PDF Vanguard® Explorer™ Fund - Admiral™ Shares

Vanguard? ExplorerTM Fund - AdmiralTM Shares

Release Date

..............................................................................................................................................................................................................................................................................................0.6..-.3..0..-.1.9..................................

Category

Small Growth

Investment Objective & Strategy

From the investment's prospectus

The investment seeks to provide long-term capital appreciation.

The fund invests mainly in the stocks of small and midsize companies. These companies tend to be unseasoned but are considered by the fund's advisors to have superior growth potential. Also, these companies often provide little or no dividend income. It uses multiple investment advisors.

Volatility and Risk

Volatility as of 06-30-19

Low

Moderate

Investment High

Category

Risk Measures as of 06-30-19

3 Yr Std Dev

3 Yr Beta

Port Avg Rel S&P 500

16.15

1.32

1.21

.

Rel Cat

0.94

1.01

Principal Risks Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Management

Important Information Morningstar Investment Profiles must be accompanied by Morningstar Disclosure and Glossary.

Funds or their affiliates may pay compensation to Voya? affiliates offering a fund. Such compensation may be paid out of distribution, service and/or 12b-1 fees that are deducted from the fund's assets, and/or may be paid directly by the fund's affiliates. Any fees deducted from fund assets are discussed in the fund's prospectus and disclosed in the fund fact sheet. Because these fees are paid on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. If offered through a retirement program, additional fees and expenses may be charged under that program. NOT A DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE INSTITUTION. MAY GO DOWN IN VALUE.

Portfolio Analysis

Composition as of 03-31-19

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

92.0 3.2 0.0 4.8 0.0

Morningstar Style BoxTM as of 03-31-19

% Mkt Cap

Large Mid Small

G...i.a..n..t...........................................0.....8..5.

Large

4.98

Medium

60.37

S...m...a..l.l........................................3..2.....5..8.

Value Blend Growth

Micro

1.22

Top 10 Holdings as of 03-31-19

% Assets

Cmt Market Liquidity Rate

4.30

Icon PLC

1.05

Insulet Corp

1.02

MercadoLibre Inc

0.81

.C..a..d..e..n..c..e...D...e..s..ig...n...S..y..s..t.e..m...s...I.n..c..................................................0....8..0.

Trinet Group Inc

0.79

2U Inc

0.76

Fortinet Inc

0.75

Live Nation Entertainment Inc

0.74

Skechers USA Inc

0.74

Morningstar Equity Sectors as of 03-31-19

% Fund

h ........C...y.c..l.i.c..a..l............................................................................3..0....5..3.

r Basic Materials

3.40

t Consumer Cyclical

17.22

y Financial Services

6.51

u Real Estate

3.40

j ........S...e..n..s..it..i.v.e...........................................................................4..7....9..4.

i Communication Services

0.88

o Energy

1.80

p Industrials

17.25

a Technology

28.01

k ........D...e..f.e..n..s..i.v..e.........................................................................2..1....5..2.

s Consumer Defensive

4.31

d Healthcare

16.62

f Utilities

0.59

Operations Gross Prosp Exp Ratio Net Prosp Exp Ratio Management Fee 12b-1 Fee Other Fee Miscellaneous Fee(s) Fund Inception Date Total Fund Assets ($mil) Annual Turnover Ratio % Fund Family Name

0.34% of fund assets 0.34% of fund assets 0.31%

. . 0.03% 11-12-01 16,510.4

50.00

Vanguard

Waiver Data

Type

.

.

Exp. Date

%

.

.

Portfolio Manager(s)

Kenneth Abrams. Since 1994.

James Stetler. Since 2012.

................................................................................................

Advisor

ArrowMark Colorado Holdings,

LLC (ArrowMark Partners)

Subadvisor

.

Notes Acquired Fund Fees and Expenses are not included in the Fund's financial statements in the prospectus, which provide a clearer picture of a fund's actual operating costs.

?2019 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

?

13.828-219 (07/19) CN0207-39981-0320D

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