# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0001752724-23-050258
**Filing Date:** 2023-3
**Character Count:** 90064
**Document Hash:** b220fae44a64b3169e1aee7ed733fee0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050258.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-050258

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD HORIZON FUNDS
- **CENTRAL INDEX KEY:** 0000932471
- **IRS NUMBER:** 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:** 23693830

**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 December 31, 2022

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| **Common Stocks (96.5%)** | **Common Stocks (96.5%)** | **Common Stocks (96.5%)** | **Common Stocks (96.5%)** |
| **Australia (1.2%)** | **Australia (1.2%)** | **Australia (1.2%)** | **Australia (1.2%)** |
| <sup>\*</sup> | BHP Group Ltd. (XLON) | 2333545 | 72519 |
| <sup>\*</sup> | Woodside Energy Group Ltd. (XLON) | 437661 | 10530 |
|  |  |  | **83049** |
| **Brazil (1.4%)** | **Brazil (1.4%)** | **Brazil (1.4%)** | **Brazil (1.4%)** |
|  | Ambev SA | 13825610 | 37788 |
|  | B3 SA - Brasil Bolsa Balcao | 13415000 | 33519 |
| <sup>\*</sup> | XP Inc. Class A | 1211323 | 18581 |
|  |  |  | **89888** |
| **Canada (0.5%)** | **Canada (0.5%)** | **Canada (0.5%)** | **Canada (0.5%)** |
| <sup>\*</sup> | Shopify Inc. Class A (XTSE) | 916855 | 31824 |
| **China (2.7%)** | **China (2.7%)** | **China (2.7%)** | **China (2.7%)** |
| <sup>\*</sup> | Alibaba Group Holding Ltd. | 6582415 | 72228 |
| <sup>\*</sup> | Ping An Insurance Group Co. of China Ltd. Class H | 4747500 | 31190 |
| <sup>\*</sup> | ANTA Sports Products Ltd. | 2199600 | 28610 |
| <sup>\*</sup> | Li Auto Inc. Class A | 1817158 | 17569 |
| <sup>\*,1</sup> | Meituan Class B | 715700 | 15857 |
| <sup>\*</sup> | SG Micro Corp. Class A | 342833 | 8494 |
| <sup>\*</sup> | Will Semiconductor Co. Ltd. Shanghai Class A | 299800 | 3318 |
| <sup>\*</sup> | Will Semiconductor Co. Ltd. Shanghai | 106100 | 1173 |
|  |  |  | **178439** |
| **Denmark (0.4%)** | **Denmark (0.4%)** | **Denmark (0.4%)** | **Denmark (0.4%)** |
| <sup>\*</sup> | Genmab A/S | 70490 | 29803 |
| **Finland (0.8%)** | **Finland (0.8%)** | **Finland (0.8%)** | **Finland (0.8%)** |
|  | Nokia OYJ | 10803758 | 50191 |
| **France (2.8%)** | **France (2.8%)** | **France (2.8%)** | **France (2.8%)** |
|  | Pernod Ricard SA | 336917 | 66279 |
| <sup>\*</sup> | Cie Generale des Etablissements Michelin SCA | 2224750 | 61975 |
| <sup>\*</sup> | ArcelorMittal SA | 1591670 | 41992 |
| <sup>1</sup> | Amundi SA | 334598 | 18975 |
|  |  |  | **189221** |
| **Germany (2.8%)** | **Germany (2.8%)** | **Germany (2.8%)** | **Germany (2.8%)** |
| <sup>\*</sup> | BASF SE | 1288021 | 63420 |
| <sup>\*</sup> | Fresenius Medical Care AG & Co. KGaA | 1163847 | 38014 |
|  | Volkswagen AG Preference Shares | 305383 | 37883 |
| <sup>\*</sup> | Deutsche Boerse AG | 159433 | 27453 |
| <sup>\*</sup> | adidas AG | 122653 | 16623 |
|  |  |  | **183393** |
| **Hong Kong (1.9%)** | **Hong Kong (1.9%)** | **Hong Kong (1.9%)** | **Hong Kong (1.9%)** |
| <sup>\*</sup> | AIA Group Ltd. | 6114200 | 67521 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| <sup>\*</sup> | Galaxy Entertainment Group Ltd. | 6410220 | 42145 |
| <sup>\*</sup> | Sands China Ltd. | 4973600 | 16315 |
|  |  |  | **125981** |
| **India (2.0%)** | **India (2.0%)** | **India (2.0%)** | **India (2.0%)** |
| <sup>1</sup> | Reliance Industries Ltd. GDR | 1441078 | 88401 |
| <sup>\*</sup> | Housing Development Finance Corp. Ltd. | 1363032 | 43332 |
|  |  |  | **131733** |
| **Ireland (2.8%)** | **Ireland (2.8%)** | **Ireland (2.8%)** | **Ireland (2.8%)** |
| <sup>\*</sup> | CRH plc (XLON) | 1581427 | 62933 |
| <sup>\*</sup> | Ryanair Holdings plc ADR | 809475 | 60516 |
| <sup>\*</sup> | Smurfit Kappa Group plc (XDUB) | 880075 | 32616 |
| <sup>\*</sup> | ICON plc | 159788 | 31039 |
| <sup>\*,2</sup> | Irish Bank Resolution Corp. | 122273 |  |
|  |  |  | **187104** |
| **Italy (0.5%)** | **Italy (0.5%)** | **Italy (0.5%)** | **Italy (0.5%)** |
| <sup>\*</sup> | Enel SpA | 6118754 | 32908 |
| <sup>\*</sup> | Saipem SpA | 10000 | 12 |
|  |  |  | **32920** |
| **Japan (5.2%)** | **Japan (5.2%)** | **Japan (5.2%)** | **Japan (5.2%)** |
| <sup>\*</sup> | Olympus Corp. | 3163800 | 55802 |
|  | Komatsu Ltd. | 2452400 | 53007 |
|  | Resona Holdings Inc. | 7654500 | 42042 |
|  | Shiseido Co. Ltd. | 841400 | 41240 |
|  | Keyence Corp. | 72000 | 27954 |
|  | SMC Corp. | 64200 | 26807 |
|  | Sysmex Corp. | 419300 | 25313 |
|  | Daiichi Sankyo Co. Ltd. | 764300 | 24600 |
|  | Denso Corp. | 390400 | 19145 |
|  | CyberAgent Inc. | 1960900 | 17457 |
|  | Hoshizaki Corp. | 303200 | 10661 |
|  |  |  | **344028** |
| **Netherlands (3.4%)** | **Netherlands (3.4%)** | **Netherlands (3.4%)** | **Netherlands (3.4%)** |
| <sup>\*</sup> | Prosus NV | 1642575 | 113409 |
| <sup>\*</sup> | Randstad NV | 833946 | 50956 |
| <sup>\*</sup> | ING Groep NV | 3683840 | 44873 |
| <sup>\*,1</sup> | Adyen NV | 14745 | 20470 |
|  |  |  | **229708** |
| **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** |
| <sup>\*</sup> | Schibsted ASA Class A | 836918 | 15871 |
| <sup>\*</sup> | Adevinta ASA | 1797541 | 11903 |
| <sup>\*</sup> | Schibsted ASA Class B | 205592 | 3771 |
|  |  |  | **31545** |
| **Other (0.7%)** | **Other (0.7%)** | **Other (0.7%)** | **Other (0.7%)** |
| <sup>3</sup> | Vanguard Total World Stock ETF | 505242 | 43547 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,2</sup> | Sberbank of Russia PJSC | 3912108 |  |
| <sup>\*,2</sup> | X5 Retail Group NV GDR (Registered) | 227797 |  |
| <sup>\*,2</sup> | Mail.Ru Group Ltd. GDR (Registered) | 128137 |  |
| <sup>\*,2</sup> | Severstal PAO GDR (Registered) | 520152 |  |
|  |  |  | **—** |
| **Singapore (0.3%)** | **Singapore (0.3%)** | **Singapore (0.3%)** | **Singapore (0.3%)** |
| <sup>\*</sup> | Sea Ltd. ADR | 393485 | 20473 |
| **South Korea (1.0%)** | **South Korea (1.0%)** | **South Korea (1.0%)** | **South Korea (1.0%)** |
| <sup>\*</sup> | Coupang Inc. | 2721628 | 40035 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Shinhan Financial Group Co. Ltd. | 1066425 | 29689 |
|  |  |  | **69724** |
| **Sweden (1.0%)** | **Sweden (1.0%)** | **Sweden (1.0%)** | **Sweden (1.0%)** |
|  | Atlas Copco AB Class B | 3418081 | 36470 |
|  | Epiroc AB Class B | 1616469 | 26004 |
| <sup>\*</sup> | Spotify Technology SA | 76830 | 6066 |
|  |  |  | **68540** |
| **Switzerland (1.9%)** | **Switzerland (1.9%)** | **Switzerland (1.9%)** | **Switzerland (1.9%)** |
| <sup>\*</sup> | Cie Financiere Richemont SA Class A (Registered) | 308338 | 39979 |
| <sup>\*</sup> | UBS Group AG (Registered) | 2136188 | 39704 |
| <sup>\*</sup> | Roche Holding AG | 110704 | 34787 |
| <sup>\*,1</sup> | Wizz Air Holdings plc | 407145 | 9310 |
|  |  |  | **123780** |
| **Taiwan (1.3%)** | **Taiwan (1.3%)** | **Taiwan (1.3%)** | **Taiwan (1.3%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | 3212000 | 46649 |
| <sup>\*</sup> | Hon Hai Precision Industry Co. Ltd. | 13321745 | 43179 |
|  |  |  | **89828** |
| **United Kingdom (5.5%)** | **United Kingdom (5.5%)** | **United Kingdom (5.5%)** | **United Kingdom (5.5%)** |
| <sup>\*</sup> | Prudential plc (XLON) | 4663979 | 63595 |
| <sup>\*</sup> | Rio Tinto plc | 860503 | 60566 |
|  | Shell plc | 2071925 | 58754 |
| <sup>\*</sup> | AstraZeneca plc ADR | 589152 | 39944 |
| <sup>\*</sup> | HSBC Holdings plc | 5167507 | 32026 |
| <sup>\*</sup> | Barclays plc | 15265434 | 29047 |
| <sup>\*</sup> | NatWest Group plc | 8018998 | 25574 |
| <sup>\*</sup> | Standard Chartered plc | 3371947 | 25150 |
|  | Tesco plc | 8971690 | 24178 |
| <sup>\*</sup> | Farfetch Ltd. Class A | 2215567 | 10480 |
|  |  |  | **369314** |
| **United States (55.9%)** | **United States (55.9%)** | **United States (55.9%)** | **United States (55.9%)** |
|  | Microsoft Corp. | 596367 | 143021 |
|  | Elevance Health Inc. | 276181 | 141673 |
|  | Mastercard Inc. Class A | 361007 | 125533 |
| <sup>\*</sup> | Amazon.com Inc. | 1458253 | 122493 |
|  | General Electric Co. | 1235627 | 103533 |
|  | Martin Marietta Materials Inc. | 275069 | 92965 |
|  | Moody's Corp. | 327816 | 91336 |
|  | Visa Inc. Class A | 424250 | 88142 |
|  | UnitedHealth Group Inc. | 160245 | 84959 |
|  | Service Corp. International | 1217649 | 84188 |
| <sup>\*</sup> | Alphabet Inc. Class C | 840820 | 74606 |
|  | Arthur J Gallagher & Co. | 390246 | 73577 |
|  | Eli Lilly & Co. | 188557 | 68982 |
| <sup>\*</sup> | Alnylam Pharmaceuticals Inc. | 277590 | 65969 |
|  | Prologis Inc. | 554951 | 62560 |
| <sup>\*</sup> | Illumina Inc. | 307038 | 62083 |
|  | Lear Corp. | 477076 | 59167 |
| <sup>\*</sup> | Alphabet Inc. Class A | 663833 | 58570 |
|  | Edison International | 919973 | 58529 |
|  | Cognizant Technology Solutions Corp. Class A | 991387 | 56697 |
| <sup>\*</sup> | Chipotle Mexican Grill Inc. Class A | 39995 | 55493 |
|  | Charles Schwab Corp. | 609160 | 50719 |
|  | Royalty Pharma plc Class A | 1273988 | 50348 |
|  | Thermo Fisher Scientific Inc. | 91339 | 50299 |
| <sup>\*</sup> | Moderna Inc. | 267276 | 48008 |
|  | Westinghouse Air Brake Technologies Corp. | 467535 | 46665 |

---

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---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| <sup>\*</sup> | Netflix Inc. | 153936 | 45393 |
|  | Estee Lauder Cos. Inc. Class A | 182241 | 45216 |
| <sup>\*</sup> | Booking Holdings Inc. | 21335 | 42996 |
| <sup>\*</sup> | Ceridian HCM Holding Inc. | 667663 | 42831 |
| <sup>\*</sup> | Monster Beverage Corp. | 421380 | 42783 |
|  | Wells Fargo & Co. | 1030355 | 42543 |
|  | Citigroup Inc. | 933692 | 42231 |
| <sup>\*</sup> | Intuitive Surgical Inc. | 157683 | 41841 |
|  | American International Group Inc. | 659865 | 41730 |
|  | Albemarle Corp. | 183241 | 39738 |
|  | Equitable Holdings Inc. | 1373829 | 39429 |
|  | S&P Global Inc. | 115462 | 38673 |
| <sup>\*</sup> | Aptiv plc | 413917 | 38548 |
|  | Teradyne Inc. | 417057 | 36430 |
| <sup>\*</sup> | Walt Disney Co. | 412570 | 35844 |
|  | Broadridge Financial Solutions Inc. | 260001 | 34874 |
| <sup>\*</sup> | MercadoLibre Inc. | 40411 | 34197 |
| <sup>\*</sup> | Markel Corp. | 25698 | 33857 |
|  | SS&C Technologies Holdings Inc. | 638768 | 33254 |
| <sup>\*</sup> | CBRE Group Inc. Class A | 427899 | 32931 |
|  | NVIDIA Corp. | 224851 | 32860 |
|  | Analog Devices Inc. | 192587 | 31590 |
|  | Newell Brands Inc. | 2406073 | 31471 |
|  | Capital One Financial Corp. | 338491 | 31466 |
| <sup>\*</sup> | CoStar Group Inc. | 397456 | 30715 |
| <sup>\*</sup> | Uber Technologies Inc. | 1212280 | 29980 |
| <sup>\*</sup> | Airbnb Inc. Class A | 343083 | 29334 |
| <sup>\*</sup> | Trade Desk Inc. Class A | 653839 | 29312 |
| <sup>\*</sup> | Dynatrace Inc. | 706718 | 27067 |
| <sup>\*,4</sup> | Chewy Inc. Class A | 690918 | 25619 |
| <sup>\*</sup> | Axon Enterprise Inc. | 147807 | 24526 |
| <sup>\*</sup> | Tesla Inc. | 193104 | 23786 |
| <sup>\*</sup> | SiteOne Landscape Supply Inc. | 187028 | 21942 |
|  | Hewlett Packard Enterprise Co. | 1369791 | 21862 |
| <sup>\*</sup> | Skyline Champion Corp. | 422910 | 21784 |
| <sup>\*</sup> | Adobe Inc. | 64333 | 21650 |
| <sup>\*</sup> | Meta Platforms Inc. Class A | 171549 | 20644 |
|  | Wingstop Inc. | 149071 | 20515 |
| <sup>\*</sup> | First Solar Inc. | 131255 | 19661 |
|  | Cognex Corp. | 403114 | 18991 |
| <sup>\*</sup> | Block Inc. (XNYS) | 302161 | 18988 |
| <sup>\*</sup> | Dow Inc. | 356368 | 17957 |
| <sup>\*</sup> | Match Group Inc. | 431497 | 17903 |
| <sup>\*</sup> | MongoDB Inc. Class A | 89801 | 17676 |
| <sup>\*</sup> | Cargurus Inc. | 1255301 | 17587 |
| <sup>\*</sup> | Novocure Ltd. | 239370 | 17558 |
| <sup>\*</sup> | Howard Hughes Corp. | 225603 | 17241 |
|  | Eaton Corp. plc | 108418 | 17016 |
|  | McKesson Corp. | 45285 | 16987 |
| <sup>\*</sup> | Snap Inc. Class A | 1892310 | 16936 |
| <sup>\*</sup> | Datadog Inc. Class A | 214964 | 15800 |
|  | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 524689 | 15205 |
| <sup>\*</sup> | Entegris Inc. | 230734 | 15134 |
| <sup>\*</sup> | Snowflake Inc. Class A | 101813 | 14614 |
| <sup>\*</sup> | Qualtrics International Inc. Class A | 1334561 | 13853 |
| <sup>\*</sup> | Cloudflare Inc. Class A | 303056 | 13701 |
| <sup>\*</sup> | DoorDash Inc. Class A | 274795 | 13415 |
| <sup>\*</sup> | Certara Inc. | 828891 | 13320 |

---

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| <sup>\*</sup> | Livent Corp. | 622947 | 12378 |
| <sup>\*</sup> | Shake Shack Inc. Class A | 279580 | 11611 |
| <sup>\*</sup> | REVOLUTION Medicines Inc. | 427111 | 10174 |
| <sup>\*</sup> | Chegg Inc. | 387603 | 9795 |
| <sup>\*</sup> | Seagen Inc. | 71952 | 9246 |
| <sup>\*</sup> | Twilio Inc. Class A | 186412 | 9127 |
| <sup>\*</sup> | Exact Sciences Corp. | 175814 | 8704 |
| <sup>\*</sup> | STAAR Surgical Co. | 176616 | 8573 |
| <sup>\*</sup> | Roblox Corp. Class A | 253364 | 7211 |
|  | NRG Energy Inc. | 208156 | 6623 |
| <sup>\*</sup> | IAC Inc. | 120492 | 5350 |
| <sup>\*</sup> | RingCentral Inc. Class A | 141536 | 5010 |
| <sup>\*,4</sup> | Wayfair Inc. Class A | 148992 | 4900 |
| <sup>\*</sup> | Roku Inc. | 116906 | 4758 |
| <sup>\*,2</sup> | ABIOMED Inc. CVR | 82912 | 85 |
|  |  |  | **3724665** |
| **Total Common Stocks (Cost $5,910,250)** | **Total Common Stocks (Cost $5,910,250)** | **Total Common Stocks (Cost $5,910,250)** | **6428698** |
| **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** |
| **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** |
| <sup>5,6</sup> | Vanguard Market Liquidity Fund, 4.334% **(Cost $237,113)** | 2371503 | **237127** |
| **Total Investments (100.0%) (Cost $6,147,363)** | **Total Investments (100.0%) (Cost $6,147,363)** | **Total Investments (100.0%) (Cost $6,147,363)** | **6665825** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **(1803)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **6664022** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

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| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | 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 December 31, 2022, the aggregate value was $153,013,000, representing 2.3% of net assets. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 4 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $14,177,000. |
| 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 $14,824,000 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | CVR—Contingent Value Rights. |
|  | GDR—Global Depositary Receipt. |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | March 2023 | 480 | 92664 | &nbsp;&nbsp;(1139) |
| MSCI EAFE Index | March 2023 | 402 | 39183 | &nbsp;&nbsp;&nbsp;&nbsp;(599) |
| MSCI Emerging Markets Index | March 2023 | 358 | &nbsp;&nbsp;17173 | &nbsp;&nbsp;&nbsp;&nbsp;(209) |
|  |  |  |  | &nbsp;&nbsp;(1947) |

---

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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. 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 December 31, 2022, 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 | &nbsp;&nbsp;3774985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71307 | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;3846377 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;252100 | &nbsp;&nbsp;&nbsp;2330221 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2582321 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;237127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237127 |
| Total | 4264212 | &nbsp;&nbsp;&nbsp;2401528 | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;6665825 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 |

---

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

E. Certain of the fund's investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Sep. 30,<br> 2022<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) | Dec. 31,<br> 2022<br> Market<br> Value<br> ($000) |
| Vanguard Market Liquidity Fund | 186162 | &nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | 1794 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;237127 |
| Vanguard Total World Stock ETF | &nbsp;&nbsp;53153 | 32914 | 50484 | (642) | 8606 | &nbsp;&nbsp;&nbsp;&nbsp;311 |  | &nbsp;&nbsp;&nbsp;43547 |
| Total | 239315 | 32914 | 50484 | (640) | 8604 | 2105 | &nbsp;&nbsp;&nbsp;1 | 280674 |

---

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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $6675965156.36

**Total Liabilities:** $8420699.05

**Net Assets:** $6667544457.31

**Cash Not Reported:** $5511572.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007115 | 5.28%                | 9.79%                | -4.89%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-50932787.47            | $375167294.21                              |
| Month 2  | $-32308044.77            | $658844883.92                              |
| Month 3  | $-25449659.02            | $-327842459.91                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NatWest Group PLC                                       | NATWEST GROUP PL                  | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |   8018998 | NS      | $25574426.63  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                                | ADYEN NV                          | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |     14745 | NS      | $20469734.72  | 0.31%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                            | THERMO FISHER                     | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     91339 | NS      | $50299473.91  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                            | TERADYNE INC                      | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |    417057 | NS      | $36429928.95  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd                                | ANTA SPORTS PROD                  | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | HK        |   2199600 | NS      | $28609666.24  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Sysmex Corp                                             | SYSMEX CORP                       | CUSIP: J7864H102<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |    419300 | NS      | $25313393.86  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Dow Inc                                                 | DOW INC                           | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    321164 | NS      | $16183453.96  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                   | UBER TECHNOLOGIE                  | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |   1212280 | NS      | $29979684.40  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED Inc                                             | ABIOMED INC CVR RIGHTS (DEC 2022) | 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        |    809475 | NS      | $60516351.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Schibsted ASA                                           | SCHIBSTED ASA-A                   | CUSIP: N/A<br>LEI: 5967007LIEEXZXHT0O36       | Long             | EC               | CORP              | NO        |    836918 | NS      | $15871101.33  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc                                     | RESONA HOLDINGS                   | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |   7654500 | NS      | $42041713.62  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| MongoDB Inc                                             | MONGODB INC                       | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     89801 | NS      | $17676428.84  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                          | S&P GLOBAL INC                    | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    115462 | NS      | $38672842.28  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp                | WABTEC CORP                       | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |    467535 | NS      | $46664668.35  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc/old                                     | MATCH GROUP INC                   | CUSIP: 57667L107<br>LEI: 549300BIJKT86CPCKK96 | Long             | EC               | CORP              | US        |    431497 | NS      | $17902810.53  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corp                                             | MARKEL CORP                       | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |     25698 | NS      | $33856858.02  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SG Micro Corp                                           | SG MICRO CORP-A                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    342833 | NS      | $8493972.25   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                               | AMUNDI SA                         | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |    334598 | NS      | $18974694.14  | 0.28%             |  |  |  | Yes           |                  2 | On Loan: No      |
| VK Co Ltd                                               | VK CO LTD                         | CUSIP: N/A<br>LEI: 2138009IXUP41SPL5B50       | Long             | EC               | CORP              | GB        |    128137 | NS      | $1.28         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cognex Corp                                             | COGNEX CORP                       | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |    403114 | NS      | $18990700.54  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                                           | SNOWFLAKE INC-A                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    101813 | NS      | $14614238.02  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                                 | BASF SE                           | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |   1288021 | NS      | $63420370.09  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Analog Devices Inc                                      | ANALOG DEVICES                    | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    192587 | NS      | $31590045.61  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Denso Corp                                              | DENSO CORP                        | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |    390400 | NS      | $19145148.12  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| IAC Inc                                                 | IAC INC                           | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |    120492 | NS      | $5349844.80   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                                | ICON PLC                          | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | US        |    159788 | NS      | $31038819.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                          | AMAZON.COM INC                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1458253 | NS      | $122493252.00 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                          | MICROSOFT CORP                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    596367 | NS      | $143020733.94 | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc                                             | LI AUTO INC-A                     | CUSIP: N/A<br>LEI: 2549003R73Q70J5H4I65       | Long             | EC               | CORP              | HK        |   1817158 | NS      | $17569575.71  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Snap Inc                                                | SNAP INC - A                      | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |   1892310 | NS      | $16936174.50  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                            | ALPHABET INC-C                    | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    840820 | NS      | $74605958.60  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                | VISA INC-CLASS A                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    424250 | NS      | $88142180.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                          | CLOUDFLARE INC-A                  | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    303056 | NS      | $13701161.76  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshizaki Corp                                          | HOSHIZAKI CORP                    | CUSIP: N/A<br>LEI: 5299001QAMLGU3SRBG20       | Long             | EC               | CORP              | JP        |    303200 | NS      | $10661128.74  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Certara Inc                                             | CERTARA INC                       | CUSIP: 15687V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    828891 | NS      | $13320278.37  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | S&P500 EMINI FUT  Mar23           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       420 | NC      | $-1138561.55  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                               | PROSUS NV                         | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |   1642575 | NS      | $113408984.36 | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Roku Inc                                                | ROKU INC                          | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |    116906 | NS      | $4758074.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                               | ADOBE INC                         | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     64333 | NS      | $21649984.49  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                              | CAPITAL ONE FINA                  | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    338491 | NS      | $31466123.36  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd               | TSMC                              | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   3212000 | NS      | $46649364.09  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                      | META PLATFORMS-A                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    171549 | NS      | $20644206.66  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SMC Corp                                                | SMC CORP                          | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     64200 | NS      | $26806954.79  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                                | AMBEV SA                          | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  13825610 | NS      | $37787762.63  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group Inc                                          | CBRE GROUP INC-A                  | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    427899 | NS      | $32931107.04  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                                 | SCHWAB (CHARLES)                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    609160 | NS      | $50718661.60  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| STAAR Surgical Co                                       | STAAR SURGICAL                    | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |    176616 | NS      | $8572940.64   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                             | B3 SA                             | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |  13415000 | NS      | $33519030.63  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Livent Corp                                             | LIVENT CORP                       | CUSIP: 53814L108<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | EC               | CORP              | US        |    622947 | NS      | $12377956.89  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                                  | EQUITABLE HOLDIN                  | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |   1373829 | NS      | $39428892.30  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Farfetch Ltd                                            | FARFETCH LTD-A                    | CUSIP: 30744W107<br>LEI: 549300QFQ74Z0F96NS78 | Long             | EC               | CORP              | US        |   2215567 | NS      | $10479631.91  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                                              | GENMAB A/S                        | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |     70490 | NS      | $29802804.51  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                           | BHP GROUP LTD                     | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | GB        |   2333545 | NS      | $72519110.71  | 1.09%             |  |  |  | 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        |    142007 | NS      | $14199244.63  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                            | ILLUMINA INC                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    307038 | NS      | $62083083.60  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                           | AIA                               | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   6114200 | NS      | $67521504.95  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Adevinta ASA                                            | ADEVINTA ASA                      | CUSIP: N/A<br>LEI: 529900W8V3YLHRSZH763       | Long             | EC               | CORP              | NO        |   1797541 | NS      | $11902818.60  | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                                          | EATON CORP PLC                    | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |    108418 | NS      | $17016205.10  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                              | TWILIO INC - A                    | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |    186412 | NS      | $9126731.52   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                             | ROBLOX CORP - A                   | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    253364 | NS      | $7210739.44   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc                            | SITEONE LANDSCAP                  | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    187028 | NS      | $21942124.96  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Will Semiconductor Co Ltd Shanghai                      | WILL SEMICONDU-A                  | CUSIP: N/A<br>LEI: 8368000MFHXX01GPND38       | Long             | EC               | CORP              | CN        |    106100 | NS      | $1173203.88   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                        | ARCELORMITTAL                     | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | NL        |   1591670 | NS      | $41991665.51  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannon Armstrong Sustainable Infrastructure Capital Inc | HANNON ARMSTRONG                  | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    524689 | NS      | $15205487.22  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                                        | PERNOD RICARD SA                  | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |    336917 | NS      | $66279185.51  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad NV                                             | RANDSTAD NV                       | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |    833946 | NS      | $50956092.47  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                                 | CRH PLC                           | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | GB        |   1581427 | NS      | $62932506.27  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                          | NRG ENERGY                        | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    213956 | NS      | $6808079.92   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyline Champion Corp                                   | SKYLINE CHAMPION                  | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    422910 | NS      | $21784094.10  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                                         | SHAKE SHACK IN-A                  | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |    279580 | NS      | $11610957.40  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                               | TESLA INC                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    193104 | NS      | $23786550.72  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                             | DATADOG INC-A                     | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    214964 | NS      | $15799854.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                                             | KOMATSU LTD                       | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |   2452400 | NS      | $53006482.93  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                         | ASTRAZENECA-ADR                   | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | US        |    589152 | NS      | $39944505.60  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | MSCI EAFE         Mar23           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       356 | NC      | $-600040.19   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Ceridian HCM Holding Inc                                | CERIDIAN HCM HOL                  | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |    667663 | NS      | $42830581.45  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                                     | ELEVANCE HEALTH                   | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    276181 | NS      | $141672567.57 | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                           | SERVICE CORP INT                  | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |   1217649 | NS      | $84188251.86  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                        | AMERICAN INTERNA                  | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    659865 | NS      | $41729862.60  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualtrics International Inc                             | QUALTRICS INT-A                   | CUSIP: 747601201<br>LEI: 549300NW34K5PVZGTN68 | Long             | EC               | CORP              | US        |   1334561 | NS      | $13852743.18  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The                                | ESTEE LAUDER                      | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |    182241 | NS      | $45215814.51  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                                           | VOLKSWAGEN-PREF                   | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               | CORP              | DE        |    305383 | NS      | $37882651.52  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Trade Desk Inc/The                                      | TRADE DESK INC-A                  | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    653839 | NS      | $29311602.37  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                                    | BOOKING HOLDINGS                  | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     21335 | NS      | $42995998.80  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                               | ALIBABA GROUP HO                  | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   6582415 | NS      | $72228269.84  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Dynatrace Inc                                           | DYNATRACE INC                     | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    706718 | NS      | $27067299.40  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                                              | SEAGEN INC                        | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71952 | NS      | $9246551.52   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                                 | ARTHUR J GALLAGH                  | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    390246 | NS      | $73576980.84  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                                         | SANDS CHINA LTD                   | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               | CORP              | HK        |   4973600 | NS      | $16314542.85  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| DoorDash Inc                                            | DOORDASH INC-A                    | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    274795 | NS      | $13415491.90  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                                 | RELIANC-GDR 144A                  | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | GB        |   1441078 | NS      | $88401248.17  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Lear Corp                                               | LEAR CORP                         | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    477076 | NS      | $59166965.52  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| X5 Retail Group NV                                      | X 5 RETAIL-GDR                    | CUSIP: N/A<br>LEI: 213800J17UJJJDGUVF56       | Long             | EC               | CORP              | GB        |    227797 | NS      | $2.28         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Olympus Corp                                            | OLYMPUS CORP                      | CUSIP: N/A<br>LEI: 5299000Y52IFDI1I2A21       | Long             | EC               | CORP              | JP        |   3163800 | NS      | $55801805.90  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                  | STANDARD CHARTER                  | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |   3371947 | NS      | $25149733.17  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                            | KEYENCE CORP                      | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     72000 | NS      | $27953624.33  | 0.42%             |  |  |  | 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        | 228396763 | NS      | $228373922.87 | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                           | HEWLETT PACKA                     | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |   1369791 | NS      | $21861864.36  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                          | ELI LILLY & CO                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    188557 | NS      | $68981692.88  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                            | UBS GROUP AG                      | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |   2136188 | NS      | $39703673.25  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                             | CIE FINANCI-REG                   | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    308338 | NS      | $39979093.41  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                          | ATLAS COPCO-B                     | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |   3418081 | NS      | $36469728.50  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbnb Inc                                              | AIRBNB INC-A                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    343083 | NS      | $29333596.50  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total World Stock ETF                          | VANGUARD-TOT WOR                  | CUSIP: 922042742<br>LEI: 78WHRHOLFN8O2AJ0B221 | Long             | EC               | RF                | US        |    505242 | NS      | $43546807.98  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                           | CITIGROUP INC                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    933692 | NS      | $42230889.16  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Will Semiconductor Co Ltd Shanghai                      | WILL SEMICONDU-A                  | CUSIP: N/A<br>LEI: 8368000MFHXX01GPND38       | Long             | EC               | CORP              | CN        |    299800 | NS      | $3317967.38   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc                                  | INTUITIVE SURGIC                  | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    157683 | NS      | $41841184.05  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd                                   | DAIICHI SANKYO                    | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |    764300 | NS      | $24600287.48  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                               | EPIROC AB-B                       | CUSIP: N/A<br>LEI: 5493004Q73OEYW1SPE91       | Long             | EC               | CORP              | SE        |   1616469 | NS      | $26004458.56  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions Inc                      | BROADRIDGE FINL                   | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    260001 | NS      | $34873934.13  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                          | ALBEMARLE CORP                    | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |    183241 | NS      | $39737643.26  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                                   | MONSTER BEVERAGE                  | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |    421380 | NS      | $42782711.40  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                            | WINGSTOP INC                      | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |    149071 | NS      | $20515151.02  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG & Co KGaA                     | FRESENIUS MEDICA                  | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |   1163847 | NS      | $38014191.40  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Oyj                                               | NOKIA OYJ                         | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |  10803758 | NS      | $50191012.23  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                            | BARCLAYS PLC                      | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |  15265434 | NS      | $29047258.66  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                                                  | XP INC - CLASS A                  | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | US        |   1211323 | NS      | $18581694.82  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Irish Bank Resolution Corp Ltd/Old                      | IRISH BANK RESOL                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |    122273 | NS      | $1.31         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| McKesson Corp                                           | MCKESSON CORP                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     45285 | NS      | $16987309.20  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                               | APTIV PLC                         | CUSIP: G6095L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    413917 | NS      | $38548090.21  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                        | COSTAR GROUP INC                  | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    397456 | NS      | $30715399.68  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                               | BLOCK INC                         | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    302161 | NS      | $18987797.24  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                          | PRUDENTIAL PLC                    | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   4663979 | NS      | $63594734.31  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd                                         | SHISEIDO CO LTD                   | CUSIP: N/A<br>LEI: 5299008QCD0YDT5OF506       | Long             | EC               | CORP              | JP        |    841400 | NS      | $41240150.42  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                               | ADIDAS AG                         | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |    122653 | NS      | $16622715.99  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                               | TESCO PLC                         | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |   8971690 | NS      | $24177533.37  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                          | GALAXY ENTERTAIN                  | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   6410220 | NS      | $42144992.47  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                                 | SEA LTD-ADR                       | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |    393485 | NS      | $20473024.55  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                                | ENEL SPA                          | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   6118754 | NS      | $32907525.65  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Schibsted ASA                                           | SCHIBSTED ASA-B                   | CUSIP: N/A<br>LEI: 5967007LIEEXZXHT0O36       | Long             | EC               | CORP              | NO        |    205592 | NS      | $3770965.18   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | MSCI EmgMkt       Mar23           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       320 | NC      | $-209485.76   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                                      | ROYALTY PHARMA-A                  | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | US        |   1273988 | NS      | $50348005.76  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                           | MARTIN MAR MTLS                   | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |    275069 | NS      | $92965069.93  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Wizz Air Holdings Plc                                   | WIZZ AIR HOLDING                  | CUSIP: N/A<br>LEI: 213800COXGZCORLJZA85       | Long             | EC               | CORP              | GB        |    407145 | NS      | $9309676.65   | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Exact Sciences Corp                                     | EXACT SCIENCES                    | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    175814 | NS      | $8704551.14   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                           | RIO TINTO PLC                     | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    860503 | NS      | $60565683.75  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                        | MERCADOLIBRE INC                  | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     40411 | NS      | $34197404.64  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Chegg Inc                                               | CHEGG INC                         | CUSIP: 163092109<br>LEI: 549300AKX7O8JG0O3G77 | Long             | EC               | CORP              | US        |    387603 | NS      | $9794727.81   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                       | HSBC HOLDINGS PL                  | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   5167507 | NS      | $32025825.23  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit Kappa Group PLC                                 | SMURFIT KAPPA GR                  | CUSIP: G8248F104<br>LEI: 635400CPLP8H5ITDVT56 | Long             | EC               | CORP              | IE        |    880075 | NS      | $32615876.05  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Saipem SpA                                              | SAIPEM SPA                        | CUSIP: N/A<br>LEI: 549300PHV8MBDHWB8X12       | Long             | EC               | CORP              | IT        |     10000 | NS      | $12073.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA            | MICHELIN                          | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |   2224750 | NS      | $61975505.51  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd                 | PING AN-H                         | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |   4747500 | NS      | $31189866.14  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                                             | SHOPIFY INC - A                   | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |    916855 | NS      | $31824037.05  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                                     | GENERAL ELECTRIC                  | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |   1235627 | NS      | $103533186.33 | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                             | NETFLIX INC                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    153936 | NS      | $45392647.68  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                                   | SPOTIFY TECHNOLO                  | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |     76830 | NS      | $6065728.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                             | ALNYLAM PHARMACE                  | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |    277590 | NS      | $65969263.50  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                             | COUPANG INC                       | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2721628 | NS      | $40035147.88  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                               | CHEWY INC- CL A                   | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |    690918 | NS      | $25619239.44  | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Edison International                                    | EDISON INTL                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    919973 | NS      | $58528682.26  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                       | HON HAI                           | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |  13321745 | NS      | $43178867.43  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Novocure Ltd                                            | NOVOCURE LTD                      | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | US        |    239370 | NS      | $17557789.50  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd                          | SHINHAN FINANCIA                  | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |   1066425 | NS      | $29688727.39  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill Inc                              | CHIPOTLE MEXICAN                  | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39995 | NS      | $55492662.55  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                                     | AXON ENTERPRISE                   | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |    147807 | NS      | $24525615.51  | 0.37%             |  |  |  | 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      |
| Cargurus Inc                                            | CARGURUS INC                      | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |   1255301 | NS      | $17586767.01  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                             | NVIDIA CORP                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    224851 | NS      | $32859725.14  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                                 | MEITUAN-B                         | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |    715700 | NS      | $15856931.26  | 0.24%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Mastercard Inc                                          | MASTERCARD INC-A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    361007 | NS      | $125532964.11 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                        | WELLS FARGO & CO                  | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   1030355 | NS      | $42543357.95  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                             | MODERNA INC                       | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    267276 | NS      | $48008115.12  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The                                  | HOWARD HUGHE                      | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |    225603 | NS      | $17240581.26  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                                       | NEWELL BRANDS IN                  | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |   2406073 | NS      | $31471434.84  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Wayfair Inc                                             | WAYFAIR INC- A                    | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Long             | EC               | CORP              | US        |    148992 | NS      | $4900346.88   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| First Solar Inc                                         | FIRST SOLAR INC                   | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    131255 | NS      | $19660686.45  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                                 | SBERBANK                          | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |   3912108 | NS      | $0.53         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Woodside Energy Group Ltd                               | WOODSIDE ENERGY                   | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | GB        |    437661 | NS      | $10529894.11  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                      | DEUTSCHE BOERSE                   | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |    159433 | NS      | $27452785.59  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                  | UNITEDHEALTH GRP                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    160245 | NS      | $84958694.10  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Housing Development Finance Corp Ltd                    | HOUSING DEV FIN                   | CUSIP: Y37246207<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |   1363032 | NS      | $43332101.82  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberAgent Inc                                          | CYBERAGENT INC                    | CUSIP: N/A<br>LEI: 3538006T5KZABPGS8Q08       | Long             | EC               | CORP              | JP        |   1960900 | NS      | $17457470.19  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Moody's Corp                                            | MOODY'S CORP                      | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |    327816 | NS      | $91336093.92  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc                          | SS&C TECHNOLOGIE                  | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    638768 | NS      | $33254262.08  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral Inc                                         | RINGCENTRAL IN-A                  | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |    141536 | NS      | $5010374.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp                     | COGNIZANT TECH-A                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    991387 | NS      | $56697422.53  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                            | PROLOGIS INC                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    554951 | NS      | $62559626.23  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                        | ROCHE HLDG-GENUS                  | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    110704 | NS      | $34787354.38  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                               | SHELL PLC                         | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | NL        |   2071925 | NS      | $58754356.24  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                            | ALPHABET INC-A                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    663833 | NS      | $58569985.59  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                                            | ENTEGRIS INC                      | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    230734 | NS      | $15133843.06  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| REVOLUTION Medicines Inc                                | REVOLUTION MEDIC                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |    427111 | NS      | $10173784.02  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                      | WALT DISNEY CO/T                  | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    412570 | NS      | $35844081.60  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                            | ING GROEP NV                      | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |   3683840 | NS      | $44873443.21  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer