Vanguard® Health Care Index Fund
Schedule of Investments (unaudited)
As of May 31, 2024
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 (18.9%) | |||
AbbVie Inc. | 5,977,991 | 963,891 | |
Amgen Inc. | 1,809,415 | 553,410 | |
* | Vertex Pharmaceuticals Inc. | 872,092 | 397,098 |
* | Regeneron Pharmaceuticals Inc. | 364,430 | 357,200 |
Gilead Sciences Inc. | 4,209,936 | 270,573 | |
* | Moderna Inc. | 1,098,891 | 156,647 |
* | Biogen Inc. | 490,826 | 110,406 |
* | Alnylam Pharmaceuticals Inc. | 427,053 | 63,387 |
* | BioMarin Pharmaceutical Inc. | 640,795 | 48,104 |
* | Neurocrine Biosciences Inc. | 336,063 | 45,506 |
* | United Therapeutics Corp. | 150,960 | 41,534 |
* | Natera Inc. | 387,803 | 41,313 |
* | Incyte Corp. | 644,396 | 37,240 |
* | Sarepta Therapeutics Inc. | 220,297 | 28,608 |
* | Exact Sciences Corp. | 613,292 | 27,874 |
* | Insmed Inc. | 476,587 | 26,236 |
*,1 | Vaxcyte Inc. | 311,493 | 21,889 |
* | Blueprint Medicines Corp. | 196,595 | 20,753 |
* | Viking Therapeutics Inc. | 332,478 | 20,700 |
* | Exelixis Inc. | 896,005 | 19,434 |
* | Halozyme Therapeutics Inc. | 429,277 | 19,013 |
* | Ionis Pharmaceuticals Inc. | 443,557 | 16,664 |
* | Cytokinetics Inc. | 335,814 | 16,290 |
* | REVOLUTION Medicines Inc. | 389,763 | 14,940 |
*,1 | CRISPR Therapeutics AG | 272,735 | 14,657 |
* | Roivant Sciences Ltd. | 1,228,236 | 12,725 |
* | Alkermes plc | 543,546 | 12,719 |
* | Bridgebio Pharma Inc. | 371,605 | 10,409 |
* | Apellis Pharmaceuticals Inc. | 264,963 | 10,400 |
* | Ultragenyx Pharmaceutical Inc. | 250,996 | 10,075 |
*,1 | Madrigal Pharmaceuticals Inc. | 42,447 | 10,024 |
* | Cerevel Therapeutics Holdings Inc. | 244,692 | 9,969 |
* | Krystal Biotech Inc. | 62,227 | 9,959 |
* | Crinetics Pharmaceuticals Inc. | 223,156 | 9,910 |
* | Arrowhead Pharmaceuticals Inc. | 418,033 | 9,594 |
* | Biohaven Ltd. | 247,648 | 8,692 |
* | PTC Therapeutics Inc. | 232,376 | 8,449 |
* | Xenon Pharmaceuticals Inc. | 216,026 | 8,224 |
* | Twist Bioscience Corp. | 194,833 | 8,163 |
* | TG Therapeutics Inc. | 494,261 | 8,056 |
* | Ideaya Biosciences Inc. | 213,518 | 7,804 |
* | SpringWorks Therapeutics Inc. | 186,472 | 7,731 |
* | Denali Therapeutics Inc. | 398,695 | 7,400 |
* | Vericel Corp. | 154,837 | 7,386 |
* | Amicus Therapeutics Inc. | 746,239 | 7,313 |
* | ADMA Biologics Inc. | 741,641 | 7,083 |
* | Myriad Genetics Inc. | 302,829 | 6,892 |
* | Intellia Therapeutics Inc. | 308,891 | 6,604 |
* | Celldex Therapeutics Inc. | 195,142 | 6,498 |
* | Nuvalent Inc. Class A | 98,889 | 6,489 |
* | Avidity Biosciences Inc. | 239,930 | 6,445 |
*,1 | Novavax Inc. | 424,526 | 6,381 |
* | Agios Pharmaceuticals Inc. | 170,413 | 6,193 |
* | Iovance Biotherapeutics Inc. | 658,848 | 5,851 |
* | Merus NV | 109,337 | 5,821 |
* | Catalyst Pharmaceuticals Inc. | 358,873 | 5,803 |
* | Dyne Therapeutics Inc. | 181,400 | 5,783 |
* | Beam Therapeutics Inc. | 235,315 | 5,605 |
* | Arcellx Inc. | 107,744 | 5,603 |
* | ACADIA Pharmaceuticals Inc. | 362,073 | 5,467 |
1
Vanguard® Health Care Index Fund
Shares | Market Value ($000) | ||
* | Rhythm Pharmaceuticals Inc. | 151,967 | 5,422 |
* | Ardelyx Inc. | 787,293 | 5,401 |
* | Veracyte Inc. | 250,532 | 5,199 |
* | Dynavax Technologies Corp. | 420,518 | 5,042 |
* | Syndax Pharmaceuticals Inc. | 260,167 | 5,013 |
* | Kymera Therapeutics Inc. | 154,459 | 4,960 |
* | Geron Corp. (XNGS) | 1,396,882 | 4,959 |
*,1 | Recursion Pharmaceuticals Inc. Class A | 574,236 | 4,755 |
* | Rocket Pharmaceuticals Inc. | 214,126 | 4,565 |
* | Keros Therapeutics Inc. | 97,240 | 4,558 |
* | Vera Therapeutics Inc. | 119,251 | 4,530 |
* | Xencor Inc. | 186,674 | 4,435 |
* | Immunovant Inc. | 171,072 | 4,344 |
* | MannKind Corp. | 911,126 | 4,255 |
* | Protagonist Therapeutics Inc. | 147,223 | 4,144 |
*,2 | Summit Therapeutics Inc. (XNMS) | 471,973 | 4,099 |
* | BioCryst Pharmaceuticals Inc. | 626,028 | 4,044 |
* | Janux Therapeutics Inc. | 69,627 | 3,725 |
* | Kura Oncology Inc. | 166,761 | 3,437 |
* | Sana Biotechnology Inc. | 445,754 | 3,343 |
* | Vir Biotechnology Inc. | 321,518 | 3,302 |
* | Apogee Therapeutics Inc. | 72,139 | 3,292 |
* | Akero Therapeutics Inc. | 174,832 | 3,290 |
* | Arcturus Therapeutics Holdings Inc. | 82,293 | 3,194 |
* | Deciphera Pharmaceuticals Inc. | 122,629 | 3,132 |
* | Morphic Holding Inc. | 101,287 | 3,076 |
* | Ironwood Pharmaceuticals Inc. | 475,707 | 2,997 |
* | Cullinan Therapeutics Inc. | 126,080 | 2,963 |
* | Arcutis Biotherapeutics Inc. | 348,810 | 2,916 |
*,1 | ImmunityBio Inc. | 451,513 | 2,899 |
* | MiMedx Group Inc. | 398,406 | 2,849 |
* | Nurix Therapeutics Inc. | 169,971 | 2,677 |
* | Mirum Pharmaceuticals Inc. | 110,850 | 2,664 |
* | Praxis Precision Medicines Inc. | 54,685 | 2,595 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 134,575 | 2,558 |
* | Arcus Biosciences Inc. | 169,441 | 2,553 |
* | Aurinia Pharmaceuticals Inc. | 461,585 | 2,502 |
* | Prothena Corp. plc | 117,776 | 2,451 |
* | 4D Molecular Therapeutics Inc. | 94,823 | 2,273 |
* | Spyre Therapeutics Inc. | 61,728 | 2,157 |
* | MoonLake Immunotherapeutics | 52,950 | 2,153 |
* | Day One Biopharmaceuticals Inc. | 161,588 | 2,144 |
* | Zentalis Pharmaceuticals Inc. | 179,455 | 2,132 |
* | Humacyte Inc. | 280,972 | 2,102 |
* | Soleno Therapeutics Inc. | 49,205 | 2,071 |
* | CareDx Inc. | 157,098 | 2,044 |
* | REGENXBIO Inc. | 140,230 | 2,012 |
* | Immunome Inc. | 130,725 | 1,953 |
* | 89bio Inc. | 240,787 | 1,902 |
* | Viridian Therapeutics Inc. | 158,845 | 1,898 |
* | Relay Therapeutics Inc. | 289,637 | 1,857 |
* | Altimmune Inc. | 238,981 | 1,795 |
* | Avid Bioservices Inc. | 213,551 | 1,728 |
* | Travere Therapeutics Inc. | 231,143 | 1,715 |
* | Sage Therapeutics Inc. | 152,090 | 1,690 |
* | Cogent Biosciences Inc. | 210,963 | 1,690 |
* | Erasca Inc. | 661,502 | 1,667 |
* | Stoke Therapeutics Inc. | 113,619 | 1,661 |
* | Disc Medicine Inc. | 45,758 | 1,553 |
*,1 | Ocugen Inc. | 875,274 | 1,514 |
* | Heron Therapeutics Inc. | 380,247 | 1,407 |
* | Editas Medicine Inc. | 263,658 | 1,371 |
* | Scholar Rock Holding Corp. | 144,348 | 1,355 |
* | iTeos Therapeutics Inc. | 78,679 | 1,317 |
* | Zymeworks Inc. | 154,472 | 1,310 |
* | Y-mAbs Therapeutics Inc. | 103,213 | 1,249 |
* | Allogene Therapeutics Inc. | 495,733 | 1,239 |
* | Lyell Immunopharma Inc. | 423,220 | 1,172 |
* | Cabaletta Bio Inc. | 113,909 | 1,161 |
* | Fate Therapeutics Inc. | 307,432 | 1,131 |
2
Vanguard® Health Care Index Fund
Shares | Market Value ($000) | ||
*,1 | Anavex Life Sciences Corp. | 277,032 | 1,125 |
* | Alector Inc. | 224,299 | 1,104 |
* | Olema Pharmaceuticals Inc. | 113,094 | 1,095 |
* | Savara Inc. | 256,111 | 1,047 |
* | Emergent BioSolutions Inc. | 181,258 | 1,033 |
* | Verve Therapeutics Inc. | 197,719 | 1,026 |
* | ORIC Pharmaceuticals Inc. | 113,541 | 1,021 |
* | ARS Pharmaceuticals Inc. | 113,754 | 1,010 |
* | Tango Therapeutics Inc. | 144,934 | 1,003 |
* | Astria Therapeutics Inc. | 101,847 | 964 |
* | Agenus Inc. | 60,087 | 943 |
* | Vanda Pharmaceuticals Inc. | 184,281 | 942 |
*,1 | Prime Medicine Inc. | 142,818 | 925 |
* | ALX Oncology Holdings Inc. | 84,545 | 899 |
*,1 | Biomea Fusion Inc. | 84,764 | 892 |
* | Cargo Therapeutics Inc. | 46,475 | 883 |
* | AnaptysBio Inc. | 36,265 | 868 |
* | Enanta Pharmaceuticals Inc. | 67,322 | 840 |
* | Korro Bio Inc. | 16,218 | 832 |
* | HilleVax Inc. | 65,594 | 796 |
* | Inovio Pharmaceuticals Inc. | 76,583 | 776 |
* | Replimune Group Inc. | 145,118 | 765 |
* | uniQure NV | 145,565 | 721 |
* | Entrada Therapeutics Inc. | 45,342 | 701 |
* | 2seventy bio Inc. | 157,172 | 665 |
* | MeiraGTx Holdings plc | 132,024 | 647 |
* | MacroGenics Inc. | 157,782 | 645 |
* | Dianthus Therapeutics Inc. | 29,655 | 641 |
* | Coherus Biosciences Inc. | 337,228 | 614 |
* | Aldeyra Therapeutics Inc. | 145,127 | 560 |
* | Organogenesis Holdings Inc. | 200,354 | 551 |
* | Monte Rosa Therapeutics Inc. | 119,280 | 491 |
* | Aerovate Therapeutics Inc. | 28,110 | 491 |
*,1 | Seres Therapeutics Inc. | 408,266 | 408 |
* | FibroGen Inc. | 325,179 | 390 |
* | Gossamer Bio Inc. | 650,719 | 384 |
*,1 | Sangamo Therapeutics Inc. | 665,795 | 376 |
*,2 | PDL BioPharma Inc. | 311,327 | 370 |
* | Rapt Therapeutics Inc. | 88,350 | 354 |
*,1 | IGM Biosciences Inc. | 39,150 | 326 |
* | Acelyrin Inc. | 65,795 | 271 |
* | PMV Pharmaceuticals Inc. | 139,213 | 253 |
* | Century Therapeutics Inc. | 70,459 | 209 |
*,1 | Repare Therapeutics Inc. | 55,625 | 194 |
* | Mural Oncology plc | 50,571 | 170 |
* | Eagle Pharmaceuticals Inc. | 40,204 | 140 |
*,2 | Prevail Therapeutics CVR | 78 | — |
3,838,811 | |||
Health Care Equipment & Supplies (19.8%) | |||
Abbott Laboratories | 5,857,912 | 598,620 | |
* | Intuitive Surgical Inc. | 1,196,727 | 481,228 |
Stryker Corp. | 1,155,405 | 394,097 | |
* | Boston Scientific Corp. | 4,962,378 | 375,007 |
Medtronic plc | 4,482,370 | 364,730 | |
Becton Dickinson & Co. | 975,285 | 226,237 | |
* | Edwards Lifesciences Corp. | 2,030,261 | 176,409 |
* | DexCom Inc. | 1,301,674 | 154,600 |
* | IDEXX Laboratories Inc. | 280,547 | 139,418 |
GE Healthcare Inc. | 1,460,684 | 113,933 | |
ResMed Inc. | 496,668 | 102,478 | |
Zimmer Biomet Holdings Inc. | 692,194 | 79,706 | |
STERIS plc | 333,620 | 74,357 | |
Cooper Cos. Inc. | 671,126 | 63,294 | |
* | Align Technology Inc. | 241,547 | 62,128 |
Baxter International Inc. | 1,715,120 | 58,468 | |
* | Hologic Inc. | 792,020 | 58,435 |
* | Insulet Corp. | 236,495 | 41,905 |
Teleflex Inc. | 158,923 | 33,226 | |
* | Solventum Corp. | 495,655 | 29,412 |
3
Vanguard® Health Care Index Fund
Shares | Market Value ($000) | ||
* | Penumbra Inc. | 124,222 | 23,536 |
Dentsply Sirona Inc. | 700,480 | 19,620 | |
* | Glaukos Corp. | 169,619 | 19,119 |
* | Lantheus Holdings Inc. | 231,585 | 18,951 |
* | Masimo Corp. | 151,935 | 18,916 |
* | Globus Medical Inc. Class A | 281,498 | 18,891 |
* | Inspire Medical Systems Inc. | 102,410 | 16,262 |
* | Merit Medical Systems Inc. | 195,774 | 15,887 |
* | TransMedics Group Inc. | 110,569 | 15,082 |
* | Haemonetics Corp. | 171,289 | 14,402 |
* | Integer Holdings Corp. | 113,216 | 13,726 |
* | Axonics Inc. | 171,832 | 11,528 |
* | Envista Holdings Corp. | 579,121 | 11,212 |
* | Tandem Diabetes Care Inc. | 217,547 | 11,145 |
* | LivaNova plc | 182,474 | 11,144 |
* | PROCEPT BioRobotics Corp. | 155,182 | 10,304 |
* | Enovis Corp. | 184,832 | 9,292 |
* | iRhythm Technologies Inc. | 104,897 | 9,253 |
* | Neogen Corp. | 695,969 | 9,152 |
* | Inari Medical Inc. | 175,904 | 8,795 |
* | QuidelOrtho Corp. | 180,424 | 7,973 |
CONMED Corp. | 104,211 | 7,966 | |
* | ICU Medical Inc. | 73,249 | 7,789 |
* | Novocure Ltd. | 343,208 | 7,554 |
* | Integra LifeSciences Holdings Corp. | 223,939 | 6,920 |
* | UFP Technologies Inc. | 24,581 | 6,400 |
* | RxSight Inc. | 93,461 | 5,465 |
* | STAAR Surgical Co. | 131,504 | 5,461 |
LeMaitre Vascular Inc. | 67,595 | 5,332 | |
* | Omnicell Inc. | 154,907 | 5,048 |
* | AtriCure Inc. | 163,059 | 3,675 |
* | Establishment Labs Holdings Inc. | 64,599 | 3,374 |
* | Alphatec Holdings Inc. | 329,040 | 3,195 |
* | Avanos Medical Inc. | 156,379 | 3,114 |
* | Artivion Inc. | 126,855 | 2,994 |
* | Silk Road Medical Inc. | 124,854 | 2,714 |
Embecta Corp. | 193,937 | 2,399 | |
Atrion Corp. | 4,787 | 2,203 | |
* | Varex Imaging Corp. | 135,536 | 2,094 |
* | Surmodics Inc. | 47,630 | 2,003 |
* | SI-BONE Inc. | 131,496 | 1,848 |
* | OrthoPediatrics Corp. | 56,864 | 1,796 |
* | Orthofix Medical Inc. | 126,196 | 1,733 |
* | Zimvie Inc. | 92,540 | 1,541 |
* | OraSure Technologies Inc. | 248,913 | 1,177 |
* | Cerus Corp. | 608,871 | 1,090 |
* | Paragon 28 Inc. | 139,809 | 1,075 |
* | Nevro Corp. | 104,665 | 979 |
* | Treace Medical Concepts Inc. | 156,385 | 920 |
* | AngioDynamics Inc. | 134,789 | 851 |
* | Pulmonx Corp. | 115,690 | 839 |
* | Inogen Inc. | 78,735 | 653 |
* | Outset Medical Inc. | 159,121 | 594 |
*,1 | Senseonics Holdings Inc. | 1,343,871 | 578 |
*,1 | Butterfly Network Inc. | 515,828 | 513 |
*,1 | Cutera Inc. | 47,088 | 101 |
4,023,866 | |||
Health Care Providers & Services (20.4%) | |||
UnitedHealth Group Inc. | 3,112,907 | 1,542,041 | |
Elevance Health Inc. | 785,444 | 422,946 | |
Cigna Group | 957,849 | 330,094 | |
CVS Health Corp. | 4,248,602 | 253,217 | |
McKesson Corp. | 443,543 | 252,638 | |
HCA Healthcare Inc. | 669,726 | 227,539 | |
Humana Inc. | 406,991 | 145,752 | |
Cencora Inc. | 605,813 | 137,259 | |
* | Centene Corp. | 1,805,636 | 129,265 |
Cardinal Health Inc. | 820,981 | 81,499 | |
* | Molina Healthcare Inc. | 197,780 | 62,218 |
4
Vanguard® Health Care Index Fund
Shares | Market Value ($000) | ||
Labcorp Holdings Inc. | 283,860 | 55,327 | |
Quest Diagnostics Inc. | 373,663 | 53,049 | |
* | Tenet Healthcare Corp. | 301,473 | 40,765 |
Universal Health Services Inc. Class B | 202,499 | 38,434 | |
* | Henry Schein Inc. | 433,773 | 30,078 |
Encompass Health Corp. | 338,011 | 29,201 | |
Chemed Corp. | 48,529 | 26,903 | |
* | DaVita Inc. | 181,146 | 26,650 |
* | HealthEquity Inc. | 291,029 | 23,771 |
Ensign Group Inc. | 191,277 | 23,190 | |
* | Acadia Healthcare Co. Inc. | 312,175 | 21,506 |
* | Option Care Health Inc. | 586,026 | 17,475 |
Select Medical Holdings Corp. | 369,009 | 12,749 | |
* | RadNet Inc. | 211,894 | 12,425 |
* | Guardant Health Inc. | 410,174 | 11,116 |
* | Amedisys Inc. | 110,305 | 10,054 |
* | Hims & Hers Health Inc. | 486,077 | 9,440 |
* | Progyny Inc. | 292,685 | 7,888 |
Premier Inc. Class A | 403,090 | 7,626 | |
* | CorVel Corp. | 31,636 | 7,588 |
* | R1 RCM Inc. | 566,299 | 7,283 |
* | AMN Healthcare Services Inc. | 127,759 | 7,147 |
Patterson Cos. Inc. | 271,203 | 6,669 | |
* | agilon health Inc. | 1,038,116 | 6,540 |
* | Surgery Partners Inc. | 236,103 | 6,516 |
* | Addus HomeCare Corp. | 54,582 | 6,267 |
* | Astrana Health Inc. | 149,333 | 6,187 |
* | NeoGenomics Inc. | 431,549 | 5,917 |
* | Privia Health Group Inc. | 320,529 | 5,568 |
US Physical Therapy Inc. | 50,858 | 5,216 | |
National HealthCare Corp. | 46,806 | 4,950 | |
* | Owens & Minor Inc. | 245,220 | 4,274 |
* | Brookdale Senior Living Inc. | 604,597 | 4,057 |
* | Alignment Healthcare Inc. | 321,048 | 2,530 |
* | Pennant Group Inc. | 101,000 | 2,378 |
* | AdaptHealth Corp. | 246,462 | 2,336 |
* | Castle Biosciences Inc. | 88,005 | 2,047 |
* | Pediatrix Medical Group Inc. | 269,125 | 1,967 |
* | PetIQ Inc. | 94,078 | 1,953 |
* | Community Health Systems Inc. | 440,816 | 1,746 |
* | Cross Country Healthcare Inc. | 112,296 | 1,698 |
* | Accolade Inc. | 236,719 | 1,676 |
*,1 | OPKO Health Inc. | 1,174,791 | 1,609 |
* | Fulgent Genetics Inc. | 70,481 | 1,455 |
*,1 | Clover Health Investments Corp. | 1,319,700 | 1,452 |
* | Enhabit Inc. | 143,860 | 1,322 |
* | ModivCare Inc. | 38,376 | 1,048 |
* | DocGo Inc. | 298,214 | 874 |
* | 23andMe Holding Co. Class A | 930,313 | 507 |
* | Aveanna Healthcare Holdings Inc. | 62,484 | 163 |
* | CareMax Inc. | 6,737 | 20 |
4,153,075 | |||
Health Care Technology (0.7%) | |||
* | Veeva Systems Inc. Class A | 517,341 | 90,147 |
* | Doximity Inc. Class A | 370,646 | 10,278 |
* | Evolent Health Inc. Class A | 351,085 | 7,439 |
* | Certara Inc. | 378,646 | 6,418 |
* | Teladoc Health Inc. | 570,469 | 6,412 |
* | Schrodinger Inc. | 213,546 | 4,595 |
* | Phreesia Inc. | 179,429 | 3,395 |
Simulations Plus Inc. | 53,681 | 2,590 | |
HealthStream Inc. | 81,333 | 2,220 | |
* | GoodRx Holdings Inc. Class A | 266,365 | 2,096 |
* | Health Catalyst Inc. | 199,331 | 1,322 |
* | Definitive Healthcare Corp. | 177,770 | 946 |
* | Sharecare Inc. | 966,852 | 787 |
* | Multiplan Corp. | 775,149 | 416 |
* | American Well Corp. Class A | 808,834 | 345 |
139,406 |
5
Vanguard® Health Care Index Fund
Shares | Market Value ($000) | ||
Life Sciences Tools & Services (11.0%) | |||
Thermo Fisher Scientific Inc. | 1,288,672 | 731,940 | |
Danaher Corp. | 2,375,117 | 609,930 | |
* | IQVIA Holdings Inc. | 614,535 | 134,638 |
Agilent Technologies Inc. | 989,411 | 129,029 | |
* | Mettler-Toledo International Inc. | 72,221 | 101,405 |
West Pharmaceutical Services Inc. | 247,174 | 81,916 | |
* | Waters Corp. | 199,949 | 61,764 |
* | Illumina Inc. | 536,702 | 55,967 |
* | Avantor Inc. | 2,131,210 | 51,320 |
Revvity Inc. | 417,129 | 45,575 | |
Bio-Techne Corp. | 530,906 | 40,981 | |
* | Charles River Laboratories International Inc. | 173,460 | 36,156 |
* | Medpace Holdings Inc. | 88,949 | 34,365 |
* | Repligen Corp. | 179,024 | 26,691 |
Bruker Corp. | 319,072 | 20,902 | |
* | Bio-Rad Laboratories Inc. Class A | 67,265 | 19,296 |
* | Azenta Inc. | 169,074 | 8,540 |
* | Fortrea Holdings Inc. | 286,434 | 7,273 |
* | 10X Genomics Inc. Class A | 320,487 | 7,185 |
