Form N-Q VANGUARD EXPLORER FUND For: Jul 31
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: The 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: July 31, 2016 |
Item 1: Schedule of Investments |
Vanguard Explorer Fund
Schedule of Investments (unaudited)
As of July 31, 2016
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (97.3%)1 | |||
Consumer Discretionary (15.4%) | |||
DSW Inc. Class A | 2,261,173 | 54,856 | |
* | Ulta Salon Cosmetics & Fragrance Inc. | 197,065 | 51,475 |
Papa John's International Inc. | 637,210 | 47,122 | |
National CineMedia Inc. | 3,004,783 | 46,814 | |
Bloomin' Brands Inc. | 2,498,200 | 44,918 | |
* | LKQ Corp. | 1,289,105 | 44,332 |
* | Tenneco Inc. | 765,600 | 43,272 |
La-Z-Boy Inc. | 1,401,200 | 42,344 | |
* | IMAX Corp. | 1,320,524 | 41,715 |
* | Kate Spade & Co. | 1,894,765 | 41,097 |
Cinemark Holdings Inc. | 1,031,600 | 38,788 | |
Chico's FAS Inc. | 3,173,400 | 38,113 | |
Cheesecake Factory Inc. | 733,448 | 37,941 | |
Tractor Supply Co. | 413,145 | 37,865 | |
* | Grand Canyon Education Inc. | 864,220 | 36,349 |
* | DreamWorks Animation SKG Inc. Class A | 876,630 | 35,915 |
Lennar Corp. Class A | 758,685 | 35,506 | |
New York Times Co. Class A | 2,623,026 | 34,047 | |
* | Michaels Cos. Inc. | 1,241,325 | 32,721 |
* | Sally Beauty Holdings Inc. | 1,038,197 | 30,450 |
* | ServiceMaster Global Holdings Inc. | 768,090 | 29,057 |
* | lululemon athletica Inc. | 372,609 | 28,933 |
*,2 MarineMax Inc. | 1,405,563 | 28,392 | |
Texas Roadhouse Inc. Class A | 597,645 | 28,221 | |
^ | MDC Partners Inc. Class A | 2,123,115 | 27,091 |
Brunswick Corp. | 533,789 | 26,487 | |
Wolverine World Wide Inc. | 1,018,200 | 24,936 | |
Carter's Inc. | 234,613 | 23,755 | |
Dunkin' Brands Group Inc. | 508,429 | 23,037 | |
Service Corp. International | 826,700 | 22,916 | |
* | Pinnacle Entertainment Inc. | 2,061,121 | 22,507 |
* | Shutterfly Inc. | 394,515 | 20,984 |
* | Bright Horizons Family Solutions Inc. | 309,690 | 20,771 |
*,^ Hibbett Sports Inc. | 589,773 | 20,595 | |
* | Urban Outfitters Inc. | 681,770 | 20,385 |
* | Boyd Gaming Corp. | 1,010,269 | 19,811 |
* | G-III Apparel Group Ltd. | 485,215 | 19,423 |
* | Live Nation Entertainment Inc. | 705,000 | 19,331 |
Polaris Industries Inc. | 181,149 | 17,888 | |
HSN Inc. | 345,180 | 17,659 | |
Ross Stores Inc. | 256,500 | 15,859 | |
* | Buffalo Wild Wings Inc. | 87,027 | 14,617 |
*,^ JC Penney Co. Inc. | 1,508,563 | 14,573 | |
Oxford Industries Inc. | 253,810 | 14,513 | |
* | Ollie's Bargain Outlet Holdings Inc. | 543,460 | 14,206 |
* | Five Below Inc. | 264,903 | 13,513 |
* | Popeyes Louisiana Kitchen Inc. | 213,903 | 12,252 |
* | Netflix Inc. | 132,400 | 12,081 |
* | CarMax Inc. | 205,200 | 11,955 |
Expedia Inc. | 99,695 | 11,629 | |
* | Chuy's Holdings Inc. | 334,867 | 11,292 |
Dick's Sporting Goods Inc. | 213,505 | 10,951 | |
Leggett & Platt Inc. | 194,500 | 10,225 | |
Callaway Golf Co. | 894,271 | 9,569 | |
* | O'Reilly Automotive Inc. | 32,900 | 9,562 |
* | Penn National Gaming Inc. | 621,595 | 9,336 |
Aaron's Inc. | 384,200 | 9,202 | |
Big Lots Inc. | 145,800 | 7,754 | |
Monro Muffler Brake Inc. | 123,380 | 7,726 | |
American Eagle Outfitters Inc. | 427,900 | 7,668 | |
Sonic Corp. | 283,221 | 7,621 | |
* | Burlington Stores Inc. | 98,850 | 7,563 |
* | Tumi Holdings Inc. | 281,985 | 7,543 |
* | Smith & Wesson Holding Corp. | 254,300 | 7,489 |
ClubCorp Holdings Inc. | 483,000 | 7,003 | |
Lithia Motors Inc. Class A | 80,800 | 6,972 | |
Tupperware Brands Corp. | 109,900 | 6,889 | |
Sturm Ruger & Co. Inc. | 98,400 | 6,691 | |
Children's Place Inc. | 79,500 | 6,645 | |
* | American Axle & Manufacturing Holdings Inc. | 377,400 | 6,571 |
Harman International Industries Inc. | 79,100 | 6,537 | |
Vail Resorts Inc. | 45,500 | 6,510 | |
* | Isle of Capri Casinos Inc. | 333,700 | 6,250 |
Lear Corp. | 54,800 | 6,217 | |
Nexstar Broadcasting Group Inc. Class A | 122,300 | 6,182 | |
^ | Regal Entertainment Group Class A | 261,400 | 6,148 |
DR Horton Inc. | 184,400 | 6,063 | |
* | Dave & Buster's Entertainment Inc. | 133,500 | 5,941 |
* | MSG Networks Inc. | 349,400 | 5,608 |
Ruth's Hospitality Group Inc. | 340,500 | 5,438 | |
Bob Evans Farms Inc. | 141,400 | 5,201 | |
* | Carrols Restaurant Group Inc. | 382,900 | 4,637 |
* | Potbelly Corp. | 348,500 | 4,541 |
Cato Corp. Class A | 115,200 | 4,121 | |
* | Strayer Education Inc. | 89,800 | 4,106 |
Interpublic Group of Cos. Inc. | 175,100 | 4,038 | |
Libbey Inc. | 200,300 | 3,744 | |
Visteon Corp. | 53,300 | 3,736 | |
* | NVR Inc. | 2,180 | 3,717 |
* | Express Inc. | 245,000 | 3,665 |
*,^ Kona Grill Inc. | 264,098 | 3,301 | |
Jack in the Box Inc. | 36,400 | 3,217 | |
* | JAKKS Pacific Inc. | 346,483 | 3,195 |
AMC Entertainment Holdings Inc. | 105,600 | 3,107 | |
World Wrestling Entertainment Inc. Class A | 144,500 | 2,854 | |
Six Flags Entertainment Corp. | 48,000 | 2,707 | |
* | Denny's Corp. | 239,700 | 2,675 |
* | Tile Shop Holdings Inc. | 139,700 | 2,382 |
MCBC Holdings Inc. | 202,026 | 2,319 | |
GNC Holdings Inc. Class A | 109,900 | 2,243 | |
Cracker Barrel Old Country Store Inc. | 14,000 | 2,204 | |
*,^ SodaStream International Ltd. | 90,969 | 2,188 | |
* | Cooper-Standard Holding Inc. | 22,800 | 2,008 |
* | Gentherm Inc. | 55,600 | 1,866 |
*,^ Weight Watchers International Inc. | 133,200 | 1,589 | |
* | BJ's Restaurants Inc. | 33,200 | 1,289 |
* | Red Rock Resorts Inc. Class A | 54,100 | 1,245 |
*,^ Hemisphere Media Group Inc. Class A | 85,560 | 1,086 | |
Bassett Furniture Industries Inc. | 41,700 | 1,077 | |
Brinker International Inc. | 21,899 | 1,032 | |
* | Asbury Automotive Group Inc. | 16,800 | 1,021 |
Culp Inc. | 34,100 | 973 | |
Sinclair Broadcast Group Inc. Class A | 32,200 | 896 | |
Ethan Allen Interiors Inc. | 22,500 | 781 | |
^ | PetMed Express Inc. | 28,200 | 585 |
New Media Investment Group Inc. | 32,500 | 574 | |
1,728,103 | |||
Consumer Staples (2.6%) | |||
* | TreeHouse Foods Inc. | 442,310 | 45,642 |
^ | Sanderson Farms Inc. | 421,500 | 36,919 |
* | Post Holdings Inc. | 390,200 | 33,819 |
Greencore Group plc | 7,786,354 | 33,744 | |
* | Performance Food Group Co. | 889,850 | 24,417 |
Nu Skin Enterprises Inc. Class A | 445,000 | 23,763 | |
* | Monster Beverage Corp. | 100,000 | 16,063 |
* | WhiteWave Foods Co. Class A | 196,000 | 10,876 |
Ingredion Inc. | 73,300 | 9,766 | |
* | Herbalife Ltd. | 129,900 | 8,835 |
* | Boston Beer Co. Inc. Class A | 37,609 | 6,878 |
* | Smart & Final Stores Inc. | 466,545 | 6,434 |
Dean Foods Co. | 339,300 | 6,263 | |
Casey's General Stores Inc. | 46,400 | 6,196 | |
Ingles Markets Inc. Class A | 67,700 | 2,629 | |
Pilgrim's Pride Corp. | 108,986 | 2,534 | |
*,^ Amplify Snack Brands Inc. | 173,500 | 2,474 | |
* | Sprouts Farmers Market Inc. | 85,700 | 1,982 |
* | Blue Buffalo Pet Products Inc. | 74,800 | 1,921 |
Fresh Del Monte Produce Inc. | 33,400 | 1,899 | |
^ | Natural Health Trends Corp. | 53,900 | 1,811 |
Lancaster Colony Corp. | 10,500 | 1,365 | |
^ | Cal-Maine Foods Inc. | 28,600 | 1,198 |
* | USANA Health Sciences Inc. | 4,700 | 645 |
* | Darling Ingredients Inc. | 37,900 | 598 |
288,671 | |||
Energy (3.2%) | |||
^ | Veresen Inc. | 4,613,100 | 39,042 |
Patterson-UTI Energy Inc. | 1,809,150 | 35,079 | |
^ | Core Laboratories NV | 283,640 | 33,132 |
Western Refining Inc. | 1,559,280 | 32,511 | |
Energen Corp. | 565,660 | 26,801 | |
Superior Energy Services Inc. | 1,416,003 | 22,613 | |
* | Diamondback Energy Inc. | 217,975 | 19,136 |
* | Matador Resources Co. | 777,170 | 16,390 |
* | Rice Energy Inc. | 635,300 | 14,815 |
* | PDC Energy Inc. | 226,345 | 12,397 |
Cabot Oil & Gas Corp. | 467,760 | 11,540 | |
* | Gulfport Energy Corp. | 316,590 | 9,210 |
* | Parsley Energy Inc. Class A | 301,180 | 8,587 |
* | Forum Energy Technologies Inc. | 503,000 | 8,214 |
* | Carrizo Oil & Gas Inc. | 224,200 | 7,354 |
Baker Hughes Inc. | 153,300 | 7,332 | |
Range Resources Corp. | 176,300 | 7,107 |
* | Southwestern Energy Co. | 474,625 | 6,920 |
* | Newfield Exploration Co. | 153,300 | 6,638 |
*,^ RPC Inc. | 456,500 | 6,615 | |
* | RigNet Inc. | 532,916 | 6,368 |
Oceaneering International Inc. | 215,800 | 6,016 | |
US Silica Holdings Inc. | 165,354 | 5,700 | |
* | Dril-Quip Inc. | 96,687 | 5,263 |
^ | Atwood Oceanics Inc. | 289,570 | 3,093 |
* | Par Pacific Holdings Inc. | 79,147 | 1,187 |
World Fuel Services Corp. | 11,800 | 562 | |
* | Sanchez Energy Corp. | 77,200 | 489 |
360,111 | |||
Financials (10.3%) | |||
Nasdaq Inc. | 868,537 | 61,458 | |
MarketAxess Holdings Inc. | 374,650 | 60,566 | |
Assured Guaranty Ltd. | 2,155,714 | 57,752 | |
Assurant Inc. | 517,436 | 42,952 | |
*,^ LendingTree Inc. | 383,911 | 38,767 | |
Redwood Trust Inc. | 2,594,020 | 37,017 | |
MFA Financial Inc. | 4,857,005 | 36,525 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,621,500 | 36,468 | |
* | First BanCorp | 7,754,555 | 35,593 |
* | Western Alliance Bancorp | 1,030,110 | 35,055 |
Douglas Emmett Inc. | 894,500 | 34,027 | |
* | Affiliated Managers Group Inc. | 231,023 | 33,910 |
Zions Bancorporation | 1,210,900 | 33,760 | |
* | MGIC Investment Corp. | 4,625,683 | 33,259 |
First American Financial Corp. | 734,380 | 30,704 | |
Financial Engines Inc. | 1,161,455 | 30,651 | |
Solar Capital Ltd. | 1,397,895 | 28,307 | |
Outfront Media Inc. | 1,157,000 | 26,923 | |
LPL Financial Holdings Inc. | 945,428 | 25,479 | |
Investment Technology Group Inc. | 1,500,000 | 25,050 | |
^ | WisdomTree Investments Inc. | 2,504,487 | 24,895 |
LaSalle Hotel Properties | 836,600 | 23,048 | |
*,^ Encore Capital Group Inc. | 806,506 | 19,687 | |
MGM Growth Properties LLC Class A | 714,215 | 19,362 | |
FactSet Research Systems Inc. | 99,750 | 17,153 | |
STAG Industrial Inc. | 607,200 | 15,411 | |
Evercore Partners Inc. Class A | 284,667 | 14,424 | |
* | SVB Financial Group | 141,000 | 14,159 |
QTS Realty Trust Inc. Class A | 213,246 | 12,208 | |
Bank of the Ozarks Inc. | 326,509 | 11,751 | |
MSCI Inc. Class A | 133,500 | 11,486 | |
National Storage Affiliates Trust | 520,328 | 11,119 | |
Opus Bank | 344,159 | 11,109 | |
* | Customers Bancorp Inc. | 413,107 | 10,633 |
* | Hilltop Holdings Inc. | 472,253 | 10,286 |
Lamar Advertising Co. Class A | 139,100 | 9,439 | |
*,2 eHealth Inc. | 935,401 | 8,933 | |
Gaming and Leisure Properties Inc. | 219,020 | 7,848 | |
* | Texas Capital Bancshares Inc. | 157,700 | 7,655 |
Wintrust Financial Corp. | 144,275 | 7,618 | |
Ryman Hospitality Properties Inc. | 134,700 | 7,576 | |
DuPont Fabros Technology Inc. | 157,800 | 7,548 | |
CoreSite Realty Corp. | 86,200 | 7,114 | |
* | PRA Group Inc. | 253,895 | 7,074 |
* | Cowen Group Inc. Class A | 2,163,661 | 6,751 |
James River Group Holdings Ltd. | 198,160 | 6,670 | |
* | Pacific Premier Bancorp Inc. | 245,901 | 5,939 |
Bats Global Markets Inc. | 233,113 | 5,916 | |
Radian Group Inc. | 444,525 | 5,734 | |
* | Walker & Dunlop Inc. | 229,500 | 5,432 |
WP Glimcher Inc. | 423,200 | 5,366 | |
* | INTL. FCStone Inc. | 180,400 | 5,257 |
* | KCG Holdings Inc. Class A | 342,300 | 5,179 |
Universal Insurance Holdings Inc. | 235,220 | 5,114 | |
Iron Mountain Inc. | 119,900 | 4,941 | |
BGC Partners Inc. Class A | 545,800 | 4,841 | |
OM Asset Management plc | 315,200 | 4,413 | |
Lazard Ltd. Class A | 105,400 | 3,767 | |
Senior Housing Properties Trust | 156,000 | 3,465 | |
* | Essent Group Ltd. | 137,500 | 3,295 |
Primerica Inc. | 63,700 | 3,281 | |
* | FCB Financial Holdings Inc. Class A | 86,000 | 3,007 |
*,^ Credit Acceptance Corp. | 14,617 | 2,641 | |
* | World Acceptance Corp. | 60,076 | 2,611 |
Care Capital Properties Inc. | 80,900 | 2,393 | |
Banc of California Inc. | 105,700 | 2,344 | |
* | Regional Management Corp. | 114,700 | 2,156 |
Sabra Health Care REIT Inc. | 86,400 | 2,066 | |
* | Signature Bank | 16,700 | 2,008 |
Chesapeake Lodging Trust | 49,900 | 1,261 | |
PS Business Parks Inc. | 10,700 | 1,187 | |
Brown & Brown Inc. | 30,100 | 1,103 | |
GEO Group Inc. | 28,300 | 979 | |
AMERISAFE Inc. | 15,100 | 884 | |
*,^ BofI Holding Inc. | 51,200 | 861 | |
Pennsylvania REIT | 27,900 | 710 | |
Home BancShares Inc. | 27,700 | 578 | |
Universal Health Realty Income Trust | 9,600 | 573 | |
ServisFirst Bancshares Inc. | 11,300 | 572 | |
Capital Bank Financial Corp. | 10,000 | 299 | |
Capital City Bank Group Inc. | 11,470 | 164 | |
PrivateBancorp Inc. | 1,300 | 57 | |
1,155,574 | |||
Health Care (19.8%) | |||
* | Cepheid | 2,247,060 | 79,389 |
* | Ligand Pharmaceuticals Inc. | 549,953 | 74,178 |
* | ABIOMED Inc. | 550,373 | 64,928 |
West Pharmaceutical Services Inc. | 795,025 | 63,825 | |
* | ICON plc | 801,828 | 62,278 |
* | Insulet Corp. | 1,668,559 | 59,050 |
* | Globus Medical Inc. | 2,529,803 | 58,059 |
* | Allscripts Healthcare Solutions Inc. | 3,855,420 | 54,439 |
* | athenahealth Inc. | 421,218 | 53,827 |
* | Alkermes plc | 988,642 | 49,333 |
*,2 Imprivata Inc. | 2,420,390 | 46,278 | |
Cooper Cos. Inc. | 246,650 | 45,006 | |
* | WellCare Health Plans Inc. | 407,940 | 43,568 |
* | DexCom Inc. | 464,200 | 42,813 |
* | Akorn Inc. | 1,201,733 | 41,135 |
ResMed Inc. | 596,569 | 41,092 | |
Kindred Healthcare Inc. | 3,217,959 | 39,452 |
* | LifePoint Health Inc. | 656,921 | 38,877 |
* | Surgical Care Affiliates Inc. | 705,300 | 36,683 |
* | Align Technology Inc. | 411,076 | 36,647 |
* | INC Research Holdings Inc. Class A | 768,428 | 34,203 |
* | Acadia Healthcare Co. Inc. | 601,065 | 33,960 |
* | Bluebird Bio Inc. | 519,338 | 29,696 |
* | Medivation Inc. | 437,950 | 28,024 |
*,^ TESARO Inc. | 296,828 | 27,676 | |
* | Medidata Solutions Inc. | 509,975 | 27,105 |
* | Community Health Systems Inc. | 2,057,706 | 26,277 |
* | Alnylam Pharmaceuticals Inc. | 374,500 | 25,496 |
Teleflex Inc. | 140,900 | 25,406 | |
* | Hologic Inc. | 641,400 | 24,687 |
* | Jazz Pharmaceuticals plc | 163,135 | 24,628 |
* | Bio-Rad Laboratories Inc. Class A | 161,140 | 23,380 |
*,^ Zeltiq Aesthetics Inc. | 662,290 | 22,485 | |
Dentsply Sirona Inc. | 348,678 | 22,329 | |
Bruker Corp. | 891,675 | 22,221 | |
* | Nektar Therapeutics | 1,280,600 | 22,142 |
* | Inogen Inc. | 409,378 | 22,000 |
* | Molina Healthcare Inc. | 382,557 | 21,733 |
* | Spectranetics Corp. | 936,835 | 21,716 |
* | IDEXX Laboratories Inc. | 217,100 | 20,362 |
* | AMN Healthcare Services Inc. | 472,920 | 20,005 |
* | Centene Corp. | 269,585 | 19,019 |
* | Masimo Corp. | 351,067 | 18,596 |
* | Acceleron Pharma Inc. | 533,600 | 18,100 |
* | HMS Holdings Corp. | 845,355 | 16,806 |
* | Cynosure Inc. Class A | 301,255 | 16,557 |
* | Cerner Corp. | 262,800 | 16,396 |
* | Illumina Inc. | 96,300 | 16,020 |
* | NuVasive Inc. | 254,760 | 15,846 |
* | Neogen Corp. | 277,650 | 15,312 |
Bio-Techne Corp. | 134,281 | 15,096 | |
* | Endologix Inc. | 1,038,483 | 14,653 |
* | QIAGEN NV | 535,700 | 14,357 |
* | HealthEquity Inc. | 469,325 | 13,854 |
* | Repligen Corp. | 479,404 | 13,711 |
* | Evolent Health Inc. Class A | 552,971 | 13,017 |
* | Exact Sciences Corp. | 743,486 | 12,922 |
CONMED Corp. | 311,597 | 12,663 | |
* | Sage Therapeutics Inc. | 279,291 | 12,529 |
* | Ironwood Pharmaceuticals Inc. Class A | 863,100 | 12,196 |
Cantel Medical Corp. | 175,055 | 11,720 | |
* | Ultragenyx Pharmaceutical Inc. | 178,400 | 11,289 |
* | Luminex Corp. | 523,320 | 11,215 |
* | Cardiovascular Systems Inc. | 566,000 | 11,099 |
*,^ Cempra Inc. | 593,300 | 10,662 | |
* | Cross Country Healthcare Inc. | 702,066 | 10,264 |
* | Pacira Pharmaceuticals Inc. | 278,314 | 10,089 |
* | Supernus Pharmaceuticals Inc. | 435,229 | 9,671 |
* | Intuitive Surgical Inc. | 13,700 | 9,532 |
* | Quintiles Transnational Holdings Inc. | 119,800 | 9,301 |
* | Charles River Laboratories International Inc. | 98,200 | 8,635 |
* | Diplomat Pharmacy Inc. | 238,352 | 8,564 |
* | Atara Biotherapeutics Inc. | 347,138 | 8,331 |
*,^ Adeptus Health Inc. Class A | 186,190 | 8,298 |
*,^ Novadaq Technologies Inc. | 767,350 | 8,180 | |
* | Quidel Corp. | 358,644 | 8,177 |
* | Neurocrine Biosciences Inc. | 161,351 | 8,105 |
* | Ionis Pharmaceuticals Inc. | 273,900 | 7,995 |
* | United Therapeutics Corp. | 64,600 | 7,817 |
*,^ AAC Holdings Inc. | 323,400 | 7,331 | |
* | Prestige Brands Holdings Inc. | 135,700 | 7,260 |
*,^ Juno Therapeutics Inc. | 227,563 | 7,039 | |
* | Emergent BioSolutions Inc. | 208,600 | 6,965 |
Chemed Corp. | 47,300 | 6,960 | |
* | Nevro Corp. | 83,457 | 6,902 |
* | PRA Health Sciences Inc. | 144,100 | 6,683 |
* | Mettler-Toledo International Inc. | 16,209 | 6,665 |
* | DBV Technologies SA ADR | 189,642 | 6,562 |
STERIS plc | 91,276 | 6,476 | |
* | Myriad Genetics Inc. | 205,200 | 6,357 |
* | Revance Therapeutics Inc. | 462,662 | 6,241 |
Patterson Cos. Inc. | 126,240 | 6,231 | |
* | Five Prime Therapeutics Inc. | 121,500 | 6,159 |
* | Amedisys Inc. | 114,500 | 6,131 |
* | Intersect ENT Inc. | 365,598 | 5,791 |
* | VCA Inc. | 77,000 | 5,493 |
* | Anika Therapeutics Inc. | 92,400 | 4,613 |
* | Enanta Pharmaceuticals Inc. | 202,100 | 4,545 |
* | FibroGen Inc. | 204,800 | 3,918 |
* | NxStage Medical Inc. | 176,705 | 3,907 |
* | Amsurg Corp. | 50,300 | 3,773 |
* | ICU Medical Inc. | 32,200 | 3,760 |
* | PTC Therapeutics Inc. | 613,800 | 3,664 |
* | OvaScience Inc. | 711,610 | 3,587 |
* | Spectrum Pharmaceuticals Inc. | 461,900 | 3,173 |
* | OraSure Technologies Inc. | 453,400 | 3,092 |
* | LHC Group Inc. | 66,800 | 3,023 |
* | Wright Medical Group NV | 129,325 | 2,836 |
* | Acorda Therapeutics Inc. | 107,700 | 2,723 |
* | Patheon NV | 99,336 | 2,569 |
* | Cytokinetics Inc. | 216,400 | 2,406 |
* | Array BioPharma Inc. | 626,200 | 2,342 |
* | AtriCure Inc. | 147,900 | 2,247 |
* | Rigel Pharmaceuticals Inc. | 975,600 | 2,234 |
* | SciClone Pharmaceuticals Inc. | 206,100 | 2,176 |
* | PAREXEL International Corp. | 32,400 | 2,166 |
* | Almost Family Inc. | 50,390 | 2,005 |
* | Amphastar Pharmaceuticals Inc. | 122,800 | 1,987 |
* | Tetraphase Pharmaceuticals Inc. | 490,500 | 1,972 |
*,^ Esperion Therapeutics Inc. | 174,800 | 1,898 | |
* | Merrimack Pharmaceuticals Inc. | 317,800 | 1,843 |
PerkinElmer Inc. | 30,100 | 1,713 | |
Utah Medical Products Inc. | 25,070 | 1,631 | |
LeMaitre Vascular Inc. | 71,200 | 1,225 | |
* | BioCryst Pharmaceuticals Inc. | 296,900 | 1,075 |
*,^ iRadimed Corp. | 52,233 | 1,011 | |
* | Infinity Pharmaceuticals Inc. | 547,400 | 920 |
*,^ Insys Therapeutics Inc. | 55,800 | 873 | |
Universal Health Services Inc. Class B | 6,200 | 803 | |
* | Orthofix International NV | 15,700 | 744 |
* | Civitas Solutions Inc. | 33,800 | 724 |
*,^ ImmunoGen Inc. | 246,500 | 685 | |
* | Raptor Pharmaceutical Corp. | 110,800 | 653 |
* | Brookdale Senior Living Inc. | 30,300 | 560 |
* | Peregrine Pharmaceuticals Inc. | 1,396,779 | 518 |
* | Quorum Health Corp. | 33,891 | 369 |
* | Threshold Pharmaceuticals Inc. | 25,000 | 13 |
* | Zafgen Inc. | 3,756 | 11 |
2,220,215 | |||
Industrials (16.6%) | |||
* | Clean Harbors Inc. | 1,315,978 | 67,668 |
* | Genesee & Wyoming Inc. Class A | 924,899 | 59,887 |
* | WageWorks Inc. | 933,941 | 57,727 |
John Bean Technologies Corp. | 862,153 | 57,695 | |
Owens Corning | 886,000 | 46,878 | |
* | Teledyne Technologies Inc. | 440,143 | 46,215 |
^ | Advanced Drainage Systems Inc. | 1,612,074 | 43,059 |
* | Swift Transportation Co. | 2,229,670 | 42,921 |
GATX Corp. | 957,100 | 42,811 | |
* | Middleby Corp. | 348,030 | 41,896 |
* | Kirby Corp. | 761,373 | 41,487 |
2 | H&E Equipment Services Inc. | 2,202,839 | 41,017 |
MSC Industrial Direct Co. Inc. Class A | 531,366 | 38,168 | |
Watts Water Technologies Inc. Class A | 614,069 | 37,980 | |
Landstar System Inc. | 501,680 | 35,363 | |
* | Hawaiian Holdings Inc. | 734,358 | 33,435 |
* | TransUnion | 981,600 | 32,118 |
Curtiss-Wright Corp. | 352,000 | 31,324 | |
Tennant Co. | 488,399 | 31,297 | |
Acuity Brands Inc. | 118,705 | 31,152 | |
* | AerCap Holdings NV | 844,600 | 30,836 |
* | On Assignment Inc. | 830,486 | 30,686 |
HEICO Corp. Class A | 520,972 | 30,044 | |
* | Armstrong World Industries Inc. | 697,905 | 29,640 |
Waste Connections Inc. | 389,190 | 28,987 | |
Equifax Inc. | 215,300 | 28,519 | |
Kennametal Inc. | 1,055,460 | 26,239 | |
* | Advisory Board Co. | 622,804 | 26,008 |
* | Generac Holdings Inc. | 678,012 | 25,622 |
* | Sensata Technologies Holding NV | 671,186 | 25,451 |
CEB Inc. | 421,609 | 25,313 | |
* | TriNet Group Inc. | 1,164,120 | 25,250 |
* | TASER International Inc. | 860,223 | 24,912 |
* | Proto Labs Inc. | 441,923 | 24,323 |
* | RBC Bearings Inc. | 317,494 | 24,139 |
Carlisle Cos. Inc. | 232,500 | 24,015 | |
AO Smith Corp. | 253,610 | 23,558 | |
Heartland Express Inc. | 1,204,322 | 22,304 | |
* | IHS Markit Ltd. | 627,935 | 21,814 |
* | Trex Co. Inc. | 414,605 | 20,108 |
* | Stericycle Inc. | 207,500 | 18,731 |
Forward Air Corp. | 400,246 | 18,523 | |
Apogee Enterprises Inc. | 381,734 | 17,846 | |
JB Hunt Transport Services Inc. | 206,355 | 17,154 | |
KAR Auction Services Inc. | 370,425 | 15,843 | |
* | Verisk Analytics Inc. Class A | 179,600 | 15,316 |
Kaman Corp. | 354,527 | 15,301 | |
Wabtec Corp. | 220,121 | 15,078 |
Albany International Corp. | 335,100 | 14,185 | |
* | TrueBlue Inc. | 594,391 | 13,273 |
Orbital ATK Inc. | 149,300 | 13,007 | |
Ryder System Inc. | 184,900 | 12,185 | |
Mobile Mini Inc. | 371,400 | 12,074 | |
* | Rush Enterprises Inc. Class A | 489,633 | 11,252 |
* | JetBlue Airways Corp. | 560,400 | 10,272 |
* | United Rentals Inc. | 128,900 | 10,269 |
Huntington Ingalls Industries Inc. | 59,500 | 10,269 | |
Donaldson Co. Inc. | 253,171 | 9,147 | |
Woodward Inc. | 149,745 | 8,766 | |
* | HD Supply Holdings Inc. | 241,100 | 8,725 |
Ritchie Bros Auctioneers Inc. | 256,829 | 8,527 | |
Watsco Inc. | 56,800 | 8,181 | |
BWX Technologies Inc. | 217,600 | 8,010 | |
* | Spirit AeroSystems Holdings Inc. Class A | 177,500 | 7,700 |
* | Astronics Corp. | 200,111 | 7,658 |
RR Donnelley & Sons Co. | 421,300 | 7,550 | |
Herman Miller Inc. | 224,400 | 7,354 | |
* | Quanta Services Inc. | 272,470 | 6,975 |
^ | Greenbrier Cos. Inc. | 203,200 | 6,671 |
* | Wabash National Corp. | 458,300 | 6,636 |
* | Saia Inc. | 226,198 | 6,535 |
Global Brass & Copper Holdings Inc. | 226,856 | 6,425 | |
General Cable Corp. | 428,100 | 6,306 | |
Insteel Industries Inc. | 179,800 | 6,255 | |
Alaska Air Group Inc. | 92,548 | 6,221 | |
Allison Transmission Holdings Inc. | 211,800 | 6,104 | |
West Corp. | 248,800 | 5,501 | |
* | American Woodmark Corp. | 70,800 | 5,256 |
* | Lydall Inc. | 115,822 | 5,175 |
Comfort Systems USA Inc. | 170,300 | 5,174 | |
* | SiteOne Landscape Supply Inc. | 132,100 | 5,131 |
Knight Transportation Inc. | 161,780 | 4,826 | |
Quanex Building Products Corp. | 233,008 | 4,658 | |
* | Meritor Inc. | 547,800 | 4,591 |
* | Spirit Airlines Inc. | 102,425 | 4,379 |
* | Echo Global Logistics Inc. | 175,600 | 4,348 |
Brink's Co. | 116,900 | 3,837 | |
Insperity Inc. | 48,000 | 3,768 | |
* | Roadrunner Transportation Systems Inc. | 486,652 | 3,684 |
* | Continental Building Products Inc. | 144,300 | 3,384 |
*,^ Power Solutions International Inc. | 171,000 | 3,008 | |
Air Lease Corp. Class A | 101,600 | 2,927 | |
Universal Forest Products Inc. | 26,500 | 2,865 | |
* | Ply Gem Holdings Inc. | 183,800 | 2,823 |
* | YRC Worldwide Inc. | 216,400 | 2,569 |
Graco Inc. | 34,100 | 2,524 | |
Kimball International Inc. Class B | 189,157 | 2,155 | |
Deluxe Corp. | 30,509 | 2,062 | |
* | Vectrus Inc. | 62,300 | 1,941 |
Knoll Inc. | 72,800 | 1,838 | |
* | AECOM | 47,200 | 1,675 |
* | Hudson Technologies Inc. | 301,607 | 1,484 |
Pitney Bowes Inc. | 73,000 | 1,410 | |
Steelcase Inc. Class A | 93,200 | 1,351 | |
^ | American Railcar Industries Inc. | 32,000 | 1,344 |
* | NCI Building Systems Inc. | 78,500 | 1,273 |
Quad/Graphics Inc. | 40,300 | 1,022 | |
Brady Corp. Class A | 29,700 | 955 | |
Barrett Business Services Inc. | 21,800 | 937 | |
Valmont Industries Inc. | 6,700 | 877 | |
* | Astronics Corp. Class B | 21,286 | 813 |
Lennox International Inc. | 4,700 | 737 | |
* | Caesarstone Ltd. | 19,200 | 720 |
* | Energy Recovery Inc. | 65,000 | 696 |
* | USA Truck Inc. | 33,900 | 654 |
* | Gibraltar Industries Inc. | 17,100 | 603 |
* | Huron Consulting Group Inc. | 8,800 | 541 |
Exponent Inc. | 600 | 31 | |
1,863,737 | |||
Information Technology (23.9%) | |||
* | Cadence Design Systems Inc. | 4,682,818 | 112,622 |
*,2 Cardtronics plc Class A | 2,319,001 | 102,013 | |
* | Ultimate Software Group Inc. | 364,289 | 76,173 |
* | Aspen Technology Inc. | 1,660,085 | 69,541 |
* | Cavium Inc. | 1,370,127 | 63,944 |
* | Euronet Worldwide Inc. | 810,586 | 61,815 |
* | Tyler Technologies Inc. | 351,742 | 57,341 |
Intersil Corp. Class A | 3,414,814 | 52,178 | |
Power Integrations Inc. | 889,555 | 50,767 | |
* | MACOM Technology Solutions Holdings Inc. | 1,253,308 | 49,518 |
* | CoStar Group Inc. | 229,189 | 47,648 |
* | Electronics For Imaging Inc. | 1,052,037 | 46,595 |
Belden Inc. | 629,861 | 46,112 | |
* | First Solar Inc. | 969,568 | 45,259 |
* | 2U Inc. | 1,281,636 | 44,832 |
SS&C Technologies Holdings Inc. | 1,381,816 | 44,522 | |
* | Entegris Inc. | 2,573,016 | 43,973 |
* | HubSpot Inc. | 751,100 | 41,003 |
* | Proofpoint Inc. | 529,578 | 40,179 |
* | WNS Holdings Ltd. ADR | 1,409,942 | 39,577 |
* | Ciena Corp. | 2,014,440 | 38,657 |
* | BroadSoft Inc. | 816,255 | 36,593 |
* | WEX Inc. | 367,670 | 34,443 |
* | Acxiom Corp. | 1,466,055 | 33,646 |
*,^ Mobileye NV | 671,467 | 32,170 | |
* | Trimble Navigation Ltd. | 1,210,130 | 31,996 |
* | Gigamon Inc. | 676,293 | 31,596 |
Teradyne Inc. | 1,578,645 | 31,178 | |
MKS Instruments Inc. | 662,191 | 30,249 | |
* | Manhattan Associates Inc. | 520,950 | 30,241 |
* | Alliance Data Systems Corp. | 129,043 | 29,889 |
* | SPS Commerce Inc. | 461,130 | 29,199 |
* | Fleetmatics Group plc | 653,993 | 28,096 |
Convergys Corp. | 1,001,837 | 26,699 | |
* | Red Hat Inc. | 347,600 | 26,171 |
* | Guidewire Software Inc. | 420,327 | 25,837 |
FLIR Systems Inc. | 780,420 | 25,426 | |
*,^ Stratasys Ltd. | 1,206,357 | 25,261 | |
MAXIMUS Inc. | 403,366 | 23,766 | |
* | Verint Systems Inc. | 631,690 | 22,280 |
* | GoDaddy Inc. Class A | 742,700 | 22,222 |
*,^ SunPower Corp. Class A | 1,460,310 | 21,291 |
* | Gartner Inc. | 205,705 | 20,622 |
* | Wix.com Ltd. | 554,412 | 19,737 |
Brooks Automation Inc. | 1,498,824 | 18,780 | |
* | F5 Networks Inc. | 151,840 | 18,740 |
* | Microsemi Corp. | 479,900 | 18,716 |
Methode Electronics Inc. | 531,590 | 18,622 | |
* | PTC Inc. | 454,034 | 18,039 |
* | Genpact Ltd. | 666,855 | 17,852 |
National Instruments Corp. | 617,460 | 17,709 | |
CDW Corp. | 408,900 | 17,554 | |
*,^ Shutterstock Inc. | 314,500 | 17,326 | |
MercadoLibre Inc. | 112,700 | 17,252 | |
* | Mellanox Technologies Ltd. | 372,200 | 16,444 |
* | Imperva Inc. | 344,160 | 16,217 |
Monolithic Power Systems Inc. | 219,776 | 15,982 | |
* | CyberArk Software Ltd. | 283,300 | 15,975 |
* | VeriFone Systems Inc. | 782,525 | 14,993 |
* | Envestnet Inc. | 387,100 | 14,776 |
* | ChannelAdvisor Corp. | 927,292 | 14,614 |
Microchip Technology Inc. | 262,100 | 14,583 | |
Cognex Corp. | 309,500 | 13,980 | |
* | Silicon Laboratories Inc. | 261,266 | 13,920 |
* | Infoblox Inc. | 712,500 | 13,338 |
* | Barracuda Networks Inc. | 595,781 | 13,155 |
* | Super Micro Computer Inc. | 598,460 | 12,897 |
* | Cimpress NV | 134,982 | 12,796 |
* | RealPage Inc. | 508,707 | 12,794 |
* | Pandora Media Inc. | 930,231 | 12,651 |
* | Finisar Corp. | 642,425 | 12,052 |
* | Descartes Systems Group Inc. | 489,895 | 9,896 |
* | Perficient Inc. | 439,600 | 9,768 |
* | Synchronoss Technologies Inc. | 261,500 | 9,764 |
* | Zendesk Inc. | 319,618 | 9,665 |
* | Progress Software Corp. | 328,900 | 9,558 |
* | Fortinet Inc. | 266,700 | 9,252 |
* | Radware Ltd. | 745,800 | 9,181 |
* | Integrated Device Technology Inc. | 417,275 | 9,176 |
* | PROS Holdings Inc. | 485,100 | 9,013 |
* | Semtech Corp. | 349,177 | 8,876 |
* | New Relic Inc. | 254,264 | 8,757 |
* | Bottomline Technologies de Inc. | 406,875 | 8,589 |
* | Tableau Software Inc. Class A | 148,808 | 8,409 |
* | Palo Alto Networks Inc. | 63,600 | 8,325 |
* | Teradata Corp. | 290,100 | 8,233 |
* | Arista Networks Inc. | 113,620 | 8,098 |
Littelfuse Inc. | 64,200 | 8,026 | |
* | Stamps.com Inc. | 105,000 | 7,960 |
*,2 Information Services Group Inc. | 2,094,657 | 7,939 | |
* | Advanced Micro Devices Inc. | 1,154,900 | 7,923 |
Booz Allen Hamilton Holding Corp. Class A | 251,141 | 7,755 | |
* | OSI Systems Inc. | 126,398 | 7,517 |
*,^ Rapid7 Inc. | 487,200 | 6,811 | |
EarthLink Holdings Corp. | 998,300 | 6,768 | |
Travelport Worldwide Ltd. | 500,000 | 6,745 | |
* | LivePerson Inc. | 981,851 | 6,554 |
* | Akamai Technologies Inc. | 129,600 | 6,549 |
* | Virtusa Corp. | 237,000 | 6,446 |
DST Systems Inc. | 51,096 | 6,302 | |
CSG Systems International Inc. | 155,900 | 6,277 | |
* | Extreme Networks Inc. | 1,582,800 | 6,157 |
* | Qualys Inc. | 194,500 | 6,105 |
* | Shopify Inc. | 174,200 | 5,970 |
* | ANSYS Inc. | 64,800 | 5,791 |
^ | Leidos Holdings Inc. | 115,000 | 5,751 |
* | NCR Corp. | 169,200 | 5,578 |
* | EPAM Systems Inc. | 79,400 | 5,577 |
*,^ Unisys Corp. | 532,362 | 5,276 | |
* | A10 Networks Inc. | 664,252 | 5,194 |
* | Paycom Software Inc. | 108,190 | 5,108 |
Broadridge Financial Solutions Inc. | 75,200 | 5,090 | |
* | InvenSense Inc. | 748,000 | 5,071 |
* | IPG Photonics Corp. | 58,829 | 4,959 |
Hackett Group Inc. | 350,900 | 4,699 | |
* | ON Semiconductor Corp. | 464,400 | 4,658 |
* | WebMD Health Corp. | 75,300 | 4,594 |
* | Plexus Corp. | 97,800 | 4,493 |
* | Sykes Enterprises Inc. | 133,300 | 4,091 |
* | FireEye Inc. | 229,700 | 4,001 |
* | Brightcove Inc. | 371,900 | 3,894 |
* | Applied Micro Circuits Corp. | 586,100 | 3,857 |
Science Applications International Corp. | 63,400 | 3,852 | |
* | Callidus Software Inc. | 185,000 | 3,798 |
* | Care.com Inc. | 344,986 | 3,791 |
TeleTech Holdings Inc. | 131,679 | 3,758 | |
* | Cray Inc. | 117,600 | 3,711 |
* | Paylocity Holding Corp. | 81,632 | 3,644 |
* | LogMeIn Inc. | 41,690 | 3,582 |
* | Interactive Intelligence Group Inc. | 64,700 | 3,491 |
NIC Inc. | 145,711 | 3,398 | |
* | Infinera Corp. | 385,640 | 3,378 |
* | RingCentral Inc. Class A | 131,000 | 3,017 |
* | Inphi Corp. | 85,310 | 3,001 |
* | Allot Communications Ltd. | 600,282 | 2,923 |
* | MicroStrategy Inc. Class A | 15,900 | 2,781 |
* | Synaptics Inc. | 53,000 | 2,753 |
* | Cirrus Logic Inc. | 56,600 | 2,750 |
Avnet Inc. | 64,200 | 2,639 | |
* | Everi Holdings Inc. | 1,280,275 | 2,432 |
* | Take-Two Interactive Software Inc. | 59,500 | 2,391 |
* | Five9 Inc. | 182,100 | 2,296 |
* | Rackspace Hosting Inc. | 90,600 | 2,123 |
* | Nimble Storage Inc. | 276,700 | 2,059 |
* | Blackhawk Network Holdings Inc. | 55,200 | 1,920 |
* | Benefitfocus Inc. | 42,325 | 1,820 |
* | Silicon Graphics International Corp. | 328,000 | 1,771 |
*,^ SecureWorks Corp. Class A | 118,300 | 1,752 | |
* | Cornerstone OnDemand Inc. | 39,150 | 1,691 |
* | Jive Software Inc. | 424,782 | 1,614 |
Diebold Inc. | 57,100 | 1,612 | |
Monotype Imaging Holdings Inc. | 81,303 | 1,609 | |
* | Itron Inc. | 37,200 | 1,588 |
* | ShoreTel Inc. | 213,600 | 1,568 |
* | NETGEAR Inc. | 30,400 | 1,563 |
* | Lumentum Holdings Inc. | 46,100 | 1,395 |
* | Travelzoo Inc. | 134,521 | 1,372 |
*,^ Acacia Communications Inc. | 19,540 | 1,271 | |
* | Angie's List Inc. | 142,400 | 1,152 |
* | Advanced Energy Industries Inc. | 25,500 | 1,038 |
* | Zebra Technologies Corp. | 18,500 | 981 |
* | Guidance Software Inc. | 157,000 | 923 |
ADTRAN Inc. | 47,600 | 866 | |
*,^ Oclaro Inc. | 147,300 | 844 | |
*,^ Alarm.com Holdings Inc. | 29,000 | 833 | |
*,^ Digimarc Corp. | 21,275 | 775 | |
* | Workiva Inc. | 53,700 | 749 |
* | NeoPhotonics Corp. | 58,600 | 735 |
* | ePlus Inc. | 7,800 | 656 |
* | Ubiquiti Networks Inc. | 14,200 | 635 |
2,684,981 | |||
Materials (3.5%) | |||
Minerals Technologies Inc. | 996,467 | 65,029 | |
PolyOne Corp. | 1,578,905 | 55,372 | |
RPC Group plc | 3,851,370 | 43,947 | |
Graphic Packaging Holding Co. | 2,495,314 | 34,036 | |
* | Smurfit Kappa Group plc | 1,325,320 | 30,787 |
^ | Methanex Corp. | 855,820 | 23,980 |
Ashland Inc. | 199,950 | 22,642 | |
WR Grace & Co. | 224,700 | 16,823 | |
Quaker Chemical Corp. | 112,715 | 10,782 | |
Avery Dennison Corp. | 112,400 | 8,755 | |
Balchem Corp. | 128,921 | 8,234 | |
* | Axalta Coating Systems Ltd. | 283,420 | 8,092 |
Trinseo SA | 145,400 | 7,239 | |
* | Koppers Holdings Inc. | 206,324 | 6,524 |
Steel Dynamics Inc. | 243,100 | 6,520 | |
Worthington Industries Inc. | 141,700 | 6,279 | |
Stepan Co. | 81,491 | 5,241 | |
* | Ryerson Holding Corp. | 337,169 | 4,869 |
Bemis Co. Inc. | 93,800 | 4,788 | |
Huntsman Corp. | 275,600 | 4,261 | |
AEP Industries Inc. | 50,105 | 4,031 | |
* | US Concrete Inc. | 42,000 | 2,709 |
* | Crown Holdings Inc. | 36,400 | 1,928 |
* | GCP Applied Technologies Inc. | 52,700 | 1,451 |
Kaiser Aluminum Corp. | 16,700 | 1,384 | |
Sealed Air Corp. | 29,200 | 1,378 | |
RPM International Inc. | 25,100 | 1,362 | |
Packaging Corp. of America | 15,900 | 1,188 | |
* | Clearwater Paper Corp. | 15,400 | 969 |
Rayonier Advanced Materials Inc. | 68,300 | 941 | |
Martin Marietta Materials Inc. | 3,500 | 709 | |
392,250 | |||
Other (1.0%) | |||
^,3 Vanguard Small-Cap ETF | 470,767 | 57,184 | |
^,3 Vanguard Small-Cap Growth ETF | 384,700 | 50,227 | |
*,4 Dropbox Private Placement | 378,066 | 3,758 | |
* | Dyax Corp CVR Expire 12/31/2019 | 134,316 | 149 |
111,318 | |||
Telecommunication Services (0.8%) | |||
* | Vonage Holdings Corp. | 7,484,871 | 44,385 |
* | SBA Communications Corp. Class A | 163,885 | 18,847 | ||
Cogent Communications Holdings Inc. | 270,507 | 11,559 | |||
* | 8x8 Inc. | 536,550 | 7,378 | ||
* | General Communication Inc. Class A | 143,200 | 2,204 | ||
Inteliquent Inc. | 95,740 | 1,967 | |||
* | FairPoint Communications Inc. | 119,300 | 1,931 | ||
* | Cincinnati Bell Inc. | 289,000 | 1,445 | ||
Shenandoah Telecommunications Co. | 16,600 | 682 | |||
90,398 | |||||
Utilities (0.2%) | |||||
^ | 8Point3 Energy Partners LP | 1,201,549 | 19,862 | ||
Southwest Gas Corp. | 26,200 | 2,030 | |||
^ | Spark Energy Inc. Class A | 68,861 | 1,707 | ||
Ormat Technologies Inc. | 29,600 | 1,351 | |||
WGL Holdings Inc. | 8,600 | 609 | |||
MGE Energy Inc. | 9,300 | 522 | |||
26,081 | |||||
Total Common Stocks (Cost $9,153,585) | 10,921,439 | ||||
Coupon | |||||
Temporary Cash Investments (4.2%)1 | |||||
Money Market Fund (3.7%) | |||||
5,6 Vanguard Market Liquidity Fund | 0.561% | 421,197,415 | 421,197 | ||
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
Repurchase Agreement (0.3%) | |||||
Deutsche Bank Securities, Inc. | |||||
(Dated 7/29/16, Repurchase Value | |||||
$33,501,000, collateralized by Government | |||||
National Mortgage Assn. 3.000%-5.500%, | |||||
2/15/40-9/15/42, with a value of | |||||
$34,170,000) | 0.390% | 8/1/16 | 33,500 | 33,500 | |
U.S. Government and Agency Obligations (0.2%) | |||||
7 | Federal Home Loan Bank Discount Notes | 0.340% | 9/7/16 | 6,500 | 6,498 |
7,8 Federal Home Loan Bank Discount Notes | 0.375% | 9/30/16 | 9,000 | 8,996 | |
8 | United States Treasury Bill | 0.318% | 10/20/16 | 4,700 | 4,697 |
20,191 | |||||
Total Temporary Cash Investments (Cost $474,886) | 474,888 | ||||
Total Investments (101.5%) (Cost $9,628,471) | 11,396,327 | ||||
Other Assets and Liabilities-Net (-1.5%)6 | (164,138) | ||||
Net Assets (100%) | 11,232,189 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $154,825,000.
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 98.6% and 2.9%, 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 $163,552,000 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 $6,297,000 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 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.
Explorer Fund
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, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 10,809,054 | 108,478 | 3,907 |
Temporary Cash Investments | 421,197 | 53,691 | — |
Futures Contracts—Assets1 | 301 | — | — |
Futures Contracts—Liabilities1 | (2) | — | — |
Total | 11,230,550 | 162,169 | 3,907 |
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, 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 | September 2016 | 907 | 98,328 | 2 |
E-mini Russell 2000 Index | September 2016 | 396 | 48,193 | 2,427 |
2,429 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
Explorer Fund
F. At July 31, 2016, the cost of investment securities for tax purposes was $9,630,638,000. Net unrealized appreciation of investment securities for tax purposes was $1,765,689,000, consisting of unrealized gains of $2,341,195,000 on securities that had risen in value since their purchase and $575,506,000 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 | July 31, 2016 | |||
Market | Purchases | Securities | Distributions | Market | ||
Value | at Cost | Sold1 | Income | Received | Value | |
($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
Cardtronics Inc. | NA2 | 17,337 | 6,867 | — | — | NA3 |
Cardtronics plc Class A | NA3 | — | 4,219 | — | — | 102,013 |
eHealth Inc. | 16,496 | — | 6,069 | — | — | 8,933 |
H&E Equipment Services | 35,355 | 6,797 | 1,059 | 1,741 | — | 41,017 |
Inc. | ||||||
Imprivata Inc. | 16,426 | 9,833 | — | — | — | 46,278 |
Information Services Group | 7,315 | 372 | 22 | — | — | 7,939 |
Inc. | ||||||
MarineMax Inc. | 21,376 | 1,454 | 729 | — | — | 28,392 |
Vanguard Market Liquidity | 413,253 | NA4 | NA4 | 898 | — | 421,197 |
Fund | ||||||
Vanguard Small-Cap ETF | — | 466,291 | 408,472 | 1,210 | — | 57,184 |
Vanguard Small-Cap | 57,108 | — | 9,442 | 410 | — | 50,227 |
Growth ETF | ||||||
Total | 567,329 | 4,259 | — | 763,180 | ||
1 Includes net realized gain (loss) on affiliated investment securities sold of $150,000. | ||||||
2 Not applicable— at October 31, 2015, the issuer was not an affiliated company of the fund. | ||||||
3 Not applicable— in July 2016, Cardtronics Inc. changed its name to Cardtronics plc. | ||||||
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 FUND | |
By: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: September 16, 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: September 16, 2016 | |
|
VANGUARD EXPLORER FUND |
/s/ THOMAS J. HIGGINS* | |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: September 16, 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.
CERTIFICATIONS
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: | September 16, 2016 | /s/ F. William McNabb III |
F. William McNabb III | ||
Chief Executive Officer |
CERTIFICATIONS
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: | September 16, 2016 | /s/ Thomas J Higgins |
Thomas J. Higgins | ||
Chief Financial Officer |
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