Vanguard Explorer Fund
Supplement Dated July 1, 2020, to
the Prospectus and Summary Prospectus Dated February 27, 2020
Important Change to Vanguard
Explorer Fund (the Fund)
Effective immediately, Matthew Lilling has
replaced Derek Deutsch as a co-portfolio manager on ClearBridge Investments, LLC’s (ClearBridge) portion of the Fund.
All references to Mr. Deutsch
and corresponding disclosure related to Mr. Deutsch in the Fund’s Prospectus and Summary Prospectus are hereby deleted. The Fund’s investment objective, strategies, and policies remain unchanged.
Prospectus and Summary Prospectus
Text Changes
The following replaces Derek Deutsch under the
heading “Investment Advisors”:
Matthew Lilling, CFA, Portfolio
Manager at ClearBridge. He has co-managed a portion of the Fund since July 2020.
Prospectus Text Changes
The following replaces Derek Deutsch in the
Investment Advisors section:
Matthew Lilling, CFA, Portfolio Manager at ClearBridge. He has worked in investment management since 2006, has been with ClearBridge since 2010, has managed investment portfolios since 2020, and has
co-managed a portion of the Fund since July 2020. Education: B.A., Emory University; M.B.A., Columbia Business School.
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Group, Inc. All rights reserved.
| Vanguard Marketing Corporation, Distributor. | PS 024A 072020 |
CFA® is a registered trademark owned by CFA Institute.
Vanguard Explorer Fund
Supplement Dated July 1, 2020, to the
Statement of Additional Information Dated February 27, 2020
Important Changes to Vanguard
Explorer Fund (the Fund)
Effectively immediately, Matthew
Lilling has replaced Derek Deutsch as a co-portfolio manager on ClearBridge Investments, LLC’s (ClearBridge) portion of the Fund.
All references to Mr. Deutsch
and corresponding disclosure related to Mr. Deutsch in the Fund’s Statement of Additional Information are hereby deleted. The Fund’s investment objective, strategies, and policies remain unchanged.
Statement of Additional Information
Text Changes
In the Investment Advisory and Other Services section, the following changes apply to sub-section B. ClearBridge Investments, LLC (ClearBridge).
The text and table under the
sub-heading “1. Other Accounts Managed” on page B-39 is replaced as follows:
The following table provides
information relating to the other accounts managed by the portfolio managers of the Fund as of the fiscal year ended October 31, 2019 (unless otherwise noted):
| Portfolio Manager | No. of accounts | Total assets | No. of accounts with performance-based fees | Total assets in accounts with performance-based fees | |
| Jeffrey Russell | Registered investment companies1 | 5 | $21.6B | 2 | $18.8B |
| Other pooled investment vehicles | 2 | $38.6M | 0 | $0 | |
| Other accounts | 1,171 | $460.5M | 0 | $0 | |
| Brian Angerame | Registered investment companies1 | 6 | $19.8B | 2 | $18.8B |
| Other pooled investment vehicles | 2 | $42.1M | 0 | $0 | |
| Other accounts | 2,105 | $692.3M | 0 | $0 | |
| Aram Green | Registered investment companies1 | 7 | $22.3B | 2 | $18.8B |
| Other pooled investment vehicles | 3 | $46.5M | 0 | $0 | |
| Other accounts | 1,171 | $460.5M | 0 | $0 | |
| Matthew Lilling | Registered investment companies2 | 0 | $0 | 0 | $0 |
| Other pooled investment vehicles | 0 | $0 | 0 | $0 | |
| Other accounts | 0 | $0 | 0 | $0 |
1 Includes Vanguard
Explorer Fund which held assets of $16.1 billion as of October 31, 2019.
2 Information provided as of March 31, 2020.
2 Information provided as of March 31, 2020.
In the same sub-section, the
following is added under the sub-heading “4. Ownership of Securities” on page B-41:
As of March 31, 2020, Mr.
Lilling did not own any shares of Vanguard Explorer Fund.