Vanguard Selected Value Fund 

Summary Prospectus 

February 24, 2011 

Investor Shares for Participants 

Vanguard Selected Value Fund Investor Shares (VASVX) 

The Fund’s statutory Prospectus and Statement of Additional Information dated 

February 24, 2011, are incorporated into and made part of this Summary 

Prospectus by reference. 

Before you invest, you may want to review the Fund’s Prospectus, which 

contains more information about the Fund and its risks. You can find 

the Fund’s Prospectus and other information about the Fund online at 

www.vanguard.com/prospectus. You can also get this information at no 

cost by calling 800-523-1188 or by sending an e-mail request to 

online@vanguard.com. 

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or 

passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. 

Investment Objective
The Fund seeks to provide long-term capital appreciation and income.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
shares of the Fund.

Shareholder Fees (Fees paid directly from your investment)
Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee (on shares held less than one year)	1%
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Management Expenses	0.44%
12b-1 Distribution Fee	None
Other Expenses	0.03%
Total Annual Fund Operating Expenses	0.47%

Example

The following example is 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
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:

1 Year	3 Years	5 Years	10 Years
$48	$151	$263	$591

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating
expenses or in the previous expense example, reduce the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 22%.

Primary Investment Strategies
The Fund invests mainly in the stocks of medium-size U.S. companies, choosing
stocks considered by an advisor to be undervalued. Undervalued stocks are generally
those that are out of favor with investors and are trading at prices that the advisor
feels are below-average in relation to such measures as earnings and book value.
These stocks often have above-average dividend yields. The Fund uses multiple
investment advisors.

Primary Risks
An investment in the Fund could lose money over short or even long periods. You should
expect the Fund’s share price and total return to fluctuate within a wide range, like the
fluctuations of the overall stock market. The Fund’s performance could be hurt by:

• Stock market risk, which is the chance that stock prices overall will decline. Stock
markets tend to move in cycles, with periods of rising prices and periods of falling prices.

• Investment style risk, which is the chance that returns from mid-capitalization value
stocks will trail returns from the overall stock market. Historically, mid-cap stocks have
been more volatile in price than the large-cap stocks that dominate the overall market,
and they often perform quite differently. Mid-cap stocks tend to have greater volatility
than large-cap stocks because, among other things, medium-size companies are more
sensitive to changing economic conditions.

• Manager risk, which is the chance that poor security selection or focus on securities in
a particular sector, category, or group of companies will cause the Fund to underperform
relevant benchmarks or other funds with a similar investment objective.

• Asset concentration risk, which is the chance that the Fund’s performance may be
adversely affected by the poor performance of relatively few stocks.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

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Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund has
varied from one calendar year to another over the periods shown. The table shows
how the average annual total returns compare with those of a relevant market index,
which has investment characteristics similar to those of the Fund. Keep in mind that
the Fund’s past performance does not indicate how the Fund will perform in the
future. Updated performance information is available on our website at
vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard Selected Value Fund Investor Shares

During the periods shown in the bar chart, the highest return for a calendar quarter
was 19.58% (quarter ended September 30, 2009), and the lowest return for a quarter
was –19.51% (quarter ended December 31, 2008).

Average Annual Total Returns for Periods Ended December 31, 2010
	1 Year	5 Years	10 Years
Vanguard Selected Value Fund Investor Shares	19.44%	4.53%	8.83%
Russell Midcap Value Index
(reflects no deduction for fees, expenses, or taxes)	24.75%	4.08%	8.07%

Investment Advisors
Barrow, Hanley, Mewhinney & Strauss, LLC

Donald Smith & Co., Inc.

Portfolio Managers

James P. Barrow, Founding Partner of Barrow, Hanley. He has managed a portion of
the Fund since 1999 (co-managed since 2002).

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Mark Giambrone, Fund Manager at Barrow, Hanley. He has co-managed a portion of the
Fund since 2002.

Richard L. Greenberg, CFA, Senior Portfolio Manager of Donald Smith & Co. He has
co-managed a portion of the Fund since 2005.

Donald G. Smith, Chief Investment Officer of Donald Smith & Co. He has co-managed
a portion of the Fund since 2005.

Tax Information
The Fund’s distributions will be reinvested in additional Fund shares and accumulate on
a tax-deferred basis if you are investing through an employer-sponsored retirement or
savings plan. You will not owe taxes on these distributions until you begin withdrawals
from the plan. You should consult your plan administrator, your plan’s Summary Plan
Description, or your tax advisor about the tax consequences of plan withdrawals.

Payments to Financial Intermediaries
The Fund and its investment advisors do not pay financial intermediaries for sales of
Fund shares.

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Vanguard Selected Value Fund Investor Shares—Fund Number 934

CFA^® is a trademark owned by CFA Institute.

© 2011 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
                                                                                                                        SPI 934 022011