* | Sotera Health Co. | 476,632 | 5,329 |
* | Maravai LifeSciences Holdings Inc. Class A | 379,939 | 3,294 |
* | BioLife Solutions Inc. | 122,529 | 2,632 |
* | Cytek Biosciences Inc. | 377,034 | 2,123 |
* | Standard Bio Tools Inc. | 837,773 | 2,078 |
* | Quanterix Corp. | 122,707 | 1,960 |
Mesa Laboratories Inc. | 18,216 | 1,743 | |
* | CryoPort Inc. | 165,403 | 1,700 |
* | Pacific Biosciences of California Inc. | 817,470 | 1,463 |
* | MaxCyte Inc. | 315,798 | 1,415 |
* | OmniAb Inc. | 292,682 | 1,270 |
* | Adaptive Biotechnologies Corp. | 345,351 | 1,191 |
* | Seer Inc. | 151,957 | 274 |
*,1 | Bionano Genomics Inc. | 210,209 | 203 |
* | Akoya Biosciences Inc. | 83,294 | 179 |
*,2 | OmniAb Inc. 12.5 Earnout | 22,076 | — |
*,2 | OmniAb Inc. 15 Earnout | 22,076 | — |
2,231,727 | |||
Pharmaceuticals (29.1%) | |||
Eli Lilly & Co. | 2,728,514 | 2,238,309 | |
Johnson & Johnson | 8,035,447 | 1,178,559 | |
Merck & Co. Inc. | 8,550,379 | 1,073,415 | |
Pfizer Inc. | 19,064,616 | 546,392 | |
Bristol-Myers Squibb Co. | 6,842,630 | 281,164 | |
Zoetis Inc. | 1,545,924 | 262,127 | |
Viatris Inc. | 4,009,889 | 42,505 | |
Royalty Pharma plc Class A | 1,281,647 | 35,130 | |
* | Catalent Inc. | 611,172 | 32,875 |
* | Elanco Animal Health Inc. (XNYS) | 1,669,273 | 29,513 |
* | Jazz Pharmaceuticals plc | 199,986 | 21,048 |
* | Intra-Cellular Therapies Inc. | 294,052 | 19,772 |
Organon & Co. | 864,934 | 18,449 | |
Perrigo Co. plc | 458,317 | 12,617 | |
* | Prestige Consumer Healthcare Inc. | 167,606 | 10,779 |
* | Corcept Therapeutics Inc. | 313,807 | 9,468 |
* | Axsome Therapeutics Inc. | 104,437 | 7,669 |
* | Amphastar Pharmaceuticals Inc. | 131,665 | 5,573 |
* | Arvinas Inc. | 161,118 | 5,339 |
* | Supernus Pharmaceuticals Inc. | 186,005 | 5,044 |
* | Ligand Pharmaceuticals Inc. | 56,866 | 4,836 |
* | Pacira BioSciences Inc. | 156,995 | 4,762 |
*,1 | Tilray Brands Inc. | 2,608,325 | 4,695 |
* | ANI Pharmaceuticals Inc. | 56,502 | 3,667 |
* | Collegium Pharmaceutical Inc. | 110,610 | 3,666 |
* | Harmony Biosciences Holdings Inc. | 105,145 | 3,091 |
*,1 | Cassava Sciences Inc. | 139,260 | 3,068 |
* | Innoviva Inc. | 190,985 | 3,016 |
* | Amneal Pharmaceuticals Inc. | 416,169 | 2,780 |
* | Tarsus Pharmaceuticals Inc. | 81,069 | 2,672 |
6
Vanguard® Health Care Index Fund
Shares | Market Value ($000) | ||
* | Evolus Inc. | 175,700 | 2,272 |
* | Edgewise Therapeutics Inc. | 125,892 | 2,157 |
* | Liquidia Corp. | 166,479 | 2,143 |
* | Ocular Therapeutix Inc. | 338,892 | 1,932 |
* | Pliant Therapeutics Inc. | 151,602 | 1,839 |
* | Harrow Inc. | 101,431 | 1,821 |
* | Longboard Pharmaceuticals Inc. | 96,179 | 1,815 |
* | EyePoint Pharmaceuticals Inc. | 159,524 | 1,708 |
* | Mind Medicine MindMed Inc. | 190,066 | 1,673 |
* | WaVe Life Sciences Ltd. | 267,692 | 1,654 |
*,1 | Enliven Therapeutics Inc. | 63,468 | 1,432 |
* | Nuvation Bio Inc. | 455,286 | 1,411 |
Phibro Animal Health Corp. Class A | 68,435 | 1,206 | |
SIGA Technologies Inc. | 144,022 | 1,077 | |
* | Theravance Biopharma Inc. | 120,480 | 1,039 |
*,1 | Phathom Pharmaceuticals Inc. | 101,409 | 955 |
* | Revance Therapeutics Inc. | 334,518 | 950 |
* | Ventyx Biosciences Inc. | 178,250 | 852 |
* | Atea Pharmaceuticals Inc. | 212,929 | 781 |
* | Nektar Therapeutics | 573,456 | 728 |
* | Terns Pharmaceuticals Inc. | 119,918 | 721 |
*,1 | ATAI Life Sciences NV | 412,164 | 647 |
* | Amylyx Pharmaceuticals Inc. | 148,914 | 256 |
* | Aclaris Therapeutics Inc. | 227,884 | 235 |
*,3 | Scilex Holding Co. (Acquired 1/6/23, Cost $2,304) | 219,844 | 214 |
* | Cara Therapeutics Inc. | 166,455 | 108 |
*,2 | Chinook Therapeutics Inc. CVR | 784 | — |
5,903,626 | |||
Total Common Stocks (Cost $16,311,917) | 20,290,511 | ||
Warrants (0.0%) | |||
* | Geron Corp. Exp. 12/31/25 | 152,449 | 162 |
* | Advaxis Inc. Exp. 9/11/24 | 7,710 | — |
Total Warrants (Cost $—) | 162 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.397% (Cost $65,045) | 650,608 | 65,054 |
Total Investments (100.2%) (Cost $16,376,962) | 20,355,727 | ||
Other Assets and Liabilities—Net (-0.2%) | (34,812) | ||
Net Assets (100.0%) | 20,320,915 | ||
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 $24,297,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Restricted securities totaling $214,000, representing 0.0% of net assets. |
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 $27,925,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
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Vanguard® Health Care Index Fund
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) |
Avantor Inc. | 8/29/25 | BANA | 3,901 | (5.326) | — | (10) |
Globus Medical Inc. Class A | 8/30/24 | BANA | 6,711 | (5.326) | — | (13) |
Johnson & Johnson | 1/31/25 | GSI | 15,267 | (5.324) | — | (625) |
Sarepta Therapeutics Inc. | 8/30/24 | BANA | 8,441 | (5.326) | — | (22) |
— | (670) |
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. | |
GSI—Goldman Sachs International. |
At May 31, 2024, the counterparties had deposited in segregated accounts securities with a value of $1,432,000 in connection with open over-the-counter swap contracts.
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.
8
Vanguard® Health Care Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2024, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 20,285,828 | 214 | 4,469 | 20,290,511 |
Warrants | 162 | — | — | 162 |
Temporary Cash Investments | 65,054 | — | — | 65,054 |
Total | 20,351,044 | 214 | 4,469 | 20,355,727 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 670 | — | 670 |
9