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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24f-2
Read Instructions at end of Form before preparing Form.
Please print or type.
1. Name and address of issuer:
VANGUARD EXPLORER FUND, INC.
2. Name of each series or class of funds for which this notice is filed:
SINGLE CLASS OF COMMON STOCK
3. Investment Company Act File Number: 811-1530
Securities Act File Number: 2-27203
4. Last day of fiscal year for which this notice is filed: 10/31/95
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting
securities sold after the close of the fiscal year but before
termination of the issuer's 24f-2 declaration:
/ /
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6):
N/A
7. Number and amount of securities of the same class or series which had
been registered under the Securities Act of 1933 other than pursuant
to rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal year.
None
8. Number and amount of securities registered during the fiscal year
other than pursuant to rule 24f-2:
None
9. Number and aggregate sales price of securities sold during the fiscal
year:
10,175,851 Shares
$470,239,508 Aggregate Sales Price
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10. Number and aggregate sales price of securities sold during the fiscal
year in reliance upon registration pursuant to Rule 24f-2:
10,175,851 Shares
$470,239,508 Aggregate Sales price
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable
(see Instruction B.7):
None
12. Calculation of registration fee:
<TABLE>
<S> <C> <C>
(i) Aggregate sales price of securities sold during the fiscal
year in reliance on rule 24f-2 (from Item 10): $470,239,508
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if applicable): + N/A
(iii) Aggregate price of shares redeemed or repurchased during
the fiscal year (if applicable): - $256,154,582
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant to
rule 24f-2 (if applicable): + N/A
(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24f-2 [line (I), plus line
(ii), less line (iii), plus line (iv)] (if applicable): $ 214,084,926
(vi) Multiplier prescried by Section 6(b) of the Securities Act
of 1933 or other applicable law or regulation (see
Instruction C.6): x 1/50 of 1%
(vii) Fee due [line (i) or line (v) multiplied by line (vi)]: $42,816.99
---------
</TABLE>
INSTRUCTION: Issuers should complete lines (ii), (iii), (iv), and (v) only
if the form is being filed within 60 days after the close of
the issuer's fiscal year. See Instruction C.3.
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
/ X/
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
November 17, 1995
SIGNATURES
This report has been signed below by the following persons on behalf
of the issuer and in the capacities and on the dated indicated:
By (Signature and Title) /s/ Raymond J. Klapinsky
_____________________________________________
______________________________________________________
Raymond J. Klapinsky, Secretary
Date November 17, 1995
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EXHIBIT B
November 17, 1995
Vanguard Explorer Fund, Inc.
P.O. Box 2600
Valley Forge, PA 19482
Gentlemen:
I have acted as counsel for Vanguard/Explorer Fund, Inc. (the "Fund"), since
1969 in connection with the Fund's registration as an open-end management
investment company under the Investment Company Act of 1940, as amended ("1940
Act"). It is in my capacity as in-house counsel to the Fund that I am
furnishing you this opinion.
The Fund was originally organized as a Delaware corporation in 1967. On April
1, 1973 it was reorganized into a Maryland corporation. On January 7, 1985,
the Fund was reorganized for state tax reasons into a Pennsylvania business
trust. The Fund was reorganized into a Maryland corporation on December 31,
1986. On February 28, 1990, the Fund's name was changed from "Explorer Fund,
Inc." to "Vanguard Explorer Fund, Inc."
I have examined the Fund's (1) Articles of Incorporation, as amended and
restated, governing its present status as a Maryland corporation; (2)
Declaration of Trust and amendments thereto which was in effect during the time
the Fund was organized as a Pennsylvania business trust; (3) its by-laws
currently in effect and its by-laws in effect while organized as a business
trust; (4) minutes of the meetings of shareholders and Directors (Trustees);
(5) Notification of Registration on Form N-8A under the 1940 Act; (6)
Registration on Form N-1A under the Securities Act of 1933 ("1933 Act") and
1940 Act and all amendments thereto; and (7) all other relevant documents and
records, as well as procedures and requirements relative to the issuance and
sale of the Fund's shares.
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The Fund is authorized to issue 100,000,000 shares of its common stock with a
$.001 par value. The Board of Directors of the Fund has the power to designate
one or more classes ("series") of shares of common stock and to classify and
reclassify any unissued shares with respect to such series. On October 31,
1995, (the end of the Fund's fiscal year), the Fund had issued and outstanding
approximately 28,909,468 shares.
My examination also disclosed the following information:
1. On November 1, 1994, (the beginning of the Fund's last fiscal year),
the Fund did not have any securities registered under the 1933 Act other than
pursuant to Rule 24f-2 of the 1940 Act, but which remained unsold on that
date.
2. During the fiscal year ended October 31, 1995, the Fund did not
register any securities under the 1933 Act other than pursuant to Rule 24f-2.
3. During the fiscal year ended October 31, 1995, the Fund sold the
following shares in reliance upon registration pursuant to Rule 24f-2 of the
1940 Act.
<TABLE>
<CAPTION>
Name of Series Number of Shares Aggregate Sales Price
<S> <C> <C>
Vanguard/Explorer Fund 10,175,851 $470,239,508
($.01 Par Value)
</TABLE>
You have instructed me to file, on behalf of the Fund, a Notice pursuant to
Rule 24f-2 of the 1940 Act, for the purpose of registering, under the 1933 Act,
the shares set forth above which were sold by the Fund during the fiscal year
in reliance upon Rule 24f-2.
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Based on the foregoing information and my examination, it is my opinion that:
1. The Fund is a valid and existing corporation of the State of Maryland
authorized to issue 100,000,000 shares of its common stock, with a $.001 par
value. The Board of Directors has the power to designate one or more classes
of shares of common stock and to classify and reclassify any unissued shares
with respect to such classes.
2. The proposed registration of the combined total of 10,175,851 shares
sold by the Fund during its fiscal year ended October 31, 1995 pursuant to Rule
24f-2 of the 1940 Act is proper; and that such shares, which were issued for a
consideration deemed by the Board of Directors to be consistent with the Fund's
Articles of Incorporation, were legally issued, fully paid and non-assessable.
3. The holders of the Fund's shares have all the rights provided with
respect to such holdings by the Articles of Incorporation and the laws of the
State of Maryland.
I hereby consent to the use of this opinion as an Exhibit to the Rule 24f-2
Notice filed on behalf of the Fund, covering the registration of such shares
under the 1933 Act, and to the applications and registration statements, and
amendments thereto, filed in accordance with the securities laws of the states
in which shares of the Fund are offered. I further consent to reference in the
Prospectus of the Fund to the fact that this opinion concerning the legality of
the issue has been rendered by me.
Very truly yours,
BY: (Raymond J. Klapinsky)
Counsel
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