-----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, R2/rBzKimOeY3z1akmTTAmFJ+pkd+odBOTS4siFn1959CkhS89udXRuu/l4Cga2o 7e1fynIK8KVaPN29bTj9CA== 0000932471-10-003723.txt : 20101222 0000932471-10-003723.hdr.sgml : 20101222 20101222153420 ACCESSION NUMBER: 0000932471-10-003723 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20101031 FILED AS OF DATE: 20101222 DATE AS OF CHANGE: 20101222 EFFECTIVENESS DATE: 20101222 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: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-01530 FILM NUMBER: 101268581 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. 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0 086 F020000 0 SIGNATURE LIZ HAEGELE TITLE MANAGER EX-99 2 b77pwcexplorer103110.txt PWC LETTER Report of Independent Registered Public Accounting Firm To the Board of Trustees and the Shareholders of Vanguard Explorer Fund In planning and performing our audit of the financial statements of Vanguard Explorer Fund (hereafter referred to as the ?Trust?) as of and for the year ended October 31, 2010, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trust?s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trust?s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Trust's internal control over financial reporting. The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company?s internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company?s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Trust's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Trust?s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust?s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of October 31, 2010. This report is intended solely for the information and use of management and the Board of Trustees of Vanguard Explorer Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. PricewaterhouseCoopers LLP December 14, 2010 2 2 EX-99 3 q773explorer103110.txt ADVISOR Vanguard Explorer? Fund Supplement to the Prospectus and Summary Prospectus Dated February 24, 2010 Restructuring of Investment Advisory Team The board of trustees of Vanguard Explorer Fund has restructured the Fund?s investment advisory team, removing AXA Rosenberg Investment Management LLC (AXA) as an investment advisor and reallocating the AXA assets among some of the Fund?s other advisors. Vanguard and the Fund?s other 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, and Fees and Expenses The Fund?s investment objective, primary investment strategies, and primary risks will not change. The management expenses for the Investor Shares and Admiral Shares are not expected to change as a result of the restructuring of the Fund?s advisory team. Prospectus Text Changes All text references to AXA are deleted. ? 2010 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PS24 082010 -----END PRIVACY-ENHANCED MESSAGE-----