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: 811-01530
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 31
Date of reporting period: July 31, 2012
Item 1: Schedule of Investments
Vanguard Explorer Fund
Schedule of Investments
As of July 31, 2012
| Market | ||
| Value | ||
| Shares | ($000) | |
| Common Stocks (97.8%)1 | ||
| Consumer Discretionary (16.1%) | ||
| * Urban Outfitters Inc. | 2,104,625 | 64,296 |
| * Life Time Fitness Inc. | 1,346,145 | 61,128 |
| * PulteGroup Inc. | 3,742,155 | 42,286 |
| * CarMax Inc. | 1,406,070 | 39,131 |
| Lennar Corp. Class A | 1,282,895 | 37,473 |
| Aaron's Inc. | 1,271,390 | 37,290 |
| DSW Inc. Class A | 600,550 | 35,505 |
| * Fifth & Pacific Cos. Inc. | 3,149,390 | 34,895 |
| * Cheesecake Factory Inc. | 1,032,036 | 34,594 |
| Texas Roadhouse Inc. Class A | 1,954,325 | 33,829 |
| Tractor Supply Co. | 357,525 | 32,488 |
| Brunswick Corp. | 1,416,285 | 31,144 |
| * TRW Automotive Holdings Corp. | 749,265 | 29,446 |
| Gentex Corp. | 1,815,620 | 29,068 |
| * Steven Madden Ltd. | 705,000 | 28,503 |
| * Sally Beauty Holdings Inc. | 1,073,291 | 28,356 |
| * LKQ Corp. | 777,695 | 27,476 |
| * Crocs Inc. | 1,713,985 | 26,310 |
| * DreamWorks Animation SKG Inc. Class A | 1,361,240 | 26,136 |
| Churchill Downs Inc. | 470,250 | 26,024 |
| Service Corp. International | 2,002,130 | 25,727 |
| HSN Inc. | 601,200 | 25,467 |
| * ANN Inc. | 879,171 | 23,808 |
| * MGM Resorts International | 2,468,930 | 23,504 |
| Dana Holding Corp. | 1,767,100 | 23,290 |
| Cinemark Holdings Inc. | 958,496 | 22,410 |
| Tiffany & Co. | 404,200 | 22,203 |
| Dunkin' Brands Group Inc. | 680,225 | 20,597 |
| * Express Inc. | 1,262,685 | 20,329 |
| * Live Nation Entertainment Inc. | 2,179,380 | 19,440 |
| * Steiner Leisure Ltd. | 449,500 | 18,744 |
| * Coinstar Inc. | 389,321 | 18,489 |
| * Tumi Holdings Inc. | 989,320 | 17,857 |
| * Carter's Inc. | 335,700 | 17,010 |
| ^ GameStop Corp. Class A | 981,192 | 15,719 |
| * Buffalo Wild Wings Inc. | 210,000 | 15,244 |
| Ulta Salon Cosmetics & Fragrance Inc. | 159,197 | 13,513 |
| DeVry Inc. | 679,195 | 13,333 |
| Pier 1 Imports Inc. | 791,791 | 13,057 |
| * AMC Networks Inc. Class A | 296,600 | 12,861 |
| DR Horton Inc. | 702,219 | 12,380 |
| * Denny's Corp. | 2,826,500 | 12,324 |
| * Deckers Outdoor Corp. | 289,800 | 12,088 |
| Chico's FAS Inc. | 787,100 | 12,058 |
| * Hibbett Sports Inc. | 193,496 | 11,759 |
| Men's Wearhouse Inc. | 396,043 | 10,792 |
| Group 1 Automotive Inc. | 195,521 | 10,509 |
| * Select Comfort Corp. | 384,419 | 9,999 |
| * Pandora Media Inc. | 983,200 | 9,704 |
| Six Flags Entertainment Corp. | 167,226 | 9,634 |
| Monro Muffler Brake Inc. | 289,680 | 9,580 |
| * BJ's Restaurants Inc. | 240,000 | 9,499 |
| Sturm Ruger & Co. Inc. | 189,633 | 9,374 |
| * Hanesbrands Inc. | 311,000 | 9,336 |
| * Jos A Bank Clothiers Inc. | 220,000 | 9,297 |
| * American Public Education Inc. | 367,200 | 9,220 |
| Oxford Industries Inc. | 208,000 | 8,994 |
| * Genesco Inc. | 128,640 | 8,519 |
| bebe stores inc | 1,305,400 | 7,832 |
| GNC Holdings Inc. Class A | 197,322 | 7,603 |
| * SodaStream International Ltd. | 190,000 | 7,412 |
| * O'Reilly Automotive Inc. | 86,100 | 7,382 |
| Weight Watchers International Inc. | 139,800 | 7,074 |
| * Zagg Inc. | 573,000 | 6,360 |
| * WMS Industries Inc. | 328,100 | 6,027 |
| * Lululemon Athletica Inc. | 100,000 | 5,648 |
| * Aeropostale Inc. | 267,480 | 5,275 |
| * ITT Educational Services Inc. | 110,000 | 4,270 |
| Vail Resorts Inc. | 85,518 | 4,245 |
| * Fossil Inc. | 59,200 | 4,244 |
| * Toll Brothers Inc. | 143,900 | 4,198 |
| Polaris Industries Inc. | 44,558 | 3,349 |
| * Meritage Homes Corp. | 94,500 | 3,317 |
| * Peet's Coffee & Tea Inc. | 40,100 | 3,024 |
| Brinker International Inc. | 82,399 | 2,671 |
| * Goodyear Tire & Rubber Co. | 210,000 | 2,405 |
| * Capella Education Co. | 80,400 | 2,132 |
| * Papa John's International Inc. | 41,600 | 2,122 |
| Foot Locker Inc. | 63,700 | 2,103 |
| * Smith & Wesson Holding Corp. | 207,000 | 2,091 |
| Domino's Pizza Inc. | 59,442 | 2,029 |
| * Conn's Inc. | 110,497 | 1,972 |
| ^ Buckle Inc. | 50,800 | 1,964 |
| Regal Entertainment Group Class A | 141,100 | 1,950 |
| PetSmart Inc. | 28,045 | 1,854 |
| Ameristar Casinos Inc. | 109,000 | 1,839 |
| Thor Industries Inc. | 63,100 | 1,813 |
| American Eagle Outfitters Inc. | 85,400 | 1,778 |
| Harman International Industries Inc. | 40,100 | 1,618 |
| Sinclair Broadcast Group Inc. Class A | 143,800 | 1,467 |
| * Tenneco Inc. | 36,577 | 1,071 |
| Cracker Barrel Old Country Store Inc. | 13,300 | 833 |
| * DineEquity Inc. | 15,600 | 831 |
| * Shuffle Master Inc. | 55,800 | 815 |
| * Multimedia Games Holding Co. Inc. | 48,600 | 688 |
| PVH Corp. | 7,900 | 628 |
| * Vitamin Shoppe Inc. | 4,600 | 253 |
| * Tempur-Pedic International Inc. | 3,865 | 110 |
| 1,397,343 | ||
| Consumer Staples (2.6%) | ||
| * United Natural Foods Inc. | 598,194 | 32,482 |
| Herbalife Ltd. | 552,893 | 30,348 |
| Casey's General Stores Inc. | 473,310 | 28,129 |
| * Smithfield Foods Inc. | 1,499,610 | 27,743 |
| * Monster Beverage Corp. | 332,800 | 22,121 |
| PriceSmart Inc. | 297,090 | 21,396 |
| McCormick & Co. Inc. | 215,150 | 13,098 |
| * Boston Beer Co. Inc. Class A | 112,453 | 12,113 |
| * Hain Celestial Group Inc. | 213,695 | 11,901 |
| * Susser Holdings Corp. | 213,596 | 7,713 |
| * Green Mountain Coffee Roasters Inc. | 405,300 | 7,401 |
| Diamond Foods Inc. | 160,000 | 2,603 |
| B&G Foods Inc. Class A | 78,940 | 2,210 |
| Church & Dwight Co. Inc. | 27,800 | 1,602 |
| Nu Skin Enterprises Inc. Class A | 23,027 | 1,175 |
| * Pilgrim's Pride Corp. | 249,500 | 1,160 |
| * Rite Aid Corp. | 816,000 | 947 |
| Harris Teeter Supermarkets Inc. | 12,500 | 517 |
| 224,659 | ||
| Energy (6.1%) | ||
| Cabot Oil & Gas Corp. | 1,154,215 | 48,696 |
| * Superior Energy Services Inc. | 1,575,951 | 34,151 |
| Core Laboratories NV | 298,534 | 33,304 |
| * Atwood Oceanics Inc. | 684,325 | 30,473 |
| * SemGroup Corp. Class A | 883,540 | 29,784 |
| * Carrizo Oil & Gas Inc. | 1,010,980 | 25,487 |
| * ION Geophysical Corp. | 3,533,638 | 23,499 |
| * Rosetta Resources Inc. | 559,500 | 23,342 |
| * SandRidge Energy Inc. | 3,338,565 | 22,769 |
| * Comstock Resources Inc. | 1,210,530 | 19,586 |
| * Rex Energy Corp. | 1,522,980 | 19,311 |
| * Whiting Petroleum Corp. | 472,100 | 19,073 |
| * Clean Energy Fuels Corp. | 1,328,620 | 18,747 |
| * Pioneer Energy Services Corp. | 2,040,450 | 16,405 |
| * Kodiak Oil & Gas Corp. | 1,784,118 | 14,897 |
| * TETRA Technologies Inc. | 2,129,316 | 14,756 |
| * Key Energy Services Inc. | 1,837,236 | 14,716 |
| Trican Well Service Ltd. | 1,173,700 | 14,091 |
| RPC Inc. | 1,039,050 | 13,975 |
| * Southwestern Energy Co. | 397,625 | 13,221 |
| Oceaneering International Inc. | 246,100 | 12,721 |
| * McDermott International Inc. | 1,068,590 | 12,503 |
| * Tesco Corp. | 929,453 | 10,772 |
| * Approach Resources Inc. | 387,250 | 10,223 |
| ^ Niko Resources Ltd. | 240,475 | 4,127 |
| * Hornbeck Offshore Services Inc. | 91,100 | 3,858 |
| Energy XXI Bermuda Ltd. | 122,500 | 3,820 |
| * Oil States International Inc. | 51,600 | 3,751 |
| * Basic Energy Services Inc. | 334,000 | 3,614 |
| Western Refining Inc. | 92,500 | 2,177 |
| * Stone Energy Corp. | 77,100 | 2,025 |
| HollyFrontier Corp. | 53,446 | 1,998 |
| * Vaalco Energy Inc. | 226,200 | 1,658 |
| * Oasis Petroleum Inc. | 56,400 | 1,477 |
| * Mitcham Industries Inc. | 81,200 | 1,435 |
| * Gulfmark Offshore Inc. | 31,600 | 1,136 |
| * Rentech Inc. | 521,825 | 1,038 |
| * Contango Oil & Gas Co. | 15,000 | 889 |
| * Callon Petroleum Co. | 75,000 | 373 |
| * Clayton Williams Energy Inc. | 5,832 | 241 |
| * Cloud Peak Energy Inc. | 14,313 | 237 |
| Crosstex Energy Inc. | 14,000 | 189 | |
| 530,545 | |||
| Exchange-Traded Funds (1.8%) | |||
| 2 | Vanguard Small-Cap ETF | 865,083 | 65,124 |
| ^,2 Vanguard Small-Cap Growth ETF | 713,200 | 58,946 | |
| ^ | iShares Russell 2000 Index Fund | 421,805 | 33,048 |
| 157,118 | |||
| Financials (6.6%) | |||
| * | Affiliated Managers Group Inc. | 318,875 | 35,583 |
| *,3 HFF Inc. Class A | 2,208,536 | 28,843 | |
| East West Bancorp Inc. | 1,318,410 | 28,741 | |
| *,3 eHealth Inc. | 1,534,725 | 28,193 | |
| International Bancshares Corp. | 1,388,255 | 25,447 | |
| Protective Life Corp. | 906,847 | 25,310 | |
| * | National Financial Partners Corp. | 1,690,647 | 25,106 |
| National Penn Bancshares Inc. | 2,808,393 | 24,826 | |
| MFA Financial Inc. | 3,066,525 | 24,778 | |
| PS Business Parks Inc. | 363,523 | 24,578 | |
| * | Signature Bank | 366,850 | 23,662 |
| Cash America International Inc. | 587,700 | 22,521 | |
| Zions Bancorporation | 1,229,990 | 22,386 | |
| NASDAQ OMX Group Inc. | 965,777 | 21,923 | |
| Wintrust Financial Corp. | 572,571 | 21,019 | |
| Och-Ziff Capital Management Group LLC Class A | 2,611,100 | 18,930 | |
| LPL Financial Holdings Inc. | 634,780 | 17,787 | |
| * | Financial Engines Inc. | 919,200 | 17,253 |
| Cathay General Bancorp | 969,410 | 15,695 | |
| Cardinal Financial Corp. | 1,136,522 | 14,547 | |
| * | DFC Global Corp. | 720,840 | 13,819 |
| * | Ocwen Financial Corp. | 673,380 | 13,306 |
| * | WisdomTree Investments Inc. | 1,729,866 | 11,573 |
| Essex Property Trust Inc. | 73,300 | 11,534 | |
| Jefferies Group Inc. | 788,713 | 9,890 | |
| Evercore Partners Inc. Class A | 290,331 | 6,727 | |
| KBW Inc. | 231,109 | 3,723 | |
| Tanger Factory Outlet Centers | 87,911 | 2,831 | |
| Walter Investment Management Corp. | 115,900 | 2,622 | |
| * | World Acceptance Corp. | 30,876 | 2,201 |
| * | State Bank Financial Corp. | 133,874 | 2,130 |
| Camden Property Trust | 29,000 | 2,068 | |
| Allied World Assurance Co. Holdings AG | 27,400 | 2,067 | |
| QC Holdings Inc. | 566,930 | 1,990 | |
| Nelnet Inc. Class A | 78,076 | 1,836 | |
| * | Credit Acceptance Corp. | 18,135 | 1,738 |
| Omega Healthcare Investors Inc. | 64,300 | 1,559 | |
| * | First Cash Financial Services Inc. | 38,861 | 1,558 |
| Apartment Investment & Management Co. Class A | 53,600 | 1,470 | |
| Montpelier Re Holdings Ltd. | 71,100 | 1,440 | |
| Home Properties Inc. | 21,300 | 1,398 | |
| Extra Space Storage Inc. | 42,500 | 1,391 | |
| Sovran Self Storage Inc. | 21,300 | 1,216 | |
| National Health Investors Inc. | 21,400 | 1,149 | |
| Regency Centers Corp. | 21,400 | 1,024 | |
| CBL & Associates Properties Inc. | 43,800 | 864 | |
| Digital Realty Trust Inc. | 11,065 | 864 | |
| Macerich Co. | 14,200 | 829 | |
| Highwoods Properties Inc. | 21,200 | 718 | |
| Federal Realty Investment Trust | 6,300 | 685 | |
| Rayonier Inc. | 10,927 | 521 | |
| GAMCO Investors Inc. | 8,000 | 358 | |
| Federated Investors Inc. Class B | 15,000 | 302 | |
| * | Taylor Capital Group Inc. | 11,300 | 197 |
| * | Strategic Hotels & Resorts Inc. | 32,200 | 195 |
| Amtrust Financial Services Inc. | 5,400 | 161 | |
| 575,082 | |||
| Health Care (19.6%) | |||
| Cooper Cos. Inc. | 1,264,839 | 95,192 | |
| * | Salix Pharmaceuticals Ltd. | 1,292,270 | 57,919 |
| Coventry Health Care Inc. | 1,676,465 | 55,877 | |
| * | Alkermes plc | 2,892,835 | 53,778 |
| * | Bruker Corp. | 4,284,363 | 50,641 |
| * | Amylin Pharmaceuticals Inc. | 1,633,778 | 50,304 |
| *,^ Seattle Genetics Inc. | 1,819,104 | 47,588 | |
| * | Onyx Pharmaceuticals Inc. | 590,900 | 44,300 |
| * | ResMed Inc. | 1,295,899 | 40,899 |
| Universal Health Services Inc. Class B | 1,038,075 | 40,568 | |
| * | Covance Inc. | 860,480 | 40,391 |
| * | Elan Corp. plc ADR | 3,489,508 | 40,304 |
| * | Regeneron Pharmaceuticals Inc. | 290,680 | 39,140 |
| * | Health Management Associates Inc. Class A | 5,741,285 | 37,778 |
| * | ICON plc ADR | 1,381,095 | 33,326 |
| * | BioMarin Pharmaceutical Inc. | 820,200 | 32,226 |
| West Pharmaceutical Services Inc. | 629,150 | 31,319 | |
| * | Henry Schein Inc. | 415,950 | 31,117 |
| * | Insulet Corp. | 1,581,370 | 30,932 |
| * | Volcano Corp. | 1,168,430 | 30,905 |
| * | Edwards Lifesciences Corp. | 286,400 | 28,984 |
| * | Vertex Pharmaceuticals Inc. | 589,500 | 28,597 |
| *,3 Kindred Healthcare Inc. | 2,999,439 | 28,405 | |
