# EDGAR Filing Document

**Accession Number:** 0000034066
**File Stem:** 0001104659-25-064863
**Filing Date:** 2025-7
**Character Count:** 166026
**Document Hash:** 25c6359b3d45eb9b7646879ea4e7bd24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064863.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001104659-25-064863

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD EXPLORER FUND
- **CENTRAL INDEX KEY:** 0000034066

**ORGANIZATION NAME:**
- **EIN:** 510106626
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01530
- **FILM NUMBER:** 251097866

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD EXPLORER FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXPLORER FUND INC
- **DATE OF NAME CHANGE:** 19900305

## Series and Classes Contracts Data

### VANGUARD EXPLORER FUND (Series ID: S000002578)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007081 | Investor Shares | VEXPX           |
| C000007082 | Admiral Shares  | VEXRX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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 Fund** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| **Name and address of agent for service:** | **Tonya T. Robinson, 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, 2024—April 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Explorer™ Fund](#classnamea7bfda92-a77f-4bdf-87eb-d755a2e5fb9e)<br> **[Investor Shares - VEXPX](#classnamea7bfda92-a77f-4bdf-87eb-d755a2e5fb9e)**  |
|  [Explorer™ Fund](#classnamea758c622-fe5b-42be-8a85-3c3fca6aa470)<br> **[Admiral™ Shares - VEXRX](#classnamea758c622-fe5b-42be-8a85-3c3fca6aa470)**  |

---

# Vanguard Explorer™ Fund
![Image](tm2515692d4_tsrimg001.jpg)

# Investor Shares (VEXPX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Explorer Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. 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.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $19 | 0.41%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 3.3% |
| Consumer Discretionary | 11.3% |
| Consumer Staples | 2.9% |
| Energy | 3.9% |
| Financials | 12.1% |
| Health Care | 18.0% |
| Industrials | 21.1% |
| Information Technology | 17.2% |
| Materials | 2.5% |
| Other | 1.1% |
| Real Estate | 3.3% |
| Utilities | 1.3% |
| Other Assets and Liabilities—Net | 2.0% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $18861 |
| Number of Portfolio Holdings | 733 |
| Portfolio Turnover Rate | 23% |

---

## 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<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR24

# Vanguard Explorer™ Fund
![Image](tm2515692d4_tsrimg001.jpg)

# Admiral™ Shares (VEXRX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Explorer Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. 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.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $14 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 3.3% |
| Consumer Discretionary | 11.3% |
| Consumer Staples | 2.9% |
| Energy | 3.9% |
| Financials | 12.1% |
| Health Care | 18.0% |
| Industrials | 21.1% |
| Information Technology | 17.2% |
| Materials | 2.5% |
| Other | 1.1% |
| Real Estate | 3.3% |
| Utilities | 1.3% |
| Other Assets and Liabilities—Net | 2.0% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $18861 |
| Number of Portfolio Holdings | 733 |
| Portfolio Turnover Rate | 23% |

---

## 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<sup>®</sup>** • 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© 2025 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.**

![](tm2515692d4explrfunfinsi001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Explorer™ Fund

------

#### Contents
Financial Statements 1 <br>

------

Explorer Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (98.0%)** | **Common Stocks (98.0%)** | **Common Stocks (98.0%)** | **Common Stocks (98.0%)** |
| **Communication Services (3.3%)** | **Communication Services (3.3%)** | **Communication Services (3.3%)** | **Communication Services (3.3%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Cinemark Holdings Inc. | 3314858 | &nbsp;&nbsp;&nbsp;&nbsp; 99147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;742629 | &nbsp;&nbsp;&nbsp;&nbsp; 98361 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | 1880966 | &nbsp;&nbsp;&nbsp;&nbsp; 97923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263146 | &nbsp;&nbsp;&nbsp;&nbsp; 61397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 1963668 | &nbsp;&nbsp;&nbsp;&nbsp; 54904 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307503 | &nbsp;&nbsp;&nbsp;&nbsp; 44616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ziff Davis Inc. | 1356773 | &nbsp;&nbsp;&nbsp;&nbsp; 40066 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;774945 | &nbsp;&nbsp;&nbsp;&nbsp; 27077 |
|  | &nbsp;&nbsp;&nbsp;Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;894037 | &nbsp;&nbsp;&nbsp;&nbsp; 21573 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reddit Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;156685 | &nbsp;&nbsp;&nbsp;&nbsp; 18265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZipRecruiter Inc. Class A | 2868856 | &nbsp;&nbsp;&nbsp;&nbsp; 14803 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355770 | &nbsp;&nbsp;&nbsp;&nbsp; 12480 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vimeo Inc. | 1193598 | &nbsp;&nbsp;&nbsp;&nbsp; 6016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83413 | &nbsp;&nbsp;&nbsp;&nbsp; 5687 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;219771 | &nbsp;&nbsp;&nbsp;&nbsp; 5217 |
|  | &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;643324 | &nbsp;&nbsp;&nbsp;&nbsp; 3390 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180080 | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;fuboTV Inc. | &nbsp;&nbsp;&nbsp;&nbsp;584438 | &nbsp;&nbsp;&nbsp;&nbsp; 1753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bandwidth Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;138727 | &nbsp;&nbsp;&nbsp;&nbsp; 1723 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mediaalpha Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;168749 | &nbsp;&nbsp;&nbsp;&nbsp; 1417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Anterix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47158 | &nbsp;&nbsp;&nbsp;&nbsp; 1408 |
|  | &nbsp;&nbsp;&nbsp;Sinclair Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52617 | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;171951 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35944 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **621478** |
| **Consumer Discretionary (11.3%)** | **Consumer Discretionary (11.3%)** | **Consumer Discretionary (11.3%)** | **Consumer Discretionary (11.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;568046 | &nbsp;&nbsp;&nbsp;&nbsp; 127833 |
|  | &nbsp;&nbsp;&nbsp;Texas Roadhouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;702843 | &nbsp;&nbsp;&nbsp;&nbsp; 116644 |
|  | &nbsp;&nbsp;&nbsp;Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;425651 | &nbsp;&nbsp;&nbsp;&nbsp; 112325 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Cheesecake Factory Inc. | 1643619 | &nbsp;&nbsp;&nbsp;&nbsp; 82789 |
|  | &nbsp;&nbsp;&nbsp;Somnigroup International Inc. | 1342287 | &nbsp;&nbsp;&nbsp;&nbsp; 81960 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;945716 | &nbsp;&nbsp;&nbsp;&nbsp; 81804 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | 2169820 | &nbsp;&nbsp;&nbsp;&nbsp; 81368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;911214 | &nbsp;&nbsp;&nbsp;&nbsp; 79950 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;852644 | &nbsp;&nbsp;&nbsp;&nbsp; 77088 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;978544 | &nbsp;&nbsp;&nbsp;&nbsp; 75328 |
|  | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 1071750 | &nbsp;&nbsp;&nbsp;&nbsp; 73029 |
|  | &nbsp;&nbsp;&nbsp;Levi Strauss & Co. Class A | 4310541 | &nbsp;&nbsp;&nbsp;&nbsp; 69012 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | 2780961 | &nbsp;&nbsp;&nbsp;&nbsp; 60569 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110922 | &nbsp;&nbsp;&nbsp;&nbsp; 54393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | 1780700 | &nbsp;&nbsp;&nbsp;&nbsp; 50839 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;731833 | &nbsp;&nbsp;&nbsp;&nbsp; 48462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;455864 | &nbsp;&nbsp;&nbsp;&nbsp; 48372 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Light & Wonder Inc. | &nbsp;&nbsp;&nbsp;&nbsp;565777 | &nbsp;&nbsp;&nbsp;&nbsp; 48306 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | 3965989 | &nbsp;&nbsp;&nbsp;&nbsp; 41762 |
|  | &nbsp;&nbsp;&nbsp;Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;211557 | &nbsp;&nbsp;&nbsp;&nbsp; 35083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duolingo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86914 | &nbsp;&nbsp;&nbsp;&nbsp; 33851 |
|  | &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107858 | &nbsp;&nbsp;&nbsp;&nbsp; 31618 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299773 | &nbsp;&nbsp;&nbsp;&nbsp; 31278 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;906756 | &nbsp;&nbsp;&nbsp;&nbsp; 30186 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239223 | &nbsp;&nbsp;&nbsp;&nbsp; 30003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;394848 | &nbsp;&nbsp;&nbsp;&nbsp; 29965 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;581790 | &nbsp;&nbsp;&nbsp;&nbsp; 29450 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skechers USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;533997 | &nbsp;&nbsp;&nbsp;&nbsp; 25643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 25004 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | 1425355 | &nbsp;&nbsp;&nbsp;&nbsp; 22848 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp; 19117 |
|  | &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;499960 | &nbsp;&nbsp;&nbsp;&nbsp; 18839 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;75311 | &nbsp;&nbsp;&nbsp;&nbsp; 18402 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;368364 | &nbsp;&nbsp;&nbsp;&nbsp; 16182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32454 | &nbsp;&nbsp;&nbsp;&nbsp; 16027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107797 | &nbsp;&nbsp;&nbsp;&nbsp; 14477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326906 | &nbsp;&nbsp;&nbsp;&nbsp; 14214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325569 | &nbsp;&nbsp;&nbsp;&nbsp; 13384 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sweetgreen Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;665670 | &nbsp;&nbsp;&nbsp;&nbsp; 12967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | 1572315 | &nbsp;&nbsp;&nbsp;&nbsp; 12799 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199663 | &nbsp;&nbsp;&nbsp;&nbsp; 12359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232194 | &nbsp;&nbsp;&nbsp;&nbsp; 12255 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;347133 | &nbsp;&nbsp;&nbsp;&nbsp; 10674 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;145902 | &nbsp;&nbsp;&nbsp;&nbsp; 10129 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94762 | &nbsp;&nbsp;&nbsp;&nbsp; 10064 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95910 | &nbsp;&nbsp;&nbsp;&nbsp; 8865 |
|  | &nbsp;&nbsp;&nbsp;Red Rock Resorts Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;206387 | &nbsp;&nbsp;&nbsp;&nbsp; 8813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;92590 | &nbsp;&nbsp;&nbsp;&nbsp; 8758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warby Parker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;491117 | &nbsp;&nbsp;&nbsp;&nbsp; 8108 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sportradar Group AG Class A | &nbsp;&nbsp;&nbsp;&nbsp;331319 | &nbsp;&nbsp;&nbsp;&nbsp; 7657 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201463 | &nbsp;&nbsp;&nbsp;&nbsp; 7003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;340275 | &nbsp;&nbsp;&nbsp;&nbsp; 6911 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343323 | &nbsp;&nbsp;&nbsp;&nbsp; 6832 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59135 | &nbsp;&nbsp;&nbsp;&nbsp; 6700 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;776982 | &nbsp;&nbsp;&nbsp;&nbsp; 6542 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172610 | &nbsp;&nbsp;&nbsp;&nbsp; 6090 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. | &nbsp;&nbsp;&nbsp;&nbsp;70155 | &nbsp;&nbsp;&nbsp;&nbsp; 5727 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;452125 | &nbsp;&nbsp;&nbsp;&nbsp; 5584 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71274 | &nbsp;&nbsp;&nbsp;&nbsp; 5573 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195139 | &nbsp;&nbsp;&nbsp;&nbsp; 5476 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90789 | &nbsp;&nbsp;&nbsp;&nbsp; 5207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hanesbrands Inc. | 1131578 | &nbsp;&nbsp;&nbsp;&nbsp; 5194 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42938 | &nbsp;&nbsp;&nbsp;&nbsp; 4759 |
|  | &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;224043 | &nbsp;&nbsp;&nbsp;&nbsp; 4705 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;564428 | &nbsp;&nbsp;&nbsp;&nbsp; 3878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47142 | &nbsp;&nbsp;&nbsp;&nbsp; 3733 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80893 | &nbsp;&nbsp;&nbsp;&nbsp; 3233 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17352 | &nbsp;&nbsp;&nbsp;&nbsp; 3095 |
|  | &nbsp;&nbsp;&nbsp;Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27654 | &nbsp;&nbsp;&nbsp;&nbsp; 2789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100935 | &nbsp;&nbsp;&nbsp;&nbsp; 2625 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rush Street Interactive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209300 | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
|  | &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;141693 | &nbsp;&nbsp;&nbsp;&nbsp; 2366 |
|  | &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;41606 | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Peloton Interactive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;322735 | &nbsp;&nbsp;&nbsp;&nbsp; 2224 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81734 | &nbsp;&nbsp;&nbsp;&nbsp; 2053 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33463 | &nbsp;&nbsp;&nbsp;&nbsp; 2013 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96523 | &nbsp;&nbsp;&nbsp;&nbsp; 1852 |
|  | &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130135 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178180 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genesco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78866 | &nbsp;&nbsp;&nbsp;&nbsp; 1530 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;467071 | &nbsp;&nbsp;&nbsp;&nbsp; 1527 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14352 | &nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sabre Corp. | &nbsp;&nbsp;&nbsp;&nbsp;590708 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
|  | &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;110744 | &nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38061 | &nbsp;&nbsp;&nbsp;&nbsp; 1267 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40577 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
|  | &nbsp;&nbsp;&nbsp;Dine Brands Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45169 | &nbsp;&nbsp;&nbsp;&nbsp; 899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232030 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Public Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36549 | &nbsp;&nbsp;&nbsp;&nbsp; 859 |
|  | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82883 | &nbsp;&nbsp;&nbsp;&nbsp; 673 |
|  | &nbsp;&nbsp;&nbsp;International Game Technology plc | &nbsp;&nbsp;&nbsp;&nbsp;40766 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
|  | &nbsp;&nbsp;&nbsp;J Jill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42827 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;KinderCare Learning Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48989 | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolve Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29903 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Leslie's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481499 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2127522** |
| **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Simply Good Foods Co. | 2504606 | &nbsp;&nbsp;&nbsp;&nbsp; 90441 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175400 | &nbsp;&nbsp;&nbsp;&nbsp; 81138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;902600 | &nbsp;&nbsp;&nbsp;&nbsp; 72804 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;501100 | &nbsp;&nbsp;&nbsp;&nbsp; 58909 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;761109 | &nbsp;&nbsp;&nbsp;&nbsp; 58712 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;648752 | &nbsp;&nbsp;&nbsp;&nbsp; 47709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153289 | &nbsp;&nbsp;&nbsp;&nbsp; 26212 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169770 | &nbsp;&nbsp;&nbsp;&nbsp; 17230 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11761 | &nbsp;&nbsp;&nbsp;&nbsp; 15946 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f. Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255600 | &nbsp;&nbsp;&nbsp;&nbsp; 15814 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181615 | &nbsp;&nbsp;&nbsp;&nbsp; 11148 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;184288 | &nbsp;&nbsp;&nbsp;&nbsp; 10059 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283318 | &nbsp;&nbsp;&nbsp;&nbsp; 7661 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75045 | &nbsp;&nbsp;&nbsp;&nbsp; 7007 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Herbalife Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;727536 | &nbsp;&nbsp;&nbsp;&nbsp; 5238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81697 | &nbsp;&nbsp;&nbsp;&nbsp; 2856 |
|  | &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39124 | &nbsp;&nbsp;&nbsp;&nbsp; 2593 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USANA Health Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57282 | &nbsp;&nbsp;&nbsp;&nbsp; 1609 |
|  | &nbsp;&nbsp;&nbsp;Utz Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88903 | &nbsp;&nbsp;&nbsp;&nbsp; 1182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Honest Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187347 | &nbsp;&nbsp;&nbsp;&nbsp; 897 |
|  | &nbsp;&nbsp;&nbsp;Dole plc | &nbsp;&nbsp;&nbsp;&nbsp;41105 | &nbsp;&nbsp;&nbsp;&nbsp; 624 |
|  | &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11833 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **536383** |
| **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |
|  | &nbsp;&nbsp;&nbsp;Viper Energy Inc. | 4138464 | &nbsp;&nbsp;&nbsp;&nbsp; 166904 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | 4219297 | &nbsp;&nbsp;&nbsp;&nbsp; 146958 |
|  | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | 4761710 | &nbsp;&nbsp;&nbsp;&nbsp; 97758 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;458386 | &nbsp;&nbsp;&nbsp;&nbsp; 47626 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 1125124 | &nbsp;&nbsp;&nbsp;&nbsp; 44487 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;840300 | &nbsp;&nbsp;&nbsp;&nbsp; 41544 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 1474708 | &nbsp;&nbsp;&nbsp;&nbsp; 41543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seadrill Ltd. | 1632746 | &nbsp;&nbsp;&nbsp;&nbsp; 33537 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;662010 | &nbsp;&nbsp;&nbsp;&nbsp; 27407 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16953 | &nbsp;&nbsp;&nbsp;&nbsp; 21850 |
|  | &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;612507 | &nbsp;&nbsp;&nbsp;&nbsp; 10137 |
|  | &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;358333 | &nbsp;&nbsp;&nbsp;&nbsp; 8166 |
|  | &nbsp;&nbsp;&nbsp;Archrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;333254 | &nbsp;&nbsp;&nbsp;&nbsp; 7842 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;411082 | &nbsp;&nbsp;&nbsp;&nbsp; 7297 |
|  | &nbsp;&nbsp;&nbsp;Crescent Energy Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;848079 | &nbsp;&nbsp;&nbsp;&nbsp; 7022 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;425626 | &nbsp;&nbsp;&nbsp;&nbsp; 5022 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26722 | &nbsp;&nbsp;&nbsp;&nbsp; 4610 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;116307 | &nbsp;&nbsp;&nbsp;&nbsp; 3906 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456165 | &nbsp;&nbsp;&nbsp;&nbsp; 2778 |
|  | &nbsp;&nbsp;&nbsp;Aris Water Solutions Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;99825 | &nbsp;&nbsp;&nbsp;&nbsp; 2492 |
|  | &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115264 | &nbsp;&nbsp;&nbsp;&nbsp; 2469 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44276 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
|  | &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;546325 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TETRA Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352674 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amplify Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;363162 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
|  | &nbsp;&nbsp;&nbsp;VAALCO Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217663 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flowco Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32208 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Infinity Natural Resources Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;38068 | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **738336** |
| **Financials (12.1%)** | **Financials (12.1%)** | **Financials (12.1%)** | **Financials (12.1%)** |
|  | &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;922893 | &nbsp;&nbsp;&nbsp;&nbsp; 149583 |
|  | &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 2777962 | &nbsp;&nbsp;&nbsp;&nbsp; 120341 |
|  | &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | 1757604 | &nbsp;&nbsp;&nbsp;&nbsp; 119341 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | 1166272 | &nbsp;&nbsp;&nbsp;&nbsp; 116907 |
|  | &nbsp;&nbsp;&nbsp;Cadence Bank | 3822690 | &nbsp;&nbsp;&nbsp;&nbsp; 111852 |
|  | &nbsp;&nbsp;&nbsp;Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373399 | &nbsp;&nbsp;&nbsp;&nbsp; 106314 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | 1718504 | &nbsp;&nbsp;&nbsp;&nbsp; 104502 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 1076338 | &nbsp;&nbsp;&nbsp;&nbsp; 94427 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;671783 | &nbsp;&nbsp;&nbsp;&nbsp; 92908 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc. | 3444667 | &nbsp;&nbsp;&nbsp;&nbsp; 86048 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | 1426186 | &nbsp;&nbsp;&nbsp;&nbsp; 84430 |
|  | &nbsp;&nbsp;&nbsp;StepStone Group Inc. Class A | 1557293 | &nbsp;&nbsp;&nbsp;&nbsp; 77880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;504971 | &nbsp;&nbsp;&nbsp;&nbsp; 73231 |
|  | &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;374314 | &nbsp;&nbsp;&nbsp;&nbsp; 72145 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 2511047 | &nbsp;&nbsp;&nbsp;&nbsp; 62550 |
|  | &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;927435 | &nbsp;&nbsp;&nbsp;&nbsp; 60756 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Toast Inc. Class A | 1643035 | &nbsp;&nbsp;&nbsp;&nbsp; 58459 |
|  | &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;215330 | &nbsp;&nbsp;&nbsp;&nbsp; 51920 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;616700 | &nbsp;&nbsp;&nbsp;&nbsp; 50446 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360209 | &nbsp;&nbsp;&nbsp;&nbsp; 48254 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;459292 | &nbsp;&nbsp;&nbsp;&nbsp; 45516 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;813250 | &nbsp;&nbsp;&nbsp;&nbsp; 40215 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Remitly Global Inc. | 1919048 | &nbsp;&nbsp;&nbsp;&nbsp; 38803 |
|  | &nbsp;&nbsp;&nbsp;Kinsale Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89136 | &nbsp;&nbsp;&nbsp;&nbsp; 38797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;765528 | &nbsp;&nbsp;&nbsp;&nbsp; 37595 |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;331300 | &nbsp;&nbsp;&nbsp;&nbsp; 36831 |
|  | &nbsp;&nbsp;&nbsp;Hamilton Lane Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;227400 | &nbsp;&nbsp;&nbsp;&nbsp; 35131 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;157930 | &nbsp;&nbsp;&nbsp;&nbsp; 32422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;614589 | &nbsp;&nbsp;&nbsp;&nbsp; 21142 |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | 2334184 | &nbsp;&nbsp;&nbsp;&nbsp; 20307 |
|  | &nbsp;&nbsp;&nbsp;Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;351751 | &nbsp;&nbsp;&nbsp;&nbsp; 18847 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;488558 | &nbsp;&nbsp;&nbsp;&nbsp; 17671 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | 1904900 | &nbsp;&nbsp;&nbsp;&nbsp; 17258 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47254 | &nbsp;&nbsp;&nbsp;&nbsp; 16956 |
|  | &nbsp;&nbsp;&nbsp;Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77306 | &nbsp;&nbsp;&nbsp;&nbsp; 11874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SoFi Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;945613 | &nbsp;&nbsp;&nbsp;&nbsp; 11830 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212017 | &nbsp;&nbsp;&nbsp;&nbsp; 11256 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upstart Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186390 | &nbsp;&nbsp;&nbsp;&nbsp; 8910 |
|  | &nbsp;&nbsp;&nbsp;Federated Hermes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215625 | &nbsp;&nbsp;&nbsp;&nbsp; 8757 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oscar Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;645300 | &nbsp;&nbsp;&nbsp;&nbsp; 8395 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Payoneer Global Inc. | 1140828 | &nbsp;&nbsp;&nbsp;&nbsp; 8020 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;133971 | &nbsp;&nbsp;&nbsp;&nbsp; 7675 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;146932 | &nbsp;&nbsp;&nbsp;&nbsp; 7116 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62662 | &nbsp;&nbsp;&nbsp;&nbsp; 5979 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;142747 | &nbsp;&nbsp;&nbsp;&nbsp; 5736 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85112 | &nbsp;&nbsp;&nbsp;&nbsp; 4717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvidXchange Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;575325 | &nbsp;&nbsp;&nbsp;&nbsp; 4677 |
|  | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161834 | &nbsp;&nbsp;&nbsp;&nbsp; 4266 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152990 | &nbsp;&nbsp;&nbsp;&nbsp; 4122 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77553 | &nbsp;&nbsp;&nbsp;&nbsp; 3117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;International Money Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184482 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trupanion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55658 | &nbsp;&nbsp;&nbsp;&nbsp; 2037 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;103206 | &nbsp;&nbsp;&nbsp;&nbsp; 2027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25162 | &nbsp;&nbsp;&nbsp;&nbsp; 1298 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Root Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8239 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
|  | &nbsp;&nbsp;&nbsp;P10 Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;89491 | &nbsp;&nbsp;&nbsp;&nbsp; 991 |
|  | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52812 | &nbsp;&nbsp;&nbsp;&nbsp; 864 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520 | &nbsp;&nbsp;&nbsp;&nbsp; 713 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp; 585 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12076 | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
|  | &nbsp;&nbsp;&nbsp;EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16535 | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Marqeta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132607 | &nbsp;&nbsp;&nbsp;&nbsp; 554 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21314 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2290223** |
| **Health Care (18.0%)** | **Health Care (18.0%)** | **Health Care (18.0%)** | **Health Care (18.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | 1002880 | &nbsp;&nbsp;&nbsp;&nbsp; 151365 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globus Medical Inc. Class A | 2061619 | &nbsp;&nbsp;&nbsp;&nbsp; 147962 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | 2070481 | &nbsp;&nbsp;&nbsp;&nbsp; 117769 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;997956 | &nbsp;&nbsp;&nbsp;&nbsp; 116751 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | 3457125 | &nbsp;&nbsp;&nbsp;&nbsp; 111700 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311896 | &nbsp;&nbsp;&nbsp;&nbsp; 91336 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | 1394359 | &nbsp;&nbsp;&nbsp;&nbsp; 85642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274137 | &nbsp;&nbsp;&nbsp;&nbsp; 84541 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 2043647 | &nbsp;&nbsp;&nbsp;&nbsp; 80009 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc. | 2001985 | &nbsp;&nbsp;&nbsp;&nbsp; 78037 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insmed Inc. | 1043100 | &nbsp;&nbsp;&nbsp;&nbsp; 75103 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Haemonetics Corp. | 1183601 | &nbsp;&nbsp;&nbsp;&nbsp; 74591 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;282146 | &nbsp;&nbsp;&nbsp;&nbsp; 71183 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veracyte Inc. | 2284427 | &nbsp;&nbsp;&nbsp;&nbsp; 69675 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ICON plc | &nbsp;&nbsp;&nbsp;&nbsp;406173 | &nbsp;&nbsp;&nbsp;&nbsp; 61511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HealthEquity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;702617 | &nbsp;&nbsp;&nbsp;&nbsp; 60228 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;667390 | &nbsp;&nbsp;&nbsp;&nbsp; 59731 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;535613 | &nbsp;&nbsp;&nbsp;&nbsp; 57680 |
|  | &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 1135148 | &nbsp;&nbsp;&nbsp;&nbsp; 57155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Certara Inc. | 4086617 | &nbsp;&nbsp;&nbsp;&nbsp; 56641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | 1763758 | &nbsp;&nbsp;&nbsp;&nbsp; 54165 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;236149 | &nbsp;&nbsp;&nbsp;&nbsp; 53072 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waystar Holding Corp. | 1393026 | &nbsp;&nbsp;&nbsp;&nbsp; 51779 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolution Medicines Inc. | 1237407 | &nbsp;&nbsp;&nbsp;&nbsp; 49967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TG Therapeutics Inc. | 1056782 | &nbsp;&nbsp;&nbsp;&nbsp; 48094 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;579514 | &nbsp;&nbsp;&nbsp;&nbsp; 47329 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192979 | &nbsp;&nbsp;&nbsp;&nbsp; 45657 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR | &nbsp;&nbsp;&nbsp;&nbsp;250342 | &nbsp;&nbsp;&nbsp;&nbsp; 42668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;435459 | &nbsp;&nbsp;&nbsp;&nbsp; 41129 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avidity Biosciences Inc. | 1228913 | &nbsp;&nbsp;&nbsp;&nbsp; 40124 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cytokinetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;874724 | &nbsp;&nbsp;&nbsp;&nbsp; 37473 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317850 | &nbsp;&nbsp;&nbsp;&nbsp; 34919 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;252412 | &nbsp;&nbsp;&nbsp;&nbsp; 34830 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals Inc. | 1030552 | &nbsp;&nbsp;&nbsp;&nbsp; 34410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102239 | &nbsp;&nbsp;&nbsp;&nbsp; 34139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 1177394 | &nbsp;&nbsp;&nbsp;&nbsp; 33874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tandem Diabetes Care Inc. | 1997915 | &nbsp;&nbsp;&nbsp;&nbsp; 33665 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kymera Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;977897 | &nbsp;&nbsp;&nbsp;&nbsp; 33513 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;995694 | &nbsp;&nbsp;&nbsp;&nbsp; 32340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;440163 | &nbsp;&nbsp;&nbsp;&nbsp; 31419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;iRhythm Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;287248 | &nbsp;&nbsp;&nbsp;&nbsp; 30704 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Progyny Inc. | 1287384 | &nbsp;&nbsp;&nbsp;&nbsp; 29404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Schrodinger Inc. | 1118603 | &nbsp;&nbsp;&nbsp;&nbsp; 28670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;421831 | &nbsp;&nbsp;&nbsp;&nbsp; 24551 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56520 | &nbsp;&nbsp;&nbsp;&nbsp; 24453 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | 3102671 | &nbsp;&nbsp;&nbsp;&nbsp; 22991 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RadNet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;428700 | &nbsp;&nbsp;&nbsp;&nbsp; 22455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | 1860200 | &nbsp;&nbsp;&nbsp;&nbsp; 21616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glaukos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;227622 | &nbsp;&nbsp;&nbsp;&nbsp; 21453 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Apogee Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;530576 | &nbsp;&nbsp;&nbsp;&nbsp; 20825 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc. | 1055763 | &nbsp;&nbsp;&nbsp;&nbsp; 20281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;422325 | &nbsp;&nbsp;&nbsp;&nbsp; 19554 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112399 | &nbsp;&nbsp;&nbsp;&nbsp; 19479 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Immatics NV | 3745525 | &nbsp;&nbsp;&nbsp;&nbsp; 18728 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286593 | &nbsp;&nbsp;&nbsp;&nbsp; 17883 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vaxcyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp;&nbsp;&nbsp; 17705 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;354597 | &nbsp;&nbsp;&nbsp;&nbsp; 16184 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Structure Therapeutics Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;582447 | &nbsp;&nbsp;&nbsp;&nbsp; 15726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc. | 1762746 | &nbsp;&nbsp;&nbsp;&nbsp; 15600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celldex Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;744954 | &nbsp;&nbsp;&nbsp;&nbsp; 15517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legend Biotech Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;390131 | &nbsp;&nbsp;&nbsp;&nbsp; 13635 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;410349 | &nbsp;&nbsp;&nbsp;&nbsp; 12183 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156893 | &nbsp;&nbsp;&nbsp;&nbsp; 12175 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242552 | &nbsp;&nbsp;&nbsp;&nbsp; 12089 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;711324 | &nbsp;&nbsp;&nbsp;&nbsp; 11573 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48445 | &nbsp;&nbsp;&nbsp;&nbsp; 11321 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arvinas Inc. | 1139715 | &nbsp;&nbsp;&nbsp;&nbsp; 10964 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350724 | &nbsp;&nbsp;&nbsp;&nbsp; 10964 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Azenta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;412585 | &nbsp;&nbsp;&nbsp;&nbsp; 10868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADMA Biologics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;447982 | &nbsp;&nbsp;&nbsp;&nbsp; 10662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73165 | &nbsp;&nbsp;&nbsp;&nbsp; 10459 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;280818 | &nbsp;&nbsp;&nbsp;&nbsp; 10390 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;365097 | &nbsp;&nbsp;&nbsp;&nbsp; 10146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91137 | &nbsp;&nbsp;&nbsp;&nbsp; 9912 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207015 | &nbsp;&nbsp;&nbsp;&nbsp; 9777 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viking Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp; 9729 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hims & Hers Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290404 | &nbsp;&nbsp;&nbsp;&nbsp; 9612 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Phreesia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;359178 | &nbsp;&nbsp;&nbsp;&nbsp; 8965 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55304 | &nbsp;&nbsp;&nbsp;&nbsp; 8759 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Geron Corp. (XNGS) | 5677300 | &nbsp;&nbsp;&nbsp;&nbsp; 8005 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nuvalent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;100079 | &nbsp;&nbsp;&nbsp;&nbsp; 7681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;524179 | &nbsp;&nbsp;&nbsp;&nbsp; 7653 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Stevanato Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;349476 | &nbsp;&nbsp;&nbsp;&nbsp; 7290 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12392 | &nbsp;&nbsp;&nbsp;&nbsp; 7206 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neogen Corp. | 1394817 | &nbsp;&nbsp;&nbsp;&nbsp; 7044 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;59681 | &nbsp;&nbsp;&nbsp;&nbsp; 6980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;889048 | &nbsp;&nbsp;&nbsp;&nbsp; 6392 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;436421 | &nbsp;&nbsp;&nbsp;&nbsp; 6062 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twist Bioscience Corp. | &nbsp;&nbsp;&nbsp;&nbsp;156718 | &nbsp;&nbsp;&nbsp;&nbsp; 6005 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50516 | &nbsp;&nbsp;&nbsp;&nbsp; 5992 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225640 | &nbsp;&nbsp;&nbsp;&nbsp; 5481 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keros Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368541 | &nbsp;&nbsp;&nbsp;&nbsp; 5322 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ardelyx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;859333 | &nbsp;&nbsp;&nbsp;&nbsp; 4731 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dyne Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397586 | &nbsp;&nbsp;&nbsp;&nbsp; 4688 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Castle Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220964 | &nbsp;&nbsp;&nbsp;&nbsp; 4430 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novocure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;238697 | &nbsp;&nbsp;&nbsp;&nbsp; 4330 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viridian Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;316318 | &nbsp;&nbsp;&nbsp;&nbsp; 4286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CareDx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247220 | &nbsp;&nbsp;&nbsp;&nbsp; 4173 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;486232 | &nbsp;&nbsp;&nbsp;&nbsp; 4021 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AnaptysBio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164126 | &nbsp;&nbsp;&nbsp;&nbsp; 3647 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LifeStance Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;547392 | &nbsp;&nbsp;&nbsp;&nbsp; 3596 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33573 | &nbsp;&nbsp;&nbsp;&nbsp; 3503 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcus Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;379700 | &nbsp;&nbsp;&nbsp;&nbsp; 3322 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300963 | &nbsp;&nbsp;&nbsp;&nbsp; 3317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135300 | &nbsp;&nbsp;&nbsp;&nbsp; 3166 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sage Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;432675 | &nbsp;&nbsp;&nbsp;&nbsp; 3154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;862468 | &nbsp;&nbsp;&nbsp;&nbsp; 3096 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202506 | &nbsp;&nbsp;&nbsp;&nbsp; 3019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc | &nbsp;&nbsp;&nbsp;&nbsp;110694 | &nbsp;&nbsp;&nbsp;&nbsp; 2985 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102693 | &nbsp;&nbsp;&nbsp;&nbsp; 2762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | &nbsp;&nbsp;&nbsp;&nbsp;319983 | &nbsp;&nbsp;&nbsp;&nbsp; 2723 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pennant Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105128 | &nbsp;&nbsp;&nbsp;&nbsp; 2693 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24337 | &nbsp;&nbsp;&nbsp;&nbsp; 2544 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vir Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409998 | &nbsp;&nbsp;&nbsp;&nbsp; 2509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Puma Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;777390 | &nbsp;&nbsp;&nbsp;&nbsp; 2472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290874 | &nbsp;&nbsp;&nbsp;&nbsp; 2397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184503 | &nbsp;&nbsp;&nbsp;&nbsp; 2364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biohaven Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103441 | &nbsp;&nbsp;&nbsp;&nbsp; 2288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57956 | &nbsp;&nbsp;&nbsp;&nbsp; 2223 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291724 | &nbsp;&nbsp;&nbsp;&nbsp; 2147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Owens & Minor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298445 | &nbsp;&nbsp;&nbsp;&nbsp; 2107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RxSight Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142648 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc. | 2234593 | &nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;269277 | &nbsp;&nbsp;&nbsp;&nbsp; 2079 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prothena Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;219243 | &nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novavax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277366 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 |
|  | &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98792 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Organogenesis Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365880 | &nbsp;&nbsp;&nbsp;&nbsp; 1797 |
|  | &nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19310 | &nbsp;&nbsp;&nbsp;&nbsp; 1752 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Coherus Biosciences Inc. | 1693303 | &nbsp;&nbsp;&nbsp;&nbsp; 1744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talkspace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;563599 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 |
|  | &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35155 | &nbsp;&nbsp;&nbsp;&nbsp; 1727 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220415 | &nbsp;&nbsp;&nbsp;&nbsp; 1715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126346 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Voyager Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;457063 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kura Oncology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;245051 | &nbsp;&nbsp;&nbsp;&nbsp; 1608 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108595 | &nbsp;&nbsp;&nbsp;&nbsp; 1533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130336 | &nbsp;&nbsp;&nbsp;&nbsp; 1486 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Praxis Precision Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39145 | &nbsp;&nbsp;&nbsp;&nbsp; 1473 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22340 | &nbsp;&nbsp;&nbsp;&nbsp; 1456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stoke Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146557 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SI-BONE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97340 | &nbsp;&nbsp;&nbsp;&nbsp; 1329 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36189 | &nbsp;&nbsp;&nbsp;&nbsp; 1217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265830 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amicus Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156998 | &nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39133 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NeoGenomics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177327 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338167 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fate Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;812849 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Altimmune Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196429 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cogent Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197169 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;140343 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Esperion Therapeutics Inc. | 1010754 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Community Health Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344091 | &nbsp;&nbsp;&nbsp;&nbsp; 939 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Karyopharm Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133876 | &nbsp;&nbsp;&nbsp;&nbsp; 904 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331506 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mersana Therapeutics Inc. | 2006836 | &nbsp;&nbsp;&nbsp;&nbsp; 869 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Agenus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290646 | &nbsp;&nbsp;&nbsp;&nbsp; 840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joint Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81335 | &nbsp;&nbsp;&nbsp;&nbsp; 814 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inmode Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55713 | &nbsp;&nbsp;&nbsp;&nbsp; 786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119191 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15620 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Quanterix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119115 | &nbsp;&nbsp;&nbsp;&nbsp; 686 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Niagen Bioscience Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86464 | &nbsp;&nbsp;&nbsp;&nbsp; 679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nurix Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56250 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84106 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11870 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CytomX Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;820461 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MannKind Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120726 | &nbsp;&nbsp;&nbsp;&nbsp; 609 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158842 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ardent Health Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41940 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AtriCure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17627 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alector Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416287 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Codexis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186328 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MacroGenics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178139 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neumora Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;349796 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70384 | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81077 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corbus Pharmaceuticals Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24365 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cabaletta Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124460 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MEI Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61621 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aclaris Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73649 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Cartesian Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;528838 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NextCure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171519 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Affimed NV | &nbsp;&nbsp;&nbsp;&nbsp;75667 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Precision BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11410 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Scilex Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;OmniAb Inc. 12.5 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;84348 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;OmniAb Inc. 15 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;84348 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3395575** |
| **Industrials (21.1%)** | **Industrials (21.1%)** | **Industrials (21.1%)** | **Industrials (21.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kirby Corp. | 1614515 | &nbsp;&nbsp;&nbsp;&nbsp; 155591 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AZEK Co. Inc. | 2862177 | &nbsp;&nbsp;&nbsp;&nbsp; 141849 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;578334 | &nbsp;&nbsp;&nbsp;&nbsp; 140697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;558690 | &nbsp;&nbsp;&nbsp;&nbsp; 119526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;884246 | &nbsp;&nbsp;&nbsp;&nbsp; 117914 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Standardaero Inc. | 4297559 | &nbsp;&nbsp;&nbsp;&nbsp; 116120 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;827647 | &nbsp;&nbsp;&nbsp;&nbsp; 113942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317559 | &nbsp;&nbsp;&nbsp;&nbsp; 104340 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;696780 | &nbsp;&nbsp;&nbsp;&nbsp; 101702 |
|  | &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;949249 | &nbsp;&nbsp;&nbsp;&nbsp; 100620 |
|  | &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;820712 | &nbsp;&nbsp;&nbsp;&nbsp; 99331 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;884188 | &nbsp;&nbsp;&nbsp;&nbsp; 96483 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373544 | &nbsp;&nbsp;&nbsp;&nbsp; 90999 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | 1774088 | &nbsp;&nbsp;&nbsp;&nbsp; 90461 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;730117 | &nbsp;&nbsp;&nbsp;&nbsp; 77480 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194430 | &nbsp;&nbsp;&nbsp;&nbsp; 77296 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluor Corp. | 2208023 | &nbsp;&nbsp;&nbsp;&nbsp; 77038 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trex Co. Inc. | 1301972 | &nbsp;&nbsp;&nbsp;&nbsp; 75280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;API Group Corp. | 1907755 | &nbsp;&nbsp;&nbsp;&nbsp; 72170 |
|  | &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 2100476 | &nbsp;&nbsp;&nbsp;&nbsp; 71332 |
|  | &nbsp;&nbsp;&nbsp;RB Global Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;684563 | &nbsp;&nbsp;&nbsp;&nbsp; 68935 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | 1276919 | &nbsp;&nbsp;&nbsp;&nbsp; 67613 |
|  | &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;676847 | &nbsp;&nbsp;&nbsp;&nbsp; 63136 |
|  | &nbsp;&nbsp;&nbsp;Korn Ferry | 1018133 | &nbsp;&nbsp;&nbsp;&nbsp; 62819 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RXO Inc. | 4457182 | &nbsp;&nbsp;&nbsp;&nbsp; 62802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions Inc. | 1836482 | &nbsp;&nbsp;&nbsp;&nbsp; 62046 |
|  | &nbsp;&nbsp;&nbsp;AAON Inc. | &nbsp;&nbsp;&nbsp;&nbsp;632209 | &nbsp;&nbsp;&nbsp;&nbsp; 57702 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NEXTracker Inc. Class A | 1420348 | &nbsp;&nbsp;&nbsp;&nbsp; 57680 |
|  | &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;674601 | &nbsp;&nbsp;&nbsp;&nbsp; 54933 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;313580 | &nbsp;&nbsp;&nbsp;&nbsp; 54553 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339964 | &nbsp;&nbsp;&nbsp;&nbsp; 51511 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171553 | &nbsp;&nbsp;&nbsp;&nbsp; 50853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82895 | &nbsp;&nbsp;&nbsp;&nbsp; 50839 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;250514 | &nbsp;&nbsp;&nbsp;&nbsp; 50336 |
|  | &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 43960 |
|  | &nbsp;&nbsp;&nbsp;Alight Inc. Class A | 8451078 | &nbsp;&nbsp;&nbsp;&nbsp; 43185 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;492440 | &nbsp;&nbsp;&nbsp;&nbsp; 42045 |
|  | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;390761 | &nbsp;&nbsp;&nbsp;&nbsp; 41854 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117211 | &nbsp;&nbsp;&nbsp;&nbsp; 40425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279469 | &nbsp;&nbsp;&nbsp;&nbsp; 31966 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 1481509 | &nbsp;&nbsp;&nbsp;&nbsp; 31704 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACV Auctions Inc. Class A | 2031438 | &nbsp;&nbsp;&nbsp;&nbsp; 29842 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70368 | &nbsp;&nbsp;&nbsp;&nbsp; 28196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237187 | &nbsp;&nbsp;&nbsp;&nbsp; 27231 |
|  | &nbsp;&nbsp;&nbsp;TriNet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;347513 | &nbsp;&nbsp;&nbsp;&nbsp; 27221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GXO Logistics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;722545 | &nbsp;&nbsp;&nbsp;&nbsp; 26185 |
|  | &nbsp;&nbsp;&nbsp;Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;376754 | &nbsp;&nbsp;&nbsp;&nbsp; 25227 |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68094 | &nbsp;&nbsp;&nbsp;&nbsp; 24730 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A | 1264784 | &nbsp;&nbsp;&nbsp;&nbsp; 23171 |
|  | &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;215434 | &nbsp;&nbsp;&nbsp;&nbsp; 22677 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150444 | &nbsp;&nbsp;&nbsp;&nbsp; 22481 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Casella Waste Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;190200 | &nbsp;&nbsp;&nbsp;&nbsp; 22339 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88122 | &nbsp;&nbsp;&nbsp;&nbsp; 21826 |
|  | &nbsp;&nbsp;&nbsp;GFL Environmental Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;427044 | &nbsp;&nbsp;&nbsp;&nbsp; 21309 |
|  | &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;296609 | &nbsp;&nbsp;&nbsp;&nbsp; 20202 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;321528 | &nbsp;&nbsp;&nbsp;&nbsp; 19282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;362994 | &nbsp;&nbsp;&nbsp;&nbsp; 19123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | 1450131 | &nbsp;&nbsp;&nbsp;&nbsp; 17982 |
|  | &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;207285 | &nbsp;&nbsp;&nbsp;&nbsp; 17951 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cimpress plc | &nbsp;&nbsp;&nbsp;&nbsp;424223 | &nbsp;&nbsp;&nbsp;&nbsp; 17826 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176436 | &nbsp;&nbsp;&nbsp;&nbsp; 16274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119615 | &nbsp;&nbsp;&nbsp;&nbsp; 16123 |
|  | &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;228352 | &nbsp;&nbsp;&nbsp;&nbsp; 15592 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;241388 | &nbsp;&nbsp;&nbsp;&nbsp; 15509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63433 | &nbsp;&nbsp;&nbsp;&nbsp; 15478 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;588744 | &nbsp;&nbsp;&nbsp;&nbsp; 15449 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112676 | &nbsp;&nbsp;&nbsp;&nbsp; 14713 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131600 | &nbsp;&nbsp;&nbsp;&nbsp; 13929 |
|  | &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;66166 | &nbsp;&nbsp;&nbsp;&nbsp; 13746 |
|  | &nbsp;&nbsp;&nbsp;ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82144 | &nbsp;&nbsp;&nbsp;&nbsp; 12851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | &nbsp;&nbsp;&nbsp;&nbsp;963550 | &nbsp;&nbsp;&nbsp;&nbsp; 12671 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23048 | &nbsp;&nbsp;&nbsp;&nbsp; 12601 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kornit Digital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;656394 | &nbsp;&nbsp;&nbsp;&nbsp; 12393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | 1691233 | &nbsp;&nbsp;&nbsp;&nbsp; 12380 |
|  | &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203290 | &nbsp;&nbsp;&nbsp;&nbsp; 12224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SPX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85578 | &nbsp;&nbsp;&nbsp;&nbsp; 11480 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | 1093327 | &nbsp;&nbsp;&nbsp;&nbsp; 9490 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85182 | &nbsp;&nbsp;&nbsp;&nbsp; 9322 |
|  | &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86356 | &nbsp;&nbsp;&nbsp;&nbsp; 8536 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41346 | &nbsp;&nbsp;&nbsp;&nbsp; 7943 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48422 | &nbsp;&nbsp;&nbsp;&nbsp; 7415 |
|  | &nbsp;&nbsp;&nbsp;Leonardo DRS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192306 | &nbsp;&nbsp;&nbsp;&nbsp; 7108 |
|  | &nbsp;&nbsp;&nbsp;Powell Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38709 | &nbsp;&nbsp;&nbsp;&nbsp; 7088 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178014 | &nbsp;&nbsp;&nbsp;&nbsp; 7062 |
|  | &nbsp;&nbsp;&nbsp;Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101940 | &nbsp;&nbsp;&nbsp;&nbsp; 6701 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326322 | &nbsp;&nbsp;&nbsp;&nbsp; 6135 |
|  | &nbsp;&nbsp;&nbsp;MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36972 | &nbsp;&nbsp;&nbsp;&nbsp; 5820 |
|  | &nbsp;&nbsp;&nbsp;Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219407 | &nbsp;&nbsp;&nbsp;&nbsp; 5507 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516040 | &nbsp;&nbsp;&nbsp;&nbsp; 5057 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54583 | &nbsp;&nbsp;&nbsp;&nbsp; 5056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Lab USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229706 | &nbsp;&nbsp;&nbsp;&nbsp; 5005 |
|  | &nbsp;&nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;71005 | &nbsp;&nbsp;&nbsp;&nbsp; 4991 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blue Bird Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141964 | &nbsp;&nbsp;&nbsp;&nbsp; 4950 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MRC Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;424208 | &nbsp;&nbsp;&nbsp;&nbsp; 4942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Woodmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80549 | &nbsp;&nbsp;&nbsp;&nbsp; 4752 |
|  | &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72636 | &nbsp;&nbsp;&nbsp;&nbsp; 4251 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77232 | &nbsp;&nbsp;&nbsp;&nbsp; 3882 |
|  | &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;53021 | &nbsp;&nbsp;&nbsp;&nbsp; 3826 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48901 | &nbsp;&nbsp;&nbsp;&nbsp; 3597 |
|  | &nbsp;&nbsp;&nbsp;McGrath RentCorp. | &nbsp;&nbsp;&nbsp;&nbsp;31094 | &nbsp;&nbsp;&nbsp;&nbsp; 3317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102329 | &nbsp;&nbsp;&nbsp;&nbsp; 3252 |
|  | &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75395 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 |
|  | &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;235498 | &nbsp;&nbsp;&nbsp;&nbsp; 3024 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hillman Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;412933 | &nbsp;&nbsp;&nbsp;&nbsp; 2886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innodata Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73620 | &nbsp;&nbsp;&nbsp;&nbsp; 2784 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31256 | &nbsp;&nbsp;&nbsp;&nbsp; 2765 |
|  | &nbsp;&nbsp;&nbsp;ICF International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28559 | &nbsp;&nbsp;&nbsp;&nbsp; 2426 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55806 | &nbsp;&nbsp;&nbsp;&nbsp; 2361 |
|  | &nbsp;&nbsp;&nbsp;Costamare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;246162 | &nbsp;&nbsp;&nbsp;&nbsp; 2297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Energy Recovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133118 | &nbsp;&nbsp;&nbsp;&nbsp; 2057 |
|  | &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37324 | &nbsp;&nbsp;&nbsp;&nbsp; 1890 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IES Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9131 | &nbsp;&nbsp;&nbsp;&nbsp; 1796 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36030 | &nbsp;&nbsp;&nbsp;&nbsp; 1747 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Limbach Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16621 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
|  | &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18147 | &nbsp;&nbsp;&nbsp;&nbsp; 1542 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Loar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16279 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Superconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67966 | &nbsp;&nbsp;&nbsp;&nbsp; 1349 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dycom Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp; 1318 |
|  | &nbsp;&nbsp;&nbsp;CRA International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7644 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
|  | &nbsp;&nbsp;&nbsp;Kforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27322 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WNS Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15632 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19935 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
|  | &nbsp;&nbsp;&nbsp;Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
|  | &nbsp;&nbsp;&nbsp;REV Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23168 | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
|  | &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp;&nbsp;&nbsp; 757 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlueLinx Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10970 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Franklin Covey Co. | &nbsp;&nbsp;&nbsp;&nbsp;32242 | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
|  | &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16302 | &nbsp;&nbsp;&nbsp;&nbsp; 626 |
|  | &nbsp;&nbsp;&nbsp;Allient Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28043 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84041 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thermon Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21383 | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48492 | &nbsp;&nbsp;&nbsp;&nbsp; 482 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3981237** |
| **Information Technology (17.2%)** | **Information Technology (17.2%)** | **Information Technology (17.2%)** | **Information Technology (17.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guidewire Software Inc. | 1147386 | &nbsp;&nbsp;&nbsp;&nbsp; 234950 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;969441 | &nbsp;&nbsp;&nbsp;&nbsp; 164408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dynatrace Inc. | 3156998 | &nbsp;&nbsp;&nbsp;&nbsp; 148284 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;314963 | &nbsp;&nbsp;&nbsp;&nbsp; 110917 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;510251 | &nbsp;&nbsp;&nbsp;&nbsp; 104632 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | 4563035 | &nbsp;&nbsp;&nbsp;&nbsp; 96143 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | 1434863 | &nbsp;&nbsp;&nbsp;&nbsp; 92290 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viavi Solutions Inc. | 7842250 | &nbsp;&nbsp;&nbsp;&nbsp; 82971 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Informatica Inc. Class A | 4397246 | &nbsp;&nbsp;&nbsp;&nbsp; 82800 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monday.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;288982 | &nbsp;&nbsp;&nbsp;&nbsp; 81201 |
|  | &nbsp;&nbsp;&nbsp;Power Integrations Inc. | 1546234 | &nbsp;&nbsp;&nbsp;&nbsp; 75951 |
|  | &nbsp;&nbsp;&nbsp;Crane NXT Co. | 1555687 | &nbsp;&nbsp;&nbsp;&nbsp; 72993 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;755637 | &nbsp;&nbsp;&nbsp;&nbsp; 72571 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | 1576656 | &nbsp;&nbsp;&nbsp;&nbsp; 71517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145410 | &nbsp;&nbsp;&nbsp;&nbsp; 67765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprout Social Inc. Class A | 3114700 | &nbsp;&nbsp;&nbsp;&nbsp; 65128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334278 | &nbsp;&nbsp;&nbsp;&nbsp; 59298 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jamf Holding Corp. | 4926117 | &nbsp;&nbsp;&nbsp;&nbsp; 56995 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | 1512106 | &nbsp;&nbsp;&nbsp;&nbsp; 54103 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;842061 | &nbsp;&nbsp;&nbsp;&nbsp; 52326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five9 Inc. | 2051536 | &nbsp;&nbsp;&nbsp;&nbsp; 51576 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globant SA | &nbsp;&nbsp;&nbsp;&nbsp;426432 | &nbsp;&nbsp;&nbsp;&nbsp; 50136 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;972170 | &nbsp;&nbsp;&nbsp;&nbsp; 47568 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;437817 | &nbsp;&nbsp;&nbsp;&nbsp; 44552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SentinelOne Inc. Class A | 2327629 | &nbsp;&nbsp;&nbsp;&nbsp; 43061 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenable Holdings Inc. | 1407096 | &nbsp;&nbsp;&nbsp;&nbsp; 43015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Onto Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348864 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES Inc. | 1211875 | &nbsp;&nbsp;&nbsp;&nbsp; 42501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rubrik Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;594029 | &nbsp;&nbsp;&nbsp;&nbsp; 41897 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77032 | &nbsp;&nbsp;&nbsp;&nbsp; 41852 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varonis Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;873722 | &nbsp;&nbsp;&nbsp;&nbsp; 37430 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215679 | &nbsp;&nbsp;&nbsp;&nbsp; 33424 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;496855 | &nbsp;&nbsp;&nbsp;&nbsp; 30080 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;348221 | &nbsp;&nbsp;&nbsp;&nbsp; 30017 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;282157 | &nbsp;&nbsp;&nbsp;&nbsp; 29274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;419235 | &nbsp;&nbsp;&nbsp;&nbsp; 28802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252692 | &nbsp;&nbsp;&nbsp;&nbsp; 28342 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkami Technology Inc. | 1008725 | &nbsp;&nbsp;&nbsp;&nbsp; 26923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380160 | &nbsp;&nbsp;&nbsp;&nbsp; 25532 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegro MicroSystems Inc. | 1304400 | &nbsp;&nbsp;&nbsp;&nbsp; 24875 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gitlab Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;525245 | &nbsp;&nbsp;&nbsp;&nbsp; 24513 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;931200 | &nbsp;&nbsp;&nbsp;&nbsp; 22982 |
|  | &nbsp;&nbsp;&nbsp;Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;530400 | &nbsp;&nbsp;&nbsp;&nbsp; 22802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Braze Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;704268 | &nbsp;&nbsp;&nbsp;&nbsp; 21924 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;534133 | &nbsp;&nbsp;&nbsp;&nbsp; 21205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;930273 | &nbsp;&nbsp;&nbsp;&nbsp; 21154 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;714270 | &nbsp;&nbsp;&nbsp;&nbsp; 20392 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401525 | &nbsp;&nbsp;&nbsp;&nbsp; 18502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambarella Inc. | &nbsp;&nbsp;&nbsp;&nbsp;361488 | &nbsp;&nbsp;&nbsp;&nbsp; 17348 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102589 | &nbsp;&nbsp;&nbsp;&nbsp; 17146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;661464 | &nbsp;&nbsp;&nbsp;&nbsp; 16867 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | 1217810 | &nbsp;&nbsp;&nbsp;&nbsp; 16026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nCino Inc. | &nbsp;&nbsp;&nbsp;&nbsp;652600 | &nbsp;&nbsp;&nbsp;&nbsp; 15140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SailPoint Inc. | &nbsp;&nbsp;&nbsp;&nbsp;824911 | &nbsp;&nbsp;&nbsp;&nbsp; 14156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;N-able Inc. | 1849309 | &nbsp;&nbsp;&nbsp;&nbsp; 13056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACI Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242755 | &nbsp;&nbsp;&nbsp;&nbsp; 12953 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PROS Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;749975 | &nbsp;&nbsp;&nbsp;&nbsp; 12810 |
|  | &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;463812 | &nbsp;&nbsp;&nbsp;&nbsp; 12662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155036 | &nbsp;&nbsp;&nbsp;&nbsp; 11905 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Klaviyo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;376416 | &nbsp;&nbsp;&nbsp;&nbsp; 11458 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;661311 | &nbsp;&nbsp;&nbsp;&nbsp; 10898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UiPath Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;837192 | &nbsp;&nbsp;&nbsp;&nbsp; 9996 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;499563 | &nbsp;&nbsp;&nbsp;&nbsp; 9921 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANSYS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30357 | &nbsp;&nbsp;&nbsp;&nbsp; 9771 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;306449 | &nbsp;&nbsp;&nbsp;&nbsp; 9577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workiva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125864 | &nbsp;&nbsp;&nbsp;&nbsp; 9474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penguin Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516858 | &nbsp;&nbsp;&nbsp;&nbsp; 8823 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8x8 Inc. | 4862660 | &nbsp;&nbsp;&nbsp;&nbsp; 8607 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | 1203549 | &nbsp;&nbsp;&nbsp;&nbsp; 8184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312115 | &nbsp;&nbsp;&nbsp;&nbsp; 8165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;188592 | &nbsp;&nbsp;&nbsp;&nbsp; 8119 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Procore Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122330 | &nbsp;&nbsp;&nbsp;&nbsp; 7840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Q2 Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95369 | &nbsp;&nbsp;&nbsp;&nbsp; 7558 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DigitalOcean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242634 | &nbsp;&nbsp;&nbsp;&nbsp; 7497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;552609 | &nbsp;&nbsp;&nbsp;&nbsp; 7217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175324 | &nbsp;&nbsp;&nbsp;&nbsp; 7173 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;228900 | &nbsp;&nbsp;&nbsp;&nbsp; 7107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;705251 | &nbsp;&nbsp;&nbsp;&nbsp; 6933 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;657286 | &nbsp;&nbsp;&nbsp;&nbsp; 6566 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31967 | &nbsp;&nbsp;&nbsp;&nbsp; 6425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Olo Inc. Class A | 1012412 | &nbsp;&nbsp;&nbsp;&nbsp; 6277 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapid7 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258377 | &nbsp;&nbsp;&nbsp;&nbsp; 6103 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Confluent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;254031 | &nbsp;&nbsp;&nbsp;&nbsp; 6049 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;778926 | &nbsp;&nbsp;&nbsp;&nbsp; 5787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IonQ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207132 | &nbsp;&nbsp;&nbsp;&nbsp; 5688 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BigCommerce Holdings Inc. Series 1 | 1097342 | &nbsp;&nbsp;&nbsp;&nbsp; 5684 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;627449 | &nbsp;&nbsp;&nbsp;&nbsp; 5635 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshworks Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;371937 | &nbsp;&nbsp;&nbsp;&nbsp; 5494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107879 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55022 | &nbsp;&nbsp;&nbsp;&nbsp; 5066 |
|  | &nbsp;&nbsp;&nbsp;Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;282937 | &nbsp;&nbsp;&nbsp;&nbsp; 4937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17357 | &nbsp;&nbsp;&nbsp;&nbsp; 4674 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asana Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;284680 | &nbsp;&nbsp;&nbsp;&nbsp; 4595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Couchbase Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244805 | &nbsp;&nbsp;&nbsp;&nbsp; 4318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156329 | &nbsp;&nbsp;&nbsp;&nbsp; 4097 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155962 | &nbsp;&nbsp;&nbsp;&nbsp; 3983 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Weave Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364171 | &nbsp;&nbsp;&nbsp;&nbsp; 3860 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191345 | &nbsp;&nbsp;&nbsp;&nbsp; 3579 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MARA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244759 | &nbsp;&nbsp;&nbsp;&nbsp; 3272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appfolio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15590 | &nbsp;&nbsp;&nbsp;&nbsp; 3220 |
|  | &nbsp;&nbsp;&nbsp;MKS Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43541 | &nbsp;&nbsp;&nbsp;&nbsp; 3054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141371 | &nbsp;&nbsp;&nbsp;&nbsp; 3040 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Impinj Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32493 | &nbsp;&nbsp;&nbsp;&nbsp; 2994 |
|  | &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91860 | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103195 | &nbsp;&nbsp;&nbsp;&nbsp; 2904 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22242 | &nbsp;&nbsp;&nbsp;&nbsp; 2723 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Verint Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146658 | &nbsp;&nbsp;&nbsp;&nbsp; 2587 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SoundHound AI Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;270677 | &nbsp;&nbsp;&nbsp;&nbsp; 2515 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDF Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127689 | &nbsp;&nbsp;&nbsp;&nbsp; 2343 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155544 | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;eGain Corp. | &nbsp;&nbsp;&nbsp;&nbsp;440680 | &nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ouster Inc. | &nbsp;&nbsp;&nbsp;&nbsp;259122 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axcelis Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37567 | &nbsp;&nbsp;&nbsp;&nbsp; 1840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244316 | &nbsp;&nbsp;&nbsp;&nbsp; 1769 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Life360 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36210 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACM Research Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;74215 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12425 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eastman Kodak Co. | &nbsp;&nbsp;&nbsp;&nbsp;215854 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BILL Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29396 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blend Labs Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;331876 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FARO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33840 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PagerDuty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56112 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWater Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101332 | &nbsp;&nbsp;&nbsp;&nbsp; 718 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viant Technology Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48966 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97386 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SEMrush Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;66167 | &nbsp;&nbsp;&nbsp;&nbsp; 680 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53212 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318427 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intapp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10968 | &nbsp;&nbsp;&nbsp;&nbsp; 595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upland Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;233415 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;18394 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26248 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amplitude Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;49183 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;inTEST Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58088 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fastly Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48703 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3251700** |
| **Materials (2.5%)** | **Materials (2.5%)** | **Materials (2.5%)** | **Materials (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 3976582 | &nbsp;&nbsp;&nbsp;&nbsp; 100647 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. | 3055003 | &nbsp;&nbsp;&nbsp;&nbsp; 99288 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | 1206106 | &nbsp;&nbsp;&nbsp;&nbsp; 94728 |
|  | &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;183657 | &nbsp;&nbsp;&nbsp;&nbsp; 28751 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;267300 | &nbsp;&nbsp;&nbsp;&nbsp; 24960 |
|  | &nbsp;&nbsp;&nbsp;Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp; 21647 |
|  | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;176467 | &nbsp;&nbsp;&nbsp;&nbsp; 15231 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75338 | &nbsp;&nbsp;&nbsp;&nbsp; 14737 |
|  | &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58691 | &nbsp;&nbsp;&nbsp;&nbsp; 13287 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;162808 | &nbsp;&nbsp;&nbsp;&nbsp; 9707 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;341714 | &nbsp;&nbsp;&nbsp;&nbsp; 9418 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83405 | &nbsp;&nbsp;&nbsp;&nbsp; 7799 |
|  | &nbsp;&nbsp;&nbsp;Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84348 | &nbsp;&nbsp;&nbsp;&nbsp; 7547 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102869 | &nbsp;&nbsp;&nbsp;&nbsp; 6631 |
|  | &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38704 | &nbsp;&nbsp;&nbsp;&nbsp; 3636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;314469 | &nbsp;&nbsp;&nbsp;&nbsp; 3179 |
|  | &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;112449 | &nbsp;&nbsp;&nbsp;&nbsp; 1354 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105208 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
|  | &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10323 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **464509** |
| **Other (1.1%)** | **Other (1.1%)** | **Other (1.1%)** | **Other (1.1%)** |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;967547 | &nbsp;&nbsp;&nbsp;&nbsp; 209135 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Sesen Bio CVR | 1476709 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **209135** |
| **Real Estate (3.3%)** | **Real Estate (3.3%)** | **Real Estate (3.3%)** | **Real Estate (3.3%)** |
|  | &nbsp;&nbsp;&nbsp;Phillips Edison & Co. Inc. | 2835989 | &nbsp;&nbsp;&nbsp;&nbsp; 98409 |
|  | &nbsp;&nbsp;&nbsp;CareTrust REIT Inc. | 3321530 | &nbsp;&nbsp;&nbsp;&nbsp; 97221 |
|  | &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;791800 | &nbsp;&nbsp;&nbsp;&nbsp; 90107 |
|  | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc. | 2771261 | &nbsp;&nbsp;&nbsp;&nbsp; 89152 |
|  | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty Inc. | 2388629 | &nbsp;&nbsp;&nbsp;&nbsp; 79064 |
|  | &nbsp;&nbsp;&nbsp;Douglas Emmett Inc. | 4152290 | &nbsp;&nbsp;&nbsp;&nbsp; 57426 |
|  | &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts Inc. | 3161371 | &nbsp;&nbsp;&nbsp;&nbsp; 33763 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;411008 | &nbsp;&nbsp;&nbsp;&nbsp; 30484 |
|  | &nbsp;&nbsp;&nbsp;Colliers International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 17906 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46930 | &nbsp;&nbsp;&nbsp;&nbsp; 10672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Compass Inc. Class A | 1235636 | &nbsp;&nbsp;&nbsp;&nbsp; 9539 |
|  | &nbsp;&nbsp;&nbsp;Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59391 | &nbsp;&nbsp;&nbsp;&nbsp; 1871 |
|  | &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103725 | &nbsp;&nbsp;&nbsp;&nbsp; 1466 |
|  | &nbsp;&nbsp;&nbsp;Armada Hoffler Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194633 | &nbsp;&nbsp;&nbsp;&nbsp; 1318 |
|  | &nbsp;&nbsp;&nbsp;UMH Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52114 | &nbsp;&nbsp;&nbsp;&nbsp; 921 |
|  | &nbsp;&nbsp;&nbsp;RMR Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;56973 | &nbsp;&nbsp;&nbsp;&nbsp; 836 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **620155** |
| **Utilities (1.3%)** | **Utilities (1.3%)** | **Utilities (1.3%)** | **Utilities (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | 1076162 | &nbsp;&nbsp;&nbsp;&nbsp; 127084 |
|  | &nbsp;&nbsp;&nbsp;ONE Gas Inc. | 1106151 | &nbsp;&nbsp;&nbsp;&nbsp; 86844 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;271542 | &nbsp;&nbsp;&nbsp;&nbsp; 29756 |

---

------

Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;11138 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **244539** |
| **Total Common Stocks (Cost $15,856,266)** | **Total Common Stocks (Cost $15,856,266)** | **Total Common Stocks (Cost $15,856,266)** | &nbsp;&nbsp;&nbsp;&nbsp;**18480792** |
| **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** |
| **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% | 3192934 | &nbsp;&nbsp;&nbsp;&nbsp; 319262 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreement (0.4%)** | **Repurchase Agreement (0.4%)** | **Repurchase Agreement (0.4%)** | **Repurchase Agreement (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank Securities, Inc. 4.380%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $71,009, collateralized by U.S. Treasury Obligations 2.500%–3.625%, 2/15/44–2/15/46, with a value of $72,420) | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 |
| **Total Temporary Cash Investments (Cost $390,226)** | **Total Temporary Cash Investments (Cost $390,226)** | **Total Temporary Cash Investments (Cost $390,226)** | &nbsp;&nbsp;&nbsp;&nbsp;**390262** |
| **Total Investments (100.1%) (Cost $16,246,492)** | **Total Investments (100.1%) (Cost $16,246,492)** | **Total Investments (100.1%) (Cost $16,246,492)** | &nbsp;&nbsp;&nbsp;&nbsp;**18871054** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10358)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**18860696** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | 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 $36,144. |
| 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 $39,301 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 | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini Russell 2000 Index | June 2025 | 1426 | 140447 | &nbsp;&nbsp;6207 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Explorer Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $15,747,236) | 18342657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $499,256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528397 |
| Total Investments in Securities | 18871054 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13726 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14008 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52150 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5632 |
| **Total Assets** | **18960109** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36884 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39301 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7566 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13443 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99413** |
| **Net Assets** | **18860696** |
| 1 Includes $36,144 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 15922523 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;2938173 |
| **Net Assets** | **18860696** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 22,410,709 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**2301667** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$102.70** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 173,388,157 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **16559029** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$95.50** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Explorer Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76088 |
| Dividends—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 |
| Interest—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6733 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87528 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33635 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33608 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53920** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;495303 |
| Investment Securities Sold—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;(50098) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8163) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**437042** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers | (2561961) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18280 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9159 |
| **Change in Unrealized Appreciation (Depreciation)** | **(2534522)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(2043560)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $254. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Explorer Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121348 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437042 | &nbsp;&nbsp;&nbsp;&nbsp;1299546 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(2534522) | &nbsp;&nbsp;&nbsp;&nbsp;4178446 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(2043560) | &nbsp;&nbsp;&nbsp;&nbsp;5599340 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(193539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(1182253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160709) |
| Total Distributions | &nbsp;&nbsp;(1375792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186024) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(383369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683519 | &nbsp;&nbsp;&nbsp;&nbsp;(1101470) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300150 | &nbsp;&nbsp;&nbsp;&nbsp;(1368387) |
| Total Increase (Decrease) | &nbsp;&nbsp;(3119202) | &nbsp;&nbsp;&nbsp;&nbsp;4044929 |
| **Net Assets** |  |  |
| **Beginning of Period** | **21979898** | &nbsp;&nbsp;&nbsp;**17934969** |
| **End of Period** | **18860696** | &nbsp;&nbsp;&nbsp;**21979898** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Explorer Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$120.89** | &nbsp;&nbsp;&nbsp;&nbsp;**$92.60** | &nbsp;&nbsp;&nbsp;**$99.70** | &nbsp;&nbsp;&nbsp;**$151.47** | &nbsp;&nbsp;&nbsp;**$110.44** | &nbsp;&nbsp;&nbsp;**$101.66** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.284 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(10.949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.636 | &nbsp;&nbsp;&nbsp;&nbsp;(2.910) | &nbsp;&nbsp;&nbsp;&nbsp;(31.635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.688 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(10.713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.171 | &nbsp;&nbsp;&nbsp;&nbsp;(2.347) | &nbsp;&nbsp;&nbsp;&nbsp;(31.286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.972 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.295) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(6.990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.302) | &nbsp;&nbsp;&nbsp;&nbsp;(4.393) | &nbsp;&nbsp;&nbsp;&nbsp;(20.206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.897) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(7.477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.881) | &nbsp;&nbsp;&nbsp;&nbsp;(4.753) | &nbsp;&nbsp;&nbsp;&nbsp;(20.484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.192) |
| **Net Asset Value, End of Period** | **$102.70** | &nbsp;&nbsp;&nbsp;**$120.89** | &nbsp;&nbsp;&nbsp;**$92.60** | &nbsp;&nbsp;&nbsp;&nbsp;**$99.70** | &nbsp;&nbsp;&nbsp;**$151.47** | &nbsp;&nbsp;&nbsp;**$110.44** |
| **Total Return<sup>2</sup>** | **-9.52%** | &nbsp;&nbsp;&nbsp;**31.61%** | &nbsp;&nbsp;&nbsp;**-2.33%** | &nbsp;&nbsp;&nbsp;**-23.09%** | &nbsp;&nbsp;&nbsp;**46.27%** | &nbsp;&nbsp;&nbsp;**14.08%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $2302 | &nbsp;&nbsp;&nbsp;$3172 | &nbsp;&nbsp;&nbsp;$2637 | &nbsp;&nbsp;&nbsp;$2894 | &nbsp;&nbsp;&nbsp;$4074 | &nbsp;&nbsp;&nbsp;$3325 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.41%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.44%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.45%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.45%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;0.41% |
| Ratio of Net Investment Income to Average Net Assets | 0.41% | &nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.28% |
| Portfolio Turnover Rate | 23% | &nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;43% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | 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 (0.01%), 0.03%, 0.04%, 0.04%, (0.01%), and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.41%, 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.

------

Explorer Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$112.49** | &nbsp;&nbsp;&nbsp;&nbsp;**$86.15** | &nbsp;&nbsp;&nbsp;**$92.79** | &nbsp;&nbsp;&nbsp;**$141.02** | &nbsp;&nbsp;&nbsp;**$102.82** | &nbsp;&nbsp;&nbsp;&nbsp;**$94.64** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.365 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(10.177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.647 | &nbsp;&nbsp;&nbsp;&nbsp;(2.730) | &nbsp;&nbsp;&nbsp;&nbsp;(29.417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.752 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(9.901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.261 | &nbsp;&nbsp;&nbsp;&nbsp;(2.105) | &nbsp;&nbsp;&nbsp;&nbsp;(28.980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.117 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.378) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(6.505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.281) | &nbsp;&nbsp;&nbsp;&nbsp;(4.088) | &nbsp;&nbsp;&nbsp;&nbsp;(18.816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.559) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(7.089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.921) | &nbsp;&nbsp;&nbsp;&nbsp;(4.535) | &nbsp;&nbsp;&nbsp;&nbsp;(19.250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.937) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;**$95.50** | &nbsp;&nbsp;&nbsp;**$112.49** | &nbsp;&nbsp;&nbsp;**$86.15** | &nbsp;&nbsp;&nbsp;&nbsp;**$92.79** | &nbsp;&nbsp;&nbsp;**$141.02** | &nbsp;&nbsp;&nbsp;**$102.82** |
| **Total Return<sup>2</sup>** | **-9.47%** | &nbsp;&nbsp;&nbsp;**31.76%** | &nbsp;&nbsp;&nbsp;**-2.24%** | &nbsp;&nbsp;&nbsp;**-23.00%** | &nbsp;&nbsp;&nbsp;**46.42%** | &nbsp;&nbsp;&nbsp;**14.21%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $16559 | &nbsp;&nbsp;&nbsp;$18808 | &nbsp;&nbsp;&nbsp;$15298 | &nbsp;&nbsp;&nbsp;$16157 | &nbsp;&nbsp;&nbsp;$20594 | &nbsp;&nbsp;&nbsp;$13279 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.30%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.33%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.34%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.34%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;0.30% |
| Ratio of Net Investment Income to Average Net Assets | 0.52% | &nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;0.39% |
| Portfolio Turnover Rate | 23% | &nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;43% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | 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 (0.01%), 0.03%, 0.04%, 0.04%, (0.01%), and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.30%, 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.

------

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, 2025, 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.

------

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 an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. 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, 2025, 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), shareholder reporting, and proxy fees. 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 Wellington Management Company LLP , Stephens Investment Management Group, LLC, ClearBridge Investments, LLC, and ArrowMark Colorado Holdings, LLC, each provide investment advisory services to a
portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fees of Wellington Management Company LLP and ClearBridge Investments, LLC, are subject to quarterly adjustments based on performance relative to the Russell 2500 Growth Index for the preceding three
years. The basic fees of Stephens Investment Management Group, LLC, and ArrowMark Colorado Holdings, LLC, are subject to quarterly adjustments based on performance relative to the Russell 2500 Growth Index for the
preceding five years.

Vanguard provides investment advisory services to a portion of the fund as described below; the fund paid Vanguard advisory fees of $531,000 for the six months ended April 30, 2025.

For the six months ended April 30, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.17% of the fund's average net assets, before a net decrease of $466,000 (0.01%) based on performance.

**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, 2025, the fund had contributed to Vanguard capital in the amount of $541,000, representing less than 0.01% of the fund's net assets and 0.22% 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, 2025, these arrangements reduced the fund's expenses by $27,000 (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.**

------

Explorer Fund

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 18480697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;18480792 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319262 | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390262 |
| Total | 18799959 | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;18871054 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 6207 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6207 |

---

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, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;16366298 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;4694602 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(2183639) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;2510963 |

---

**G.** During the six months ended April 30, 2025, the fund purchased $4,856,293,000 of investment securities and sold $5,748,216,000 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, 2025, such purchases were $4,077,000 and sales were $30,059,000, resulting in net realized loss of $7,193,000; 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:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;187378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| Redeemed | &nbsp;&nbsp;&nbsp;(657703) | &nbsp;&nbsp;&nbsp;&nbsp;(6195) | &nbsp;&nbsp;&nbsp;&nbsp;(548779) | &nbsp;&nbsp;&nbsp;&nbsp;(4850) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;(383369) | &nbsp;&nbsp;&nbsp;&nbsp;(3826) | &nbsp;&nbsp;&nbsp;&nbsp;(266917) | &nbsp;&nbsp;&nbsp;&nbsp;(2238) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1250254 | &nbsp;&nbsp;&nbsp;&nbsp;11590 | &nbsp;&nbsp;&nbsp;&nbsp;1986204 | &nbsp;&nbsp;&nbsp;&nbsp;18963 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;1092290 | &nbsp;&nbsp;&nbsp;&nbsp;10222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 |
| Redeemed | (1659025) | &nbsp;&nbsp;(15623) | &nbsp;&nbsp;(3236160) | &nbsp;&nbsp;(30799) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;683519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;(1101470) | &nbsp;&nbsp;(10368) |

---

------

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 | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Oct. 31,<br> 2024<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Apr. 30,<br> 2025<br> Market<br> Value<br> ($000) |
| Nevro Corp. | &nbsp;&nbsp;11673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12236 | (34367) | &nbsp;&nbsp;34930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sterling Check Corp. | &nbsp;&nbsp;95092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99216 | &nbsp;&nbsp;&nbsp;(8003) | &nbsp;&nbsp;12127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Vanguard Market Liquidity Fund | 311615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | 6733 |  | 319262 |
| Vanguard Small-Cap ETF | 199620 | 275435 | 229404 | &nbsp;&nbsp;&nbsp;(7772) | (28744) | 1882 |  | 209135 |
| Total | 618000 | 275435 | 340856 | (50098) | &nbsp;&nbsp;18280 | 8615 |  | 528397 |

---

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.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. 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 subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q242 062025

------

**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.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Explorer Fund (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker <br>Non-Votes |
| Tara Bunch | 12835431454 | 248680441 | N/A | N/A |
| Mark Loughridge | 12557672378 | 526439517 | N/A | N/A |
| Scott C. Malpass | 12513805765 | 570306131 | N/A | N/A |
| John Murphy | 12713268291 | 370843604 | N/A | N/A |
| Lubos Pastor | 12835231969 | 248879925 | N/A | N/A |
| Rebecca Patterson | 12854353672 | 229758222 | N/A | N/A |
| André F. Perold | 12437187543 | 646924352 | N/A | N/A |
| Salim Ramji | 12640337727 | 443774168 | N/A | N/A |
| Sarah Bloom Raskin | 12662124682 | 421987213 | N/A | N/A |
| Grant Reid | 12762062019 | 322049876 | N/A | N/A |
| David Thomas | 12608190390 | 475921504 | N/A | N/A |
| Barbara Venneman | 12717504310 | 366607585 | N/A | N/A |
| Peter F. Volanakis | 12552721945 | 531389950 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

**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.**

**Trustees Approve Advisory Arrangements – Explorer Fund**

The board of trustees of Vanguard Explorer Fund has renewed the fund's investment advisory arrangements with Wellington Management Company LLP (Wellington Management); Stephens Investment Management Group, LLC (SIMG); ArrowMark Colorado Holdings, LLC (ArrowMark Partners); ClearBridge Investments, LLC (ClearBridge); and The Vanguard Group, Inc. (Vanguard), through its Quantitative Equity Group. The board determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisors.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services** 

The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of each advisor. The board considered the following:

**Wellington Management.** Founded in 1928, Wellington Management is among the nation's oldest and most respected institutional investment managers. Using a bottom-up, fundamentally driven approach, Wellington Management invests opportunistically in a diversified portfolio of high-quality stocks. The advisor attempts to identify companies with key success factors such as top market share, substantial insider ownership, and fully funded business plans. The investment team has the support of Wellington Management's global industry analysts in conducting its research-intensive approach. Wellington Management has advised a portion of the fund since its inception in 1967.

**SIMG.** Founded in 2005, SIMG is a subsidiary of Stephens Investments Holdings LLC, a privately held and family-owned company. SIMG specializes in equity investment management focused on small- and mid-cap growth companies. The team employs a disciplined, bottom-up investment selection process that combines rigorous fundamental analysis with quantitative screening, seeking to identify companies that will exhibit potential for superior earnings growth. There are two different types of stocks in which the team invests: core growth and earnings catalyst. The characteristic SIMG seeks for core growth stocks is consistent and predictable earnings growth that is generated by unique, defensible business models. For earnings catalyst stocks, SIMG looks for inflection points such as large earnings surprises or positive revisions to earnings estimates or guidance. The team generally requires all stocks to be profitable or on the cusp of profitability and exhibiting at least 12% earnings growth. SIMG has managed a portion of the fund since 2013.

**ArrowMark Partners.** Founded in 2007, ArrowMark Partners offers a wide range of strategies, including equities, fixed income, and structured products to institutional, high-net-worth, and retail investors. Using in-depth, fundamental research, the investment team seeks to identify companies that it believes can control their own economic destiny. These are companies with strong competitive advantages, high barriers to entry, large potential markets for their products, and high-quality businesses focused on future growth. In evaluating companies and constructing the portfolio, ArrowMark Partners places significant emphasis on understanding risk in the belief that avoiding large mistakes is the key to success in small-capitalization investing. ArrowMark Partners has managed a portion of the fund since 2014.

**ClearBridge.** With a legacy dating back to 1962, ClearBridge, a wholly owned subsidiary of Franklin Resources, Inc., is a global investment manager that offers a wide range of strategies, including domestic, international, global, and special equity and fixed income strategies. The ClearBridge SMID Cap Growth strategy employed in the Vanguard Explorer Fund takes a disciplined, consistent, patient, and risk-aware approach. ClearBridge works to identify and own quality growth companies with large exploitable opportunities. The team's patient approach to security selection and position management is designed to invest in multi-year opportunities that allow for the compounding effect of earnings. At the security level, the team seeks to "de-risk" an idea through fundamental analysis, understanding downside scenarios, and entering a position with sensitivity to valuation. ClearBridge has managed a portion of the fund since 2017.

**Vanguard.** Vanguard has been managing investments for more than four decades. The Quantitative Equity Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth. Vanguard has managed a portion of the fund since 1997.

The board concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance**

The board considered the short- and long-term performance of the fund and each advisor, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expense rates were also below the peer-group average.

The board did not consider the profitability of Wellington Management, SIMG, ArrowMark Partners, or ClearBridge in determining whether to approve the advisory fees, because the firms are independent of Vanguard and the advisory fees are the result of arm's-length negotiations. The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Wellington Management, SIMG, ArrowMark Partners, and ClearBridge. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.

The board also concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as the fund's assets managed by Vanguard increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)](tm2515692d4_ex99-cert.htm) | [Certifications filed herewith.](tm2515692d4_ex99-cert.htm) |
| [(a)(2)](tm2515692d4_ex99-906cert.htm) | [Certifications filed herewith.](tm2515692d4_ex99-906cert.htm) |

---

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\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: June 23, 2025

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\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
|  | VANGUARD EXPLORER FUND |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
| \*By: | /s/ Tonya T. Robinson |

---

Tonya T. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 23, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 23, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Explorer Fund</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: June 23, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Explorer Fund</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: June 23, 2025

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|:---|
| &nbsp;&nbsp;/s/ Christine Buchanan |
| &nbsp;&nbsp;Christine Buchanan |
| &nbsp;&nbsp;Chief Financial Officer |

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