UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number: 811-1530
Name of Registrant: Vanguard Explorer Fund
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
Date of fiscal year end: October 31st
Date of reporting period: July 31, 2011
Item 1: Schedule of Investments
Vanguard Explorer Fund
Schedule of Investments
As of July 31, 2011
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Common Stocks (97.8%)1 | |||
| Consumer Discretionary (12.8%) | |||
| * | MGM Resorts International | 3,959,710 | 59,831 |
| * | Life Time Fitness Inc. | 1,346,145 | 56,215 |
| Cinemark Holdings Inc. | 2,789,580 | 54,369 | |
| Express Inc. | 1,950,515 | 43,770 | |
| DeVry Inc. | 679,195 | 42,205 | |
| Gentex Corp. | 1,423,455 | 40,341 | |
| * | Cheesecake Factory Inc. | 1,300,303 | 37,488 |
| * | CarMax Inc. | 1,136,270 | 36,327 |
| * | LKQ Corp. | 1,455,520 | 35,762 |
| *,^,2 Liz Claiborne Inc. | 5,334,410 | 34,140 | |
| * | DreamWorks Animation SKG Inc. Class A | 1,525,530 | 33,348 |
| Texas Roadhouse Inc. Class A | 1,988,053 | 32,843 | |
| Aaron's Inc. | 1,296,290 | 32,679 | |
| Tractor Supply Co. | 488,980 | 32,234 | |
| * | Steven Madden Ltd. | 829,717 | 31,612 |
| * | Bally Technologies Inc. | 774,420 | 30,535 |
| * | Pier 1 Imports Inc. | 2,750,418 | 30,227 |
| Lennar Corp. Class A | 1,545,000 | 27,331 | |
| Williams-Sonoma Inc. | 733,159 | 27,142 | |
| * | DSW Inc. Class A | 467,550 | 24,771 |
| * | O'Reilly Automotive Inc. | 411,011 | 24,455 |
| * | Live Nation Entertainment Inc. | 2,179,380 | 24,191 |
| * | GameStop Corp. Class A | 931,445 | 21,963 |
| * | Buffalo Wild Wings Inc. | 336,050 | 21,349 |
| * | Coinstar Inc. | 432,771 | 21,145 |
| Service Corp. International | 2,002,130 | 20,962 | |
| * | Fossil Inc. | 154,502 | 19,416 |
| * | Steiner Leisure Ltd. | 395,000 | 19,205 |
| * | Pulte Group Inc. | 2,659,200 | 18,269 |
| * | Gaylord Entertainment Co. | 619,074 | 18,164 |
| * | Pinnacle Entertainment Inc. | 1,253,412 | 18,087 |
| * | CROCS Inc. | 534,435 | 16,744 |
| MDC Partners Inc. Class A | 726,327 | 14,505 | |
| * | G-III Apparel Group Ltd. | 452,947 | 13,982 |
| * | American Public Education Inc. | 289,150 | 13,177 |
| * | SodaStream International Ltd. | 175,000 | 12,836 |
| * | Domino's Pizza Inc. | 472,981 | 12,709 |
| * | Tempur-Pedic International Inc. | 160,165 | 11,533 |
| * | WMS Industries Inc. | 417,694 | 11,516 |
| Monro Muffler Brake Inc. | 311,125 | 11,126 | |
| * | Lululemon Athletica Inc. | 160,000 | 9,686 |
| * | Ulta Salon Cosmetics & Fragrance Inc. | 152,048 | 9,584 |
| Men's Wearhouse Inc. | 288,900 | 9,473 | |
| * | K12 Inc. | 276,758 | 8,878 |
| Bebe Stores Inc. | 1,103,350 | 8,176 | |
| * | ITT Educational Services Inc. | 93,304 | 7,993 |
| Chico's FAS Inc. | 525,050 | 7,923 | |
| * | Select Comfort Corp. | 464,700 | 7,816 |
| * | JOS A Bank Clothiers Inc. | 150,000 | 7,696 |
| Sotheby's | 170,483 | 7,220 |
| * Modine Manufacturing Co. | 456,500 | 6,806 |
| * BJ's Restaurants Inc. | 145,000 | 6,724 |
| * Peet's Coffee & Tea Inc. | 106,894 | 6,243 |
| Group 1 Automotive Inc. | 104,441 | 4,975 |
| * Capella Education Co. | 106,900 | 4,570 |
| Strayer Education Inc. | 36,000 | 4,379 |
| Interpublic Group of Cos. Inc. | 378,972 | 3,718 |
| Tiffany & Co. | 44,000 | 3,502 |
| Polaris Industries Inc. | 28,229 | 3,347 |
| PetSmart Inc. | 77,695 | 3,342 |
| * Signet Jewelers Ltd. | 71,000 | 3,042 |
| * Carter's Inc. | 90,000 | 3,015 |
| Weight Watchers International Inc. | 36,600 | 2,825 |
| Foot Locker Inc. | 126,300 | 2,744 |
| Brinker International Inc. | 106,199 | 2,551 |
| John Wiley & Sons Inc. Class A | 48,777 | 2,442 |
| * ANN Inc. | 83,171 | 2,157 |
| * Sirius XM Radio Inc. | 1,015,000 | 2,142 |
| Ameristar Casinos Inc. | 96,100 | 2,133 |
| Finish Line Inc. Class A | 98,956 | 2,108 |
| * Sally Beauty Holdings Inc. | 121,437 | 2,089 |
| Autoliv Inc. | 29,475 | 1,950 |
| * TRW Automotive Holdings Corp. | 37,756 | 1,906 |
| * Teavana Holdings Inc. | 53,940 | 1,521 |
| * Warnaco Group Inc. | 27,552 | 1,469 |
| Sinclair Broadcast Group Inc. Class A | 143,800 | 1,425 |
| Harman International Industries Inc. | 30,100 | 1,252 |
| * Dunkin' Brands Group Inc. | 28,600 | 827 |
| Brunswick Corp. | 35,000 | 764 |
| * Dick's Sporting Goods Inc. | 20,000 | 740 |
| * DineEquity Inc. | 12,841 | 669 |
| * Tenneco Inc. | 6,777 | 271 |
| * Krispy Kreme Doughnuts Inc. Warrants Exp. 03/02/2012 | 8,183 | 3 |
| 1,260,600 | ||
| Consumer Staples (3.3%) | ||
| Herbalife Ltd. | 1,041,908 | 58,055 |
| Pricesmart Inc. | 743,340 | 43,500 |
| * Smithfield Foods Inc. | 1,806,850 | 39,787 |
| Nu Skin Enterprises Inc. Class A | 1,036,377 | 38,906 |
| * Fresh Market Inc. | 1,059,700 | 37,651 |
| * Cott Corp. | 3,264,279 | 27,061 |
| * United Natural Foods Inc. | 598,194 | 24,975 |
| * Green Mountain Coffee Roasters Inc. | 179,000 | 18,607 |
| * BJ's Wholesale Club Inc. | 288,200 | 14,511 |
| * Boston Beer Co. Inc. Class A | 115,953 | 10,453 |
| Diamond Foods Inc. | 102,000 | 7,302 |
| B&G Foods Inc. Class A | 110,140 | 2,069 |
| * Darling International Inc. | 55,500 | 937 |
| * Pantry Inc. | 35,570 | 634 |
| Lancaster Colony Corp. | 8,220 | 494 |
| Vector Group Ltd. | 21,400 | 375 |
| Coca-Cola Bottling Co. Consolidated | 4,450 | 287 |
| 325,604 | ||
| Energy (8.3%) | ||
| * Key Energy Services Inc. | 2,414,000 | 47,049 |
| * Comstock Resources Inc. | 1,428,270 | 45,562 |
| * | SandRidge Energy Inc. | 3,948,597 | 45,488 |
| Core Laboratories NV | 367,741 | 39,966 | |
| * | Brigham Exploration Co. | 1,158,295 | 36,834 |
| * | Rosetta Resources Inc. | 673,040 | 34,843 |
| * | Hornbeck Offshore Services Inc. | 1,247,900 | 34,742 |
| * | Petrohawk Energy Corp. | 872,170 | 33,308 |
| * | Atwood Oceanics Inc. | 669,191 | 31,251 |
| * | ION Geophysical Corp. | 2,810,900 | 28,503 |
| * | Complete Production Services Inc. | 710,390 | 27,620 |
| Tidewater Inc. | 507,005 | 27,551 | |
| Berry Petroleum Co. Class A | 449,550 | 25,782 | |
| * | Tetra Technologies Inc. | 1,953,266 | 25,139 |
| * | Global Industries Ltd. | 4,403,946 | 22,592 |
| * | Clean Energy Fuels Corp. | 1,318,620 | 21,111 |
| * | Pioneer Drilling Co. | 1,179,350 | 19,188 |
| * | Kodiak Oil & Gas Corp. | 2,619,563 | 17,787 |
| * | Southwestern Energy Co. | 397,625 | 17,718 |
| * | Tesco Corp. | 829,297 | 17,631 |
| * | Alpha Natural Resources Inc. | 409,440 | 17,487 |
| RPC Inc. | 718,329 | 16,967 | |
| Niko Resources Ltd. | 240,475 | 16,492 | |
| * | Forest Oil Corp. | 622,500 | 16,185 |
| * | Newpark Resources Inc. | 1,648,800 | 15,317 |
| SM Energy Co. | 173,317 | 13,059 | |
| Cabot Oil & Gas Corp. | 172,900 | 12,808 | |
| * | Energy XXI Bermuda Ltd. | 385,350 | 12,643 |
| * | Carrizo Oil & Gas Inc. | 325,350 | 12,494 |
| * | Rex Energy Corp. | 1,043,710 | 11,554 |
| * | Basic Energy Services Inc. | 318,000 | 10,300 |
| Oceaneering International Inc. | 219,940 | 9,501 | |
| * | McDermott International Inc. | 459,655 | 9,271 |
| CARBO Ceramics Inc. | 57,819 | 9,024 | |
| * | Whiting Petroleum Corp. | 85,400 | 5,004 |
| HollyFrontier Corp. | 44,773 | 3,375 | |
| * | C&J Energy Services Inc. | 100,900 | 3,078 |
| * | CVR Energy Inc. | 110,100 | 2,956 |
| Golar LNG Ltd. | 67,900 | 2,589 | |
| * | Stone Energy Corp. | 78,900 | 2,561 |
| * | Western Refining Inc. | 118,100 | 2,413 |
| Arch Coal Inc. | 87,940 | 2,251 | |
| Patterson-UTI Energy Inc. | 68,800 | 2,238 | |
| W&T Offshore Inc. | 82,328 | 2,231 | |
| * | Mitcham Industries Inc. | 102,800 | 1,867 |
| * | Clayton Williams Energy Inc. | 23,032 | 1,528 |
| * | Cloud Peak Energy Inc. | 14,313 | 319 |
| 815,177 | |||
| Exchange-Traded Funds (1.4%) | |||
| ^,3 | Vanguard Small-Cap ETF | 1,065,083 | 80,116 |
| ^,3 | Vanguard Small-Cap Growth ETF | 713,200 | 58,889 |
| ^ | iShares Russell 2000 Index Fund | 41,383 | 3,296 |
| 142,301 | |||
| Financials (7.3%) | |||
| Cash America International Inc. | 924,948 | 51,760 | |
| * | NASDAQ OMX Group Inc. | 1,689,610 | 40,669 |
| *,2 | HFF Inc. Class A | 2,601,568 | 39,284 |
| * | Affiliated Managers Group Inc. | 318,875 | 33,268 |
| SEI Investments Co. | 1,598,960 | 31,628 | |
| Redwood Trust Inc. | 2,124,970 | 30,451 | |
| Mid-America Apartment Communities Inc. | 429,500 | 30,404 | |
| * | Signature Bank | 475,844 | 28,151 |
| MFA Financial Inc. | 3,694,970 | 27,675 | |
| Allied World Assurance Co. Holdings AG | 494,900 | 26,947 | |
| Lazard Ltd. Class A | 772,230 | 25,947 | |
| Och-Ziff Capital Management Group LLC Class A | 2,055,150 | 25,402 | |
| Evercore Partners Inc. Class A | 851,500 | 24,208 | |
| * | National Financial Partners Corp. | 2,024,874 | 22,942 |
| *,^ | First Republic Bank | 799,300 | 22,636 |
| MB Financial Inc. | 1,097,175 | 22,152 | |
| International Bancshares Corp. | 1,241,115 | 20,876 | |
| Bank of the Ozarks Inc. | 377,575 | 19,615 | |
| American Assets Trust Inc. | 884,273 | 19,445 | |
| Sabra Healthcare REIT Inc. | 1,304,953 | 18,804 | |
| Jefferies Group Inc. | 973,713 | 18,413 | |
| * | LPL Investment Holdings Inc. | 473,522 | 15,650 |
| PS Business Parks Inc. | 246,438 | 14,000 | |
| TCF Financial Corp. | 1,030,100 | 13,103 | |
| * | eHealth Inc. | 748,600 | 9,694 |
| Alterra Capital Holdings Ltd. | 435,325 | 9,486 | |
| Platinum Underwriters Holdings Ltd. | 270,997 | 9,309 | |
| Northwest Bancshares Inc. | 674,400 | 8,288 | |
| Valley National Bancorp | 579,310 | 7,618 | |
| Waddell & Reed Financial Inc. Class A | 202,250 | 7,423 | |
| * | Nara Bancorp Inc. | 633,632 | 5,088 |
| First Midwest Bancorp Inc. | 413,127 | 4,925 | |
| Webster Financial Corp. | 200,600 | 4,096 | |
| Rayonier Inc. | 54,618 | 3,520 | |
| Cardinal Financial Corp. | 279,440 | 2,998 | |
| QC Holdings Inc. | 570,000 | 2,605 | |
| * | Ezcorp Inc. Class A | 75,229 | 2,504 |
| CBL & Associates Properties Inc. | 128,300 | 2,279 | |
| * | Credit Acceptance Corp. | 28,553 | 2,265 |
| * | World Acceptance Corp. | 33,976 | 2,165 |
| * | Arch Capital Group Ltd. | 60,630 | 2,049 |
| * | CB Richard Ellis Group Inc. Class A | 88,774 | 1,935 |
| Nelnet Inc. Class A | 91,976 | 1,854 | |
| * | First Cash Financial Services Inc. | 37,261 | 1,612 |
| Potlatch Corp. | 43,537 | 1,446 | |
| National Health Investors Inc. | 26,900 | 1,224 | |
| * | Netspend Holdings Inc. | 144,000 | 1,136 |
| Omega Healthcare Investors Inc. | 48,400 | 951 | |
| Extra Space Storage Inc. | 32,700 | 695 | |
| Getty Realty Corp. | 28,841 | 669 | |
| Universal Health Realty Income Trust | 15,900 | 655 | |
| Apartment Investment & Management Co. | 20,000 | 546 | |
| Advance America Cash Advance Centers Inc. | 71,900 | 507 | |
| JMP Group Inc. | 58,309 | 428 | |
| Urstadt Biddle Properties Inc. Class A | 22,400 | 397 | |
| Validus Holdings Ltd. | 13,980 | 372 | |
| Amtrust Financial Services Inc. | 11,200 | 260 | |
| Erie Indemnity Co. Class A | 3,000 | 221 | |
| * | Investors Bancorp Inc. | 14,300 | 198 |
| Digital Realty Trust Inc. | 2,565 | 157 | |
| * | Strategic Hotels & Resorts Inc. | 15,500 | 105 |
| 725,110 |
| Health Care (17.7%) | |||
| Cooper Cos. Inc. | 1,007,538 | 77,067 | |
| * | Coventry Health Care Inc. | 2,246,710 | 71,895 |
| * | Elan Corp. plc ADR | 6,174,153 | 68,286 |
| * | Regeneron Pharmaceuticals Inc. | 1,151,981 | 61,124 |
| * | Alkermes Inc. | 3,483,420 | 60,054 |
| * | Bruker Corp. | 3,380,125 | 58,206 |
| * | Salix Pharmaceuticals Ltd. | 1,374,990 | 53,322 |
| * | Seattle Genetics Inc. | 2,307,324 | 39,294 |
| * | Brookdale Senior Living Inc. Class A | 1,661,840 | 35,547 |
| * | ICON plc ADR | 1,549,795 | 34,607 |
| * | Health Management Associates Inc. Class A | 3,593,262 | 34,136 |
| * | Cubist Pharmaceuticals Inc. | 990,900 | 33,661 |
| * | ResMed Inc. | 1,087,250 | 32,933 |
| * | Bio-Rad Laboratories Inc. Class A | 289,510 | 31,557 |
| * | Henry Schein Inc. | 460,250 | 30,588 |
| PerkinElmer Inc. | 1,207,050 | 29,524 | |
| DENTSPLY International Inc. | 761,150 | 28,840 | |
| * | Allscripts Healthcare Solutions Inc. | 1,569,095 | 28,479 |
| West Pharmaceutical Services Inc. | 648,450 | 28,447 | |
| * | BioMarin Pharmaceutical Inc. | 907,600 | 28,344 |
| * | Incyte Corp. Ltd. | 1,531,420 | 26,708 |
| * | Insulet Corp. | 1,307,200 | 25,700 |
| * | Mettler-Toledo International Inc. | 165,459 | 25,615 |
| * | ABIOMED Inc. | 1,526,400 | 25,201 |
| * | SXC Health Solutions Corp. | 397,644 | 25,103 |
| * | Jazz Pharmaceuticals Inc. | 613,700 | 24,836 |
| Quality Systems Inc. | 271,543 | 24,808 | |
| * | Volcano Corp. | 779,640 | 24,488 |
| Pharmaceutical Product Development Inc. | 836,450 | 24,115 | |
| * | Healthspring Inc. | 573,800 | 23,549 |
| * | Edwards Lifesciences Corp. | 316,300 | 22,568 |
| * | Kindred Healthcare Inc. | 1,194,564 | 22,506 |
| * | IPC The Hospitalist Co. Inc. | 496,345 | 22,450 |
| * | Onyx Pharmaceuticals Inc. | 658,300 | 21,711 |
| * | Alexion Pharmaceuticals Inc. | 380,350 | 21,604 |
| * | Sirona Dental Systems Inc. | 418,753 | 21,181 |
| * | Hospira Inc. | 404,645 | 20,685 |
| *,^ | Cadence Pharmaceuticals Inc. | 2,197,319 | 19,007 |
| * | QIAGEN NV | 1,118,500 | 18,947 |
| * | Questcor Pharmaceuticals Inc. | 582,616 | 18,090 |
| * | Parexel International Corp. | 881,050 | 18,088 |
| * | Covance Inc. | 310,857 | 17,797 |
| Invacare Corp. | 566,849 | 16,994 | |
| *,^ | Momenta Pharmaceuticals Inc. | 957,900 | 16,916 |
| Warner Chilcott plc Class A | 777,600 | 16,345 | |
| * | WuXi PharmaTech Cayman Inc. ADR | 1,027,450 | 16,008 |
| * | MWI Veterinary Supply Inc. | 171,493 | 15,273 |
| Hikma Pharmaceuticals plc | 1,300,350 | 14,564 | |
| * | Targacept Inc. | 700,851 | 14,325 |
| * | Vanguard Health Systems Inc. | 826,100 | 14,325 |
| * | Nektar Therapeutics | 2,183,400 | 14,061 |
| * | Align Technology Inc. | 617,850 | 13,587 |
| * | Amylin Pharmaceuticals Inc. | 1,119,650 | 13,335 |
| * | Luminex Corp. | 644,460 | 13,115 |
| * | Ardea Biosciences Inc. | 553,900 | 12,961 |
| * | Catalyst Health Solutions Inc. | 196,364 | 12,868 |
| Patterson Cos. Inc. | 415,800 | 12,823 | |
| * | ExamWorks Group Inc. | 572,016 | 12,516 |
| * | Exelixis Inc. | 1,508,910 | 11,619 |
| * | Immunogen Inc. | 841,100 | 11,380 |
| * | Isis Pharmaceuticals Inc. | 1,283,499 | 11,089 |
| * | Cyberonics Inc. | 405,325 | 11,000 |
| * | Skilled Healthcare Group Inc. | 1,194,898 | 10,515 |
| * | NxStage Medical Inc. | 571,454 | 10,515 |
| * | Par Pharmaceutical Cos. Inc. | 310,000 | 10,041 |
| * | Akorn Inc. | 1,433,885 | 9,937 |
| * | AMN Healthcare Services Inc. | 1,172,945 | 9,454 |
| * | NPS Pharmaceuticals Inc. | 904,545 | 8,738 |
| * | Cepheid Inc. | 214,114 | 8,085 |
| * | Caliper Life Sciences Inc. | 680,691 | 5,548 |
| * | ISTA Pharmaceuticals Inc. | 1,033,279 | 5,135 |
| STERIS Corp. | 70,203 | 2,456 | |
| Chemed Corp. | 38,106 | 2,317 | |
| * | Charles River Laboratories International Inc. | 57,400 | 2,270 |
| * | AVEO Pharmaceuticals Inc. | 118,300 | 2,261 |
| * | WellCare Health Plans Inc. | 51,400 | 2,254 |
| * | Team Health Holdings Inc. | 101,500 | 2,234 |
| * | AMERIGROUP Corp. | 38,264 | 2,104 |
| Perrigo Co. | 22,692 | 2,049 | |
| * | Sunrise Senior Living Inc. | 220,310 | 1,943 |
| * | Medicines Co. | 129,454 | 1,939 |
| * | Neurocrine Biosciences Inc. | 217,222 | 1,679 |
| * | Depomed Inc. | 168,682 | 1,275 |
| * | Impax Laboratories Inc. | 58,535 | 1,240 |
| * | Molina Healthcare Inc. | 49,750 | 1,127 |
| * | Kinetic Concepts Inc. | 14,900 | 997 |
| * | United Therapeutics Corp. | 12,374 | 710 |
| *,^ | PharmAthene Inc. | 266,700 | 707 |
| * | IDEXX Laboratories Inc. | 7,757 | 643 |
| Lincare Holdings Inc. | 23,210 | 594 | |
| * | Array Biopharma Inc. | 266,145 | 564 |
| * | Arqule Inc. | 85,101 | 477 |
| * | Arthrocare Corp. | 13,000 | 430 |
| * | Genomic Health Inc. | 12,692 | 341 |
| 1,746,351 | |||
| Industrials (16.3%) | |||
| *,2 | Beacon Roofing Supply Inc. | 2,525,836 | 54,002 |
| Kennametal Inc. | 1,330,327 | 52,455 | |
| Belden Inc. | 1,389,055 | 51,187 | |
| * | Genesee & Wyoming Inc. Class A | 916,960 | 50,469 |
| Chicago Bridge & Iron Co. NV | 1,007,261 | 41,550 | |
| * | BE Aerospace Inc. | 1,018,842 | 40,550 |
| MSC Industrial Direct Co. Class A | 606,005 | 37,439 | |
| * | EnerSys | 1,132,140 | 36,206 |
| * | Teledyne Technologies Inc. | 638,510 | 34,626 |
| * | Corrections Corp. of America | 1,576,185 | 33,825 |
| * | Middleby Corp. | 394,485 | 33,326 |
| * | IHS Inc. Class A | 450,607 | 33,205 |
| Pentair Inc. | 870,680 | 32,050 | |
| * | Kansas City Southern | 530,680 | 31,496 |
| Con-way Inc. | 803,630 | 29,429 | |
| Lennox International Inc. | 760,630 | 28,128 | |
| Manpower Inc. | 550,200 | 27,796 | |
| * | Swift Transportation Co. | 2,430,740 | 27,565 |
| * | Orbital Sciences Corp. | 1,588,100 | 27,506 |
| * | AerCap Holdings NV | 2,214,126 | 27,278 |
| Knight Transportation Inc. | 1,677,025 | 26,396 | |
| * | Meritor Inc. | 1,919,220 | 25,909 |
| Triumph Group Inc. | 470,400 | 25,326 | |
| * | Navistar International Corp. | 489,610 | 25,122 |
| Armstrong World Industries Inc. | 633,630 | 25,028 | |
| * | Kforce Inc. | 1,777,246 | 24,490 |
| United Stationers Inc. | 762,800 | 24,478 | |
| * | RBC Bearings Inc. | 638,144 | 24,230 |
| Trinity Industries Inc. | 797,740 | 23,765 | |
| Flowserve Corp. | 228,905 | 22,749 | |
| * | Huron Consulting Group Inc. | 699,000 | 22,627 |
| * | Rush Enterprises Inc. Class A | 1,104,676 | 22,082 |
| * | II-VI Inc. | 857,200 | 21,456 |
| * | Clean Harbors Inc. | 399,344 | 21,065 |
| AMETEK Inc. | 487,620 | 20,724 | |
| * | GeoEye Inc. | 510,203 | 20,388 |
| Progressive Waste Solutions Ltd. | 904,200 | 20,372 | |
| UTi Worldwide Inc. | 1,152,235 | 18,632 | |
| * | HUB Group Inc. Class A | 520,612 | 18,471 |
| Gardner Denver Inc. | 216,282 | 18,447 | |
| *,^ | A123 Systems Inc. | 3,507,300 | 17,992 |
| Landstar System Inc. | 396,530 | 17,784 | |
| Robbins & Myers Inc. | 363,313 | 17,526 | |
| ABM Industries Inc. | 737,700 | 16,598 | |
| * | Atlas Air Worldwide Holdings Inc. | 304,982 | 15,978 |
| * | AGCO Corp. | 331,250 | 15,708 |
| * | Chart Industries Inc. | 290,505 | 15,414 |
| * | SFN Group Inc. | 1,106,229 | 15,399 |
| Titan International Inc. | 600,100 | 15,165 | |
| * | TrueBlue Inc. | 1,002,310 | 15,045 |
| * | Advisory Board Co. | 273,158 | 14,625 |
| Applied Industrial Technologies Inc. | 457,847 | 14,614 | |
| * | Stericycle Inc. | 174,815 | 14,356 |
| * | United Rentals Inc. | 597,221 | 13,742 |
| * | General Cable Corp. | 340,040 | 13,523 |
| Interface Inc. Class A | 820,950 | 13,152 | |
| Woodward Inc. | 378,300 | 13,051 | |
| * | Altra Holdings Inc. | 575,609 | 12,802 |
| * | DigitalGlobe Inc. | 469,890 | 12,274 |
| Watsco Inc. | 198,960 | 11,774 | |
| TAL International Group Inc. | 367,238 | 11,362 | |
| Donaldson Co. Inc. | 183,380 | 10,156 | |
| * | CAI International Inc. | 478,500 | 8,398 |
| * | Exponent Inc. | 195,022 | 8,154 |
| * | Korn/Ferry International | 370,400 | 7,978 |
| HEICO Corp. | 107,358 | 5,611 | |
| HEICO Corp. Class A | 140,913 | 5,214 | |
| * | Flow International Corp. | 1,260,468 | 4,298 |
| Robert Half International Inc. | 155,000 | 4,244 | |
| * | Moog Inc. Class A | 96,831 | 3,965 |
| * | Polypore International Inc. | 52,100 | 3,543 |
| Waste Connections Inc. | 95,708 | 3,086 | |
| * | H&E Equipment Services Inc. | 254,600 | 3,055 |
| * | WABCO Holdings Inc. | 48,094 | 3,032 |
| Heartland Express Inc. | 191,860 | 2,939 | |
| Timken Co. | 60,973 | 2,663 |
| Copa Holdings SA Class A | 37,600 | 2,467 | |
| * | Hertz Global Holdings Inc. | 172,800 | 2,431 |
| * | Trimas Corp. | 96,677 | 2,317 |
| Toro Co. | 41,235 | 2,220 | |
| KBR Inc. | 59,509 | 2,121 | |
| Deluxe Corp. | 89,409 | 2,105 | |
| Towers Watson & Co. Class A | 34,400 | 2,104 | |
| * | Consolidated Graphics Inc. | 39,249 | 2,025 |
| * | Sauer-Danfoss Inc. | 41,808 | 1,986 |
| * | Alaska Air Group Inc. | 32,162 | 1,966 |
| Hubbell Inc. Class B | 32,400 | 1,927 | |
| Cubic Corp. | 38,422 | 1,865 | |
| Healthcare Services Group Inc. | 116,965 | 1,835 | |
| Watts Water Technologies Inc. Class A | 50,688 | 1,700 | |
| Steelcase Inc. Class A | 167,879 | 1,667 | |
| Textainer Group Holdings Ltd. | 61,574 | 1,598 | |
| * | Avis Budget Group Inc. | 95,000 | 1,435 |
| Nordson Corp. | 21,182 | 1,081 | |
| Actuant Corp. Class A | 40,693 | 1,006 | |
| * | Old Dominion Freight Line Inc. | 24,175 | 896 |
| Intersections Inc. | 34,500 | 670 | |
| * | JetBlue Airways Corp. | 131,000 | 627 |
| * | Coleman Cable Inc. | 41,600 | 548 |
| * | DXP Enterprises Inc. | 18,582 | 505 |
| Werner Enterprises Inc. | 16,252 | 383 | |
| Ryder System Inc. | 5,792 | 326 | |
| * | Trex Co. Inc. | 14,990 | 316 |
| * | WESCO International Inc. | 4,861 | 246 |
| 1,606,438 | |||
| Information Technology (24.7%) | |||
| * | Alliance Data Systems Corp. | 1,038,905 | 102,166 |
| * | Ariba Inc. | 2,498,047 | 82,610 |
| * | VeriFone Systems Inc. | 2,011,485 | 79,192 |
| * | Sapient Corp. | 5,285,850 | 73,579 |
| * | Microsemi Corp. | 3,067,655 | 60,893 |
| *,2 | TiVo Inc. | 6,217,960 | 58,449 |
| * | Netlogic Microsystems Inc. | 1,686,044 | 58,253 |
| * | Teradyne Inc. | 3,692,314 | 49,809 |
| MKS Instruments Inc. | 1,960,050 | 48,903 | |
| * | Parametric Technology Corp. | 2,250,995 | 46,798 |
| * | Cadence Design Systems Inc. | 4,325,950 | 44,687 |
| * | Polycom Inc. | 1,630,615 | 44,076 |
| * | Rovi Corp. | 802,260 | 42,496 |
| * | MICROS Systems Inc. | 862,571 | 42,240 |
| * | IAC/InterActiveCorp | 963,126 | 39,864 |
| * | Trimble Navigation Ltd. | 992,920 | 35,328 |
| * | ON Semiconductor Corp. | 4,013,699 | 34,879 |
| Power Integrations Inc. | 963,465 | 34,193 | |
| * | j2 Global Communications Inc. | 1,246,450 | 33,330 |
| * | ValueClick Inc. | 1,845,030 | 33,321 |
| Syntel Inc. | 599,188 | 32,937 | |
| Jabil Circuit Inc. | 1,788,220 | 32,742 | |
| * | Informatica Corp. | 629,138 | 32,168 |
| * | NICE Systems Ltd. ADR | 898,403 | 32,091 |
| *,2 | S1 Corp. | 3,338,000 | 31,377 |
| * | LSI Corp. | 4,099,530 | 30,173 |
| * | CommVault Systems Inc. | 773,370 | 29,945 |
| * Convergys Corp. | 2,405,330 | 29,922 |
| * Cardtronics Inc. | 1,280,952 | 29,436 |
| * Atmel Corp. | 2,359,101 | 28,545 |
| * F5 Networks Inc. | 302,495 | 28,277 |
| * Genpact Ltd. | 1,702,720 | 28,095 |
| Littelfuse Inc. | 549,250 | 28,061 |
| * WebMD Health Corp. | 788,591 | 27,798 |
| Factset Research Systems Inc. | 299,394 | 27,571 |
| * Celestica Inc. | 3,129,252 | 27,475 |
| Maxim Integrated Products Inc. | 1,119,120 | 25,695 |
| * QLogic Corp. | 1,687,480 | 25,599 |
| * Cree Inc. | 773,200 | 25,407 |
| Cypress Semiconductor Corp. | 1,171,882 | 24,117 |
| * Nuance Communications Inc. | 1,163,280 | 23,277 |
| * Euronet Worldwide Inc. | 1,337,530 | 22,952 |
| Avago Technologies Ltd. | 651,770 | 21,919 |
| * Progress Software Corp. | 905,400 | 21,820 |
| * TeleTech Holdings Inc. | 1,092,000 | 21,611 |
| ADTRAN Inc. | 652,935 | 21,606 |
| * CACI International Inc. Class A | 363,200 | 21,458 |
| * Digital River Inc. | 826,635 | 21,079 |
| * RightNow Technologies Inc. | 598,750 | 20,322 |
| * SunPower Corp. Class B | 1,318,591 | 19,990 |
| * FEI Co. | 596,320 | 19,702 |
| * SuccessFactors Inc. | 723,738 | 19,541 |
| * Concur Technologies Inc. | 423,660 | 19,251 |
| * SolarWinds Inc. | 883,600 | 19,006 |
| * Varian Semiconductor Equipment Associates Inc. | 310,380 | 18,852 |
| Black Box Corp. | 626,200 | 17,840 |
| * Acxiom Corp. | 1,275,000 | 17,519 |
| * RADWARE Ltd. | 524,900 | 17,400 |
| * RF Micro Devices Inc. | 2,575,640 | 17,386 |
| * Riverbed Technology Inc. | 598,000 | 17,121 |
| * Red Hat Inc. | 362,800 | 15,267 |
| * Synchronoss Technologies Inc. | 518,602 | 15,169 |
| * MicroStrategy Inc. Class A | 92,900 | 14,805 |
| * Fortinet Inc. | 717,260 | 14,575 |
| National Instruments Corp. | 547,838 | 14,156 |
| * Silicon Laboratories Inc. | 399,220 | 14,136 |
| * Entropic Communications Inc. | 2,114,300 | 14,124 |
| * Salesforce.com Inc. | 93,440 | 13,522 |
| Heartland Payment Systems Inc. | 602,302 | 12,672 |
| * Cymer Inc. | 280,240 | 12,339 |
| * Hittite Microwave Corp. | 210,250 | 11,772 |
| * Travelzoo Inc. | 220,750 | 11,656 |
| * FleetCor Technologies Inc. | 389,727 | 11,552 |
| * Constant Contact Inc. | 608,000 | 11,509 |
| * VistaPrint NV | 419,550 | 11,202 |
| * Sourcefire Inc. | 450,726 | 11,079 |
| * comScore Inc. | 503,557 | 10,983 |
| * Acme Packet Inc. | 182,735 | 10,767 |
| FLIR Systems Inc. | 371,140 | 10,192 |
| * KIT Digital Inc. | 863,725 | 10,062 |
| * QLIK Technologies Inc. | 307,650 | 9,325 |
| * LogMeIn Inc. | 262,200 | 9,321 |
| * Omnivision Technologies Inc. | 310,709 | 9,085 |
| * Gartner Inc. | 245,547 | 9,063 |
| * DealerTrack Holdings Inc. | 365,000 | 8,464 |
| * Super Micro Computer Inc. | 576,900 | 8,129 |
| * Diodes Inc. | 317,775 | 7,484 |
| * Kenexa Corp. | 258,870 | 6,619 |
| Pegasystems Inc. | 135,300 | 5,461 |
| * PMC - Sierra Inc. | 700,750 | 4,898 |
| * Advent Software Inc. | 206,511 | 4,797 |
| * Aviat Networks Inc. | 1,217,135 | 4,710 |
| * Interactive Intelligence Group | 119,431 | 4,540 |
| * Ancestry.com Inc. | 124,429 | 4,431 |
| * TIBCO Software Inc. | 124,587 | 3,244 |
| * Oclaro Inc. | 655,578 | 3,081 |
| Global Payments Inc. | 63,700 | 3,020 |
| * NCR Corp. | 142,234 | 2,838 |
| * Aruba Networks Inc. | 113,893 | 2,614 |
| MAXIMUS Inc. | 61,624 | 2,381 |
| * Manhattan Associates Inc. | 62,838 | 2,344 |
| * Monolithic Power Systems Inc. | 170,000 | 2,293 |
| DST Systems Inc. | 43,596 | 2,232 |
| * Lattice Semiconductor Corp. | 357,040 | 2,214 |
| Anixter International Inc. | 34,431 | 2,149 |
| * Booz Allen Hamilton Holding Corp. | 109,741 | 1,996 |
| Intersil Corp. Class A | 165,495 | 1,994 |
| * JDS Uniphase Corp. | 149,495 | 1,966 |
| * Novellus Systems Inc. | 62,529 | 1,941 |
| Opnet Technologies Inc. | 56,366 | 1,934 |
| * Zebra Technologies Corp. | 45,800 | 1,832 |
| * Take-Two Interactive Software Inc. | 134,955 | 1,821 |
| * PROS Holdings Inc. | 110,000 | 1,795 |
| * Brightpoint Inc. | 174,055 | 1,582 |
| Daktronics Inc. | 156,200 | 1,551 |
| * Coherent Inc. | 32,160 | 1,545 |
| * Mentor Graphics Corp. | 125,360 | 1,433 |
| * Silicon Image Inc. | 244,313 | 1,400 |
| * Netscout Systems Inc. | 88,294 | 1,346 |
| * Nova Measuring Instruments Ltd. | 150,000 | 1,281 |
| * Websense Inc. | 51,251 | 1,162 |
| Solera Holdings Inc. | 20,513 | 1,146 |
| * Netgear Inc. | 26,650 | 877 |
| * Entegris Inc. | 98,200 | 842 |
| * Blue Coat Systems Inc. | 40,000 | 806 |
| * Silicon Graphics International Corp. | 55,700 | 795 |
| * Magma Design Automation Inc. | 79,969 | 595 |
| * ShoreTel Inc. | 60,000 | 511 |
| * Ultimate Software Group Inc. | 7,494 | 408 |
| * Virtusa Corp. | 15,000 | 295 |
| * Aspen Technology Inc. | 12,900 | 200 |
| 2,431,479 | ||
| Materials (4.1%) | ||
| Silgan Holdings Inc. | 1,045,615 | 40,549 |
| * WR Grace & Co. | 768,375 | 38,757 |
| Albemarle Corp. | 563,035 | 37,487 |
| Ball Corp. | 790,690 | 30,679 |
| * Graphic Packaging Holding Co. | 6,119,600 | 30,292 |
| * Ferro Corp. | 2,298,496 | 29,926 |
| Sensient Technologies Corp. | 803,945 | 29,842 |
| Olin Corp. | 1,133,360 | 23,699 |
| * Smurfit Kappa Group plc | 2,278,640 | 23,381 |
| CF Industries Holdings Inc. | 138,850 | 21,566 |
| Schnitzer Steel Industries Inc. | 421,850 | 21,426 |
| * KapStone Paper and Packaging Corp. | 1,105,851 | 17,240 |
| Balchem Corp. | 291,500 | 12,759 |
| Aptargroup Inc. | 236,120 | 12,054 |
| * OM Group Inc. | 178,912 | 6,491 |
| Airgas Inc. | 59,080 | 4,059 |
| * Crown Holdings Inc. | 94,775 | 3,640 |
| * Rockwood Holdings Inc. | 54,895 | 3,319 |
| Schweitzer-Mauduit International Inc. | 55,000 | 3,086 |
| * Hecla Mining Co. | 346,600 | 2,693 |
| NewMarket Corp. | 14,873 | 2,439 |
| Worthington Industries Inc. | 108,850 | 2,283 |
| Eastman Chemical Co. | 21,662 | 2,092 |
| Westlake Chemical Corp. | 39,000 | 2,018 |
| * Pilot Gold Inc. | 592,361 | 1,433 |
| Ashland Inc. | 18,422 | 1,128 |
| Innophos Holdings Inc. | 16,300 | 786 |
| * Kraton Performance Polymers Inc. | 17,500 | 632 |
| * Noranda Aluminum Holding Corp. | 37,100 | 515 |
| * Horsehead Holding Corp. | 40,000 | 447 |
| * Handy & Harman Ltd. | 24,100 | 341 |
| * Solutia Inc. | 15,606 | 335 |
| Rock-Tenn Co. Class A | 4,499 | 277 |
| 407,671 | ||
| Telecommunication Services (1.3%) | ||
| * Vonage Holdings Corp. | 10,846,889 | 43,496 |
| * tw telecom inc Class A | 1,977,680 | 39,059 |
| * SBA Communications Corp. Class A | 597,390 | 22,802 |
| * Cogent Communications Group Inc. | 769,250 | 11,593 |
| * Clearwire Corp. Class A | 2,982,510 | 6,472 |
| * MetroPCS Communications Inc. | 154,209 | 2,511 |
| USA Mobility Inc. | 84,331 | 1,392 |
| 127,325 | ||
| Utilities (0.6%) | ||
| IDACORP Inc. | 768,600 | 30,137 |
| ITC Holdings Corp. | 403,630 | 28,359 |
| Integrys Energy Group Inc. | 26,133 | 1,312 |
| 59,808 | ||
| Total Common Stocks (Cost $7,826,896) | 9,647,864 |
| Market | ||||
| Value | ||||
| Coupon | Shares | ($000) | ||
| Temporary Cash Investments (3.4%)1 | ||||
| Money Market Fund (3.2%) | ||||
| 4,5 Vanguard Market Liquidity Fund | 0.114% | 312,401,000 | 312,401 | |
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Repurchase Agreement (0.1%) | ||||
| Deutsche Bank Securities, Inc. | ||||
| (Dated 7/29/11, Repurchase Value | ||||
| $10,000,000, collateralized by Government | ||||
| National Mortgage Assn. 4.500%, 6/20/41) | 0.200% | 8/1/11 | 10,000 | 10,000 |
| U.S. Government and Agency Obligations (0.1%) | ||||
| 6,7 Fannie Mae Discount Notes | 0.050%–0.080% | 10/3/11 | 1,050 | 1,050 |
| 6,7 Fannie Mae Discount Notes | 0.045% | 10/5/11 | 5,500 | 5,498 |
| 6,548 | ||||
| Total Temporary Cash Investments (Cost $328,951) | 328,949 | |||
| Total Investments (101.2%) (Cost $8,155,847) | 9,976,813 | |||
| Other Assets and Liabilities-Net (-1.2%)5 | (114,845) | |||
| Net Assets (100%) | 9,861,968 | |||
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $75,455,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 98.5% and 2.7%, respectively, of net assets.
2 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Includes $78,291,000 of collateral received for securities on loan.
6 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
7 Securities with a value of $5,848,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
REIT—Real Estate Investment Trust.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash
Explorer Fund
investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments).
The following table summarizes the fund's investments as of July 31, 2011, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 9,609,919 | 37,945 | — |
| Temporary Cash Investments | 312,401 | 16,548 | — |
| Futures Contracts—Assets1 | 51 | — | — |
| Futures Contracts—Liabilities1 | (242) | — | — |
| Total | 9,922,129 | 54,493 | — |
| 1 Represents variation margin on the last day of the reporting period. | |||
D. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).
At July 31, 2011, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
Explorer Fund
| ($000) | ||||
| Aggregate | ||||
| Number of | Settlement | Unrealized | ||
| Long (Short) | Value | Appreciation | ||
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| E-mini Russell 2000 Index | September 2011 | 432 | 34,366 | (1,506) |
| E-mini S&P MidCap 400 Index | September 2011 | 320 | 30,134 | (1,094) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Certain of the fund's investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company. Transactions during the period in securities of these companies were as follows:
| Current Period Transactions | |||||
| Proceeds | |||||
| Oct. 31, 2010 | from | July 31, 2011 | |||
| Market | Purchases | Securities | Dividend | Market | |
| Value | at Cost | Sold | Income | Value | |
| ($000) | ($000) | ($000) | ($000) | ($000) | |
| ABIOMED Inc. | 20,101 | 876 | 9,284 | — | NA2 |
| Beacon Roofing Supply Inc. | 38,932 | 28,584 | 27,611 | — | 54,002 |
| HFF Inc. | — | 35,318 | 153 | — | 39,284 |
| Liz Claiborne Inc. | NA1 | 19,012 | 716 | — | 34,140 |
| S1 Corp. | NA1 | 8,612 | — | — | 31,377 |
| TiVo Inc. | NA1 | 15,896 | 11,822 | — | 58,449 |
| 59,033 | — | 217,252 | |||
1 Not applicable — At October 31, 2010, the issuer was not an affiliated company of the fund.
2 Not applicable — At July 31, 2011, the security was still held, but the issuer was no longer an affiliated company of the fund.
F. At July 31, 2011, the cost of investment securities for tax purposes was $8,155,847,000. Net unrealized appreciation of investment securities for tax purposes was $1,820,966,000, consisting of unrealized gains of $2,175,448,000 on securities that had risen in value since their purchase and $354,482,000 in unrealized losses on securities that had fallen in value since their purchase.
Item 2: Controls and Procedures
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3: Exhibits
(a) Certifications
| VANGUARD EXPLORER FUND | |
| By: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: September 22, 2011 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| VANGUARD EXPLORER FUND | |
| By: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: September 22, 2011 | |
| VANGUARD EXPLORER FUND | |
| By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: September 22, 2011 | |
* By:/s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 26, 2010, see file Number 33-53683, Incorporated by Reference.
I, F. William McNabb III, certify that:
1. I have reviewed this report on Form N-Q of Vanguard Explorer Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: September 22, 2011 |
/s/ F. William McNabb III |
|
|
F. William McNabb III |
|
|
Chief Executive Officer |
I, Thomas J. Higgins, certify that:
1. I have reviewed this report on Form N-Q of Vanguard Explorer Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: September 22, 2011 |
/s/ Thomas J Higgins |
|
|
Thomas J. Higgins |
|
|
Chief Financial Officer |