# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0000932471-25-001145
**Filing Date:** 2025-8
**Character Count:** 99249
**Document Hash:** f14f38c4f921e70fc5d7030a9900ac5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932471-25-001145.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000932471-25-001145

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07239
- **FILM NUMBER:** 251264982

**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 Capital Opportunity Fund (Series ID: S000002594)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007113 | Investor Shares | VHCOX           |
| C000007114 | Admiral Shares  | VHCAX           |

## Nport-Ex

Vanguard<sup>®</sup> Capital Opportunity Fund

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (96.4%)** | **Common Stocks (96.4%)** | **Common Stocks (96.4%)** | **Common Stocks (96.4%)** |
| **Communication Services (6.1%)** | **Communication Services (6.1%)** | **Communication Services (6.1%)** | **Communication Services (6.1%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 1971710 | &nbsp;&nbsp;&nbsp;&nbsp; 347474 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 1857100 | &nbsp;&nbsp;&nbsp;&nbsp; 329431 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Baidu Inc. ADR | 2384390 | &nbsp;&nbsp;&nbsp;&nbsp; 204485 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;221700 | &nbsp;&nbsp;&nbsp;&nbsp; 163635 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | 1708850 | &nbsp;&nbsp;&nbsp;&nbsp; 61279 |
|  | &nbsp;&nbsp;&nbsp;Universal Music Group NV | 1871005 | &nbsp;&nbsp;&nbsp;&nbsp; 60696 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52091 | &nbsp;&nbsp;&nbsp;&nbsp; 39971 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | 3727664 | &nbsp;&nbsp;&nbsp;&nbsp; 37724 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224800 | &nbsp;&nbsp;&nbsp;&nbsp; 35901 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24010 | &nbsp;&nbsp;&nbsp;&nbsp; 32152 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184800 | &nbsp;&nbsp;&nbsp;&nbsp; 27957 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;132140 | &nbsp;&nbsp;&nbsp;&nbsp; 16387 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;179200 | &nbsp;&nbsp;&nbsp;&nbsp; 12901 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39480 | &nbsp;&nbsp;&nbsp;&nbsp; 9588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1379672** |
| **Consumer Discretionary (11.1%)** | **Consumer Discretionary (11.1%)** | **Consumer Discretionary (11.1%)** | **Consumer Discretionary (11.1%)** |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 3602376 | &nbsp;&nbsp;&nbsp;&nbsp; 408545 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 1039090 | &nbsp;&nbsp;&nbsp;&nbsp; 330077 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 1363262 | &nbsp;&nbsp;&nbsp;&nbsp; 299086 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 282792 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;567400 | &nbsp;&nbsp;&nbsp;&nbsp; 177676 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;XPeng Inc. ADR | 9075419 | &nbsp;&nbsp;&nbsp;&nbsp; 162268 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. ADR | 5793375 | &nbsp;&nbsp;&nbsp;&nbsp; 150802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | 1711097 | &nbsp;&nbsp;&nbsp;&nbsp; 115003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;362803 | &nbsp;&nbsp;&nbsp;&nbsp; 103675 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;452400 | &nbsp;&nbsp;&nbsp;&nbsp; 57717 |
|  | &nbsp;&nbsp;&nbsp;Entain plc | 4503388 | &nbsp;&nbsp;&nbsp;&nbsp; 55777 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | 3095305 | &nbsp;&nbsp;&nbsp;&nbsp; 54787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 1577945 | &nbsp;&nbsp;&nbsp;&nbsp; 44372 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326260 | &nbsp;&nbsp;&nbsp;&nbsp; 42995 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;529740 | &nbsp;&nbsp;&nbsp;&nbsp; 39444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;115087 | &nbsp;&nbsp;&nbsp;&nbsp; 38780 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163700 | &nbsp;&nbsp;&nbsp;&nbsp; 38083 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | 1723000 | &nbsp;&nbsp;&nbsp;&nbsp; 30980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111200 | &nbsp;&nbsp;&nbsp;&nbsp; 27412 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62900 | &nbsp;&nbsp;&nbsp;&nbsp; 17185 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 2225000 | &nbsp;&nbsp;&nbsp;&nbsp; 12015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 10760 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;442125 | &nbsp;&nbsp;&nbsp;&nbsp; 8966 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp;&nbsp;&nbsp; 3846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;261900 | &nbsp;&nbsp;&nbsp;&nbsp; 3598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
|  | &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27630 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2520359** |
| **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | 1396727 | &nbsp;&nbsp;&nbsp;&nbsp; 122172 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;654871 | &nbsp;&nbsp;&nbsp;&nbsp; 37937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249400 | &nbsp;&nbsp;&nbsp;&nbsp; 31035 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp; 25105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;258900 | &nbsp;&nbsp;&nbsp;&nbsp; 19938 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **236187** |
| **Energy (2.4%)** | **Energy (2.4%)** | **Energy (2.4%)** | **Energy (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;Hess Corp. | 1552344 | &nbsp;&nbsp;&nbsp;&nbsp; 215062 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 1149900 | &nbsp;&nbsp;&nbsp;&nbsp; 103192 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900139 | &nbsp;&nbsp;&nbsp;&nbsp; 97035 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397821 | &nbsp;&nbsp;&nbsp;&nbsp; 47583 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Fortress Energy Inc. | 7828631 | &nbsp;&nbsp;&nbsp;&nbsp; 25991 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp; 22335 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;616700 | &nbsp;&nbsp;&nbsp;&nbsp; 21239 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;670850 | &nbsp;&nbsp;&nbsp;&nbsp; 17026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Transocean Ltd. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;265852 | &nbsp;&nbsp;&nbsp;&nbsp; 689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **550152** |
| **Financials (9.3%)** | **Financials (9.3%)** | **Financials (9.3%)** | **Financials (9.3%)** |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 2781387 | &nbsp;&nbsp;&nbsp;&nbsp; 426581 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2146911 | &nbsp;&nbsp;&nbsp;&nbsp; 272207 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2877179 | &nbsp;&nbsp;&nbsp;&nbsp; 262514 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;612600 | &nbsp;&nbsp;&nbsp;&nbsp; 217504 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1929200 | &nbsp;&nbsp;&nbsp;&nbsp; 154567 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;616100 | &nbsp;&nbsp;&nbsp;&nbsp; 137600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 1681000 | &nbsp;&nbsp;&nbsp;&nbsp; 124932 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372654 | &nbsp;&nbsp;&nbsp;&nbsp; 102711 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;661800 | &nbsp;&nbsp;&nbsp;&nbsp; 96888 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;320390 | &nbsp;&nbsp;&nbsp;&nbsp; 85499 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;372500 | &nbsp;&nbsp;&nbsp;&nbsp; 79253 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;372902 | &nbsp;&nbsp;&nbsp;&nbsp; 52527 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;170400 | &nbsp;&nbsp;&nbsp;&nbsp; 49401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188300 | &nbsp;&nbsp;&nbsp;&nbsp; 27659 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp; 23152 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66700 | &nbsp;&nbsp;&nbsp;&nbsp; 5677 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2118672** |
| **Health Care (24.7%)** | **Health Care (24.7%)** | **Health Care (24.7%)** | **Health Care (24.7%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2013203 | &nbsp;&nbsp;&nbsp;&nbsp; 1569352 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 4966846 | &nbsp;&nbsp;&nbsp;&nbsp; 533489 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 1854739 | &nbsp;&nbsp;&nbsp;&nbsp; 517862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | 2403057 | &nbsp;&nbsp;&nbsp;&nbsp; 301800 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | 5279325 | &nbsp;&nbsp;&nbsp;&nbsp; 290204 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. ADR | 1137021 | &nbsp;&nbsp;&nbsp;&nbsp; 275239 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BioNTech SE ADR | 2216440 | &nbsp;&nbsp;&nbsp;&nbsp; 235984 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4582200 | &nbsp;&nbsp;&nbsp;&nbsp; 212110 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG ADR | 1434840 | &nbsp;&nbsp;&nbsp;&nbsp; 173630 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 2421000 | &nbsp;&nbsp;&nbsp;&nbsp; 169179 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;388116 | &nbsp;&nbsp;&nbsp;&nbsp; 157366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | 10435076 | &nbsp;&nbsp;&nbsp;&nbsp; 149013 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 1423100 | &nbsp;&nbsp;&nbsp;&nbsp; 111301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | 1091069 | &nbsp;&nbsp;&nbsp;&nbsp; 104099 |
|  | &nbsp;&nbsp;&nbsp;Revvity Inc. | 1037455 | &nbsp;&nbsp;&nbsp;&nbsp; 100343 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | 1003800 | &nbsp;&nbsp;&nbsp;&nbsp; 91557 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | 1971600 | &nbsp;&nbsp;&nbsp;&nbsp; 88761 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Immunocore Holdings plc ADR | 2439068 | &nbsp;&nbsp;&nbsp;&nbsp; 76538 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glaukos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700492 | &nbsp;&nbsp;&nbsp;&nbsp; 72354 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;200231 | &nbsp;&nbsp;&nbsp;&nbsp; 65359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;422300 | &nbsp;&nbsp;&nbsp;&nbsp; 53079 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 1795870 | &nbsp;&nbsp;&nbsp;&nbsp; 51380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;817789 | &nbsp;&nbsp;&nbsp;&nbsp; 39303 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252610 | &nbsp;&nbsp;&nbsp;&nbsp; 38329 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253500 | &nbsp;&nbsp;&nbsp;&nbsp; 29916 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91400 | &nbsp;&nbsp;&nbsp;&nbsp; 22345 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp; 15606 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;151840 | &nbsp;&nbsp;&nbsp;&nbsp; 13404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101878 | &nbsp;&nbsp;&nbsp;&nbsp; 12672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79810 | &nbsp;&nbsp;&nbsp;&nbsp; 12577 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;&nbsp;171280 | &nbsp;&nbsp;&nbsp;&nbsp; 9508 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165788 | &nbsp;&nbsp;&nbsp;&nbsp; 8525 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 7539 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Allogene Therapeutics Inc. | 3564570 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65990 | &nbsp;&nbsp;&nbsp;&nbsp; 3434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77400 | &nbsp;&nbsp;&nbsp;&nbsp; 3342 |
|  | &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10840 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FibroGen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67977 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mural Oncology plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zimvie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5621748** |
| **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** |
|  | &nbsp;&nbsp;&nbsp;AECOM | 3468356 | &nbsp;&nbsp;&nbsp;&nbsp; 391439 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 1450374 | &nbsp;&nbsp;&nbsp;&nbsp; 329684 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 8520859 | &nbsp;&nbsp;&nbsp;&nbsp; 276417 |

---

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---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | 2095901 | &nbsp;&nbsp;&nbsp;&nbsp; 275506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 3114873 | &nbsp;&nbsp;&nbsp;&nbsp; 248037 |
|  | &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;904140 | &nbsp;&nbsp;&nbsp;&nbsp; 189147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NEXTracker Inc. Class A | 2712937 | &nbsp;&nbsp;&nbsp;&nbsp; 147502 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;255900 | &nbsp;&nbsp;&nbsp;&nbsp; 125020 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | 10840200 | &nbsp;&nbsp;&nbsp;&nbsp; 121627 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 2455115 | &nbsp;&nbsp;&nbsp;&nbsp; 120742 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61023 | &nbsp;&nbsp;&nbsp;&nbsp; 92794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | 2604138 | &nbsp;&nbsp;&nbsp;&nbsp; 61484 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;303679 | &nbsp;&nbsp;&nbsp;&nbsp; 53317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;435600 | &nbsp;&nbsp;&nbsp;&nbsp; 40641 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188653 | &nbsp;&nbsp;&nbsp;&nbsp; 34139 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;413640 | &nbsp;&nbsp;&nbsp;&nbsp; 33211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | 1404524 | &nbsp;&nbsp;&nbsp;&nbsp; 22135 |
|  | &nbsp;&nbsp;&nbsp;Ryanair Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;360750 | &nbsp;&nbsp;&nbsp;&nbsp; 20804 |
|  | &nbsp;&nbsp;&nbsp;GFL Environmental Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;362100 | &nbsp;&nbsp;&nbsp;&nbsp; 18272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chart Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96900 | &nbsp;&nbsp;&nbsp;&nbsp; 15955 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 13805 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 | &nbsp;&nbsp;&nbsp;&nbsp; 13121 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147112 | &nbsp;&nbsp;&nbsp;&nbsp; 10767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | 1419300 | &nbsp;&nbsp;&nbsp;&nbsp; 6004 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2661570** |
| **Information Technology (29.7%)** | **Information Technology (29.7%)** | **Information Technology (29.7%)** | **Information Technology (29.7%)** |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1416330 | &nbsp;&nbsp;&nbsp;&nbsp; 704497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | 13318062 | &nbsp;&nbsp;&nbsp;&nbsp; 664838 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;663640 | &nbsp;&nbsp;&nbsp;&nbsp; 594449 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 4803377 | &nbsp;&nbsp;&nbsp;&nbsp; 592016 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3581690 | &nbsp;&nbsp;&nbsp;&nbsp; 565871 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | 1497400 | &nbsp;&nbsp;&nbsp;&nbsp; 326583 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 1405690 | &nbsp;&nbsp;&nbsp;&nbsp; 291849 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | 2328070 | &nbsp;&nbsp;&nbsp;&nbsp; 248056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | 3013411 | &nbsp;&nbsp;&nbsp;&nbsp; 228959 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;281667 | &nbsp;&nbsp;&nbsp;&nbsp; 225725 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482400 | &nbsp;&nbsp;&nbsp;&nbsp; 186631 |
|  | &nbsp;&nbsp;&nbsp;Universal Display Corp. | 1111135 | &nbsp;&nbsp;&nbsp;&nbsp; 171626 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 7601000 | &nbsp;&nbsp;&nbsp;&nbsp; 170262 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;670200 | &nbsp;&nbsp;&nbsp;&nbsp; 146526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;616738 | &nbsp;&nbsp;&nbsp;&nbsp; 129509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Descartes Systems Group Inc. | 1225012 | &nbsp;&nbsp;&nbsp;&nbsp; 124516 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nutanix Inc. Class A | 1510619 | &nbsp;&nbsp;&nbsp;&nbsp; 115472 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | 1953524 | &nbsp;&nbsp;&nbsp;&nbsp; 102736 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;588122 | &nbsp;&nbsp;&nbsp;&nbsp; 93664 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114350 | &nbsp;&nbsp;&nbsp;&nbsp; 90065 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;253576 | &nbsp;&nbsp;&nbsp;&nbsp; 88772 |
|  | &nbsp;&nbsp;&nbsp;Entegris Inc. | 1020958 | &nbsp;&nbsp;&nbsp;&nbsp; 82340 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;280100 | &nbsp;&nbsp;&nbsp;&nbsp; 77210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;789050 | &nbsp;&nbsp;&nbsp;&nbsp; 61530 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210800 | &nbsp;&nbsp;&nbsp;&nbsp; 57483 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643279 | &nbsp;&nbsp;&nbsp;&nbsp; 49790 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;541975 | &nbsp;&nbsp;&nbsp;&nbsp; 48734 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 2319380 | &nbsp;&nbsp;&nbsp;&nbsp; 47431 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 1785700 | &nbsp;&nbsp;&nbsp;&nbsp; 43678 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FormFactor Inc. | 1240041 | &nbsp;&nbsp;&nbsp;&nbsp; 42670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133600 | &nbsp;&nbsp;&nbsp;&nbsp; 41359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | 6661800 | &nbsp;&nbsp;&nbsp;&nbsp; 34908 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;211370 | &nbsp;&nbsp;&nbsp;&nbsp; 34187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166520 | &nbsp;&nbsp;&nbsp;&nbsp; 34077 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196350 | &nbsp;&nbsp;&nbsp;&nbsp; 32174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gitlab Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;658500 | &nbsp;&nbsp;&nbsp;&nbsp; 29705 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;267048 | &nbsp;&nbsp;&nbsp;&nbsp; 26697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp; 23667 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12150 | &nbsp;&nbsp;&nbsp;&nbsp; 22210 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 21422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp; 14877 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlackBerry Ltd. | 2313376 | &nbsp;&nbsp;&nbsp;&nbsp; 10595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp; 7881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 7074 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278404 | &nbsp;&nbsp;&nbsp;&nbsp; 6737 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42700 | &nbsp;&nbsp;&nbsp;&nbsp; 6059 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 5759 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 3743 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 1884 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Wolfspeed Inc. | 3323800 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6741809** |
| **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd. Class A | 9050800 | &nbsp;&nbsp;&nbsp;&nbsp; 67993 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157500 | &nbsp;&nbsp;&nbsp;&nbsp; 9871 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **77864** |
| **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87945 | &nbsp;&nbsp;&nbsp;&nbsp; 13520 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 2814 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16334** |
| **Total Common Stocks (Cost $8,780,758)** | **Total Common Stocks (Cost $8,780,758)** | **Total Common Stocks (Cost $8,780,758)** | &nbsp;&nbsp;&nbsp;&nbsp;**21924367** |
| **Temporary Cash Investments (5.2%)** | **Temporary Cash Investments (5.2%)** | **Temporary Cash Investments (5.2%)** | **Temporary Cash Investments (5.2%)** |
| **Money Market Fund (5.2%)** | **Money Market Fund (5.2%)** | **Money Market Fund (5.2%)** | **Money Market Fund (5.2%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.355% **(Cost $1,175,939)** | 11762078 | &nbsp;&nbsp;&nbsp;&nbsp; **1176090** |
| **Total Investments (101.6%) (Cost $9,956,697)** | **Total Investments (101.6%) (Cost $9,956,697)** | **Total Investments (101.6%) (Cost $9,956,697)** | &nbsp;&nbsp;&nbsp;&nbsp;**23100457** |
| **Other Assets and Liabilities—Net (-1.6%)** | **Other Assets and Liabilities—Net (-1.6%)** | **Other Assets and Liabilities—Net (-1.6%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(374748)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**22725709** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $356,101. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the aggregate value was $9,508, representing 0.0% of net assets. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $372,083 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | GDR—Global Depositary Receipt. |

---

**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.** Various inputs may be used to determine the value of the fund's investments. 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 valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

The following table summarizes the market value of the fund's investments as of June 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 21543286 | &nbsp;&nbsp;&nbsp;381081 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21924367 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;1176090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1176090 |
| Total | 22719376 | &nbsp;&nbsp;&nbsp;381081 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;23100457 |

---

## 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 CAPITAL OPPORTUNITY FUND

- **b. EDGAR series identifier (if any):** S000002594

- **c. LEI of Series:** FB5GLVD8WIF251I6B804

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $22750642620.33

**Total Liabilities:** $13066951.68

**Net Assets:** $22737575668.65

**Cash Not Reported:** $5766321.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007113 | -1.56%               | 4.96%                | 5.52%                |
| Class ID C000007114 | -1.56%               | 4.97%                | 5.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $66304830.58             | $-414930927.57                             |
| Month 2  | $439114032.97            | $572201194.52                              |
| Month 3  | $198383905.50            | $979657376.93                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United Airlines Holdings Inc                      | UNITED AIRLINES                | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |   3114873 | NS      | $248037336.99  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                          | EBAY INC                       | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    529740 | NS      | $39444440.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | THERMO FISHER                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    388116 | NS      | $157365513.36  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                      | TERADYNE INC                   | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |    541975 | NS      | $48734392.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                      | SYNOPSYS INC                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      7300 | NS      | $3742564.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                       | GARTNER INC                    | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     17500 | NS      | $7073850.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                        | ZIMMER BIOMET HO               | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |   1003800 | NS      | $91556598.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                             | UBER TECHNOLOGIE               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    435600 | NS      | $40641480.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC                              | RYANAIR HLDG-ADR               | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |    360750 | NS      | $20804452.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                       | MONGODB INC                    | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |    616738 | NS      | $129508812.62  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                             | RIVIAN AUTOMOT-A               | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |    261900 | NS      | $3598506.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                         | AMGEN INC                      | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |   1854739 | NS      | $517861676.19  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| XPeng Inc                                         | XPENG INC-ADR                  | CUSIP: N/A<br>LEI: 549300TZNMIREMWQU857       | Long             | EC               | CORP              | US        |   9075419 | NS      | $162268491.72  | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Jabil Inc                                         | JABIL INC                      | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |   1497400 | NS      | $326582940.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                   | SONY GROUP-ADR                 | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | US        |   5793375 | NS      | $150801551.25  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                | ANALOG DEVICES                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     90000 | NS      | $21421800.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                   | SANDOZ GROUP AG                | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |     10840 | NS      | $594068.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                        | ADV MICRO DEVICE               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     42700 | NS      | $6059130.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | AMAZON.COM INC                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1209062 | NS      | $265256112.18  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                    | CONOCOPHILLIPS                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   1133200 | NS      | $101693368.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1416330 | NS      | $704496705.30  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                  | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     87945 | NS      | $13519784.85   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                                          | SNAP INC - A                   | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |     10500 | NS      | $91245.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                       | WATERS CORP                    | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |     21600 | NS      | $7539264.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-C                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   2052200 | NS      | $364039758.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                              | PROGRESSIVE CORP               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    320390 | NS      | $85499275.40   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    612600 | NS      | $217503630.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                             | GFL ENVIRONM-SUB               | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | US        |    362100 | NS      | $18271566.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   4582200 | NS      | $212110038.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                       | TRIMBLE INC                    | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |   3013411 | NS      | $228958967.78  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                                | IQVIA HOLDINGS I               | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     79810 | NS      | $12577257.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                         | QIAGEN NV                      | CUSIP: N72482149<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | US        |    817789 | NS      | $39302939.34   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                         | ADOBE INC                      | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    482400 | NS      | $186630912.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                        | CAPITAL ONE FINA               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    372500 | NS      | $79253100.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                                    | SHARKNINJA INC                 | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15200 | NS      | $1504648.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mural Oncology PLC                                | MURAL ONCOLOGY                 | CUSIP: G63365103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90000 | NS      | $222300.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | META PLATFORMS-A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    221700 | NS      | $163634553.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                         | IDEX CORP                      | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |    303679 | NS      | $53316922.03   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                        | INTUIT INC                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    114350 | NS      | $90065490.50   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                           | SCHWAB (CHARLES)               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   2852379 | NS      | $260251059.96  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                              | BRIDGEBIO PHARMA               | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     77400 | NS      | $3342132.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                                | CAPRI HOLDINGS L               | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | US        |   3095305 | NS      | $54786898.50   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                       | BIOMARIN PHARMAC               | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |   5279325 | NS      | $290204495.25  | 1.28%             |  |  |  | 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        |   3760083 | NS      | $375970733.17  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                      | ILLUMINA INC                   | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |   1091069 | NS      | $104098893.29  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME GROUP INC                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    372654 | NS      | $102710895.48  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                               | ELECTRONIC ARTS                | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    224800 | NS      | $35900560.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                            | MARVELL TECHNOLO               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    643279 | NS      | $49789794.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                        | BIOGEN INC                     | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |   2403057 | NS      | $301799928.63  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc                               | BELLRING BRANDS                | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |    653871 | NS      | $37878747.03   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                      | AUTODESK INC                   | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    133600 | NS      | $41358552.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                         | KEYSIGHT TEC                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |    196350 | NS      | $32173911.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                           | WEX INC                        | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |    188300 | NS      | $27659387.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                                        | GITLAB INC-CL A                | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |    658500 | NS      | $29704935.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                              | WESTERN DIGITAL                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     90000 | NS      | $5759100.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                       | RAYMOND JAMES                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |   2781387 | NS      | $426581324.19  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                         | ZOOMINFO TECH                  | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |   3727664 | NS      | $37723959.68   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBerry Ltd                                    | BLACKBERRY LTD                 | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | US        |   2313376 | NS      | $10595262.08   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                       | ORACLE CORP                    | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    670200 | NS      | $146525826.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurora Innovation Inc                             | AURORA INNOVATIO               | CUSIP: 051774107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6661800 | NS      | $34907832.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                        | INTEL CORP                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   7599000 | NS      | $170217600.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                | UNION PAC CORP                 | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     60000 | NS      | $13804800.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                                    | NEXTRACKER-CL A                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2712937 | NS      | $147502384.69  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc      | CHARLES RIVER LA               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |    252610 | NS      | $38328515.30   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimvie Inc                                        | ZIMVIE INC                     | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |      4830 | NS      | $45160.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                             | AECOM                          | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |   3468356 | NS      | $391438658.16  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/The                   | DESCARTES SYS                  | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | US        |   1225012 | NS      | $124516344.74  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                     | APPLOVIN CO-CL A               | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    253576 | NS      | $88771886.08   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                                    | TECHNIPFMC PLC                 | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | US        |    616700 | NS      | $21239148.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                       | NUTANIX INC - A                | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |   1510619 | NS      | $115471716.36  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co                         | PERFORMANCE FOOD               | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |   1396727 | NS      | $122171710.69  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                              | TRADEWEB MARKE-A               | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    661800 | NS      | $96887520.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                        | CIENA CORP                     | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |    291000 | NS      | $23667030.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                        | CARVANA CO                     | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |    115087 | NS      | $38779715.52   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FibroGen Inc                                      | FIBROGEN INC                   | CUSIP: 31572Q881<br>LEI: 549300Q914ULWWY95822 | Long             | EC               | CORP              | US        |     67977 | NS      | $360278.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                   | TJX COS INC                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |   2292000 | NS      | $283039080.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Allogene Therapeutics Inc                         | ALLOGENE THERAPE               | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3564570 | NS      | $4027964.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Tesla Inc                                         | TESLA INC                      | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |   1039090 | NS      | $330077329.40  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                         | HESS CORP                      | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |   1552344 | NS      | $215061737.76  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                      | LIVANOVA PLC                   | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | US        |   1971600 | NS      | $88761432.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                       | TEXTRON INC                    | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    413640 | NS      | $33211155.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-ADR                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | US        |   1434840 | NS      | $173629988.40  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                                        | ENTAIN PLC                     | CUSIP: N/A<br>LEI: 213800GNI3K45LQR8L28       | Long             | EC               | CORP              | GB        |   4503388 | NS      | $55777239.44   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| HubSpot Inc                                       | HUBSPOT INC                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      2000 | NS      | $1113260.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA-ADR                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | US        |   2421000 | NS      | $169179480.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                     | MARRIOTT INTL-A                | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     62900 | NS      | $17184909.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                       | REVVITY INC                    | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |   1037455 | NS      | $100342647.60  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                          | MARKETAXESS                    | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |    616100 | NS      | $137599774.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                     | LIVE NATION ENTE               | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    184800 | NS      | $27956544.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                | TRADE DESK INC-A               | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    179200 | NS      | $12900608.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                              | CHART INDUSTRIES               | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     96900 | NS      | $15954585.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                   | SEAGATE TECHNOLO               | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |      1000 | NS      | $144330.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV                          | UNIVERSAL MUSIC                | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |   1871005 | NS      | $60696435.67   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| PayPal Holdings Inc                               | PAYPAL HOLDINGS                | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |   1681000 | NS      | $124931920.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolfspeed Inc                                     | WOLFSPEED INC                  | CUSIP: 977852102<br>LEI: 549300OGU88P3AW3TO93 | Long             | EC               | CORP              | US        |   3323800 | NS      | $1325531.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| DoorDash Inc                                      | DOORDASH INC-A                 | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    111200 | NS      | $27411912.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | ALIBABA GRP-ADR                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | US        |   3602376 | NS      | $408545462.16  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A               | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1723000 | NS      | $30979540.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| elf Beauty Inc                                    | ELF BEAUTY INC                 | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |    249400 | NS      | $31035336.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                        | CASEY'S GENERAL                | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     49200 | NS      | $25105284.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                                    | FORMFACTOR INC                 | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |   1240041 | NS      | $42669810.81   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc                     | ZOOM COMMUNICATI               | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    789050 | NS      | $61530119.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                                    | TRANSOCEAN LTD                 | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | US        |    265852 | NS      | $688556.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                        | NEUROCRINE BIOSC               | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    422300 | NS      | $53078887.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                       | ROYAL CARIBBEAN                | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |    567400 | NS      | $177675636.00  | 0.78%             |  |  |  | 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        | 795126506 | NS      | $795046993.35  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd                               | BEONE MEDICINES                | CUSIP: N/A<br>LEI: 549300JFUK6FRD5MH739       | Long             | EC               | CORP              | US        |   1137021 | NS      | $275238673.47  | 1.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Boston Scientific Corp                            | BOSTON SCIENTIFC               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   4966846 | NS      | $533488928.86  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                     | HEWLETT PACKA                  | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |   2319380 | NS      | $47431321.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   2013203 | NS      | $1569352134.59 | 6.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                          | ELANCO ANIMAL HE               | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |  10435076 | NS      | $149012885.28  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                               | TRANSDIGM GROUP                | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61023 | NS      | $92794014.72   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                         | BAIDU INC-SP ADR               | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | US        |   2384390 | NS      | $204485286.40  | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Trust Corp                               | NORTHERN TRUST                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |   2146911 | NS      | $272206845.69  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                   | ULTA BEAUTY INC                | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     23000 | NS      | $10759860.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                               | CARRIER GLOB                   | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    147112 | NS      | $10767127.28   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corp                              | JETBLUE AIRWAYS                | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |   1419300 | NS      | $6003639.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     66700 | NS      | $5677504.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International Inc               | RESTAURANT BRAND               | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | US        |     17600 | NS      | $1166704.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc                 | TAKE-TWO INTERAC               | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     39480 | NS      | $9587718.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM INC                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    588122 | NS      | $93664309.72   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |   1405690 | NS      | $291849357.80  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                    | ALBEMARLE CORP                 | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |    157500 | NS      | $9870525.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                 | IVANHOE MINES LT               | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |   9050800 | NS      | $67993158.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                             | BURLINGTON STORE               | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |    163700 | NS      | $38083168.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                          | AGILENT TECH INC               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    253500 | NS      | $29915535.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                    | SALESFORCE INC                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    210800 | NS      | $57483052.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                      | ALKERMES PLC                   | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1795870 | NS      | $51379840.70   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                                     | PINTEREST INC -A               | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1708850 | NS      | $61279361.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                         | EDWARDS LIFE                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |   1423100 | NS      | $111300651.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| New Fortress Energy Inc                           | NEW FORTRESS ENE               | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |   7828631 | NS      | $25991054.92   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Okta Inc                                          | OKTA INC                       | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    267048 | NS      | $26696788.56   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | COSTAR GROUP INC               | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $2814000.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC                                  | ARM HOLDINGS PLC               | CUSIP: N/A<br>LEI: 2138001E66EELTE7Y904       | Long             | EC               | CORP              | US        |    211370 | NS      | $34186983.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Coterra Energy Inc                                | COTERRA ENERGY I               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    670850 | NS      | $17026173.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                     | CARNIVAL CORP                  | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |   1577945 | NS      | $44371813.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                      | TAPESTRY INC                   | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     43800 | NS      | $3846078.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunocore Holdings PLC                           | IMMUNOCORE HOLDI               | CUSIP: N/A<br>LEI: 213800IUE3DFS84BVN18       | Long             | EC               | CORP              | US        |   2439068 | NS      | $76537953.84   | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Exxon Mobil Corp                                  | EXXON MOBIL CORP               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    905639 | NS      | $97627884.20   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | DANAHER CORP                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     79000 | NS      | $15605660.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                      | GLAUKOS CORP                   | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |    700492 | NS      | $72353818.68   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                            | PALO ALTO NETWOR               | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    166520 | NS      | $34076652.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                         | AIRBUS SE                      | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |    904340 | NS      | $189188539.03  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| US Foods Holding Corp                             | US FOODS HOLDING               | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    258900 | NS      | $19937889.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                          | KLA CORP                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    663640 | NS      | $594448893.60  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                | NORWEGIAN CRUISE               | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    442125 | NS      | $8966295.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                            | HP INC                         | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |   1785700 | NS      | $43678222.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                       | NETFLIX INC                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     24010 | NS      | $32152511.30   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                       | BIONTECH SE-ADR                | CUSIP: N/A<br>LEI: 894500UZJ5LG1F8J1U58       | Long             | EC               | CORP              | US        |   2216440 | NS      | $235984366.80  | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Spotify Technology SA                             | SPOTIFY TECHNOLO               | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |     52091 | NS      | $39971507.94   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                          | CROWDSTRIKE HO-A               | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      3700 | NS      | $1884447.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | MORGAN STANLEY                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    372902 | NS      | $52526975.72   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                       | CORNING INC                    | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |   1953524 | NS      | $102735827.16  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                 | EOG RESOURCES                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    397821 | NS      | $47583369.81   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                        | FEDEX CORP                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |   1450374 | NS      | $329684513.94  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                             | MICRON TECH                    | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |   4803377 | NS      | $592016215.25  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                             | APPLIED MATERIAL               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3500 | NS      | $640745.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc                              | AMENTUM HOLDINGS               | CUSIP: 023939101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2604138 | NS      | $61483698.18   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                   | FAIR ISAAC CORP                | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     12150 | NS      | $22209714.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   3581690 | NS      | $565871203.10  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL Inc                                         | GRAIL INC                      | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |    165788 | NS      | $8524818.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    170400 | NS      | $49400664.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     41200 | NS      | $23151928.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                               | DELTA AIR LI                   | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   2455115 | NS      | $120742555.70  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   1959200 | NS      | $156971104.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                          | ALCON INC                      | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | US        |    151840 | NS      | $13404435.20   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                               | GUARDANT HEALTH                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     65990 | NS      | $3434119.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                                 | NEWELL BRANDS IN               | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |   2225000 | NS      | $12015000.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                        | AMETEK INC                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |    188653 | NS      | $34138646.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                              | JACOBS SOLUTIONS               | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2095901 | NS      | $275506186.45  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign Inc                                      | DOCUSIGN INC                   | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |    191000 | NS      | $14876990.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                          | LYFT INC-A                     | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |   1404524 | NS      | $22135298.24   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                        | HUMANA INC                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     91400 | NS      | $22345472.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                        | NETAPP INC                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |   2328070 | NS      | $248055858.50  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                             | SOUTHWEST AIR                  | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |   8520859 | NS      | $276416665.96  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                                     | VALVOLINE INC                  | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     27630 | NS      | $1046348.10    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                            | UNIVERSAL DISPLA               | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1111135 | NS      | $171625912.10  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                                | EXPAND ENERGY CO               | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    191000 | NS      | $22335540.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                         | FLUTTER ENTER-DI               | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | US        |    362803 | NS      | $103674585.28  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                     | REPLIGEN CORP                  | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    101878 | NS      | $12671585.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                | UNITY SOFTWARE I               | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    278404 | NS      | $6737376.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                   | ROSS STORES INC                | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    452400 | NS      | $57717192.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                          | FLEX LTD                       | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |  13318062 | NS      | $664837655.04  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    281600 | NS      | $77623040.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING-NY                | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | US        |    281667 | NS      | $225725117.13  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                               | CURTISS-WRIGHT                 | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |    256900 | NS      | $125508495.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                       | AMERICAN AIRLINE               | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  10840200 | NS      | $121627044.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                               | ARISTA NETWORKS                | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       800 | NS      | $81848.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                        | CARMAX INC                     | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1711097 | NS      | $115002829.37  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc               | OLLIE'S BARGAIN                | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    326260 | NS      | $42994542.80   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                           | ROCKWELL AUTOMAT               | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     39500 | NS      | $13120715.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral Inc                                   | RINGCENTRAL IN-A               | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |    278000 | NS      | $7881300.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    200231 | NS      | $65359334.88   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1971710 | NS      | $347474453.30  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Healthineers AG                           | SIEMENS HEALTHIN               | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    171280 | NS      | $9508497.63    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Entegris Inc                                      | ENTEGRIS INC                   | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |   1020958 | NS      | $82340262.70   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                | WALT DISNEY CO/T               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    132140 | NS      | $16386681.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer