Vanguard® Health Care Index Fund
Schedule of Investments (unaudited)
As of November 30, 2023
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 (99.9%) | |||
| Biotechnology (18.5%) | |||
| AbbVie Inc. | 5,969,215 | 849,957 | |
| Amgen Inc. | 1,809,012 | 487,782 | |
| Gilead Sciences Inc. | 4,213,799 | 322,777 | |
| * | Vertex Pharmaceuticals Inc. | 872,819 | 309,685 |
| * | Regeneron Pharmaceuticals Inc. | 360,972 | 297,372 |
| * | Biogen Inc. | 489,744 | 114,639 |
| * | Seagen Inc. | 475,974 | 101,482 |
| * | Moderna Inc. | 1,094,095 | 85,011 |
| * | Alnylam Pharmaceuticals Inc. | 397,761 | 66,923 |
| * | BioMarin Pharmaceutical Inc. | 636,220 | 57,947 |
| * | Exact Sciences Corp. | 611,000 | 39,104 |
| * | Neurocrine Biosciences Inc. | 330,179 | 38,496 |
| * | United Therapeutics Corp. | 158,699 | 38,088 |
| * | Incyte Corp. | 644,141 | 35,003 |
| * | ImmunoGen Inc. | 799,660 | 23,470 |
| * | Sarepta Therapeutics Inc. | 268,095 | 21,791 |
| * | Ionis Pharmaceuticals Inc. | 436,030 | 21,570 |
| * | Natera Inc. | 381,059 | 21,320 |
| * | Exelixis Inc. | 968,544 | 21,124 |
| * | Karuna Therapeutics Inc. | 108,261 | 20,701 |
| * | Halozyme Therapeutics Inc. | 446,521 | 17,240 |
| *,1 | CRISPR Therapeutics AG | 255,141 | 17,026 |
| * | Apellis Pharmaceuticals Inc. | 278,719 | 15,015 |
| * | Blueprint Medicines Corp. | 194,893 | 13,572 |
| * | Vaxcyte Inc. | 253,841 | 13,141 |
| * | Alkermes plc | 534,936 | 12,913 |
| * | Insmed Inc. | 462,467 | 11,571 |
| * | Cytokinetics Inc. | 292,290 | 9,786 |
| * | Ultragenyx Pharmaceutical Inc. | 242,969 | 9,439 |
| * | Roivant Sciences Ltd. | 938,573 | 8,973 |
| * | Bridgebio Pharma Inc. | 302,230 | 8,677 |
| * | Intellia Therapeutics Inc. | 284,328 | 8,425 |
| * | Mirati Therapeutics Inc. | 142,271 | 8,074 |
| * | Amicus Therapeutics Inc. | 728,200 | 8,025 |
| * | ACADIA Pharmaceuticals Inc. | 359,369 | 8,007 |
| * | REVOLUTION Medicines Inc. | 343,169 | 8,006 |
| * | Biohaven Ltd. | 230,168 | 7,669 |
| * | Madrigal Pharmaceuticals Inc. | 36,671 | 7,455 |
| * | Arrowhead Pharmaceuticals Inc. | 344,357 | 7,300 |
| * | Denali Therapeutics Inc. | 371,858 | 6,887 |
| * | Immunovant Inc. | 171,154 | 6,697 |
| * | Krystal Biotech Inc. | 61,494 | 6,409 |
| Shares | Market Value ($000) | ||
| * | Beam Therapeutics Inc. | 227,730 | 6,395 |
| * | Xenon Pharmaceuticals Inc. | 173,461 | 6,345 |
| * | Veracyte Inc. | 246,148 | 6,301 |
| * | Cerevel Therapeutics Holdings Inc. | 239,742 | 6,216 |
| * | TG Therapeutics Inc. | 485,106 | 6,214 |
| * | Dynavax Technologies Corp. | 435,706 | 5,969 |
| * | Crinetics Pharmaceuticals Inc. | 178,804 | 5,684 |
| * | Nuvalent Inc. Class A | 86,620 | 5,662 |
| * | Vericel Corp. | 152,956 | 5,436 |
| * | Rocket Pharmaceuticals Inc. | 228,167 | 5,323 |
| * | Myriad Genetics Inc. | 276,671 | 5,282 |
| * | PTC Therapeutics Inc. | 229,406 | 5,281 |
| * | Arcellx Inc. | 98,331 | 5,165 |
| * | Rhythm Pharmaceuticals Inc. | 153,892 | 5,145 |
| * | Celldex Therapeutics Inc. | 166,801 | 5,039 |
| * | Ironwood Pharmaceuticals Inc. | 474,188 | 4,694 |
| * | Catalyst Pharmaceuticals Inc. | 324,338 | 4,680 |
| * | Twist Bioscience Corp. | 193,804 | 4,661 |
| * | Ideaya Biosciences Inc. | 145,888 | 4,588 |
| * | Iovance Biotherapeutics Inc. | 752,681 | 4,569 |
| * | Prothena Corp. plc | 135,798 | 4,424 |
| * | Agios Pharmaceuticals Inc. | 188,377 | 4,188 |
| *,1 | Aurinia Pharmaceuticals Inc. | 461,866 | 3,990 |
| * | BioCryst Pharmaceuticals Inc. | 641,240 | 3,770 |
| * | Sage Therapeutics Inc. | 182,631 | 3,576 |
| * | SpringWorks Therapeutics Inc. | 116,675 | 3,546 |
| * | Viking Therapeutics Inc. | 287,431 | 3,512 |
| * | Point Biopharma Global Inc. | 250,005 | 3,400 |
| * | Xencor Inc. | 184,338 | 3,381 |
| * | Ardelyx Inc. | 736,835 | 3,323 |
| * | Syndax Pharmaceuticals Inc. | 199,659 | 3,323 |
| * | Recursion Pharmaceuticals Inc. Class A | 483,279 | 3,310 |
| * | MannKind Corp. | 908,029 | 3,287 |
| * | Mirum Pharmaceuticals Inc. | 101,656 | 3,260 |
| * | Merus NV | 124,480 | 3,080 |
| * | MiMedx Group Inc. | 392,706 | 3,051 |
| * | Vir Biotechnology Inc. | 317,761 | 3,016 |
| * | Protagonist Therapeutics Inc. | 155,608 | 2,834 |
| * | ADMA Biologics Inc. | 722,151 | 2,672 |
| * | MoonLake Immunotherapeutics | 60,484 | 2,656 |
| * | Editas Medicine Inc. | 248,494 | 2,617 |
| * | REGENXBIO Inc. | 133,276 | 2,602 |
| * | Geron Corp. (XNGS) | 1,327,509 | 2,562 |
| * | Kymera Therapeutics Inc. | 122,320 | 2,539 |
| * | Akero Therapeutics Inc. | 151,078 | 2,529 |
| * | Arcus Biosciences Inc. | 163,756 | 2,466 |
| * | Morphic Holding Inc. | 97,206 | 2,304 |
| * | Keros Therapeutics Inc. | 70,453 | 2,138 |
| * | Relay Therapeutics Inc. | 267,372 | 2,115 |
| *,1 | Anavex Life Sciences Corp. | 277,196 | 1,999 |
| * | Arcturus Therapeutics Holdings Inc. | 81,087 | 1,941 |
| * | Viridian Therapeutics Inc. | 115,634 | 1,936 |
| * | Zentalis Pharmaceuticals Inc. | 167,744 | 1,887 |
| * | Day One Biopharmaceuticals Inc. | 161,692 | 1,872 |
| * | Verve Therapeutics Inc. | 165,420 | 1,866 |
| * | CareDx Inc. | 183,343 | 1,780 |
| * | Kura Oncology Inc. | 175,712 | 1,699 |
| *,1 | Novavax Inc. | 307,225 | 1,690 |
| Shares | Market Value ($000) | ||
| *,1 | ImmunityBio Inc. | 451,786 | 1,663 |
| * | Travere Therapeutics Inc. | 253,766 | 1,594 |
| * | Avidity Biosciences Inc. | 200,425 | 1,565 |
| * | Kiniksa Pharmaceuticals Ltd. Class A | 95,917 | 1,551 |
| * | Alpine Immune Sciences Inc. | 98,053 | 1,520 |
| * | Deciphera Pharmaceuticals Inc. | 119,763 | 1,510 |
| * | Disc Medicine Inc. | 27,246 | 1,503 |
| * | 89bio Inc. | 178,566 | 1,436 |
| * | Cabaletta Bio Inc. | 87,487 | 1,404 |
| * | Inhibrx Inc. | 66,569 | 1,383 |
| * | MacroGenics Inc. | 166,818 | 1,370 |
| * | Sana Biotechnology Inc. | 333,363 | 1,353 |
| * | Replimune Group Inc. | 120,103 | 1,343 |
| * | Cogent Biosciences Inc. | 158,886 | 1,219 |
| * | Biomea Fusion Inc. | 77,920 | 1,174 |
| * | Alector Inc. | 211,057 | 1,144 |
| * | Rapt Therapeutics Inc. | 76,052 | 1,104 |
| * | Avid Bioservices Inc. | 213,702 | 1,088 |
| * | Tango Therapeutics Inc. | 137,615 | 1,046 |
| * | uniQure NV | 145,641 | 987 |
| * | Summit Therapeutics Inc. (XNMS) | 472,287 | 959 |
| * | HilleVax Inc. | 65,636 | 900 |
| * | Allogene Therapeutics Inc. | 368,912 | 867 |
| Agenus Inc. | 1,107,127 | 860 | |
| * | Nurix Therapeutics Inc. | 131,040 | 815 |
| * | iTeos Therapeutics Inc. | 78,729 | 737 |
| * | Y-mAbs Therapeutics Inc. | 118,542 | 736 |
| * | Lyell Immunopharma Inc. | 423,508 | 733 |
| * | Vanda Pharmaceuticals Inc. | 196,725 | 732 |
| * | Coherus Biosciences Inc. | 337,013 | 718 |
| * | MeiraGTx Holdings plc | 132,099 | 690 |
| * | ALX Oncology Holdings Inc. | 86,174 | 676 |
| * | Fate Therapeutics Inc. | 263,459 | 656 |
| * | Cullinan Oncology Inc. | 79,418 | 650 |
| * | AnaptysBio Inc. | 44,837 | 634 |
| * | Enanta Pharmaceuticals Inc. | 67,366 | 629 |
| * | Humacyte Inc. | 228,996 | 607 |
| * | Altimmune Inc. | 178,346 | 564 |
| * | Organogenesis Holdings Inc. | 200,500 | 511 |
| * | Gossamer Bio Inc. | 651,126 | 509 |
| *,2 | PDL BioPharma Inc. | 311,327 | 501 |
| *,1 | Entrada Therapeutics Inc. | 38,515 | 500 |
| * | Prime Medicine Inc. | 66,082 | 480 |
| * | Janux Therapeutics Inc. | 54,778 | 478 |
| * | Aerovate Therapeutics Inc. | 28,128 | 442 |
| * | Acelyrin Inc. | 65,774 | 442 |
| * | Aldeyra Therapeutics Inc. | 158,743 | 440 |
| * | Heron Therapeutics Inc. | 357,730 | 440 |
| * | Erasca Inc. | 256,156 | 435 |
| * | Monte Rosa Therapeutics Inc. | 130,868 | 406 |
| *,1 | Vaxart Inc. | 528,949 | 378 |
| * | IGM Biosciences Inc. | 55,621 | 375 |
| * | Seres Therapeutics Inc. | 351,933 | 366 |
| * | Inovio Pharmaceuticals Inc. | 919,825 | 363 |
| * | Emergent BioSolutions Inc. | 167,220 | 358 |
| *,1 | Ocugen Inc. | 899,737 | 348 |
| *,1 | Repare Therapeutics Inc. | 63,103 | 325 |
| * | Foghorn Therapeutics Inc. | 61,741 | 262 |
| Shares | Market Value ($000) | ||
| * | Stoke Therapeutics Inc. | 67,452 | 256 |
| * | 2seventy bio Inc. | 140,112 | 256 |
| * | Eagle Pharmaceuticals Inc. | 40,230 | 235 |
| * | PMV Pharmaceuticals Inc. | 98,631 | 226 |
| * | Sangamo Therapeutics Inc. | 523,392 | 225 |
| * | Mural Oncology plc | 50,621 | 183 |
| * | Atara Biotherapeutics Inc. | 275,545 | 182 |
| * | FibroGen Inc. | 302,355 | 167 |
| * | Adicet Bio Inc. | 88,935 | 105 |
| * | Century Therapeutics Inc. | 70,505 | 97 |
| *,2 | Prevail Therapeutics CVR | 78 | — |
| 3,459,750 | |||
| Health Care Equipment & Supplies (19.3%) | |||
| Abbott Laboratories | 5,868,828 | 612,060 | |
| * | Intuitive Surgical Inc. | 1,188,275 | 369,363 |
| Medtronic plc | 4,499,677 | 356,689 | |
| Stryker Corp. | 1,155,947 | 342,542 | |
| * | Boston Scientific Corp. | 4,951,759 | 276,754 |
| Becton Dickinson & Co. | 941,093 | 222,267 | |
| * | DexCom Inc. | 1,311,805 | 151,540 |
| * | Edwards Lifesciences Corp. | 2,055,913 | 139,206 |
| * | IDEXX Laboratories Inc. | 280,767 | 130,787 |
| GE Healthcare Inc. | 1,384,418 | 94,777 | |
| Zimmer Biomet Holdings Inc. | 706,641 | 82,189 | |
| ResMed Inc. | 497,449 | 78,463 | |
| STERIS plc | 334,057 | 67,125 | |
| Baxter International Inc. | 1,712,667 | 61,793 | |
| * | Hologic Inc. | 828,283 | 59,057 |
| Cooper Cos. Inc. | 167,467 | 56,423 | |
| * | Align Technology Inc. | 245,908 | 52,575 |
| * | Insulet Corp. | 236,166 | 44,657 |
| Teleflex Inc. | 158,937 | 35,871 | |
| * | Penumbra Inc. | 123,491 | 27,426 |
| DENTSPLY SIRONA Inc. | 715,922 | 22,731 | |
| * | Shockwave Medical Inc. | 124,274 | 21,692 |
| * | Globus Medical Inc. Class A | 396,919 | 17,830 |
| * | Lantheus Holdings Inc. | 231,468 | 16,578 |
| * | Inspire Medical Systems Inc. | 99,235 | 14,420 |
| * | Masimo Corp. | 151,856 | 14,238 |
| * | Merit Medical Systems Inc. | 194,876 | 13,945 |
| * | Haemonetics Corp. | 171,513 | 13,870 |
| * | Envista Holdings Corp. | 553,818 | 12,566 |
| * | Neogen Corp. | 694,499 | 11,786 |
| * | QuidelOrtho Corp. | 169,623 | 11,658 |
| CONMED Corp. | 103,973 | 11,153 | |
| * | Inari Medical Inc. | 174,412 | 10,411 |
| * | Glaukos Corp. | 156,276 | 9,984 |
| * | Integer Holdings Corp. | 112,587 | 9,820 |
| * | Integra LifeSciences Holdings Corp. | 247,876 | 9,714 |
| * | Axonics Inc. | 170,688 | 9,557 |
| * | iRhythm Technologies Inc. | 103,443 | 8,822 |
| * | TransMedics Group Inc. | 110,267 | 8,345 |
| * | Enovis Corp. | 165,947 | 8,208 |
| * | LivaNova plc | 182,230 | 8,173 |
| * | ICU Medical Inc. | 69,352 | 6,086 |
| * | AtriCure Inc. | 160,377 | 5,690 |
| *,1 | PROCEPT BioRobotics Corp. | 151,337 | 5,610 |
| * | Omnicell Inc. | 153,153 | 5,109 |
| Shares | Market Value ($000) | ||
| * | Tandem Diabetes Care Inc. | 220,166 | 4,456 |
| * | Novocure Ltd. | 343,101 | 4,210 |
| * | STAAR Surgical Co. | 131,313 | 4,118 |
| * | UFP Technologies Inc. | 24,548 | 4,086 |
| * | Alphatec Holdings Inc. | 318,074 | 3,776 |
| Embecta Corp. | 194,216 | 3,562 | |
| LeMaitre Vascular Inc. | 67,558 | 3,560 | |
| * | Avanos Medical Inc. | 158,797 | 3,422 |
| * | Varex Imaging Corp. | 136,091 | 2,565 |
| * | SI-BONE Inc. | 129,076 | 2,447 |
| * | RxSight Inc. | 78,289 | 2,361 |
| * | Artivion Inc. | 124,830 | 2,214 |
| * | Nevro Corp. | 122,580 | 2,123 |
| * | OraSure Technologies Inc. | 249,061 | 1,823 |
| * | OrthoPediatrics Corp. | 55,360 | 1,707 |
| * | Surmodics Inc. | 47,661 | 1,564 |
| Atrion Corp. | 4,791 | 1,477 | |
| * | Establishment Labs Holdings Inc. | 57,037 | 1,463 |
| * | Orthofix Medical Inc. | 124,331 | 1,374 |
| * | Treace Medical Concepts Inc. | 156,485 | 1,371 |
| * | Pulmonx Corp. | 115,772 | 1,262 |
| * | Paragon 28 Inc. | 111,528 | 1,232 |
| * | Silk Road Medical Inc. | 124,934 | 1,166 |
| * | Cerus Corp. | 609,264 | 981 |
| * | AngioDynamics Inc. | 134,875 | 881 |
| * | Zimvie Inc. | 89,525 | 846 |
| * | Outset Medical Inc. | 159,241 | 834 |
| *,1 | Senseonics Holdings Inc. | 1,344,709 | 794 |
| *,1 | Butterfly Network Inc. | 516,160 | 492 |
| * | Inogen Inc. | 78,785 | 459 |
| * | Cutera Inc. | 47,100 | 80 |
| 3,612,266 | |||
| Health Care Providers & Services (22.5%) | |||
| UnitedHealth Group Inc. | 3,132,674 | 1,732,275 | |
| Elevance Health Inc. | 796,920 | 382,115 | |
| CVS Health Corp. | 4,343,680 | 295,153 | |
| Cigna Group | 1,000,943 | 263,128 | |
| McKesson Corp. | 456,174 | 214,657 | |
| Humana Inc. | 419,016 | 203,164 | |
| HCA Healthcare Inc. | 689,872 | 172,799 | |
| * | Centene Corp. | 1,831,093 | 134,915 |
| Cencora Inc. | 577,309 | 117,407 | |
| Cardinal Health Inc. | 832,967 | 89,194 | |
| * | Molina Healthcare Inc. | 197,140 | 72,067 |
| Laboratory Corp. of America Holdings | 299,151 | 64,889 | |
| Quest Diagnostics Inc. | 379,420 | 52,068 | |
| * | Henry Schein Inc. | 441,480 | 29,460 |
| Universal Health Services Inc. Class B | 210,090 | 28,883 | |
| Chemed Corp. | 48,407 | 27,447 | |
| * | Acadia Healthcare Co. Inc. | 311,601 | 22,744 |
| Encompass Health Corp. | 338,718 | 22,074 | |
| * | Tenet Healthcare Corp. | 309,095 | 21,331 |
| Ensign Group Inc. | 189,974 | 20,341 | |
| * | HealthEquity Inc. | 289,712 | 19,417 |
| * | DaVita Inc. | 185,290 | 18,800 |
| * | Option Care Health Inc. | 608,249 | 18,095 |
| * | agilon health Inc. | 1,029,210 | 10,930 |
| * | Progyny Inc. | 290,372 | 9,977 |
| Shares | Market Value ($000) | ||
| * | Amedisys Inc. | 104,608 | 9,789 |
| * | Guardant Health Inc. | 378,473 | 9,526 |
| * | AMN Healthcare Services Inc. | 128,463 | 8,710 |
| Premier Inc. Class A | 404,386 | 8,326 | |
| Select Medical Holdings Corp. | 365,463 | 8,259 | |
| * | NeoGenomics Inc. | 431,335 | 7,837 |
| * | Surgery Partners Inc. | 235,382 | 7,709 |
| Patterson Cos. Inc. | 290,620 | 7,385 | |
| * | RadNet Inc. | 206,274 | 6,854 |
| * | CorVel Corp. | 31,774 | 6,636 |
| * | Privia Health Group Inc. | 317,558 | 6,561 |
| * | R1 RCM Inc. | 566,362 | 5,992 |
| * | Owens & Minor Inc. | 245,834 | 4,887 |
| * | Apollo Medical Holdings Inc. | 146,063 | 4,854 |
| * | Addus HomeCare Corp. | 54,651 | 4,766 |
| US Physical Therapy Inc. | 50,620 | 4,304 | |
| * | Hims & Hers Health Inc. | 478,325 | 4,252 |
| National HealthCare Corp. | 46,318 | 3,547 | |
| * | Brookdale Senior Living Inc. | 604,915 | 3,206 |
| * | Alignment Healthcare Inc. | 349,341 | 2,620 |
| * | AdaptHealth Corp. | 276,805 | 2,347 |
| * | Cross Country Healthcare Inc. | 114,834 | 2,328 |
| * | Pediatrix Medical Group Inc. | 268,666 | 2,251 |
| * | OPKO Health Inc. | 1,440,984 | 2,104 |
| * | Accolade Inc. | 231,671 | 2,022 |
| * | Fulgent Genetics Inc. | 65,698 | 1,812 |
| * | Castle Biosciences Inc. | 86,019 | 1,720 |
| * | DocGo Inc. | 298,391 | 1,686 |
| * | PetIQ Inc. | 94,138 | 1,640 |
| * | Enhabit Inc. | 143,952 | 1,535 |
| * | ModivCare Inc. | 38,400 | 1,450 |
| * | Pennant Group Inc. | 95,730 | 1,313 |
| *,1 | Clover Health Investments Corp. | 1,276,695 | 1,176 |
| * | Community Health Systems Inc. | 441,073 | 1,134 |
| * | Agiliti Inc. | 136,115 | 1,097 |
| * | 23andMe Holding Co. Class A | 931,005 | 801 |
| * | Aveanna Healthcare Holdings Inc. | 193,582 | 528 |
| *,1 | Invitae Corp. | 849,892 | 432 |
| * | Joint Corp. | 48,944 | 430 |
| * | CareMax Inc. | 203,440 | 138 |
| *,1 | Cano Health Inc. | 7,179 | 53 |
| 4,197,347 | |||
| Health Care Technology (0.8%) | |||
| * | Veeva Systems Inc. Class A | 516,080 | 89,958 |
| * | Teladoc Health Inc. | 557,533 | 10,114 |
| * | Evolent Health Inc. Class A | 363,674 | 10,110 |
| * | Doximity Inc. Class A | 386,395 | 8,984 |
| * | Schrodinger Inc. | 212,012 | 6,591 |
| * | Certara Inc. | 377,981 | 5,447 |
| * | Veradigm Inc. | 368,520 | 4,230 |
| * | Phreesia Inc. | 177,341 | 2,733 |
| Simulations Plus Inc. | 53,715 | 2,105 | |
| HealthStream Inc. | 81,713 | 2,043 | |
| * | GoodRx Holdings Inc. Class A | 254,545 | 1,525 |
| * | Definitive Healthcare Corp. | 172,407 | 1,422 |
| * | Health Catalyst Inc. | 192,450 | 1,382 |
| * | Multiplan Corp. | 878,875 | 1,142 |
| * | American Well Corp. Class A | 809,404 | 1,028 |
| Shares | Market Value ($000) | ||
| * | Sharecare Inc. | 1,036,421 | 972 |
| * | OptimizeRx Corp. | 55,381 | 527 |
| 150,313 | |||
| Life Sciences Tools & Services (10.8%) | |||
| Thermo Fisher Scientific Inc. | 1,305,242 | 647,087 | |
| Danaher Corp. | 2,372,174 | 529,730 | |
| * | IQVIA Holdings Inc. | 619,316 | 132,596 |
| Agilent Technologies Inc. | 989,473 | 126,455 | |
| West Pharmaceutical Services Inc. | 249,764 | 87,607 | |
| * | Mettler-Toledo International Inc. | 65,952 | 72,015 |
| * | Waters Corp. | 199,906 | 56,096 |
| * | Illumina Inc. | 535,385 | 54,583 |
| * | Avantor Inc. | 2,285,864 | 48,415 |
| Revvity Inc. | 419,795 | 37,320 | |
| * | Charles River Laboratories International Inc. | 173,404 | 34,174 |
| Bio-Techne Corp. | 535,166 | 33,662 | |
| * | Repligen Corp. | 179,150 | 28,171 |
| Bruker Corp. | 347,669 | 22,630 | |
| * | Medpace Holdings Inc. | 82,718 | 22,393 |
| * | Bio-Rad Laboratories Inc. Class A | 73,048 | 22,274 |
| * | 10X Genomics Inc. Class A | 297,198 | 12,934 |
| * | Azenta Inc. | 193,258 | 10,894 |
| * | Fortrea Holdings Inc. | 285,293 | 8,399 |
| * | Pacific Biosciences of California Inc. | 805,455 | 6,830 |
| * | Sotera Health Co. | 333,907 | 4,558 |
| * | Quanterix Corp. | 121,002 | 2,900 |
| * | Cytek Biosciences Inc. | 392,241 | 2,722 |
| * | CryoPort Inc. | 165,523 | 2,321 |
| * | Maravai LifeSciences Holdings Inc. Class A | 379,810 | 1,937 |
| Mesa Laboratories Inc. | 18,228 | 1,556 | |
| * | SomaLogic Inc. | 541,900 | 1,528 |
| * | Adaptive Biotechnologies Corp. | 345,554 | 1,514 |
| * | BioLife Solutions Inc. | 118,478 | 1,466 |
| * | MaxCyte Inc. | 296,735 | 1,409 |
| * | OmniAb Inc. | 292,525 | 1,284 |
| * | Codexis Inc. | 237,024 | 559 |
| *,1 | Quantum-Si Inc. | 343,349 | 553 |
| * | Akoya Biosciences Inc. | 83,335 | 366 |
| * | Nautilus Biotechnology Inc. | 126,255 | 347 |
| * | Seer Inc. | 152,053 | 245 |
| *,1 | Bionano Genomics Inc. | 117,865 | 187 |
| * | NanoString Technologies Inc. | 159,039 | 79 |
| *,2 | OmniAb Inc. 12.5 Earnout | 22,076 | — |
| *,2 | OmniAb Inc. 15 Earnout | 22,076 | — |
| 2,019,796 | |||
| Other (0.0%)3 | |||
| *,2 | Chinook Therapeutics Inc. CVR | 784 | — |
| Pharmaceuticals (28.0%) | |||
| Eli Lilly & Co. | 2,728,880 | 1,612,877 | |
| Johnson & Johnson | 8,143,556 | 1,259,482 | |
| Merck & Co. Inc. | 8,581,477 | 879,430 | |
| Pfizer Inc. | 19,094,001 | 581,794 | |
| Bristol-Myers Squibb Co. | 7,064,896 | 348,865 | |
| Zoetis Inc. | 1,556,731 | 275,028 | |
| Viatris Inc. | 4,055,726 | 37,232 | |
| Royalty Pharma plc Class A | 1,290,321 | 34,929 | |
| * | Jazz Pharmaceuticals plc | 202,765 | 23,973 |
| Shares | Market Value ($000) | ||
| * | Catalent Inc. | 609,670 | 23,686 |
| * | Elanco Animal Health Inc. (XNYS) | 1,666,354 | 19,630 |
| * | Intra-Cellular Therapies Inc. | 292,454 | 17,948 |
| Perrigo Co. plc | 457,520 | 13,936 | |
| Organon & Co. | 864,715 | 9,789 | |
| * | Prestige Consumer Healthcare Inc. | 167,432 | 9,602 |
| * | Corcept Therapeutics Inc. | 294,523 | 7,501 |
| * | Amphastar Pharmaceuticals Inc. | 132,137 | 7,442 |
| *,1 | Axsome Therapeutics Inc. | 103,693 | 6,994 |
| * | Cymabay Therapeutics Inc. | 266,675 | 5,101 |
| * | Supernus Pharmaceuticals Inc. | 184,358 | 5,024 |
| *,1 | Tilray Brands Inc. | 2,470,251 | 4,471 |
| * | Pacira BioSciences Inc. | 156,925 | 4,281 |
| * | Arvinas Inc. | 153,530 | 3,373 |
| * | Ligand Pharmaceuticals Inc. | 55,752 | 3,251 |
| * | Harmony Biosciences Holdings Inc. | 111,632 | 3,244 |
| * | Collegium Pharmaceutical Inc. | 117,205 | 3,004 |
| *,1 | Cassava Sciences Inc. | 134,812 | 2,808 |
| * | Innoviva Inc. | 197,326 | 2,733 |
| * | ANI Pharmaceuticals Inc. | 51,363 | 2,558 |
| * | Pliant Therapeutics Inc. | 151,688 | 2,107 |
| * | Amylyx Pharmaceuticals Inc. | 136,695 | 1,936 |
| * | Revance Therapeutics Inc. | 284,377 | 1,925 |
| * | Amneal Pharmaceuticals Inc. | 364,765 | 1,572 |
| *,1 | Theravance Biopharma Inc. | 141,928 | 1,487 |
| * | Evolus Inc. | 154,126 | 1,460 |
| * | Tarsus Pharmaceuticals Inc. | 71,675 | 1,185 |
| * | Liquidia Corp. | 153,418 | 1,098 |
| * | Harrow Inc. | 106,859 | 986 |
| SIGA Technologies Inc. | 144,115 | 783 | |
| * | Enliven Therapeutics Inc. | 62,676 | 706 |
| * | Phathom Pharmaceuticals Inc. | 96,564 | 675 |
| * | Atea Pharmaceuticals Inc. | 225,523 | 674 |
| Phibro Animal Health Corp. Class A | 68,479 | 657 | |
| * | Fulcrum Therapeutics Inc. | 135,739 | 652 |
| * | Terns Pharmaceuticals Inc. | 113,604 | 505 |
| * | Nuvation Bio Inc. | 401,242 | 497 |
| *,1 | ATAI Life Sciences NV | 416,225 | 433 |
| * | Ventyx Biosciences Inc. | 150,262 | 325 |
| * | Nektar Therapeutics | 640,406 | 314 |
| * | Scilex Holding Co. (XNCM) | 219,844 | 275 |
| * | Cara Therapeutics Inc. | 166,555 | 161 |
| * | Aclaris Therapeutics Inc. | 169,669 | 148 |
| * | NGM Biopharmaceuticals Inc. | 152,694 | 114 |
| 5,230,661 | |||
| Total Common Stocks (Cost $16,178,910) | 18,670,133 | ||
| Warrants (0.0%) | |||
| * | Geron Corp. Exp. 12/31/25 | 152,449 | 48 |
| * | Advaxis Inc. Exp. 9/11/24 | 7,710 | — |
| Total Warrants (Cost $—) | 48 | ||
| Shares | Market Value ($000) | ||
| Temporary Cash Investments (0.2%) | |||
| Money Market Fund (0.2%) | |||
| 4,5 | Vanguard Market Liquidity Fund, 5.438% (Cost $29,675) | 296,875 | 29,684 |
| Total Investments (100.1%) (Cost $16,208,585) | 18,699,865 | ||
| Other Assets and Liabilities—Net (-0.1%) | (12,321) | ||
| Net Assets (100.0%) | 18,687,544 | ||
| 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 $26,289,000. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | “Other” represents securities that are not classified by the fund’s benchmark index. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $29,552,000 was received for securities on loan. |
| CVR—Contingent Value Rights. |
Derivative Financial Instruments Outstanding as of Period End
| Over-the-Counter Total Return Swaps | ||||||
| Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
| Alnylam Pharmaceuticals Inc. | 8/30/24 | BANA | 4,206 | (5.331) | — | (17) |
| Becton Dickinson & Co. | 1/31/24 | CITNA | 9,447 | (5.331) | — | (45) |
| Mettler-Toledo International Inc. | 1/31/24 | CITNA | 8,735 | (5.331) | — | (35) |
| — | (97) | |||||
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| BANA—Bank of America, N.A. | |
| CITNA—Citibank, N.A. |
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. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference
stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
C. 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.
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2023, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 18,669,632 | — | 501 | 18,670,133 |
| Warrants | — | 48 | — | 48 |
| Temporary Cash Investments | 29,684 | — | — | 29,684 |
| Total | 18,699,316 | 48 | 501 | 18,699,865 |
| Derivative Financial Instruments | ||||
| Liabilities | ||||
| Swap Contracts | — | 97 | — | 97 |