| *,^ Questcor Pharmaceuticals Inc. | 751,802 | 27,719 | |
| * | IPC The Hospitalist Co. Inc. | 603,514 | 25,951 |
| * | Alexion Pharmaceuticals Inc. | 242,200 | 25,395 |
| DENTSPLY International Inc. | 688,950 | 25,036 | |
| * | Align Technology Inc. | 730,798 | 24,818 |
| * | Mettler-Toledo International Inc. | 154,859 | 23,972 |
| * | Watson Pharmaceuticals Inc. | 306,835 | 23,881 |
| * | PAREXEL International Corp. | 864,950 | 23,803 |
| * | Cubist Pharmaceuticals Inc. | 549,280 | 23,652 |
| * | Luminex Corp. | 1,370,590 | 23,478 |
| * | Bio-Rad Laboratories Inc. Class A | 242,640 | 23,344 |
| * | ABIOMED Inc. | 959,000 | 21,625 |
| * | Jazz Pharmaceuticals plc | 395,403 | 19,007 |
| * | Nektar Therapeutics | 2,222,800 | 18,938 |
| * | Incyte Corp. Ltd. | 733,080 | 18,320 |
| * | QIAGEN NV | 1,016,700 | 17,904 |
| * | Catamaran Corp. | 210,192 | 17,763 |
| * | Brookdale Senior Living Inc. Class A | 1,073,450 | 17,669 |
| * | Thoratec Corp. | 495,732 | 17,009 |
| * | Optimer Pharmaceuticals Inc. | 1,174,200 | 16,040 |
| * | Centene Corp. | 418,839 | 15,933 |
| * | Gen-Probe Inc. | 191,065 | 15,799 |
| * | Exelixis Inc. | 2,288,277 | 14,302 |
| Patterson Cos. Inc. | 415,800 | 14,179 | |
| * | WellCare Health Plans Inc. | 213,825 | 13,860 |
| * | Allscripts Healthcare Solutions Inc. | 1,498,200 | 13,783 |
| * | WuXi PharmaTech Cayman Inc. ADR | 989,650 | 13,380 |
| *,^ AVEO Pharmaceuticals Inc. | 970,500 | 12,713 | |
| * | Immunogen Inc. | 786,800 | 12,699 |
| * | Momenta Pharmaceuticals Inc. | 880,690 | 12,523 |
| * | Air Methods Corp. | 108,700 | 11,852 |
| * | Akorn Inc. | 837,265 | 11,445 |
| * | Cyberonics Inc. | 262,388 | 11,361 |
| * | Tornier NV | 504,357 | 11,005 |
| * | Warner Chilcott plc Class A | 606,900 | 10,317 |
| * | MWI Veterinary Supply Inc. | 100,741 | 9,176 |
| * | Isis Pharmaceuticals Inc. | 756,339 | 9,167 |
| * | Cepheid Inc. | 241,889 | 7,750 |
| * | Sirona Dental Systems Inc. | 158,195 | 6,839 |
| * | Greenway Medical Technologies | 383,710 | 5,253 |
| Invacare Corp. | 363,550 | 5,122 | |
| * | NxStage Medical Inc. | 316,321 | 4,761 |
| * | ICU Medical Inc. | 75,305 | 4,016 |
| * | NuVasive Inc. | 190,150 | 3,972 |
| * | Acadia Healthcare Co. Inc. | 208,200 | 3,360 |
| * | Dynavax Technologies Corp. | 719,960 | 2,779 |
| * | Pharmacyclics Inc. | 50,400 | 2,682 |
| * | ViroPharma Inc. | 115,295 | 2,503 |
| * | Medicines Co. | 94,754 | 2,373 |
| Quality Systems Inc. | 142,136 | 2,297 | |
| * | Charles River Laboratories International Inc. | 66,600 | 2,266 |
| * | Team Health Holdings Inc. | 84,200 | 2,248 |
| * | Array BioPharma Inc. | 431,545 | 2,218 |
| Chemed Corp. | 34,506 | 2,166 | |
| * | Orthofix International NV | 50,800 | 2,083 |
| Perrigo Co. | 16,392 | 1,869 | |
| * | Trinity Biotech plc ADR | 142,664 | 1,799 |
| * | Molina Healthcare Inc. | 73,250 | 1,788 |
| * | Auxilium Pharmaceuticals Inc. | 64,700 | 1,743 |
| * | Select Medical Holdings Corp. | 138,900 | 1,479 |
| PDL BioPharma Inc. | 214,300 | 1,455 | |
| * | Affymax Inc. | 78,226 | 1,270 |
| * | Hi-Tech Pharmacal Co. Inc. | 36,300 | 1,247 |
| * | Acorda Therapeutics Inc. | 49,800 | 1,199 |
| * | Infinity Pharmaceuticals Inc. | 52,400 | 915 |
| * | Omnicell Inc. | 61,700 | 805 |
| * | ArthroCare Corp. | 19,650 | 581 |
| * | Genomic Health Inc. | 12,692 | 426 |
| * | Par Pharmaceutical Cos. Inc. | 8,300 | 415 |
| * | Anika Therapeutics Inc. | 32,900 | 400 |
| * | Impax Laboratories Inc. | 9,535 | 212 |
| 1,701,599 | |||
| Industrials (16.0%) | |||
| Triumph Group Inc. | 1,069,200 | 66,857 | |
| * | IHS Inc. Class A | 576,140 | 63,531 |
| MSC Industrial Direct Co. Inc. Class A | 799,002 | 54,915 | |
| Kennametal Inc. | 1,388,680 | 51,242 | |
| * | EnerSys Inc. | 1,132,140 | 38,663 |
| * | Middleby Corp. | 394,485 | 38,628 |
| Pentair Inc. | 870,680 | 38,162 | |
| * | RBC Bearings Inc. | 725,433 | 33,979 |
| * | Genesee & Wyoming Inc. Class A | 538,853 | 33,441 |
| * | B/E Aerospace Inc. | 821,507 | 32,228 |
| * | Teledyne Technologies Inc. | 513,967 | 32,020 |
| Belden Inc. | 981,140 | 31,524 | |
| Progressive Waste Solutions Ltd. | 1,448,405 | 28,968 | |
| *,^ Polypore International Inc. | 752,780 | 27,973 | |
| Manpower Inc. | 785,090 | 27,933 | |
| Knight Transportation Inc. | 1,795,625 | 27,527 | |
| * | AerCap Holdings NV | 2,426,316 | 27,514 |
| Flowserve Corp. | 228,905 | 27,464 | |
| * | Beacon Roofing Supply Inc. | 1,029,450 | 27,291 |
| Chicago Bridge & Iron Co. NV | 750,451 | 26,821 | |
| Waste Connections Inc. | 805,100 | 24,773 | |
| * | Huron Consulting Group Inc. | 734,090 | 24,724 |
| Towers Watson & Co. Class A | 419,470 | 24,593 | |
| AMETEK Inc. | 742,380 | 23,014 | |
| Lennox International Inc. | 524,246 | 22,894 | |
| Snap-on Inc. | 336,240 | 22,790 | |
| * | Esterline Technologies Corp. | 386,500 | 22,695 |
| Con-way Inc. | 606,840 | 21,616 | |
| * | Moog Inc. Class A | 580,825 | 21,136 |
| * | Hub Group Inc. Class A | 668,800 | 19,897 |
| Landstar System Inc. | 396,530 | 19,593 | |
| * | Stericycle Inc. | 174,815 | 16,232 |
| * | WESCO International Inc. | 283,596 | 15,799 |
| Armstrong World Industries Inc. | 408,435 | 15,786 | |
| * | Trimas Corp. | 717,540 | 15,599 |
| UTi Worldwide Inc. | 1,152,235 | 15,267 | |
| Corrections Corp. of America | 474,760 | 14,755 | |
| * | TrueBlue Inc. | 928,100 | 14,126 |
| * | Rush Enterprises Inc. Class A | 850,571 | 13,737 |
| TAL International Group Inc. | 391,388 | 13,366 | |
| Graco Inc. | 291,150 | 13,358 | |
| * | Atlas Air Worldwide Holdings Inc. | 282,050 | 12,794 |
| * | CAI International Inc. | 576,096 | 11,914 |
| * | Mobile Mini Inc. | 824,600 | 11,808 |
| * | US Airways Group Inc. | 1,021,155 | 11,702 |
| * | Old Dominion Freight Line Inc. | 274,720 | 11,648 |
| * | Chart Industries Inc. | 174,485 | 11,317 |
| * | Clean Harbors Inc. | 185,741 | 11,245 |
| * | Rexnord Corp. | 576,380 | 11,182 |
| * | Avis Budget Group Inc. | 749,254 | 10,767 |
| Titan International Inc. | 488,234 | 10,092 | |
| * | Dycom Industries Inc. | 552,672 | 9,628 |
| * | II-VI Inc. | 547,000 | 9,540 |
| * | Colfax Corp. | 328,090 | 9,495 |
| * | Hexcel Corp. | 378,500 | 8,815 |
| Woodward Inc. | 244,688 | 8,214 | |
| * | Exponent Inc. | 147,522 | 7,625 |
| * | DigitalGlobe Inc. | 361,800 | 7,044 |
| Gardner Denver Inc. | 120,000 | 6,838 | |
| * | Advisory Board Co. | 127,000 | 5,714 |
| * | Team Inc. | 177,045 | 5,513 |
| Robbins & Myers Inc. | 108,073 | 4,954 | |
| * | Greenbrier Cos. Inc. | 262,800 | 4,284 |
| * | MasTec Inc. | 244,900 | 3,909 |
| Watsco Inc. | 48,700 | 3,309 | |
| Dun & Bradstreet Corp. | 37,100 | 2,975 |
| Toro Co. | 68,270 | 2,567 |
| * Copart Inc. | 105,900 | 2,516 |
| Lincoln Electric Holdings Inc. | 62,500 | 2,492 |
| Copa Holdings SA Class A | 30,500 | 2,365 |
| Deluxe Corp. | 81,709 | 2,314 |
| Applied Industrial Technologies Inc. | 58,697 | 2,181 |
| * United Rentals Inc. | 73,300 | 2,119 |
| Hubbell Inc. Class B | 24,500 | 2,016 |
| * Thermon Group Holdings Inc. | 91,461 | 1,965 |
| * Alaska Air Group Inc. | 55,924 | 1,949 |
| * USG Corp. | 118,800 | 1,929 |
| Actuant Corp. Class A | 66,493 | 1,892 |
| JB Hunt Transport Services Inc. | 33,000 | 1,816 |
| Generac Holdings Inc. | 71,900 | 1,641 |
| Aircastle Ltd. | 135,900 | 1,608 |
| Steelcase Inc. Class A | 167,879 | 1,439 |
| * Dollar Thrifty Automotive Group Inc. | 18,700 | 1,391 |
| Covanta Holding Corp. | 66,700 | 1,146 |
| * JetBlue Airways Corp. | 190,000 | 1,047 |
| Sauer-Danfoss Inc. | 26,808 | 970 |
| Textainer Group Holdings Ltd. | 25,574 | 962 |
| Mine Safety Appliances Co. | 26,700 | 916 |
| * H&E Equipment Services Inc. | 44,100 | 623 |
| Mueller Industries Inc. | 13,700 | 584 |
| Standex International Corp. | 10,600 | 453 |
| Equifax Inc. | 7,500 | 351 |
| Robert Half International Inc. | 11,800 | 319 |
| Timken Co. | 6,900 | 250 |
| Donaldson Co. Inc. | 6,000 | 205 |
| * Furmanite Corp. | 40,009 | 179 |
| Mueller Water Products Inc. Class A | 19,700 | 70 |
| * Republic Airways Holdings Inc. | 13,400 | 61 |
| 1,387,093 | ||
| Information Technology (22.7%) | ||
| * Alliance Data Systems Corp. | 693,193 | 90,115 |
| * VeriFone Systems Inc. | 2,164,615 | 78,554 |
| * Cadence Design Systems Inc. | 6,099,560 | 74,537 |
| Sapient Corp. | 5,572,040 | 55,498 |
| * Teradyne Inc. | 3,531,920 | 51,955 |
| * Microsemi Corp. | 2,594,990 | 50,239 |
| * TiVo Inc. | 5,752,160 | 49,986 |
| * Ultimate Software Group Inc. | 479,019 | 42,858 |
| * Parametric Technology Corp. | 1,900,581 | 40,939 |
| Syntel Inc. | 660,952 | 38,421 |
| FEI Co. | 789,920 | 37,687 |
| Convergys Corp. | 2,348,485 | 34,617 |
| IAC/InterActiveCorp | 655,135 | 34,467 |
| MKS Instruments Inc. | 1,268,710 | 33,494 |
| Jabil Circuit Inc. | 1,509,965 | 32,766 |
| * ON Semiconductor Corp. | 4,565,265 | 31,683 |
| * Silicon Laboratories Inc. | 844,070 | 31,188 |
| j2 Global Inc. | 1,004,943 | 30,078 |
| * F5 Networks Inc. | 302,495 | 28,247 |
| * MICROS Systems Inc. | 581,856 | 27,778 |
| * NCR Corp. | 1,175,874 | 27,421 |
| * Bankrate Inc. | 1,644,830 | 26,235 |
| * | ValueClick Inc. | 1,615,085 | 25,373 |
| * | Red Hat Inc. | 450,400 | 24,168 |
| * | SolarWinds Inc. | 452,331 | 24,150 |
| * | Ciena Corp. | 1,506,220 | 24,145 |
| * | RADWARE Ltd. | 789,715 | 23,873 |
| * | Cardtronics Inc. | 767,922 | 23,813 |
| Heartland Payment Systems Inc. | 749,315 | 23,753 | |
| * | JDS Uniphase Corp. | 2,387,120 | 23,489 |
| * | Riverbed Technology Inc. | 1,331,200 | 23,482 |
| * | Rovi Corp. | 1,748,520 | 23,395 |
| FactSet Research Systems Inc. | 248,600 | 23,110 | |
| * | Trimble Navigation Ltd. | 521,885 | 23,099 |
| * | NICE Systems Ltd. ADR | 631,945 | 22,750 |
| * | Acxiom Corp. | 1,275,000 | 21,382 |
| * | Concur Technologies Inc. | 316,435 | 21,372 |
| * | Euronet Worldwide Inc. | 1,117,230 | 20,423 |
| Cypress Semiconductor Corp. | 1,816,440 | 19,418 | |
| * | Finisar Corp. | 1,536,400 | 19,097 |
| *,^ Jive Software Inc. | 949,396 | 19,016 | |
| Power Integrations Inc. | 527,731 | 18,597 | |
| * | Sourcefire Inc. | 340,900 | 17,403 |
| * | CACI International Inc. Class A | 291,500 | 16,455 |
| * | Constant Contact Inc. | 944,900 | 15,846 |
| * | Super Micro Computer Inc. | 1,266,045 | 15,712 |
| Avago Technologies Ltd. | 422,630 | 15,637 | |
| * | Universal Display Corp. | 483,045 | 15,342 |
| * | Volterra Semiconductor Corp. | 660,189 | 15,171 |
| * | Liquidity Services Inc. | 327,112 | 14,956 |
| * | Aspen Technology Inc. | 619,705 | 14,489 |
| * | BroadSoft Inc. | 584,050 | 14,338 |
| ADTRAN Inc. | 652,935 | 14,090 | |
| * | Nuance Communications Inc. | 679,670 | 13,831 |
| * | Salesforce.com Inc. | 111,140 | 13,821 |
| * | FleetCor Technologies Inc. | 373,118 | 13,776 |
| Fair Isaac Corp. | 313,800 | 13,584 | |
| * | Atmel Corp. | 2,251,615 | 13,194 |
| * | Nanometrics Inc. | 819,392 | 12,447 |
| * | Manhattan Associates Inc. | 257,336 | 12,015 |
| * | Standard Microsystems Corp. | 322,700 | 11,911 |
| MercadoLibre Inc. | 177,686 | 11,871 | |
| National Instruments Corp. | 440,741 | 11,389 | |
| * | Progress Software Corp. | 571,700 | 11,114 |
| * | Kenexa Corp. | 462,514 | 11,012 |
| * | Entropic Communications Inc. | 1,741,400 | 10,448 |
| * | Aruba Networks Inc. | 730,505 | 10,359 |
| * | RF Micro Devices Inc. | 2,454,540 | 9,524 |
| * | WNS Holdings Ltd. ADR | 984,681 | 9,512 |
| * | Acme Packet Inc. | 595,996 | 9,447 |
| * | CommVault Systems Inc. | 188,818 | 9,161 |
| * | Hittite Microwave Corp. | 177,030 | 8,970 |
| * | DealerTrack Holdings Inc. | 300,000 | 8,751 |
| * | NETGEAR Inc. | 244,300 | 8,460 |
| * | Informatica Corp. | 274,472 | 8,100 |
| * | IPG Photonics Corp. | 127,000 | 6,582 |
| * | QLIK Technologies Inc. | 321,900 | 6,438 |
| * | Akamai Technologies Inc. | 177,977 | 6,261 |
| * | Diodes Inc. | 317,775 | 6,019 |
| * Tyler Technologies Inc. | 149,700 | 5,841 |
| * LinkedIn Corp. Class A | 56,200 | 5,769 |
| * Interactive Intelligence Group Inc. | 217,630 | 5,676 |
| * Cavium Inc. | 198,060 | 5,352 |
| * Active Network Inc. | 341,607 | 4,847 |
| * comScore Inc. | 300,427 | 4,627 |
| * Skyworks Solutions Inc. | 159,300 | 4,609 |
| * Ubiquiti Networks Inc. | 323,200 | 4,570 |
| * Global Cash Access Holdings Inc. | 689,300 | 4,453 |
| Allot Communications Ltd. | 177,300 | 4,358 |
| * Polycom Inc. | 476,535 | 4,165 |
| * Dropbox Private Placement | 445,203 | 4,030 |
| * Cymer Inc. | 70,040 | 4,007 |
| * Monolithic Power Systems Inc. | 200,000 | 3,876 |
| * ACI Worldwide Inc. | 84,095 | 3,701 |
| * Audience Inc. | 200,927 | 3,627 |
| * Travelzoo Inc. | 165,000 | 3,566 |
| * Wright Express Corp. | 54,460 | 3,506 |
| * Ariba Inc. | 77,800 | 3,457 |
| * TIBCO Software Inc. | 110,987 | 3,118 |
| * Gartner Inc. | 70,038 | 3,109 |
| * LSI Corp. | 425,000 | 2,933 |
| * Saba Software Inc. | 337,315 | 2,813 |
| Lender Processing Services Inc. | 100,100 | 2,469 |
| MAXIMUS Inc. | 47,824 | 2,415 |
| Littelfuse Inc. | 45,000 | 2,414 |
| * Unisys Corp. | 109,740 | 2,132 |
| * PROS Holdings Inc. | 150,000 | 2,091 |
| * Zebra Technologies Corp. | 58,800 | 2,031 |
| Booz Allen Hamilton Holding Corp. | 113,441 | 1,977 |
| DST Systems Inc. | 36,496 | 1,967 |
| * Plexus Corp. | 67,900 | 1,950 |
| Anixter International Inc. | 33,931 | 1,931 |
| * Mentor Graphics Corp. | 125,360 | 1,916 |
| Intersil Corp. Class A | 175,495 | 1,616 |
| * Deltek Inc. | 123,000 | 1,601 |
| * Entegris Inc. | 188,200 | 1,515 |
| * Synopsys Inc. | 45,000 | 1,363 |
| * Synaptics Inc. | 46,700 | 1,232 |
| * Nova Measuring Instruments Ltd. | 140,000 | 1,142 |
| * ATMI Inc. | 59,000 | 1,120 |
| * Stamps.com Inc. | 43,900 | 928 |
| * Websense Inc. | 51,251 | 769 |
| * CalAmp Corp. | 84,400 | 636 |
| * Exar Corp. | 71,200 | 527 |
| * Cray Inc. | 35,000 | 435 |
| * Ultratech Inc. | 13,578 | 432 |
| * CSG Systems International Inc. | 24,000 | 423 |
| * Freescale Semiconductor Ltd. | 35,600 | 380 |
| Diebold Inc. | 10,700 | 346 |
| * Equinix Inc. | 1,900 | 339 |
| * LogMeIn Inc. | 15,583 | 295 |
| * AOL Inc. | 9,100 | 290 |
| * Zygo Corp. | 14,400 | 257 |
| * Multi-Fineline Electronix Inc. | 8,800 | 230 |
| 1,969,283 |
| Materials (5.0%) | |||
| * | WR Grace & Co. | 800,075 | 44,836 |
| Silgan Holdings Inc. | 867,770 | 35,761 | |
| * | Graphic Packaging Holding Co. | 5,882,164 | 32,940 |
| Ball Corp. | 780,185 | 32,425 | |
| Albemarle Corp. | 550,035 | 32,023 | |
| Smurfit Kappa Group plc (London Shares) | 3,463,582 | 25,865 | |
| * | KapStone Paper and Packaging Corp. | 1,536,542 | 25,829 |
| Minerals Technologies Inc. | 398,930 | 25,508 | |
| Methanex Corp. | 918,990 | 25,337 | |
| FMC Corp. | 423,170 | 23,147 | |
| CF Industries Holdings Inc. | 103,150 | 20,193 | |
| Schweitzer-Mauduit International Inc. | 264,600 | 18,019 | |
| Sensient Technologies Corp. | 447,486 | 15,863 | |
| Schnitzer Steel Industries Inc. | 462,292 | 13,273 | |
| * | Ferro Corp. | 3,803,855 | 11,678 |
| PolyOne Corp. | 744,560 | 10,967 | |
| * | Intrepid Potash Inc. | 356,542 | 8,322 |
| Noranda Aluminum Holding Corp. | 900,000 | 5,607 | |
| * | TPC Group Inc. | 124,400 | 4,789 |
| Aptargroup Inc. | 77,100 | 3,856 | |
| * | OM Group Inc. | 212,800 | 3,341 |
| NewMarket Corp. | 11,173 | 2,569 | |
| Rockwood Holdings Inc. | 47,995 | 2,122 | |
| Valspar Corp. | 42,200 | 2,119 | |
| Westlake Chemical Corp. | 34,400 | 2,042 | |
| Eastman Chemical Co. | 37,974 | 1,985 | |
| Airgas Inc. | 23,200 | 1,840 | |
| Myers Industries Inc. | 76,900 | 1,264 | |
| * | Coeur d'Alene Mines Corp. | 57,400 | 936 |
| Haynes International Inc. | 16,650 | 802 | |
| 435,258 | |||
| Telecommunication Services (1.3%) | |||
| * | SBA Communications Corp. Class A | 607,290 | 35,866 |
| * | tw telecom inc Class A | 1,203,225 | 30,237 |
| * | Vonage Holdings Corp. | 10,517,890 | 18,827 |
| * | Cogent Communications Group Inc. | 970,017 | 17,916 |
| * | Clearwire Corp. Class A | 2,206,810 | 2,516 |
| *,^ magicJack VocalTec Ltd. | 96,200 | 2,137 | |
| * | Cincinnati Bell Inc. | 143,800 | 554 |
| 108,053 | |||
| Utilities (0.0%) | |||
| American States Water Co. | 8,900 | 362 | |
| Total Common Stocks (Cost $7,326,834) | 8,486,395 | ||
| Coupon | ||||
| Temporary Cash Investments (3.5%)1 | ||||
| Money Market Fund (2.9%) | ||||
| 4,5 Vanguard Market Liquidity Fund | 0.155% | 251,915,844 | 251,916 | |
| Face | Market | |||
| Maturity | Amount | Value | ||
| Date | ($000) | ($000) | ||
| Repurchase Agreement (0.3%) | ||||
| Deutsche Bank Securities, Inc. | ||||
| (Dated 7/31/12, Repurchase Value | ||||
| $27,500,000, collateralized by Government | ||||
| National Mortgage Assn. 3.000%-5.000%, | ||||
| 12/20/26-9/20/41) | 0.190% | 8/1/12 | 27,500 | 27,500 |
| U.S. Government and Agency Obligations (0.3%) | ||||
| 6 Fannie Mae Discount Notes | 0.150% | 8/22/12 | 1,500 | 1,500 |
| 6,7 Fannie Mae Discount Notes | 0.130 – 0.150% | 9/26/12 | 11,000 | 10,997 |
| 6,7 Freddie Mac Discount Notes | 0.170% | 12/17/12 | 2,200 | 2,198 |
| United States Treasury Note/Bond | 3.875% | 10/31/12 | 6,000 | 6,055 |
| 20,750 | ||||
| Total Temporary Cash Investments (Cost $300,166) | 300,166 | |||
| Total Investments (101.3%) (Cost $7,627,000) | 8,786,561 | |||
| Other Assets and Liabilities-Net (-1.3%)5 | (110,546) | |||
| Net Assets (100%) | 8,676,015 | |||
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $53,394,000.
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 2.8%, respectively, of net assets.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company.
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 $55,563,000 of collateral received for securities on loan.
6 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
7 Securities with a value of $5,148,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
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.
Explorer Fund
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 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 market value of the fund's investments as of July 31, 2012, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 8,456,500 | 25,865 | 4,030 |
| Temporary Cash Investments | 251,916 | 48,250 | — |
| Futures Contracts—Liabilities1 | (325) | — | — |
| Total | 8,708,091 | 74,115 | 4,030 |
| 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).
Explorer Fund
At July 31, 2012, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| ($000) | ||||
| Number of | Aggregate | Unrealized | ||
| Long (Short) | Settlement Value | Appreciation | ||
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| E-mini Russell 2000 Index | September 2012 | 464 | 36,405 | 500 |
| E-mini S&P MidCap 400 Index | September 2012 | 270 | 25,342 | 794 |
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, 2011 | from | July 31, 2012 | |||
| Market | Purchases | Securities | Dividend | Market | |
| Value | at Cost | Sold | Income | Value | |
| ($000) | ($000) | ($000) | ($000) | ($000) | |
| eHealth Inc. | NA1 | 12,133 | 104 | — | 28,193 |
| HFF Inc. Class A | 34,678 | 576 | 14,073 | — | 28,843 |
| Kindred Healthcare Inc. | NA1 | 6,323 | 2,846 | — | 28,405 |
| TiVo Inc. | 66,203 | 2,909 | 6,521 | — | NA2 |
| 100,881 | — | 85,441 | |||
1 Not applicable — At October 31, 2011, the issuer was not an affiliated company of the fund.
2 Not applicable — At July 31, 2012, the security was still held, but the issuer was no longer an affiliated companyof the fund.
F. At July 31, 2012, the cost of investment securities for tax purposes was $7,627,000. Net unrealized appreciation of investment securities for tax purposes was $1,159,561,000, consisting of unrealized gains of $1,818,331,000 on securities that had risen in value since their purchase and $658,770,000 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 21, 2012 | |
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 21, 2012 | |
| VANGUARD EXPLORER FUND | |
| By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: September 21, 2012 | |
* By:/s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012 see file Number 2-11444, 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 21, 2012 |
/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 21, 2012 |
/s/ Thomas J Higgins |
|
|
Thomas J. Higgins |
|
|
Chief Financial Officer |