0000932471-16-014768.txt : 20161205 0000932471-16-014768.hdr.sgml : 20161205 20161205090021 ACCESSION NUMBER: 0000932471-16-014768 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20161205 DATE AS OF CHANGE: 20161205 EFFECTIVENESS DATE: 20161205 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: 162032790 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 0000034066 S000002578 VANGUARD EXPLORER FUND C000007081 Investor Shares VEXPX C000007082 Admiral Shares VEXRX 497 1 explorer497_final.htm explorer497_final.htm - Generated by SEC Publisher for SEC Filing

 

 

Vanguard Explorer™ Fund

Supplement to the Prospectus and Summary Prospectus Dated February 25, 2016

Restructuring of the Investment Advisory Team

The board of trustees of Vanguard Explorer Fund has approved a restructuring of the Fund’s investment advisory team, removing Chartwell Investment Partners, LLC (Chartwell) as an investment advisor to the Fund and reallocating the Fund assets managed by Chartwell to two existing advisors to the Fund: Arrowpoint Asset Management, LLC, and Stephens Investment Management Group, LLC. Granahan Investment Management, Inc.; Kalmar Investment Advisers; Wellington Management Company LLP; and The Vanguard Group, Inc., also remain advisors to the Fund. All references to Chartwell and all other details and descriptions regarding Chartwell’s management of certain assets of the Fund in the Prospectus and Summary Prospectus are deleted in their entirety.

The Fund’s investment objective, principal investment strategies, and principal risks are not expected to change.

© 2016 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.

PS 24 122016


 

 

 

 

Vanguard Explorer™ Fund

Supplement to the Statement of Additional Information Dated February 25, 2016

Restructuring of the Investment Advisory Team

The board of trustees of Vanguard Explorer Fund has approved a restructuring of the Fund’s investment advisory team, removing Chartwell Investment Partners, LLC (Chartwell) as an investment advisor to the Fund and reallocating the Fund assets managed by Chartwell to two existing advisors to the Fund: Arrowpoint Asset Management, LLC, and Stephens Investment Management Group, LLC. Granahan Investment Management, Inc.; Kalmar Investment Advisers; Wellington Management Company LLP; and The Vanguard Group, Inc., also remain advisors to the Fund. All references to Chartwell and all other details and descriptions regarding Chartwell’s management of certain assets of the Fund in the Statement of Additional Information are deleted in their entirety.

© 2016 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.

SAI 24A 122016

 GRAPHIC 3 ps24122016x1x1.jpg begin 644 ps24122016x1x1.jpg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end GRAPHIC 4 sai24a122016x1x1.jpg begin 644 sai24a122016x1x1.jpg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