# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0000932471-25-001210
**Filing Date:** 2025-11
**Character Count:** 65950
**Document Hash:** 392a823c4f3628a1cd00135f1a278cd2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932471-25-001210.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000932471-25-001210

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251518295

**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           |

## 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:** 2025-09-30

**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:** $7780169839.38

**Total Liabilities:** $8153044.74

**Net Assets:** $7772016794.64

**Cash Not Reported:** $4087577.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007115 | 0.88%                | 2.60%                | 3.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $77704919.05             | $-10818145.62                              |
| Month 2  | $35609651.05             | $156951311.87                              |
| Month 3  | $155708405.87            | $78356610.00                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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      |
| Advanced Drainage Systems Inc                     | ADVANCED DRAINAG               | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |    209382 | NS      | $29041283.40  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc                                 | AEROVIRONMENT IN               | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |    176555 | NS      | $55595403.95  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bellway PLC                                       | BELLWAY PLC                    | CUSIP: N/A<br>LEI: 213800CY4L3HST4FGZ98       | Long             | EC               | CORP              | GB        |    397510 | NS      | $13169036.11  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbnb Inc                                        | AIRBNB INC-A                   | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    271748 | NS      | $32995642.16  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                           | CRH PLC                        | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | GB        |    534534 | NS      | $64490690.66  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                       | ALNYLAM PHARMACE               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     73148 | NS      | $33355488.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-C                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    291867 | NS      | $71084207.85  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    631581 | NS      | $153537341.10 | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | AMAZON.COM INC                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1129814 | NS      | $248073259.98 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    204201 | NS      | $65981427.12  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | APPLE INC                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    107384 | NS      | $27343187.92  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                     | APPLOVIN CO-CL A               | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    111329 | NS      | $79994339.66  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                      | AUTOZONE INC                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     13348 | NS      | $57266123.52  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDINGS PL               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   2609487 | NS      | $36827987.82  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Baxter International Inc                          | BAXTER INTL INC                | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |   2882055 | NS      | $65624392.35  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    668044 | NS      | $30128784.40  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    248127 | NS      | $81859578.57  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                                   | BROOKFIELD CORP                | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | US        |    426434 | NS      | $29244843.72  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                                 | BRUNSWICK CORP                 | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |    178248 | NS      | $11272403.52  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                          | BUILDERS FIRSTSO               | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |    140163 | NS      | $16994763.75  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    273905 | NS      | $43156471.80  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                   | CVS HEALTH CORP                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    685130 | NS      | $51651950.70  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                        | CAPITAL ONE FINA               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    178611 | NS      | $37969126.38  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                        | CHIPOTLE MEXICAN               | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    426632 | NS      | $16719708.08  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    502109 | NS      | $50964063.50  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                                 | CLEAN HARBORS                  | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |    278674 | NS      | $64713676.28  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                    | CLOUDFLARE INC-A               | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    183448 | NS      | $39366106.32  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp               | COGNIZANT TECH-A               | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    685788 | NS      | $45995801.16  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                     | COHERENT CORP                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    298534 | NS      | $32158082.48  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                               | COINBASE GLOBA-A               | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     58715 | NS      | $19815725.35  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                           | COMFORT SYSTEMS                | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     38772 | NS      | $31993878.96  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TAIWAN SEMIC-ADR               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | US        |    358456 | NS      | $100113176.24 | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                          | COREBRIDGE FINAN               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |    853829 | NS      | $27365219.45  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | COSTAR GROUP INC               | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    285835 | NS      | $24115898.95  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                       | COUPANG INC                    | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2557236 | NS      | $82342999.20  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                       | DATADOG INC-A                  | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    165035 | NS      | $23500984.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                | WALT DISNEY CO/T               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    204393 | NS      | $23402998.50  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                               | DOLLAR GENERAL C               | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |    839054 | NS      | $86716230.90  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                      | DOORDASH INC-A                 | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    320476 | NS      | $87166267.24  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | EUR/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $605.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | JPY/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-31.22       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | AUD/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3.73         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | CHF/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $21.72        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | GBP/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $277.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | HKD/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-0.34        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | CAD/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-10.93       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | SEK/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $991.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dow Inc                                           | DOW INC                        | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |   1297574 | NS      | $29753371.82  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                            | PETROBRAS SA-ADR               | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |   1657779 | NS      | $20987482.14  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                         | NOKIA CORP-ADR                 | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | US        |   3494816 | NS      | $16810064.96  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                                    | DUTCH BROS INC-A               | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    348531 | NS      | $18242112.54  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Stella-Jones Inc                                  | STELLA-JONES INC               | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    395448 | NS      | $22564148.65  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                                | ENPHASE ENERGY                 | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |    266099 | NS      | $9417243.61   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                              | ENSIGN GROUP INC               | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    136924 | NS      | $23656359.48  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                                  | EPAM SYSTEMS INC               | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |    136993 | NS      | $20657174.47  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | META PLATFORMS-A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    228396 | NS      | $167729454.48 | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                      | BARCLAYS PLC                   | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |   5784476 | NS      | $29762974.72  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                   | FIRST SOLAR INC                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    161513 | NS      | $35618461.89  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                        | FLOOR & DECOR-A                | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    163422 | NS      | $12044201.40  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                           | ARTHUR J GALLAGH               | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     75487 | NS      | $23381343.38  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                               | GLOBAL PAYMENTS                | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    444750 | NS      | $36949830.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE               | LVMH MOET HENNE                | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     18159 | NS      | $11174711.05  | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc         | HA SUSTAINABLE I               | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |   1185812 | NS      | $36404428.40  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                       | HUBSPOT INC                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     39502 | NS      | $18479035.60  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                        | HUMANA INC                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    161056 | NS      | $41901939.52  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                            | INTUITIVE SURGIC               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     60562 | NS      | $27085143.26  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                           | SBERBANK                       | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |   3912108 | NS      | $0.47         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BASF SE                                           | BASF SE                        | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |    924698 | NS      | $46201834.60  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                         | FRESENIUS MEDICA               | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |    887763 | NS      | $46907240.78  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                              | ASM INTL NV                    | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     32657 | NS      | $19697062.50  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Lear Corp                                         | LEAR CORP                      | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    330318 | NS      | $33233293.98  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                                       | RANDSTAD NV                    | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |    933998 | NS      | $39824987.97  | 0.51%             |  |  |  | No            |                  2 | On Loan: —       |
| Hermes International SCA                          | HERMES INTL                    | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |     10686 | NS      | $26277297.34  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     75784 | NS      | $57823192.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                          | MSCI INC                       | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     63778 | NS      | $36188274.98  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc                           | MAGNA INTL                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | US        |   1065196 | NS      | $50468986.48  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                         | SANOFI                         | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    349141 | NS      | $33061543.15  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Markel Group Inc                                  | MARKEL GROUP INC               | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |     18419 | NS      | $35205339.84  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                     | MARTIN MAR MTLS                | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |    128706 | NS      | $81120817.68  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    246167 | NS      | $140022251.27 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                              | MEDPACE HOLDINGS               | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     56553 | NS      | $29077290.48  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                  | MERCADOLIBRE INC               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     31336 | NS      | $73230351.84  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                         | NOKIA OYJ                      | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |   1419447 | NS      | $6825833.38   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MetLife Inc                                       | METLIFE INC                    | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    353311 | NS      | $29102227.07  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    671767 | NS      | $347941717.65 | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A               | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    357686 | NS      | $5050526.32   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                      | MOODY'S CORP                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     73648 | NS      | $35091799.04  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| China Overseas Land & Investment Ltd              | CHINA OVERSEAS                 | CUSIP: Y15004107<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |  22171000 | NS      | $40831905.30  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberAgent Inc                                    | CYBERAGENT INC                 | CUSIP: N/A<br>LEI: 3538006T5KZABPGS8Q08       | Long             | EC               | CORP              | JP        |   1482900 | NS      | $17800249.92  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group Inc                                 | RAKUTEN GROUP IN               | CUSIP: N/A<br>LEI: 529900IMXUCQKUL1H943       | Long             | EC               | CORP              | JP        |   2690000 | NS      | $17443741.06  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                                        | DISCO CORP                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     83000 | NS      | $26023847.53  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| NOV Inc                                           | NOV INC                        | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |   1906004 | NS      | $25254553.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd                    | SHINHAN FINANCIA               | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    619705 | NS      | $31244253.43  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                                       | NETFLIX INC                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     32414 | NS      | $38861792.88  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd                            | KWEICHOW MOUTA-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     99900 | NS      | $20303129.11  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                    | GALAXY ENTERTAIN               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   5385825 | NS      | $29613186.34  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | KEYENCE CORP                   | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     46026 | NS      | $17147474.82  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Newell Brands Inc                                 | NEWELL BRANDS IN               | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |   1481420 | NS      | $7762640.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Paint Holdings Co Ltd                      | NIPPON PAINT HOL               | CUSIP: N/A<br>LEI: 529900RYRJUN78A7PL87       | Long             | EC               | CORP              | JP        |   2607200 | NS      | $17787268.48  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp                                      | OLYMPUS CORP                   | CUSIP: N/A<br>LEI: 5299000Y52IFDI1I2A21       | Long             | EC               | CORP              | JP        |   2249800 | NS      | $28444262.43  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   2425306 | NS      | $452513593.48 | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT              | BANK RAKYAT INDO               | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  52445000 | NS      | $12292184.67  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                          | SMC CORP                       | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     47500 | NS      | $14681871.78  | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1679970 | NS      | $100714711.94 | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp                             | ON SEMICONDUCTOR               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    490874 | NS      | $24204996.94  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp                                          | TDK CORP                       | CUSIP: N/A<br>LEI: 3538005O8WNU39U8NX03       | Long             | EC               | CORP              | JP        |   3418700 | NS      | $49505525.59  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                           | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   3357000 | NS      | $145820742.69 | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| PVH Corp                                          | PVH CORP                       | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |    230975 | NS      | $19348775.75  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                               | PAYCOM SOFTWARE                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |    164194 | NS      | $34175339.16  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexans SA                                         | NEXANS SA                      | CUSIP: N/A<br>LEI: 96950015FU78G84UIV14       | Long             | EC               | CORP              | FR        |    126002 | NS      | $18763421.10  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel SpA                                          | ENEL SPA                       | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   3170221 | NS      | $30042726.50  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| REVOLUTION Medicines Inc                          | REVOLUTION MEDIC               | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |    226913 | NS      | $10596837.10  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                    | S&P GLOBAL INC                 | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     69167 | NS      | $33664270.57  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc                    | SS&C TECHNOLOGIE               | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    437494 | NS      | $38831967.44  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                    | SALESFORCE INC                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    107113 | NS      | $25385781.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                       | SAMSARA INC-CL A               | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    238052 | NS      | $8867437.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                     | SERVICE CORP INT               | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    918712 | NS      | $76455212.64  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                                   | SHAKE SHACK IN-A               | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |    138731 | NS      | $12986608.91  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                       | SHOPIFY INC - A                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |    595334 | NS      | $88472585.74  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                                | CHAMPION HOMES I               | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80111 | NS      | $6118077.07   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                            | SKYWORKS SOLUTIO               | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    543632 | NS      | $41848791.36  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                         | BLOCK INC                      | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    659076 | NS      | $47631422.52  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                      | SYNOPSYS INC                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     82054 | NS      | $40484623.06  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                         | TESLA INC                      | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     33087 | NS      | $14714450.64  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    173305 | NS      | $31841327.65  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                | TRADE DESK INC-A               | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    437844 | NS      | $21458734.44  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | THERMO FISHER                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     41748 | NS      | $20248614.96  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                                   | TYSON FOODS-A                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    644900 | NS      | $35018070.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                             | UBER TECHNOLOGIE               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    411895 | NS      | $40353353.15  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                | UNITY SOFTWARE I               | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    650881 | NS      | $26061275.24  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                     | UNIVERSAL HLTH-B               | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     82389 | NS      | $16843607.16  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Growth ETF                               | VANGUARD GRW ETF               | CUSIP: 922908736<br>LEI: 8DLNZLT9FCSJNCMHQC12 | Long             | EC               | RF                | US        |      9503 | NS      | $4557733.83   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                        | VERTEX PHARM                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     57517 | NS      | $22525957.88  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    362613 | NS      | $30394221.66  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                  | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    249298 | NS      | $44409945.72  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                            | WILLSCOT HOLDING               | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    443541 | NS      | $9363150.51   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                      | WINGSTOP INC                   | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     45076 | NS      | $11344727.68  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                                   | SAINSBURY PLC                  | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |   9639518 | NS      | $43341414.61  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Cosmos Pharmaceutical Corp                        | COSMOS PHARM                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    316500 | NS      | $18494194.39  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                           | RELIANC-GDR 144A               | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | GB        |    540678 | NS      | $33026905.26  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                                          | REXEL SA                       | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |   1206319 | NS      | $39715913.65  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd                          | ANTA SPORTS                    | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | HK        |   2478186 | NS      | $29684637.94  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE               | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    518336 | NS      | $39912876.54  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group Ltd                             | JULIUS BAER GROU               | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |    381938 | NS      | $26595271.58  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                     | AIA                            | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   4542400 | NS      | $43534192.44  | 0.56%             |  |  |  | No            |                  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        |    924689 | NS      | $22021208.11  | 0.28%             |  |  |  | No            |                  2 | 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      |
| ASML Holding NV                                   | ASML HOLDING NV                | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     86880 | NS      | $84724241.09  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    179890 | NS      | $34532817.01  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                         | BANK OF IRELAND                | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               | CORP              | IE        |   1464625 | NS      | $24250269.23  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                         | ARGENX SE - ADR                | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | US        |     36024 | NS      | $26569861.44  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A               | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |   1013000 | NS      | $57450704.62  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                       | B3 SA                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |  12060900 | NS      | $30366115.83  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                          | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   6243610 | NS      | $14182957.38  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                         | PROSUS NV                      | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |   2108838 | NS      | $149126541.86 | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                         | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   2348979 | NS      | $52532802.46  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                         | EPIROC AB-B                    | CUSIP: N/A<br>LEI: 5493004Q73OEYW1SPE91       | Long             | EC               | CORP              | SE        |   1090067 | NS      | $20622380.16  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                              | TENCENT                        | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    623962 | NS      | $53167548.53  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Auto Inc                                       | LI AUTO INC-A                  | CUSIP: N/A<br>LEI: 2549003R73Q70J5H4I65       | Long             | EC               | CORP              | HK        |   1953058 | NS      | $25003929.71  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Saipem SpA                                        | SAIPEM SPA                     | CUSIP: N/A<br>LEI: 549300PHV8MBDHWB8X12       | Long             | EC               | CORP              | IT        |     15300 | NS      | $44291.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kokusai Electric Corp                             | KOKUSAI ELECTRIC               | CUSIP: N/A<br>LEI: 549300CDY6N3WKYK2I96       | Long             | EC               | CORP              | JP        |   1145200 | NS      | $32483540.59  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    538986 | NS      | $30011615.58  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | NL        |   1063696 | NS      | $38152072.75  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                          | DAIMLER TRUCK HO               | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |   1311896 | NS      | $54248923.16  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA      | MICHELIN                       | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |   1017313 | NS      | $36637243.40  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                      | UBS GROUP AG                   | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |    956756 | NS      | $39335626.66  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                         | FLUTTER ENTER-DI               | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | GB        |    149662 | NS      | $39036927.29  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                  | ARCELORMITTAL                  | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | NL        |   1163863 | NS      | $41987420.26  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc                                  | PDD HOLDINGS INC               | CUSIP: N/A<br>LEI: 5493000573DS7005T657       | Long             | EC               | CORP              | US        |    243479 | NS      | $32180619.43  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                           | SEA LTD-ADR                    | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |    289412 | NS      | $51726606.76  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC                              | RYANAIR HLDG-ADR               | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |    962732 | NS      | $57975721.04  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius Stedim Biotech                          | SARTORIUS STEDIM               | CUSIP: F8005V210<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |     40544 | NS      | $8262590.52   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                         | AMUNDI SA                      | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |    135117 | NS      | $10738369.61  | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Adyen NV                                          | ADYEN NV                       | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |     46341 | NS      | $74566339.92  | 0.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                      | ING GROEP NV                   | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |   1581630 | NS      | $41463632.47  | 0.53%             |  |  |  | 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        | 232197783 | NS      | $232197782.93 | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Dec25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       332 | NC      | $1257353.93   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                        | AMDOCS LTD                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |    217950 | NS      | $17882797.50  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                    | EATON CORP PLC                 | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |     66087 | NS      | $24733059.75  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                 | FTAI AVIATION LT               | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    232236 | NS      | $38750898.96  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |    107706 | NS      | $10257919.44  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                    | NU HOLDINGS LT-A               | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | US        |   1415722 | NS      | $22665709.22  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                                | ROYALTY PHARMA-A               | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | US        |   1623312 | NS      | $57270447.36  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                             | SPOTIFY TECHNOLO               | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |     38650 | NS      | $26977700.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                       | WIX.COM LTD                    | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    137246 | NS      | $24379006.98  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EmgMkt       Dec25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       278 | NC      | $14465.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EAFE         Dec25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       287 | NC      | $127859.43    | 0.00%             |  |  |  | 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        |     28702 | NS      | $2870232.90   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer