NPORT-EX 2 vg_diversifiedvalueport.htm
Diversified Value Portfolio
Schedule of Investments (unaudited)
As of March 31, 2025
The portfolio 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 portfolio’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value
($000)
Common Stocks (94.6%)
Communication Services (5.2%)
  Alphabet Inc. Class A   249,791    38,628
  Comcast Corp. Class A   390,668    14,416
  WPP plc ADR   138,100     5,242
* Warner Bros Discovery Inc.   378,679     4,063
  Paramount Global Class B   235,200     2,813
  Omnicom Group Inc.    26,691     2,213
                 67,375
Consumer Discretionary (8.3%)
* Amazon.com Inc.   243,410    46,311
  McDonald's Corp.    40,587    12,678
  General Motors Co.   262,383    12,340
  Home Depot Inc.    28,837    10,569
  Magna International Inc.   256,675     8,724
* Aptiv plc    98,900     5,885
  Starbucks Corp.    51,621     5,064
  BorgWarner Inc. (XNYS)    83,100     2,381
  Booking Holdings Inc.       500     2,303
  Lithia Motors Inc.     7,400     2,172
                108,427
Consumer Staples (4.5%)
  Coca-Cola Co.   195,377    13,993
  Procter & Gamble Co.    72,431    12,344
  Kraft Heinz Co.   325,500     9,905
  Mondelez International Inc. Class A   116,148     7,881
  Unilever plc ADR   120,993     7,205
  Anheuser-Busch InBev SA ADR    77,000     4,740
  Conagra Brands Inc.   122,400     3,264
                 59,332
Energy (7.2%)
  Exxon Mobil Corp.   174,278    20,727
  ConocoPhillips   159,033    16,702
  APA Corp.   705,723    14,834
  Shell plc ADR   143,236    10,496
  NOV Inc.   644,315     9,806
  Ovintiv Inc. (XNYS)   171,300     7,332
  Schlumberger NV   127,700     5,338
  Baker Hughes Co.   113,100     4,971
  Cenovus Energy Inc.   173,400     2,412
  Murphy Oil Corp.    56,840     1,614
                 94,232
Financials (19.5%)
  Visa Inc. Class A    87,163    30,547
  Bank of America Corp.   695,040    29,004
  Intercontinental Exchange Inc.   150,286    25,924
  Citigroup Inc.   262,303    18,621
  American International Group Inc.   185,702    16,145
  Wells Fargo & Co.   206,333    14,813
  Marsh & McLennan Cos. Inc.    52,625    12,842
  Charles Schwab Corp.   153,959    12,052
  Blackstone Inc.    74,553    10,421
  Fidelity National Information Services Inc.   132,700     9,910
  State Street Corp.   105,210     9,419
  US Bancorp   210,770     8,899
  Chubb Ltd.    29,424     8,886
  American Express Co.    28,631     7,703
  Citizens Financial Group Inc.   172,861     7,082
  Goldman Sachs Group Inc.    11,056     6,040
  Hartford Insurance Group Inc.    47,200     5,840
Diversified Value Portfolio
    Shares Market
Value
($000)
  Bank of New York Mellon Corp.    68,434     5,740
  Corebridge Financial Inc.   162,400     5,127
  Capital One Financial Corp.    23,500     4,213
  Truist Financial Corp.    95,900     3,946
  First Citizens BancShares Inc. Class A     1,332     2,470
                255,644
Health Care (14.2%)
  Medtronic plc   241,682    21,718
  UnitedHealth Group Inc.    29,265    15,327
  Elevance Health Inc.    33,881    14,737
* Boston Scientific Corp.   142,821    14,408
  Eli Lilly & Co.    16,186    13,368
  Danaher Corp.    60,589    12,421
  Thermo Fisher Scientific Inc.    24,665    12,273
  CVS Health Corp.   155,500    10,535
  Merck & Co. Inc.   106,253     9,537
  GE HealthCare Technologies Inc.   116,017     9,364
* Vertex Pharmaceuticals Inc.    14,274     6,920
  Zoetis Inc.    40,998     6,750
  Humana Inc.    24,700     6,536
  HCA Healthcare Inc.    17,000     5,874
* Centene Corp.    94,560     5,741
  Cigna Group    15,300     5,034
  Zimmer Biomet Holdings Inc.    34,211     3,872
  GSK plc ADR    74,432     2,883
* Solventum Corp.    36,600     2,783
  Sanofi SA ADR    47,764     2,649
  Labcorp Holdings Inc.    10,900     2,537
                185,267
Industrials (10.9%)
  Waste Management Inc.    67,463    15,618
* Boeing Co.    88,352    15,068
  FedEx Corp.    42,733    10,418
  Jacobs Solutions Inc.    81,974     9,910
  Equifax Inc.    33,218     8,091
  HEICO Corp.    29,984     8,011
  Cummins Inc.    24,451     7,664
  Nordson Corp.    37,784     7,622
  Old Dominion Freight Line Inc.    45,710     7,563
  AMETEK Inc.    42,336     7,288
  RTX Corp.    51,700     6,848
  Deere & Co.    12,813     6,014
  Trane Technologies plc    16,741     5,640
  Rockwell Automation Inc.    21,253     5,491
  CNH Industrial NV   429,134     5,270
  PACCAR Inc.    50,380     4,906
  Norfolk Southern Corp.    16,400     3,884
  General Dynamics Corp.     8,900     2,426
  Timken Co.    32,800     2,357
* Fluor Corp.    49,050     1,757
                141,846
Information Technology (20.7%)
  Microsoft Corp.   156,824    58,870
  Apple Inc.   243,588    54,108
* F5 Inc.    92,900    24,736
* Workday Inc. Class A    88,300    20,621
  Telefonaktiebolaget LM Ericsson ADR 2,037,305    15,810
  Broadcom Inc.    90,876    15,215
  Analog Devices Inc.    58,065    11,710
  Amphenol Corp. Class A   178,132    11,684
  Marvell Technology Inc.   147,487     9,081
  Accenture plc Class A    29,017     9,054
  Applied Materials Inc.    61,715     8,956
  QUALCOMM Inc.    47,846     7,350
* Adobe Inc.    13,218     5,070
  TE Connectivity plc    34,860     4,926
  Salesforce Inc.    17,809     4,779
* Advanced Micro Devices Inc.    35,743     3,672
  Micron Technology Inc.    38,860     3,377
Diversified Value Portfolio
    Shares Market
Value
($000)
  Cognizant Technology Solutions Corp. Class A    30,600     2,341
                271,360
Materials (1.1%)
  Avery Dennison Corp.    43,486     7,739
  Olin Corp.   175,800     4,261
  PPG Industries Inc.    24,000     2,625
                 14,625
Real Estate (1.4%)
  Prologis Inc.    87,317     9,761
* CBRE Group Inc. Class A    67,679     8,851
                 18,612
Utilities (1.6%)
  Dominion Energy Inc.   194,200    10,889
  PPL Corp.   281,755    10,174
                 21,063
Total Common Stocks (Cost $1,088,632) 1,237,783
Temporary Cash Investments (5.1%)
Money Market Fund (5.1%)
1 Vanguard Market Liquidity Fund, 4.342% (Cost $67,240)   672,412          67,234
Total Investments (99.7%) (Cost $1,155,872) 1,305,017
Other Assets and Liabilities—Net (0.3%) 3,881
Net Assets (100%) 1,308,898
Cost is in $000.
* Non-income-producing security.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  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 S&P 500 Index June 2025 90 25,440 (174)
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 portfolio’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. 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 portfolio’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 portfolio uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The portfolio 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 portfolio 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 portfolio 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 portfolio’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.
Diversified Value Portfolio
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 portfolio’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 portfolio’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 March 31, 2025, 100% of the market value of the portfolio’s investments and derivatives was determined based on Level 1 inputs.