N-Q 1 explorerfinal.htm VANGUARD EXPLORER FUND explorerfinal.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: 811-01530

Name of Registrant: Vanguard Explorer Fund

Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482

Date of fiscal year end: October 31

Date of reporting period: January 31, 2014

Item 1: Schedule of Investments

 

Vanguard Explorer Fund    
 
 
 
Schedule of Investments    
As of January 31, 2014    
 
      Market
      Value
    Shares ($000)
Common Stocks (96.7%)1    
Consumer Discretionary (17.1%)    
* Urban Outfitters Inc. 2,801,643 100,355
  DSW Inc. Class A 1,855,317 69,853
* Crocs Inc. 3,876,300 59,501
* Imax Corp. 2,042,371 56,553
* Life Time Fitness Inc. 1,370,335 56,403
* CarMax Inc. 1,201,895 54,217
* DreamWorks Animation SKG Inc. Class A 1,385,820 46,758
  GameStop Corp. Class A 1,257,592 44,104
  Hanesbrands Inc. 610,313 43,418
* LKQ Corp. 1,595,465 43,189
  Dick's Sporting Goods Inc. 811,187 42,587
  Churchill Downs Inc. 466,798 41,596
* Buffalo Wild Wings Inc. 289,897 41,125
  Dana Holding Corp. 2,127,600 40,254
* Tenneco Inc. 700,777 39,832
  Interpublic Group of Cos. Inc. 2,419,100 39,480
* MGM Resorts International 1,584,730 38,604
  Ryland Group Inc. 852,384 38,050
  Cheesecake Factory Inc. 827,898 36,875
  Texas Roadhouse Inc. Class A 1,508,690 36,586
  Tractor Supply Co. 547,155 36,391
  Service Corp. International 2,038,105 36,074
* Standard Pacific Corp. 4,079,700 35,901
* Under Armour Inc. Class A 312,900 33,828
  HSN Inc. 617,600 33,826
  Lennar Corp. Class A 837,615 33,639
  New York Times Co. Class A 2,372,400 33,546
* Live Nation Entertainment Inc. 1,563,195 33,249
  Brunswick Corp. 790,285 32,765
*,^ Outerwall Inc. 500,921 32,214
* HomeAway Inc. 771,905 31,540
* Conn's Inc. 499,967 30,353
  Six Flags Entertainment Corp. 804,457 28,872
  Pier 1 Imports Inc. 1,477,556 28,236
* Cabela's Inc. 399,600 26,717
* Denny's Corp. 3,893,981 26,713
* TRW Automotive Holdings Corp. 355,565 26,365
* Ulta Salon Cosmetics & Fragrance Inc. 290,605 24,908
* Tumi Holdings Inc. 1,104,120 22,116
  Guess? Inc. 780,365 21,889
* Bally Technologies Inc. 286,246 20,988
* Deckers Outdoor Corp. 267,500 20,852
  Movado Group Inc. 535,826 20,227
* Steven Madden Ltd. 600,642 19,575
* iRobot Corp. 551,354 19,485
  Brinker International Inc. 400,299 19,358
* Vitamin Shoppe Inc. 420,150 18,831
  Shoe Carnival Inc. 746,300 18,434
* Five Below Inc. 500,700 18,351

 

 

* Ascena Retail Group Inc. 969,100 18,180
* Del Frisco's Restaurant Group Inc. 786,088 18,080
* Gentherm Inc. 699,541 17,824
  Cinemark Holdings Inc. 596,300 17,478
  Group 1 Automotive Inc. 281,201 17,190
* Genesco Inc. 240,200 16,867
* Grand Canyon Education Inc. 348,930 15,290
* Bloomin' Brands Inc. 622,335 14,295
* Jarden Corp. 231,385 13,987
* Krispy Kreme Doughnuts Inc. 802,260 13,839
* Express Inc. 773,625 13,399
* Francesca's Holdings Corp. 674,500 12,815
* Marriott Vacations Worldwide Corp. 228,586 10,945
  Abercrombie & Fitch Co. 305,000 10,791
  Oxford Industries Inc. 141,830 10,704
  Vail Resorts Inc. 150,742 10,273
* Cumulus Media Inc. Class A 1,486,244 9,943
* BJ's Restaurants Inc. 338,610 9,603
  Sotheby's 192,300 9,215
  Lions Gate Entertainment Corp. 229,287 7,413
* Discovery Communications Inc. 91,200 6,723
* Chuy's Holdings Inc. 180,104 6,505
* Hibbett Sports Inc. 104,300 6,259
* Meritage Homes Corp. 128,400 6,236
  National CineMedia Inc. 328,600 6,138
* Tesla Motors Inc. 33,590 6,094
  Ross Stores Inc. 88,500 6,010
  KB Home 303,800 5,875
* Lululemon Athletica Inc. 104,400 4,770
*,^ SodaStream International Ltd. 127,000 4,643
  Goodyear Tire & Rubber Co. 178,500 4,223
* Shutterfly Inc. 80,100 3,794
  Domino's Pizza Inc. 53,342 3,766
* Starz 121,100 3,388
  Cablevision Systems Corp. Class A 204,000 3,272
  Sturm Ruger & Co. Inc. 40,550 3,089
  Cracker Barrel Old Country Store Inc. 29,200 2,891
  GNC Holdings Inc. Class A 54,600 2,791
* Smith & Wesson Holding Corp. 203,800 2,668
  Regal Entertainment Group Class A 132,700 2,588
  Aaron's Inc. 96,100 2,584
  La-Z-Boy Inc. 88,900 2,393
* Red Robin Gourmet Burgers Inc. 36,600 2,358
  Brown Shoe Co. Inc. 94,500 2,238
  Buckle Inc. 49,400 2,189
* Jack in the Box Inc. 40,800 2,063
* Orbitz Worldwide Inc. 254,100 1,830
  PetSmart Inc. 27,545 1,735
* Overstock.com Inc. 80,750 1,701
* Asbury Automotive Group Inc. 36,100 1,697
  Tupperware Brands Corp. 21,000 1,646
* Multimedia Games Holding Co. Inc. 48,600 1,544
  Haverty Furniture Cos. Inc. 48,700 1,355
  Ruth's Hospitality Group Inc. 80,900 1,059
  Dillard's Inc. Class A 12,000 1,048
* AMC Networks Inc. Class A 16,200 1,044
* Kirkland's Inc. 54,100 1,019

 

 

* Tower International Inc. 43,000 956
* Lumber Liquidators Holdings Inc. 9,600 854
* Steiner Leisure Ltd. 11,115 545
  Big 5 Sporting Goods Corp. 29,700 510
  Polaris Industries Inc. 3,500 438
  PetMed Express Inc. 29,500 390
* ANN Inc. 3,271 106
      2,147,739
Consumer Staples (2.8%)    
  Herbalife Ltd. 780,388 50,234
* United Natural Foods Inc. 723,744 48,903
  Hillshire Brands Co. 1,163,100 41,430
  Sanderson Farms Inc. 491,300 36,528
  PriceSmart Inc. 361,053 32,820
  Ingredion Inc. 456,700 28,452
* Susser Holdings Corp. 351,907 21,459
  Glanbia plc 1,347,697 19,581
  Casey's General Stores Inc. 262,900 18,053
* Natural Grocers by Vitamin Cottage Inc. 367,400 13,950
* Fresh Market Inc. 167,430 5,853
  Whole Foods Market Inc. 102,800 5,372
* TreeHouse Foods Inc. 79,900 5,261
* Annie's Inc. 121,100 4,859
* Boulder Brands Inc. 246,100 3,529
* Rite Aid Corp. 586,400 3,255
* Pilgrim's Pride Corp. 185,586 3,105
  Nu Skin Enterprises Inc. Class A 35,827 3,051
  Green Mountain Coffee Roasters Inc. 29,500 2,390
* Fairway Group Holdings Corp. 197,800 2,324
* Omega Protein Corp. 49,800 504
* SUPERVALU Inc. 69,000 399
* Synutra International Inc. 17,000 123
      351,435
Energy (4.5%)    
  Western Refining Inc. 1,448,358 56,645
  Core Laboratories NV 253,345 45,328
  Cabot Oil & Gas Corp. 959,435 38,358
  Patterson-UTI Energy Inc. 1,488,800 38,247
  Alon USA Energy Inc. 1,858,700 29,200
* Basic Energy Services Inc. 1,693,329 29,007
* Southwestern Energy Co. 701,615 28,549
  Energen Corp. 378,537 26,770
* Atwood Oceanics Inc. 533,525 25,289
* Rosetta Resources Inc. 562,000 23,947
  Trican Well Service Ltd. 1,882,800 21,554
* Gulfport Energy Corp. 336,065 20,483
* Bonanza Creek Energy Inc. 491,560 20,011
* Kodiak Oil & Gas Corp. 1,732,473 18,382
  SemGroup Corp. Class A 268,440 16,579
  Superior Energy Services Inc. 691,365 16,344
* TETRA Technologies Inc. 1,514,916 15,634
* Rex Energy Corp. 713,765 13,447
*,^ Clean Energy Fuels Corp. 1,107,420 13,211
* Penn Virginia Corp. 710,342 8,517
  Oceaneering International Inc. 115,700 7,885
  RPC Inc. 449,250 7,651

 

 

* Dril-Quip Inc. 58,700 5,903
* Key Energy Services Inc. 758,900 5,532
* Carrizo Oil & Gas Inc. 113,400 4,661
  Range Resources Corp. 51,200 4,413
  SM Energy Co. 44,700 3,699
* Oasis Petroleum Inc. 86,100 3,600
* Alpha Natural Resources Inc. 526,200 2,989
* Athlon Energy Inc. 93,800 2,861
* Forum Energy Technologies Inc. 110,600 2,778
* SEACOR Holdings Inc. 29,700 2,500
* Hercules Offshore Inc. 491,000 2,445
* Renewable Energy Group Inc. 156,700 1,569
  Frank's International NV 59,600 1,397
* Abraxas Petroleum Corp. 289,200 917
* Matrix Service Co. 19,200 505
* Newpark Resources Inc. 30,800 350
* Cheniere Energy Inc. 5,500 242
      567,399
Financials (7.7%)    
  NASDAQ OMX Group Inc. 1,841,677 70,260
*,2 eHealth Inc. 1,301,365 69,532
* Affiliated Managers Group Inc. 334,915 66,728
  Protective Life Corp. 878,647 43,062
  Zions Bancorporation 1,474,890 42,403
  CapitalSource Inc. 2,989,200 41,042
  International Bancshares Corp. 1,727,197 40,434
  Och-Ziff Capital Management Group LLC Class A 2,669,149 37,315
  Brown & Brown Inc. 1,147,115 36,123
  Redwood Trust Inc. 1,864,000 34,857
  Synovus Financial Corp. 10,311,440 34,543
  Solar Capital Ltd. 1,435,400 31,765
* WisdomTree Investments Inc. 2,228,084 31,461
  Radian Group Inc. 2,112,274 31,431
* Encore Capital Group Inc. 617,772 29,400
  Financial Engines Inc. 440,800 26,854
  Primerica Inc. 633,800 26,702
* Stifel Financial Corp. 515,107 23,257
  HFF Inc. Class A 746,927 22,094
  First Industrial Realty Trust Inc. 1,107,355 19,002
* Signature Bank 154,385 18,844
  MFA Financial Inc. 2,584,725 18,843
  Evercore Partners Inc. Class A 310,130 17,318
  Cohen & Steers Inc. 453,124 16,344
  PacWest Bancorp 395,537 15,865
  STAG Industrial Inc. 720,900 15,470
  PrivateBancorp Inc. 500,097 14,298
* Portfolio Recovery Associates Inc. 200,000 10,044
  Lexington Realty Trust 861,030 9,308
* Green Dot Corp. Class A 389,875 8,780
  Cardinal Financial Corp. 466,644 7,956
  IntercontinentalExchange Group Inc. 33,700 7,036
* SVB Financial Group 52,400 5,881
  Waddell & Reed Financial Inc. Class A 62,100 4,025
  ProAssurance Corp. 79,700 3,703
* Credit Acceptance Corp. 23,335 3,248
* World Acceptance Corp. 28,076 2,687
  Omega Healthcare Investors Inc. 69,200 2,210

 

 

Universal Insurance Holdings Inc. 174,500 1,946
Corrections Corp. of America 56,600 1,900
Nelnet Inc. Class A 49,676 1,850
Axis Capital Holdings Ltd. 39,000 1,756
* Realogy Holdings Corp. 37,600 1,713
Apartment Investment & Management Co. Class A 60,300 1,687
Regency Centers Corp. 33,100 1,593
Extra Space Storage Inc. 30,000 1,370
Ryman Hospitality Properties Inc. 29,800 1,232
Inland Real Estate Corp. 107,800 1,136
FelCor Lodging Trust Inc. 134,900 1,101
* First Cash Financial Services Inc. 21,942 1,078
Montpelier Re Holdings Ltd. 32,300 900
Oritani Financial Corp. 42,400 667
Sovran Self Storage Inc. 9,600 652
Hanover Insurance Group Inc. 10,100 561
GAMCO Investors Inc. 6,800 549
Geo Group Inc. 14,000 469
* MGIC Investment Corp. 51,600 438
MarketAxess Holdings Inc. 6,400 402
Universal Health Realty Income Trust 9,200 390
Rayonier Inc. 8,127 360
* Ambac Financial Group Inc. 12,600 295
    964,170
Health Care (15.3%)    
* Alkermes plc 2,525,835 122,958
West Pharmaceutical Services Inc. 2,465,740 116,999
* Salix Pharmaceuticals Ltd. 930,617 90,586
Cooper Cos. Inc. 572,943 71,205
* Globus Medical Inc. 2,710,456 63,425
* ICON plc 1,450,803 60,948
Kindred Healthcare Inc. 2,588,939 49,035
* Cyberonics Inc. 726,235 48,513
* Bruker Corp. 2,222,765 45,233
* Hospira Inc. 1,025,500 45,132
* LifePoint Hospitals Inc. 807,000 42,779
* Covance Inc. 446,445 42,216
* Insulet Corp. 936,715 40,279
^ ResMed Inc. 910,924 39,725
* Henry Schein Inc. 338,350 38,873
Universal Health Services Inc. Class B 466,850 38,291
* Actavis plc 198,435 37,500
* Catamaran Corp. 744,212 36,184
* WellCare Health Plans Inc. 555,100 36,143
* Community Health Systems Inc. 854,700 35,393
DENTSPLY International Inc. 743,250 34,294
* Nektar Therapeutics 2,478,300 33,705
* Vertex Pharmaceuticals Inc. 388,100 30,675
* NPS Pharmaceuticals Inc. 852,261 30,494
* Jazz Pharmaceuticals plc 197,514 29,955
* Mettler-Toledo International Inc. 117,459 28,930
* Molina Healthcare Inc. 801,799 28,865
* Bio-Rad Laboratories Inc. Class A 209,240 26,599
^ Questcor Pharmaceuticals Inc. 362,524 24,293
* ABIOMED Inc. 851,400 23,405
* Haemonetics Corp. 577,510 21,882
* Akorn Inc. 961,422 21,824

 

 

* TESARO Inc. 679,500 21,411
* WuXi PharmaTech Cayman Inc. ADR 601,166 20,981
* Luminex Corp. 1,146,821 20,952
* Portola Pharmaceuticals Inc. 779,548 20,791
* Alexion Pharmaceuticals Inc. 122,286 19,410
*,^ Exelixis Inc. 2,801,947 19,277
* Allscripts Healthcare Solutions Inc. 1,158,300 19,181
* Brookdale Senior Living Inc. Class A 679,054 18,647
* Tornier NV 1,015,637 18,474
* QIAGEN NV 827,000 18,293
* Hyperion Therapeutics Inc. 600,440 16,860
* Exact Sciences Corp. 1,247,000 16,211
* Air Methods Corp. 302,129 15,539
* Wright Medical Group Inc. 446,185 13,568
* Capital Senior Living Corp. 558,200 12,543
* Illumina Inc. 74,300 11,294
*,^ Sarepta Therapeutics Inc. 403,660 9,841
* ImmunoGen Inc. 640,000 9,594
* Medidata Solutions Inc. 148,400 9,364
* Aegerion Pharmaceuticals Inc. 142,710 8,560
* Lannett Co. Inc. 235,665 8,324
* Incyte Corp. Ltd. 112,440 7,367
* athenahealth Inc. 49,400 7,282
* Neogen Corp. 172,950 7,267
  Trinity Biotech plc ADR 274,663 7,130
* Auxilium Pharmaceuticals Inc. 271,244 6,938
* Cerner Corp. 117,400 6,679
* Horizon Pharma Inc. 672,150 6,627
* Cepheid Inc. 121,200 6,407
  Invacare Corp. 313,350 6,323
* CareFusion Corp. 138,526 5,648
* IDEXX Laboratories Inc. 48,000 5,484
* NuVasive Inc. 141,100 5,283
* HMS Holdings Corp. 221,655 5,105
* Acadia Healthcare Co. Inc. 99,200 5,063
* Endo Health Solutions Inc. 71,300 4,697
* IPC The Hospitalist Co. Inc. 87,570 4,675
* Isis Pharmaceuticals Inc. 88,900 4,539
* Seattle Genetics Inc. 89,900 4,033
* Volcano Corp. 186,308 3,911
* Align Technology Inc. 64,800 3,850
* United Therapeutics Corp. 36,800 3,776
* Hologic Inc. 174,000 3,717
* Centene Corp. 52,900 3,206
* Charles River Laboratories International Inc. 55,700 3,149
* PAREXEL International Corp. 63,400 3,095
* Quintiles Transnational Holdings Inc. 61,700 2,939
^ PDL BioPharma Inc. 309,500 2,816
  HealthSouth Corp. 86,500 2,692
* Prestige Brands Holdings Inc. 88,500 2,678
  Chemed Corp. 33,106 2,613
* MedAssets Inc. 102,900 2,268
* Ligand Pharmaceuticals Inc. 36,300 2,248
* AMN Healthcare Services Inc. 145,200 2,194
* Addus HomeCare Corp. 87,400 2,066
* Insys Therapeutics Inc. 34,700 2,041
* Providence Service Corp. 54,800 1,446

 

 

* Alliance HealthCare Services Inc. 49,100 1,409
* Prothena Corp. plc 33,894 1,049
* Sagent Pharmaceuticals Inc. 36,700 695
* Team Health Holdings Inc. 14,500 626
  Meridian Bioscience Inc. 25,700 585
* AMAG Pharmaceuticals Inc. 25,700 552
* Thoratec Corp. 12,900 451
* Corvel Corp. 8,800 417
* Sirona Dental Systems Inc. 5,100 367
* Endocyte Inc. 29,150 346
* Medical Action Industries Inc. 42,100 312
* Gentiva Health Services Inc. 16,700 190
  Utah Medical Products Inc. 2,000 106
      1,929,810
Industrials (16.5%)    
* AerCap Holdings NV 1,803,916 67,088
  Pentair Ltd. 881,205 65,500
* WESCO International Inc. 692,075 57,415
  Chicago Bridge & Iron Co. NV 748,705 56,145
  MSC Industrial Direct Co. Inc. Class A 663,895 55,780
* Armstrong World Industries Inc. 972,435 54,145
* IHS Inc. Class A 449,545 50,983
* B/E Aerospace Inc. 632,547 50,268
  EnerSys Inc. 726,165 49,423
* DXP Enterprises Inc. 501,489 48,163
  AO Smith Corp. 1,006,015 47,504
* Moog Inc. Class A 772,808 46,415
  Waste Connections Inc. 1,097,700 44,874
  Watsco Inc. 460,975 43,617
* Middleby Corp. 173,667 42,823
* JetBlue Airways Corp. 4,872,000 42,679
* Clean Harbors Inc. 753,875 42,277
  Flowserve Corp. 563,370 40,749
  AMETEK Inc. 730,365 36,095
* Teledyne Technologies Inc. 392,303 36,041
  Kennametal Inc. 829,685 35,959
  Acuity Brands Inc. 282,565 35,897
* Esterline Technologies Corp. 334,200 34,406
* MRC Global Inc. 1,220,800 34,085
  Terex Corp. 785,900 32,222
* Genesee & Wyoming Inc. Class A 348,963 31,525
  Con-way Inc. 773,240 29,747
*,2 American Woodmark Corp. 842,259 29,572
* RBC Bearings Inc. 455,194 29,515
* United Rentals Inc. 361,976 29,298
* Quanta Services Inc. 936,965 29,205
* Swift Transportation Co. 1,321,800 28,815
  John Bean Technologies Corp. 904,760 27,930
* Advisory Board Co. 431,521 27,320
  Manpowergroup Inc. 334,190 26,033
  Robert Half International Inc. 606,037 25,320
  Herman Miller Inc. 873,690 24,489
  Lennox International Inc. 274,161 23,731
* Old Dominion Freight Line Inc. 398,276 21,602
  Corporate Executive Board Co. 291,907 21,338
  Carlisle Cos. Inc. 280,820 20,929
* Hexcel Corp. 500,375 20,856

 

 

  Generac Holdings Inc. 430,160 20,704
* Mobile Mini Inc. 501,500 19,393
* Stericycle Inc. 162,825 19,060
* Huron Consulting Group Inc. 285,165 18,889
* Avis Budget Group Inc. 489,704 18,467
  UTi Worldwide Inc. 1,172,940 18,368
* Rush Enterprises Inc. Class A 660,171 18,247
* H&E Equipment Services Inc. 559,829 16,952
* TriMas Corp. 480,832 16,733
* Copart Inc. 487,808 16,722
  Universal Forest Products Inc. 305,940 16,077
  Mine Safety Appliances Co. 289,373 14,579
* Saia Inc. 426,495 14,356
  Kaman Corp. 350,827 13,598
*,^ Polypore International Inc. 393,310 13,038
  Knight Transportation Inc. 608,480 12,991
  TAL International Group Inc. 295,682 12,723
* Hub Group Inc. Class A 299,797 12,427
* 51job Inc. ADR 160,100 11,689
  Exponent Inc. 158,222 11,427
* CAI International Inc. 542,519 11,225
* Rexnord Corp. 413,131 10,733
  McGrath RentCorp 289,000 10,583
* WageWorks Inc. 159,700 9,932
  KAR Auction Services Inc. 351,900 9,790
  Actuant Corp. Class A 261,870 8,961
* Proto Labs Inc. 111,800 8,872
* Verisk Analytics Inc. Class A 108,700 6,942
* Columbus McKinnon Corp. 234,626 5,800
* II-VI Inc. 308,666 4,713
  Lincoln Electric Holdings Inc. 61,100 4,228
  Alaska Air Group Inc. 53,324 4,216
  IDEX Corp. 55,450 3,993
  Dun & Bradstreet Corp. 32,600 3,586
  Fortune Brands Home & Security Inc. 77,900 3,510
* DigitalGlobe Inc. 87,800 3,352
  ITT Corp. 81,100 3,321
  Towers Watson & Co. Class A 28,000 3,274
  Copa Holdings SA Class A 24,900 3,254
  Manitowoc Co. Inc. 109,100 3,104
  RR Donnelley & Sons Co. 167,800 3,099
  Cintas Corp. 53,900 3,076
  Deluxe Corp. 61,809 3,001
  Mueller Water Products Inc. Class A 344,700 2,992
*,^ American Airlines Group Inc. 88,100 2,956
* Spirit Aerosystems Holdings Inc. Class A 80,700 2,737
* Taser International Inc. 168,200 2,701
* USG Corp. 78,900 2,414
* Chart Industries Inc. 27,700 2,367
  Steelcase Inc. Class A 147,179 2,174
  Huntington Ingalls Industries Inc. 22,200 2,109
* AECOM Technology Corp. 70,000 2,007
  Crane Co. 31,400 1,983
  Comfort Systems USA Inc. 114,800 1,956
  Altra Industrial Motion Corp. 61,500 1,929
* PGT Inc. 150,200 1,604
* Spirit Airlines Inc. 32,400 1,520

 

 

  Hyster-Yale Materials Handling Inc. 10,300 883
  Mueller Industries Inc. 13,700 853
  Aceto Corp. 30,800 657
  Toro Co. 7,600 482
  Barrett Business Services Inc. 5,600 439
      2,081,546
Information Technology (25.3%)    
* Alliance Data Systems Corp. 481,418 115,377
* Ultimate Software Group Inc. 625,934 102,171
* PTC Inc. 2,834,706 101,142
* Cadence Design Systems Inc. 5,527,260 78,045
* TiVo Inc. 5,659,167 70,117
* Finisar Corp. 2,824,525 66,969
* Silicon Laboratories Inc. 1,415,920 66,888
* Pandora Media Inc. 1,659,638 59,863
* Bankrate Inc. 3,495,385 57,988
* Teradyne Inc. 3,017,320 56,756
* Euronet Worldwide Inc. 1,322,730 56,692
* First Solar Inc. 1,119,168 56,608
* Sapient Corp. 3,491,930 55,976
*,2 WNS Holdings Ltd. ADR 2,579,364 55,534
  Belden Inc. 775,675 50,194
* Acxiom Corp. 1,388,985 49,948
  IAC/InterActiveCorp 703,785 49,293
*,^ Ubiquiti Networks Inc. 1,156,279 47,639
* Infoblox Inc. 1,348,636 47,310
* Aspen Technology Inc. 1,018,230 46,401
* Imperva Inc. 839,680 46,182
* Trimble Navigation Ltd. 1,409,925 45,583
* Informatica Corp. 1,127,445 45,504
* Genpact Ltd. 2,668,400 45,283
* Concur Technologies Inc. 373,060 45,267
* Atmel Corp. 5,042,905 42,159
* Responsys Inc. 1,434,606 38,749
* Microsemi Corp. 1,622,790 38,038
* NCR Corp. 1,076,540 37,883
* CoStar Group Inc. 218,030 37,510
  Convergys Corp. 1,793,081 36,525
* Tyler Technologies Inc. 320,454 33,792
* Red Hat Inc. 575,100 32,493
* F5 Networks Inc. 302,495 32,367
* MICROS Systems Inc. 582,795 32,363
* Aruba Networks Inc. 1,625,960 32,048
* Fairchild Semiconductor International Inc. Class A 2,412,600 30,785
*,^ InvenSense Inc. 1,553,861 30,596
* Web.com Group Inc. 893,641 30,205
* LinkedIn Corp. Class A 134,400 28,924
* ON Semiconductor Corp. 3,445,240 28,802
* Cardtronics Inc. 717,733 27,647
* Ruckus Wireless Inc. 1,954,200 26,245
  NICE Systems Ltd. ADR 643,285 25,378
* Riverbed Technology Inc. 1,175,400 23,179
* WEX Inc. 281,300 23,168
  Heartland Payment Systems Inc. 535,519 23,086
* Demandware Inc. 358,781 22,847
* RADWARE Ltd. 1,329,700 22,499
* Ciena Corp. 942,220 21,982

 

 

* E2open Inc. 913,315 21,874
  FactSet Research Systems Inc. 199,650 21,117
* Dealertrack Technologies Inc. 450,827 21,031
* Syntel Inc. 248,652 20,949
* Super Micro Computer Inc. 1,015,702 20,883
  EVERTEC Inc. 857,400 20,689
* Electronics For Imaging Inc. 484,550 20,530
* Qlik Technologies Inc. 738,000 19,941
*,^ Mellanox Technologies Ltd. 527,828 19,672
* ATMI Inc. 687,000 19,016
* CalAmp Corp. 643,561 18,972
* SPS Commerce Inc. 291,525 18,838
  MercadoLibre Inc. 193,327 18,654
  Intersil Corp. Class A 1,526,685 17,313
* Diodes Inc. 754,060 17,275
  MAXIMUS Inc. 407,414 17,262
  Power Integrations Inc. 288,360 17,080
* Gigamon Inc. 551,500 16,799
* Stratasys Ltd. 133,040 16,039
  j2 Global Inc. 351,600 15,945
* Care.com Inc. 550,196 15,796
* Brocade Communications Systems Inc. 1,685,600 15,743
* WebMD Health Corp. 307,600 14,734
* SS&C Technologies Holdings Inc. 363,862 14,125
* Nanometrics Inc. 826,028 13,993
* Veeco Instruments Inc. 357,802 13,600
* VeriFone Systems Inc. 468,540 13,592
* Constant Contact Inc. 499,882 13,502
* Endurance International Group Holdings Inc. 1,160,675 13,325
* FleetCor Technologies Inc. 125,212 13,313
  FEI Co. 139,520 13,076
* Skyworks Solutions Inc. 424,395 12,838
*,^ Liquidity Services Inc. 528,500 12,562
* MaxLinear Inc. 1,182,701 12,134
* PROS Holdings Inc. 318,200 12,095
* Spansion Inc. Class A 800,835 12,013
* ExlService Holdings Inc. 475,475 11,958
* Synchronoss Technologies Inc. 422,689 11,269
* Progress Software Corp. 465,307 11,246
* Integrated Device Technology Inc. 1,085,868 10,479
* Manhattan Associates Inc. 306,732 10,343
* EPAM Systems Inc. 248,200 10,151
* SciQuest Inc. 377,110 9,971
  Littelfuse Inc. 110,000 9,845
* ValueClick Inc. 451,860 9,715
* Interactive Intelligence Group Inc. 122,994 9,340
* IPG Photonics Corp. 138,000 9,228
* Entropic Communications Inc. 2,112,830 8,810
* Cognex Corp. 209,000 8,245
* Information Services Group Inc. 1,403,674 7,608
* Monolithic Power Systems Inc. 224,500 7,339
* Netscout Systems Inc. 193,319 6,828
* Tremor Video Inc. 1,494,924 6,637
* Fortinet Inc. 302,800 6,419
* Virtusa Corp. 178,000 6,102
* Envestnet Inc. 141,990 6,070
* Salesforce.com Inc. 100,000 6,053

 

 

* Palo Alto Networks Inc. 98,987 5,885
  Microchip Technology Inc. 118,300 5,307
* Gartner Inc. 64,738 4,553
* Proofpoint Inc. 108,572 4,395
  Jack Henry & Associates Inc. 70,700 3,944
  Broadridge Financial Solutions Inc. 105,700 3,836
* Semtech Corp. 161,877 3,692
* VeriSign Inc. 60,100 3,531
* Cornerstone OnDemand Inc. 61,300 3,497
* Global Cash Access Holdings Inc. 405,271 3,437
* ARRIS Group Inc. 122,900 3,183
* Cavium Inc. 85,400 3,174
* SunPower Corp. Class A 94,200 3,048
* Freescale Semiconductor Ltd. 166,600 3,020
  DST Systems Inc. 32,896 2,994
* Advanced Micro Devices Inc. 856,000 2,936
  Anixter International Inc. 32,931 2,889
* Unisys Corp. 84,040 2,880
* CommVault Systems Inc. 41,500 2,866
  FLIR Systems Inc. 90,000 2,855
  National Instruments Corp. 97,300 2,822
* Hittite Microwave Corp. 48,200 2,764
* Silicon Graphics International Corp. 212,100 2,759
* comScore Inc. 98,400 2,697
* Cree Inc. 44,500 2,689
* FireEye Inc. 36,000 2,628
* ServiceSource International Inc. 327,610 2,614
* Plexus Corp. 65,500 2,561
* Zebra Technologies Corp. 45,800 2,517
* Applied Micro Circuits Corp. 245,600 2,481
*,^ Allot Communications Ltd. 153,948 2,466
* ANSYS Inc. 29,800 2,340
  Mentor Graphics Corp. 102,360 2,129
  Blackbaud Inc. 61,500 2,119
* RealD Inc. 234,535 2,099
  Pegasystems Inc. 45,700 2,077
  Booz Allen Hamilton Holding Corp. Class A 103,141 1,885
* RF Micro Devices Inc. 318,130 1,696
* Vantiv Inc. Class A 48,800 1,481
  CSG Systems International Inc. 44,500 1,333
* AVG Technologies NV 70,500 1,170
* Extreme Networks Inc. 120,400 881
  Advent Software Inc. 26,200 861
* Calix Inc. 80,600 639
* Synaptics Inc. 9,900 578
* Silicon Image Inc. 99,100 554
* Splunk Inc. 7,000 539
* Comverse Inc. 13,100 472
* NeuStar Inc. Class A 6,600 224
  LSI Corp. 15,300 169
      3,182,142
Materials (5.6%)    
* Graphic Packaging Holding Co. 6,269,564 59,561
  PolyOne Corp. 1,544,520 54,923
  Smurfit Kappa Group plc 2,023,972 47,281
* WR Grace & Co. 468,785 44,216
  Ball Corp. 847,795 43,399

 

 

  Ashland Inc. 445,455 41,343
* KapStone Paper and Packaging Corp. 1,405,714 39,318
  Minerals Technologies Inc. 725,060 37,471
  Allegheny Technologies Inc. 1,135,900 35,713
* OM Group Inc. 1,051,300 33,999
  Steel Dynamics Inc. 1,965,300 32,427
  FMC Corp. 430,775 30,426
  Worthington Industries Inc. 685,135 27,775
* Ferro Corp. 2,068,471 26,021
  Carpenter Technology Corp. 420,860 24,456
  Schweitzer-Mauduit International Inc. 517,814 23,887
* Constellium NV Class A 750,800 19,453
  American Vanguard Corp. 664,280 15,438
  Koppers Holdings Inc. 387,371 15,301
  Methanex Corp. 200,890 12,037
  Packaging Corp. of America 68,800 4,444
  Airgas Inc. 40,900 4,222
  Sealed Air Corp. 130,200 4,061
  Rock-Tenn Co. Class A 36,000 3,653
* Owens-Illinois Inc. 104,300 3,342
  Westlake Chemical Corp. 26,500 3,221
  Valspar Corp. 42,200 2,966
  Avery Dennison Corp. 57,200 2,818
* Louisiana-Pacific Corp. 155,600 2,728
  Balchem Corp. 44,900 2,448
* Berry Plastics Group Inc. 72,500 1,617
  International Flavors & Fragrances Inc. 17,600 1,526
* American Pacific Corp. 26,600 1,235
  NewMarket Corp. 3,273 1,096
  Scotts Miracle-Gro Co. Class A 5,300 315
      704,137
Other (0.5%)    
^,3 Vanguard Small-Cap Growth ETF 463,200 56,001
*,4 Dropbox Private Placement 425,730 8,131
      64,132
Telecommunication Services (1.1%)    
* Vonage Holdings Corp. 9,656,390 44,516
* tw telecom inc Class A 1,455,725 42,886
* SBA Communications Corp. Class A 445,610 41,330
  Atlantic Tele-Network Inc. 24,500 1,427
  Inteliquent Inc. 101,900 1,182
* Fairpoint Communications Inc. 71,000 910
  IDT Corp. Class B 38,000 646
  NTELOS Holdings Corp. 25,100 412
      133,309
Utilities (0.3%)    
  NRG Yield Inc. Class A 939,692 36,592
  American States Water Co. 79,800 2,266
  Otter Tail Corp. 26,200 729
      39,587
Total Common Stocks (Cost $8,647,291)   12,165,406

 

 

        Market
        Value
  Coupon   Shares ($000)
Temporary Cash Investments (4.2%)1        
Money Market Fund (3.6%)        
5,6 Vanguard Market Liquidity Fund 0.130%   456,203,389 456,203
 
      Face  
    Maturity Amount  
    Date ($000)  
Repurchase Agreement (0.5%)        
Deutsche Bank Securities, Inc.        
(Dated 1/31/14, Repurchase Value        
$55,600,000, collateralized by Government        
National Mortgage Assn. 2.450%-9.500%,        
5/15/17-1/15/54, with a value of        
$56,712,000) 0.030% 2/3/14 55,600 55,600
 
U.S. Government and Agency Obligations (0.1%)        
7,8 Federal Home Loan Bank Discount Notes 0.070% 2/5/14 2,300 2,300
7,8 Federal Home Loan Bank Discount Notes 0.070% 3/12/14 4,700 4,699
7,8 Federal Home Loan Bank Discount Notes 0.060% 4/16/14 1,600 1,599
7 Federal Home Loan Bank Discount Notes 0.070% 4/21/14 400 400
7,8 Federal Home Loan Bank Discount Notes 0.077% 4/25/14 2,000 1,999
7,8 Federal Home Loan Bank Discount Notes 0.125% 5/30/14 200 200
8,9 Freddie Mac Discount Notes 0.085% 3/12/14 800 800

 

9 Freddie Mac Discount Notes 0.070% 4/21/14 800 800
8 United States Treasury Bill 0.072% 2/13/14 300 300
        13,097
Total Temporary Cash Investments (Cost $524,902)       524,900
Total Investments (100.9%) (Cost $9,172,193)       12,690,306
Other Assets and Liabilities-Net (-0.9%)6       (116,155)
Net Assets (100%)       12,574,151

 

* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $60,472,000.
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 98.7% and 2.2%, respectively, of net assets.
2 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities
of such company.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 Restricted security represents 0.1% of net assets.
5 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
6 Includes $63,482,000 of collateral received for securities on loan.
7 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
8 Securities with a value of $11,297,000 have been segregated as initial margin for open futures contracts.
9 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
ADR—American Depositary Receipt.

 

Explorer Fund

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 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. Repurchase Agreements: The fund may enter 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. 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. 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 market value of the fund's investments as of January 31, 2014, based on the inputs used to value them:

 

Explorer Fund      
 
 
  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 12,090,413 66,862 8,131
Temporary Cash Investments 456,203 68,697 —
Futures Contracts—Assets1 16 — —
Futures Contracts—Liabilities1 (160) — —
Total 12,546,472 135,559 8,131
1 Represents variation margin on the last day of the reporting period.      

 

E. Futures Contracts: The fund may use 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.

Futures contracts are valued at their quoted daily settlement prices. The aggregate notional 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).

At January 31, 2014, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
        ($000)
      Aggregate  
    Number of Settlement Unrealized
    Long (Short) Value Long Appreciation
Futures Contracts Expiration Contracts (Short)  (Depreciation)
E-mini Russell 2000 Index March 2014 1,777 200,499 (2,447)
E-mini S&P MidCap 400 Index March 2014 391 51,233 (626)
        (3,073)

 

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

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

 

Explorer Fund

      Current Period Transactions  
      Proceeds    
  Oct. 31, 2013   from   Jan. 31, 2014
  Market Purchases Securities Dividend Market
  Value at Cost Sold Income Value
  ($000) ($000) ($000) ($000) ($000)
American Woodmark Corp. NA1 8,343 — — 29,572
eHealth Inc. 63,502 2,185 14,421 — 69,532
Kindred Healthcare Inc. 44,737 — 12,203 387 NA2
TiVo Inc. 81,667 4,363 10,305 — NA2
WNS Holdings Ltd. ADR NA1 6,715 4,105 — 55,534
  189,906     387 154,638
1 Not applicable — At October 31, 2013, the issuer was not an affiliated company of the fund.    
2 Not applicable — At January 31, 2014, the security was still held, but the issuer was no longer an affiliated company of the fund.

 

G. At January 31, 2014, the cost of investment securities for tax purposes was $9,172,242,000. Net unrealized appreciation of investment securities for tax purposes was $3,518,064,000, consisting of unrealized gains of $3,696,426,000 on securities that had risen in value since their purchase and $178,362,000 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 19, 2014

 

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 19, 2014

 

  VANGUARD EXPLORER FUND
 
By: /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
 
Date: March 19, 2014

 

* By:/s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012 see file Number 2-11444, Incorporated by Reference.