NPORT-EX 2 vg_selectedvalue.htm
Vanguard® Selected Value Fund
Schedule of Investments (unaudited)
As of January 31, 2026
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value
($000)
Common Stocks (94.7%)
Communication Services (1.9%)
  Omnicom Group Inc.   852,570    65,682
  Warner Music Group Corp. Class A 1,855,030    55,614
                 121,296
Consumer Discretionary (12.2%)
  Gildan Activewear Inc. 1,640,263   106,584
  LKQ Corp. 2,619,683    86,057
  Magna International Inc. 1,625,479    83,127
  Advance Auto Parts Inc. 1,719,974    82,576
  Lear Corp.   545,377    63,858
* Taylor Morrison Home Corp.   911,143    55,534
* Valvoline Inc. 1,643,472    53,774
* M/I Homes Inc.   398,370    53,262
  Hasbro Inc.   515,866    46,072
  Harley-Davidson Inc. 2,211,318    43,784
  Aramark 1,107,560    42,630
  PVH Corp.   621,727    38,771
* Mohawk Industries Inc.   209,000    24,741
  Newell Brands Inc. 4,134,510    17,572
                 798,342
Consumer Staples (3.8%)
  Dollar General Corp.   512,261    73,474
  Tyson Foods Inc. Class A   870,421    56,865
  Spectrum Brands Holdings Inc.   657,142    41,866
  Ingredion Inc.   334,118    39,459
  Kraft Heinz Co. 1,569,662    37,264
                 248,928
Energy (3.2%)
  Occidental Petroleum Corp. 1,326,870    60,227
  NOV Inc. 2,754,742    50,549
  SM Energy Co. 1,854,403    36,105
  EOG Resources Inc.   299,220    33,552
  Golar LNG Ltd.   645,900    26,217
                 206,650
Financials (26.4%)
  Corebridge Financial Inc. 3,506,237   108,097
  RenaissanceRe Holdings Ltd.   304,988    85,915
  White Mountains Insurance Group Ltd.    40,338    82,488
  Fidelity National Financial Inc. 1,397,947    76,034
  Globe Life Inc.   534,714    74,978
  Voya Financial Inc.   899,568    68,961
* Arch Capital Group Ltd.   687,170    65,996
  Glacier Bancorp Inc. 1,283,724    65,059
  Everest Group Ltd.   191,630    63,483
  MetLife Inc.   783,820    61,828
  Ally Financial Inc. 1,453,300    61,446
  Global Payments Inc.   836,527    60,012
* Genworth Financial Inc. 6,759,300    56,373
  Jackson Financial Inc. Class A   473,927    56,359
  Capital One Financial Corp.   255,964    56,038
  M&T Bank Corp.   252,610    55,971
  Essent Group Ltd.   839,547    52,824
  Regions Financial Corp. 1,839,738    52,433
* Fiserv Inc.   774,970    49,389
* SiriusPoint Ltd. 2,309,245    47,132
  CNO Financial Group Inc. 1,054,296    44,333
  Equitable Holdings Inc.   917,826    42,587
  Nomura Holdings Inc. ADR 4,642,430    41,178
  Fifth Third Bancorp   817,897    41,075
    Shares Market
Value
($000)
  Brookfield Asset Management Ltd. Class A   696,390    34,618
  Comerica Inc.   370,173    32,823
  Webster Financial Corp.   495,478    32,588
  State Street Corp.   248,720    32,547
* Markel Group Inc.    15,910    32,467
  KeyCorp 1,492,763    32,124
  Unum Group   414,104    31,459
  Radian Group Inc.   814,430    26,795
               1,725,410
Health Care (9.1%)
  Baxter International Inc. 3,672,438    73,706
  Labcorp Holdings Inc.   261,720    71,062
  Humana Inc.   330,914    64,594
* Charles River Laboratories International Inc.   291,200    61,292
* Henry Schein Inc.   804,006    60,686
1 Fresenius Medical Care AG ADR 2,539,431    57,645
  Universal Health Services Inc. Class B   253,155    50,950
  Teleflex Inc.   404,970    42,267
  Becton Dickinson & Co.   191,942    39,056
  DENTSPLY SIRONA Inc. 2,215,570    27,628
* Solventum Corp.   339,167    26,106
  Perrigo Co. plc 1,393,211    19,798
                 594,790
Industrials (18.2%)
  AerCap Holdings NV 1,160,546   166,724
  RB Global Inc. (XTSE)   700,859    79,597
  Robert Half Inc. 2,282,393    78,994
  MSA Safety Inc.   371,989    65,898
  Oshkosh Corp.   439,237    63,171
  Knight-Swift Transportation Holdings Inc. 1,105,310    60,903
  Woodward Inc.   183,025    58,173
1 Ashtead Group plc ADR   892,800    56,568
  Sensata Technologies Holding plc 1,554,564    53,772
  Esab Corp.   436,250    52,830
  Carlisle Cos. Inc.   153,940    52,477
* API Group Corp. 1,207,157    50,181
  Concentrix Corp. 1,277,745    47,724
  Timken Co.   488,620    45,534
  MSC Industrial Direct Co. Inc. Class A   437,170    36,871
  SS&C Technologies Holdings Inc.   443,806    36,343
  Stanley Black & Decker Inc.   421,550    33,159
  WESCO International Inc.   113,575    32,872
  Genpact Ltd.   732,019    32,282
* XPO Inc.   173,070    25,633
  Allegion plc   144,630    23,920
  ManpowerGroup Inc.   351,105    12,756
* Middleby Corp.    65,510     9,641
* Masterbrand Inc.   572,191     6,935
* Air France-KLM ADR 4,102,756     5,128
               1,188,086
Information Technology (5.1%)
  Avnet Inc. 1,266,705    79,030
  MKS Inc.   286,315    67,401
  Cognizant Technology Solutions Corp. Class A   734,208    60,249
  Skyworks Solutions Inc. 1,062,598    59,250
  Amdocs Ltd.   485,049    39,745
* Arrow Electronics Inc.   205,711    27,255
                 332,930
Materials (9.5%)
  PPG Industries Inc.   749,937    86,715
* Eldorado Gold Corp. 1,761,714    75,613
* IAMGOLD Corp. (XTSE) 3,257,000    59,212
  Centerra Gold Inc. 3,528,116    59,131
  Ternium SA ADR 1,310,696    54,840
  Olin Corp. 2,408,817    50,127
  Dow Inc. 1,700,299    46,843
  Mosaic Co. 1,597,050    43,919
  Avery Dennison Corp.   210,380    39,028
    Shares Market
Value
($000)
  HB Fuller Co.   523,850    31,483
  Huntsman Corp. 2,166,323    23,440
  Gerdau SA ADR 5,021,000    21,440
  West Fraser Timber Co. Ltd.   287,893    19,680
  FMC Corp.   428,135     6,765
                 618,236
Real Estate (4.9%)
  Crown Castle Inc.   865,650    75,147
  Park Hotels & Resorts Inc. 6,066,808    66,310
  Ryman Hospitality Properties Inc.   502,745    47,610
* CBRE Group Inc. Class A   224,640    38,263
  Healthcare Realty Trust Inc. 2,225,240    37,362
* Howard Hughes Holdings Inc.   366,157    29,900
  DiamondRock Hospitality Co. 2,795,585    25,664
                 320,256
Utilities (0.4%)
  Atmos Energy Corp.   172,033    28,616
Total Common Stocks (Cost $5,211,343) 6,183,540
Temporary Cash Investments (5.0%)
Money Market Fund (5.0%)
2,3 Vanguard Market Liquidity Fund, 3.704% (Cost $326,892) 3,269,356          326,936
Total Investments (99.7%) (Cost $5,538,235) 6,510,476
Other Assets and Liabilities—Net (0.3%) 20,698
Net Assets (100%) 6,531,174
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,843.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $4,968 was received for securities on loan.
  ADR—American Depositary Receipt.
  
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
E-mini Russell 2000 Index March 2026 509 66,796 (644)
E-mini S&P Mid-Cap 400 Index March 2026 196 67,571 (320)
        (964)
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
At January 31, 2026, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.