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 Funds |
|
Address of Registrant: |
| P.O. Box 2600 |
| Valley Forge, PA 19482 |
|
Name and address of agent for service: |
| Anne E. Robinson, Esquire |
| P.O. Box 876 |
| Valley Forge, PA 19482 |
|
Date of fiscal year end: October 31 |
|
Date of reporting period: July 31, 2017 |
|
Item 1: Schedule of Investments |
Vanguard Explorer Fund
Schedule of Investments (unaudited)
As of July 31, 2017
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Common Stocks (96.8%)1 | |||
| Consumer Discretionary (13.9%) | |||
| Carter's Inc. | 972,168 | 84,316 | |
| * | Burlington Stores Inc. | 688,173 | 59,892 |
| * | ServiceMaster Global Holdings Inc. | 1,334,957 | 58,685 |
| * | Live Nation Entertainment Inc. | 1,511,208 | 56,323 |
| New York Times Co. Class A | 2,850,223 | 54,154 | |
| * | Sally Beauty Holdings Inc. | 2,556,830 | 51,725 |
| Chico's FAS Inc. | 5,638,616 | 51,593 | |
| Bloomin' Brands Inc. | 2,896,047 | 50,478 | |
| La-Z-Boy Inc. | 1,480,798 | 50,051 | |
| Monro Muffler Brake Inc. | 1,051,154 | 48,984 | |
| Cinemark Holdings Inc. | 1,223,026 | 47,576 | |
| * | Deckers Outdoor Corp. | 714,200 | 46,323 |
| Lennar Corp. Class A | 778,291 | 40,814 | |
| Wolverine World Wide Inc. | 1,356,939 | 38,266 | |
| *,^ | Under Armour Inc. | 2,036,900 | 36,888 |
| Core-Mark Holding Co. Inc. | 1,000,230 | 36,678 | |
| * | Lululemon Athletica Inc. | 566,225 | 34,902 |
| ^ | Acushnet Holdings Corp. | 1,883,606 | 34,790 |
| ^ | Polaris Industries Inc. | 383,816 | 34,413 |
| Advance Auto Parts Inc. | 276,560 | 30,978 | |
| * | Buffalo Wild Wings Inc. | 284,610 | 30,596 |
| Lions Gate Entertainment Corp. Class A | 1,013,718 | 29,803 | |
| Dunkin' Brands Group Inc. | 540,978 | 28,688 | |
| Tenneco Inc. | 492,585 | 27,240 | |
| Domino's Pizza Inc. | 145,187 | 27,077 | |
| Cooper Tire & Rubber Co. | 706,400 | 25,819 | |
| * | Grand Canyon Education Inc. | 349,836 | 25,737 |
| Cheesecake Factory Inc. | 514,385 | 24,474 | |
| * | Ulta Beauty Inc. | 95,456 | 23,980 |
| Tractor Supply Co. | 422,820 | 23,729 | |
| National CineMedia Inc. | 3,146,167 | 22,495 | |
| Expedia Inc. | 142,739 | 22,334 | |
| Lear Corp. | 138,397 | 20,509 | |
| *,^ | Carvana Co. | 1,029,978 | 20,105 |
| *,^ | Ollie's Bargain Outlet Holdings Inc. | 411,926 | 18,413 |
| * | LKQ Corp. | 515,098 | 17,802 |
| Ross Stores Inc. | 320,571 | 17,734 | |
| * | IMAX Corp. | 821,991 | 17,591 |
| ^ | Papa John's International Inc. | 245,273 | 17,495 |
| *,^ | Wingstop Inc. | 576,116 | 17,289 |
| ^ | Signet Jewelers Ltd. | 281,880 | 17,240 |
| Dick's Sporting Goods Inc. | 421,242 | 15,729 | |
| * | iRobot Corp. | 143,234 | 15,113 |
| * | Bright Horizons Family Solutions Inc. | 183,988 | 14,537 |
| * | Scientific Games Corp. Class A | 371,015 | 13,746 |
| * | Netflix Inc. | 74,124 | 13,465 |
| Children's Place Inc. | 125,489 | 13,258 | |
| Bob Evans Farms Inc. | 183,655 | 12,705 | |
| * | Chuy's Holdings Inc. | 536,760 | 12,641 |
| * | NVR Inc. | 4,571 | 11,932 |
| ^ | Sinclair Broadcast Group Inc. Class A | 324,555 | 11,700 |
| * | Taylor Morrison Home Corp. Class A | 459,753 | 10,400 |
| ^ | Brinker International Inc. | 292,425 | 10,372 |
| Tailored Brands Inc. | 767,197 | 9,621 | |
| * | Dave & Buster's Entertainment Inc. | 147,579 | 9,166 |
| ^ | Regal Entertainment Group Class A | 446,552 | 8,493 |
| * | Five Below Inc. | 173,177 | 8,366 |
| Brunswick Corp. | 146,832 | 8,312 | |
| H&R Block Inc. | 266,412 | 8,126 | |
| * | Cooper-Standard Holdings Inc. | 78,093 | 7,986 |
| * | Sotheby's | 135,293 | 7,656 |
| Ruth's Hospitality Group Inc. | 371,610 | 7,432 | |
| Nutrisystem Inc. | 130,288 | 7,264 | |
| *,^ | Hibbett Sports Inc. | 412,076 | 6,428 |
| * | MCBC Holdings Inc. | 302,211 | 5,591 |
| * | Helen of Troy Ltd. | 55,380 | 5,580 |
| Big Lots Inc. | 111,593 | 5,543 | |
| * | American Axle & Manufacturing Holdings Inc. | 342,290 | 5,045 |
| PetMed Express Inc. | 91,512 | 4,350 | |
| Group 1 Automotive Inc. | 65,311 | 3,889 | |
| ^ | Sturm Ruger & Co. Inc. | 62,504 | 3,600 |
| * | MSG Networks Inc. | 154,779 | 3,312 |
| * | Pinnacle Entertainment Inc. | 166,243 | 3,159 |
| * | Malibu Boats Inc. Class A | 103,687 | 2,967 |
| MDC Holdings Inc. | 81,950 | 2,810 | |
| * | Visteon Corp. | 23,877 | 2,663 |
| Capella Education Co. | 37,409 | 2,570 | |
| KB Home | 83,177 | 1,906 | |
| Bassett Furniture Industries Inc. | 41,700 | 1,551 | |
| * | Chegg Inc. | 106,944 | 1,481 |
| Strayer Education Inc. | 17,924 | 1,409 | |
| Pier 1 Imports Inc. | 246,384 | 1,136 | |
| Tupperware Brands Corp. | 18,407 | 1,118 | |
| * | Hemisphere Media Group Inc. Class A | 85,560 | 1,070 |
| * | M/I Homes Inc. | 37,037 | 961 |
| Culp Inc. | 32,009 | 960 | |
| 1,731,098 | |||
| Consumer Staples (3.4%) | |||
| Nu Skin Enterprises Inc. Class A | 881,511 | 55,852 | |
| ^ | Sanderson Farms Inc. | 365,515 | 47,791 |
| * | Post Holdings Inc. | 568,516 | 47,300 |
| * | Performance Food Group Co. | 1,589,500 | 45,778 |
| Casey's General Stores Inc. | 425,552 | 45,428 | |
| *,^ | Herbalife Ltd. | 516,100 | 34,326 |
| * | Monster Beverage Corp. | 473,203 | 24,961 |
| * | Blue Buffalo Pet Products Inc. | 1,095,441 | 24,505 |
| ^ | Calavo Growers Inc. | 323,131 | 23,928 |
| ^ | MGP Ingredients Inc. | 261,085 | 15,394 |
| * | TreeHouse Foods Inc. | 163,239 | 13,848 |
| * | HRG Group Inc. | 764,233 | 12,663 |
| National Beverage Corp. | 72,498 | 7,403 | |
| Dean Foods Co. | 482,373 | 7,236 | |
| * | US Foods Holding Corp. | 253,465 | 7,135 |
| John B Sanfilippo & Son Inc. | 40,555 | 2,608 | |
| * | Pilgrim's Pride Corp. | 103,370 | 2,511 |
| Ingles Markets Inc. Class A | 67,700 | 1,997 | |
| Omega Protein Corp. | 71,381 | 1,142 | |
| Lamb Weston Holdings Inc. | 25,206 | 1,109 | |
| Fresh Del Monte Produce Inc. | 21,501 | 1,107 | |
| ^ | Natural Health Trends Corp. | 37,583 | 926 |
| 424,948 | |||
| Energy (2.0%) | |||
| * | Delek US Holdings Inc. | 1,634,199 | 42,669 |
| * | Energen Corp. | 580,278 | 30,917 |
| ^ | Core Laboratories NV | 255,680 | 25,704 |
| * | Parsley Energy Inc. Class A | 706,520 | 20,687 |
| ^ | RPC Inc. | 728,051 | 15,078 |
| * | Rice Energy Inc. | 509,042 | 14,238 |
| * | Forum Energy Technologies Inc. | 1,054,891 | 13,977 |
| * | RigNet Inc. | 716,013 | 13,568 |
| * | Chesapeake Energy Corp. | 2,459,260 | 12,198 |
| Oceaneering International Inc. | 373,752 | 9,587 | |
| Cabot Oil & Gas Corp. | 363,377 | 9,037 | |
| * | Dril-Quip Inc. | 195,827 | 8,734 |
| * | Newfield Exploration Co. | 242,968 | 6,981 |
| * | Baker Hughes a GE Co. | 169,969 | 6,270 |
| Range Resources Corp. | 234,391 | 4,948 | |
| *,^ | Sanchez Energy Corp. | 778,906 | 4,393 |
| * | Carrizo Oil & Gas Inc. | 211,842 | 3,339 |
| * | Ultra Petroleum Corp. | 301,492 | 3,102 |
| * | Abraxas Petroleum Corp. | 1,036,650 | 1,845 |
| ^ | CVR Energy Inc. | 73,891 | 1,397 |
| 248,669 | |||
| Financials (8.0%) | |||
| Assured Guaranty Ltd. | 1,637,196 | 73,690 | |
| LPL Financial Holdings Inc. | 1,456,668 | 66,657 | |
| Nasdaq Inc. | 890,982 | 66,262 | |
| * | SVB Financial Group | 370,063 | 66,034 |
| * | Western Alliance Bancorp | 1,012,311 | 51,000 |
| * | MGIC Investment Corp. | 4,034,571 | 47,083 |
| Redwood Trust Inc. | 2,661,054 | 45,956 | |
| Assurant Inc. | 434,588 | 45,749 | |
| MFA Financial Inc. | 4,982,519 | 42,302 | |
| ^ | Financial Engines Inc. | 1,093,576 | 42,048 |
| * | Signature Bank | 287,760 | 39,878 |
| ^ | WisdomTree Investments Inc. | 3,759,864 | 39,253 |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,663,403 | 38,674 | |
| Investment Technology Group Inc. | 1,500,000 | 33,105 | |
| Solar Capital Ltd. | 1,434,019 | 31,333 | |
| Affiliated Managers Group Inc. | 155,250 | 28,850 | |
| MarketAxess Holdings Inc. | 140,086 | 28,422 | |
| MSCI Inc. Class A | 205,726 | 22,414 | |
| Zions Bancorporation | 457,611 | 20,739 | |
| Hilltop Holdings Inc. | 673,038 | 16,846 | |
| Bank of the Ozarks | 370,885 | 16,004 | |
| Primerica Inc. | 192,799 | 15,626 | |
| Evercore Partners Inc. Class A | 193,022 | 15,181 | |
| * | Essent Group Ltd. | 379,769 | 14,591 |
| * | Walker & Dunlop Inc. | 230,177 | 11,566 |
| Sterling Bancorp | 500,700 | 11,566 | |
| East West Bancorp Inc. | 193,750 | 11,040 | |
| CBOE Holdings Inc. | 105,019 | 9,928 | |
| Legg Mason Inc. | 209,043 | 8,364 | |
| Lazard Ltd. Class A | 149,038 | 6,962 | |
| ^ | Universal Insurance Holdings Inc. | 275,144 | 6,562 |
| * | Regional Management Corp. | 189,437 | 4,545 |
| National Bank Holdings Corp. Class A | 132,467 | 4,521 | |
| * | World Acceptance Corp. | 55,284 | 4,178 |
| * | INTL. FCStone Inc. | 87,027 | 3,405 |
| *,^ | BofI Holding Inc. | 121,592 | 3,389 |
| * | Credit Acceptance Corp. | 12,227 | 3,046 |
| OM Asset Management plc | 193,118 | 2,910 | |
| * | Nationstar Mortgage Holdings Inc. | 144,001 | 2,568 |
| BGC Partners Inc. Class A | 152,808 | 1,927 | |
| * | Green Dot Corp. Class A | 27,957 | 1,125 |
| 1,005,299 | |||
| Health Care (18.0%) | |||
| * | ICON plc | 1,231,155 | 129,210 |
| * | athenahealth Inc. | 852,855 | 117,967 |
| * | Insulet Corp. | 2,187,381 | 110,047 |
| * | Medidata Solutions Inc. | 1,302,577 | 100,051 |
| * | Mettler-Toledo International Inc. | 103,100 | 59,085 |
| Hill-Rom Holdings Inc. | 749,468 | 55,850 | |
| HealthSouth Corp. | 1,167,829 | 49,703 | |
| * | LifePoint Health Inc. | 803,974 | 47,756 |
| * | IDEXX Laboratories Inc. | 280,009 | 46,610 |
| * | Haemonetics Corp. | 1,124,100 | 46,234 |
| 2 | Kindred Healthcare Inc. | 5,066,659 | 45,347 |
| * | MEDNAX Inc. | 905,947 | 42,561 |
| * | Molina Healthcare Inc. | 624,100 | 41,690 |
| * | INC Research Holdings Inc. Class A | 745,258 | 40,989 |
| STERIS plc | 482,483 | 39,491 | |
| * | Globus Medical Inc. | 1,207,953 | 37,145 |
| * | BioMarin Pharmaceutical Inc. | 422,820 | 37,094 |
| * | HealthEquity Inc. | 746,816 | 34,256 |
| Cooper Cos. Inc. | 136,538 | 33,298 | |
| * | Bluebird Bio Inc. | 342,662 | 32,296 |
| * | Hologic Inc. | 705,543 | 31,192 |
| * | ABIOMED Inc. | 196,180 | 29,052 |
| * | Prestige Brands Holdings Inc. | 513,350 | 27,531 |
| *,^ | MiMedx Group Inc. | 1,790,761 | 26,790 |
| * | Spectranetics Corp. | 670,812 | 25,826 |
| * | Exact Sciences Corp. | 612,584 | 23,768 |
| *,^ | Aduro Biotech Inc. | 1,845,707 | 23,717 |
| * | HMS Holdings Corp. | 1,179,731 | 23,689 |
| * | TESARO Inc. | 185,102 | 23,630 |
| *,^ | Ligand Pharmaceuticals Inc. | 192,530 | 23,279 |
| * | Glaukos Corp. | 571,400 | 22,959 |
| * | Cerner Corp. | 348,540 | 22,436 |
| *,^ | Acadia Healthcare Co. Inc. | 420,837 | 22,275 |
| * | Momenta Pharmaceuticals Inc. | 1,337,800 | 22,141 |
| * | Neogen Corp. | 334,395 | 22,027 |
| * | Blueprint Medicines Corp. | 412,100 | 21,565 |
| * | Dermira Inc. | 781,200 | 21,506 |
| * | Illumina Inc. | 123,193 | 21,417 |
| *,^ | Teladoc Inc. | 623,265 | 20,443 |
| * | Exelixis Inc. | 745,141 | 20,201 |
| * | Spark Therapeutics Inc. | 277,500 | 19,703 |
| ResMed Inc. | 253,981 | 19,587 | |
| * | WellCare Health Plans Inc. | 110,315 | 19,525 |
| * | Catalent Inc. | 550,349 | 19,097 |
| * | Premier Inc. Class A | 539,740 | 18,837 |
| * | Veeva Systems Inc. Class A | 293,009 | 18,682 |
| * | Intuitive Surgical Inc. | 19,877 | 18,650 |
| * | NuVasive Inc. | 278,672 | 18,334 |
| * | Ultragenyx Pharmaceutical Inc. | 270,000 | 17,906 |
| * | Charles River Laboratories International Inc. | 169,409 | 16,636 |
| * | Nevro Corp. | 191,356 | 16,468 |
| * | Pacira Pharmaceuticals Inc. | 410,343 | 16,209 |
| * | Masimo Corp. | 170,175 | 16,099 |
| * | Novadaq Technologies Inc. | 1,365,532 | 16,004 |
| * | Akorn Inc. | 474,190 | 15,942 |
| * | Repligen Corp. | 389,913 | 15,702 |
| * | Cambrex Corp. | 240,960 | 14,699 |
| * | PRA Health Sciences Inc. | 191,184 | 14,224 |
| * | Alnylam Pharmaceuticals Inc. | 168,332 | 13,928 |
| Chemed Corp. | 69,906 | 13,806 | |
| *,^ | DexCom Inc. | 207,119 | 13,796 |
| * | FibroGen Inc. | 397,225 | 13,565 |
| * | OraSure Technologies Inc. | 727,829 | 12,766 |
| * | Align Technology Inc. | 75,056 | 12,552 |
| *,^ | Revance Therapeutics Inc. | 548,364 | 12,475 |
| Bruker Corp. | 434,687 | 12,467 | |
| *,^ | Juno Therapeutics Inc. | 431,524 | 12,268 |
| * | Quintiles IMS Holdings Inc. | 132,596 | 12,007 |
| * | Array BioPharma Inc. | 1,596,615 | 11,991 |
| * | DBV Technologies SA ADR | 261,371 | 11,641 |
| * | Inogen Inc. | 121,738 | 11,490 |
| * | Neurocrine Biosciences Inc. | 219,076 | 10,522 |
| * | Heska Corp. | 92,425 | 10,124 |
| * | Evolent Health Inc. Class A | 400,980 | 9,904 |
| * | Emergent BioSolutions Inc. | 270,080 | 9,823 |
| *,^ | Endologix Inc. | 1,988,724 | 9,725 |
| * | Penumbra Inc. | 114,820 | 9,375 |
| * | Atara Biotherapeutics Inc. | 593,085 | 9,045 |
| * | Cytokinetics Inc. | 582,661 | 8,186 |
| * | BioCryst Pharmaceuticals Inc. | 1,273,751 | 6,509 |
| * | Cardiovascular Systems Inc. | 180,074 | 5,681 |
| * | United Therapeutics Corp. | 41,094 | 5,276 |
| * | Corcept Therapeutics Inc. | 408,679 | 5,096 |
| * | Cotiviti Holdings Inc. | 116,947 | 5,035 |
| * | Ionis Pharmaceuticals Inc. | 87,983 | 4,610 |
| * | Amphastar Pharmaceuticals Inc. | 257,946 | 4,457 |
| * | Vanda Pharmaceuticals Inc. | 281,981 | 4,385 |
| PerkinElmer Inc. | 62,467 | 4,112 | |
| * | Progenics Pharmaceuticals Inc. | 607,410 | 3,663 |
| * | Tivity Health Inc. | 79,974 | 3,171 |
| * | Quidel Corp. | 98,565 | 3,153 |
| * | Coherus Biosciences Inc. | 238,423 | 3,111 |
| LeMaitre Vascular Inc. | 84,049 | 3,032 | |
| *,^ | AAC Holdings Inc. | 478,980 | 3,003 |
| * | Medpace Holdings Inc. | 107,710 | 2,954 |
| * | Genomic Health Inc. | 50,768 | 1,620 |
| * | Rigel Pharmaceuticals Inc. | 623,551 | 1,478 |
| * | Cross Country Healthcare Inc. | 92,046 | 1,082 |
| * | ImmunoGen Inc. | 180,310 | 1,071 |
| * Ophthotech Corp. | 445,409 | 1,069 |
| * Aratana Therapeutics Inc. | 153,313 | 1,035 |
| * Civitas Solutions Inc. | 56,436 | 1,007 |
| * American Renal Associates Holdings Inc. | 57,653 | 986 |
| Utah Medical Products Inc. | 11,070 | 765 |
| * Infinity Pharmaceuticals Inc. | 516,954 | 739 |
| Merrimack Pharmaceuticals Inc. | 294,932 | 392 |
| 2,254,376 | ||
| Industrials (18.5%) | ||
| * TriNet Group Inc. | 3,354,191 | 117,397 |
| * Clean Harbors Inc. | 1,670,063 | 94,860 |
| * Sensata Technologies Holding NV | 1,774,374 | 80,060 |
| * Kirby Corp. | 1,210,147 | 73,698 |
| * Teledyne Technologies Inc. | 525,207 | 71,607 |
| * Masonite International Corp. | 849,041 | 65,928 |
| Orbital ATK Inc. | 588,420 | 60,125 |
| * AerCap Holdings NV | 1,221,470 | 59,974 |
| * Trex Co. Inc. | 794,420 | 59,748 |
| * United Rentals Inc. | 499,241 | 59,390 |
| * Middleby Corp. | 438,004 | 57,238 |
| HEICO Corp. Class A | 778,704 | 55,327 |
| John Bean Technologies Corp. | 572,457 | 52,895 |
| * Proto Labs Inc. | 680,888 | 50,318 |
| AGCO Corp. | 691,900 | 49,914 |
| IDEX Corp. | 422,820 | 49,275 |
| Terex Corp. | 1,224,200 | 48,197 |
| Schneider National Inc. Class B | 2,205,957 | 47,693 |
| * TransUnion | 1,028,414 | 47,132 |
| Timken Co. | 999,800 | 45,491 |
| Woodward Inc. | 637,188 | 44,565 |
| * Copart Inc. | 1,339,400 | 42,178 |
| * Genesee & Wyoming Inc. Class A | 637,529 | 41,541 |
| MSC Industrial Direct Co. Inc. Class A | 571,679 | 40,709 |
| Watts Water Technologies Inc. Class A | 629,938 | 40,568 |
| ^ GATX Corp. | 654,133 | 40,445 |
| Advanced Drainage Systems Inc. | 1,911,199 | 39,275 |
| * XPO Logistics Inc. | 570,307 | 34,281 |
| Multi-Color Corp. | 409,500 | 32,965 |
| Forward Air Corp. | 624,591 | 32,373 |
| * Advisory Board Co. | 564,099 | 31,702 |
| Heartland Express Inc. | 1,495,714 | 31,604 |
| ^ Wabtec Corp. | 389,575 | 29,358 |
| * Spirit Airlines Inc. | 628,310 | 24,410 |
| * WageWorks Inc. | 370,330 | 24,146 |
| Tennant Co. | 319,328 | 24,125 |
| * Verisk Analytics Inc. Class A | 268,691 | 23,446 |
| Huntington Ingalls Industries Inc. | 96,962 | 19,985 |
| Toro Co. | 277,426 | 19,722 |
| * MRC Global Inc. | 1,201,350 | 19,630 |
| Kennametal Inc. | 525,203 | 19,380 |
| ^ Ritchie Bros Auctioneers Inc. | 626,743 | 17,693 |
| Brink's Co. | 201,142 | 15,719 |
| * MasTec Inc. | 336,070 | 15,526 |
| Acuity Brands Inc. | 70,647 | 14,317 |
| * SiteOne Landscape Supply Inc. | 270,162 | 14,184 |
| General Cable Corp. | 690,101 | 13,319 |
| * Hawaiian Holdings Inc. | 317,160 | 13,130 |
| Allegion plc | 157,953 | 12,832 | |
| Argan Inc. | 196,835 | 12,686 | |
| Spirit AeroSystems Holdings Inc. Class A | 202,563 | 12,241 | |
| Quad/Graphics Inc. | 504,146 | 11,323 | |
| Global Brass & Copper Holdings Inc. | 345,707 | 11,080 | |
| * | IHS Markit Ltd. | 234,332 | 10,932 |
| Allison Transmission Holdings Inc. | 283,224 | 10,706 | |
| ^ | Wabash National Corp. | 548,850 | 10,472 |
| Donaldson Co. Inc. | 204,173 | 9,696 | |
| * | Atkore International Group Inc. | 417,143 | 8,685 |
| EnerSys | 117,784 | 8,512 | |
| * | Kornit Digital Ltd. | 411,103 | 8,510 |
| *,^ | Axon Enterprise Inc. | 343,220 | 8,440 |
| * | Continental Building Products Inc. | 380,941 | 8,381 |
| JB Hunt Transport Services Inc. | 91,556 | 8,305 | |
| * | Meritor Inc. | 474,348 | 8,197 |
| * | Saia Inc. | 149,115 | 8,104 |
| *,^ | KeyW Holding Corp. | 875,426 | 7,730 |
| Robert Half International Inc. | 165,361 | 7,483 | |
| Applied Industrial Technologies Inc. | 125,413 | 7,086 | |
| Graco Inc. | 61,005 | 7,079 | |
| Lincoln Electric Holdings Inc. | 78,144 | 6,819 | |
| Curtiss-Wright Corp. | 70,090 | 6,758 | |
| * | TrueBlue Inc. | 258,280 | 6,599 |
| * | YRC Worldwide Inc. | 489,415 | 6,504 |
| * | Univar Inc. | 208,223 | 6,463 |
| ^ | Greenbrier Cos. Inc. | 139,627 | 6,283 |
| Kimball International Inc. Class B | 355,550 | 5,927 | |
| * | Ply Gem Holdings Inc. | 321,299 | 5,623 |
| CIRCOR International Inc. | 88,556 | 4,433 | |
| * | Swift Transportation Co. | 155,136 | 3,956 |
| * | Quanta Services Inc. | 112,082 | 3,781 |
| LSC Communications Inc. | 170,544 | 3,646 | |
| Copa Holdings SA Class A | 28,691 | 3,600 | |
| * | SP Plus Corp. | 104,577 | 3,420 |
| * | Roadrunner Transportation Systems Inc. | 415,902 | 2,903 |
| * | Armstrong World Industries Inc. | 57,991 | 2,815 |
| MSA Safety Inc. | 35,112 | 2,815 | |
| Brady Corp. Class A | 84,744 | 2,814 | |
| * | Builders FirstSource Inc. | 179,248 | 2,809 |
| Barrett Business Services Inc. | 44,878 | 2,470 | |
| Air Lease Corp. Class A | 61,808 | 2,446 | |
| * | Vectrus Inc. | 70,457 | 2,396 |
| Herman Miller Inc. | 71,043 | 2,392 | |
| Barnes Group Inc. | 38,874 | 2,339 | |
| * | Moog Inc. Class A | 31,222 | 2,320 |
| Insteel Industries Inc. | 64,950 | 1,709 | |
| Rollins Inc. | 34,968 | 1,518 | |
| Tetra Tech Inc. | 28,844 | 1,369 | |
| * | JetBlue Airways Corp. | 61,482 | 1,348 |
| Knoll Inc. | 57,980 | 1,122 | |
| AO Smith Corp. | 20,915 | 1,120 | |
| 2,315,560 | |||
| Information Technology (23.1%) | |||
| * | Cadence Design Systems Inc. | 3,517,172 | 129,784 |
| * | 2U Inc. | 1,768,811 | 91,536 |
| MercadoLibre Inc. | 269,936 | 77,855 | |
| *,^,2 BroadSoft Inc. | 1,646,331 | 72,521 | |
| MAXIMUS Inc. | 1,180,888 | 71,278 | |
| * | Callidus Software Inc. | 2,889,298 | 70,210 |
| * | Ciena Corp. | 2,483,406 | 63,948 |
| * | GoDaddy Inc. Class A | 1,457,740 | 62,654 |
| * | Cardtronics plc Class A | 1,905,358 | 59,638 |
| * | First Solar Inc. | 1,204,921 | 59,415 |
| * | ServiceNow Inc. | 501,050 | 55,341 |
| * | Cavium Inc. | 873,386 | 54,098 |
| CDW Corp. | 848,581 | 53,825 | |
| * | Fortinet Inc. | 1,451,058 | 53,559 |
| CSRA Inc. | 1,641,208 | 53,520 | |
| * | HubSpot Inc. | 732,710 | 53,012 |
| Power Integrations Inc. | 729,971 | 51,572 | |
| * | Entegris Inc. | 1,944,107 | 50,741 |
| * | Atlassian Corp. plc Class A | 1,293,460 | 46,332 |
| * | New Relic Inc. | 954,063 | 44,803 |
| * | MACOM Technology Solutions Holdings Inc. | 736,806 | 44,614 |
| * | Cornerstone OnDemand Inc. | 1,040,511 | 41,943 |
| * | CoStar Group Inc. | 145,043 | 39,967 |
| SS&C Technologies Holdings Inc. | 1,015,568 | 39,363 | |
| * | Euronet Worldwide Inc. | 384,933 | 37,188 |
| * | IPG Photonics Corp. | 242,085 | 36,952 |
| * | Arrow Electronics Inc. | 448,200 | 36,434 |
| * | GrubHub Inc. | 777,450 | 35,864 |
| * | Square Inc. | 1,316,339 | 34,686 |
| * | Aspen Technology Inc. | 582,801 | 33,144 |
| * | Tableau Software Inc. Class A | 510,704 | 32,915 |
| * | Check Point Software Technologies Ltd. | 295,070 | 31,212 |
| * | Trimble Inc. | 767,656 | 28,733 |
| Cognex Corp. | 292,962 | 27,849 | |
| * | Proofpoint Inc. | 322,303 | 27,473 |
| Microchip Technology Inc. | 338,561 | 27,098 | |
| *,^ | Shutterstock Inc. | 629,220 | 26,515 |
| *,^ | Oclaro Inc. | 2,546,500 | 24,905 |
| * | Envestnet Inc. | 632,812 | 24,711 |
| * | Guidewire Software Inc. | 334,745 | 24,155 |
| * | Ultimate Software Group Inc. | 106,052 | 23,937 |
| *,^ | Acacia Communications Inc. | 537,500 | 23,526 |
| *,^ | Advanced Micro Devices Inc. | 1,645,063 | 22,389 |
| * | Take-Two Interactive Software Inc. | 273,845 | 21,765 |
| * | Zendesk Inc. | 713,300 | 20,914 |
| *,^ | Cimpress NV | 226,980 | 20,029 |
| *,^ | Stratasys Ltd. | 820,185 | 19,676 |
| * | RealPage Inc. | 505,899 | 19,604 |
| * | Semtech Corp. | 492,814 | 19,515 |
| FLIR Systems Inc. | 505,838 | 18,878 | |
| * | Imperva Inc. | 402,360 | 18,126 |
| * | Descartes Systems Group Inc. | 712,504 | 17,884 |
| * | Zebra Technologies Corp. | 167,086 | 16,996 |
| Alliance Data Systems Corp. | 70,000 | 16,900 | |
| * | WEX Inc. | 154,164 | 16,755 |
| * | Tyler Technologies Inc. | 95,855 | 16,469 |
| Booz Allen Hamilton Holding Corp. Class A | 479,911 | 16,461 | |
| * | Barracuda Networks Inc. | 712,369 | 16,007 |
| * | NCR Corp. | 410,957 | 15,555 |
| * | ON Semiconductor Corp. | 1,039,616 | 15,542 |
| * | Cirrus Logic Inc. | 248,715 | 15,281 |
| * | Microsemi Corp. | 288,025 | 15,000 |
| * | Gartner Inc. | 113,581 | 14,575 |
| * | Shopify Inc. Class A | 155,253 | 14,341 |
| Science Applications International Corp. | 201,036 | 14,155 | |
| *,^ | Inphi Corp. | 367,040 | 14,094 |
| * | Itron Inc. | 192,860 | 14,079 |
| * | RingCentral Inc. Class A | 381,670 | 13,282 |
| * | Red Hat Inc. | 134,139 | 13,262 |
| *,^ | 3D Systems Corp. | 780,980 | 13,120 |
| * | Manhattan Associates Inc. | 294,147 | 13,001 |
| * | Stamps.com Inc. | 87,510 | 12,960 |
| * | Synaptics Inc. | 243,348 | 12,803 |
| National Instruments Corp. | 308,157 | 12,678 | |
| * | Carbonite Inc. | 536,851 | 12,670 |
| * | Integrated Device Technology Inc. | 484,475 | 12,664 |
| *,^ | Pandora Media Inc. | 1,399,410 | 12,525 |
| *,^ | Unisys Corp. | 972,496 | 12,448 |
| Travelport Worldwide Ltd. | 855,237 | 12,230 | |
| * | Box Inc. | 643,248 | 12,125 |
| * | Five9 Inc. | 548,031 | 12,090 |
| *,^ | Match Group Inc. | 656,652 | 11,984 |
| * | TrueCar Inc. | 629,179 | 11,910 |
| Harris Corp. | 101,140 | 11,577 | |
| * | Extreme Networks Inc. | 1,307,725 | 11,495 |
| * | ANSYS Inc. | 86,459 | 11,201 |
| * | Electronic Arts Inc. | 93,756 | 10,945 |
| * | ChannelAdvisor Corp. | 1,036,802 | 10,886 |
| * | Amkor Technology Inc. | 1,018,876 | 10,566 |
| * | PTC Inc. | 187,250 | 10,334 |
| * | Q2 Holdings Inc. | 258,830 | 10,068 |
| * | Palo Alto Networks Inc. | 74,950 | 9,877 |
| * | Qualys Inc. | 241,964 | 9,715 |
| TeleTech Holdings Inc. | 229,426 | 9,590 | |
| *,^ | CyberArk Software Ltd. | 217,198 | 9,053 |
| * | A10 Networks Inc. | 1,236,098 | 8,739 |
| Teradyne Inc. | 239,993 | 8,301 | |
| * | Wix.com Ltd. | 129,641 | 7,999 |
| Hackett Group Inc. | 481,992 | 7,914 | |
| * | 8x8 Inc. | 588,129 | 7,469 |
| * | MuleSoft Inc. Class A | 343,420 | 7,466 |
| * | Zillow Group Inc. Class A | 147,400 | 6,696 |
| * | Ultra Clean Holdings Inc. | 283,734 | 6,654 |
| CSG Systems International Inc. | 153,876 | 6,363 | |
| Pegasystems Inc. | 84,471 | 5,106 | |
| * | TTM Technologies Inc. | 289,458 | 5,031 |
| * | Workiva Inc. | 251,706 | 4,933 |
| * | Plexus Corp. | 89,695 | 4,809 |
| * | Sykes Enterprises Inc. | 127,273 | 4,327 |
| SYNNEX Corp. | 35,947 | 4,275 | |
| * | Angie's List Inc. | 348,187 | 4,171 |
| * | Blucora Inc. | 160,098 | 3,586 |
| * | ePlus Inc. | 42,393 | 3,430 |
| * | KEMET Corp. | 201,913 | 3,402 |
| * | Arista Networks Inc. | 22,423 | 3,348 |
| * | Lumentum Holdings Inc. | 49,546 | 3,102 |
| * | Brightcove Inc. | 415,203 | 2,782 |
| * | Varonis Systems Inc. | 69,001 | 2,570 |
| Avnet Inc. | 64,200 | 2,464 | |
| *,^ | Cloudera Inc. | 139,400 | 2,405 |
| * | MINDBODY Inc. Class A | 84,604 | 2,195 |
| Brooks Automation Inc. | 87,466 | 2,148 | |
| * | Care.com Inc. | 146,867 | 2,134 |
| * | IAC/InterActiveCorp | 15,705 | 1,643 |
| * | Advanced Energy Industries Inc. | 21,304 | 1,546 |
| * | Hortonworks Inc. | 102,442 | 1,373 |
| * | Avid Technology Inc. | 239,521 | 1,234 |
| * | Travelzoo | 116,721 | 1,226 |
| * | PROS Holdings Inc. | 39,698 | 1,144 |
| * | Super Micro Computer Inc. | 41,491 | 1,114 |
| * | Tech Data Corp. | 10,556 | 1,081 |
| * | Blackhawk Network Holdings Inc. | 24,693 | 1,078 |
| * | Web.com Group Inc. | 48,953 | 1,074 |
| NIC Inc. | 52,066 | 846 | |
| 2,884,053 | |||
| Materials (4.1%) | |||
| RPC Group plc | 4,315,609 | 51,027 | |
| Orion Engineered Carbons SA | 2,283,900 | 47,962 | |
| * | Berry Global Group Inc. | 812,000 | 45,537 |
| PolyOne Corp. | 1,170,438 | 42,815 | |
| Methanex Corp. | 919,536 | 40,735 | |
| Smurfit Kappa Group plc | 1,359,569 | 40,396 | |
| Minerals Technologies Inc. | 554,450 | 39,255 | |
| Graphic Packaging Holding Co. | 2,559,798 | 33,764 | |
| Chemours Co. | 454,687 | 21,648 | |
| * | Owens-Illinois Inc. | 644,225 | 15,397 |
| * | Louisiana-Pacific Corp. | 598,241 | 15,022 |
| Huntsman Corp. | 538,818 | 14,343 | |
| Trinseo SA | 200,489 | 14,094 | |
| Balchem Corp. | 162,824 | 12,635 | |
| Steel Dynamics Inc. | 352,648 | 12,487 | |
| * | Summit Materials Inc. Class A | 370,481 | 10,536 |
| * | Koppers Holdings Inc. | 288,676 | 10,479 |
| Packaging Corp. of America | 86,089 | 9,425 | |
| Rayonier Advanced Materials Inc. | 421,030 | 6,278 | |
| Worthington Industries Inc. | 117,938 | 5,976 | |
| Silgan Holdings Inc. | 194,447 | 5,892 | |
| Stepan Co. | 64,153 | 5,271 | |
| Valvoline Inc. | 129,155 | 2,928 | |
| * | Crown Holdings Inc. | 39,269 | 2,335 |
| Innophos Holdings Inc. | 53,316 | 2,227 | |
| 508,464 | |||
| Other (1.6%) | |||
| 3 | Vanguard Small-Cap ETF | 1,042,801 | 143,020 |
| ^,3 | Vanguard Small-Cap Growth ETF | 384,700 | 56,828 |
| *,4 | Dropbox Private Placement | 361,745 | 4,258 |
| * | Dyax Corp CVR Exp. 12/31/2019 | 134,316 | 268 |
| 204,374 | |||
| Real Estate (3.4%) | |||
| * | SBA Communications Corp. Class A | 443,554 | 61,011 |
| LaSalle Hotel Properties | 1,742,900 | 51,485 | |
| Jones Lang LaSalle Inc. | 342,800 | 43,611 | |
| Life Storage Inc. | 574,300 | 41,947 | |
| PS Business Parks Inc. | 300,935 | 40,464 | |||
| Douglas Emmett Inc. | 917,616 | 35,108 | |||
| Outfront Media Inc. | 1,282,918 | 29,340 | |||
| * | Five Point Holdings LLC Class A | 1,930,500 | 28,764 | ||
| National Storage Affiliates Trust | 784,985 | 18,023 | |||
| Ryman Hospitality Properties Inc. | 228,631 | 14,310 | |||
| GEO Group Inc. | 397,409 | 11,664 | |||
| ^ | Sabra Health Care REIT Inc. | 491,533 | 11,404 | ||
| ^ | Omega Healthcare Investors Inc. | 348,504 | 11,009 | ||
| Senior Housing Properties Trust | 457,702 | 8,902 | |||
| Gaming and Leisure Properties Inc. | 219,020 | 8,310 | |||
| Potlatch Corp. | 155,875 | 7,459 | |||
| Hersha Hospitality Trust Class A | 177,853 | 3,336 | |||
| Washington Prime Group Inc. | 144,219 | 1,301 | |||
| RMR Group Inc. Class A | 20,709 | 1,012 | |||
| 428,460 | |||||
| Telecommunication Services (0.5%) | |||||
| * | Vonage Holdings Corp. | 6,072,971 | 40,142 | ||
| * | Zayo Group Holdings Inc. | 251,343 | 8,242 | ||
| * | Boingo Wireless Inc. | 434,056 | 6,437 | ||
| Windstream Holdings Inc. | 322,234 | 1,221 | |||
| 56,042 | |||||
| Utilities (0.3%) | |||||
| ^ | 8Point3 Energy Partners LP Class A | 1,728,749 | 25,499 | ||
| NRG Energy Inc. | 164,621 | 4,053 | |||
| ^ | Spark Energy Inc. Class A | 184,690 | 3,842 | ||
| Ormat Technologies Inc. | 25,885 | 1,535 | |||
| 34,929 | |||||
| Total Common Stocks (Cost $9,997,946) | 12,096,272 | ||||
| Coupon | |||||
| Temporary Cash Investments (5.4%)1 | |||||
| Money Market Fund (5.0%) | |||||
| 5,6 | Vanguard Market Liquidity Fund | 1.217% | 6,274,571 | 627,583 | |
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| Repurchase Agreement (0.3%) | |||||
| Deutsche Bank Securities, Inc. (Dated | |||||
| 7/31/17, Repurchase Value $28,101,000, | |||||
| collateralized by Federal National | |||||
| Mortgage Assn. 4.000%, 4/1/2047, with a | |||||
| value of $28,662,000) | 1.080% | 8/1/17 | 28,100 | 28,100 | |
| U.S. Government and Agency Obligations (0.1%) | |||||
| 7 | United States Treasury Bill | 0.918%-0.983% | 9/14/17 | 6,500 | 6,492 |
| 7 | United States Treasury Bill | 0.923%-0.994% | 9/21/17 | 4,400 | 4,394 |
| 7 | United States Treasury Bill | 0.980% | 10/5/17 | 850 | 849 |
| 7 | United States Treasury Bill | 1.052% | 11/24/17 | 3,500 | 3,488 |
| 15,223 | |||||
| Total Temporary Cash Investments (Cost $670,840) | 670,906 | ||||
| Total Investments (102.2%) (Cost $10,668,786) | 12,767,178 | ||||
| Other Assets and Liabilities-Net (-2.2%)6 | (273,499) | ||||
| Net Assets (100%) | 12,493,679 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $258,607,000.
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 98.5% and 3.7%, 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 0.0% 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 $269,520,000 of collateral received for securities on loan.
7 Securities with a value of $10,229,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a
Explorer Fund
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 July 31, 2017, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 12,000,323 | 91,423 | 4,526 |
| Temporary Cash Investments | 627,583 | 43,323 | — |
| Futures Contracts—Liabilities1 | (804) | — | — |
| Total | 12,627,102 | 134,746 | 4,526 |
| 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 July 31, 2017, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
Explorer Fund
| ($000) | ||||
| Aggregate | ||||
| Number of | Settlement | Unrealized | ||
| Long (Short) | Value Long | Appreciation | ||
| Futures Contracts | Expiration | Contracts | (Short) | (Depreciation) |
| E-mini Russell 2000 Index | September 2017 | 2,930 | 208,675 | 265 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
F. At July 31, 2017, the cost of investment securities for tax purposes was $10,640,686,000. Net unrealized appreciation of investment securities for tax purposes was $2,098,392,000, consisting of unrealized gains of $2,480,938,000 on securities that had risen in value since their purchase and $382,546,000 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, 2016 | from | Capital Gain | July 31, 2017 | |||
| Market | Purchases | Securities | Distributions | Market | ||
| Value | at Cost | Sold1 | Income | Received | Value | |
| ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
| BroadSoft Inc. | NA2 | 56,861 | 22,875 | — | — | 72,521 |
| Cardtronics plc Class A | NA3 | 78,482 | 72,297 | — | — | NA3 |
| eHealth Inc. | 7,324 | — | 10,555 | — | — | — |
| H&E Equipment Services | 27,559 | — | 32,223 | 274 | — | — |
| Inc. | ||||||
| Information Services Group | 8,649 | 3,963 | 11,994 | — | — | — |
| Inc. | ||||||
| Kindred Healthcare Inc. | NA2 | 12,552 | — | 850 | — | 45,347 |
| MarineMax Inc. | 28,588 | 1,467 | 24,880 | — | – | — |
| Vanguard Market Liquidity | 504,433 | NA4 | NA4 | 2,684 | — | 627,583 |
| Fund | ||||||
| Vanguard Small-Cap ETF | 90,564 | 553,274 | 516,818 | 1,157 | — | 143,020 |
| Vanguard Small-Cap | 47,964 | — | — | 451 | — | 56,828 |
| Growth ETF | ||||||
| Total | 715,081 | 5,416 | — | 945,299 | ||
1 Includes net realized gain (loss) on affiliated investment securities sold of $740,000.
2 Not applicable—at October 31, 2016, the issuer was not an affiliated company of the fund.
3 Not applicable—at October 31, 2016, and July 31, 2017, the issuer was not an affiliated company of the fund, but it was affiliated during the
period.
4 Not applicable—purchases and sales are for temporary cash investment purposes.
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 FUNDS | |
|
| |
| By: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: | September 18, 2017 |
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 FUNDS | |
|
By: |
/s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
|
CHIEF EXECUTIVE OFFICER
| |
| Date: | September 18, 2017 |
|
|
VANGUARD EXPLORER FUNDS |
|
By: |
/s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
|
CHIEF FINANCIAL OFFICER
| |
| Date: | September 18, 2017 |
* By:/s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on October 4, 2016, see file Number 33-32548,
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: September 18, 2017 |
/s/ F. William McNabb III |
|
|
F. William McNabb III |
|
|
Chief Executive Officer |
0362216, v0.199
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.
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Date: September 18, 2017 |
/s/ Thomas J Higgins |
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Thomas J. Higgins |
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Chief Financial Officer |
0362216, v0.199