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, 2016 |
|
Item 1: Schedule of Investments |
Vanguard Explorer Fund
Schedule of Investments
As of January 31, 2016
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Common Stocks (95.8%)1 | |||
| Consumer Discretionary (17.8%) | |||
| DSW Inc. Class A | 2,857,660 | 68,612 | |
| * | LKQ Corp. | 1,963,735 | 53,806 |
| * | IMAX Corp. | 1,570,217 | 48,771 |
| * | DreamWorks Animation SKG Inc. Class A | 1,886,330 | 48,366 |
| * | Ulta Salon Cosmetics & Fragrance Inc. | 253,830 | 45,986 |
| * | Tumi Holdings Inc. | 2,537,812 | 43,879 |
| Bloomin' Brands Inc. | 2,412,600 | 42,607 | |
| National CineMedia Inc. | 2,674,791 | 41,834 | |
| New York Times Co. Class A | 3,036,226 | 40,139 | |
| Cheesecake Factory Inc. | 733,448 | 35,426 | |
| Texas Roadhouse Inc. Class A | 924,215 | 34,039 | |
| Cinemark Holdings Inc. | 1,120,130 | 33,033 | |
| * | ServiceMaster Global Holdings Inc. | 780,810 | 32,958 |
| Tractor Supply Co. | 366,015 | 32,323 | |
| * | Grand Canyon Education Inc. | 852,228 | 32,086 |
| Lennar Corp. Class A | 758,685 | 31,979 | |
| * | Sally Beauty Holdings Inc. | 1,160,175 | 31,974 |
| *,^ lululemon athletica Inc. | 508,309 | 31,551 | |
| MDC Partners Inc. Class A | 1,597,287 | 31,211 | |
| HSN Inc. | 651,480 | 30,659 | |
| Brunswick Corp. | 768,814 | 30,637 | |
| La-Z-Boy Inc. | 1,413,700 | 30,310 | |
| * | Michaels Cos. Inc. | 1,342,495 | 29,266 |
| * | Tenneco Inc. | 765,600 | 29,254 |
| * | CarMax Inc. | 619,920 | 27,388 |
| Chico's FAS Inc. | 2,592,800 | 26,939 | |
| CalAtlantic Group Inc. | 822,554 | 26,725 | |
| *,^ 2U Inc. | 1,181,436 | 23,853 | |
| *,2 MarineMax Inc. | 1,395,788 | 23,603 | |
| Hanesbrands Inc. | 765,155 | 23,391 | |
| * | G-III Apparel Group Ltd. | 470,995 | 23,248 |
| Service Corp. International | 944,610 | 22,850 | |
| Carter's Inc. | 224,998 | 21,874 | |
| * | Buffalo Wild Wings Inc. | 142,510 | 21,704 |
| * | Burlington Stores Inc. | 379,925 | 20,413 |
| * | Urban Outfitters Inc. | 860,540 | 19,689 |
| * | Shutterfly Inc. | 472,590 | 19,683 |
| Sonic Corp. | 668,071 | 19,628 | |
| * | Five Below Inc. | 520,835 | 18,349 |
| Wolverine World Wide Inc. | 1,082,508 | 18,305 | |
| Dunkin' Brands Group Inc. | 450,158 | 17,718 | |
| Ross Stores Inc. | 312,400 | 17,576 | |
| * | Bright Horizons Family Solutions Inc. | 249,760 | 17,526 |
| * | Hibbett Sports Inc. | 529,959 | 17,043 |
| *,^ Mattress Firm Holding Corp. | 457,085 | 16,684 | |
| * | Jarden Corp. | 302,822 | 16,065 |
| * | Boyd Gaming Corp. | 890,338 | 15,857 |
| * | Express Inc. | 881,454 | 14,949 |
| * | Live Nation Entertainment Inc. | 650,110 | 14,758 |
| Callaway Golf Co. | 1,658,471 | 14,445 |
| * Netflix Inc. | 147,200 | 13,519 |
| Polaris Industries Inc. | 168,513 | 12,443 |
| * Krispy Kreme Doughnuts Inc. | 783,617 | 11,488 |
| * Gentherm Inc. | 269,810 | 10,795 |
| Oxford Industries Inc. | 152,744 | 10,671 |
| * Chuy's Holdings Inc. | 276,167 | 9,442 |
| Lithia Motors Inc. Class A | 109,500 | 8,384 |
| * Steven Madden Ltd. | 252,796 | 8,163 |
| Foot Locker Inc. | 110,400 | 7,459 |
| Aaron's Inc. | 321,598 | 7,358 |
| Leggett & Platt Inc. | 173,000 | 7,181 |
| Tribune Publishing Co. | 737,129 | 6,885 |
| Monro Muffler Brake Inc. | 103,072 | 6,777 |
| Harman International Industries Inc. | 91,000 | 6,769 |
| American Eagle Outfitters Inc. | 449,000 | 6,573 |
| * Carrols Restaurant Group Inc. | 440,700 | 5,888 |
| * Red Robin Gourmet Burgers Inc. | 92,636 | 5,719 |
| ^ Outerwall Inc. | 166,321 | 5,622 |
| * O'Reilly Automotive Inc. | 21,300 | 5,557 |
| PetMed Express Inc. | 299,800 | 5,402 |
| Cato Corp. Class A | 133,800 | 5,396 |
| * MSG Networks Inc. | 302,700 | 5,294 |
| * American Axle & Manufacturing Holdings Inc. | 403,300 | 5,170 |
| Ruth's Hospitality Group Inc. | 317,400 | 5,158 |
| Cooper Tire & Rubber Co. | 140,400 | 5,119 |
| * Penn National Gaming Inc. | 354,900 | 5,015 |
| * Isle of Capri Casinos Inc. | 387,600 | 4,907 |
| * Kona Grill Inc. | 301,564 | 4,903 |
| * Pinnacle Entertainment Inc. | 160,100 | 4,889 |
| * NVR Inc. | 2,890 | 4,771 |
| Churchill Downs Inc. | 33,810 | 4,671 |
| * Cabela's Inc. | 110,987 | 4,669 |
| Expedia Inc. | 45,995 | 4,647 |
| * ZAGG Inc. | 498,950 | 4,600 |
| Nexstar Broadcasting Group Inc. Class A | 99,700 | 4,507 |
| * Potbelly Corp. | 415,600 | 4,447 |
| * Crocs Inc. | 480,879 | 4,429 |
| ^ World Wrestling Entertainment Inc. Class A | 231,300 | 4,140 |
| * Skechers U.S.A. Inc. Class A | 142,225 | 4,009 |
| * Nautilus Inc. | 192,400 | 3,748 |
| Libbey Inc. | 221,200 | 3,539 |
| Vail Resorts Inc. | 28,000 | 3,500 |
| ClubCorp Holdings Inc. | 285,000 | 3,411 |
| * Francesca's Holdings Corp. | 184,000 | 3,354 |
| * Deckers Outdoor Corp. | 66,875 | 3,308 |
| Jack in the Box Inc. | 41,100 | 3,191 |
| Interpublic Group of Cos. Inc. | 140,000 | 3,142 |
| * Diamond Resorts International Inc. | 168,900 | 3,111 |
| * Under Armour Inc. Class A | 35,749 | 3,054 |
| * Madison Square Garden Co. Class A | 19,400 | 2,989 |
| * Helen of Troy Ltd. | 32,900 | 2,940 |
| * MCBC Holdings Inc. | 223,926 | 2,826 |
| * Strayer Education Inc. | 51,300 | 2,739 |
| * BJ's Restaurants Inc. | 62,252 | 2,670 |
| Cracker Barrel Old Country Store Inc. | 20,100 | 2,638 |
| * JAKKS Pacific Inc. | 331,483 | 2,470 |
| Pool Corp. | 29,132 | 2,462 | |
| Visteon Corp. | 32,900 | 2,200 | |
| * | Ascena Retail Group Inc. | 290,730 | 2,146 |
| * | Smith & Wesson Holding Corp. | 93,500 | 2,016 |
| Big Lots Inc. | 51,700 | 2,005 | |
| Caleres Inc. | 70,300 | 1,890 | |
| Children's Place Inc. | 28,300 | 1,842 | |
| * | Denny's Corp. | 196,300 | 1,839 |
| Tupperware Brands Corp. | 39,500 | 1,834 | |
| Hooker Furniture Corp. | 63,300 | 1,817 | |
| * | Dorman Products Inc. | 40,314 | 1,746 |
| * | Tile Shop Holdings Inc. | 111,500 | 1,685 |
| * | Select Comfort Corp. | 78,300 | 1,649 |
| Sturm Ruger & Co. Inc. | 26,200 | 1,542 | |
| Nutrisystem Inc. | 72,300 | 1,432 | |
| * | Dave & Buster's Entertainment Inc. | 39,000 | 1,415 |
| AMC Entertainment Holdings Inc. | 64,400 | 1,404 | |
| Tower International Inc. | 57,800 | 1,331 | |
| * | Performance Sports Group Ltd. | 185,000 | 1,323 |
| DR Horton Inc. | 47,000 | 1,293 | |
| *,^ GoPro Inc. Class A | 112,500 | 1,288 | |
| Dick's Sporting Goods Inc. | 32,800 | 1,282 | |
| Group 1 Automotive Inc. | 23,300 | 1,250 | |
| Bassett Furniture Industries Inc. | 41,700 | 1,247 | |
| *,^ Hemisphere Media Group Inc. Class A | 85,560 | 1,232 | |
| * | Skullcandy Inc. | 372,000 | 1,183 |
| * | Bojangles' Inc. | 70,800 | 1,028 |
| * | Asbury Automotive Group Inc. | 20,300 | 956 |
| Culp Inc. | 34,100 | 863 | |
| Brinker International Inc. | 14,599 | 726 | |
| *,^ Jamba Inc. | 53,500 | 692 | |
| Entravision Communications Corp. Class A | 70,600 | 527 | |
| * | Gray Television Inc. | 37,700 | 496 |
| Williams-Sonoma Inc. | 9,400 | 486 | |
| * | VOXX International Corp. Class A | 79,241 | 340 |
| Cablevision Systems Corp. Class A | 7,600 | 243 | |
| 1,785,145 | |||
| Consumer Staples (2.2%) | |||
| Greencore Group plc | 7,698,340 | 42,764 | |
| * | TreeHouse Foods Inc. | 475,760 | 37,756 |
| ^ | Sanderson Farms Inc. | 439,800 | 35,721 |
| * | Performance Food Group Co. | 911,135 | 21,321 |
| * | Monster Beverage Corp. | 104,300 | 14,084 |
| * | United Natural Foods Inc. | 255,400 | 8,944 |
| Casey's General Stores Inc. | 61,300 | 7,401 | |
| ^ | Cal-Maine Foods Inc. | 123,000 | 6,208 |
| * | WhiteWave Foods Co. Class A | 161,600 | 6,100 |
| Dean Foods Co. | 289,200 | 5,778 | |
| * | Boston Beer Co. Inc. Class A | 29,957 | 5,370 |
| Ingredion Inc. | 35,500 | 3,576 | |
| * | Natural Grocers by Vitamin Cottage Inc. | 183,700 | 3,308 |
| Inter Parfums Inc. | 121,000 | 3,249 | |
| PriceSmart Inc. | 40,260 | 3,082 | |
| * | Herbalife Ltd. | 59,600 | 2,754 |
| * | USANA Health Sciences Inc. | 18,700 | 2,373 |
| Ingles Markets Inc. Class A | 51,300 | 1,968 | |
| *,^ Pilgrim's Pride Corp. | 81,486 | 1,807 | |
| * | Blue Buffalo Pet Products Inc. | 49,100 | 836 |
| Natural Health Trends Corp. | 41,200 | 822 | |
| B&G Foods Inc. | 14,200 | 517 | |
| ^ | Coty Inc. Class A | 20,800 | 512 |
| * | SUPERVALU Inc. | 69,000 | 314 |
| 216,565 | |||
| Energy (2.5%) | |||
| Patterson-UTI Energy Inc. | 2,124,550 | 30,551 | |
| Core Laboratories NV | 304,585 | 29,971 | |
| ^ | Veresen Inc. | 4,496,600 | 25,614 |
| Ensco plc Class A | 2,085,600 | 20,397 | |
| Energen Corp. | 565,660 | 19,951 | |
| * | Diamondback Energy Inc. | 206,310 | 15,587 |
| Superior Energy Services Inc. | 1,366,163 | 14,085 | |
| Cabot Oil & Gas Corp. | 616,940 | 12,802 | |
| * | Gulfport Energy Corp. | 330,975 | 9,780 |
| ^ | RPC Inc. | 698,350 | 8,708 |
| * | Matador Resources Co. | 511,920 | 8,206 |
| * | Dril-Quip Inc. | 132,360 | 7,762 |
| * | RigNet Inc. | 506,261 | 7,386 |
| * | Rice Energy Inc. | 596,500 | 6,961 |
| Oceaneering International Inc. | 184,300 | 6,239 | |
| ^ | US Silica Holdings Inc. | 306,654 | 5,719 |
| ^ | Range Resources Corp. | 176,300 | 5,211 |
| * | Carrizo Oil & Gas Inc. | 185,000 | 5,019 |
| * | Forum Energy Technologies Inc. | 330,900 | 3,709 |
| Western Refining Inc. | 68,200 | 2,244 | |
| *,^ Southwestern Energy Co. | 241,065 | 2,143 | |
| Atwood Oceanics Inc. | 302,725 | 1,856 | |
| CVR Energy Inc. | 52,000 | 1,821 | |
| *,^ Bonanza Creek Energy Inc. | 608,575 | 1,735 | |
| * | Par Pacific Holdings Inc. | 53,947 | 1,290 |
| *,^ Basic Energy Services Inc. | 295,000 | 679 | |
| Teekay Corp. | 55,600 | 381 | |
| 255,807 | |||
| Financials (8.7%) | |||
| Nasdaq Inc. | 1,082,367 | 67,107 | |
| * | MGIC Investment Corp. | 8,537,057 | 56,515 |
| MarketAxess Holdings Inc. | 444,950 | 51,717 | |
| Assured Guaranty Ltd. | 1,716,440 | 40,817 | |
| Assurant Inc. | 450,083 | 36,596 | |
| * | Affiliated Managers Group Inc. | 265,176 | 35,584 |
| PacWest Bancorp | 951,226 | 34,919 | |
| Zions Bancorporation | 1,378,500 | 31,264 | |
| MFA Financial Inc. | 4,857,005 | 30,842 | |
| Redwood Trust Inc. | 2,594,020 | 27,938 | |
| ^ | Financial Engines Inc. | 1,035,250 | 27,921 |
| First American Financial Corp. | 734,380 | 25,241 | |
| WisdomTree Investments Inc. | 2,086,969 | 25,044 | |
| Solar Capital Ltd. | 1,397,895 | 22,674 | |
| ^ | LPL Financial Holdings Inc. | 659,532 | 20,063 |
| * | First BanCorp | 7,702,259 | 20,026 |
| FactSet Research Systems Inc. | 98,650 | 14,867 | |
| *,2 eHealth Inc. | 1,380,405 | 14,480 | |
| * | SVB Financial Group | 136,800 | 13,861 |
| *,^ Encore Capital Group Inc. | 592,186 | 13,573 | |
| Opus Bank | 393,724 | 12,989 | |
| National Storage Affiliates Trust | 743,469 | 12,929 | |
| PrivateBancorp Inc. | 343,286 | 12,918 | |
| STAG Industrial Inc. | 720,900 | 12,205 | |
| Evercore Partners Inc. Class A | 265,180 | 11,978 | |
| Investment Technology Group Inc. | 664,078 | 11,429 | |
| * | PRA Group Inc. | 309,456 | 9,206 |
| Extra Space Storage Inc. | 101,500 | 9,205 | |
| MSCI Inc. Class A | 133,400 | 9,183 | |
| * | Customers Bancorp Inc. | 345,300 | 8,667 |
| Cardinal Financial Corp. | 430,109 | 8,202 | |
| Lazard Ltd. Class A | 220,000 | 7,918 | |
| Lamar Advertising Co. Class A | 135,900 | 7,625 | |
| Bank of the Ozarks Inc. | 169,301 | 7,507 | |
| QTS Realty Trust Inc. Class A | 161,046 | 7,440 | |
| * | Hilltop Holdings Inc. | 458,900 | 7,329 |
| Wintrust Financial Corp. | 165,255 | 6,956 | |
| CoreSite Realty Corp. | 100,400 | 6,440 | |
| State Bank Financial Corp. | 329,679 | 6,350 | |
| * | Walker & Dunlop Inc. | 222,800 | 5,338 |
| Gaming and Leisure Properties Inc. | 200,300 | 5,224 | |
| Ryman Hospitality Properties Inc. | 106,500 | 5,000 | |
| * | INTL. FCStone Inc. | 176,500 | 4,976 |
| DuPont Fabros Technology Inc. | 137,700 | 4,567 | |
| BGC Partners Inc. Class A | 463,000 | 4,236 | |
| * | Pacific Premier Bancorp Inc. | 201,000 | 4,126 |
| Yadkin Financial Corp. | 169,975 | 3,950 | |
| * | LendingTree Inc. | 50,800 | 3,743 |
| * | Cowen Group Inc. Class A | 1,269,703 | 3,631 |
| OM Asset Management plc | 304,900 | 3,448 | |
| * | KCG Holdings Inc. Class A | 328,800 | 3,360 |
| CBOE Holdings Inc. | 50,200 | 3,344 | |
| ^ | Universal Insurance Holdings Inc. | 143,020 | 2,680 |
| *,^ Credit Acceptance Corp. | 12,417 | 2,222 | |
| Investar Holding Corp. | 128,006 | 1,994 | |
| Hancock Holding Co. | 80,990 | 1,940 | |
| * | Texas Capital Bancshares Inc. | 54,000 | 1,928 |
| RLJ Lodging Trust | 98,700 | 1,805 | |
| Heritage Insurance Holdings Inc. | 90,700 | 1,798 | |
| James River Group Holdings Ltd. | 44,000 | 1,492 | |
| Omega Healthcare Investors Inc. | 44,000 | 1,395 | |
| *,^ World Acceptance Corp. | 46,876 | 1,357 | |
| * | Regional Management Corp. | 92,000 | 1,220 |
| *,^ Impac Mortgage Holdings Inc. | 91,480 | 1,208 | |
| Federal Realty Investment Trust | 7,800 | 1,176 | |
| Sovran Self Storage Inc. | 9,600 | 1,082 | |
| Kearny Financial Corp. | 71,207 | 861 | |
| CyrusOne Inc. | 21,100 | 778 | |
| Jones Lang LaSalle Inc. | 5,200 | 732 | |
| Legg Mason Inc. | 20,800 | 637 | |
| CubeSmart | 16,000 | 501 | |
| Morningstar Inc. | 5,600 | 450 | |
| HCI Group Inc. | 11,900 | 396 | |
| Universal Health Realty Income Trust | 7,000 | 356 | |
| * | Realogy Holdings Corp. | 4,900 | 161 |
| 870,637 | |||
| Health Care (17.4%) | |||
| * | Globus Medical Inc. | 2,820,718 | 70,377 |
| West Pharmaceutical Services Inc. | 1,189,765 | 68,078 | |
| * | Ligand Pharmaceuticals Inc. | 594,853 | 59,468 |
| * | Insulet Corp. | 1,628,026 | 54,018 |
| * | Allscripts Healthcare Solutions Inc. | 3,691,020 | 50,862 |
| * | ICON plc | 714,628 | 47,216 |
| * | athenahealth Inc. | 327,083 | 46,380 |
| * | ABIOMED Inc. | 505,583 | 43,141 |
| * | Cepheid | 1,408,660 | 41,485 |
| * | Surgical Care Affiliates Inc. | 935,200 | 39,905 |
| * | LifePoint Health Inc. | 568,771 | 39,695 |
| * | WellCare Health Plans Inc. | 490,740 | 37,286 |
| Cooper Cos. Inc. | 270,444 | 35,469 | |
| ResMed Inc. | 613,194 | 34,768 | |
| * | Acadia Healthcare Co. Inc. | 497,895 | 30,387 |
| * | Align Technology Inc. | 454,755 | 30,078 |
| * | Sirona Dental Systems Inc. | 258,645 | 27,491 |
| Kindred Healthcare Inc. | 2,693,129 | 26,016 | |
| * | Alkermes plc | 766,142 | 24,524 |
| *,2 Imprivata Inc. | 2,087,332 | 24,317 | |
| * | QIAGEN NV | 1,051,000 | 23,868 |
| * | Molina Healthcare Inc. | 424,072 | 23,286 |
| * | Medidata Solutions Inc. | 542,401 | 23,177 |
| * | Charles River Laboratories International Inc. | 311,675 | 23,136 |
| * | Alnylam Pharmaceuticals Inc. | 335,583 | 23,135 |
| * | Bruker Corp. | 1,032,750 | 23,061 |
| * | Bio-Rad Laboratories Inc. Class A | 180,240 | 23,000 |
| *,^ PTC Therapeutics Inc. | 917,627 | 21,858 | |
| * | Hologic Inc. | 613,300 | 20,815 |
| * | LDR Holding Corp. | 1,092,639 | 20,072 |
| * | INC Research Holdings Inc. Class A | 466,756 | 19,664 |
| * | NuVasive Inc. | 417,610 | 19,260 |
| * | AMN Healthcare Services Inc. | 655,935 | 18,478 |
| Universal Health Services Inc. Class B | 159,910 | 18,012 | |
| * | Akorn Inc. | 688,864 | 17,904 |
| * | Nektar Therapeutics | 1,312,000 | 17,896 |
| Teleflex Inc. | 130,500 | 17,708 | |
| * | Illumina Inc. | 112,100 | 17,706 |
| * | Neogen Corp. | 327,650 | 17,097 |
| * | Spectranetics Corp. | 1,406,562 | 16,949 |
| * | Jazz Pharmaceuticals plc | 127,765 | 16,449 |
| * | Team Health Holdings Inc. | 385,495 | 15,755 |
| * | Ionis Pharmaceuticals Inc. | 397,760 | 15,485 |
| * | Masimo Corp. | 412,987 | 15,177 |
| * | Cynosure Inc. Class A | 415,730 | 15,049 |
| * | Pacira Pharmaceuticals Inc. | 250,914 | 14,909 |
| * | Medivation Inc. | 448,645 | 14,671 |
| * | Cerner Corp. | 246,500 | 14,300 |
| * | IDEXX Laboratories Inc. | 199,100 | 13,965 |
| * | Inogen Inc. | 410,848 | 13,657 |
| * | Acceleron Pharma Inc. | 441,000 | 13,539 |
| * | Luminex Corp. | 614,225 | 11,787 |
| * | Centene Corp. | 188,835 | 11,719 |
| CONMED Corp. | 308,297 | 11,389 | |
| *,^ Cempra Inc. | 587,000 | 10,114 | |
| * | Ultragenyx Pharmaceutical Inc. | 178,400 | 10,017 |
| * | Zeltiq Aesthetics Inc. | 426,890 | 9,912 |
| * | HMS Holdings Corp. | 809,955 | 9,760 |
| * | Endologix Inc. | 1,219,441 | 8,695 |
| * | Intuitive Surgical Inc. | 16,000 | 8,654 |
| * | United Therapeutics Corp. | 65,300 | 8,044 |
| * | Mettler-Toledo International Inc. | 25,009 | 7,824 |
| * | Quintiles Transnational Holdings Inc. | 120,100 | 7,306 |
| * | Tetraphase Pharmaceuticals Inc. | 1,278,541 | 6,955 |
| * | NxStage Medical Inc. | 358,305 | 6,779 |
| * | HealthEquity Inc. | 312,525 | 6,735 |
| * | Sage Therapeutics Inc. | 196,291 | 6,591 |
| DENTSPLY International Inc. | 108,700 | 6,401 | |
| * | Prestige Brands Holdings Inc. | 135,700 | 6,335 |
| * | Myriad Genetics Inc. | 162,500 | 6,333 |
| Chemed Corp. | 45,100 | 6,328 | |
| * | Amsurg Corp. | 79,300 | 5,804 |
| * | DexCom Inc. | 80,800 | 5,759 |
| * | Emergent BioSolutions Inc. | 154,900 | 5,669 |
| * | ExamWorks Group Inc. | 205,000 | 5,629 |
| * | PRA Health Sciences Inc. | 128,700 | 5,544 |
| * | Evolent Health Inc. Class A | 560,412 | 5,531 |
| * | ICU Medical Inc. | 54,400 | 5,236 |
| * | Intersect ENT Inc. | 291,898 | 5,205 |
| * | Horizon Pharma plc | 283,835 | 4,967 |
| * | Cross Country Healthcare Inc. | 344,400 | 4,959 |
| * | Quidel Corp. | 290,563 | 4,951 |
| * | Atara Biotherapeutics Inc. | 267,839 | 4,848 |
| * | Bluebird Bio Inc. | 115,116 | 4,761 |
| * | Cardiovascular Systems Inc. | 560,000 | 4,732 |
| * | DBV Technologies SA ADR | 181,780 | 4,725 |
| *,^ Adeptus Health Inc. Class A | 99,085 | 4,675 | |
| * | Neurocrine Biosciences Inc. | 109,169 | 4,645 |
| * | TESARO Inc. | 132,378 | 4,572 |
| * | Revance Therapeutics Inc. | 220,363 | 4,568 |
| *,^ Novadaq Technologies Inc. | 398,206 | 4,384 | |
| *,^ Juno Therapeutics Inc. | 153,472 | 4,233 | |
| *,^ OvaScience Inc. | 642,874 | 3,632 | |
| * | LHC Group Inc. | 90,900 | 3,447 |
| *,^ AAC Holdings Inc. | 191,000 | 3,411 | |
| * | Repligen Corp. | 152,573 | 3,380 |
| * | Enanta Pharmaceuticals Inc. | 129,000 | 3,315 |
| * | Amedisys Inc. | 90,100 | 3,221 |
| * | Anika Therapeutics Inc. | 72,600 | 2,731 |
| * | Rigel Pharmaceuticals Inc. | 975,600 | 2,683 |
| * | PharMerica Corp. | 87,513 | 2,598 |
| *,^ Esperion Therapeutics Inc. | 173,000 | 2,574 | |
| * | Infinity Pharmaceuticals Inc. | 388,800 | 2,414 |
| * | Natus Medical Inc. | 65,000 | 2,293 |
| Quality Systems Inc. | 173,100 | 2,269 | |
| * | PAREXEL International Corp. | 34,700 | 2,219 |
| * | Orexigen Therapeutics Inc. | 1,148,300 | 2,101 |
| * | Array BioPharma Inc. | 626,200 | 1,935 |
| * | Merrimack Pharmaceuticals Inc. | 284,000 | 1,752 |
| * | Amphastar Pharmaceuticals Inc. | 132,000 | 1,591 |
| * | Cytokinetics Inc. | 189,800 | 1,462 |
| * | Spectrum Pharmaceuticals Inc. | 286,700 | 1,422 |
| Utah Medical Products Inc. | 25,070 | 1,413 | |
| * | Peregrine Pharmaceuticals Inc. | 1,396,779 | 1,369 |
| *,^ Insys Therapeutics Inc. | 76,400 | 1,326 | |
| *,^ Inovio Pharmaceuticals Inc. | 190,100 | 1,270 | |
| * | Sucampo Pharmaceuticals Inc. Class A | 93,700 | 1,185 |
| Phibro Animal Health Corp. Class A | 34,700 | 1,164 | |
| * | NewLink Genetics Corp. | 44,500 | 1,084 |
| * | Heska Corp. | 27,900 | 1,042 |
| * | Zafgen Inc. | 154,597 | 1,028 |
| * | iRadimed Corp. | 52,233 | 1,016 |
| * | Raptor Pharmaceutical Corp. | 231,500 | 949 |
| * | OraSure Technologies Inc. | 170,000 | 930 |
| LeMaitre Vascular Inc. | 60,800 | 888 | |
| * | ImmunoGen Inc. | 103,700 | 880 |
| * | Exact Sciences Corp. | 128,518 | 844 |
| * | Capital Senior Living Corp. | 40,600 | 744 |
| *,^ Northwest Biotherapeutics Inc. | 310,600 | 659 | |
| * | SciClone Pharmaceuticals Inc. | 73,300 | 586 |
| * | Threshold Pharmaceuticals Inc. | 1,787,307 | 572 |
| * | Civitas Solutions Inc. | 21,600 | 520 |
| * | Corcept Therapeutics Inc. | 100,300 | 366 |
| * | Sorrento Therapeutics Inc. | 55,700 | 292 |
| * | Veeva Systems Inc. Class A | 11,900 | 287 |
| * | Chimerix Inc. | 24,475 | 189 |
| * | RTI Surgical Inc. | 43,200 | 139 |
| 1,744,266 | |||
| Industrials (18.2%) | |||
| * | Clean Harbors Inc. | 1,891,654 | 83,819 |
| * | Advisory Board Co. | 1,297,083 | 59,367 |
| John Bean Technologies Corp. | 1,217,303 | 55,765 | |
| HEICO Corp. Class A | 1,141,839 | 52,981 | |
| MSC Industrial Direct Co. Inc. Class A | 808,806 | 52,419 | |
| * | WageWorks Inc. | 1,152,283 | 51,553 |
| Waste Connections Inc. | 727,130 | 43,606 | |
| * | Genesee & Wyoming Inc. Class A | 858,999 | 42,589 |
| Owens Corning | 886,000 | 40,924 | |
| GATX Corp. | 957,100 | 39,222 | |
| ManpowerGroup Inc. | 500,240 | 38,193 | |
| Curtiss-Wright Corp. | 523,700 | 36,135 | |
| * | Teledyne Technologies Inc. | 424,543 | 34,494 |
| Watts Water Technologies Inc. Class A | 695,669 | 34,276 | |
| * | Swift Transportation Co. | 2,043,870 | 33,336 |
| CEB Inc. | 543,211 | 32,039 | |
| *,^ Generac Holdings Inc. | 1,109,942 | 31,545 | |
| * | On Assignment Inc. | 815,361 | 31,514 |
| * | Stericycle Inc. | 245,745 | 29,575 |
| * | WESCO International Inc. | 723,679 | 29,222 |
| Landstar System Inc. | 501,680 | 28,801 | |
| Acuity Brands Inc. | 136,990 | 27,731 | |
| * | Armstrong World Industries Inc. | 697,905 | 26,995 |
| * | AerCap Holdings NV | 844,600 | 25,938 |
| 2 | H&E Equipment Services Inc. | 2,181,292 | 25,412 |
| Equifax Inc. | 236,010 | 24,970 | |
| Watsco Inc. | 210,805 | 24,498 | |
| * | RBC Bearings Inc. | 407,194 | 24,159 |
| Tennant Co. | 437,173 | 23,655 | |
| Carlisle Cos. Inc. | 267,375 | 22,374 | |
| Heartland Express Inc. | 1,283,146 | 22,006 | |
| AMETEK Inc. | 467,665 | 22,004 |
| Pentair plc | 466,285 | 21,971 |
| * Hub Group Inc. Class A | 719,614 | 21,927 |
| Advanced Drainage Systems Inc. | 947,152 | 21,387 |
| JB Hunt Transport Services Inc. | 290,585 | 21,126 |
| * TrueBlue Inc. | 903,025 | 20,625 |
| * Middleby Corp. | 225,936 | 20,416 |
| * IHS Inc. Class A | 193,605 | 20,255 |
| * Proto Labs Inc. | 365,922 | 20,122 |
| Kennametal Inc. | 1,123,492 | 19,886 |
| AO Smith Corp. | 274,170 | 19,151 |
| * Trex Co. Inc. | 491,690 | 18,468 |
| Apogee Enterprises Inc. | 425,059 | 16,909 |
| Ryder System Inc. | 316,520 | 16,829 |
| * Hawaiian Holdings Inc. | 472,532 | 16,638 |
| Forward Air Corp. | 372,104 | 16,060 |
| * JetBlue Airways Corp. | 717,700 | 15,294 |
| * TASER International Inc. | 937,423 | 14,427 |
| Kaman Corp. | 350,827 | 13,977 |
| * Verisk Analytics Inc. Class A | 179,600 | 13,111 |
| * Sensata Technologies Holding NV | 352,882 | 12,951 |
| * Kirby Corp. | 244,713 | 12,395 |
| Wabtec Corp. | 193,541 | 12,377 |
| Woodward Inc. | 266,901 | 12,328 |
| Orbital ATK Inc. | 133,000 | 12,001 |
| * TriNet Group Inc. | 732,461 | 10,840 |
| ^ Ritchie Bros Auctioneers Inc. | 457,147 | 10,460 |
| Donaldson Co. Inc. | 367,662 | 10,361 |
| Albany International Corp. | 275,600 | 9,348 |
| * Rush Enterprises Inc. Class A | 484,433 | 9,253 |
| Flowserve Corp. | 233,765 | 9,033 |
| Mobile Mini Inc. | 344,400 | 8,927 |
| Huntington Ingalls Industries Inc. | 68,000 | 8,696 |
| * United Rentals Inc. | 166,831 | 7,993 |
| * Saia Inc. | 371,551 | 7,947 |
| * Spirit AeroSystems Holdings Inc. Class A | 186,000 | 7,886 |
| Herman Miller Inc. | 232,700 | 5,962 |
| Greenbrier Cos. Inc. | 227,100 | 5,873 |
| Knight Transportation Inc. | 237,580 | 5,814 |
| General Cable Corp. | 492,700 | 5,774 |
| Cintas Corp. | 67,100 | 5,765 |
| * Wabash National Corp. | 512,200 | 5,665 |
| Global Brass & Copper Holdings Inc. | 266,756 | 5,524 |
| BWX Technologies Inc. | 184,300 | 5,518 |
| * Quanta Services Inc. | 289,770 | 5,419 |
| FreightCar America Inc. | 283,100 | 5,393 |
| * Astronics Corp. | 167,011 | 5,384 |
| Alaska Air Group Inc. | 75,948 | 5,347 |
| * American Woodmark Corp. | 76,700 | 5,292 |
| * Roadrunner Transportation Systems Inc. | 664,856 | 5,266 |
| Aircastle Ltd. | 281,000 | 4,825 |
| Pitney Bowes Inc. | 235,400 | 4,609 |
| Celadon Group Inc. | 570,898 | 4,533 |
| * Echo Global Logistics Inc. | 198,500 | 4,369 |
| West Corp. | 221,600 | 4,013 |
| Exponent Inc. | 77,544 | 3,979 |
| Lennox International Inc. | 32,400 | 3,882 |
| Harsco Corp. | 550,100 | 3,543 | |
| Comfort Systems USA Inc. | 122,000 | 3,457 | |
| * | Lydall Inc. | 115,822 | 3,272 |
| * | Meritor Inc. | 475,200 | 3,246 |
| * | DXP Enterprises Inc. | 198,198 | 3,108 |
| Allison Transmission Holdings Inc. | 123,600 | 2,940 | |
| Deluxe Corp. | 49,209 | 2,751 | |
| Insteel Industries Inc. | 110,000 | 2,696 | |
| * | Spirit Airlines Inc. | 63,500 | 2,654 |
| * | YRC Worldwide Inc. | 236,500 | 2,445 |
| *,^ Virgin America Inc. | 79,200 | 2,443 | |
| Graco Inc. | 33,600 | 2,442 | |
| Robert Half International Inc. | 48,200 | 2,110 | |
| KAR Auction Services Inc. | 61,582 | 2,058 | |
| *,^ Power Solutions International Inc. | 169,200 | 2,022 | |
| Kimball International Inc. Class B | 204,257 | 1,969 | |
| Heidrick & Struggles International Inc. | 72,300 | 1,906 | |
| Interface Inc. Class A | 109,400 | 1,848 | |
| * | HD Supply Holdings Inc. | 64,800 | 1,702 |
| Steelcase Inc. Class A | 96,800 | 1,235 | |
| * | Vectrus Inc. | 57,900 | 1,144 |
| * | FTI Consulting Inc. | 32,075 | 1,087 |
| * | PAM Transportation Services Inc. | 39,151 | 1,011 |
| * | Ply Gem Holdings Inc. | 98,200 | 979 |
| * | Aerojet Rocketdyne Holdings Inc. | 57,900 | 952 |
| Barrett Business Services Inc. | 18,000 | 705 | |
| * | Astronics Corp. Class B | 21,286 | 686 |
| * | Commercial Vehicle Group Inc. | 189,300 | 587 |
| * | Rexnord Corp. | 34,900 | 571 |
| * | USA Truck Inc. | 33,900 | 548 |
| * | Hudson Technologies Inc. | 175,507 | 521 |
| B/E Aerospace Inc. | 12,100 | 489 | |
| 1,829,825 | |||
| Information Technology (23.0%) | |||
| * | Cadence Design Systems Inc. | 5,129,641 | 100,336 |
| *,2 Cardtronics Inc. | 2,306,636 | 71,067 | |
| *,^ Demandware Inc. | 1,590,814 | 67,498 | |
| * | Euronet Worldwide Inc. | 833,213 | 66,465 |
| * | Ultimate Software Group Inc. | 370,929 | 65,146 |
| * | First Solar Inc. | 794,568 | 54,555 |
| * | Alliance Data Systems Corp. | 226,818 | 45,316 |
| * | Electronics For Imaging Inc. | 1,071,810 | 44,352 |
| Power Integrations Inc. | 893,155 | 42,094 | |
| * | CoStar Group Inc. | 233,292 | 40,912 |
| * | SPS Commerce Inc. | 601,586 | 39,272 |
| * | WNS Holdings Ltd. ADR | 1,344,594 | 38,576 |
| Convergys Corp. | 1,545,537 | 37,773 | |
| *,^ SunPower Corp. Class A | 1,460,310 | 37,150 | |
| * | TiVo Inc. | 4,489,790 | 35,829 |
| * | Ruckus Wireless Inc. | 4,221,700 | 35,505 |
| * | Cavium Inc. | 610,506 | 35,269 |
| Teradyne Inc. | 1,742,845 | 33,863 | |
| SS&C Technologies Holdings Inc. | 507,841 | 32,649 | |
| * | Entegris Inc. | 2,743,916 | 31,994 |
| * | WEX Inc. | 440,570 | 31,990 |
| * | Red Hat Inc. | 432,600 | 30,304 |
| * | Ciena Corp. | 1,492,940 | 26,530 |
| * | Acxiom Corp. | 1,326,515 | 24,806 |
| * | Trimble Navigation Ltd. | 1,279,600 | 24,683 |
| * | Super Micro Computer Inc. | 825,602 | 24,586 |
| * | M/A-COM Technology Solutions Holdings Inc. | 630,867 | 24,288 |
| * | Gigamon Inc. | 927,085 | 24,243 |
| FLIR Systems Inc. | 801,510 | 23,436 | |
| * | Verint Systems Inc. | 631,690 | 23,126 |
| * | Manhattan Associates Inc. | 392,606 | 22,634 |
| * | Gartner Inc. | 256,406 | 22,536 |
| Heartland Payment Systems Inc. | 236,982 | 21,821 | |
| *,^ Stratasys Ltd. | 1,305,275 | 21,276 | |
| * | Guidewire Software Inc. | 383,627 | 21,115 |
| * | Proofpoint Inc. | 418,253 | 21,063 |
| * | Infoblox Inc. | 1,297,700 | 20,945 |
| * | comScore Inc. | 521,010 | 20,075 |
| * | VeriFone Systems Inc. | 815,385 | 19,072 |
| Methode Electronics Inc. | 731,715 | 19,068 | |
| Intersil Corp. Class A | 1,452,495 | 18,882 | |
| * | Tyler Technologies Inc. | 118,300 | 18,580 |
| * | Mellanox Technologies Ltd. | 387,600 | 17,616 |
| * | F5 Networks Inc. | 181,505 | 17,022 |
| MAXIMUS Inc. | 308,194 | 16,448 | |
| * | Silicon Laboratories Inc. | 359,188 | 16,379 |
| Belden Inc. | 379,360 | 16,206 | |
| * | ON Semiconductor Corp. | 1,798,614 | 15,396 |
| * | Aspen Technology Inc. | 473,430 | 15,358 |
| * | Fleetmatics Group plc | 341,641 | 14,831 |
| * | Radware Ltd. | 1,080,500 | 14,435 |
| * | Microsemi Corp. | 445,800 | 14,132 |
| *,^ Mobileye NV | 510,467 | 13,849 | |
| * | Pandora Media Inc. | 1,407,300 | 13,679 |
| Cognex Corp. | 414,243 | 13,359 | |
| * | Zebra Technologies Corp. | 217,425 | 13,132 |
| Brooks Automation Inc. | 1,312,883 | 12,512 | |
| * | Bankrate Inc. | 1,077,595 | 12,328 |
| Monolithic Power Systems Inc. | 195,947 | 12,260 | |
| * | Bottomline Technologies de Inc. | 425,360 | 12,259 |
| * | Genpact Ltd. | 510,935 | 12,222 |
| * | Imperva Inc. | 232,400 | 11,983 |
| * | SolarWinds Inc. | 197,871 | 11,862 |
| *,^ Cimpress NV | 150,662 | 11,830 | |
| Microchip Technology Inc. | 262,100 | 11,745 | |
| * | Fortinet Inc. | 396,000 | 11,143 |
| MercadoLibre Inc. | 112,700 | 11,072 | |
| * | Integrated Device Technology Inc. | 407,636 | 10,387 |
| * | BroadSoft Inc. | 298,800 | 10,222 |
| * | Palo Alto Networks Inc. | 67,900 | 10,150 |
| * | HubSpot Inc. | 249,000 | 10,107 |
| National Instruments Corp. | 348,485 | 9,932 | |
| Atmel Corp. | 1,221,780 | 9,848 | |
| * | Progress Software Corp. | 380,000 | 9,838 |
| * | Qlik Technologies Inc. | 386,552 | 9,679 |
| Solera Holdings Inc. | 176,561 | 9,580 | |
| * | Finisar Corp. | 741,500 | 9,417 |
| * | ChannelAdvisor Corp. | 755,170 | 9,236 |
| Littelfuse Inc. | 87,500 | 8,916 | |
| * | RealPage Inc. | 457,114 | 8,818 |
| * | PROS Holdings Inc. | 707,797 | 8,692 |
| * | PTC Inc. | 284,534 | 8,425 |
| *,^ Shutterstock Inc. | 277,481 | 8,016 | |
| *,2 Information Services Group Inc. | 2,069,275 | 7,925 | |
| CDW Corp. | 205,200 | 7,890 | |
| * | Perficient Inc. | 412,500 | 7,858 |
| * | Tableau Software Inc. Class A | 96,900 | 7,775 |
| * | Virtusa Corp. | 171,000 | 7,647 |
| * | GoDaddy Inc. Class A | 249,800 | 7,616 |
| * | Envestnet Inc. | 319,900 | 7,502 |
| * | Descartes Systems Group Inc. | 409,258 | 7,285 |
| * | II-VI Inc. | 342,766 | 7,130 |
| * | Semtech Corp. | 349,177 | 7,018 |
| * | Synchronoss Technologies Inc. | 224,900 | 6,891 |
| FEI Co. | 92,300 | 6,687 | |
| * | Constant Contact Inc. | 206,653 | 6,532 |
| * | EPAM Systems Inc. | 86,600 | 6,486 |
| Booz Allen Hamilton Holding Corp. Class A | 222,641 | 6,299 | |
| * | Wix.com Ltd. | 307,562 | 6,280 |
| * | LinkedIn Corp. Class A | 31,062 | 6,147 |
| *,^ InvenSense Inc. | 704,400 | 5,783 | |
| CSG Systems International Inc. | 164,500 | 5,748 | |
| * | ANSYS Inc. | 64,800 | 5,715 |
| * | IPG Photonics Corp. | 69,729 | 5,636 |
| * | Cvent Inc. | 211,575 | 5,588 |
| Jabil Circuit Inc. | 278,400 | 5,543 | |
| EarthLink Holdings Corp. | 909,200 | 5,382 | |
| * | OSI Systems Inc. | 98,000 | 5,372 |
| Ingram Micro Inc. | 183,700 | 5,180 | |
| * | Qualys Inc. | 194,500 | 5,055 |
| * | Barracuda Networks Inc. | 460,883 | 4,876 |
| * | Akamai Technologies Inc. | 106,700 | 4,868 |
| * | LivePerson Inc. | 856,525 | 4,848 |
| Leidos Holdings Inc. | 103,600 | 4,778 | |
| * | Paylocity Holding Corp. | 150,213 | 4,675 |
| * | Unisys Corp. | 466,762 | 4,584 |
| * | Brightcove Inc. | 819,100 | 4,538 |
| * | Cirrus Logic Inc. | 128,800 | 4,472 |
| * | Diodes Inc. | 233,750 | 4,472 |
| Broadridge Financial Solutions Inc. | 83,200 | 4,456 | |
| Hackett Group Inc. | 299,400 | 4,422 | |
| *,^ VASCO Data Security International Inc. | 280,700 | 4,351 | |
| * | Rackspace Hosting Inc. | 205,230 | 4,148 |
| *,^ Advanced Micro Devices Inc. | 1,847,200 | 4,064 | |
