Shareholder Fees (Fees paid directly from your investment)
Shareholder Fees (Fees paid directly from your investment)
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
2012-02-27
2012-02-27
<p>[SHIP LOGO VANGUARD (R)]</p><p></p><p>Vanguard Seleced Value Fund
</p><p>
Restructuring of the Investment Advisory Team</p><p>The board of trustees of Vanguard Selected Value Fund has added Pzena Investment Management, LLC (Pzena), to the Fund's investment advisory team.</p><p>Pzena and the Fund's continuing investment advisors, Barrow, Hanley, Mewhinney & Strauss, LLC, and Donald Smith & Co., Inc., each independently select and maintain a portfolio of common stocks for the Fund. In addition, as with other Vanguard funds that have adopted a multimanager structure, The Vanguard Group, Inc., will continue to invest a small portion of the Fund's assets in stock index futures and/or shares of exchange-traded funds. The Fund's board of trustees has designated the proportion of Fund assets to be managed by each advisor and may change these proportions at any time.</p><p>The Fund's investment objective, primary investment strategies, and primary risks are not expected to change.</p><p>Prospectus and Summary Prospectus Text Changes </p><p>The text and table under 'Fees and Expenses' are restated as follows:</p><p>Fees and Expenses</p><p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p><p>Shareholder Fees
</p><p>(Fees paid directly from your investment)
</p><p></p><p>Sales Charge (Load) Imposed on Purchases None
</p><p>Purchase Fee None
</p><p>Sales Charge (Load) Imposed on Reinvested Dividends None
</p><p>Redemption Fee None</p><p>Account Service Fee (for certain fund account balances below $10,000) $20/year</p><p></p><p>Annual Fund Operating Expenses
</p><p>(Expenses that you pay each year as a percentage of the value of your investment)
</p><p> </p><p>Management Fees 0.42 % </p><p>12b-1 Distribution Fee None </p><p>Other Expenses 0.02%
</p><p>Total Annual Fund Operating Expenses(1) 0.44%
</p><p>1The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year.</p><p></p><p>Examples
</p><p>The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p><p></p><p> 1 Year 3 Years 5 Years 10 Years
</p><p>Investor Shares $45 $141 $246 $555
</p><p></p><p></p><p>(c) 2014 The Vanguard Group, Inc. All Rights reserved. PS 934 032014</p><p>Vanguard Marketing Corporation, Distributor.
</p><p></p>
<p>[SHIP LOGO VANGUARD (R)]</p><p></p><p>Vanguard Seleced Value Fund
</p><p>
Restructuring of the Investment Advisory Team</p><p>The board of trustees of Vanguard Selected Value Fund has added Pzena Investment Management, LLC (Pzena), to the Fund's investment advisory team.</p><p>Pzena and the Fund's continuing investment advisors, Barrow, Hanley, Mewhinney & Strauss, LLC, and Donald Smith & Co., Inc., each independently select and maintain a portfolio of common stocks for the Fund. In addition, as with other Vanguard funds that have adopted a multimanager structure, The Vanguard Group, Inc., will continue to invest a small portion of the Fund's assets in stock index futures and/or shares of exchange-traded funds. The Fund's board of trustees has designated the proportion of Fund assets to be managed by each advisor and may change these proportions at any time.</p><p>The Fund's investment objective, primary investment strategies, and primary risks are not expected to change.</p><p>Prospectus and Summary Prospectus Text Changes </p><p>The text and table under 'Fees and Expenses' are restated as follows:</p><p>Fees and Expenses</p><p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p><p>Shareholder Fees
</p><p>(Fees paid directly from your investment)
</p><p></p><p>Sales Charge (Load) Imposed on Purchases None
</p><p>Purchase Fee None
</p><p>Sales Charge (Load) Imposed on Reinvested Dividends None
</p><p>Redemption Fee None</p><p>Account Service Fee (for certain fund account balances below $10,000) $20/year</p><p></p><p>Annual Fund Operating Expenses
</p><p>(Expenses that you pay each year as a percentage of the value of your investment)
</p><p> </p><p>Management Fees 0.42 % </p><p>12b-1 Distribution Fee None </p><p>Other Expenses 0.02%
</p><p>Total Annual Fund Operating Expenses(1) 0.44%
</p><p>1The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year.</p><p></p><p>Examples
</p><p>The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
</p><p></p><p> 1 Year 3 Years 5 Years 10 Years
</p><p>Investor Shares $45 $141 $246 $555
</p><p></p><p></p><p>(c) 2014 The Vanguard Group, Inc. All Rights reserved. PS 934 032014</p><p>Vanguard Marketing Corporation, Distributor.
</p><p></p>
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