Shares | Market Value ($000) | ||
Common Stocks (98.1%) | |||
Belgium (3.3%) | |||
1 | UCB SA | 10,923,125 | 1,015,387 |
* | Argenx SE | 1,403,357 | 541,343 |
* | Galapagos NV | 1,175,458 | 45,607 |
1,602,337 | |||
Brazil (0.0%) | |||
*,2 | Hapvida Participacoes e Investimentos SA | 8,909,471 | 4,930 |
China (1.0%) | |||
2 | WuXi AppTec Co. Ltd. Class H | 11,971,416 | 105,288 |
* | Legend Biotech Corp. ADR | 1,483,204 | 101,911 |
*,2 | Wuxi Biologics Cayman Inc. | 10,465,200 | 62,402 |
* | Zai Lab Ltd. | 16,916,600 | 59,227 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (XSHE) | 965,017 | 43,527 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 24,872,000 | 42,441 | |
* | Zai Lab Ltd. ADR | 1,085,794 | 37,981 |
*,2 | Remegen Co. Ltd. Class H | 4,397,500 | 25,843 |
478,620 | |||
Denmark (2.2%) | |||
* | Genmab A/S | 2,088,852 | 858,445 |
* | Ascendis Pharma A/S ADR | 1,636,751 | 114,507 |
*,3 | Genmab A/S ADR | 2,285,855 | 93,743 |
1,066,695 | |||
Italy (0.1%) | |||
DiaSorin SpA | 552,359 | 59,993 | |
Japan (8.3%) | |||
Daiichi Sankyo Co. Ltd. | 41,350,190 | 1,418,916 | |
1 | Eisai Co. Ltd. | 19,459,917 | 1,122,902 |
Chugai Pharmaceutical Co. Ltd. | 30,174,900 | 778,683 | |
Ono Pharmaceutical Co. Ltd. | 17,945,352 | 361,331 | |
Terumo Corp. | 6,976,400 | 208,914 | |
Nippon Shinyaku Co. Ltd. | 1,977,800 | 90,442 | |
Asahi Intecc Co. Ltd. | 2,023,500 | 36,618 | |
4,017,806 | |||
Spain (0.2%) | |||
* | Roivant Sciences Ltd. | 9,572,139 | 81,842 |
Almirall SA | 949,100 | 9,716 | |
91,558 | |||
Switzerland (5.5%) | |||
Novartis AG (Registered) | 22,583,277 | 2,310,131 | |
Alcon Inc. | 3,393,208 | 247,081 |
Shares | Market Value ($000) | ||
* | Tecan Group AG (Registered) | 236,453 | 103,040 |
2,660,252 | |||
United Kingdom (7.1%) | |||
AstraZeneca plc | 19,424,805 | 2,858,613 | |
GSK plc | 9,296,836 | 167,651 | |
*,3 | Immunocore Holdings plc ADR | 2,085,568 | 121,067 |
Hikma Pharmaceuticals plc | 5,075,715 | 117,557 | |
* | Abcam plc ADR | 7,161,997 | 116,669 |
Genus plc | 1,004,385 | 33,959 | |
* | Verona Pharma plc | 1,160,032 | 24,303 |
3,439,819 | |||
United States (70.4%) | |||
Eli Lilly & Co. | 7,429,984 | 2,941,233 | |
UnitedHealth Group Inc. | 5,901,234 | 2,903,938 | |
Merck & Co. Inc. | 19,184,851 | 2,215,275 | |
Pfizer Inc. | 53,045,161 | 2,062,926 | |
* | Biogen Inc. | 4,638,428 | 1,411,149 |
Stryker Corp. | 4,489,243 | 1,345,202 | |
Abbott Laboratories | 11,672,803 | 1,289,495 | |
* | Boston Scientific Corp. | 23,063,484 | 1,202,069 |
Elevance Health Inc. | 2,560,815 | 1,200,126 | |
Danaher Corp. | 4,820,647 | 1,142,059 | |
Thermo Fisher Scientific Inc. | 2,024,414 | 1,123,347 | |
Humana Inc. | 2,102,867 | 1,115,550 | |
* | Vertex Pharmaceuticals Inc. | 2,960,227 | 1,008,638 |
* | Alnylam Pharmaceuticals Inc. | 4,718,518 | 939,929 |
* | Regeneron Pharmaceuticals Inc. | 1,151,096 | 922,937 |
* | Edwards Lifesciences Corp. | 9,662,088 | 850,070 |
HCA Healthcare Inc. | 2,955,594 | 849,231 | |
Zoetis Inc. | 4,787,260 | 841,505 | |
* | Seagen Inc. | 3,780,620 | 756,124 |
* | Centene Corp. | 8,903,692 | 613,731 |
Agilent Technologies Inc. | 3,576,445 | 484,358 | |
* | Insulet Corp. | 1,488,014 | 473,248 |
* | Moderna Inc. | 3,493,282 | 464,222 |
* | agilon health Inc. | 14,265,479 | 346,223 |
* | Apellis Pharmaceuticals Inc. | 4,101,050 | 342,151 |
* | IQVIA Holdings Inc. | 1,797,052 | 338,259 |
Laboratory Corp. of America Holdings | 1,485,818 | 336,850 | |
Teleflex Inc. | 1,217,493 | 331,791 | |
* | Align Technology Inc. | 909,029 | 295,707 |
* | Illumina Inc. | 1,377,704 | 283,201 |
* | Waters Corp. | 811,122 | 243,629 |
* | Sarepta Therapeutics Inc. | 1,904,084 | 233,764 |
* | Molina Healthcare Inc. | 729,664 | 217,360 |
* | Acadia Healthcare Co. Inc. | 2,711,116 | 195,987 |
* | Exact Sciences Corp. | 2,807,222 | 179,859 |
* | United Therapeutics Corp. | 733,658 | 168,837 |
* | Karuna Therapeutics Inc. | 765,799 | 151,965 |
* | Alkermes plc | 4,619,968 | 131,900 |
* | Cytokinetics Inc. | 3,334,530 | 124,711 |
* | Denali Therapeutics Inc. | 5,003,477 | 124,286 |
*,3 | Reata Pharmaceuticals Inc. Class A | 1,237,211 | 122,311 |
* | Blueprint Medicines Corp. | 2,379,137 | 121,455 |
*,1 | Agios Pharmaceuticals Inc. | 5,148,413 | 117,744 |
* | Mirati Therapeutics Inc. | 2,560,960 | 113,476 |
Encompass Health Corp. | 1,753,507 | 112,487 |
Shares | Market Value ($000) | ||
* | Vaxcyte Inc. | 2,365,953 | 101,334 |
* | REVOLUTION Medicines Inc. | 3,968,987 | 93,232 |
* | TG Therapeutics Inc. | 3,066,304 | 76,136 |
* | Syneos Health Inc. | 1,911,256 | 75,036 |
* | Sage Therapeutics Inc. | 1,406,483 | 68,707 |
* | PTC Therapeutics Inc. | 1,235,744 | 68,139 |
* | Prothena Corp. plc | 1,293,898 | 68,085 |
* | Syndax Pharmaceuticals Inc. | 3,092,082 | 63,542 |
* | Evolent Health Inc. Class A | 1,734,142 | 63,140 |
* | Shockwave Medical Inc. | 214,553 | 62,255 |
* | Surgery Partners Inc. | 1,504,178 | 59,656 |
* | Intellia Therapeutics Inc. | 1,534,651 | 57,933 |
* | Ultragenyx Pharmaceutical Inc. | 1,245,879 | 54,408 |
* | Amedisys Inc. | 603,050 | 48,425 |
* | Rocket Pharmaceuticals Inc. | 2,571,100 | 46,074 |
* | Kymera Therapeutics Inc. | 1,442,019 | 45,481 |
* | Glaukos Corp. | 934,746 | 44,410 |
* | Celldex Therapeutics Inc. | 1,384,641 | 43,533 |
* | Amicus Therapeutics Inc. | 3,307,491 | 38,168 |
* | Intra-Cellular Therapies Inc. | 533,728 | 33,171 |
* | Xenon Pharmaceuticals Inc. | 620,627 | 24,999 |
* | 2seventy bio Inc. | 2,046,666 | 19,464 |
34,045,643 | |||
Total Common Stocks (Cost $28,381,266) | 47,467,653 | ||
Temporary Cash Investments (1.7%) | |||
Money Market Fund (0.0%) | |||
4,5 | Vanguard Market Liquidity Fund 4.853% | 221,693 | 22,167 |
Face Amount ($000) | |||
Repurchase Agreements (1.7%) | |||
Bank of America Securities, LLC, 4.800%, 5/1/23 (Dated 4/28/23, Repurchase Value $62,325,000, collateralized by U.S. Treasury Note/Bond 0.500%, 4/30/27, with a value of $63,546,000) | 62,300 | 62,300 | |
Bank of Nova Scotia, 4.750%, 5/1/23 (Dated 4/28/23, Repurchase Value $129,851,000, collateralized by U.S. Treasury Bill 0.000%, 6/6/23–3/21/24, U.S. Treasury Inflation Indexed Note/Bond 5.166%, 10/31/23, and U.S. Treasury Note/Bond 0.125%–5.375%, 4/30/23–11/15/48, with a value of $132,448,000) | 129,800 | 129,800 | |
Barclays Capital Inc., 4.750%, 5/1/23 (Dated 4/28/23, Repurchase Value $40,716,000, collateralized by U.S. Treasury Note/Bond 2.250%, 5/15/41, with a value of $41,514,000) | 40,700 | 40,700 | |
BNP Paribas Securities Corp., 4.760%, 5/1/23 (Dated 4/28/23, Repurchase Value $50,020,000, collateralized by U.S. Treasury Bill 0.000%, 9/14/23–9/21/23, and U.S. Treasury Note/Bond 0.250%–4.625%, 6/15/23–11/15/44, with a value of $51,000,000) | 50,000 | 50,000 | |
BNP Paribas Securities Corp., 4.800%, 5/1/23 (Dated 4/28/23, Repurchase Value $54,022,000, collateralized by Fannie Mae 3.290%–5.000%, 7/1/30–12/1/48, U.S. Treasury Bill 0.000%, 10/26/23, and U.S. Treasury Note/Bond 0.250%–6.750%, 7/31/25–8/15/49, with a value of $55,080,000) | 54,000 | 54,000 | |
