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

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY

 

Investment Company Act file number:  811-01530

 

Name of Registrant:    Vanguard Explorer Fund

 

Address of Registrant:

P.O. Box 2600
Valley Forge, PA 19482

 

Name and address of agent for service:

Anne E. Robinson, Esquire
P.O. Box 876
Valley Forge, PA 19482

 

Date of fiscal year end:   October 31

 

Date of reporting period: January 31, 2018

 

Item 1: Schedule of Investments

 


Vanguard Explorer Fund    
 
 
 
Schedule of Investments (unaudited)    
As of January 31, 2018    
 
      Market
      Value
    Shares ($000)
Common Stocks (97.1%)1    
Consumer Discretionary (13.6%)    
  Carter's Inc. 813,934 97,916
* Live Nation Entertainment Inc. 1,770,076 79,760
* Burlington Stores Inc. 623,182 75,848
  New York Times Co. Class A 3,215,961 74,771
  Cinemark Holdings Inc. 1,720,496 63,314
  Monro Inc. 1,059,070 59,837
*,^ Under Armour Inc. 4,350,832 55,908
  Acushnet Holdings Corp. 2,368,806 50,811
* ServiceMaster Global Holdings Inc. 949,029 50,033
* Lululemon Athletica Inc. 631,994 49,428
^ Cheesecake Factory Inc. 1,000,202 49,200
  Chico's FAS Inc. 5,147,307 48,951
  Lennar Corp. Class A 778,291 48,768
  La-Z-Boy Inc. 1,437,410 43,338
* Deckers Outdoor Corp. 490,341 42,027
* Sally Beauty Holdings Inc. 2,507,079 41,643
* Grand Canyon Education Inc. 435,627 40,509
* TripAdvisor Inc. 1,070,700 37,121
  Dunkin' Brands Group Inc. 544,156 35,180
  Polaris Industries Inc. 308,531 34,867
*,^ Lions Gate Entertainment Corp. Class A 1,013,718 34,304
  Tenneco Inc. 492,585 28,575
* Buffalo Wild Wings Inc. 180,000 28,260
  Cooper Tire & Rubber Co. 706,400 27,620
  Wolverine World Wide Inc. 821,620 26,974
  Domino's Pizza Inc. 123,973 26,884
  Wingstop Inc. 531,300 25,694
*,^ Carvana Co. 1,297,428 24,768
  Papa John's International Inc. 377,500 24,496
  Lear Corp. 125,215 24,184
  Advance Auto Parts Inc. 206,250 24,129
  Core-Mark Holding Co. Inc. 1,000,230 22,095
  Hanesbrands Inc. 1,016,497 22,078
* Ulta Beauty Inc. 99,000 21,988
* Ollie's Bargain Outlet Holdings Inc. 392,115 21,782
* LKQ Corp. 515,098 21,650
  Ross Stores Inc. 258,591 21,305
  Expedia Inc. 161,692 20,698
* NVR Inc. 5,924 18,827
  Aaron's Inc. 451,713 18,471
* Bright Horizons Family Solutions Inc. 183,988 18,068
* Weight Watchers International Inc. 276,199 17,757
  National CineMedia Inc. 2,503,991 16,777
  Signet Jewelers Ltd. 281,880 14,911
* Chuy's Holdings Inc. 536,760 14,224
  Tailored Brands Inc. 570,859 13,809
*,^ RH 142,881 13,429
* Helen of Troy Ltd. 141,301 13,162
  PetMed Express Inc. 289,302 13,076

 

 

  Dick's Sporting Goods Inc. 410,419 12,912
  H&R Block Inc. 483,784 12,840
* Scientific Games Corp. 268,144 12,509
  Bloomin' Brands Inc. 562,688 12,396
  Children's Place Inc. 80,312 12,031
  KB Home 372,790 11,750
* Netflix Inc. 38,436 10,389
* Michael Kors Holdings Ltd. 152,778 10,083
* Taylor Morrison Home Corp. Class A 395,776 10,065
  Ruth's Hospitality Group Inc. 419,457 9,941
* Penn National Gaming Inc. 302,114 9,640
  MDC Holdings Inc. 273,919 9,234
* MCBC Holdings Inc. 365,160 8,826
  Nutrisystem Inc. 199,563 8,631
* Dave & Buster's Entertainment Inc. 181,116 8,512
  Vail Resorts Inc. 36,370 7,949
* Visteon Corp. 60,344 7,850
* Sotheby's 98,372 5,190
* Chegg Inc. 294,875 5,107
* Fox Factory Holding Corp. 125,175 4,800
* Malibu Boats Inc. Class A 122,429 4,072
  World Wrestling Entertainment Inc. Class A 112,760 3,986
* MSG Networks Inc. 148,220 3,557
* Planet Fitness Inc. Class A 87,106 2,941
  Thor Industries Inc. 17,196 2,350
  Sinclair Broadcast Group Inc. Class A 53,209 1,974
  Winnebago Industries Inc. 37,242 1,693
* ZAGG Inc. 98,713 1,649
  Bassett Furniture Industries Inc. 41,700 1,416
* Gray Television Inc. 81,585 1,334
* Cooper-Standard Holdings Inc. 9,425 1,174
      1,916,026
Consumer Staples (2.6%)    
* Performance Food Group Co. 1,589,500 54,599
  Casey's General Stores Inc. 434,420 52,613
  Nu Skin Enterprises Inc. Class A 650,256 46,714
* Post Holdings Inc. 568,516 43,020
* Blue Buffalo Pet Products Inc. 1,095,441 37,223
* Monster Beverage Corp. 473,203 32,287
^ Calavo Growers Inc. 308,707 26,857
  MGP Ingredients Inc. 200,821 17,982
* HRG Group Inc. 806,506 14,719
  National Beverage Corp. 129,022 14,253
* Pilgrim's Pride Corp. 417,606 11,597
* Sprouts Farmers Market Inc. 263,116 7,349
* US Foods Holding Corp. 65,592 2,107
  Medifast Inc. 24,424 1,678
  Ingles Markets Inc. Class A 21,487 722
      363,720
Energy (1.8%)    
  Delek US Holdings Inc. 1,634,199 57,017
*,^ Jagged Peak Energy Inc. 2,367,492 30,422
* Energen Corp. 580,278 30,308
^ Core Laboratories NV 255,680 29,224
^ RPC Inc. 868,613 17,546
* Parsley Energy Inc. Class A 706,520 16,674

 

 

  Cabot Oil & Gas Corp. 622,365 16,399
* Forum Energy Technologies Inc. 761,360 12,867
* RigNet Inc. 685,922 11,318
* ProPetro Holding Corp. 542,554 10,135
* Carrizo Oil & Gas Inc. 363,983 7,320
^ CVR Energy Inc. 188,404 6,743
  Oceaneering International Inc. 182,901 3,782
  Range Resources Corp. 234,391 3,340
* Abraxas Petroleum Corp. 1,109,464 2,652
* Newfield Exploration Co. 58,222 1,843
* Laredo Petroleum Inc. 116,300 1,132
      258,722
Financials (7.1%)    
* SVB Financial Group 343,722 84,745
  LPL Financial Holdings Inc. 1,252,645 74,733
  Nasdaq Inc. 890,982 72,089
* MGIC Investment Corp. 4,034,571 59,792
  Assured Guaranty Ltd. 1,637,196 58,268
  Financial Engines Inc. 1,810,067 51,496
  Sterling Bancorp 1,944,045 48,115
  Assurant Inc. 474,787 43,433
  Hannon Armstrong Sustainable Infrastructure Capital Inc. 1,972,903 42,891
* Texas Capital Bancshares Inc. 449,182 42,582
  WisdomTree Investments Inc. 3,620,070 41,957
  Redwood Trust Inc. 2,661,054 39,623
* Signature Bank 212,760 32,765
  Affiliated Managers Group Inc. 155,250 30,993
  MarketAxess Holdings Inc. 144,765 28,404
  Solar Capital Ltd. 1,263,598 26,536
  MSCI Inc. Class A 185,184 25,783
* Green Dot Corp. Class A 416,698 25,527
  Bank of the Ozarks 462,154 23,085
* Essent Group Ltd. 345,624 16,078
* Credit Acceptance Corp. 48,441 15,971
  Primerica Inc. 156,858 15,843
  East West Bancorp Inc. 202,631 13,355
* Walker & Dunlop Inc. 267,124 12,408
  FirstCash Inc. 150,383 10,993
  Hilltop Holdings Inc. 391,068 10,242
  BGC Partners Inc. Class A 608,474 8,707
  Investment Technology Group Inc. 293,820 6,276
  Legg Mason Inc. 119,370 5,088
  Universal Insurance Holdings Inc. 154,459 4,541
* NMI Holdings Inc. Class A 240,705 4,417
  Evercore Inc. Class A 43,738 4,398
* World Acceptance Corp. 32,079 3,787
  Bank of NT Butterfield & Son Ltd. 88,196 3,545
* Regional Management Corp. 109,990 3,119
* Third Point Reinsurance Ltd. 171,508 2,444
* Nationstar Mortgage Holdings Inc. 115,182 2,043
  SEI Investments Co. 22,509 1,692
  Cboe Global Markets Inc. 11,411 1,534
*,^ Health Insurance Innovations Inc. Class A 47,073 1,222
  Federated Investors Inc. Class B 32,391 1,123
* Eagle Bancorp Inc. 15,950 1,005
      1,002,648

 

 

Health Care (17.6%)    
* Insulet Corp. 1,902,390 145,590
* ICON plc 1,120,455 122,712
* athenahealth Inc. 888,699 111,363
* Medidata Solutions Inc. 1,327,784 90,435
* Molina Healthcare Inc. 757,500 69,205
* Encompass Health Corp. 1,286,133 68,062
* Mettler-Toledo International Inc. 100,756 68,036
* Haemonetics Corp. 989,377 63,963
* Globus Medical Inc. 1,207,953 55,614
*,^ MiMedx Group Inc. 2,853,828 47,802
2 Kindred Healthcare Inc. 5,066,659 46,613
* IDEXX Laboratories Inc. 249,212 46,613
  STERIS plc 485,317 44,125
* ABIOMED Inc. 180,898 42,511
* BioMarin Pharmaceutical Inc. 460,431 41,545
  Cooper Cos. Inc. 166,204 40,665
* LifePoint Health Inc. 803,974 39,756
  Hill-Rom Holdings Inc. 450,500 38,441
* Ignyta Inc. 1,383,100 37,205
* HealthEquity Inc. 642,242 32,510
* Exelixis Inc. 1,036,337 31,411
* Ligand Pharmaceuticals Inc. 192,530 30,347
* DexCom Inc. 518,636 30,185
* Illumina Inc. 127,797 29,731
* PRA Health Sciences Inc. 309,509 28,184
* Dermira Inc. 978,900 27,918
* Spark Therapeutics Inc. 487,800 27,341
* Momenta Pharmaceuticals Inc. 1,598,200 27,169
* Neogen Corp. 445,860 26,319
* Ultragenyx Pharmaceutical Inc. 490,000 26,141
* Intuitive Surgical Inc. 59,631 25,741
  ResMed Inc. 253,981 25,599
* Prestige Brands Holdings Inc. 606,520 25,371
* MEDNAX Inc. 476,584 25,168
* Catalent Inc. 536,313 24,960
* Bluebird Bio Inc. 116,500 23,871
* Cerner Corp. 340,984 23,572
*,^ Teladoc Inc. 623,265 23,310
* Juno Therapeutics Inc. 267,199 22,928
*,^ CRISPR Therapeutics AG 582,280 22,872
* Audentes Therapeutics Inc. 647,300 22,720
* Syneos Health Inc. 580,747 22,272
* Exact Sciences Corp. 429,039 21,328
* Premier Inc. Class A 657,000 21,320
* WellCare Health Plans Inc. 100,155 21,071
* Blueprint Medicines Corp. 266,200 20,937
* Align Technology Inc. 76,835 20,131
* Veeva Systems Inc. Class A 316,072 19,868
* Hologic Inc. 445,564 19,026
* HMS Holdings Corp. 1,068,158 18,298
*,^ Corcept Therapeutics Inc. 760,322 17,499
  Chemed Corp. 66,916 17,436
* Charles River Laboratories International Inc. 161,528 17,031
* Neurocrine Biosciences Inc. 190,043 16,243
*,^ Immunomedics Inc. 936,389 15,610
* Pacira Pharmaceuticals Inc. 427,874 15,575

 

 

* ImmunoGen Inc. 1,666,879 15,302
* NuVasive Inc. 310,454 15,172
* Nevro Corp. 186,654 14,981
* Repligen Corp. 412,603 14,594
  PerkinElmer Inc. 181,366 14,538
* Inogen Inc. 118,690 14,461
* Acadia Healthcare Co. Inc. 420,837 14,342
  Bruker Corp. 392,225 13,967
*,^ Atara Biotherapeutics Inc. 362,774 13,713
* Cambrex Corp. 240,960 13,578
* Emergent BioSolutions Inc. 273,582 13,348
* Array BioPharma Inc. 889,636 13,184
* FibroGen Inc. 218,096 12,770
* Revance Therapeutics Inc. 392,364 12,673
* TESARO Inc. 185,102 12,487
* Masimo Corp. 125,610 11,837
* Aduro Biotech Inc. 1,845,707 11,628
* DBV Technologies SA ADR 494,112 11,444
* Penumbra Inc. 114,820 11,436
* Agios Pharmaceuticals Inc. 138,842 10,935
* Bioverativ Inc. 105,370 10,859
*,^ Heron Therapeutics Inc. 488,434 10,575
* OraSure Technologies Inc. 479,363 10,431
*,^ Endologix Inc. 2,399,116 9,932
* Nektar Therapeutics Class A 112,697 9,423
* Seattle Genetics Inc. 160,472 8,393
* Lantheus Holdings Inc. 319,497 7,348
* Sangamo Therapeutics Inc. 281,105 5,861
* Vanda Pharmaceuticals Inc. 363,483 5,761
* Cytokinetics Inc. 614,302 5,652
* PTC Therapeutics Inc. 168,777 4,437
* AAC Holdings Inc. 478,980 4,287
* BioCryst Pharmaceuticals Inc. 901,122 4,055
* Medpace Holdings Inc. 107,710 3,956
* Heska Corp. 49,462 3,856
* Tivity Health Inc. 99,421 3,853
  LeMaitre Vascular Inc. 109,423 3,808
* Halozyme Therapeutics Inc. 198,051 3,700
* Amphastar Pharmaceuticals Inc. 190,462 3,550
* Cotiviti Holdings Inc. 77,837 2,724
* Cardiovascular Systems Inc. 97,108 2,400
* Ophthotech Corp. 420,409 1,228
  Utah Medical Products Inc. 11,070 997
* Civitas Solutions Inc. 54,436 955
* Concert Pharmaceuticals Inc. 43,220 868
* Genomic Health Inc. 24,132 801
* Merrimack Pharmaceuticals Inc. 53,120 558
      2,483,927
Industrials (18.6%)    
* TriNet Group Inc. 2,849,610 125,012
* Sensata Technologies Holding NV 1,872,084 105,305
* Kirby Corp. 1,335,927 100,061
* United Rentals Inc. 464,600 84,144
* Teledyne Technologies Inc. 421,507 80,474
* Middleby Corp. 580,026 79,034
* Trex Co. Inc. 601,430 67,114
  John Bean Technologies Corp. 570,422 64,885

 

 

  IDEX Corp. 441,019 63,277
  MSC Industrial Direct Co. Inc. Class A 661,171 62,071
* TransUnion 1,043,018 61,914
* AerCap Holdings NV 1,142,970 61,835
* Proto Labs Inc. 563,955 61,668
  HEICO Corp. Class A 907,160 59,736
  Woodward Inc. 765,694 59,357
* Copart Inc. 1,339,400 59,027
* XPO Logistics Inc. 615,052 58,085
* Clean Harbors Inc. 977,096 54,072
  Timken Co. 999,800 52,539
  AGCO Corp. 691,900 50,246
  Watts Water Technologies Inc. Class A 629,938 50,238
* SPX FLOW Inc. 1,077,896 49,982
  Terex Corp. 1,009,203 47,453
  Advanced Drainage Systems Inc. 1,911,199 47,207
  GATX Corp. 654,133 46,535
  Kennametal Inc. 952,824 46,479
  Multi-Color Corp. 556,716 43,145
  Schneider National Inc. Class B 1,469,637 43,031
  Allegion plc 452,279 38,946
  Heartland Express Inc. 1,694,496 38,448
* JELD-WEN Holding Inc. 969,400 38,078
  Tennant Co. 439,947 29,652
* Spirit Airlines Inc. 688,381 28,995
  Forward Air Corp. 470,299 28,552
^ Wabtec Corp. 343,792 27,861
* Masonite International Corp. 391,000 27,272
* Verisk Analytics Inc. Class A 268,691 26,882
* MRC Global Inc. 1,452,360 26,113
  Orbital ATK Inc. 187,000 24,665
* WageWorks Inc. 406,208 24,596
  Harris Corp. 132,869 21,177
  Graco Inc. 440,115 20,597
* SiteOne Landscape Supply Inc. 270,162 20,576
  Ritchie Bros Auctioneers Inc. 591,406 19,232
  Allison Transmission Holdings Inc. 413,219 18,281
* Beacon Roofing Supply Inc. 295,055 17,851
  Huntington Ingalls Industries Inc. 72,782 17,289
  ABM Industries Inc. 414,075 15,747
  Brink's Co. 187,216 15,614
  Spirit AeroSystems Holdings Inc. Class A 144,230 14,763
  JB Hunt Transport Services Inc. 115,890 14,003
* Continental Building Products Inc. 465,437 13,242
  Copa Holdings SA Class A 92,559 12,804
* Meritor Inc. 465,694 12,704
  Quad/Graphics Inc. 534,130 11,815
  Old Dominion Freight Line Inc. 77,615 11,367
* Aerojet Rocketdyne Holdings Inc. 409,192 11,253
  Air Lease Corp. Class A 231,093 11,236
* IHS Markit Ltd. 234,332 11,185
  KBR Inc. 532,005 10,821
  Global Brass & Copper Holdings Inc. 320,707 10,311
*,^ Axon Enterprise Inc. 375,449 9,934
  Lincoln Electric Holdings Inc. 93,122 9,086
  Toro Co. 137,773 9,045
  Rockwell Automation Inc. 39,874 7,867

 

 

* TrueBlue Inc. 278,284 7,611
  Applied Industrial Technologies Inc. 102,764 7,579
  Wabash National Corp. 292,957 7,567
*,^ Kornit Digital Ltd. 502,780 7,517
* Generac Holdings Inc. 143,356 7,014
^ Greenbrier Cos. Inc. 139,627 7,002
* Atkore International Group Inc. 298,979 6,990
* SP Plus Corp. 179,854 6,933
  Kimball International Inc. Class B 346,641 6,437
* Harsco Corp. 356,815 6,387
  EMCOR Group Inc. 77,553 6,303
* HD Supply Holdings Inc. 158,344 6,158
* Builders FirstSource Inc. 211,593 4,532
* Moog Inc. Class A 49,011 4,414
* MasTec Inc. 74,139 3,959
* WABCO Holdings Inc. 24,407 3,768
  Barnes Group Inc. 56,324 3,706
  Argan Inc. 72,124 3,145
  Barrett Business Services Inc. 44,878 3,128
* Vectrus Inc. 98,868 3,006
* YRC Worldwide Inc. 164,222 2,623
* Rush Enterprises Inc. Class A 46,053 2,489
  MSA Safety Inc. 29,953 2,346
*,^ KeyW Holding Corp. 313,242 2,099
* Mercury Systems Inc. 42,447 2,038
  HEICO Corp. 15,395 1,236
  Brady Corp. Class A 28,600 1,094
      2,618,867
Information Technology (25.3%)    
* 2U Inc. 1,571,461 116,712
* Cadence Design Systems Inc. 2,229,351 100,009
  MercadoLibre Inc. 244,676 94,714
* First Solar Inc. 1,204,921 80,935
* BroadSoft Inc. 1,415,700 77,722
* Cavium Inc. 862,082 76,536
  MAXIMUS Inc. 1,113,617 75,926
* ServiceNow Inc. 501,050 74,591
* HubSpot Inc. 732,710 71,110
* GrubHub Inc. 944,976 68,275
* Fortinet Inc. 1,481,742 68,219
* Callidus Software Inc. 1,830,111 65,793
  CSRA Inc. 1,925,398 64,077
  Entegris Inc. 1,944,107 63,281
* GoDaddy Inc. Class A 1,119,679 61,840
* New Relic Inc. 1,019,924 60,920
* Take-Two Interactive Software Inc. 474,990 60,167
* Atlassian Corp. plc Class A 1,093,090 59,016
  Power Integrations Inc. 729,971 54,529
  SS&C Technologies Holdings Inc. 1,033,977 51,988
  CDW Corp. 682,846 51,070
* Cardtronics plc Class A 2,059,028 50,364
* CoStar Group Inc. 143,505 49,669
* IPG Photonics Corp. 194,828 49,087
* Ciena Corp. 2,291,841 48,770
* Zendesk Inc. 1,234,341 47,547
* Square Inc. 1,003,118 47,056
* Tableau Software Inc. Class A 597,464 45,891

 

 

* Cornerstone OnDemand Inc. 1,010,680 41,569
*,^ Trade Desk Inc. Class A 802,556 38,908
*,^ Cimpress NV 304,648 38,815
* Euronet Worldwide Inc. 398,548 37,412
* Cloudera Inc. 1,986,124 37,180
* Arrow Electronics Inc. 448,200 36,457
* ON Semiconductor Corp. 1,334,422 33,014
* Proofpoint Inc. 316,485 32,288
  Microchip Technology Inc. 338,561 32,238
* Shutterstock Inc. 710,599 31,451
  Teradyne Inc. 640,945 29,381
* Arista Networks Inc. 105,233 29,025
* Envestnet Inc. 539,480 28,997
* Wix.com Ltd. 464,539 28,360
* WEX Inc. 179,649 27,811
* Aspen Technology Inc. 355,015 27,496
  FLIR Systems Inc. 533,050 27,298
*,^ Acacia Communications Inc. 736,107 27,170
* RealPage Inc. 539,691 26,850
*,^ Advanced Micro Devices Inc. 1,950,212 26,796
* Guidewire Software Inc. 334,745 26,595
  Cognex Corp. 420,370 26,218
* Trimble Inc. 574,738 25,346
* Ambarella Inc. 487,322 24,561
* Ultimate Software Group Inc. 103,366 24,073
*,^ Oclaro Inc. 4,031,193 23,945
  Alliance Data Systems Corp. 85,680 21,991
* CyberArk Software Ltd. 507,212 21,952
* Yelp Inc. Class A 482,450 21,141
  Switch Inc. 1,269,034 20,584
* Zebra Technologies Corp. 165,833 20,424
* Descartes Systems Group Inc. 716,690 20,318
*,^ Stratasys Ltd. 949,691 20,314
* Tyler Technologies Inc. 95,855 19,316
* Stamps.com Inc. 94,639 19,292
* Semtech Corp. 534,099 19,121
*,^ Inphi Corp. 630,830 18,843
* Barracuda Networks Inc. 683,524 18,831
  Presidio Inc. 1,005,598 18,413
  Booz Allen Hamilton Holding Corp. Class A 460,117 18,027
* Microsemi Corp. 288,025 17,797
* Imperva Inc. 402,360 17,603
*,^ ANGI Homeservices Inc. Class A 1,314,943 17,568
* Shopify Inc. Class A 135,748 17,365
* RingCentral Inc. Class A 317,314 17,230
* Electronic Arts Inc. 135,531 17,207
* PTC Inc. 235,300 17,102
* Red Hat Inc. 129,551 17,020
* Manhattan Associates Inc. 313,004 16,533
* Extreme Networks Inc. 1,090,700 16,393
* Gartner Inc. 115,398 16,010
  National Instruments Corp. 308,157 15,389
* ANSYS Inc. 94,077 15,208
*,^ MACOM Technology Solutions Holdings Inc. 480,974 14,958
*,^ Match Group Inc. 427,959 14,953
* Five9 Inc. 564,152 14,674
* Integrated Device Technology Inc. 484,475 14,486

 

 

* Qualys Inc. 224,918 14,057
* Varonis Systems Inc. 251,711 13,668
* Q2 Holdings Inc. 312,751 13,245
* Hortonworks Inc. 652,827 13,024
* Ultra Clean Holdings Inc. 552,370 11,981
  Broadridge Financial Solutions Inc. 123,857 11,941
* Palo Alto Networks Inc. 74,950 11,832
* Carbonite Inc. 457,940 11,540
* KEMET Corp. 563,902 11,481
*,^ 3D Systems Corp. 1,108,754 11,354
* Etsy Inc. 580,101 10,883
* Pure Storage Inc. Class A 529,609 10,666
*,^ Unisys Corp. 1,191,032 10,600
* 8x8 Inc. 588,129 10,410
* Box Inc. 462,216 10,280
  SYNNEX Corp. 83,502 10,248
* TTEC Holdings Inc. 252,880 10,039
* Cirrus Logic Inc. 193,537 9,594
* ChannelAdvisor Corp. 1,019,143 9,274
* Amkor Technology Inc. 853,781 8,589
* Silicon Laboratories Inc. 86,674 8,338
* Workiva Inc. 361,897 8,070
* Control4 Corp. 281,802 7,640
  Travelport Worldwide Ltd. 552,499 7,520
* Itron Inc. 97,191 7,114
* TrueCar Inc. 593,376 6,996
* A10 Networks Inc. 1,128,292 6,916
* Blucora Inc. 270,617 6,603
* PROS Holdings Inc. 218,266 6,338
* Care.com Inc. 320,340 5,875
  CSG Systems International Inc. 128,485 5,804
* Sykes Enterprises Inc. 183,362 5,688
* TTM Technologies Inc. 341,952 5,639
* ePlus Inc. 66,000 5,095
* Axcelis Technologies Inc. 185,597 4,807
* Glu Mobile Inc. 1,252,136 4,683
* Web.com Group Inc. 196,900 4,578
* EPAM Systems Inc. 36,178 4,250
  Progress Software Corp. 78,374 3,905
  Hackett Group Inc. 223,553 3,579
  Genpact Ltd. 99,442 3,375
  MKS Instruments Inc. 32,095 3,283
* MINDBODY Inc. Class A 88,773 3,120
* Ichor Holdings Ltd. 92,603 2,956
* SMART Global Holdings Inc. 77,659 2,817
* Alarm.com Holdings Inc. 65,587 2,517
* Blackhawk Network Holdings Inc. 54,383 2,472
  Brooks Automation Inc. 76,677 2,139
* Virtusa Corp. 41,915 1,870
* Avid Technology Inc. 304,742 1,646
* Paycom Software Inc. 14,327 1,313
* Advanced Energy Industries Inc. 17,645 1,255
* Brightcove Inc. 165,385 1,116
      3,555,154
Materials (4.6%)    
  Orion Engineered Carbons SA 2,283,900 67,261
  Smurfit Kappa Group plc 1,703,636 59,775

 

 

  Carpenter Technology Corp. 1,146,900 58,951
^ Methanex Corp. 813,336 51,199
* Ferro Corp. 2,069,211 48,668
* Berry Global Group Inc. 812,000 48,062
  Minerals Technologies Inc. 554,450 41,667
  PolyOne Corp. 872,938 37,938
  Graphic Packaging Holding Co. 1,980,101 31,979
* Summit Materials Inc. Class A 838,379 26,786
  Chemours Co. 426,141 21,997
* Louisiana-Pacific Corp. 576,973 17,084
  Huntsman Corp. 467,592 16,165
  Westlake Chemical Corp. 130,169 14,657
* Owens-Illinois Inc. 630,201 14,633
  Balchem Corp. 162,824 12,863
* Koppers Holdings Inc. 269,999 12,366
  Avery Dennison Corp. 78,018 9,571
  Kronos Worldwide Inc. 329,795 9,053
  Greif Inc. Class A 99,079 5,858
  Packaging Corp. of America 45,218 5,681
  Albemarle Corp. 44,453 4,961
  Rayonier Advanced Materials Inc. 252,084 4,769
* Century Aluminum Co. 198,165 4,409
* AdvanSix Inc. 111,134 4,385
  Boise Cascade Co. 93,372 4,150
* Ingevity Corp. 41,923 3,042
  A Schulman Inc. 69,691 2,718
  Stepan Co. 14,442 1,133
      641,781
Other (1.3%)    
3 Vanguard Small-Cap ETF 806,599 122,426
^,3 Vanguard Small-Cap Growth ETF 384,700 64,279
*,4 Dropbox Private Placement 142,905 2,126
*,4 Dyax Corp. CVR Exp. 12/31/2019 134,316 269
      189,100
Real Estate (3.4%)    
* SBA Communications Corp. Class A 443,554 77,400
  Jones Lang LaSalle Inc. 342,800 53,597
  LaSalle Hotel Properties 1,743,279 53,240
  PS Business Parks Inc. 429,297 52,422
  Douglas Emmett Inc. 1,283,617 49,638
  Life Storage Inc. 574,300 47,724
* Five Point Holdings LLC Class A 1,930,500 26,641
  Outfront Media Inc. 1,096,800 24,568
  National Storage Affiliates Trust 789,597 20,032
  CoreSite Realty Corp. 135,196 14,644
  Ryman Hospitality Properties Inc. 168,733 12,917
  Gaming and Leisure Properties Inc. 219,020 7,981
  Senior Housing Properties Trust 401,850 6,964
  CubeSmart 243,682 6,709
  Potlatch Corp. 120,719 6,386
  National Health Investors Inc. 85,826 6,053
  First Industrial Realty Trust Inc. 158,599 4,894
  Sabra Health Care REIT Inc. 243,051 4,399
  Equity LifeStyle Properties Inc. 31,049 2,680
  RMR Group Inc. Class A 19,309 1,250
  HFF Inc. Class A 23,817 1,172

 

 

  Lamar Advertising Co. Class A     14,654 1,055
          482,366
Telecommunication Services (0.6%)        
* Vonage Holdings Corp.     5,599,571 62,659
* Boingo Wireless Inc.     553,962 13,434
  Cogent Communications Holdings Inc.     23,521 1,061
* General Communication Inc. Class A     22,999 964
  Shenandoah Telecommunications Co.     25,872 880
* Zayo Group Holdings Inc.     14,397 528
          79,526
Utilities (0.6%)        
^ Pattern Energy Group Inc. Class A     1,721,600 35,499
^ 8Point3 Energy Partners LP Class A     1,728,749 25,326
* Evoqua Water Technologies Corp.     547,531 12,517
  NRG Energy Inc.     328,556 8,546
          81,888
Total Common Stocks (Cost $10,213,584)       13,673,725
    Coupon      
Temporary Cash Investments (4.7%)1        
Money Market Fund (4.2%)        
5,6 Vanguard Market Liquidity Fund 1.545%   5,890,694 589,069
 
        Face  
      Maturity Amount  
      Date ($000)  
Repurchase Agreement (0.4%)        
  Deutsche Bank Securities, Inc.        
  (Dated 1/31/18, Repurchase Value        
  $52,602,000, collateralized by Government        
  National Mortgage Assn. 3.000%-4.500%,        
  11/15/41-10/20/47, with a value of        
  $53,652,000) 1.320% 2/1/18 52,600 52,600
 
U.S. Government and Agency Obligations (0.1%)      
7 United States Treasury Bill 1.209% 2/8/18 3,100 3,100
  United States Treasury Bill 1.432% 4/26/18 300 299
7 United States Treasury Bill 1.404%–1.429% 5/24/18 8,100 8,063
7 United States Treasury Bill 1.422%–1.446% 5/31/18 5,100 5,075
          16,537
Total Temporary Cash Investments (Cost $658,232)     658,206
Total Investments (101.8%) (Cost $10,871,816)       14,331,931
Other Assets and Liabilities-Net (-1.8%)6       (254,865)
Net Assets (100%)       14,077,066

 

* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $205,361,000.
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 98.8% and 3.0%, 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 Security value determined using significant unobservable inputs.
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 $216,530,000 of collateral received for securities on loan.
7 Securities with a value of $9,785,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.

Derivative Financial Instruments Outstanding as of Period End      
 
Futures Contracts        
        ($000)
        Value and
    Number of   Unrealized
    Long (Short) Notional Appreciation
  Expiration Contracts Amount  (Depreciation)
Long Futures Contracts        
E-mini Russell 2000 Index March 2018 2,963 233,484 5,013

 

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

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

 

Explorer Fund

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). Any investments valued with significant unobservable inputs are noted
on the Schedule of Investments.

The following table summarizes the market value of the fund's investments as of January 31, 2018, based on the inputs used to value them:

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 13,611,555 59,775 2,395
Temporary Cash Investments 589,069 69,137 —
Futures Contracts—Assets1 18 — —
Futures Contracts—Liabilities1 (1,720) — —
Total 14,198,922 128,912 2,395
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 notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as an asset (liability).

F. At January 31, 2018, the cost of investment securities for tax purposes was $10,871,816,000. Net unrealized appreciation of investment securities for tax purposes was $3,460,115,000, consisting of

 

Explorer Fund

unrealized gains of $3,860,962,000 on securities that had risen in value since their purchase and $400,847,000 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  
 
  Oct. 31,   Proceeds         Jan. 31,
  2017   from Realized Change in   Capital Gain 2018
  Market Purchases Securities Net Gain Unrealized   Distributions Market
  Value at Cost Sold (Loss) App.(Dep.) Income Received Value
  ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)
 
Kindred Healthcare Inc. 30,653 — — — 15,960 — — 46,613
Vanguard Market                
Liquidity Fund 565,395 NA1 NA1 (46) (25) 1,224 — 589,069
Vanguard Small-Cap                
ETF 68,655 126,930 78,116 1,013 3,944 549 — 122,426
Vanguard Small-Cap                
Growth ETF 60,086 — — — 4,193 213 — 64,279
 
Total 724,789     967 24,072 1,986 — 822,387
1 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 FUND

 

By:

 /s/ MORTIMER J. BUCKLEY*
  MORTIMER J. BUCKLEY
  CHIEF EXECUTIVE OFFICER

Date:  March 20, 2018

 

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/ MORTIMER J. BUCKLEY*
  MORTIMER J. BUCKLEY
  CHIEF EXECUTIVE OFFICER

Date:  March 20, 2018

 

 VANGUARD EXPLORER FUND

 

By:

 /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER

Date: March 20, 2018

 

*By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 see file Number 33-32216, Incorporated by Reference.