# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0001752724-23-050298
**Filing Date:** 2023-3
**Character Count:** 85788
**Document Hash:** cfeada00a55f591158776c1a19b5fc0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050298.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-050298

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD HORIZON FUNDS
- **CENTRAL INDEX KEY:** 0000932471
- **IRS NUMBER:** 232787277
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07239
- **FILM NUMBER:** 23693892

**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 December 31, 2022

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| **Common Stocks (96.5%)** | **Common Stocks (96.5%)** | **Common Stocks (96.5%)** | **Common Stocks (96.5%)** |
| **Communication Services (4.6%)** | **Communication Services (4.6%)** | **Communication Services (4.6%)** | **Communication Services (4.6%)** |
| <sup>\*</sup> | Alphabet Inc. Class A | 2372800 | 209352 |
| <sup>\*</sup> | Baidu Inc. ADR | 1655600 | 189368 |
| <sup>\*</sup> | Alphabet Inc. Class C | 2132600 | 189226 |
| <sup>\*</sup> | Pinterest Inc. Class A | 2991350 | 72630 |
|  | Electronic Arts Inc. | 373100 | 45585 |
| <sup>\*</sup> | Meta Platforms Inc. Class A | 285400 | 34345 |
| <sup>\*</sup> | Live Nation Entertainment Inc. | 153850 | 10730 |
| <sup>\*</sup> | Walt Disney Co. | 81557 | 7086 |
| <sup>\*</sup> | Roblox Corp. Class A | 246900 | 7027 |
| <sup>\*</sup> | ZoomInfo Technologies Inc. Class A | 174700 | 5260 |
| <sup>\*</sup> | Netflix Inc. | 7010 | 2067 |
| <sup>\*</sup> | Liberty Media Corp.- Liberty Formula One Class A | 11500 | 614 |
|  | Madison Square Garden Sports Corp. | 3100 | 568 |
| <sup>\*</sup> | Snap Inc. Class A | 23000 | 206 |
| <sup>\*</sup> | Madison Square Garden Entertainment Corp. | 3100 | 139 |
|  |  |  | **774203** |
| **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** |
|  | TJX Cos. Inc. | 2752600 | 219107 |
| <sup>\*</sup> | Alibaba Group Holding Ltd. ADR | 2466200 | 217248 |
| <sup>\*</sup> | Tesla Inc. | 1528290 | 188255 |
| <sup>\*</sup> | Entain plc | 7731662 | 123127 |
|  | Sony Group Corp. ADR | 1484225 | 113217 |
| <sup>\*</sup> | CarMax Inc. | 1722697 | 104895 |
| <sup>\*</sup> | Capri Holdings Ltd. | 1707737 | 97888 |
| <sup>\*</sup> | Amazon.com Inc. | 897100 | 75356 |
| <sup>\*,1</sup> | XPeng Inc. Class A ADR | 6930719 | 68891 |
| <sup>\*</sup> | Royal Caribbean Cruises Ltd. | 1171700 | 57917 |
| <sup>\*,1</sup> | Mobileye Global Inc. | 1588000 | 55675 |
|  | Ross Stores Inc. | 403900 | 46881 |
| <sup>\*</sup> | Burlington Stores Inc. | 147950 | 29998 |
|  | eBay Inc. | 566000 | 23472 |
| <sup>\*</sup> | Flutter Entertainment plc (XDUB) | 170598 | 23096 |
| <sup>\*,1</sup> | Carnival Corp. | 2522045 | 20328 |
|  | Marriott International Inc. Class A | 112500 | 16750 |
|  | Restaurant Brands International Inc. | 234900 | 15191 |
| <sup>\*</sup> | Ollie's Bargain Outlet Holdings Inc. | 310890 | 14562 |
| <sup>\*</sup> | Las Vegas Sands Corp. | 258500 | 12426 |
| <sup>\*</sup> | Ulta Beauty Inc. | 23000 | 10789 |
|  | Hilton Worldwide Holdings Inc. | 76333 | 9645 |
|  | Newell Brands Inc. | 578000 | 7560 |
| <sup>\*</sup> | Norwegian Cruise Line Holdings Ltd. | 483125 | 5914 |
| <sup>\*</sup> | AutoZone Inc. | 2270 | 5598 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| <sup>\*</sup> | DoorDash Inc. Class A | 108750 | 5309 |
| <sup>\*</sup> | Rivian Automotive Inc. Class A | 258000 | 4755 |
|  | Dollar General Corp. | 17350 | 4272 |
|  | Darden Restaurants Inc. | 22900 | 3168 |
| <sup>\*</sup> | Deckers Outdoor Corp. | 4700 | 1876 |
| <sup>\*</sup> | Five Below Inc. | 9100 | 1610 |
|  |  |  | **1584776** |
| **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** |
|  | Hess Corp. | 1776674 | 251968 |
|  | Pioneer Natural Resources Co. | 1014423 | 231684 |
| <sup>\*</sup> | Transocean Ltd. (XNYS) | 11836496 | 53974 |
|  | EOG Resources Inc. | 363321 | 47057 |
|  | Coterra Energy Inc. | 1153350 | 28338 |
| <sup>\*</sup> | Southwestern Energy Co. | 3330000 | 19481 |
| <sup>\*</sup> | TechnipFMC plc | 750900 | 9154 |
| <sup>\*</sup> | Technip Energies NV | 14200 | 223 |
|  |  |  | **641879** |
| **Financials (7.4%)** | **Financials (7.4%)** | **Financials (7.4%)** | **Financials (7.4%)** |
|  | Raymond James Financial Inc. | 3046360 | 325504 |
|  | Northern Trust Corp. | 1871751 | 165631 |
|  | Wells Fargo & Co. | 3236995 | 133655 |
|  | Bank of America Corp. | 3447417 | 114178 |
|  | Morgan Stanley | 1185084 | 100756 |
|  | MarketAxess Holdings Inc. | 295130 | 82309 |
|  | Goldman Sachs Group Inc. | 198550 | 68178 |
|  | Discover Financial Services | 533800 | 52222 |
|  | CME Group Inc. | 286154 | 48120 |
|  | Progressive Corp. | 280400 | 36371 |
|  | Tradeweb Markets Inc. Class A | 509300 | 33069 |
|  | LPL Financial Holdings Inc. | 126100 | 27259 |
|  | Charles Schwab Corp. | 284750 | 23708 |
|  | JPMorgan Chase & Co. | 156700 | 21013 |
|  | Citigroup Inc. | 68100 | 3080 |
|  |  |  | **1235053** |
| **Health Care (35.0%)** | **Health Care (35.0%)** | **Health Care (35.0%)** | **Health Care (35.0%)** |
|  | Eli Lilly & Co. | 3550278 | 1298834 |
| <sup>\*</sup> | Biogen Inc. | 2069277 | 573024 |
|  | Amgen Inc. | 2163909 | 568329 |
| <sup>\*</sup> | BioMarin Pharmaceutical Inc. | 5173100 | 535364 |
| <sup>\*</sup> | BioNTech SE ADR | 2120469 | 318537 |
| <sup>\*</sup> | Seagen Inc. | 2127160 | 273361 |
|  | Thermo Fisher Scientific Inc. | 483498 | 266258 |
| <sup>\*,1</sup> | BeiGene Ltd. ADR | 1029931 | 226523 |
|  | Bristol-Myers Squibb Co. | 3147050 | 226430 |
|  | Novartis AG ADR | 2277330 | 206599 |
| <sup>\*</sup> | Boston Scientific Corp. | 4205206 | 194575 |
| <sup>\*</sup> | AstraZeneca plc ADR | 2143160 | 145306 |
|  | Roche Holding AG | 337338 | 106004 |
| <sup>\*</sup> | Edwards Lifesciences Corp. | 1418900 | 105864 |
|  | PerkinElmer Inc. | 650680 | 91238 |
| <sup>\*</sup> | LivaNova plc | 1609275 | 89379 |
| <sup>\*,2</sup> | FibroGen Inc. | 5073160 | 81272 |
|  | Zimmer Biomet Holdings Inc. | 614810 | 78388 |
| <sup>\*</sup> | QIAGEN NV | 1533957 | 76498 |
| <sup>\*</sup> | Alkermes plc | 2786380 | 72808 |
| <sup>\*</sup> | Elanco Animal Health Inc. (XNYS) | 5673586 | 69331 |
| <sup>\*</sup> | Illumina Inc. | 301400 | 60943 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| <sup>\*</sup> | Charles River Laboratories International Inc. | 265500 | 57853 |
|  | Abbott Laboratories | 490900 | 53896 |
|  | Agilent Technologies Inc. | 206780 | 30945 |
| <sup>\*</sup> | Allogene Therapeutics Inc. | 2876080 | 18091 |
