0000932471-05-000176 Sample Contracts

INVESTMENT ADVISORY AGREEMENT

Investment Advisory Agreement • February 1st, 2005 • Vanguard Explorer Fund • Delaware

• Contract Type
  Investment Advisory Agreement
• Filed
  February 1st, 2005
• Company
  Vanguard Explorer Fund
• Jurisdiction
  Delaware

THIS AGREEMENT is made as of this 28th day of January, 2005, between Vanguard Explorer Fund, a Delaware statutory trust (the “Trust”), and Kalmar Investment Advisers (the “Advisor”).