0000932471-10-002456 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • August 12th, 2010 • Vanguard Explorer Fund • Delaware

THIS AGREEMENT is made as of this 9th day of June, 2008, between Vanguard Explorer Fund, a Delaware statutory trust (the “Trust”), and Century Capital Management, LLC (the “Advisor”), a Delaware limited liability company.

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • August 12th, 2010 • Vanguard Explorer Fund • Delaware

AGREEMENT made as of this 1st day of May, 2007, between Vanguard Explorer Fund, a Delaware statutory trust (the “Trust”), and Chartwell Investment Partners, a Pennsylvania partnership (the “Advisor”).

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