|  | Medtronic plc | 149000 | 11580 |
|  | Danaher Corp. | 34195 | 9076 |
|  | Alcon Inc. | 118960 | 8155 |
| <sup>3</sup> | Siemens Healthineers AG | 133680 | 6668 |
| <sup>\*</sup> | Omnicell Inc. | 102360 | 5161 |
| <sup>\*</sup> | Repligen Corp. | 24608 | 4166 |
| <sup>\*</sup> | Bridgebio Pharma Inc. | 340900 | 2598 |
| <sup>\*</sup> | ImmunoGen Inc. | 503827 | 2499 |
| <sup>\*</sup> | Waters Corp. | 5796 | 1986 |
| <sup>\*</sup> | IQVIA Holdings Inc. | 9292 | 1904 |
| <sup>\*</sup> | Guardant Health Inc. | 62586 | 1702 |
|  | Humana Inc. | 1575 | 807 |
| <sup>\*</sup> | Zimvie Inc. | 61381 | 573 |
| <sup>\*</sup> | Neurocrine Biosciences Inc. | 4100 | 490 |
| <sup>\*</sup> | Adaptive Biotechnologies Corp. | 28100 | 215 |
|  |  |  | **5883230** |
| **Industrials (12.1%)** | **Industrials (12.1%)** | **Industrials (12.1%)** | **Industrials (12.1%)** |
|  | AECOM | 4629136 | 393153 |
|  | FedEx Corp. | 1698674 | 294210 |
| <sup>\*</sup> | Southwest Airlines Co. | 7906219 | 266202 |
|  | Jacobs Solutions Inc. | 2020029 | 242545 |
| <sup>\*</sup> | Airbus SE | 1375391 | 163537 |
| <sup>\*</sup> | United Airlines Holdings Inc. | 3623103 | 136591 |
| <sup>\*</sup> | Delta Air Lines Inc. | 2874090 | 94443 |
|  | TransDigm Group Inc. | 114619 | 72170 |
| <sup>\*</sup> | American Airlines Group Inc. | 4875300 | 62014 |
|  | Curtiss-Wright Corp. | 312600 | 52201 |
|  | IDEX Corp. | 199950 | 45655 |
|  | Textron Inc. | 537250 | 38037 |
|  | Old Dominion Freight Line Inc. | 92500 | 26250 |
| <sup>\*</sup> | Ryanair Holdings plc ADR | 256700 | 19191 |
|  | AMETEK Inc. | 110000 | 15369 |
|  | Caterpillar Inc. | 60000 | 14374 |
| <sup>\*</sup> | Uber Technologies Inc. | 562600 | 13913 |
| <sup>\*</sup> | Lyft Inc. Class A | 1212265 | 13359 |
| <sup>\*</sup> | GFL Environmental Inc. (XTSE) | 441300 | 12899 |
|  | Union Pacific Corp. | 60000 | 12424 |
| <sup>\*</sup> | JetBlue Airways Corp. | 1729800 | 11209 |
|  | Carrier Global Corp. | 268900 | 11092 |
|  | Rockwell Automation Inc. | 40000 | 10303 |
| <sup>\*,1</sup> | Aurora Innovation Inc. | 7030000 | 8506 |
| <sup>\*,1</sup> | TuSimple Holdings Inc. Class A | 12000 | 20 |
|  |  |  | **2029667** |
| **Information Technology (23.9%)** | **Information Technology (23.9%)** | **Information Technology (23.9%)** | **Information Technology (23.9%)** |
| <sup>\*</sup> | Flex Ltd. | 15903242 | 341284 |
|  | Microsoft Corp. | 1409150 | 337942 |
|  | KLA Corp. | 824720 | 310944 |
|  | Micron Technology Inc. | 5152467 | 257520 |
|  | Texas Instruments Inc. | 1523130 | 251652 |
| <sup>\*</sup> | Splunk Inc. | 2577800 | 221923 |
| <sup>\*</sup> | Adobe Inc. | 593400 | 199697 |
|  | ASML Holding NV GDR (Registered) | 362467 | 198052 |
|  | NetApp Inc. | 2836310 | 170349 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| <sup>\*</sup> | Trimble Inc. | 3298371 | 166766 |
| <sup>\*</sup> | Descartes Systems Group Inc. | 1987665 | 138441 |
|  | Visa Inc. Class A | 552000 | 114684 |
|  | Corning Inc. | 3182324 | 101643 |
|  | Intel Corp. | 3675630 | 97147 |
|  | QUALCOMM Inc. | 867940 | 95421 |
|  | Universal Display Corp. | 814814 | 88033 |
|  | Jabil Inc. | 1177500 | 80305 |
|  | NVIDIA Corp. | 454890 | 66478 |
|  | Intuit Inc. | 170100 | 66206 |
|  | Entegris Inc. | 967700 | 63471 |
| <sup>\*</sup> | Nutanix Inc. Class A | 2081619 | 54226 |
|  | Hewlett Packard Enterprise Co. | 3190870 | 50926 |
| <sup>\*</sup> | WEX Inc. | 298390 | 48832 |
| <sup>\*</sup> | Wolfspeed Inc. | 704600 | 48646 |
|  | HP Inc. | 1793740 | 48198 |
|  | Oracle Corp. | 514000 | 42014 |
|  | Teradyne Inc. | 471200 | 41159 |
| <sup>\*</sup> | FormFactor Inc. | 1549441 | 34444 |
| <sup>\*</sup> | PayPal Holdings Inc. | 481700 | 34307 |
| <sup>\*</sup> | Autodesk Inc. | 177600 | 33188 |
| <sup>\*</sup> | Keysight Technologies Inc. | 171420 | 29325 |
| <sup>\*</sup> | Zoom Video Communications Inc. Class A | 359950 | 24383 |
| <sup>\*</sup> | VMware Inc. Class A | 187000 | 22956 |
| <sup>\*</sup> | BlackBerry Ltd. | 6813076 | 22211 |
| <sup>\*</sup> | Salesforce Inc. | 148000 | 19623 |
|  | Analog Devices Inc. | 90000 | 14763 |
|  | Telefonaktiebolaget LM Ericsson ADR | 2327200 | 13591 |
| <sup>\*,1</sup> | Unity Software Inc. | 404084 | 11553 |
| <sup>\*</sup> | Western Digital Corp. | 364280 | 11493 |
| <sup>\*</sup> | MongoDB Inc. Class A | 57950 | 11407 |
|  | Mastercard Inc. Class A | 28600 | 9945 |
| <sup>\*</sup> | Palo Alto Networks Inc. | 62250 | 8686 |
| <sup>\*</sup> | Crowdstrike Holdings Inc. Class A | 59400 | 6254 |
| <sup>\*,1</sup> | Gitlab Inc. Class A | 98550 | 4478 |
| <sup>\*</sup> | Okta Inc. | 58716 | 4012 |
|  | Nokia OYJ ADR | 500000 | 2320 |
|  | Applied Materials Inc. | 10700 | 1042 |
| <sup>\*</sup> | HubSpot Inc. | 900 | 260 |
| <sup>\*</sup> | RingCentral Inc. Class A | 2800 | 99 |
| <sup>\*</sup> | Arista Networks Inc. | 200 | 24 |
| <sup>\*</sup> | DocuSign Inc. Class A | 200 | 11 |
|  |  |  | **4022334** |
| **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** |
| <sup>\*</sup> | Ivanhoe Mines Ltd. Class A | 4840100 | 38249 |
|  | Albemarle Corp. | 61500 | 13337 |
|  |  |  | **51586** |
| **Total Common Stocks (Cost $7,671,728)** | **Total Common Stocks (Cost $7,671,728)** | **Total Common Stocks (Cost $7,671,728)** | **16222728** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Market<br> Value<br> ($000)** |
| **Temporary Cash Investments (4.4%)** | **Temporary Cash Investments (4.4%)** | **Temporary Cash Investments (4.4%)** | **Temporary Cash Investments (4.4%)** |
| **Money Market Fund (4.4%)** | **Money Market Fund (4.4%)** | **Money Market Fund (4.4%)** | **Money Market Fund (4.4%)** |
| <sup>4,5</sup> | Vanguard Market Liquidity Fund, 4.334% **(Cost $735,292)** | 7355360 | **735462** |
| **Total Investments (100.9%) (Cost $8,407,020)** | **Total Investments (100.9%) (Cost $8,407,020)** | **Total Investments (100.9%) (Cost $8,407,020)** | **16958190** |
| **Other Assets and Liabilities—Net (-0.9%)** | **Other Assets and Liabilities—Net (-0.9%)** | **Other Assets and Liabilities—Net (-0.9%)** | **(147606)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **16810584** |
| 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 $131,722,000. |
| 2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the aggregate value was $6,668,000, representing 0.0% of net assets. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $141,283,000 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 December 31, 2022, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 15800073 | &nbsp;&nbsp;&nbsp;422655 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16222728 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735462 |
| Total | 16535535 | &nbsp;&nbsp;&nbsp;422655 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16958190 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Sep. 30,<br> 2022<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Dec. 31,<br> 2022<br> Market<br> Value<br> ($000) |
| FibroGen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | 8876 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 14359 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;81272 |
| Vanguard Market Liquidity Fund | 1004465 | &nbsp;&nbsp;&nbsp;NA<sup>2</sup> | NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | 7758 | &nbsp;&nbsp;&nbsp;2 | 735462 |
| Total | 1004465 | 8876 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5 | 14545 | 7758 | &nbsp;&nbsp;&nbsp;2 | 816734 |

---

1 Not applicable—at September 30, 2022, the issuer was not an affiliated company of the fund. <br> 2 Not applicable—purchases and sales are for temporary cash investment purposes.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

- **a. Name of Series:** VANGUARD 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:** 2023-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $16830390804.28

**Total Liabilities:** $18687214.05

**Net Assets:** $16811703590.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007113 | 7.23%                | 7.21%                | -5.21%               |
| Class ID C000007114 | 7.24%                | 7.21%                | -5.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $51573622.56             | $1082984346.03                             |
| Month 2  | $126586018.08            | $1069226524.14                             |
| Month 3  | $14021289.22             | $-960769645.38                             |

### 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        |   3623103 | NS      | $136590983.10  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                          | EBAY INC                       | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    566000 | NS      | $23472020.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                     | HILTON WORLDWIDE               | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     76333 | NS      | $9645437.88    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | THERMO FISHER                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    483498 | NS      | $266257513.62  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                      | TERADYNE INC                   | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |    471200 | NS      | $41159320.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                        | ZIMMER BIOMET HO               | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    614810 | NS      | $78388275.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                             | UBER TECHNOLOGIE               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    562600 | NS      | $13913098.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |    149000 | NS      | $11580280.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC                              | RYANAIR HLDG-ADR               | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |    256700 | NS      | $19190892.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                       | MONGODB INC                    | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     57950 | NS      | $11406878.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                             | RIVIAN AUTOMOT-A               | CUSIP: 76954A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    258000 | NS      | $4754940.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                         | AMGEN INC                      | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |   2163909 | NS      | $568329059.76  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ImmunoGen Inc                                     | IMMUNOGEN INC                  | CUSIP: 45253H101<br>LEI: 54930084U0R1OP766Y02 | Long             | EC               | CORP              | US        |    503827 | NS      | $2498981.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| XPeng Inc                                         | XPENG INC-ADR                  | CUSIP: N/A<br>LEI: 549300TZNMIREMWQU857       | Long             | EC               | CORP              | US        |   6930719 | NS      | $68891346.86   | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Old Dominion Freight Line Inc                     | OLD DOMINION FRT               | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     92500 | NS      | $26249650.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                         | JABIL INC                      | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |   1177500 | NS      | $80305500.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                   | SONY GROUP-ADR                 | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | US        |   1484225 | NS      | $113216683.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                | ANALOG DEVICES                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     90000 | NS      | $14762700.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | AMAZON.COM INC                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    897100 | NS      | $75356400.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1409150 | NS      | $337942353.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                         | QIAGEN NV                      | CUSIP: N72482123<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | US        |   1533957 | NS      | $76498435.59   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                                          | SNAP INC - A                   | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |     23000 | NS      | $205850.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                       | WATERS CORP                    | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      5796 | NS      | $1985593.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-C                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   2132600 | NS      | $189225598.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                              | PROGRESSIVE CORP               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    280400 | NS      | $36370684.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertainment Corp          | MADISON SQUARE G               | CUSIP: 55826T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3100 | NS      | $139407.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    552000 | NS      | $114683520.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                         | FLUTTER ENTER-DI               | CUSIP: G68673113<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | GB        |    170598 | NS      | $23096201.07   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL Environmental Inc                             | GFL ENVIRONM-SUB               | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | US        |    441300 | NS      | $12899199.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   3147050 | NS      | $226430247.50  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                       | TRIMBLE INC                    | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |   3298371 | NS      | $166765637.76  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                                | IQVIA HOLDINGS I               | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      9292 | NS      | $1903837.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                       | GOLDMAN SACHS GP               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |    198550 | NS      | $68178099.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                         | ADOBE INC                      | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    593400 | NS      | $199696902.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                      | AUTOZONE INC                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      2270 | NS      | $5598228.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                     | ADAPTIVE BIOTECH               | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     28100 | NS      | $214684.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FibroGen Inc                                      | FIBROGEN INC                   | CUSIP: 31572Q808<br>LEI: 549300Q914ULWWY95822 | Long             | EC               | CORP              | US        |   5058460 | NS      | $81036529.20   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | META PLATFORMS-A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    285400 | NS      | $34345036.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                         | IDEX CORP                      | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |    199950 | NS      | $45654583.50   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                        | INTUIT INC                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    170100 | NS      | $66206322.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                           | SCHWAB (CHARLES)               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    284750 | NS      | $23708285.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One            | LIBERTY MEDIA-A                | CUSIP: 531229870<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11500 | NS      | $614445.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                              | BRIDGEBIO PHARMA               | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    340900 | NS      | $2597658.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                                | CAPRI HOLDINGS L               | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | US        |   1707737 | NS      | $97887484.84   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                       | BIOMARIN PHARMAC               | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |   5173100 | NS      | $535364119.00  | 3.18%             |  |  |  | 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        |   1383172 | NS      | $138303408.78  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                      | ILLUMINA INC                   | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    301400 | NS      | $60943080.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME GROUP INC                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    286154 | NS      | $48119656.64   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                               | ELECTRONIC ARTS                | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    373100 | NS      | $45585358.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                        | BIOGEN INC                     | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |   2069277 | NS      | $573024186.84  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                       | ROBLOX CORP - A                | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    246900 | NS      | $7026774.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                      | AUTODESK INC                   | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    177600 | NS      | $33188112.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                         | KEYSIGHT TEC                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |    171420 | NS      | $29324819.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                           | WEX INC                        | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |    298390 | NS      | $48831523.50   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                                        | GITLAB INC-CL A                | CUSIP: 37637K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98550 | NS      | $4478112.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Western Digital Corp                              | WESTERN DIGITAL                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    364280 | NS      | $11493034.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                       | RAYMOND JAMES                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |   3046360 | NS      | $325503566.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                         | ZOOMINFO TECH                  | CUSIP: 98980F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174700 | NS      | $5260217.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBerry Ltd                                    | BLACKBERRY LTD                 | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | US        |   6813076 | NS      | $22210627.76   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                       | ORACLE CORP                    | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    514000 | NS      | $42014360.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurora Innovation Inc                             | AURORA INNOVATIO               | CUSIP: 051774107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7030000 | NS      | $8506300.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Intel Corp                                        | INTEL CORP                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   3675630 | NS      | $97146900.90   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                | UNION PAC CORP                 | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     60000 | NS      | $12424200.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                         | BAIDU INC-SP ADR               | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | US        |   1655600 | NS      | $189367528.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc      | CHARLES RIVER LA               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |    265500 | NS      | $57852450.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimvie Inc                                        | ZIMVIE INC                     | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |     61381 | NS      | $573298.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co                      | PIONEER NATURAL                | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |   1014423 | NS      | $231684068.97  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                             | AECOM                          | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |   4629136 | NS      | $393152520.48  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/The                   | DESCARTES SYS                  | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | US        |   1987665 | NS      | $138440867.25  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                                    | TECHNIPFMC PLC                 | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | US        |    750900 | NS      | $9153471.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                       | NUTANIX INC - A                | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |   2081619 | NS      | $54226174.95   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                              | TRADEWEB MARKE-A               | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    509300 | NS      | $33068849.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                               | DOLLAR GENERAL C               | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     17350 | NS      | $4272437.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                   | TJX COS INC                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |   2752600 | NS      | $219106960.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                   | ERICSSON LM-ADR                | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               | CORP              | US        |   2327200 | NS      | $13590848.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Allogene Therapeutics Inc                         | ALLOGENE THERAPE               | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2876080 | NS      | $18090543.20   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                         | TESLA INC                      | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |   1528290 | NS      | $188254762.20  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                         | HESS CORP                      | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |   1776674 | NS      | $251967906.68  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                      | LIVANOVA PLC                   | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | US        |   1609275 | NS      | $89379133.50   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                       | TEXTRON INC                    | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    537250 | NS      | $38037300.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-ADR                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | US        |   2277330 | NS      | $206599377.60  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                                        | ENTAIN PLC                     | CUSIP: N/A<br>LEI: 213800GNI3K45LQR8L28       | Long             | EC               | CORP              | GB        |   7731662 | NS      | $123127262.30  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| HubSpot Inc                                       | HUBSPOT INC                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       900 | NS      | $260217.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA-ADR                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | US        |   2143160 | NS      | $145306248.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                     | MARRIOTT INTL-A                | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |    112500 | NS      | $16750125.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PerkinElmer Inc                                   | PERKINELMER INC                | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |    650680 | NS      | $91238349.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                          | MARKETAXESS                    | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |    295130 | NS      | $82308805.70   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                     | LIVE NATION ENTE               | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    153850 | NS      | $10729499.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                                    | FIVE BELOW                     | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      9100 | NS      | $1609517.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                                        | SEAGEN INC                     | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2127160 | NS      | $273361331.60  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                               | PAYPAL HOLDINGS                | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    481700 | NS      | $34306674.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolfspeed Inc                                     | WOLFSPEED INC                  | CUSIP: 977852102<br>LEI: 549300OGU88P3AW3TO93 | Long             | EC               | CORP              | US        |    704600 | NS      | $48645584.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                      | DOORDASH INC-A                 | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    108750 | NS      | $5309175.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | ALIBABA GRP-ADR                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | US        |   2466200 | NS      | $217247558.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A               | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1588000 | NS      | $55675280.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| VMware Inc                                        | VMWARE INC-CL A                | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |    187000 | NS      | $22956120.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                                    | FORMFACTOR INC                 | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |   1549441 | NS      | $34444073.43   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc                     | ZOOM VIDEO COM-A               | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    359950 | NS      | $24383013.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                                    | TRANSOCEAN LTD                 | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | US        |  11836496 | NS      | $53974421.76   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                        | NEUROCRINE BIOSC               | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      4100 | NS      | $489704.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                       | ROYAL CARIBBEAN                | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |   1171700 | NS      | $57917131.00   | 0.34%             |  |  |  | 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        | 595706020 | NS      | $595646449.20  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BeiGene Ltd                                       | BEIGENE LTD-ADR                | CUSIP: N/A<br>LEI: 549300JFUK6FRD5MH739       | Long             | EC               | CORP              | US        |   1029931 | NS      | $226523024.14  | 1.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Boston Scientific Corp                            | BOSTON SCIENTIFC               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   4205206 | NS      | $194574881.62  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                     | HEWLETT PACKA                  | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |   3190870 | NS      | $50926285.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   3550278 | NS      | $1298833703.52 | 7.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                          | ELANCO ANIMAL HE               | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |   5603586 | NS      | $68475820.92   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                               | TRANSDIGM GROUP                | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114619 | NS      | $72169853.35   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                               | NORTHERN TRUST                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |   1871751 | NS      | $165631245.99  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    490900 | NS      | $53895911.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TuSimple Holdings Inc                             | TUSIMPLE HOLD-A                | CUSIP: 90089L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $19680.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Ulta Beauty Inc                                   | ULTA BEAUTY INC                | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     23000 | NS      | $10788610.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                   | CATERPILLAR INC                | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     60000 | NS      | $14373600.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                               | CARRIER GLOB                   | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    268900 | NS      | $11092125.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwestern Energy Co                            | SOUTHWESTRN ENGY               | CUSIP: 845467109<br>LEI: EFWMP121W54QV9MGOP87 | Long             | EC               | CORP              | US        |   3330000 | NS      | $19480500.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                        | LPL FINANCIAL HO               | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |    126100 | NS      | $27259037.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corp                              | JETBLUE AIRWAYS                | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |   1729800 | NS      | $11209104.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     68100 | NS      | $3080163.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International Inc               | RESTAURANT BRAND               | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | US        |    234900 | NS      | $15190983.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM INC                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    867940 | NS      | $95421323.60   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |   1523130 | NS      | $251651538.60  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                    | ALBEMARLE CORP                 | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     61500 | NS      | $13336890.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                 | IVANHOE MINES LT               | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |   4840100 | NS      | $38248943.87   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                             | BURLINGTON STORE               | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |    147950 | NS      | $29998342.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                          | AGILENT TECH INC               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    206780 | NS      | $30944627.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                    | SALESFORCE INC                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    148000 | NS      | $19623320.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                      | ALKERMES PLC                   | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2786380 | NS      | $72808109.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                                     | PINTEREST INC -A               | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2991350 | NS      | $72629978.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                         | EDWARDS LIFE                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |   1418900 | NS      | $105864129.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                          | OKTA INC                       | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     58716 | NS      | $4012064.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                | COTERRA ENERGY I               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |   1153350 | NS      | $28337809.50   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                     | CARNIVAL CORP                  | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |   2522045 | NS      | $20327682.70   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Danaher Corp                                      | DANAHER CORP                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     34195 | NS      | $9076036.90    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                            | PALO ALTO NETWOR               | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     62250 | NS      | $8686365.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                         | AIRBUS SE                      | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |   1375391 | NS      | $163537355.10  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Madison Square Garden Sports Corp                 | MADISON SQUARE G               | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3100 | NS      | $568323.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                          | KLA CORP                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    824720 | NS      | $310944181.60  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                | NORWEGIAN CRUISE               | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    483125 | NS      | $5913450.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                            | HP INC                         | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |   1793740 | NS      | $48197793.80   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                       | NETFLIX INC                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      7010 | NS      | $2067108.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                       | BIONTECH SE-ADR                | CUSIP: N/A<br>LEI: 894500UZJ5LG1F8J1U58       | Long             | EC               | CORP              | US        |   2076166 | NS      | $311881656.52  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                          | CROWDSTRIKE HO-A               | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     59400 | NS      | $6254226.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | MORGAN STANLEY                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |   1185084 | NS      | $100755841.68  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                       | CORNING INC                    | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |   3182324 | NS      | $101643428.56  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                 | EOG RESOURCES                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    363321 | NS      | $47057335.92   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                        | FEDEX CORP                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |   1698674 | NS      | $294210336.80  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                             | MICRON TECH                    | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |   5152467 | NS      | $257520300.66  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services                       | DISCOVER FINANCI               | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |    533800 | NS      | $52221654.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                             | APPLIED MATERIAL               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     10700 | NS      | $1041966.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    454890 | NS      | $66477624.60   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    156700 | NS      | $21013470.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     28600 | NS      | $9945078.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                               | DELTA AIR LI                   | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   2874090 | NS      | $94442597.40   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   3236995 | NS      | $133655523.55  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                         | NOKIA CORP-ADR                 | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | US        |    500000 | NS      | $2320000.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                                         | ALCON INC                      | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | US        |    118960 | NS      | $8154708.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                               | GUARDANT HEALTH                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     62586 | NS      | $1702339.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                              | BANK OF AMERICA                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   3447417 | NS      | $114178451.04  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Splunk Inc                                        | SPLUNK INC                     | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Long             | EC               | CORP              | US        |   2577800 | NS      | $221922802.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                                 | NEWELL BRANDS IN               | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    578000 | NS      | $7560240.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                        | AMETEK INC                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |    110000 | NS      | $15369200.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                              | JACOBS SOLUTIONS               | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2020029 | NS      | $242544882.03  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign Inc                                      | DOCUSIGN INC                   | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |       200 | NS      | $11084.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                              | DECKERS OUTDOOR                | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      4700 | NS      | $1876052.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                          | LYFT INC-A                     | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |   1212265 | NS      | $13359160.30   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                        | HUMANA INC                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      1575 | NS      | $806699.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                        | NETAPP INC                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |   2836310 | NS      | $170348778.60  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                             | SOUTHWEST AIR                  | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |   7906219 | NS      | $266202393.73  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                            | UNIVERSAL DISPLA               | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    814814 | NS      | $88032504.56   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc                            | DARDEN RESTAURAN               | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     22900 | NS      | $3167757.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                     | REPLIGEN CORP                  | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     24608 | NS      | $4166380.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                | UNITY SOFTWARE I               | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    404084 | NS      | $11552761.56   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Ross Stores Inc                                   | ROSS STORES INC                | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    403900 | NS      | $46880673.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                          | FLEX LTD                       | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |  15903242 | NS      | $341283573.32  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING-NY                | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | US        |    362467 | NS      | $198051968.80  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                               | CURTISS-WRIGHT                 | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |    312600 | NS      | $52201074.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                       | AMERICAN AIRLINE               | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4875300 | NS      | $62013816.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                        | CARMAX INC                     | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1722697 | NS      | $104895020.33  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc               | OLLIE'S BARGAIN                | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    310890 | NS      | $14562087.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                               | ARISTA NETWORKS                | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       200 | NS      | $24270.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                           | ROCKWELL AUTOMAT               | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     40000 | NS      | $10302800.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral Inc                                   | RINGCENTRAL IN-A               | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |      2800 | NS      | $99120.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    337338 | NS      | $106004268.61  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Technip Energies NV                               | TECHNIP ENERGIES               | CUSIP: N/A<br>LEI: 724500FLODI49NSCIP70       | Long             | EC               | CORP              | FR        |     14200 | NS      | $223246.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                              | LAS VEGAS SANDS                | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    258500 | NS      | $12426095.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   2372800 | NS      | $209352144.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Healthineers AG                           | SIEMENS HEALTHIN               | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    133680 | NS      | $6668175.98    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Entegris Inc                                      | ENTEGRIS INC                   | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    967700 | NS      | $63471443.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                | WALT DISNEY CO/T               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     81557 | NS      | $7085672.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                      | OMNICELL INC                   | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |    102360 | NS      | $5160991.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer