AMERIGROUP Corp. 48,611 2,546
* Corvel Corp. 48,882 2,468
* Medicines Co. 152,858 2,397
  Invacare Corp. 78,943 2,182
* Neurocrine Biosciences Inc. 210,326 1,552
  Hill-Rom Holdings Inc. 32,100 1,299
* Arthrocare Corp. 36,610 1,025
* Emergent Biosolutions Inc. 41,000 871
* Micromet Inc. 133,199 856
* Array Biopharma Inc. 288,212 836
  Lincare Holdings Inc. 25,135 680
* Caliper Life Sciences Inc. 102,300 659
* IDEXX Laboratories Inc. 8,400 602
* Inspire Pharmaceuticals Inc. 133,655 528
  PDL BioPharma Inc. 67,200 332
* Depomed Inc. 37,233 312
* Genomic Health Inc. 13,744 306
* Arqule Inc. 45,700 280
* Codexis Inc. 28,100 254
* Sequenom Inc. 33,747 231
* Nabi Biopharmaceuticals 33,753 189
      1,735,002
Industrials (16.3%)    
  Kennametal Inc. 1,905,080 77,346
* Genesee & Wyoming Inc. Class A 1,023,030 52,942
* IHS Inc. Class A 562,430 46,097
* ArvinMeritor Inc. 2,077,300 45,410
  MSC Industrial Direct Co. Class A 684,766 40,696
  Flowserve Corp. 324,320 40,537
* Kansas City Southern 794,100 39,689
* Chicago Bridge & Iron Co. NV 1,141,253 37,536
* EnerSys 1,132,140 37,157
  Lennox International Inc. 740,400 36,383
  Watsco Inc. 554,660 34,788
* AerCap Holdings NV 2,242,926 33,464
  Knight Transportation Inc. 1,701,625 32,433
  Belden Inc. 922,290 32,059
  Con-way Inc. 936,900 31,873
* Kforce Inc. 1,771,052 31,666
* Teledyne Technologies Inc. 647,600 30,638
* JetBlue Airways Corp. 4,962,930 29,778
  Trinity Industries Inc. 1,052,800 29,363
* BE Aerospace Inc. 755,380 29,226

 

 

  Manpower Inc. 425,800 27,494
* Beacon Roofing Supply Inc. 1,434,956 26,059
  UTi Worldwide Inc. 1,152,235 25,234
  Triumph Group Inc. 257,800 24,757
* RBC Bearings Inc. 680,494 23,661
*,^ Swift Transporation Co.  1,627,700 23,260
* US Airways Group Inc. 2,336,400 23,177
* Middleby Corp. 276,045 22,583
  AMETEK Inc. 531,471 21,673
  IESI-BFC Ltd. 904,200 21,475
* United Stationers Inc. 342,300 21,318
* II-VI Inc. 428,600 21,164
  Gardner Denver Inc. 288,043 20,779
* Stericycle Inc. 263,035 20,646
* Ladish Co. Inc. 375,800 20,120
* Corrections Corp. of America 799,244 19,829
  Applied Industrial Technologies Inc. 624,700 19,778
* Huron Consulting Group Inc. 696,500 17,837
* GeoEye Inc. 444,370 17,739
* DigitalGlobe Inc. 566,390 17,394
  Donaldson Co. Inc. 283,473 16,612
  Landstar System Inc. 396,530 16,428
* General Cable Corp. 436,750 16,164
  Woodward Inc. 459,700 15,503
* AGCO Corp. 289,400 14,673
* Advisory Board Co. 296,036 14,642
* TrueBlue Inc. 799,730 13,643
  Robert Half International Inc. 424,964 13,327
  Interface Inc. Class A 803,050 13,050
*,^ A123 Systems Inc.  1,438,800 13,036
  Titan International Inc. 599,000 11,381
  Acuity Brands Inc. 204,400 11,283
* TransDigm Group Inc. 140,225 10,865
* RailAmerica Inc. 846,470 10,555
  Goodrich Corp. 113,921 10,324
* Atlas Air Worldwide Holdings Inc. 200,630 10,194
  Robbins & Myers Inc. 226,150 9,392
* LaBarge Inc. 619,822 8,653
* Polypore International Inc. 176,950 8,520
* Exponent Inc. 229,572 8,430
* Sensata Technologies Holding NV 264,750 8,342
* EMCOR Group Inc. 275,000 8,327
* CAI International Inc. 405,823 7,727
* United Rentals Inc. 286,850 7,645
* Chart Industries Inc. 203,655 7,397
  Graco Inc. 169,475 7,199
* Babcock & Wilcox Co. 240,346 7,030
  CH Robinson Worldwide Inc. 87,550 6,749
* Korn/Ferry International 270,000 6,318
* Flow International Corp. 1,680,618 6,302
* Hertz Global Holdings Inc. 415,500 6,112
* United Continental Holdings Inc. 223,543 5,678
* Altra Holdings Inc. 269,064 5,626
* HUB Group Inc. Class A 160,504 5,582
  ABM Industries Inc. 213,685 5,492
  Heartland Express Inc. 292,752 4,691
* Navistar International Corp. 60,100 3,897
  JB Hunt Transport Services Inc. 89,575 3,673

 

 

* Clean Harbors Inc. 40,515 3,648
  Corporate Executive Board Co. 90,125 3,502
* Rush Enterprises Inc. Class A 175,000 3,337
  Waste Connections Inc. 107,650 3,119
  Nordson Corp. 32,911 3,038
  Timken Co. 62,000 2,915
  Toro Co. 47,903 2,913
  Deluxe Corp. 112,525 2,751
  Actuant Corp. Class A 97,563 2,705
  Textainer Group Holdings Ltd. 78,808 2,443
  HEICO Corp. 46,425 2,428
  Cubic Corp. 49,188 2,398
  KBR Inc. 73,800 2,369
  HEICO Corp. Class A 61,450 2,345
  TAL International Group Inc. 73,084 2,282
* Alaska Air Group Inc. 37,969 2,249
  Watts Water Technologies Inc. Class A 62,471 2,247
* Trimas Corp. 117,201 2,231
* Sauer-Danfoss Inc. 77,064 2,208
  Ryder System Inc. 45,131 2,170
* Consolidated Graphics Inc. 34,100 1,707
* DXP Enterprises Inc. 57,700 1,257
* Owens Corning 30,822 1,032
* EnerNOC Inc. 35,000 911
* WABCO Holdings Inc. 9,740 569
  NACCO Industries Inc. Class A 5,485 550
  Great Lakes Dredge & Dock Corp. 65,005 540
* Oshkosh Corp. 8,682 329
* WESCO International Inc. 5,264 295
* KAR Auction Services Inc. 17,203 255
* Park-Ohio Holdings Corp. 12,400 255
  Healthcare Services Group Inc. 1 —
      1,626,518
Information Technology (27.7%)    
* VeriFone Systems Inc. 2,246,115 89,710
*,^ Alliance Data Systems Corp. 1,109,639 78,496
* Ariba Inc. 2,599,440 73,018
* Rovi Corp. 1,045,935 64,597
* Teradyne Inc. 3,846,592 64,161
* Microsemi Corp. 2,735,185 61,514
*,3 TiVo Inc.  6,302,894 60,949
* Polycom Inc. 1,308,480 57,377
* ON Semiconductor Corp. 5,025,775 55,535
* MKS Instruments Inc. 1,682,700 48,310
* Netlogic Microsystems Inc. 1,370,018 47,759
* Informatica Corp. 997,486 46,283
* Trimble Navigation Ltd. 988,780 45,563
  Sapient Corp. 3,688,950 44,083
* MICROS Systems Inc. 962,581 44,028
* Cadence Design Systems Inc. 4,637,450 40,253
* Parametric Technology Corp. 1,805,965 40,147
* F5 Networks Inc. 367,674 39,849
  Avago Technologies Ltd. 1,369,125 39,308
  Jabil Circuit Inc. 1,864,880 37,689
* NICE Systems Ltd. ADR 1,149,421 37,609
* PMC - Sierra Inc. 4,732,503 37,008
* Atmel Corp. 2,705,416 36,631

 

 

* IAC/InterActiveCorp 1,266,700 35,835
* WebMD Health Corp. 672,041 35,134
* Convergys Corp. 2,439,500 34,738
  Factset Research Systems Inc. 334,600 33,728
* Celestica Inc. 3,403,700 33,595
* Ingram Micro Inc. 1,701,653 33,591
  Maxim Integrated Products Inc. 1,283,500 33,140
* Acme Packet Inc. 615,628 33,108
* Cymer Inc. 656,215 31,885
  Syntel Inc. 565,039 31,512
* FEI Co. 1,130,295 30,801
* Finisar Corp. 915,502 30,486
* SunPower Corp. Class B 2,269,836 29,962
* Concur Technologies Inc. 580,625 29,629
  Power Integrations Inc. 786,515 29,046
* LSI Corp. 4,514,000 27,942
  Littelfuse Inc. 544,550 27,925
* Quest Software Inc. 1,074,700 27,749
* Salesforce.com Inc. 209,135 27,008
  ADTRAN Inc. 652,935 26,855
* SuccessFactors Inc. 900,130 26,212
* Acxiom Corp. 1,465,175 25,245
* Progress Software Corp. 880,350 25,213
* j2 Global Communications Inc. 911,100 25,146
  VeriSign Inc. 724,800 24,390
* Fortinet Inc. 623,600 23,977
* Verigy Ltd. 1,781,120 23,760
* ValueClick Inc. 1,691,100 23,692
* Nuance Communications Inc. 1,163,280 23,649
* CommVault Systems Inc. 764,000 23,600
* Sourcefire Inc. 957,026 23,552
* Gartner Inc. 631,533 22,369
* Euronet Worldwide Inc. 1,220,530 22,324
* Hollysys Automation Technologies Ltd. 1,330,700 21,358
  Comtech Telecommunications Corp. 757,400 21,253
* Varian Semiconductor Equipment Associates Inc. 470,430 20,911
* Genpact Ltd. 1,347,100 20,382
*,^ Ciena Corp.  920,400 20,276
* QLogic Corp. 1,135,000 20,214
* Red Hat Inc. 446,475 18,448
*,^ STEC Inc. 885,600 18,146
* Constant Contact Inc. 646,919 18,107
  Black Box Corp. 497,100 17,493
* RF Micro Devices Inc. 2,597,903 17,458
* RightNow Technologies Inc. 657,750 17,055
* S1 Corp. 2,412,100 15,534
* Cypress Semiconductor Corp. 679,509 14,711
* SolarWinds Inc. 776,750 14,681
* Hittite Microwave Corp. 243,500 14,556
* RADWARE Ltd. 364,450 13,605
* Digital River Inc. 393,430 12,487
* VistaPrint NV 231,150 11,705
* FLIR Systems Inc. 371,140 11,520
* NetApp Inc. 205,714 11,259
* Oclaro Inc. 792,578 11,001
  Pegasystems Inc. 299,650 10,242
* LoopNet Inc. 978,278 10,047
* Cardtronics Inc. 537,323 9,183

 

 

* hiSoft Technology International Ltd. ADR 303,600 9,144
* Advent Software Inc. 304,728 9,008
* Ancestry.com Inc. 246,313 8,769
* Silicon Laboratories Inc. 185,020 8,230
* Diodes Inc. 317,775 8,180
* Mellanox Technologies Ltd. 293,200 8,019
* Skyworks Solutions Inc. 239,150 7,598
* Advanced Energy Industries Inc. 485,800 7,503
  KLA-Tencor Corp. 166,040 7,319
* FleetCor Technologies Inc. 233,950 7,019
* Aviat Networks Inc. 1,303,735 6,766
* Cognizant Technology Solutions Corp. Class A 84,989 6,200
* QLIK Technologies Inc. 248,225 5,761
* Websense Inc. 290,800 5,572
* Marvell Technology Group Ltd. 291,196 5,536
* NVIDIA Corp. 223,275 5,341
* DemandTec Inc. 424,077 5,110
* Radiant Systems Inc. 279,486 5,101
* Riverbed Technology Inc. 141,920 5,091
* comScore Inc. 209,600 5,022
* Autodesk Inc. 116,575 4,742
* DealerTrack Holdings Inc. 238,000 4,704
* SAVVIS Inc. 142,300 4,379
* Synchronoss Technologies Inc. 152,600 4,343
* Electronic Arts Inc. 250,000 3,898
* Aruba Networks Inc. 170,906 3,683
* JDS Uniphase Corp. 198,800 3,374
* Atheros Communications Inc. 75,000 3,344
* TIBCO Software Inc. 148,724 3,269
* Novellus Systems Inc. 90,200 3,254
  National Instruments Corp. 71,103 3,008
* Itron Inc. 51,627 2,995
* NCR Corp. 174,278 2,858
  MAXIMUS Inc. 41,272 2,800
  Anixter International Inc. 42,326 2,678
* Coherent Inc. 49,600 2,656
* Lattice Semiconductor Corp. 420,973 2,623
  Opnet Technologies Inc. 89,395 2,556
* Manhattan Associates Inc. 84,942 2,507
  Intersil Corp. Class A 160,495 2,427
* Mentor Graphics Corp. 189,900 2,418
* Axcelis Technologies Inc. 694,309 2,409
*,^ Power-One Inc.  218,700 2,340
* Silicon Image Inc. 339,400 2,328
* Blue Coat Systems Inc. 80,000 2,305
* Omnivision Technologies Inc. 88,275 2,280
* Nova Measuring Instruments Ltd. 250,000 2,250
* Advanced Micro Devices Inc. 284,387 2,227
* Monolithic Power Systems Inc. 150,000 2,201
* Netscout Systems Inc. 95,615 2,192
  Plantronics Inc. 52,992 1,876
* Interactive Intelligence Inc. 40,276 1,318
  Solera Holdings Inc. 22,214 1,162
  National Semiconductor Corp. 74,753 1,133
* Take-Two Interactive Software Inc. 90,700 1,131
* PROS Holdings Inc. 110,000 1,098
* Xyratex Ltd. 62,075 827
* TriQuint Semiconductor Inc. 61,700 812

 

 

* Epicor Software Corp. 77,900 807
* Booz Allen Hamilton Holding Corp. 41,422 773
* CSG Systems International Inc. 36,000 700
* Magma Design Automation Inc. 86,600 470
  DST Systems Inc. 9,200 438
* Brightpoint Inc. 38,880 353
* Cirrus Logic Inc. 15,965 336
* Anadigics Inc. 48,800 333
* Extreme Networks 63,817 209
* Ultimate Software Group Inc. 4,000 194
      2,757,614
Materials (3.6%)    
  Silgan Holdings Inc. 1,216,879 45,426
  Steel Dynamics Inc. 2,268,000 41,278
  Albemarle Corp. 715,020 40,155
  Sensient Technologies Corp. 1,116,353 37,855
* Fronteer Gold Inc. 2,900,645 28,600
  Olin Corp. 1,122,800 21,861
  CF Industries Holdings Inc. 152,200 20,553
  Schnitzer Steel Industries Inc. 272,150 16,792
  Aptargroup Inc. 277,970 13,359
* OM Group Inc. 315,748 11,424
  Arch Chemicals Inc. 313,199 11,350
*,^ STR Holdings Inc. 538,300 9,840
  Balchem Corp. 291,500 9,809
* Solutia Inc. 414,850 9,716
  Airgas Inc. 128,550 8,056
  Greif Inc. Class A 111,529 7,032
  Walter Energy Inc. 30,166 3,930
* Crown Holdings Inc. 102,633 3,424
  Rock-Tenn Co. Class A 39,200 2,617
  Ball Corp. 36,700 2,610
* Clearwater Paper Corp. 31,952 2,527
* Ferro Corp. 154,853 2,388
  Lubrizol Corp. 22,200 2,386
  NewMarket Corp. 18,380 2,332
  Eastman Chemical Co. 10,355 962
* Rockwood Holdings Inc. 19,054 773
  Ashland Inc. 11,286 655
      357,710
Telecommunication Services (1.2%)    
*,3 Vonage Holdings Corp.  11,207,283 36,760
* tw telecom inc Class A 1,565,300 26,845
* SBA Communications Corp. Class A 500,467 20,419
* MetroPCS Communications Inc. 1,455,400 18,818
* Clearwire Corp. Class A 2,537,410 13,423
* NII Holdings Inc. 94,650 3,973
  USA Mobility Inc. 118,566 2,025
      122,263
Utilities (0.8%)    
  ITC Holdings Corp. 497,800 32,705
  UGI Corp. 934,800 29,306
  Ormat Technologies Inc. 338,480 10,412
  Integrys Energy Group Inc. 28,300 1,347
      73,770
Total Common Stocks (Cost $7,317,283)   9,539,788

 

 

        Market
        Value
  Coupon   Shares ($000)
Temporary Cash Investments (6.8%)1        
Money Market Fund (6.0%)        
4,5 Vanguard Market Liquidity Fund 0.207%   593,350,991 593,351
 
      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Repurchase Agreement (0.5%)        
Deutsche Bank Securities, Inc.        
(Dated 1/31/11, Repurchase Value        
$53,900,000, collateralized by Government        
National Mortgage Assn. 4.000%-5.000%,        
10/15/39-1/15/41) 0.220% 2/1/11 53,900 53,900
 
U.S. Government and Agency Obligations (0.3%)        
6,7 Fannie Mae Discount Notes 0.281% 3/31/11 30,000 29,990
6,7 Freddie Mac Discount Notes 0.296% 3/31/11 3,000 2,999
        32,989
Total Temporary Cash Investments (Cost $680,236)       680,240
Total Investments (102.6%) (Cost $7,997,519)       10,220,028
Other Assets and Liabilities-Net (-2.6%)5       (257,709)
Net Assets (100%)       9,962,319

 

* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $249,842,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After
giving effect to futures investments, the fund's effective common stock and temporary cash investment positions
represent 97.3% and 5.3%, respectively, of net assets.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities
of such company.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
5 Includes $255,404,000 of collateral received for securities on loan.
6 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the
U.S. government.
7 Securities with a value of $32,989,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
REIT—Real Estate Investment Trust.


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 at their fair values calculated according to
procedures adopted 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

 

Explorer Fund

Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.

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. Various inputs may be used to determine the value of the fund's investments. 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).

The following table summarizes the fund's investments as of January 31, 2011, based on the inputs used to value them:

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 9,523,595 16,193 —
Temporary Cash Investments 593,351 86,889 —
Futures Contracts—Assets1 1,190 — —
Futures Contracts—Liabilities1 (104) — —
Total 10,118,033 103,082 —
1 Represents variation margin on the last day of the reporting period.

 

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.

Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).

 

Explorer Fund

At January 31, 2011, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

    ($000)
      Aggregate  
    Number of Settlement Unrealized
    Long (Short) Value Appreciation
Futures Contracts Expiration Contracts Long (Short) (Depreciation) 
E-mini Russell 2000 Index March 2011 1,486 115,938 (1,511)
S&P MidCap 400 Index March 2011 86 39,693 1,358

 

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.

E. 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. Transactions during the period in securities of these companies were as follows:

    Current Period Transactions  
      Proceeds    
  Oct. 31, 2010   from   Jan. 31, 2011
  Market Purchases Securities Dividend Market
  Value at Cost Sold Income Value
  ($000) ($000) ($000) ($000) ($000)
ABIOMED Inc. 20,101 876 — — 19,966
Beacon Roofing Supply Inc. 38,932 2,994 24,548 — N/A2
TiVo Inc. N/A1 11,421 6,636 — 60,949
Vonage Holdings Corp. N/A1 16,345 — — 36,760
  59,033     — 117,675
1 Not applicable — At October 31, 2010, the issuer was not an affiliated company of the fund.
2 Not applicable — At January 31, 2011, the security was still held, but the issuer was no longer an affiliated company of the fund.

 

F. At January 31, 2011, the cost of investment securities for tax purposes was $7,997,519,000. Net unrealized appreciation of investment securities for tax purposes was $2,222,509,000, consisting of unrealized gains of $2,373,539,000 on securities that had risen in value since their purchase and $151,030,000 in unrealized losses on securities that had fallen in value since their purchase.

 

Item 2: 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. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3: Exhibits

(a) Certifications

  VANGUARD EXPLORER FUND
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: March 21, 2011  

 

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/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
Date: March 21, 2011  
  VANGUARD EXPLORER FUND
By: /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
Date: March 21, 2011  

 

* By:/s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on April 26, 2010, see file Number 33-53683, Incorporated by Reference.