| * | CyberArk Software Ltd. | 89,700 | 3,909 |
| * | Extreme Networks Inc. | 1,378,900 | 3,806 |
| * | Synaptics Inc. | 49,400 | 3,622 |
| * | AVG Technologies NV | 181,817 | 3,431 |
| *,^ Allot Communications Ltd. | 685,200 | 3,419 | |
| DST Systems Inc. | 31,896 | 3,362 | |
| * | Applied Micro Circuits Corp. | 600,000 | 3,336 |
| * | Cree Inc. | 116,500 | 3,265 |
| * | FireEye Inc. | 229,700 | 3,236 |
| * | A10 Networks Inc. | 515,652 | 3,053 |
| * | Sykes Enterprises Inc. | 102,600 | 3,021 |
| QAD Inc. Class A | 159,812 | 2,958 | |
| *,^ Square Inc. | 335,600 | 2,943 | |
| * | Jive Software Inc. | 842,882 | 2,933 |
| * | MicroStrategy Inc. Class A | 16,500 | 2,846 |
| Jack Henry & Associates Inc. | 35,000 | 2,841 | |
| *,^ Rapid7 Inc. | 214,619 | 2,812 | |
| Science Applications International Corp. | 63,000 | 2,685 | |
| *,^ Fitbit Inc. Class A | 160,400 | 2,663 | |
| Avnet Inc. | 64,200 | 2,563 | |
| * | Blackhawk Network Holdings Inc. | 67,600 | 2,548 |
| Travelport Worldwide Ltd. | 219,900 | 2,395 | |
| TeleTech Holdings Inc. | 89,279 | 2,385 | |
| * | Plexus Corp. | 65,500 | 2,289 |
| *,^ Match Group Inc. | 166,300 | 2,087 | |
| Global Payments Inc. | 35,000 | 2,063 | |
| *,^ Care.com Inc. | 341,386 | 2,045 | |
| * | NeuStar Inc. Class A | 79,100 | 1,944 |
| NIC Inc. | 85,811 | 1,698 | |
| * | Interactive Intelligence Group Inc. | 69,900 | 1,669 |
| * | Inphi Corp. | 59,810 | 1,660 |
| * | Nimble Storage Inc. | 251,300 | 1,651 |
| * | ARRIS International plc | 62,632 | 1,595 |
| * | Teradata Corp. | 63,000 | 1,533 |
| * | Web.com Group Inc. | 79,400 | 1,495 |
| * | MaxLinear Inc. | 96,400 | 1,483 |
| * | Travelzoo Inc. | 181,221 | 1,470 |
| Total System Services Inc. | 36,400 | 1,462 | |
| * | Rudolph Technologies Inc. | 110,000 | 1,409 |
| * | WebMD Health Corp. | 25,300 | 1,293 |
| * | ShoreTel Inc. | 153,200 | 1,258 |
| Monotype Imaging Holdings Inc. | 49,773 | 1,241 | |
| * | Infinera Corp. | 74,000 | 1,134 |
| * | Alarm.com Holdings Inc. | 67,300 | 1,087 |
| * | Everi Holdings Inc. | 365,640 | 1,027 |
| * | Angie's List Inc. | 118,800 | 1,009 |
| * | Take-Two Interactive Software Inc. | 25,100 | 871 |
| Diebold Inc. | 29,700 | 823 | |
| * | Five9 Inc. | 97,800 | 815 |
| * | Workiva Inc. | 53,700 | 802 |
| *,^ Digimarc Corp. | 21,375 | 765 | |
| * | Silicon Graphics International Corp. | 129,900 | 763 |
| * | Guidance Software Inc. | 157,000 | 754 |
| * | ePlus Inc. | 7,800 | 739 |
| * | Glu Mobile Inc. | 302,600 | 669 |
| * | Callidus Software Inc. | 38,000 | 586 |
| *,^ Ambarella Inc. | 13,925 | 553 | |
| * | Advanced Energy Industries Inc. | 19,500 | 548 |
| * | RingCentral Inc. Class A | 18,500 | 404 |
| * | Quantum Corp. | 338,100 | 161 |
| * | Xcerra Corp. | 27,500 | 151 |
| 2,309,561 | |||
| Materials (3.3%) | |||
| RPC Group plc | 3,851,370 | 41,374 | |
| Graphic Packaging Holding Co. | 2,748,314 | 31,221 | |
| Minerals Technologies Inc. | 721,370 | 29,569 | |
| Smurfit Kappa Group plc | 1,325,320 | 28,843 | |
| KapStone Paper and Packaging Corp. | 1,582,684 | 23,392 | |
| Methanex Corp. | 855,820 | 22,696 | |
| Ashland Inc. | 224,210 | 21,246 | |
| PolyOne Corp. | 731,195 | 19,786 | |
| * | WR Grace & Co. | 215,780 | 17,552 |
| Sealed Air Corp. | 240,300 | 9,739 | |
| Schweitzer-Mauduit International Inc. | 214,014 | 8,989 | |
| Quaker Chemical Corp. | 111,515 | 8,365 | |
| Avery Dennison Corp. | 133,000 | 8,098 | |
| Balchem Corp. | 128,921 | 7,238 | |
| * | Chemtura Corp. | 240,100 | 6,300 |
| Bemis Co. Inc. | 118,300 | 5,663 | |
| * | Koppers Holdings Inc. | 321,500 | 5,443 |
| *,^ Trinseo SA | 219,900 | 5,231 | |
| Scotts Miracle-Gro Co. Class A | 75,637 | 5,195 | |
| AEP Industries Inc. | 53,705 | 4,546 | |
| Stepan Co. | 81,491 | 3,664 | |
| Ball Corp. | 45,100 | 3,014 | |
| Steel Dynamics Inc. | 116,400 | 2,136 | |
| * | Berry Plastics Group Inc. | 68,500 | 2,130 |
| * | Axalta Coating Systems Ltd. | 75,100 | 1,788 |
| Worthington Industries Inc. | 41,100 | 1,257 | |
| * | Ryerson Holding Corp. | 354,069 | 1,197 |
| NewMarket Corp. | 2,773 | 1,052 | |
| * | Ferro Corp. | 61,700 | 573 |
| * | Clearwater Paper Corp. | 13,200 | 517 |
| International Flavors & Fragrances Inc. | 4,400 | 515 | |
| Kaiser Aluminum Corp. | 6,500 | 505 | |
| * | Crown Holdings Inc. | 10,800 | 495 |
| 329,329 | |||
| Other (1.2%) | |||
| ^,3 Vanguard Small-Cap ETF | 656,132 | 67,083 | |
| 3 | Vanguard Small-Cap Growth ETF | 384,700 | 42,521 |
| *,4 Pure Storage Inc. Class B Restricted | 437,384 | 5,121 | |
| *,4 Dropbox Private Placement | 378,066 | 4,450 | |
| * | Dyax Corp CVR Exp. 12/31/2019 | 134,316 | 149 |
| 119,324 | |||
| Telecommunication Services (0.8%) | |||
| * | Vonage Holdings Corp. | 8,515,671 | 43,685 |
| * | SBA Communications Corp. Class A | 202,295 | 20,084 |
| Cogent Communications Holdings Inc. | 253,907 | 8,483 | |
| Inteliquent Inc. | 204,100 | 3,507 | |
| * | General Communication Inc. Class A | 133,700 | 2,423 |
| * | FairPoint Communications Inc. | 99,400 | 1,491 |
| * | Cincinnati Bell Inc. | 289,000 | 936 |
| 80,609 | |||
| Utilities (0.7%) | |||
| ITC Holdings Corp. | 1,223,630 | 48,823 | |
| ^ | 8Point3 Energy Partners LP | 1,201,549 | 19,766 |
| Spark Energy Inc. Class A | 50,261 | 1,359 | |
| Ormat Technologies Inc. | 15,600 | 552 | |
| 70,500 | |||
| Total Common Stocks (Cost $9,374,746) | 9,611,568 | ||
| Coupon | |||||
| Temporary Cash Investments (5.7%)1 | |||||
| Money Market Fund (5.1%) | |||||
| 5,6 Vanguard Market Liquidity Fund | 0.441% | 509,205,746 | 509,206 | ||
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| Repurchase Agreement (0.4%) | |||||
| Deutsche Bank Securities, Inc. | |||||
| (Dated 1/29/16, Repurchase Value | |||||
| $39,401,000, collateralized by U.S. | |||||
| Treasury Note/Bond 3.125%, 2/15/43, with | |||||
| a value of $40,188,000) | 0.340% | 2/1/16 | 39,400 | 39,400 | |
| U.S. Government and Agency Obligations (0.2%) | |||||
| 7,8 Federal Home Loan Bank Discount Notes | 0.285% | 4/29/16 | 2,000 | 1,998 | |
| 7,8 Federal Home Loan Bank Discount Notes | 0.567%-0.572% | 7/6/16 | 15,000 | 14,974 | |
| 9 | Freddie Mac Discount Notes | 0.220% | 3/30/16 | 4,000 | 3,999 |
| 9 | Freddie Mac Discount Notes | 0.220% | 4/15/16 | 2,000 | 1,999 |
| United States Treasury Note/Bond | 0.375% | 5/31/16 | 3,000 | 2,999 | |
| 25,969 | |||||
| Total Temporary Cash Investments (Cost $574,565) | 574,575 | ||||
| Total Investments (101.5%) (Cost $9,949,311) | 10,186,143 | ||||
| Other Assets and Liabilities-Net (-1.5%)6 | (155,473) | ||||
| Net Assets (100%) | 10,030,670 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $137,200,000.
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 97.4% and 4.1%, 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 securities totaling $9,571,000, representing 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 $142,237,000 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 $9,085,000 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.
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
Explorer Fund
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 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. 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, 2016, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 9,488,867 | 118,102 | 4,599 |
| Temporary Cash Investments | 509,206 | 65,369 | — |
| Futures Contracts—Assets1 | 4,662 | — | — |
| Total | 10,002,735 | 183,471 | 4,599 |
Explorer Fund
| 1 Represents variation margin on the last day of the reporting period. |
E. 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as an asset (liability).
At January 31, 2016, 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 S&P 500 Index | March 2016 | 1,126 | 108,665 | (1,255) |
| E-mini Russell 2000 Index | March 2016 | 550 | 56,727 | (3,866) |
| (5,121) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
F. At January 31, 2016, the cost of investment securities for tax purposes was $9,951,478,000. Net unrealized appreciation of investment securities for tax purposes was $234,665,000, consisting of unrealized gains of $1,517,664,000 on securities that had risen in value since their purchase and $1,282,999,000 in unrealized losses on securities that had fallen in value since their purchase.
G. 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 | ||||||
| Proceeds | ||||||
| Oct. 31, 2015 | from | Capital Gain | Jan. 31, 2016 | |||
| Market | Purchases | Securities | Distributions | Market | ||
| Value | at Cost | Sold1 | Income | Received | Value | |
| ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
| Cardtronics Inc. | NA2 | 6,799 | — | — | — | 71,067 |
| eHealth Inc. | 16,496 | — | — | — | — | 14,480 |
Explorer Fund
| H&E Equipment Services | |||||||
| Inc. | 35,355 | 5,869 | — | 509 | — | 25,412 | |
| Imprivata Inc. | 16,426 | 6,139 | — | — | — | 24,317 | |
| Information Services Group | |||||||
| Inc. | 7,315 | 252 | — | — | — | 7,925 | |
| MarineMax Inc. | 21,376 | 749 | — | — | — | 23,603 | |
| Vanguard Market Liquidity | |||||||
| Fund | 413,253 | NA3 | NA3 | 270 | — | 509,206 | |
| Vanguard Small-Cap ETF | — | 176,483 | 101,748 | 828 | — | 67,083 | |
| Vanguard Small-Cap | |||||||
| Growth ETF | 57,108 | — | 9,442 | 214 | — | 42,521 | |
| Total | 567,329 | 1,821 | — | 785,614 | |||
| 1 Includes net realized gain (loss) on affiliated investment securities sold of ($334,000). 2 Not applicable—at October 31, 2015, the issuer was not an affiliated company of the fund. 3 Not applicable—purchases and sales are for temporary cash investment purposes. | |||||||
(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 17, 2016 | |
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 17, 2016 |
|
|
|
VANGUARD EXPLORER FUND |
|
By: |
/s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
|
Date: March 17, 2016 |
* By:/s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.
I, F. William McNabb III, certify that:
1. I have reviewed this report on Form N-Q of Vanguard Explorer Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: March 17, 2016 |
/s/ F. William McNabb III |
|
|
F. William McNabb III |
|
|
Chief Executive Officer |
I, Thomas J. Higgins, certify that:
1. I have reviewed this report on Form N-Q of Vanguard Explorer Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: March 17, 2016 |
/s/ Thomas J Higgins |
|
|
Thomas J. Higgins |
|
|
Chief Financial Officer |