# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0000932471-25-001146
**Filing Date:** 2025-8
**Character Count:** 106641
**Document Hash:** e7be50c4f4cf05a44b7e5463cb2be6a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932471-25-001146.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000932471-25-001146

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD HORIZON FUNDS
- **CENTRAL INDEX KEY:** 0000932471

**ORGANIZATION NAME:**
- **EIN:** 232787277
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07239
- **FILM NUMBER:** 251264989

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 2600
- **STREET 2:** M33
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD HORIZON FUND INC
- **DATE OF NAME CHANGE:** 19941107

## Series and Classes Contracts Data

### Vanguard Global Equity Fund (Series ID: S000002595)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007115 | Investor Shares | VHGEX           |

## Nport-Ex

Vanguard<sup>®</sup> Global Equity Fund

#### Schedule of Investments (unaudited)
As of June 30, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (97.1%)** | **Common Stocks (97.1%)** | **Common Stocks (97.1%)** | **Common Stocks (97.1%)** |
| **Australia (0.2%)** | **Australia (0.2%)** | **Australia (0.2%)** | **Australia (0.2%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;BHP Group Ltd. (XLON) Class DI | &nbsp;&nbsp;&nbsp;&nbsp;590110 | &nbsp;&nbsp;&nbsp;&nbsp; 14129 |
| **Brazil (1.2%)** | **Brazil (1.2%)** | **Brazil (1.2%)** | **Brazil (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 13664500 | &nbsp;&nbsp;&nbsp;&nbsp; 36669 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 1709695 | &nbsp;&nbsp;&nbsp;&nbsp; 23457 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA ADR (XNYS) | 1777083 | &nbsp;&nbsp;&nbsp;&nbsp; 22231 |
|  | &nbsp;&nbsp;&nbsp;Ambev SA | 7222710 | &nbsp;&nbsp;&nbsp;&nbsp; 17708 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **100065** |
| **Canada (2.2%)** | **Canada (2.2%)** | **Canada (2.2%)** | **Canada (2.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;680576 | &nbsp;&nbsp;&nbsp;&nbsp; 78504 |
|  | &nbsp;&nbsp;&nbsp;Magna International Inc. | 1152623 | &nbsp;&nbsp;&nbsp;&nbsp; 44503 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;492328 | &nbsp;&nbsp;&nbsp;&nbsp; 30450 |
|  | &nbsp;&nbsp;&nbsp;Stella-Jones Inc. | &nbsp;&nbsp;&nbsp;&nbsp;450368 | &nbsp;&nbsp;&nbsp;&nbsp; 25959 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **179416** |
| **China (3.4%)** | **China (3.4%)** | **China (3.4%)** | **China (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;701030 | &nbsp;&nbsp;&nbsp;&nbsp; 45171 |
|  | &nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 23840500 | &nbsp;&nbsp;&nbsp;&nbsp; 41559 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | 1107400 | &nbsp;&nbsp;&nbsp;&nbsp; 39039 |
|  | &nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 2784400 | &nbsp;&nbsp;&nbsp;&nbsp; 33691 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 2348979 | &nbsp;&nbsp;&nbsp;&nbsp; 33252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Li Auto Inc. Class A | 2234258 | &nbsp;&nbsp;&nbsp;&nbsp; 30495 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDD Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;286780 | &nbsp;&nbsp;&nbsp;&nbsp; 30014 |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;121100 | &nbsp;&nbsp;&nbsp;&nbsp; 23838 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **277059** |
| **Denmark (0.6%)** | **Denmark (0.6%)** | **Denmark (0.6%)** | **Denmark (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;626730 | &nbsp;&nbsp;&nbsp;&nbsp; 43428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10251 | &nbsp;&nbsp;&nbsp;&nbsp; 2129 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **45557** |
| **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Nokia OYJ ADR | 2677936 | &nbsp;&nbsp;&nbsp;&nbsp; 13872 |
|  | &nbsp;&nbsp;&nbsp;Nokia OYJ | 1419447 | &nbsp;&nbsp;&nbsp;&nbsp; 7365 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21237** |
| **France (3.5%)** | **France (3.5%)** | **France (3.5%)** | **France (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;ArcelorMittal SA | 1291768 | &nbsp;&nbsp;&nbsp;&nbsp; 41019 |
|  | &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 1017313 | &nbsp;&nbsp;&nbsp;&nbsp; 37838 |
|  | &nbsp;&nbsp;&nbsp;Rexel SA | 1206319 | &nbsp;&nbsp;&nbsp;&nbsp; 37206 |
|  | &nbsp;&nbsp;&nbsp;Edenred SE | 1094000 | &nbsp;&nbsp;&nbsp;&nbsp; 33980 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;349141 | &nbsp;&nbsp;&nbsp;&nbsp; 33802 |
|  | &nbsp;&nbsp;&nbsp;Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12006 | &nbsp;&nbsp;&nbsp;&nbsp; 32547 |
|  | &nbsp;&nbsp;&nbsp;Nexans SA | &nbsp;&nbsp;&nbsp;&nbsp;154122 | &nbsp;&nbsp;&nbsp;&nbsp; 20168 |
|  | &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60895 | &nbsp;&nbsp;&nbsp;&nbsp; 14570 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Amundi SA | &nbsp;&nbsp;&nbsp;&nbsp;135117 | &nbsp;&nbsp;&nbsp;&nbsp; 10952 |
|  | &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20167 | &nbsp;&nbsp;&nbsp;&nbsp; 10555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SOITEC | &nbsp;&nbsp;&nbsp;&nbsp;173994 | &nbsp;&nbsp;&nbsp;&nbsp; 9595 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **282232** |
| **Germany (2.0%)** | **Germany (2.0%)** | **Germany (2.0%)** | **Germany (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 1417366 | &nbsp;&nbsp;&nbsp;&nbsp; 67245 |
|  | &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;887763 | &nbsp;&nbsp;&nbsp;&nbsp; 51007 |
|  | &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;924698 | &nbsp;&nbsp;&nbsp;&nbsp; 45735 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **163987** |
| **Hong Kong (1.0%)** | **Hong Kong (1.0%)** | **Hong Kong (1.0%)** | **Hong Kong (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 5006800 | &nbsp;&nbsp;&nbsp;&nbsp; 45354 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 7182825 | &nbsp;&nbsp;&nbsp;&nbsp; 32018 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **77372** |
| **India (0.5%)** | **India (0.5%)** | **India (0.5%)** | **India (0.5%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;594678 | &nbsp;&nbsp;&nbsp;&nbsp; 41468 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | 1142425 | &nbsp;&nbsp;&nbsp;&nbsp; 16280 |
| **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88712 | &nbsp;&nbsp;&nbsp;&nbsp; 14057 |
| **Italy (1.1%)** | **Italy (1.1%)** | **Italy (1.1%)** | **Italy (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;Ryanair Holdings plc ADR | 1064852 | &nbsp;&nbsp;&nbsp;&nbsp; 61410 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | 3170221 | &nbsp;&nbsp;&nbsp;&nbsp; 30087 |
|  | &nbsp;&nbsp;&nbsp;Saipem SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **91539** |
| **Japan (3.2%)** | **Japan (3.2%)** | **Japan (3.2%)** | **Japan (3.2%)** |
|  | &nbsp;&nbsp;&nbsp;TDK Corp. | 3605200 | &nbsp;&nbsp;&nbsp;&nbsp; 42082 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kokusai Electric Corp. | 1373700 | &nbsp;&nbsp;&nbsp;&nbsp; 32869 |
|  | &nbsp;&nbsp;&nbsp;Olympus Corp. | 2477600 | &nbsp;&nbsp;&nbsp;&nbsp; 29430 |
|  | &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94600 | &nbsp;&nbsp;&nbsp;&nbsp; 28025 |
|  | &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co. Ltd. | 3079300 | &nbsp;&nbsp;&nbsp;&nbsp; 24764 |
|  | &nbsp;&nbsp;&nbsp;Cosmos Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;372500 | &nbsp;&nbsp;&nbsp;&nbsp; 23641 |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51762 | &nbsp;&nbsp;&nbsp;&nbsp; 20696 |
|  | &nbsp;&nbsp;&nbsp;CyberAgent Inc. | 1737400 | &nbsp;&nbsp;&nbsp;&nbsp; 19851 |
|  | &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51700 | &nbsp;&nbsp;&nbsp;&nbsp; 18527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rakuten Group Inc. | 3288500 | &nbsp;&nbsp;&nbsp;&nbsp; 18120 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **258005** |
| **Netherlands (5.0%)** | **Netherlands (5.0%)** | **Netherlands (5.0%)** | **Netherlands (5.0%)** |
|  | &nbsp;&nbsp;&nbsp;Prosus NV | 2428650 | &nbsp;&nbsp;&nbsp;&nbsp; 136263 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47624 | &nbsp;&nbsp;&nbsp;&nbsp; 87463 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55864 | &nbsp;&nbsp;&nbsp;&nbsp; 44766 |
|  | &nbsp;&nbsp;&nbsp;Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;933998 | &nbsp;&nbsp;&nbsp;&nbsp; 43171 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 1967946 | &nbsp;&nbsp;&nbsp;&nbsp; 43133 |
|  | &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38184 | &nbsp;&nbsp;&nbsp;&nbsp; 24494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Argenx SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40476 | &nbsp;&nbsp;&nbsp;&nbsp; 22311 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **401601** |
| **Other (0.1%)** | **Other (0.1%)** | **Other (0.1%)** | **Other (0.1%)** |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549 | &nbsp;&nbsp;&nbsp;&nbsp; 6817 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC | 3912108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;VK IPJSC | &nbsp;&nbsp;&nbsp;&nbsp;128137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | **—** |
| **Singapore (0.6%)** | **Singapore (0.6%)** | **Singapore (0.6%)** | **Singapore (0.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;316922 | &nbsp;&nbsp;&nbsp;&nbsp; 50688 |
| **South Korea (2.5%)** | **South Korea (2.5%)** | **South Korea (2.5%)** | **South Korea (2.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 2851017 | &nbsp;&nbsp;&nbsp;&nbsp; 85416 |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (XKRX) | 1815374 | &nbsp;&nbsp;&nbsp;&nbsp; 80279 |
|  | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;807815 | &nbsp;&nbsp;&nbsp;&nbsp; 36624 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **202319** |
| **Sweden (1.0%)** | **Sweden (1.0%)** | **Sweden (1.0%)** | **Sweden (1.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45181 | &nbsp;&nbsp;&nbsp;&nbsp; 34669 |
|  | &nbsp;&nbsp;&nbsp;Epiroc AB Class B | 1243589 | &nbsp;&nbsp;&nbsp;&nbsp; 23843 |
|  | &nbsp;&nbsp;&nbsp;Atlas Copco AB Class B | 1572781 | &nbsp;&nbsp;&nbsp;&nbsp; 22385 |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;Severstal PAO GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;520152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **80897** |
| **Switzerland (1.3%)** | **Switzerland (1.3%)** | **Switzerland (1.3%)** | **Switzerland (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;UBS Group AG (Registered) | 1228210 | &nbsp;&nbsp;&nbsp;&nbsp; 41700 |
|  | &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA Class A (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;208182 | &nbsp;&nbsp;&nbsp;&nbsp; 39395 |
|  | &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;381938 | &nbsp;&nbsp;&nbsp;&nbsp; 25908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **107003** |
| **Taiwan (2.9%)** | **Taiwan (2.9%)** | **Taiwan (2.9%)** | **Taiwan (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 3817000 | &nbsp;&nbsp;&nbsp;&nbsp; 139585 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;402758 | &nbsp;&nbsp;&nbsp;&nbsp; 91221 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **230806** |
| **United Kingdom (4.1%)** | **United Kingdom (4.1%)** | **United Kingdom (4.1%)** | **United Kingdom (4.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;219342 | &nbsp;&nbsp;&nbsp;&nbsp; 62357 |
|  | &nbsp;&nbsp;&nbsp;CRH plc (SGMX) | &nbsp;&nbsp;&nbsp;&nbsp;595035 | &nbsp;&nbsp;&nbsp;&nbsp; 54928 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;704594 | &nbsp;&nbsp;&nbsp;&nbsp; 48002 |
|  | &nbsp;&nbsp;&nbsp;J Sainsbury plc | 11177219 | &nbsp;&nbsp;&nbsp;&nbsp; 44484 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 3106336 | &nbsp;&nbsp;&nbsp;&nbsp; 37575 |
|  | &nbsp;&nbsp;&nbsp;Shell plc | 1063696 | &nbsp;&nbsp;&nbsp;&nbsp; 37356 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 6654721 | &nbsp;&nbsp;&nbsp;&nbsp; 30750 |
|  | &nbsp;&nbsp;&nbsp;Bellway plc | &nbsp;&nbsp;&nbsp;&nbsp;487401 | &nbsp;&nbsp;&nbsp;&nbsp; 19308 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **334760** |
| **United States (60.0%)** | **United States (60.0%)** | **United States (60.0%)** | **United States (60.0%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2963835 | &nbsp;&nbsp;&nbsp;&nbsp; 468256 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;761588 | &nbsp;&nbsp;&nbsp;&nbsp; 378822 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 1279725 | &nbsp;&nbsp;&nbsp;&nbsp; 280759 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;257893 | &nbsp;&nbsp;&nbsp;&nbsp; 190348 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;275697 | &nbsp;&nbsp;&nbsp;&nbsp; 154925 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;661476 | &nbsp;&nbsp;&nbsp;&nbsp; 116572 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;903692 | &nbsp;&nbsp;&nbsp;&nbsp; 103364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70924 | &nbsp;&nbsp;&nbsp;&nbsp; 94976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35955 | &nbsp;&nbsp;&nbsp;&nbsp; 93973 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;367840 | &nbsp;&nbsp;&nbsp;&nbsp; 90676 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230098 | &nbsp;&nbsp;&nbsp;&nbsp; 89499 |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International | 1043486 | &nbsp;&nbsp;&nbsp;&nbsp; 84940 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149513 | &nbsp;&nbsp;&nbsp;&nbsp; 82077 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278793 | &nbsp;&nbsp;&nbsp;&nbsp; 76849 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;813785 | &nbsp;&nbsp;&nbsp;&nbsp; 75926 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313117 | &nbsp;&nbsp;&nbsp;&nbsp; 72386 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85150 | &nbsp;&nbsp;&nbsp;&nbsp; 66377 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 1832322 | &nbsp;&nbsp;&nbsp;&nbsp; 66019 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;331278 | &nbsp;&nbsp;&nbsp;&nbsp; 58765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193902 | &nbsp;&nbsp;&nbsp;&nbsp; 55252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14740 | &nbsp;&nbsp;&nbsp;&nbsp; 54718 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;782847 | &nbsp;&nbsp;&nbsp;&nbsp; 54001 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;685788 | &nbsp;&nbsp;&nbsp;&nbsp; 53512 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 1740138 | &nbsp;&nbsp;&nbsp;&nbsp; 52691 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;124236 | &nbsp;&nbsp;&nbsp;&nbsp; 50789 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235699 | &nbsp;&nbsp;&nbsp;&nbsp; 50147 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;576798 | &nbsp;&nbsp;&nbsp;&nbsp; 49097 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;709988 | &nbsp;&nbsp;&nbsp;&nbsp; 48229 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178893 | &nbsp;&nbsp;&nbsp;&nbsp; 43736 |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;280109 | &nbsp;&nbsp;&nbsp;&nbsp; 43061 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;298782 | &nbsp;&nbsp;&nbsp;&nbsp; 41865 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116595 | &nbsp;&nbsp;&nbsp;&nbsp; 40818 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;490357 | &nbsp;&nbsp;&nbsp;&nbsp; 40602 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;305334 | &nbsp;&nbsp;&nbsp;&nbsp; 40408 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194413 | &nbsp;&nbsp;&nbsp;&nbsp; 40364 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79849 | &nbsp;&nbsp;&nbsp;&nbsp; 40051 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77890 | &nbsp;&nbsp;&nbsp;&nbsp; 39933 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19933 | &nbsp;&nbsp;&nbsp;&nbsp; 39813 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75333 | &nbsp;&nbsp;&nbsp;&nbsp; 39722 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;531749 | &nbsp;&nbsp;&nbsp;&nbsp; 39626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;199764 | &nbsp;&nbsp;&nbsp;&nbsp; 39120 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;485678 | &nbsp;&nbsp;&nbsp;&nbsp; 38874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68047 | &nbsp;&nbsp;&nbsp;&nbsp; 36977 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;644900 | &nbsp;&nbsp;&nbsp;&nbsp; 36076 |
|  | &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc. | 1332371 | &nbsp;&nbsp;&nbsp;&nbsp; 35788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;495777 | &nbsp;&nbsp;&nbsp;&nbsp; 35691 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126547 | &nbsp;&nbsp;&nbsp;&nbsp; 34508 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | 1297574 | &nbsp;&nbsp;&nbsp;&nbsp; 34360 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;330318 | &nbsp;&nbsp;&nbsp;&nbsp; 31374 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;389096 | &nbsp;&nbsp;&nbsp;&nbsp; 31174 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;668044 | &nbsp;&nbsp;&nbsp;&nbsp; 30924 |
|  | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;265397 | &nbsp;&nbsp;&nbsp;&nbsp; 30531 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;244978 | &nbsp;&nbsp;&nbsp;&nbsp; 30380 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;344951 | &nbsp;&nbsp;&nbsp;&nbsp; 30069 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;572637 | &nbsp;&nbsp;&nbsp;&nbsp; 30012 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;335431 | &nbsp;&nbsp;&nbsp;&nbsp; 29924 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353311 | &nbsp;&nbsp;&nbsp;&nbsp; 28413 |
|  | &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243017 | &nbsp;&nbsp;&nbsp;&nbsp; 27913 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86938 | &nbsp;&nbsp;&nbsp;&nbsp; 27831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dutch Bros Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;397218 | &nbsp;&nbsp;&nbsp;&nbsp; 27158 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82900 | &nbsp;&nbsp;&nbsp;&nbsp; 27033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;479362 | &nbsp;&nbsp;&nbsp;&nbsp; 26916 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75115 | &nbsp;&nbsp;&nbsp;&nbsp; 26815 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;321859 | &nbsp;&nbsp;&nbsp;&nbsp; 25877 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56752 | &nbsp;&nbsp;&nbsp;&nbsp; 25266 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44384 | &nbsp;&nbsp;&nbsp;&nbsp; 24705 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;178387 | &nbsp;&nbsp;&nbsp;&nbsp; 23963 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44655 | &nbsp;&nbsp;&nbsp;&nbsp; 23944 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 1906004 | &nbsp;&nbsp;&nbsp;&nbsp; 23692 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39191 | &nbsp;&nbsp;&nbsp;&nbsp; 22603 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127771 | &nbsp;&nbsp;&nbsp;&nbsp; 22592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;908060 | &nbsp;&nbsp;&nbsp;&nbsp; 21975 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68190 | &nbsp;&nbsp;&nbsp;&nbsp; 21273 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;596781 | &nbsp;&nbsp;&nbsp;&nbsp; 21186 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;217950 | &nbsp;&nbsp;&nbsp;&nbsp; 19886 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48103 | &nbsp;&nbsp;&nbsp;&nbsp; 19504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165383 | &nbsp;&nbsp;&nbsp;&nbsp; 19299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55896 | &nbsp;&nbsp;&nbsp;&nbsp; 17544 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104325 | &nbsp;&nbsp;&nbsp;&nbsp; 17270 |
|  | &nbsp;&nbsp;&nbsp;Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50647 | &nbsp;&nbsp;&nbsp;&nbsp; 17055 |
|  | &nbsp;&nbsp;&nbsp;Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206297 | &nbsp;&nbsp;&nbsp;&nbsp; 16638 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;230975 | &nbsp;&nbsp;&nbsp;&nbsp; 15845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110290 | &nbsp;&nbsp;&nbsp;&nbsp; 15507 |
|  | &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;555452 | &nbsp;&nbsp;&nbsp;&nbsp; 15219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;182041 | &nbsp;&nbsp;&nbsp;&nbsp; 13828 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303718 | &nbsp;&nbsp;&nbsp;&nbsp; 12042 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37176 | &nbsp;&nbsp;&nbsp;&nbsp; 11809 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;635223 | &nbsp;&nbsp;&nbsp;&nbsp; 11421 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;199147 | &nbsp;&nbsp;&nbsp;&nbsp; 11001 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolution Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;254957 | &nbsp;&nbsp;&nbsp;&nbsp; 9380 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 1481420 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sweetgreen Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;441198 | &nbsp;&nbsp;&nbsp;&nbsp; 6565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90012 | &nbsp;&nbsp;&nbsp;&nbsp; 5636 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22321 | &nbsp;&nbsp;&nbsp;&nbsp; 4580 |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;ABIOMED Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82912 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4856995** |
| **Total Common Stocks (Cost $5,338,690)** | **Total Common Stocks (Cost $5,338,690)** | **Total Common Stocks (Cost $5,338,690)** | &nbsp;&nbsp;&nbsp;&nbsp;**7854289** |
| **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** |
| **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.355% **(Cost $250,544)** | 2505842 | &nbsp;&nbsp;&nbsp;&nbsp; **250559** |
| **Total Investments (100.2%) (Cost $5,589,234)** | **Total Investments (100.2%) (Cost $5,589,234)** | **Total Investments (100.2%) (Cost $5,589,234)** | &nbsp;&nbsp;&nbsp;&nbsp;**8104848** |
| **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(16647)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**8088201** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | 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 $45,462. |
| 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 June 30, 2025, the aggregate value was $139,883, representing 1.7% of net assets. |
| 3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 4 | Security value determined using significant unobservable inputs. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $48,558 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | CVR—Contingent Value Rights. |
|  | GDR—Global Depositary Receipt. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 324 | 101311 | &nbsp;&nbsp;3574 |
| Mini MSCI EAFE Index | September 2025 | 266 | 35667 | &nbsp;&nbsp;328 |
| MSCI Emerging Markets Index | September 2025 | 288 | 17762 | &nbsp;&nbsp;343 |
|  |  |  |  | &nbsp;&nbsp;4245 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Toronto-Dominion Bank | 9/17/25 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 9/17/25 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| HSBC Bank plc | 9/17/25 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 9/17/25 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(11) |
| State Street Bank & Trust Co. | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(14) |

---

---

| |
|:---|
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| JPY—Japanese yen. |
| SEK—Swedish krona. |
| USD—U.S. dollar. |

---

**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.** Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated
with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the
contracts. The fund mitigates its counterparty risk by entering into forward currency contracts 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. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency
contracts, 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 forward currency 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 forward currency 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.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).

**E.** 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 June 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 5136391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;5136476 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;410475 | &nbsp;&nbsp;&nbsp;2307338 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2717813 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;250559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;250559 |
| Total | 5797425 | &nbsp;&nbsp;&nbsp;2307338 | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;8104848 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 4245 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4245 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | 4245 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4245 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.

**F.** Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Sep. 30,<br> 2024<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Jun. 30,<br> 2025<br> Market<br> Value<br> ($000) |
| Vanguard Growth ETF | &nbsp;&nbsp;16587 | 270550 | 285384 | 5593 | (529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |  | &nbsp;&nbsp;&nbsp;&nbsp;6817 |
| Vanguard Market Liquidity Fund | 280394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;(12) | 7746 |  | 250559 |
| Total | 296981 | 270550 | 285384 | 5585 | (541) | 7773 |  | 257376 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD HORIZON FUNDS

- **b. Investment Company Act file number:** 811-07239

- **c. CIK number of Registrant:** 0000932471

- **d. LEI of Registrant:** 549300NB21G5LRYCVD47

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD GLOBAL EQUITY FUND

- **b. EDGAR series identifier (if any):** S000002595

- **c. LEI of Series:** WT0SRFK64YFSQ38XG643

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8111863590.61

**Total Liabilities:** $19775147.58

**Net Assets:** $8092088443.03

**Cash Not Reported:** $22502510.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007115 | 0.67%                | 7.13%                | 6.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $48133636.13             | $-9216436.76                               |
| Month 2  | $21750413.34             | $464064047.03                              |
| Month 3  | $34426393.66             | $421675821.78                              |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adyen NV                                          | ADYEN NV                       | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |     47624 | NS      | $87463239.07  | 1.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | THERMO FISHER                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     48103 | NS      | $19503842.38  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                      | SYNOPSYS INC                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     77890 | NS      | $39932645.20  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd                          | ANTA SPORTS                    | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | HK        |   2784400 | NS      | $33690607.21  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Dow Inc                                           | DOW INC                        | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |   1297574 | NS      | $34359759.52  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                             | UBER TECHNOLOGIE               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    813785 | NS      | $75926140.50  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Kokusai Electric Corp                             | KOKUSAI ELECTRIC               | CUSIP: N/A<br>LEI: 549300CDY6N3WKYK2I96       | Long             | EC               | CORP              | JP        |   1373700 | NS      | $32869223.73  | 0.41%             |  |  |  | No            |                  2 | On Loan: —       |
| Disco Corp                                        | DISCO CORP                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     94600 | NS      | $28024620.56  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Medtronic PLC                                     | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |    344951 | NS      | $30069378.67  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc                                  | PDD HOLDINGS INC               | CUSIP: N/A<br>LEI: 5493000573DS7005T657       | Long             | EC               | CORP              | US        |    286780 | NS      | $30014394.80  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED Inc                                       | ABIOMED INC-CVR                | CUSIP: N/A<br>LEI: 5493001EZN4ZTB4Z5887       | Long             | EC               | CORP              | US        |     82912 | NS      | $84570.24     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ryanair Holdings PLC                              | RYANAIR HLDG-ADR               | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |   1064852 | NS      | $61410014.84  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                    | S&P GLOBAL INC                 | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     75333 | NS      | $39722337.57  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                                  | MARKEL GROUP INC               | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |     19933 | NS      | $39813376.88  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Amundi SA                                         | AMUNDI SA                      | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |    135117 | NS      | $10952019.49  | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| VK IPJSC                                          | VK IPJSC                       | CUSIP: N/A<br>LEI: 2138009IXUP41SPL5B50       | Long             | EC               | CORP              | GB        |    128137 | NS      | $1.28         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Edenred SE                                        | EDENRED                        | CUSIP: N/A<br>LEI: 9695006LOD5B2D7Y0N70       | Long             | EC               | CORP              | FR        |   1094000 | NS      | $33980203.26  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                                          | REXEL SA                       | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |   1206319 | NS      | $37206113.72  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple Inc                                         | APPLE INC                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     22321 | NS      | $4579599.57   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                                    | SWEETGREEN INC-A               | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    441198 | NS      | $6565026.24   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd                            | KWEICHOW MOUTA-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    121100 | NS      | $23838282.10  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                           | BASF SE                        | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |    924698 | NS      | $45735104.81  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1815374 | NS      | $80278749.66  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                    | AMAZON.COM INC                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1279725 | NS      | $280758867.75 | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | JPY/USD FWD 20250917           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2.59         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    761588 | NS      | $378821487.08 | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                  | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    280109 | NS      | $43061156.57  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc                                       | LI AUTO INC-A                  | CUSIP: N/A<br>LEI: 2549003R73Q70J5H4I65       | Long             | EC               | CORP              | HK        |   2234258 | NS      | $30495372.49  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-C                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    331278 | NS      | $58765404.42  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | CAD/USD FWD 20250917           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $6.84         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | SEK/USD FWD 20250917           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3032.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Medpace Holdings Inc                              | MEDPACE HOLDINGS               | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     55896 | NS      | $17543518.56  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                         | FLUTTER ENTER-DI               | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | GB        |    219342 | NS      | $62356937.63  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems Inc                                  | EPAM SYSTEMS INC               | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |    127771 | NS      | $22592468.22  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                    | CLOUDFLARE INC-A               | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    199764 | NS      | $39119784.12  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SOITEC                                            | SOITEC                         | CUSIP: N/A<br>LEI: 969500ZR92SQCU9TST26       | Long             | EC               | CORP              | FR        |    173994 | NS      | $9594351.67   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    668044 | NS      | $30923756.76  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp                                          | TDK CORP                       | CUSIP: N/A<br>LEI: 3538005O8WNU39U8NX03       | Long             | EC               | CORP              | JP        |   3605200 | NS      | $42081866.58  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                         | PROSUS NV                      | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |   2428650 | NS      | $136263016.15 | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                        | CAPITAL ONE FINA               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    235699 | NS      | $50147319.24  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                      | AUTOZONE INC                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     14740 | NS      | $54718270.20  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                           | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   3817000 | NS      | $139585196.90 | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| PVH Corp                                          | PVH CORP                       | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |    230975 | NS      | $15844885.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                             | ON SEMICONDUCTOR               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    572637 | NS      | $30011905.17  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | META PLATFORMS-A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    257893 | NS      | $190348244.37 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SMC Corp                                          | SMC CORP                       | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     51700 | NS      | $18527320.62  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                          | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   7222710 | NS      | $17707477.72  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    298782 | NS      | $41865333.84  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                                   | TYSON FOODS-A                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    644900 | NS      | $36075706.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                       | B3 SA                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |  13664500 | NS      | $36669380.28  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                                   | SAINSBURY PLC                  | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |  11177219 | NS      | $44483756.87  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Comfort Systems USA Inc                           | COMFORT SYSTEMS                | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     44655 | NS      | $23944457.55  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                                        | GENMAB A/S                     | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |     10251 | NS      | $2128808.47   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP LTD                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | GB        |    777505 | NS      | $18615689.65  | 0.23%             |  |  |  | No            |                  2 | On Loan: —       |
| Skyworks Solutions Inc                            | SKYWORKS SOLUTIO               | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    520369 | NS      | $38777897.88  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                        | FLOOR & DECOR-A                | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    182041 | NS      | $13827834.36  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    484886 | NS      | $48483762.04  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                    | NU HOLDINGS LT-A               | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | US        |   1709695 | NS      | $23457015.40  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                     | AIA                            | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   5006800 | NS      | $45353792.88  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                         | SANOFI                         | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    349141 | NS      | $33801651.78  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                                    | EATON CORP PLC                 | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |     75115 | NS      | $26815303.85  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC                         | BANK OF IRELAND                | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               | CORP              | IE        |   1142425 | NS      | $16279698.89  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| AeroVironment Inc                                 | AEROVIRONMENT IN               | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |    193902 | NS      | $55252374.90  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                                  | ARCELORMITTAL                  | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | NL        |   1291768 | NS      | $41019195.59  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Baxter International Inc                          | BAXTER INTL INC                | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |   1740138 | NS      | $52691378.64  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc         | HA SUSTAINABLE I               | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |   1332371 | NS      | $35787485.06  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Stella-Jones Inc                                  | STELLA-JONES INC               | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    450368 | NS      | $25958791.50  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                                       | RANDSTAD NV                    | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |    933998 | NS      | $43170287.48  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | HKD/USD FWD 20250917           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1.86        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group Inc                                 | RAKUTEN GROUP IN               | CUSIP: N/A<br>LEI: 529900IMXUCQKUL1H943       | Long             | EC               | CORP              | JP        |   3288500 | NS      | $18120219.37  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                           | CRH PLC                        | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | GB        |    595035 | NS      | $54927498.24  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| AppLovin Corp                                     | APPLOVIN CO-CL A               | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    116595 | NS      | $40817577.60  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                                 | CLEAN HARBORS                  | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |    313117 | NS      | $72386388.06  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                               | DOLLAR GENERAL C               | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |    872197 | NS      | $99761892.86  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                                | CHAMPION HOMES I               | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90012 | NS      | $5635651.32   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                                   | BROOKFIELD CORP                | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | US        |    492328 | NS      | $30450486.80  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                       | METLIFE INC                    | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    353311 | NS      | $28413270.62  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                                   | SHAKE SHACK IN-A               | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |    110290 | NS      | $15506774.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexans SA                                         | NEXANS SA                      | CUSIP: N/A<br>LEI: 96950015FU78G84UIV14       | Long             | EC               | CORP              | FR        |    154122 | NS      | $20168275.02  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesla Inc                                         | TESLA INC                      | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     37176 | NS      | $11809328.16  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                       | DATADOG INC-A                  | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    178387 | NS      | $23962725.71  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                       | HUBSPOT INC                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     44384 | NS      | $24705465.92  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA                          | HERMES INTL                    | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |     12006 | NS      | $32546649.94  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    230098 | NS      | $89498918.08  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                     | SERVICE CORP INT               | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |   1043486 | NS      | $84939760.40  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd                             | JULIUS BAER GROU               | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |    381938 | NS      | $25908704.18  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech                          | SARTORIUS STEDIM               | CUSIP: F8005V210<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |     60895 | NS      | $14569889.32  | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                              | ASM INTL NV                    | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     38184 | NS      | $24494188.10  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| China Overseas Land & Investment Ltd              | CHINA OVERSEAS                 | CUSIP: Y15004107<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |  23840500 | NS      | $41558617.35  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| WillScot Holdings Corp                            | WILLSCOT HOLDING               | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    555452 | NS      | $15219384.80  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                | TRADE DESK INC-A               | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    495777 | NS      | $35690986.23  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   2348979 | NS      | $33252005.13  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co                           | ARTHUR J GALLAGH               | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     86938 | NS      | $27830592.56  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                            | PETROBRAS SA-ADR               | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |   1777083 | NS      | $22231308.33  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                      | DOORDASH INC-A                 | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    367840 | NS      | $90676238.40  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EmgMkt       Sep25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       293 | NC      | $348347.94    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A               | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    635223 | NS      | $11421309.54  | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Reliance Industries Ltd                           | RELIANC-GDR 144A               | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | GB        |    594678 | NS      | $41468053.59  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Lear Corp                                         | LEAR CORP                      | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    330318 | NS      | $31373603.64  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                     | COHERENT CORP                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    335431 | NS      | $29923799.51  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp                                      | OLYMPUS CORP                   | CUSIP: N/A<br>LEI: 5299000Y52IFDI1I2A21       | Long             | EC               | CORP              | JP        |   2477600 | NS      | $29429727.32  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | KEYENCE CORP                   | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     51762 | NS      | $20695897.56  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        | 191790159 | NS      | $191770980.41 | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | AUD/USD FWD 20250917           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $11.36        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     85150 | NS      | $66376979.50  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A               | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |   1107400 | NS      | $39038434.63  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                      | UBS GROUP AG                   | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |   1228210 | NS      | $41699864.88  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                         | ARGENX SE - ADR                | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | US        |     40476 | NS      | $22311180.72  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    208182 | NS      | $39394854.86  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                    | ATLAS COPCO-B                  | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |   1968712 | NS      | $28019851.64  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE               | LVMH MOET HENNE                | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     20167 | NS      | $10555006.64  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Enphase Energy Inc                                | ENPHASE ENERGY                 | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |    303718 | NS      | $12042418.70  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE               | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    704594 | NS      | $48001837.92  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbnb Inc                                        | AIRBNB INC-A                   | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    305334 | NS      | $40407901.56  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Sep25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       332 | NC      | $3662053.28   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                       | WIX.COM LTD                    | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |     88712 | NS      | $14057303.52  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EAFE         Sep25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       275 | NC      | $333474.45    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    576798 | NS      | $49097045.76  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG                          | DAIMLER TRUCK HO               | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |   1417366 | NS      | $67245447.72  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    194413 | NS      | $40364027.06  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                            | INTUITIVE SURGIC               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     68047 | NS      | $36977420.27  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                                         | EPIROC AB-B                    | CUSIP: N/A<br>LEI: 5493004Q73OEYW1SPE91       | Long             | EC               | CORP              | SE        |   1243589 | NS      | $23842763.57  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Dutch Bros Inc                                    | DUTCH BROS INC-A               | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    397218 | NS      | $27157794.66  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TAIWAN SEMIC-ADR               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | US        |    402758 | NS      | $91220659.42  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                      | WINGSTOP INC                   | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     50647 | NS      | $17054870.78  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                         | FRESENIUS MEDICA               | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |    887763 | NS      | $51006558.00  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Oyj                                         | NOKIA OYJ                      | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |   1419447 | NS      | $7364981.87   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                      | BARCLAYS PLC                   | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |   6654721 | NS      | $30749906.66  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc                                    | SALESFORCE INC                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    126547 | NS      | $34508101.43  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | COSTAR GROUP INC               | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    321859 | NS      | $25877463.60  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                         | BLOCK INC                      | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    709988 | NS      | $48229484.84  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                        | CHARTER COMMUN-A               | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    124236 | NS      | $50788919.16  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                    | GALAXY ENTERTAIN               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   7182825 | NS      | $32018134.99  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Growth ETF                               | VANGUARD GRW ETF               | CUSIP: 922908736<br>LEI: 8DLNZLT9FCSJNCMHQC12 | Long             | EC               | RF                | US        |     15549 | NS      | $6816681.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                        | VERTEX PHARM                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     56752 | NS      | $25265990.40  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                           | SEA LTD-ADR                    | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |    316922 | NS      | $50688504.68  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                          | ENEL SPA                       | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   3170221 | NS      | $30087642.84  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | CHF/USD FWD 20250917           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-315.06      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc                          | COREBRIDGE FINAN               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |    596781 | NS      | $21185725.50  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                                | ROYALTY PHARMA-A               | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | US        |   1832322 | NS      | $66018561.66  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                     | MARTIN MAR MTLS                | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |    149513 | NS      | $82076656.48  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                              | TENCENT                        | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    701030 | NS      | $45171293.92  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MERCADOLIBRE INC               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     35955 | NS      | $93973066.65  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc                     | ADVANCED DRAINAG               | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |    243017 | NS      | $27912932.62  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDINGS PL               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   3106336 | NS      | $37574799.99  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Saipem SpA                                        | SAIPEM SPA                     | CUSIP: N/A<br>LEI: 549300PHV8MBDHWB8X12       | Long             | EC               | CORP              | IT        |     15300 | NS      | $41827.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA      | MICHELIN                       | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |   1017313 | NS      | $37838154.46  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                                       | SHOPIFY INC - A                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |    680576 | NS      | $78504441.60  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                          | BUILDERS FIRSTSO               | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |    165383 | NS      | $19298542.27  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                       | NETFLIX INC                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     70924 | NS      | $94976456.12  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    626730 | NS      | $43428633.82  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                             | SPOTIFY TECHNOLO               | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |     45181 | NS      | $34669188.54  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                       | ALNYLAM PHARMACE               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     82900 | NS      | $27032861.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                       | COUPANG INC                    | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2851017 | NS      | $85416469.32  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                               | GLOBAL PAYMENTS                | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    485678 | NS      | $38873667.12  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bellway PLC                                       | BELLWAY PLC                    | CUSIP: N/A<br>LEI: 213800CY4L3HST4FGZ98       | Long             | EC               | CORP              | GB        |    487401 | NS      | $19308355.44  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd                    | SHINHAN FINANCIA               | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    807815 | NS      | $36623764.04  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| MSCI Inc                                          | MSCI INC                       | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     38871 | NS      | $22418460.54  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                   | CVS HEALTH CORP                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    782847 | NS      | $54000786.06  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                        | CHIPOTLE MEXICAN               | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    479362 | NS      | $26916176.30  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Severstal PAO                                     | SEVERSTAL-GDR                  | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               | CORP              | US        |    520152 | NS      | $5.20         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   2963835 | NS      | $468256291.65 | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                        | AMDOCS LTD                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |    217950 | NS      | $19885758.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING NV                | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     55864 | NS      | $44765887.73  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    275697 | NS      | $154925172.18 | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    389096 | NS      | $31174371.52  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                         | NOKIA CORP-ADR                 | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | US        |   2677936 | NS      | $13871708.48  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                                 | BRUNSWICK CORP                 | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |    199147 | NS      | $11000880.28  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Paint Holdings Co Ltd                      | NIPPON PAINT HOL               | CUSIP: N/A<br>LEI: 529900RYRJUN78A7PL87       | Long             | EC               | CORP              | JP        |   3079300 | NS      | $24764526.70  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Newell Brands Inc                                 | NEWELL BRANDS IN               | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |   1481420 | NS      | $7999668.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmos Pharmaceutical Corp                        | COSMOS PHARM                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    372500 | NS      | $23640541.49  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| NOV Inc                                           | NOV INC                        | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |   1906004 | NS      | $23691629.72  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                 | FTAI AVIATION LT               | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    265397 | NS      | $30531270.88  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc                           | MAGNA INTL                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | US        |   1152623 | NS      | $44502774.03  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                   | FIRST SOLAR INC                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    208649 | NS      | $34539755.46  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | GBP/USD FWD 20250917           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-401.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Humana Inc                                        | HUMANA INC                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    178893 | NS      | $43735760.64  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                           | SBERBANK                       | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |   3912108 | NS      | $0.50         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| UnitedHealth Group Inc                            | UNITEDHEALTH GRP               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     68190 | NS      | $21273234.30  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                | UNITY SOFTWARE I               | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    908060 | NS      | $21975052.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberAgent Inc                                    | CYBERAGENT INC                 | CUSIP: N/A<br>LEI: 3538006T5KZABPGS8Q08       | Long             | EC               | CORP              | JP        |   1737400 | NS      | $19850680.26  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    278793 | NS      | $76849290.45  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                      | MOODY'S CORP                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     79849 | NS      | $40051459.91  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc                    | SS&C TECHNOLOGIE               | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    490357 | NS      | $40601559.60  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp               | COGNIZANT TECH-A               | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    685788 | NS      | $53512037.64  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | NL        |   1063696 | NS      | $37356484.98  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | EUR/USD FWD 20250917           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-10516.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    661476 | NS      | $116571915.48 | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                                      | ENTEGRIS INC                   | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    206297 | NS      | $16637853.05  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| REVOLUTION Medicines Inc                          | REVOLUTION MEDIC               | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |    254957 | NS      | $9379868.03   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                | WALT DISNEY CO/T               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    244978 | NS      | $30379721.78  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                      | ING GROEP NV                   | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |   1967946 | NS      | $43132829.43  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer