Vanguard Explorer Fund
07/01/2026 | Press release | Distributed by Public on 07/01/2026 07:50
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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: | Natalie Lamarque, Esquire | |
| P.O. Box 876 | ||
| Valley Forge, PA 19482 |
Registrant's telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2025-April 30, 2026
Item 1: Reports to Shareholders.
TABLE OF CONTENTS
|
Explorer™ Fund |
|
|
Explorer™ Fund |
|
Vanguard Explorer™ Fund
Investor Shares (VEXPX)
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Explorer™ Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$20
|
0.38%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
Fund Statistics (as of April 30, 2026)
Table Summary
|
Fund Net Assets (in millions)
|
$21,765
|
|
Number of Portfolio Holdings
|
718
|
|
Portfolio Turnover Rate
|
26%
|
Portfolio Composition % of Net Assets (as of April 30, 2026)
Table Summary
|
Communication Services
|
2.0%
|
|
Consumer Discretionary
|
10.3%
|
|
Consumer Staples
|
2.5%
|
|
Energy
|
4.2%
|
|
Financials
|
11.4%
|
|
Health Care
|
16.6%
|
|
Industrials
|
23.9%
|
|
Information Technology
|
19.9%
|
|
Materials
|
2.4%
|
|
Other
|
0.3%
|
|
Real Estate
|
2.7%
|
|
Utilities
|
1.5%
|
|
Other Assets and Liabilities-Net
|
2.3%
|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR24
Vanguard Explorer™ Fund
Admiral™ Shares (VEXRX)
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Explorer™ Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Admiral Shares
|
$14
|
0.27%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
Fund Statistics (as of April 30, 2026)
Table Summary
|
Fund Net Assets (in millions)
|
$21,765
|
|
Number of Portfolio Holdings
|
718
|
|
Portfolio Turnover Rate
|
26%
|
Portfolio Composition % of Net Assets (as of April 30, 2026)
Table Summary
|
Communication Services
|
2.0%
|
|
Consumer Discretionary
|
10.3%
|
|
Consumer Staples
|
2.5%
|
|
Energy
|
4.2%
|
|
Financials
|
11.4%
|
|
Health Care
|
16.6%
|
|
Industrials
|
23.9%
|
|
Information Technology
|
19.9%
|
|
Materials
|
2.4%
|
|
Other
|
0.3%
|
|
Real Estate
|
2.7%
|
|
Utilities
|
1.5%
|
|
Other Assets and Liabilities-Net
|
2.3%
|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR5024
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Financial Statements
For the six-months ended April 30, 2026
Vanguard Explorer™ Fund
Contents
|
Financial Statements
|
1 |
Explorer Fund
Financial Statements (unaudited)
Schedule of Investments
As of April 30, 2026
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
| Shares |
Market Value• ($000) |
||
| Common Stocks (97.7%) | |||
| Communication Services (2.0%) | |||
| New York Times Co. Class A | 1,514,422 | 119,685 | |
| Cinemark Holdings Inc. | 2,416,009 | 71,321 | |
| * | Live Nation Entertainment Inc. | 301,507 | 47,620 |
| * | Take-Two Interactive Software Inc. | 209,131 | 44,704 |
| * | Roku Inc. | 226,881 | 26,445 |
| *,1 | AST SpaceMobile Inc. | 288,990 | 21,356 |
| * | EchoStar Corp. Class A | 170,708 | 21,021 |
| * | Lumen Technologies Inc. | 2,144,703 | 18,959 |
| * | Cargurus Inc. | 432,683 | 15,776 |
| * | Reddit Inc. Class A | 70,604 | 10,395 |
| Iridium Communications Inc. | 190,364 | 7,437 | |
| * | Yelp Inc. | 248,879 | 6,869 |
| * | Magnite Inc. | 431,820 | 5,534 |
| * | Bandwidth Inc. Class A | 138,727 | 5,107 |
| * | Bumble Inc. Class A | 757,947 | 3,145 |
| * | EverQuote Inc. Class A | 182,958 | 2,638 |
| Playtika Holding Corp. | 643,324 | 2,351 | |
| * | ZipRecruiter Inc. Class A | 692,065 | 2,021 |
| *,1 | fuboTV Inc. Class A | 102,966 | 1,269 |
| * | Mediaalpha Inc. Class A | 109,501 | 932 |
| IDT Corp. Class B | 14,504 | 727 | |
| 435,312 | |||
| Consumer Discretionary (10.3%) | |||
| Somnigroup International Inc. | 2,076,893 | 157,553 | |
| * | Burlington Stores Inc. | 421,681 | 134,942 |
| * | Valvoline Inc. | 3,758,427 | 124,893 |
| * | Shake Shack Inc. Class A | 1,177,675 | 120,665 |
| Dick's Sporting Goods Inc. | 524,438 | 119,006 | |
| Hyatt Hotels Corp. Class A | 600,595 | 100,642 | |
| * | Life Time Group Holdings Inc. | 3,609,039 | 96,758 |
| * | YETI Holdings Inc. | 2,092,404 | 82,566 |
| Levi Strauss & Co. Class A | 3,433,793 | 76,505 | |
| * | Champion Homes Inc. | 990,849 | 75,532 |
| Churchill Downs Inc. | 721,756 | 72,890 | |
| Texas Roadhouse Inc. | 435,603 | 70,128 | |
| Patrick Industries Inc. | 704,723 | 65,539 | |
| * | Boot Barn Holdings Inc. | 354,825 | 60,835 |
| * | Five Below Inc. | 247,798 | 58,396 |
| Installed Building Products Inc. | 198,899 | 57,392 | |
| Wingstop Inc. | 348,883 | 57,238 | |
| * | Chewy Inc. Class A | 2,072,948 | 52,694 |
| Meritage Homes Corp. | 677,619 | 45,631 | |
| Tapestry Inc. | 312,921 | 45,386 | |
| * | Ollie's Bargain Outlet Holdings Inc. | 499,194 | 43,185 |
| * | Viking Holdings Ltd. | 487,540 | 39,934 |
| Tractor Supply Co. | 831,246 | 29,177 | |
| * | Dutch Bros Inc. Class A | 427,820 | 24,604 |
| Academy Sports & Outdoors Inc. | 438,847 | 24,066 | |
| * | Sportradar Group AG Class A | 1,647,203 | 21,496 |
| Travel & Leisure Co. | 314,915 | 20,362 | |
| * | Bright Horizons Family Solutions Inc. | 227,728 | 18,471 |
| * | Norwegian Cruise Line Holdings Ltd. | 1,009,375 | 18,350 |
| * | Genius Sports Ltd. | 3,811,800 | 16,620 |
| Hasbro Inc. | 172,912 | 16,572 | |
| Ralph Lauren Corp. | 46,163 | 16,556 | |
| Domino's Pizza Inc. | 48,425 | 16,436 | |
| * | Frontdoor Inc. | 237,690 | 16,313 |
| * | DraftKings Inc. Class A | 662,079 | 15,440 |
| * | Covista Inc. | 127,947 | 14,742 |
1
Explorer Fund
| Shares |
Market Value• ($000) |
||
| Pool Corp. | 62,023 | 13,231 | |
| * | Etsy Inc. | 196,078 | 12,616 |
| * | BJ's Restaurants Inc. | 327,062 | 12,559 |
| * | Revolve Group Inc. | 491,984 | 12,521 |
| * | Deckers Outdoor Corp. | 106,472 | 10,881 |
| * | Brinker International Inc. | 71,466 | 10,880 |
| * | Sonos Inc. | 663,121 | 9,834 |
| Monarch Casino & Resort Inc. | 81,588 | 9,684 | |
| * | Cavco Industries Inc. | 17,831 | 9,040 |
| Buckle Inc. | 160,952 | 8,951 | |
| Red Rock Resorts Inc. Class A | 161,847 | 8,733 | |
| * | Abercrombie & Fitch Co. Class A | 100,591 | 8,585 |
| * | Grand Canyon Education Inc. | 39,677 | 6,708 |
| * | Planet Fitness Inc. Class A | 95,670 | 6,378 |
| * | American Public Education Inc. | 95,558 | 5,557 |
| *,1 | Floor & Decor Holdings Inc. Class A | 112,056 | 5,424 |
| * | Warby Parker Inc. Class A | 236,726 | 5,236 |
| * | Fox Factory Holding Corp. | 253,520 | 4,500 |
| * | National Vision Holdings Inc. | 184,530 | 4,285 |
| Dine Brands Global Inc. | 150,130 | 4,171 | |
| Carriage Services Inc. | 80,893 | 3,972 | |
| LCI Industries | 30,692 | 3,659 | |
| Bloomin' Brands Inc. | 566,186 | 3,454 | |
| * | Wayfair Inc. Class A | 52,045 | 3,327 |
| Upbound Group Inc. | 166,132 | 3,283 | |
| * | Stitch Fix Inc. Class A | 880,954 | 3,207 |
| * | Gentherm Inc. | 100,935 | 3,038 |
| Perdoceo Education Corp. | 81,734 | 2,774 | |
| OneSpaWorld Holdings Ltd. | 101,171 | 2,495 | |
| *,1 | Light & Wonder Inc. | 29,035 | 2,429 |
| * | Universal Technical Institute Inc. | 64,088 | 2,405 |
| * | Victoria's Secret & Co. | 40,597 | 2,104 |
| * | Genesco Inc. | 53,881 | 1,912 |
| * | Peloton Interactive Inc. Class A | 322,735 | 1,759 |
| * | ThredUP Inc. Class A | 400,296 | 1,717 |
| * | Cava Group Inc. | 17,562 | 1,641 |
| * | Coursera Inc. | 270,389 | 1,609 |
| Standard Motor Products Inc. | 40,577 | 1,516 | |
| * | Sabre Corp. | 758,967 | 1,389 |
| * | Duolingo Inc. | 7,836 | 863 |
| Wolverine World Wide Inc. | 41,664 | 709 | |
| * | Accel Entertainment Inc. | 54,073 | 675 |
| 2,247,226 | |||
| Consumer Staples (2.5%) | |||
| * | US Foods Holding Corp. | 1,425,439 | 133,264 |
| Casey's General Stores Inc. | 126,795 | 104,244 | |
| * | Freshpet Inc. | 1,249,353 | 84,181 |
| * | Performance Food Group Co. | 657,514 | 59,544 |
| * | BJ's Wholesale Club Holdings Inc. | 493,243 | 46,311 |
| Turning Point Brands Inc. | 300,257 | 24,225 | |
| Coca-Cola Consolidated Inc. | 99,154 | 20,333 | |
| * | Sprouts Farmers Market Inc. | 227,652 | 18,633 |
| * | e.l.f. Beauty Inc. | 291,092 | 18,621 |
| PriceSmart Inc. | 67,467 | 10,587 | |
| Marzetti Co. | 48,928 | 6,374 | |
| WD-40 Co. | 27,632 | 5,802 | |
| * | Celsius Holdings Inc. | 144,867 | 4,863 |
| John B Sanfilippo & Son Inc. | 39,124 | 3,200 | |
| * | Herbalife Ltd. | 185,642 | 3,082 |
| Pilgrim's Pride Corp. | 78,240 | 2,590 | |
| * | Darling Ingredients Inc. | 39,103 | 2,512 |
| J & J Snack Foods Corp. | 17,512 | 1,546 | |
| * | Boston Beer Co. Inc. Class A | 4,230 | 1,003 |
| Natural Grocers by Vitamin Cottage Inc. | 33,666 | 975 | |
| * | Niagen Bioscience Inc. | 168,651 | 798 |
| Dole plc | 41,105 | 624 | |
| Energizer Holdings Inc. | 30,153 | 590 | |
| 553,902 | |||
2
Explorer Fund
| Shares |
Market Value• ($000) |
||
| Energy (4.2%) | |||
| Permian Resources Corp. Class A | 9,184,773 | 198,575 | |
| Viper Energy Inc. Class A | 3,754,255 | 185,385 | |
| Chord Energy Corp. | 925,086 | 134,692 | |
| * | Tidewater Inc. | 780,685 | 69,739 |
| TechnipFMC plc | 617,553 | 46,668 | |
| Cactus Inc. Class A | 786,119 | 43,803 | |
| Expand Energy Corp. | 421,348 | 43,041 | |
| Magnolia Oil & Gas Corp. Class A | 1,149,216 | 34,752 | |
| Solaris Energy Infrastructure Inc. | 391,000 | 28,871 | |
| Archrock Inc. | 688,098 | 26,664 | |
| HF Sinclair Corp. | 351,963 | 23,655 | |
| * | Antero Resources Corp. | 579,706 | 22,759 |
| * | Oceaneering International Inc. | 526,523 | 19,766 |
| Delek US Holdings Inc. | 158,007 | 7,362 | |
| Crescent Energy Co. Class A | 509,820 | 6,857 | |
| * | National Energy Services Reunited Corp. | 221,733 | 5,530 |
| * | REX American Resources Corp. | 105,347 | 5,109 |
| * | Par Pacific Holdings Inc. | 57,376 | 3,768 |
| * | PrimeEnergy Resources Corp. | 10,033 | 2,223 |
| * | Sable Offshore Corp. | 127,326 | 1,827 |
| Riley Exploration Permian Inc. | 43,757 | 1,583 | |
| Dorian LPG Ltd. | 38,251 | 1,475 | |
| VAALCO Energy Inc. | 217,663 | 1,430 | |
| * | Gulfport Energy Corp. | 6,975 | 1,343 |
| 916,877 | |||
| Financials (11.4%) | |||
| Wintrust Financial Corp. | 1,204,130 | 181,306 | |
| UMB Financial Corp. | 1,238,218 | 156,226 | |
| Houlihan Lokey Inc. | 969,017 | 149,955 | |
| HA Sustainable Infrastructure Capital Inc. | 3,225,627 | 135,315 | |
| Ally Financial Inc. | 2,807,255 | 124,614 | |
| Voya Financial Inc. | 1,483,182 | 121,562 | |
| Columbia Banking System Inc. | 4,051,217 | 119,916 | |
| First American Financial Corp. | 1,667,200 | 116,921 | |
| Pinnacle Financial Partners Inc. | 1,116,499 | 110,466 | |
| Assurant Inc. | 447,444 | 105,718 | |
| Southstate Bank Corp. | 1,049,759 | 102,530 | |
| StepStone Group Inc. Class A | 1,910,020 | 101,040 | |
| Piper Sandler Cos. | 927,232 | 80,855 | |
| Morningstar Inc. | 444,168 | 74,936 | |
| FirstCash Holdings Inc. | 309,699 | 67,583 | |
| * | Palomar Holdings Inc. | 514,227 | 61,903 |
| Ryan Specialty Holdings Inc. | 1,689,965 | 58,760 | |
| Evercore Inc. Class A | 143,616 | 46,142 | |
| BGC Group Inc. Class A | 3,394,858 | 38,124 | |
| * | Encore Capital Group Inc. | 451,976 | 37,410 |
| Tradeweb Markets Inc. Class A | 279,783 | 31,685 | |
| * | Toast Inc. Class A | 1,033,733 | 29,482 |
| *,1 | Shift4 Payments Inc. Class A | 607,030 | 26,879 |
| * | Affirm Holdings Inc. | 371,855 | 23,903 |
| *,1 | Bullish | 623,634 | 23,530 |
| Popular Inc. | 154,340 | 23,202 | |
| Jefferies Financial Group Inc. | 463,962 | 22,372 | |
| Hamilton Lane Inc. Class A | 223,834 | 20,590 | |
| WisdomTree Inc. | 1,201,476 | 20,425 | |
| StoneCo. Ltd. Class A | 1,501,079 | 16,482 | |
| Kinsale Capital Group Inc. | 50,304 | 16,279 | |
| First BanCorp (XNYS) | 600,405 | 14,578 | |
| * | NMI Holdings Inc. | 374,412 | 14,493 |
| * | Chime Financial Inc. Class A | 574,157 | 12,551 |
| Federated Hermes Inc. | 215,625 | 12,526 | |
| Banc of California Inc. | 576,781 | 10,803 | |
| * | Enova International Inc. | 63,222 | 10,710 |
| * | Skyward Specialty Insurance Group Inc. | 232,326 | 10,559 |
| * | Remitly Global Inc. | 472,828 | 10,350 |
| Virtus Investment Partners Inc. | 66,714 | 9,710 | |
| * | Slide Insurance Holdings Inc. | 452,476 | 8,439 |
| Acadian Asset Management Inc. | 124,753 | 8,402 | |
3
Explorer Fund
| Shares |
Market Value• ($000) |
||
| PagSeguro Digital Ltd. Class A | 810,731 | 8,124 | |
| * | Figure Technology Solutions Inc. Class A | 228,546 | 8,022 |
| * | Accelerant Holdings Class A | 615,831 | 8,012 |
| Bank of NT Butterfield & Son Ltd. | 142,747 | 7,915 | |
| * | Heritage Insurance Holdings Inc. | 268,411 | 7,870 |
| * | SiriusPoint Ltd. | 318,382 | 7,453 |
| HCI Group Inc. | 45,202 | 6,942 | |
| Moelis & Co. Class A | 85,582 | 5,573 | |
| Bank of Hawaii Corp. | 69,228 | 5,504 | |
| * | Euronet Worldwide Inc. | 72,746 | 5,265 |
| Universal Insurance Holdings Inc. | 130,460 | 5,170 | |
| EVERTEC Inc. | 170,138 | 5,024 | |
| * | Bowhead Specialty Holdings Inc. | 145,439 | 3,459 |
| XP Inc. Class A | 129,388 | 2,479 | |
| Marex Group plc | 39,864 | 2,127 | |
| Artisan Partners Asset Management Inc. Class A | 55,558 | 2,080 | |
| Northrim BanCorp Inc. | 83,064 | 2,038 | |
| * | NerdWallet Inc. Class A | 176,809 | 1,917 |
| * | Upstart Holdings Inc. | 50,039 | 1,580 |
| * | LendingTree Inc. | 31,807 | 1,577 |
| PROG Holdings Inc. | 40,484 | 1,451 | |
| NBT Bancorp Inc. | 31,266 | 1,366 | |
| Lazard Inc. | 18,869 | 915 | |
| TPG Inc. | 18,590 | 811 | |
| * | Marqeta Inc. Class A | 155,964 | 677 |
| 2,472,583 | |||
| Health Care (16.6%) | |||
| Bio-Techne Corp. | 2,382,713 | 131,812 | |
| * | ICON plc | 997,180 | 117,996 |
| Encompass Health Corp. | 1,006,501 | 100,650 | |
| * | Bridgebio Pharma Inc. | 1,391,279 | 98,934 |
| * | Insmed Inc. | 705,654 | 96,202 |
| * | Doximity Inc. Class A | 3,834,775 | 93,722 |
| * | Ionis Pharmaceuticals Inc. | 1,195,911 | 89,406 |
| * | Medpace Holdings Inc. | 213,349 | 89,321 |
| * | Madrigal Pharmaceuticals Inc. | 168,033 | 86,939 |
| * | Revolution Medicines Inc. | 534,794 | 77,074 |
| * | Axsome Therapeutics Inc. | 365,433 | 75,919 |
| * | Exelixis Inc. | 1,572,652 | 69,920 |
| * | Natera Inc. | 332,355 | 68,518 |
| * | Option Care Health Inc. | 2,978,485 | 60,553 |
| * | Neurocrine Biosciences Inc. | 454,544 | 59,850 |
| * | Ligand Pharmaceuticals Inc. | 260,339 | 59,735 |
| * | IRhythm Holdings Inc. | 458,646 | 59,239 |
| * | Veracyte Inc. | 1,769,829 | 58,263 |
| * | Roivant Sciences Ltd. | 2,001,232 | 57,095 |
| * | Halozyme Therapeutics Inc. | 882,573 | 56,185 |
| * | Globus Medical Inc. Class A | 605,764 | 54,628 |
| * | Insulet Corp. | 309,601 | 53,295 |
| * | Travere Therapeutics Inc. | 1,229,353 | 51,780 |
| * | Kymera Therapeutics Inc. | 635,592 | 51,527 |
| * | Ascendis Pharma A/S | 214,582 | 49,221 |
| * | Ultragenyx Pharmaceutical Inc. | 1,906,644 | 47,075 |
| QIAGEN NV | 1,315,319 | 45,484 | |
| * | Nuvalent Inc. Class A | 439,847 | 44,108 |
| * | TG Therapeutics Inc. | 1,303,280 | 44,025 |
| * | Apogee Therapeutics Inc. | 530,576 | 43,979 |
| * | Cytokinetics Inc. | 684,813 | 43,807 |
| * | Celldex Therapeutics Inc. | 1,328,705 | 43,688 |
| * | Crinetics Pharmaceuticals Inc. | 1,119,672 | 43,421 |
| Ensign Group Inc. | 230,791 | 43,086 | |
| * | Charles River Laboratories International Inc. | 250,000 | 41,742 |
| * | Repligen Corp. | 338,189 | 40,011 |
| * | BioMarin Pharmaceutical Inc. | 716,403 | 38,621 |
| * | Tenet Healthcare Corp. | 210,465 | 37,278 |
| * | Dexcom Inc. | 603,090 | 35,914 |
| * | Supernus Pharmaceuticals Inc. | 725,402 | 34,819 |
| * | HealthEquity Inc. | 413,178 | 33,893 |
| * | RadNet Inc. | 594,578 | 33,623 |
4
Explorer Fund
| Shares |
Market Value• ($000) |
||
| * | Protagonist Therapeutics Inc. | 332,600 | 32,917 |
| * | Glaukos Corp. | 227,554 | 32,693 |
| ResMed Inc. | 151,315 | 32,353 | |
| * | Rhythm Pharmaceuticals Inc. | 377,615 | 30,723 |
| * | IDEXX Laboratories Inc. | 52,397 | 29,384 |
| * | Illumina Inc. | 227,020 | 28,772 |
| * | Axogen Inc. | 580,595 | 25,082 |
| * | Structure Therapeutics Inc. ADR | 577,223 | 23,926 |
| * | Vaxcyte Inc. | 413,100 | 23,646 |
| * | Hinge Health Inc. Class A | 529,543 | 23,618 |
| * | Tandem Diabetes Care Inc. | 1,158,065 | 22,611 |
| * | Arrowhead Pharmaceuticals Inc. | 280,858 | 20,637 |
| *,1 | Penumbra Inc. | 58,951 | 19,246 |
| * | Mirum Pharmaceuticals Inc. | 190,154 | 18,504 |
| * | CG oncology Inc. | 257,600 | 17,192 |
| * | Waystar Holding Corp. | 762,108 | 16,290 |
| * | Geron Corp. (XNGS) | 10,174,592 | 15,669 |
| * | Merit Medical Systems Inc. | 223,607 | 15,246 |
| STERIS plc | 65,780 | 14,266 | |
| * | Alignment Healthcare Inc. | 625,060 | 14,089 |
| * | Viking Therapeutics Inc. | 444,125 | 13,848 |
| * | Scholar Rock Holding Corp. | 287,800 | 13,414 |
| * | Arcutis Biotherapeutics Inc. | 561,183 | 13,031 |
| * | Cooper Cos. Inc. | 206,053 | 12,961 |
| * | Azenta Inc. | 525,809 | 12,919 |
| * | Indivior Pharmaceuticals Inc. | 347,217 | 12,771 |
| * | Definium Therapeutics Inc. | 562,558 | 12,309 |
| * | BioCryst Pharmaceuticals Inc. | 1,341,254 | 12,286 |
| * | Praxis Precision Medicines Inc. | 38,250 | 12,195 |
| * | Guardant Health Inc. | 139,858 | 12,179 |
| * | Jazz Pharmaceuticals plc | 59,681 | 12,116 |
| * | ACADIA Pharmaceuticals Inc. | 524,179 | 11,768 |
| * | TransMedics Group Inc. | 116,163 | 11,708 |
| * | Arcus Biosciences Inc. | 452,833 | 11,547 |
| * | Amneal Pharmaceuticals Inc. | 880,942 | 11,338 |
| * | LivaNova plc | 182,866 | 10,990 |
| * | Inspire Medical Systems Inc. | 182,216 | 10,230 |
| * | Novocure Ltd. | 640,814 | 9,747 |
| * | Ardelyx Inc. | 1,508,019 | 9,546 |
| * | Viridian Therapeutics Inc. | 706,724 | 9,527 |
| * | Phreesia Inc. | 1,028,082 | 9,469 |
| * | Privia Health Group Inc. | 375,523 | 9,332 |
| * | Haemonetics Corp. | 155,199 | 9,326 |
| * | AtriCure Inc. | 325,248 | 9,143 |
| * | Arvinas Inc. | 896,372 | 8,874 |
| * | Certara Inc. | 1,409,954 | 8,643 |
| * | Syndax Pharmaceuticals Inc. | 389,777 | 8,353 |
| *,1 | Recursion Pharmaceuticals Inc. Class A | 2,340,373 | 8,098 |
| * | LifeStance Health Group Inc. | 1,055,274 | 7,988 |
| * | Veeva Systems Inc. Class A | 48,445 | 7,556 |
| * | Sarepta Therapeutics Inc. | 329,261 | 6,875 |
| * | Prothena Corp. plc | 617,222 | 6,826 |
| * | Castle Biosciences Inc. | 275,891 | 6,757 |
| * | Ironwood Pharmaceuticals Inc. | 1,632,083 | 6,732 |
| * | 10X Genomics Inc. Class A | 303,594 | 6,694 |
| *,1 | Hims & Hers Health Inc. | 239,057 | 6,495 |
| * | AnaptysBio Inc. | 98,262 | 6,459 |
| * | Beam Therapeutics Inc. | 196,215 | 5,951 |
| * | Cogent Biosciences Inc. | 165,777 | 5,933 |
| * | Puma Biotechnology Inc. | 777,390 | 5,838 |
| * | ADMA Biologics Inc. | 550,063 | 5,638 |
| *,1 | Lumexa Imaging Holdings Inc. | 582,029 | 5,570 |
| * | PTC Therapeutics Inc. | 83,669 | 5,443 |
| * | Progyny Inc. | 291,539 | 5,417 |
| * | Legend Biotech Corp. ADR | 219,007 | 5,151 |
| * | Adaptive Biotechnologies Corp. | 363,425 | 5,124 |
| * | Rocket Pharmaceuticals Inc. | 1,422,630 | 4,951 |
| * | BrightSpring Health Services Inc. | 101,190 | 4,854 |
| * | Xencor Inc. | 402,106 | 4,797 |
| * | Teladoc Health Inc. | 775,333 | 4,698 |
5
Explorer Fund
| Shares |
Market Value• ($000) |
||
| * | Janux Therapeutics Inc. | 326,362 | 4,690 |
| * | Biohaven Ltd. | 485,893 | 4,660 |
| * | Agios Pharmaceuticals Inc. | 166,336 | 4,657 |
| * | Dyne Therapeutics Inc. | 261,062 | 4,582 |
| * | Brookdale Senior Living Inc. | 313,530 | 4,502 |
| * | Vir Biotechnology Inc. | 409,998 | 4,188 |
| Stevanato Group SpA | 225,862 | 3,840 | |
| * | Corcept Therapeutics Inc. | 81,601 | 3,796 |
| * | Schrodinger Inc. | 315,620 | 3,775 |
| * | Catalyst Pharmaceuticals Inc. | 129,957 | 3,656 |
| * | Mineralys Therapeutics Inc. | 130,308 | 3,473 |
| * | CareDx Inc. | 164,266 | 3,418 |
| LeMaitre Vascular Inc. | 31,068 | 3,410 | |
| * | Altimmune Inc. | 1,213,513 | 3,155 |
| * | Xeris Biopharma Holdings Inc. | 490,039 | 3,001 |
| * | Pediatrix Medical Group Inc. | 126,346 | 2,844 |
| * | Lantheus Holdings Inc. | 33,573 | 2,841 |
| * | Aveanna Healthcare Holdings Inc. | 430,569 | 2,816 |
| * | NeoGenomics Inc. | 296,198 | 2,743 |
| * | Tempus AI Inc. Class A | 49,330 | 2,737 |
| *,1 | ImmunityBio Inc. | 370,147 | 2,628 |
| * | Alkermes plc | 75,284 | 2,538 |
| * | Tactile Systems Technology Inc. | 108,595 | 2,500 |
| *,1 | Arcturus Therapeutics Holdings Inc. | 285,663 | 2,462 |
| * | Omnicell Inc. | 58,953 | 2,442 |
| * | Taysha Gene Therapies Inc. | 374,723 | 2,394 |
| * | Rezolute Inc. | 741,500 | 2,373 |
| * | First Tracks Biotherapeutics Inc. | 98,262 | 2,287 |
| * | Community Health Systems Inc. | 768,760 | 2,183 |
| * | Kura Oncology Inc. | 245,051 | 2,164 |
| * | Capricor Therapeutics Inc. | 62,426 | 2,096 |
| * | Keros Therapeutics Inc. | 171,150 | 1,903 |
| * | Voyager Therapeutics Inc. | 457,063 | 1,705 |
| * | Vera Therapeutics Inc. | 47,122 | 1,678 |
| * | Verastem Inc. | 305,539 | 1,668 |
| * | Esperion Therapeutics Inc. | 829,785 | 1,660 |
| * | Enanta Pharmaceuticals Inc. | 119,191 | 1,656 |
| * | Accendra Health Inc. | 427,424 | 1,586 |
| * | Artivion Inc. | 43,233 | 1,549 |
| HealthStream Inc. | 71,509 | 1,485 | |
| * | Pacira BioSciences Inc. | 56,723 | 1,446 |
| * | Alector Inc. | 595,341 | 1,411 |
| * | Xenon Pharmaceuticals Inc. | 25,035 | 1,403 |
| * | Zevra Therapeutics Inc. | 137,128 | 1,395 |
| * | Bioventus Inc. Class A | 140,343 | 1,385 |
| * | CorVel Corp. | 23,911 | 1,374 |
| Phibro Animal Health Corp. Class A | 25,773 | 1,371 | |
| Embecta Corp. | 146,125 | 1,337 | |
| * | Ginkgo Bioworks Holdings Inc. | 152,992 | 1,294 |
| CONMED Corp. | 35,155 | 1,289 | |
| * | Phathom Pharmaceuticals Inc. | 113,018 | 1,266 |
| * | Harmony Biosciences Holdings Inc. | 39,133 | 1,223 |
| * | Organogenesis Holdings Inc. | 492,497 | 1,157 |
| * | Agenus Inc. | 290,646 | 1,136 |
| * | Amylyx Pharmaceuticals Inc. | 64,632 | 1,034 |
| * | Omada Health Inc. | 70,923 | 1,034 |
| * | Kiniksa Pharmaceuticals International plc | 19,073 | 1,026 |
| * | ClearPoint Neuro Inc. | 89,224 | 997 |
| iRadimed Corp. | 11,870 | 990 | |
| * | Ocular Therapeutix Inc. | 98,729 | 925 |
| * | Pennant Group Inc. | 28,856 | 904 |
| * | CytomX Therapeutics Inc. | 193,442 | 816 |
| * | Inmode Ltd. | 55,713 | 806 |
| * | SI-BONE Inc. | 63,144 | 782 |
| * | Immunome Inc. | 33,396 | 766 |
| Mesa Laboratories Inc. | 7,490 | 749 | |
| * | Joint Corp. | 81,335 | 721 |
| * | Codexis Inc. | 237,927 | 671 |
| Chemed Corp. | 1,515 | 644 | |
| * | MacroGenics Inc. | 178,139 | 549 |
6
Explorer Fund
| Shares |
Market Value• ($000) |
||
| * | Aldeyra Therapeutics Inc. | 331,506 | 504 |
| * | OptimizeRx Corp. | 78,924 | 492 |
| * | Pulmonx Corp. | 383,092 | 490 |
| *,1,2 | Cartesian Therapeutics Inc. CVR | 528,838 | 95 |
| *,2 | OmniAb Inc. 12.5 Earnout | 84,348 | - |
| *,2 | OmniAb Inc. 15 Earnout | 84,348 | - |
| *,2 | Carisma Therapeutics Inc. CVR | 1,476,709 | - |
| 3,605,860 | |||
| Industrials (23.9%) | |||
| * | Bloom Energy Corp. Class A | 1,133,668 | 321,236 |
| Comfort Systems USA Inc. | 140,662 | 258,853 | |
| * | RBC Bearings Inc. | 295,229 | 176,869 |
| Primoris Services Corp. | 972,378 | 176,146 | |
| * | Kirby Corp. | 1,146,565 | 172,604 |
| * | Clean Harbors Inc. | 536,644 | 167,798 |
| BWX Technologies Inc. | 768,974 | 166,398 | |
| Applied Industrial Technologies Inc. | 540,315 | 165,201 | |
| AAON Inc. | 1,722,784 | 160,753 | |
| Ryder System Inc. | 622,266 | 157,912 | |
| WESCO International Inc. | 403,188 | 140,761 | |
| * | Nextpower Inc. Class A | 1,176,740 | 140,185 |
| GATX Corp. | 560,063 | 109,728 | |
| * | StandardAero Inc. | 4,389,739 | 109,129 |
| * | XPO Inc. | 486,439 | 107,080 |
| Rush Enterprises Inc. Class A | 1,393,527 | 103,163 | |
| * | Rocket Lab Corp. | 1,243,801 | 102,626 |
| * | API Group Corp. | 2,218,601 | 101,434 |
| AerCap Holdings NV | 698,513 | 99,336 | |
| Acuity Inc. | 331,767 | 96,136 | |
| FTAI Aviation Ltd. | 357,165 | 89,173 | |
| Advanced Drainage Systems Inc. | 573,880 | 85,652 | |
| Korn Ferry | 1,254,505 | 83,349 | |
| * | Kratos Defense & Security Solutions Inc. | 1,273,241 | 80,278 |
| Vertiv Holdings Co. Class A | 203,811 | 66,950 | |
| Boise Cascade Co. | 794,424 | 62,974 | |
| * | Legence Corp. Class A | 659,766 | 57,373 |
| * | Karman Holdings Inc. | 803,317 | 54,610 |
| * | Generac Holdings Inc. | 210,360 | 54,532 |
| * | Modine Manufacturing Co. | 204,521 | 52,077 |
| HEICO Corp. Class A | 229,254 | 47,919 | |
| EMCOR Group Inc. | 50,421 | 44,959 | |
| * | GXO Logistics Inc. | 762,515 | 43,562 |
| Leonardo DRS Inc. | 1,064,700 | 43,259 | |
| * | AeroVironment Inc. | 216,078 | 42,140 |
| Verisk Analytics Inc. | 218,288 | 40,272 | |
| * | Construction Partners Inc. Class A | 315,400 | 39,002 |
| WillScot Holdings Corp. | 1,722,560 | 38,999 | |
| * | SPX Technologies Inc. | 175,870 | 38,500 |
| * | Saia Inc. | 85,049 | 38,172 |
| Hubbell Inc. | 68,401 | 34,759 | |
| Rockwell Automation Inc. | 83,990 | 34,344 | |
| JB Hunt Transport Services Inc. | 135,542 | 34,093 | |
| Maximus Inc. | 510,689 | 33,511 | |
| Regal Rexnord Corp. | 154,737 | 33,273 | |
| Federal Signal Corp. | 253,029 | 31,155 | |
| * | SiteOne Landscape Supply Inc. | 246,579 | 31,081 |
| * | MYR Group Inc. | 73,453 | 29,735 |
| * | Axon Enterprise Inc. | 71,127 | 28,576 |
| * | Sterling Infrastructure Inc. | 55,269 | 28,498 |
| * | Trex Co. Inc. | 727,000 | 28,498 |
| Curtiss-Wright Corp. | 38,812 | 27,952 | |
| RB Global Inc. (XTSE) | 256,014 | 26,702 | |
| EnerSys | 116,174 | 24,775 | |
| Moog Inc. Class A | 80,782 | 24,340 | |
| Powell Industries Inc. | 87,325 | 24,213 | |
| * | Casella Waste Systems Inc. Class A | 288,918 | 22,897 |
| * | American Superconductor Corp. | 424,487 | 22,727 |
| * | Arxis Inc. Class A | 629,127 | 22,019 |
| Watts Water Technologies Inc. Class A | 70,804 | 21,253 | |
7
Explorer Fund
| Shares |
Market Value• ($000) |
||
| Griffon Corp. | 229,383 | 20,913 | |
| * | Forgent Power Solutions Inc. | 555,718 | 20,906 |
| * | Cimpress plc | 236,011 | 20,878 |
| Sensata Technologies Holding plc | 484,549 | 20,177 | |
| *,1 | York Space Systems Inc. | 510,726 | 16,936 |
| *,1 | EquipmentShare.com Inc. Class A | 805,999 | 16,922 |
| Argan Inc. | 24,439 | 16,374 | |
| VSE Corp. | 94,900 | 16,292 | |
| * | Vicor Corp. | 59,875 | 16,123 |
| * | Xometry Inc. Class A | 310,736 | 15,931 |
| ESCO Technologies Inc. | 49,105 | 15,908 | |
| Mueller Water Products Inc. Class A | 537,154 | 14,981 | |
| Carpenter Technology Corp. | 32,130 | 13,758 | |
| * | Paylocity Holding Corp. | 128,149 | 13,518 |
| JBT Marel Corp. | 106,236 | 12,546 | |
| TriNet Group Inc. | 259,365 | 11,874 | |
| Allison Transmission Holdings Inc. | 87,825 | 11,799 | |
| * | Willdan Group Inc. | 138,584 | 10,532 |
| * | Planet Labs PBC | 278,043 | 10,279 |
| * | Kornit Digital Ltd. | 608,972 | 9,628 |
| * | DXP Enterprises Inc. | 55,486 | 9,474 |
| Interface Inc. | 326,322 | 9,098 | |
| Exponent Inc. | 122,332 | 8,183 | |
| * | CoreCivic Inc. | 389,487 | 7,969 |
| * | Alaska Air Group Inc. | 188,256 | 7,363 |
| * | Astronics Corp. | 98,701 | 7,047 |
| * | Allegiant Travel Co. | 91,877 | 6,950 |
| AZZ Inc. | 45,419 | 6,497 | |
| * | Blue Bird Corp. | 100,493 | 6,443 |
| * | V2X Inc. | 93,678 | 6,352 |
| Timken Co. | 56,053 | 6,216 | |
| * | Legalzoom.com Inc. | 961,914 | 6,204 |
| * | Healthcare Services Group Inc. | 255,429 | 5,469 |
| Donaldson Co. Inc. | 61,745 | 5,444 | |
| Landstar System Inc. | 28,918 | 5,323 | |
| * | Dycom Industries Inc. | 12,216 | 5,059 |
| * | Lyft Inc. Class A | 331,476 | 4,690 |
| Trinity Industries Inc. | 138,196 | 4,507 | |
| MSA Safety Inc. | 27,079 | 4,506 | |
| Enpro Inc. | 15,085 | 4,398 | |
| * | Upwork Inc. | 404,860 | 4,190 |
| Allient Inc. | 54,701 | 4,167 | |
| McGrath RentCorp. | 34,151 | 3,775 | |
| * | Liquidity Services Inc. | 102,329 | 3,648 |
| CRA International Inc. | 22,005 | 3,465 | |
| Zurn Elkay Water Solutions Corp. | 65,788 | 3,418 | |
| * | RXO Inc. | 157,174 | 3,139 |
| * | Amprius Technologies Inc. | 144,189 | 3,037 |
| Pitney Bowes Inc. | 196,374 | 3,036 | |
| *,1 | Intuitive Machines Inc. | 116,745 | 2,959 |
| Costamare Inc. | 176,445 | 2,933 | |
| * | Shoals Technologies Group Inc. Class A | 353,249 | 2,805 |
| * | Energy Recovery Inc. | 227,543 | 2,519 |
| * | Eos Energy Enterprises Inc. | 355,292 | 2,380 |
| * | Innodata Inc. | 55,901 | 2,361 |
| Enerpac Tool Group Corp. | 67,232 | 2,360 | |
| * | Array Technologies Inc. | 295,380 | 2,286 |
| * | ExlService Holdings Inc. | 70,170 | 2,237 |
| * | Satellogic Inc. Class A | 334,631 | 2,162 |
| Park Aerospace Corp. | 55,574 | 1,882 | |
| Genpact Ltd. | 45,902 | 1,595 | |
| Tetra Tech Inc. | 42,059 | 1,359 | |
| *,1 | Red Cat Holdings Inc. | 114,632 | 1,343 |
| Kforce Inc. | 27,322 | 1,235 | |
| Douglas Dynamics Inc. | 25,621 | 1,182 | |
| * | Graham Corp. | 10,782 | 1,026 |
| * | Gibraltar Industries Inc. | 25,238 | 985 |
| * | Franklin Covey Co. | 32,242 | 684 |
| Barrett Business Services Inc. | 19,935 | 629 | |
| * | IBEX Holdings Ltd. | 18,504 | 513 |
8
Explorer Fund
| Shares |
Market Value• ($000) |
||
| Insteel Industries Inc. | 17,399 | 456 | |
| 5,204,734 | |||
| Information Technology (19.9%) | |||
| * | Credo Technology Group Holding Ltd. | 1,842,094 | 320,543 |
| * | Fabrinet | 307,413 | 210,108 |
| * | MACOM Technology Solutions Holdings Inc. | 726,132 | 204,486 |
| * | Guidewire Software Inc. | 1,392,440 | 192,700 |
| * | Sandisk Corp. | 168,137 | 184,364 |
| * | Lattice Semiconductor Corp. | 1,118,448 | 136,764 |
| * | Everpure Inc. Class A | 1,788,273 | 127,772 |
| * | Procore Technologies Inc. | 2,233,521 | 126,373 |
| * | Unity Software Inc. | 4,609,431 | 121,781 |
| Littelfuse Inc. | 287,863 | 116,346 | |
| Power Integrations Inc. | 1,566,967 | 113,934 | |
| * | Coherent Corp. | 346,693 | 110,841 |
| * | Klaviyo Inc. Class A | 5,400,278 | 108,492 |
| * | Tower Semiconductor Ltd. | 458,782 | 101,414 |
| * | Viavi Solutions Inc. | 1,889,002 | 98,984 |
| * | Teledyne Technologies Inc. | 143,130 | 92,441 |
| * | DigitalOcean Holdings Inc. | 952,175 | 91,818 |
| * | Cirrus Logic Inc. | 558,924 | 91,149 |
| * | Rambus Inc. | 741,212 | 85,321 |
| * | Dynatrace Inc. | 2,345,313 | 84,924 |
| * | Onto Innovation Inc. | 286,210 | 84,449 |
| * | Astera Labs Inc. | 359,817 | 70,071 |
| * | Rubrik Inc. Class A | 1,192,625 | 63,424 |
| * | Allegro MicroSystems Inc. | 1,283,947 | 62,271 |
| * | Manhattan Associates Inc. | 418,169 | 57,661 |
| * | Ciena Corp. | 92,078 | 48,579 |
| * | MaxLinear Inc. | 650,651 | 46,034 |
| Pegasystems Inc. | 1,192,547 | 43,588 | |
| Clear Secure Inc. Class A | 748,623 | 39,969 | |
| * | SentinelOne Inc. Class A | 2,792,919 | 39,548 |
| Jabil Inc. | 114,964 | 38,799 | |
| * | Ambarella Inc. | 498,308 | 34,284 |
| * | Extreme Networks Inc. | 1,414,320 | 31,242 |
| *,1 | Wix.com Ltd. | 409,490 | 30,585 |
| Microchip Technology Inc. | 322,464 | 29,960 | |
| Cognex Corp. | 500,207 | 27,766 | |
| * | Varonis Systems Inc. | 1,033,940 | 27,193 |
| * | Tyler Technologies Inc. | 77,649 | 26,489 |
| * | SiTime Corp. | 45,675 | 25,676 |
| * | JFrog Ltd. | 528,455 | 24,541 |
| *,1 | IonQ Inc. | 531,443 | 23,979 |
| * | Trimble Inc. | 343,559 | 23,128 |
| * | GLOBALFOUNDRIES Inc. | 335,451 | 21,670 |
| Advanced Energy Industries Inc. | 56,432 | 21,665 | |
| * | Okta Inc. | 294,135 | 21,663 |
| * | ON Semiconductor Corp. | 212,916 | 21,464 |
| * | nCino Inc. | 1,168,129 | 20,419 |
| * | Zeta Global Holdings Corp. Class A | 1,003,057 | 18,476 |
| *,1 | SailPoint Inc. | 1,600,003 | 18,272 |
| * | MongoDB Inc. | 71,618 | 17,964 |
| * | Nutanix Inc. Class A | 432,369 | 17,680 |
| * | PTC Inc. | 128,154 | 17,467 |
| * | Commvault Systems Inc. | 174,261 | 17,231 |
| * | Ultra Clean Holdings Inc. | 215,200 | 16,818 |
| * | Teradata Corp. | 627,057 | 16,523 |
| * | Sanmina Corp. | 74,449 | 16,216 |
| * | Braze Inc. Class A | 721,931 | 15,904 |
| * | Semtech Corp. | 151,328 | 15,897 |
| * | Elastic NV | 328,028 | 15,230 |
| * | nLight Inc. | 198,620 | 13,874 |
| Entegris Inc. | 94,381 | 13,344 | |
| * | Mirion Technologies Inc. | 670,005 | 13,233 |
| * | Applied Optoelectronics Inc. | 74,327 | 12,216 |
| * | FormFactor Inc. | 89,340 | 12,144 |
| * | Workiva Inc. | 224,930 | 12,029 |
| * | Alkami Technology Inc. | 733,463 | 11,574 |
9
Explorer Fund
| Shares |
Market Value• ($000) |
||
| * | Five9 Inc. | 647,433 | 11,136 |
| MKS Inc. | 38,814 | 11,013 | |
| * | Tenable Holdings Inc. | 522,363 | 10,912 |
| * | Applied Digital Corp. | 309,512 | 10,601 |
| * | Appian Corp. Class A | 499,912 | 10,393 |
| * | ADTRAN Holdings Inc. | 569,720 | 10,078 |
| * | Penguin Solutions Inc. | 316,746 | 9,632 |
| * | Netskope Inc. Class A | 960,700 | 9,569 |
| * | Rigetti Computing Inc. | 546,193 | 9,531 |
| * | D-Wave Quantum Inc. | 451,512 | 9,157 |
| * | Calix Inc. | 207,136 | 9,023 |
| * | Terawulf Inc. | 401,205 | 8,718 |
| A10 Networks Inc. | 294,337 | 7,853 | |
| RingCentral Inc. Class A | 194,932 | 7,840 | |
| * | Lumentum Holdings Inc. | 8,491 | 7,662 |
| * | Aurora Innovation Inc. | 1,226,493 | 7,212 |
| * | Arlo Technologies Inc. | 512,620 | 7,202 |
| * | Cellebrite DI Ltd. | 530,566 | 6,897 |
| * | AvePoint Inc. | 701,582 | 6,840 |
| * | Harmonic Inc. | 581,449 | 6,646 |
| * | Gitlab Inc. Class A | 274,755 | 6,083 |
| * | Sprout Social Inc. Class A | 993,497 | 5,961 |
| * | Evolv Technologies Holdings Inc. | 776,818 | 5,593 |
| * | Asana Inc. Class A | 859,961 | 5,435 |
| * | ServiceTitan Inc. Class A | 82,650 | 4,914 |
| * | PagerDuty Inc. | 736,316 | 4,897 |
| * | AppLovin Corp. Class A | 10,896 | 4,863 |
| * | Q2 Holdings Inc. | 95,369 | 4,840 |
| * | CEVA Inc. | 156,329 | 4,774 |
| Kulicke & Soffa Industries Inc. | 53,755 | 4,596 | |
| * | N-able Inc. | 875,827 | 4,537 |
| * | Plexus Corp. | 16,494 | 4,133 |
| * | Intapp Inc. | 174,371 | 3,915 |
| *,1 | Quantum Computing Inc. | 423,243 | 3,818 |
| * | Core Scientific Inc. | 182,362 | 3,647 |
| * | Kyndryl Holdings Inc. | 262,544 | 3,628 |
| * | eGain Corp. | 440,680 | 3,332 |
| * | Commerce.com Inc. | 1,097,342 | 3,105 |
| * | Freshworks Inc. Class A | 371,937 | 3,035 |
| * | Enphase Energy Inc. | 85,492 | 2,818 |
| * | Rapid7 Inc. | 463,119 | 2,732 |
| * | Yext Inc. | 688,091 | 2,656 |
| * | LiveRamp Holdings Inc. | 86,159 | 2,518 |
| * | 8x8 Inc. | 1,265,102 | 2,429 |
| Amkor Technology Inc. | 33,599 | 2,344 | |
| *,1 | SoundHound AI Inc. Class A | 282,422 | 2,248 |
| * | Domo Inc. Class B | 608,484 | 2,166 |
| * | Ouster Inc. | 80,230 | 2,163 |
| * | Qualys Inc. | 21,454 | 1,865 |
| * | PDF Solutions Inc. | 43,265 | 1,854 |
| * | Arteris Inc. | 60,497 | 1,752 |
| * | Progress Software Corp. | 58,277 | 1,623 |
| * | Ambiq Micro Inc. | 41,432 | 1,553 |
| * | Impinj Inc. | 10,462 | 1,516 |
| *,1 | Bitdeer Technologies Group Class A | 134,094 | 1,514 |
| * | Corsair Gaming Inc. | 212,625 | 1,444 |
| * | Itron Inc. | 17,190 | 1,441 |
| * | Alarm.com Holdings Inc. | 31,214 | 1,386 |
| * | Turtle Beach Corp. | 111,799 | 1,288 |
| * | Pagaya Technologies Ltd. Class A | 84,612 | 1,175 |
| *,1 | Rackspace Technology Inc. | 796,480 | 1,163 |
| * | Alpha & Omega Semiconductor Ltd. | 26,248 | 1,140 |
| * | Insight Enterprises Inc. | 14,911 | 1,087 |
| * | inTEST Corp. | 58,088 | 1,086 |
| OneSpan Inc. | 80,573 | 933 | |
| * | Digital Turbine Inc. | 248,579 | 877 |
| * | Weave Communications Inc. | 156,920 | 770 |
| InterDigital Inc. | 2,206 | 654 | |
| * | Viant Technology Inc. Class A | 48,966 | 532 |
10
Explorer Fund
| Shares |
Market Value• ($000) |
||
| * | Upland Software Inc. | 233,415 | 146 |
| 4,330,658 | |||
| Materials (2.4%) | |||
| Methanex Corp. | 2,079,003 | 136,258 | |
| Cabot Corp. | 1,307,861 | 100,653 | |
| * | James Hardie Industries plc | 4,600,545 | 96,565 |
| Element Solutions Inc. | 659,700 | 28,097 | |
| Balchem Corp. | 169,507 | 27,396 | |
| * | Constellium SE | 771,875 | 24,144 |
| Kaiser Aluminum Corp. | 127,361 | 21,706 | |
| United States Lime & Minerals Inc. | 187,694 | 20,209 | |
| Solstice Advanced Materials Inc. | 240,000 | 19,668 | |
| * | Century Aluminum Co. | 216,895 | 12,892 |
| * | Coeur Mining Inc. | 657,824 | 11,821 |
| Chemours Co. | 176,879 | 4,767 | |
| Eagle Materials Inc. | 21,188 | 4,452 | |
| Hecla Mining Co. | 226,292 | 4,078 | |
| Innospec Inc. | 44,147 | 3,367 | |
| * | O-I Glass Inc. | 303,460 | 2,764 |
| * | Compass Minerals International Inc. | 94,665 | 2,528 |
| * | Ingevity Corp. | 29,698 | 2,263 |
| Myers Industries Inc. | 105,208 | 2,168 | |
| * | USA Rare Earth Inc. | 35,144 | 913 |
| Orion SA | 112,449 | 846 | |
| 527,555 | |||
| Other (0.3%) | |||
| 3 | Vanguard Small-Cap ETF | 225,975 | 64,265 |
| Real Estate (2.7%) | |||
| CareTrust REIT Inc. | 3,194,279 | 126,014 | |
| Phillips Edison & Co. Inc. | 2,982,447 | 119,790 | |
| Rexford Industrial Realty Inc. | 2,731,625 | 98,038 | |
| Essential Properties Realty Trust Inc. | 2,882,010 | 90,582 | |
| American Healthcare REIT Inc. | 1,129,901 | 57,376 | |
| * | Jones Lang LaSalle Inc. | 58,735 | 18,685 |
| * | CoStar Group Inc. | 457,572 | 15,837 |
| Colliers International Group Inc. | 147,648 | 15,441 | |
| Outfront Media Inc. | 421,984 | 13,018 | |
| Xenia Hotels & Resorts Inc. | 756,137 | 12,302 | |
| DiamondRock Hospitality Co. | 1,202,352 | 12,264 | |
| Tanger Inc. | 155,559 | 5,768 | |
| Sunstone Hotel Investors Inc. | 344,403 | 3,382 | |
| * | Compass Inc. Class A | 366,178 | 2,772 |
| Gladstone Commercial Corp. | 103,725 | 1,308 | |
| RMR Group Inc. Class A | 56,973 | 1,015 | |
| St. Joe Co. | 10,016 | 647 | |
| 594,239 | |||
| Utilities (1.5%) | |||
| NiSource Inc. | 2,467,926 | 119,152 | |
| IDACORP Inc. | 750,943 | 110,944 | |
| ONE Gas Inc. | 841,494 | 75,078 | |
| American States Water Co. | 94,398 | 7,107 | |
| * | Hallador Energy Co. | 94,534 | 1,468 |
| MGE Energy Inc. | 9,849 | 790 | |
| 314,539 | |||
| Total Common Stocks (Cost $14,991,970) | 21,267,750 | ||
| Temporary Cash Investments (2.7%) | |||
| Money Market Fund (2.2%) | |||
| 4,5 | Vanguard Market Liquidity Fund, 3.685% | 4,855,703 | 485,522 |
|
Face Amount ($000) |
|||
| Repurchase Agreements (0.5%) | |||
|
Deutsche Bank Securities, Inc. 3.650%, 5/1/2026 (Dated 4/30/2026, Repurchase Value $18,602, collateralized by U.S. Treasury Obligations 4.500%, 11/15/2054, with a value of $18,972) |
18,600 | 18,600 | |
11
Explorer Fund
|
Face Amount ($000) |
Market Value• ($000) |
||
|
HSBC Bank USA 3.650%, 5/1/2026 (Dated 4/30/2026, Repurchase Value $88,409, collateralized by U.S. Government Agency Obligations 1.500%-7.500%, 2/1/2031-5/1/2056, with a value of $90,168) |
88,400 | 88,400 | |
| 107,000 | |||
| Total Temporary Cash Investments (Cost $592,509) | 592,522 | ||
| Total Investments (100.4%) (Cost $15,584,479) | 21,860,272 | ||
| Other Assets and Liabilities-Net (-0.4%) | (95,227) | ||
| Net Assets (100%) | 21,765,045 | ||
| Cost is in $000. | |||
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $123,424. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $124,934 was received for securities on loan. |
| ADR-American Depositary Receipt. | |
| CVR-Contingent Value Rights. | |
| REIT-Real Estate Investment Trust. |
Derivative Financial Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration |
Number of Long (Short) Contracts |
Notional Amount |
Value and Unrealized Appreciation (Depreciation) |
|
| Long Futures Contracts | ||||
| E-mini Russell 2000 Index | June 2026 | 1,468 | 206,093 | 5,324 |
See accompanying Notes, which are an integral part of the Financial Statements.
12
Explorer Fund
Statement of Assets and Liabilities
As of April 30, 2026
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $15,067,458) | 21,310,485 |
| Affiliated Issuers (Cost $517,021) | 549,787 |
| Total Investments in Securities | 21,860,272 |
| Investment in Vanguard | 473 |
| Cash | 549 |
| Cash Collateral Pledged-Futures Contracts | 16,038 |
| Receivables for Investment Securities Sold | 27,143 |
| Receivables for Accrued Income | 6,814 |
| Receivables for Capital Shares Issued | 3,381 |
| Variation Margin Receivable-Futures Contracts | 4,518 |
| Total Assets | 21,919,188 |
| Liabilities | |
| Payables for Investment Securities Purchased | 10,307 |
| Collateral for Securities on Loan | 124,934 |
| Payables to Investment Advisor | 6,890 |
| Payables for Capital Shares Redeemed | 10,675 |
| Payables to Vanguard | 1,337 |
| Total Liabilities | 154,143 |
| Net Assets | 21,765,045 |
| 1 Includes $123,424 of securities on loan. | |
| At April 30, 2026, net assets consisted of: | |
| Paid-in Capital | 14,535,589 |
| Total Distributable Earnings (Loss) | 7,229,456 |
| Net Assets | 21,765,045 |
| Investor Shares-Net Assets | |
|
Applicable to 16,370,441 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
2,084,852 |
| Net Asset Value Per Share-Investor Shares | $127.35 |
| Admiral™ Shares-Net Assets | |
|
Applicable to 166,237,779 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
19,680,193 |
| Net Asset Value Per Share-Admiral Shares | $118.39 |
See accompanying Notes, which are an integral part of the Financial Statements.
13
Explorer Fund
Statement of Operations
|
Six Months Ended April 30, 2026 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends-Unaffiliated Issuers1 | 78,479 |
| Dividends-Affiliated Issuers | 1,874 |
| Interest-Unaffiliated Issuers | 1,885 |
| Interest-Affiliated Issuers | 5,061 |
| Securities Lending-Net | 838 |
| Total Income | 88,137 |
| Expenses | |
| Investment Advisory Fees-Note B | |
| Basic Fee | 16,704 |
| Performance Adjustment | (2,838) |
| The Vanguard Group-Note C | |
| Management and Administrative-Investor Shares | 2,333 |
| Management and Administrative-Admiral Shares | 11,767 |
| Marketing and Distribution-Investor Shares | 55 |
| Marketing and Distribution-Admiral Shares | 414 |
| Custodian Fees | 42 |
| Shareholders' Reports-Investor Shares | 41 |
| Shareholders' Reports-Admiral Shares | 134 |
| Trustees' Fees and Expenses | 5 |
| Other Expenses | 53 |
| Total Expenses | 28,710 |
| Expenses Paid Indirectly | (20) |
| Net Expenses | 28,690 |
| Net Investment Income | 59,447 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold-Unaffiliated Issuers | 979,116 |
| Investment Securities Sold-Affiliated Issuers | 50,976 |
| Futures Contracts | 7,231 |
| Realized Net Gain (Loss) | 1,037,323 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities-Unaffiliated Issuers | 1,250,699 |
| Investment Securities-Affiliated Issuers | (23,670) |
| Futures Contracts | 7,327 |
| Change in Unrealized Appreciation (Depreciation) | 1,234,356 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,331,126 |
| 1 | Dividends are net of foreign withholding taxes of $112. |
See accompanying Notes, which are an integral part of the Financial Statements.
14
Explorer Fund
Statement of Changes in Net Assets
|
Six Months Ended April 30, 2026 |
Year Ended October 31, 2025 |
||
| ($000) | ($000) | ||
| Increase (Decrease) in Net Assets | |||
| Operations | |||
| Net Investment Income | 59,447 | 114,470 | |
| Realized Net Gain (Loss) | 1,037,323 | 1,440,690 | |
| Change in Unrealized Appreciation (Depreciation) | 1,234,356 | (118,530) | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,331,126 | 1,436,630 | |
| Distributions | |||
| Investor Shares | (138,765) | (193,539) | |
| Admiral Shares | (1,290,011) | (1,182,252) | |
| Total Distributions | (1,428,776) | (1,375,791) | |
| Capital Share Transactions | |||
| Investor Shares | (127,307) | (938,928) | |
| Admiral Shares | 445,188 | (556,995) | |
| Net Increase (Decrease) from Capital Share Transactions | 317,881 | (1,495,923) | |
| Total Increase (Decrease) | 1,220,231 | (1,435,084) | |
| Net Assets | |||
| Beginning of Period | 20,544,814 | 21,979,898 | |
| End of Period | 21,765,045 | 20,544,814 | |
See accompanying Notes, which are an integral part of the Financial Statements.
15
Explorer Fund
Financial Highlights
| Investor Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended April 30, 2026 |
Year Ended October 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net Asset Value, Beginning of Period | $122.25 | $120.89 | $92.60 | $99.70 | $151.47 | $110.44 |
| Investment Operations | ||||||
| Net Investment Income1 | .287 | .516 | .535 | .563 | .349 | .206 |
| Net Realized and Unrealized Gain (Loss) on Investments | 13.290 | 8.321 | 28.636 | (2.910) | (31.635) | 49.372 |
| Total from Investment Operations | 13.577 | 8.837 | 29.171 | (2.347) | (31.286) | 49.578 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.519) | (.487) | (.579) | (.360) | (.278) | (.158) |
| Distributions from Realized Capital Gains | (7.958) | (6.990) | (.302) | (4.393) | (20.206) | (8.390) |
| Total Distributions | (8.477) | (7.477) | (.881) | (4.753) | (20.484) | (8.548) |
| Net Asset Value, End of Period | $127.35 | $122.25 | $120.89 | $92.60 | $99.70 | $151.47 |
| Total Return2 | 11.71% | 7.70% | 31.61% | -2.33% | -23.09% | 46.27% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $2,085 | $2,127 | $3,172 | $2,637 | $2,894 | $4,074 |
| Ratio of Total Expenses to Average Net Assets3 | 0.38%4 | 0.39%4 | 0.44%5 | 0.45%4 | 0.45%4 | 0.40% |
| Ratio of Net Investment Income to Average Net Assets | 0.47% | 0.45% | 0.47% | 0.56% | 0.31% | 0.15% |
| Portfolio Turnover Rate | 26% | 51% | 35% | 40% | 44% | 45% |
| The expense ratio and net investment income ratio for the current period have been annualized. | ||||||
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.03%), (0.02%), 0.03%, 0.04%, 0.04%, and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.38%, 0.39%, 0.45%, and 0.45%, respectively. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.44%. |
See accompanying Notes, which are an integral part of the Financial Statements.
16
Explorer Fund
Financial Highlights
| Admiral Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended April 30, 2026 |
Year Ended October 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net Asset Value, Beginning of Period | $113.74 | $112.49 | $86.15 | $92.79 | $141.02 | $102.82 |
| Investment Operations | ||||||
| Net Investment Income1 | .328 | .605 | .614 | .625 | .437 | .321 |
| Net Realized and Unrealized Gain (Loss) on Investments | 12.366 | 7.734 | 26.647 | (2.730) | (29.417) | 45.967 |
| Total from Investment Operations | 12.694 | 8.339 | 27.261 | (2.105) | (28.980) | 46.288 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.639) | (.584) | (.640) | (.447) | (.434) | (.275) |
| Distributions from Realized Capital Gains | (7.405) | (6.505) | (.281) | (4.088) | (18.816) | (7.813) |
| Total Distributions | (8.044) | (7.089) | (.921) | (4.535) | (19.250) | (8.088) |
| Net Asset Value, End of Period | $118.39 | $113.74 | $112.49 | $86.15 | $92.79 | $141.02 |
| Total Return2 | 11.78% | 7.82% | 31.76% | -2.24% | -23.00% | 46.42% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $19,680 | $18,418 | $18,808 | $15,298 | $16,157 | $20,594 |
| Ratio of Total Expenses to Average Net Assets3 | 0.27%4 | 0.28%4 | 0.33%5 | 0.34%4 | 0.34%4 | 0.29% |
| Ratio of Net Investment Income to Average Net Assets | 0.58% | 0.56% | 0.58% | 0.67% | 0.42% | 0.25% |
| Portfolio Turnover Rate | 26% | 51% | 35% | 40% | 44% | 45% |
| The expense ratio and net investment income ratio for the current period have been annualized. | ||||||
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.03%), (0.02%), 0.03%, 0.04%, 0.04%, and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.27%, 0.28%, 0.34%, and 0.34%, respectively. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.33%. |
See accompanying Notes, which are an integral part of the Financial Statements.
17
Explorer Fund
Notes to Financial Statements
Vanguard Explorer Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. 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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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. Other 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.
2. 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 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.
3. 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. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended April 30, 2026, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
18
Explorer Fund
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended April 30, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
| B. | The investment advisory firms ArrowMark Colorado Holdings, LLC, ClearBridge Investments, LLC, Stephens Investment Management Group, LLC, and Wellington Management Company LLP, each provide investment advisory services to a portion of the fund. The basic fee for each advisor is calculated at an annual percentage rate of average net assets managed by the advisor. The basic fees of ArrowMark Colorado Holdings, LLC, and Stephens Investment Management Group, LLC, are subject to quarterly adjustments based on performance relative to the Russell 2500 Growth Index for the preceding five years. The basic fees of ClearBridge Investments, LLC, and Wellington Management Company LLP are subject to quarterly adjustments based on performance relative to the Russell 2500 Growth Index for the preceding three years. |
Vanguard, through its wholly owned subsidiary Vanguard Portfolio Management, LLC, provides investment advisory services to a portion of the fund fund as described below; the fund paid Vanguard advisory fees of $587,000 for the six months ended April 30, 2026.
For the six months ended April 30, 2026, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.16% of the fund's average net assets, before a net decrease of $2,838,000 (0.03%) based on performance.
In June 2026, the board of trustees approved T. Rowe Price & Associates, Inc., as an investment advisor to the fund, replacing ArrowMark Colorado Holdings, LLC. T. Rowe Price & Associates, Inc., will manage approximately 17.5% of the fund. This advisor change could result in portfolio transactions that may generate capital gains distributions.
| C. | In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2026, the fund had contributed to Vanguard capital in the amount of $473,000, representing less than 0.01% of the fund's net assets and 0.19% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
| D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended April 30, 2026, these arrangements reduced the fund's expenses by $20,000 (an annual rate of less than 0.01% of average net assets). |
| E. | Various inputs may be used to determine the value of the fund's investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
19
Explorer Fund
The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2026, based on the inputs used to value them:
|
Level 1 ($000) |
Level 2 ($000) |
Level 3 ($000) |
Total ($000) |
|
| Investments | ||||
| Assets | ||||
| Common Stocks | 21,267,655 | - | 95 | 21,267,750 |
| Temporary Cash Investments | 485,522 | 107,000 | - | 592,522 |
| Total | 21,753,177 | 107,000 | 95 | 21,860,272 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 5,324 | - | - | 5,324 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities. |
| F. | As of April 30, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
|
Amount ($000) |
|
| Tax Cost | 15,691,799 |
| Gross Unrealized Appreciation | 7,297,469 |
| Gross Unrealized Depreciation | (1,123,672) |
| Net Unrealized Appreciation (Depreciation) | 6,173,797 |
| G. | During the six months ended April 30, 2026, the fund purchased $5,245,199,000 of investment securities and sold $6,434,298,000 of investment securities, other than temporary cash investments. |
The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisors or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended April 30, 2026, such purchases were $3,971,000 and sales were $5,885,000, resulting in net realized loss of $3,653,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
| H. | Capital share transactions for each class of shares were: |
|
Six Months Ended April 30, 2026 |
Year Ended October 31, 2025 |
||||
|
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) |
||
| Investor Shares | |||||
| Issued | 58,905 | 492 | 194,951 | 1,648 | |
| Issued in Lieu of Cash Distributions | 132,606 | 1,132 | 187,377 | 1,630 | |
| Redeemed | (318,818) | (2,654) | (1,321,256) | (12,115) | |
| Net Increase (Decrease)-Investor Shares | (127,307) | (1,030) | (938,928) | (8,837) | |
| Admiral Shares | |||||
| Issued | 1,341,957 | 11,838 | 1,833,923 | 17,083 | |
| Issued in Lieu of Cash Distributions | 1,207,271 | 11,091 | 1,092,290 | 10,222 | |
| Redeemed | (2,104,040) | (18,625) | (3,483,208) | (32,570) | |
| Net Increase (Decrease)-Admiral Shares | 445,188 | 4,304 | (556,995) | (5,265) | |
20
Explorer Fund
| I. | 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, 2025 Market Value ($000) |
Purchases at Cost ($000) |
Proceeds from Securities Sold ($000) |
Realized Net Gain (Loss) ($000) |
Change in Unrealized App. (Dep.) ($000) |
Income ($000) |
Capital Gain Distributions Received ($000) |
Apr. 30, 2026 Market Value ($000) |
|
| Vanguard Market Liquidity Fund | 304,600 | NA1 | NA1 | (4) | (31) | 5,061 | - | 485,522 |
| Vanguard Small-Cap ETF | 267,713 | 387,144 | 617,933 | 50,980 | (23,639) | 1,874 | - | 64,265 |
| Total | 572,313 | 387,144 | 617,933 | 50,976 | (23,670) | 6,935 | - | 549,787 |
| 1 | Not applicable-purchases and sales are for temporary cash investment purposes. |
| J. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance. |
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
| K. | Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements. |
| L. | Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements. |
Q242 062026
21
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Not applicable.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: 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. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19: Exhibits.
| (a)(1) | Not applicable. |
| (a)(2) | Certifications filed herewith. |
| (a)(2) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD EXPLORER FUND | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date: June 23, 2026
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/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date: June 23, 2026
| VANGUARD EXPLORER FUND | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER |
Date: June 23, 2026
| * By: | /s/ Natalie Lamarque |
Natalie Lamarque, pursuant to a Power of Attorney filed on December 19, 2025 (see File Number 33-49023), and to a Power of Attorney filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.
Vanguard Explorer Fund published this content on July 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 01, 2026 at 13:51 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]