-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FpGHCszdUKz+QVh4ZL2lO5TsOQR4hSRltFa95IuP0hzj+MDtDkdU/Zcl+03QtYRc sspRx1Aa5Ur4hJUvnlT3aA== 0000932471-08-000896.txt : 20080228 0000932471-08-000896.hdr.sgml : 20080228 20080228083205 ACCESSION NUMBER: 0000932471-08-000896 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080228 DATE AS OF CHANGE: 20080228 EFFECTIVENESS DATE: 20080228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD EXPLORER FUND CENTRAL INDEX KEY: 0000034066 IRS NUMBER: 510106626 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-27203 FILM NUMBER: 08648522 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 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 0000034066 S000002578 VANGUARD EXPLORER FUND C000007081 Investor Shares VEXPX C000007082 Admiral Shares VEXRX 497 1 exploresupplement02282008.txt EXPLORER FUND SUPPLEMENT [SHIP LOGO VANGUARD /(R)/] VANGUARD/(R)/ EXPLORER/(TM)/ FUND SUPPLEMENT TO THE PROSPECTUS DATED FEBRUARY 22, 2008 IMPORTANT CHANGES TO VANGUARD EXPLORER FUND RESTRUCTURING OF INVESTMENT ADVISORY TEAM The board of trustees of Vanguard Explorer Fund has restructured the Fund's investment advisory team, removing Grantham, Mayo, Van Otterloo & Co. LLC (GMO) as an investment advisor and reallocating the GMO assets among the Fund's other advisors, with the majority allocated to Vanguard's Quantitative Equity Group. Vanguard and the Fund's continuing investment advisors each independently select and maintain a portfolio of common stocks for the Fund. The Fund's board of trustees has designated the proportion of Fund assets to be managed by each advisor and may change these proportions at any time. INVESTMENT OBJECTIVE, PRIMARY INVESTMENT STRATEGIES, PRIMARY RISKS, FEES AND EXPENSES The Fund's investment objective, primary investment strategies, and primary risks will not change. The restructuring of the Fund's investment advisory team is expected to increase the Fund's expense ratio from 0.41% to 0.42% for Investor Shares for the current fiscal year. The Admiral(TM) Shares' expense ratio is expected to remain at 0.23% for the current fiscal year. PROSPECTUS TEXT CHANGES All text references to GMO are deleted. (C) 2008 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PS24a 022008 [SHIP LOGO VANGUARD /(R)/] VANGUARD/(R)/ EXPLORER/(TM)/ FUND SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 22, 2008 IMPORTANT CHANGES TO VANGUARD EXPLORER FUND RESTRUCTURING OF INVESTMENT ADVISORY TEAM The board of trustees of Vanguard Explorer Fund has restructured the Fund's investment advisory team, removing Grantham, Mayo, Van Otterloo & Co. LLC (GMO) as an investment advisor and reallocating the GMO assets among the Fund's other advisors, with the majority of assets allocated to Vanguard's Quantitative Equity Group. Vanguard and the Fund's continuing investment advisors each independently select and maintain a portfolio of common stocks for the Fund. The Fund's board of trustees has designated the proportion of Fund assets to be managed by each advisor and may change these proportions at any time. STATEMENT OF ADDITIONAL INFORMATION TEXT CHANGES Under the heading "Investment Advisory Services," all references to GMO are deleted. (C) 2008 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PSAI024a 022008 -----END PRIVACY-ENHANCED MESSAGE-----