Credit Agricole Securities, 4.750%, 5/1/23 (Dated 4/28/23, Repurchase Value $43,417,000, collateralized by U.S. Treasury Note/Bond 2.250%, 8/15/27, with a value of $44,268,000) | 43,400 | 43,400 |
Face Amount ($000) | Market Value ($000) | ||
HSBC Bank USA, 4.760%, 5/1/23 (Dated 4/28/23, Repurchase Value $26,811,000, collateralized by U.S. Treasury Bill 0.000%, 6/22/23, with a value of $27,336,000) | 26,800 | 26,800 | |
HSBC Bank USA, 4.800%, 5/1/23 (Dated 4/28/23, Repurchase Value $38,015,000, collateralized by Fannie Mae 2.000%–4.500%, 2/1/28–4/1/53, and Freddie Mac 1.500%–4.000%, 11/1/30–7/1/51, with a value of $38,760,000) | 38,000 | 38,000 | |
JP Morgan Securities LLC, 4.780%, 5/1/23 (Dated 4/28/23, Repurchase Value $16,006,000, collateralized by U.S. Treasury Bill 0.000%, 7/6/23, and U.S. Treasury Note/Bond 0.375%–3.000%, 9/15/24–2/15/48, with a value of $16,320,000) | 16,000 | 16,000 | |
Natixis SA, 4.750%, 5/1/23 (Dated 4/28/23, Repurchase Value $126,950,000, collateralized by Federal Home Loan Bank 3.000%, 2/24/37, U.S. Treasury Inflation Indexed Note/Bond 0.125%–1.375%, 4/15/24–2/15/49, and U.S. Treasury Note/Bond 1.250%–4.375%, 8/31/24–8/15/51, with a value of $129,438,000) | 126,900 | 126,900 | |
Nomura International plc, 4.780%, 5/1/23 (Dated 4/28/23, Repurchase Value $123,249,000, collateralized by Federal Home Loan Bank 0.000%–5.000%, 2/28/25–5/3/23, U.S. Treasury Inflation Indexed Note/Bond 0.875%, 2/15/47, and U.S. Treasury Note/Bond 0.250%–3.875%, 3/31/25–5/15/43, with a value of $125,664,000) | 123,200 | 123,200 | |
RBC Capital Markets LLC, 4.760%, 5/1/23 (Dated 4/28/23, Repurchase Value $95,038,000, collateralized by Fannie Mae 3.500%–5.000%, 2/1/43–10/1/52, Freddie Mac 4.500%, 7/1/52, U.S. Treasury Bill 0.000%, 8/17/23, and U.S. Treasury Inflation Indexed Note/Bond 5.116%–5.271%, 10/31/23–10/31/24, with a value of $96,900,000) | 95,000 | 95,000 | |
806,100 | |||
Total Temporary Cash Investments (Cost $828,268) | 828,267 | ||
Total Investments (99.8%) (Cost $29,209,534) | 48,295,920 | ||
Other Assets and Liabilities—Net (0.2%) | 82,899 | ||
Net Assets (100%) | 48,378,819 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, the aggregate value was $198,463,000, representing 0.4% of net assets. |
3 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $21,407,000. |
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 $22,073,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 34,050,573 | — | — | 34,050,573 |
Common Stocks—Other | 692,023 | 12,725,057 | — | 13,417,080 |
Temporary Cash Investments | 22,167 | 806,100 | — | 828,267 |
Total | 34,764,763 | 13,531,157 | — | 48,295,920 |
Current Period Transactions | ||||||||
Jan. 31, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2023 Market Value ($000) | |
2seventy bio Inc. | 27,835 | — | — | — | (8,371) | — | — | NA1 |
Agios Pharmaceuticals Inc. | 151,775 | — | — | — | (34,031) | — | — | 117,744 |
Eisai Co. Ltd. | 1,152,216 | 47,189 | — | — | (76,503) | 10,555 | — | 1,122,902 |
Ironwood Pharmaceuticals Inc. Class A | 125,592 | — | 113,327 | (6,333) | (5,932) | — | — | — |
UCB SA | 896,839 | — | — | — | 118,548 | 11,227 | — | 1,015,387 |
Vanguard Market Liquidity Fund | 669 | NA2 | NA2 | 2 | (1) | — | — | 22,167 |
Total | 2,354,926 | 47,189 | 113,327 | (6,331) | (6,290) | 21,782 | — | 2,278,200 |
1 | Not applicable—at April 30, 2023, the security was still held, but the issuer was no longer an affiliated company of the fund. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |