# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0000932471-26-000030
**Filing Date:** 2026-2
**Character Count:** 98125
**Document Hash:** 6452ed9ec17d96a3380400d32fc25c48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932471-26-000030.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000932471-26-000030

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26688400

**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, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** |
| **Communication Services (7.0%)** | **Communication Services (7.0%)** | **Communication Services (7.0%)** | **Communication Services (7.0%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 1888500 | &nbsp;&nbsp;&nbsp;&nbsp; 591101 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 1563220 | &nbsp;&nbsp;&nbsp;&nbsp; 490538 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Baidu Inc. ADR | 2378190 | &nbsp;&nbsp;&nbsp;&nbsp; 310734 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp; 118156 |
|  | &nbsp;&nbsp;&nbsp;Universal Music Group NV | 2291005 | &nbsp;&nbsp;&nbsp;&nbsp; 59726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;622150 | &nbsp;&nbsp;&nbsp;&nbsp; 58333 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | 1608750 | &nbsp;&nbsp;&nbsp;&nbsp; 41651 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | 3527664 | &nbsp;&nbsp;&nbsp;&nbsp; 35876 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53121 | &nbsp;&nbsp;&nbsp;&nbsp; 30848 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181460 | &nbsp;&nbsp;&nbsp;&nbsp; 25858 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;637200 | &nbsp;&nbsp;&nbsp;&nbsp; 24188 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;132140 | &nbsp;&nbsp;&nbsp;&nbsp; 15034 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39480 | &nbsp;&nbsp;&nbsp;&nbsp; 10108 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1812236** |
| **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 3527676 | &nbsp;&nbsp;&nbsp;&nbsp; 517087 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 2156862 | &nbsp;&nbsp;&nbsp;&nbsp; 497847 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 1007590 | &nbsp;&nbsp;&nbsp;&nbsp; 453133 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 2151400 | &nbsp;&nbsp;&nbsp;&nbsp; 330477 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;XPeng Inc. ADR | 8263619 | &nbsp;&nbsp;&nbsp;&nbsp; 167586 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. ADR | 5451475 | &nbsp;&nbsp;&nbsp;&nbsp; 139558 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;418800 | &nbsp;&nbsp;&nbsp;&nbsp; 116812 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;419047 | &nbsp;&nbsp;&nbsp;&nbsp; 90112 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444800 | &nbsp;&nbsp;&nbsp;&nbsp; 80126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | 1665647 | &nbsp;&nbsp;&nbsp;&nbsp; 64361 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | 2567971 | &nbsp;&nbsp;&nbsp;&nbsp; 62658 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214800 | &nbsp;&nbsp;&nbsp;&nbsp; 62045 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 1577945 | &nbsp;&nbsp;&nbsp;&nbsp; 48190 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;111387 | &nbsp;&nbsp;&nbsp;&nbsp; 47007 |
|  | &nbsp;&nbsp;&nbsp;Entain plc | 4503388 | &nbsp;&nbsp;&nbsp;&nbsp; 46291 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;519160 | &nbsp;&nbsp;&nbsp;&nbsp; 45219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326260 | &nbsp;&nbsp;&nbsp;&nbsp; 35761 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498400 | &nbsp;&nbsp;&nbsp;&nbsp; 29251 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | 1893700 | &nbsp;&nbsp;&nbsp;&nbsp; 19770 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 | &nbsp;&nbsp;&nbsp;&nbsp; 18118 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78950 | &nbsp;&nbsp;&nbsp;&nbsp; 17881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 13915 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83200 | &nbsp;&nbsp;&nbsp;&nbsp; 9310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;415025 | &nbsp;&nbsp;&nbsp;&nbsp; 9263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;208400 | &nbsp;&nbsp;&nbsp;&nbsp; 4108 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87030 | &nbsp;&nbsp;&nbsp;&nbsp; 2529 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346709 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
|  | &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 1201 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2932708** |
| **Consumer Staples (0.8%)** | **Consumer Staples (0.8%)** | **Consumer Staples (0.8%)** | **Consumer Staples (0.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | 1416327 | &nbsp;&nbsp;&nbsp;&nbsp; 127356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f. Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339700 | &nbsp;&nbsp;&nbsp;&nbsp; 25831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268900 | &nbsp;&nbsp;&nbsp;&nbsp; 20254 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 20063 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380862 | &nbsp;&nbsp;&nbsp;&nbsp; 10180 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **203684** |
| **Energy (1.5%)** | **Energy (1.5%)** | **Energy (1.5%)** | **Energy (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 2000500 | &nbsp;&nbsp;&nbsp;&nbsp; 187267 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;452537 | &nbsp;&nbsp;&nbsp;&nbsp; 68971 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364121 | &nbsp;&nbsp;&nbsp;&nbsp; 38236 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;608700 | &nbsp;&nbsp;&nbsp;&nbsp; 27124 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;773350 | &nbsp;&nbsp;&nbsp;&nbsp; 20354 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133910 | &nbsp;&nbsp;&nbsp;&nbsp; 16115 |
|  | &nbsp;&nbsp;&nbsp;Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;375400 | &nbsp;&nbsp;&nbsp;&nbsp; 14502 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp; 14126 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;New Fortress Energy Inc. | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **388120** |
| **Financials (8.6%)** | **Financials (8.6%)** | **Financials (8.6%)** | **Financials (8.6%)** |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 2671537 | &nbsp;&nbsp;&nbsp;&nbsp; 429022 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | 1751350 | &nbsp;&nbsp;&nbsp;&nbsp; 317432 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3174659 | &nbsp;&nbsp;&nbsp;&nbsp; 317180 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2142911 | &nbsp;&nbsp;&nbsp;&nbsp; 292700 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 210426 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 1832300 | &nbsp;&nbsp;&nbsp;&nbsp; 106970 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1107200 | &nbsp;&nbsp;&nbsp;&nbsp; 103191 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360654 | &nbsp;&nbsp;&nbsp;&nbsp; 98487 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;315660 | &nbsp;&nbsp;&nbsp;&nbsp; 71882 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292990 | &nbsp;&nbsp;&nbsp;&nbsp; 71009 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;372902 | &nbsp;&nbsp;&nbsp;&nbsp; 66201 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;170400 | &nbsp;&nbsp;&nbsp;&nbsp; 54906 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164300 | &nbsp;&nbsp;&nbsp;&nbsp; 24478 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp; 23520 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;155500 | &nbsp;&nbsp;&nbsp;&nbsp; 16723 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 | &nbsp;&nbsp;&nbsp;&nbsp; 7562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sony Financial Group Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;834535 | &nbsp;&nbsp;&nbsp;&nbsp; 4365 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2216054** |
| **Health Care (25.8%)** | **Health Care (25.8%)** | **Health Care (25.8%)** | **Health Care (25.8%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1763503 | &nbsp;&nbsp;&nbsp;&nbsp; 1895201 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 1718699 | &nbsp;&nbsp;&nbsp;&nbsp; 562547 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 4840336 | &nbsp;&nbsp;&nbsp;&nbsp; 461526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | 2332567 | &nbsp;&nbsp;&nbsp;&nbsp; 410509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. ADR | 1171171 | &nbsp;&nbsp;&nbsp;&nbsp; 355813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | 5214345 | &nbsp;&nbsp;&nbsp;&nbsp; 309889 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4562000 | &nbsp;&nbsp;&nbsp;&nbsp; 246074 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | 10303076 | &nbsp;&nbsp;&nbsp;&nbsp; 233159 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;379456 | &nbsp;&nbsp;&nbsp;&nbsp; 219876 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 2383790 | &nbsp;&nbsp;&nbsp;&nbsp; 219142 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioNTech SE ADR | 2191720 | &nbsp;&nbsp;&nbsp;&nbsp; 208652 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glaukos Corp. | 1695572 | &nbsp;&nbsp;&nbsp;&nbsp; 191447 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG ADR | 1211220 | &nbsp;&nbsp;&nbsp;&nbsp; 166991 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | 1219929 | &nbsp;&nbsp;&nbsp;&nbsp; 160006 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 1449100 | &nbsp;&nbsp;&nbsp;&nbsp; 123536 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | 1920200 | &nbsp;&nbsp;&nbsp;&nbsp; 118150 |
|  | &nbsp;&nbsp;&nbsp;Revvity Inc. | 1013945 | &nbsp;&nbsp;&nbsp;&nbsp; 98099 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;981460 | &nbsp;&nbsp;&nbsp;&nbsp; 88253 |
| <sup>\*,1,2</sup> | &nbsp;&nbsp;&nbsp;Immunocore Holdings plc ADR | 2528858 | &nbsp;&nbsp;&nbsp;&nbsp; 87777 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;200231 | &nbsp;&nbsp;&nbsp;&nbsp; 82689 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;422300 | &nbsp;&nbsp;&nbsp;&nbsp; 59895 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249500 | &nbsp;&nbsp;&nbsp;&nbsp; 49770 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 1733250 | &nbsp;&nbsp;&nbsp;&nbsp; 48496 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250950 | &nbsp;&nbsp;&nbsp;&nbsp; 34147 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp; 28844 |
|  | &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;517200 | &nbsp;&nbsp;&nbsp;&nbsp; 24365 |
|  | &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;526927 | &nbsp;&nbsp;&nbsp;&nbsp; 23696 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91400 | &nbsp;&nbsp;&nbsp;&nbsp; 23410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138578 | &nbsp;&nbsp;&nbsp;&nbsp; 22707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75510 | &nbsp;&nbsp;&nbsp;&nbsp; 17021 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165188 | &nbsp;&nbsp;&nbsp;&nbsp; 14138 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;151840 | &nbsp;&nbsp;&nbsp;&nbsp; 11967 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;&nbsp;171280 | &nbsp;&nbsp;&nbsp;&nbsp; 8978 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 8204 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allogene Therapeutics Inc. | 5189570 | &nbsp;&nbsp;&nbsp;&nbsp; 7110 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74700 | &nbsp;&nbsp;&nbsp;&nbsp; 5714 |
|  | &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10840 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FibroGen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6628609** |
| **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 1401274 | &nbsp;&nbsp;&nbsp;&nbsp; 404772 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 8459559 | &nbsp;&nbsp;&nbsp;&nbsp; 349634 |
|  | &nbsp;&nbsp;&nbsp;AECOM | 3453756 | &nbsp;&nbsp;&nbsp;&nbsp; 329246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 2820443 | &nbsp;&nbsp;&nbsp;&nbsp; 315382 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | 2070501 | &nbsp;&nbsp;&nbsp;&nbsp; 274259 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextpower Inc. Class A | 2726697 | &nbsp;&nbsp;&nbsp;&nbsp; 237523 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;993479 | &nbsp;&nbsp;&nbsp;&nbsp; 176780 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 2375360 | &nbsp;&nbsp;&nbsp;&nbsp; 164850 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | 10632230 | &nbsp;&nbsp;&nbsp;&nbsp; 162992 |
|  | &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;582732 | &nbsp;&nbsp;&nbsp;&nbsp; 135324 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;225700 | &nbsp;&nbsp;&nbsp;&nbsp; 124422 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74173 | &nbsp;&nbsp;&nbsp;&nbsp; 98639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | 2604138 | &nbsp;&nbsp;&nbsp;&nbsp; 75520 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188653 | &nbsp;&nbsp;&nbsp;&nbsp; 38732 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | 1334624 | &nbsp;&nbsp;&nbsp;&nbsp; 25852 |
|  | &nbsp;&nbsp;&nbsp;Ryanair Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;341050 | &nbsp;&nbsp;&nbsp;&nbsp; 24620 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180300 | &nbsp;&nbsp;&nbsp;&nbsp; 15717 |
|  | &nbsp;&nbsp;&nbsp;GFL Environmental Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;362100 | &nbsp;&nbsp;&nbsp;&nbsp; 15552 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 | &nbsp;&nbsp;&nbsp;&nbsp; 15368 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;201212 | &nbsp;&nbsp;&nbsp;&nbsp; 10632 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp; 9151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | 1348000 | &nbsp;&nbsp;&nbsp;&nbsp; 6133 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3011100** |
| **Information Technology (30.0%)** | **Information Technology (30.0%)** | **Information Technology (30.0%)** | **Information Technology (30.0%)** |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 4498077 | &nbsp;&nbsp;&nbsp;&nbsp; 1283796 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | 11589082 | &nbsp;&nbsp;&nbsp;&nbsp; 700212 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3472040 | &nbsp;&nbsp;&nbsp;&nbsp; 647535 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1244500 | &nbsp;&nbsp;&nbsp;&nbsp; 601865 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;483660 | &nbsp;&nbsp;&nbsp;&nbsp; 587686 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | 1471400 | &nbsp;&nbsp;&nbsp;&nbsp; 335509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 7759700 | &nbsp;&nbsp;&nbsp;&nbsp; 286333 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;255867 | &nbsp;&nbsp;&nbsp;&nbsp; 273742 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 1361680 | &nbsp;&nbsp;&nbsp;&nbsp; 236238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | 2945651 | &nbsp;&nbsp;&nbsp;&nbsp; 230792 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | 2150680 | &nbsp;&nbsp;&nbsp;&nbsp; 230316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;525288 | &nbsp;&nbsp;&nbsp;&nbsp; 220458 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | 1934824 | &nbsp;&nbsp;&nbsp;&nbsp; 169413 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp; 167295 |
|  | &nbsp;&nbsp;&nbsp;Universal Display Corp. | 1117535 | &nbsp;&nbsp;&nbsp;&nbsp; 130506 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;584762 | &nbsp;&nbsp;&nbsp;&nbsp; 100024 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;499700 | &nbsp;&nbsp;&nbsp;&nbsp; 97397 |
|  | &nbsp;&nbsp;&nbsp;Entegris Inc. | 1118658 | &nbsp;&nbsp;&nbsp;&nbsp; 94247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Descartes Systems Group Inc. | 1034599 | &nbsp;&nbsp;&nbsp;&nbsp; 90693 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53550 | &nbsp;&nbsp;&nbsp;&nbsp; 90533 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248100 | &nbsp;&nbsp;&nbsp;&nbsp; 85867 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178900 | &nbsp;&nbsp;&nbsp;&nbsp; 84033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nutanix Inc. Class A | 1490619 | &nbsp;&nbsp;&nbsp;&nbsp; 77050 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp; 73529 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363500 | &nbsp;&nbsp;&nbsp;&nbsp; 70359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;809150 | &nbsp;&nbsp;&nbsp;&nbsp; 69822 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FormFactor Inc. | 1192641 | &nbsp;&nbsp;&nbsp;&nbsp; 66525 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265500 | &nbsp;&nbsp;&nbsp;&nbsp; 62092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91776 | &nbsp;&nbsp;&nbsp;&nbsp; 61840 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 2205650 | &nbsp;&nbsp;&nbsp;&nbsp; 52980 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;475779 | &nbsp;&nbsp;&nbsp;&nbsp; 40432 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 1781500 | &nbsp;&nbsp;&nbsp;&nbsp; 39692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194660 | &nbsp;&nbsp;&nbsp;&nbsp; 39553 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128600 | &nbsp;&nbsp;&nbsp;&nbsp; 38067 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171900 | &nbsp;&nbsp;&nbsp;&nbsp; 36814 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gitlab Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;950032 | &nbsp;&nbsp;&nbsp;&nbsp; 35655 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170020 | &nbsp;&nbsp;&nbsp;&nbsp; 31318 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112800 | &nbsp;&nbsp;&nbsp;&nbsp; 29882 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311548 | &nbsp;&nbsp;&nbsp;&nbsp; 26940 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | 6791800 | &nbsp;&nbsp;&nbsp;&nbsp; 26080 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 24408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;210570 | &nbsp;&nbsp;&nbsp;&nbsp; 23017 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 15504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 12312 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208384 | &nbsp;&nbsp;&nbsp;&nbsp; 9204 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlackBerry Ltd. | 2291276 | &nbsp;&nbsp;&nbsp;&nbsp; 8684 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;265175 | &nbsp;&nbsp;&nbsp;&nbsp; 7658 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 5046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 1734 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Wolfspeed Inc. | 2186808 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7731156** |
| **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd. Class A | 9347800 | &nbsp;&nbsp;&nbsp;&nbsp; 106313 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160500 | &nbsp;&nbsp;&nbsp;&nbsp; 22701 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **129014** |
| **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;76945 | &nbsp;&nbsp;&nbsp;&nbsp; 14282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 2689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16971** |
| **Total Common Stocks (Cost $8,825,041)** | **Total Common Stocks (Cost $8,825,041)** | **Total Common Stocks (Cost $8,825,041)** | &nbsp;&nbsp;&nbsp;&nbsp;**25069652** |
| **Temporary Cash Investments (3.3%)** | **Temporary Cash Investments (3.3%)** | **Temporary Cash Investments (3.3%)** | **Temporary Cash Investments (3.3%)** |
| **Money Market Fund (3.3%)** | **Money Market Fund (3.3%)** | **Money Market Fund (3.3%)** | **Money Market Fund (3.3%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.780% **(Cost $848,573)** | 8487966 | &nbsp;&nbsp;&nbsp;&nbsp; **848796** |
| **Total Investments (100.7%) (Cost $9,673,614)** | **Total Investments (100.7%) (Cost $9,673,614)** | **Total Investments (100.7%) (Cost $9,673,614)** | &nbsp;&nbsp;&nbsp;&nbsp;**25918448** |
| **Other Assets and Liabilities—Net (-0.7%)** | **Other Assets and Liabilities—Net (-0.7%)** | **Other Assets and Liabilities—Net (-0.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(187591)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**25730857** |
| 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 $159,937. |
| 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, 2025, the aggregate value was $8,978, 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 $176,534 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, 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 | 24735645 | &nbsp;&nbsp;&nbsp;334007 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25069652 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848796 |
| Total | 25584441 | &nbsp;&nbsp;&nbsp;334007 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25918448 |

---

**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> 2025<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> 2025<br> Market<br> Value<br> ($000) |
| Immunocore Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | 2982 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | (3816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;87777 |
| Vanguard Market Liquidity Fund | 1007131 | &nbsp;&nbsp;&nbsp;NA<sup>2</sup> | NA<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | 6770 |  | 848796 |
| Total | 1007131 | 2982 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | (3826) | 6770 |  | 936573 |

---

1 Not applicable—at September 30, 2025, 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $25753308342.93

**Total Liabilities:** $15439379.90

**Net Assets:** $25737868963.03

**Cash Not Reported:** $3999.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007113 | 4.51%                | 1.72%                | 1.63%                |
| Class ID C000007114 | 4.51%                | 1.73%                | 1.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $256747948.62            | $835931540.13                              |
| Month 2  | $179721626.91            | $244122187.89                              |
| Month 3  | $390918871.85            | $15150942.96                               |

### 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        |   2820443 | NS      | $315381936.26  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                          | EBAY INC                       | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    519160 | NS      | $45218836.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | THERMO FISHER                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    379456 | NS      | $219875779.20  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                      | TERADYNE INC                   | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |    363500 | NS      | $70359060.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                      | SYNOPSYS INC                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    178900 | NS      | $84032908.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                       | GARTNER INC                    | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     20000 | NS      | $5045600.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                        | ZIMMER BIOMET HO               | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    981460 | NS      | $88252883.20   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                             | UBER TECHNOLOGIE               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    112000 | NS      | $9151520.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC                              | RYANAIR HLDG-ADR               | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |    341050 | NS      | $24620399.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                       | MONGODB INC                    | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |    525288 | NS      | $220458120.72  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                             | RIVIAN AUTOMOT-A               | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |    208400 | NS      | $4107564.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                         | AMGEN INC                      | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |   1718699 | NS      | $562547369.69  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| XPeng Inc                                         | XPENG INC-ADR                  | CUSIP: N/A<br>LEI: 549300TZNMIREMWQU857       | Long             | EC               | CORP              | US        |   8263619 | NS      | $167586193.32  | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Jabil Inc                                         | JABIL INC                      | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |   1471400 | NS      | $335508628.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                   | SONY GROUP-ADR                 | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | US        |   5451475 | NS      | $139557760.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                | ANALOG DEVICES                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     90000 | NS      | $24408000.00   | 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      | $787050.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                        | ADV MICRO DEVICE               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    171900 | NS      | $36814104.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | AMAZON.COM INC                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   2156862 | NS      | $497846886.84  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                    | CONOCOPHILLIPS                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   2000500 | NS      | $187266805.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1244500 | NS      | $601865090.00  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                  | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     76945 | NS      | $14281761.45   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                                          | SNAP INC - A                   | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |     10500 | NS      | $84735.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                       | WATERS CORP                    | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |     21600 | NS      | $8204328.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-C                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1563220 | NS      | $490538436.00  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                              | PROGRESSIVE CORP               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    315660 | NS      | $71882095.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                                  | VIPER ENERGY I-A               | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    375400 | NS      | $14501702.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    600000 | NS      | $210426000.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                             | GFL ENVIRONM-SUB               | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | US        |    362100 | NS      | $15552195.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   4562000 | NS      | $246074280.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                       | TRIMBLE INC                    | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |   2945651 | NS      | $230791755.85  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                                | IQVIA HOLDINGS I               | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     75510 | NS      | $17020709.10   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                         | ADOBE INC                      | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    478000 | NS      | $167295220.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                        | CAPITAL ONE FINA               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    292990 | NS      | $71009056.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                                    | SHARKNINJA INC                 | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83200 | NS      | $9310080.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | META PLATFORMS-A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    179000 | NS      | $118156110.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                         | IDEX CORP                      | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |    993479 | NS      | $176779653.26  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                        | INTUIT INC                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    111000 | NS      | $73528620.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                           | SCHWAB (CHARLES)               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   3174659 | NS      | $317180180.69  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                              | BRIDGEBIO PHARMA               | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     74700 | NS      | $5713803.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                                       | BRUKER CORP                    | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    517200 | NS      | $24365292.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                                | CAPRI HOLDINGS L               | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | US        |   2567971 | NS      | $62658492.40   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                       | BIOMARIN PHARMAC               | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |   5214345 | NS      | $309888523.35  | 1.20%             |  |  |  | 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        |   1696729 | NS      | $169672925.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                      | ILLUMINA INC                   | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |   1219929 | NS      | $160005887.64  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME GROUP INC                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    360654 | NS      | $98487394.32   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                            | MARVELL TECHNOLO               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    475779 | NS      | $40431699.42   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                        | BIOGEN INC                     | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |   2332567 | NS      | $410508466.33  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc                               | BELLRING BRANDS                | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |    380862 | NS      | $10180441.26   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                      | AUTODESK INC                   | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    128600 | NS      | $38066886.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                         | KEYSIGHT TEC                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |    194660 | NS      | $39552965.40   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                           | WEX INC                        | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |    164300 | NS      | $24477414.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                                        | GITLAB INC-CL A                | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |    908230 | NS      | $34085871.90   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                              | WESTERN DIGITAL                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     90000 | NS      | $15504300.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                       | RAYMOND JAMES                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |   2671537 | NS      | $429022126.83  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                         | ZOOMINFO TECH                  | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |   3527664 | NS      | $35876342.88   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBerry Ltd                                    | BLACKBERRY LTD                 | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | US        |   2291276 | NS      | $8683936.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc                          | SONY FINANCIAL G               | CUSIP: 83571B100<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | US        |    834535 | NS      | $4364618.05    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                       | ORACLE CORP                    | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    499700 | NS      | $97396527.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurora Innovation Inc                             | AURORA INNOVATIO               | CUSIP: 051774107<br>LEI: 984500AB2E0D9F7D9D76 | Long             | EC               | CORP              | US        |   6791800 | NS      | $26080512.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                        | INTEL CORP                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   7759700 | NS      | $286332930.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc                                     | NEXTPOWER INC-A                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2726697 | NS      | $237522575.67  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc      | CHARLES RIVER LA               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |    249500 | NS      | $49770260.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                             | AECOM                          | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |   3453756 | NS      | $329246559.48  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/The                   | DESCARTES SYS                  | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | US        |   1034599 | NS      | $90692948.34   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                     | APPLOVIN CO-CL A               | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     91776 | NS      | $61840504.32   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                                    | TECHNIPFMC PLC                 | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | US        |    608700 | NS      | $27123672.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                       | NUTANIX INC - A                | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |   1490619 | NS      | $77050096.11   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co                         | PERFORMANCE FOOD               | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |   1416327 | NS      | $127356123.84  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                              | TRADEWEB MARKE-A               | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155500 | NS      | $16722470.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                        | CIENA CORP                     | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |    265500 | NS      | $62092485.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                        | CARVANA CO                     | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |    111387 | NS      | $47007541.74   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FibroGen Inc                                      | FIBROGEN INC                   | CUSIP: 31572Q881<br>LEI: 549300Q914ULWWY95822 | Long             | EC               | CORP              | US        |      2716 | NS      | $23846.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                   | TJX COS INC                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |   2151400 | NS      | $330476554.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Allogene Therapeutics Inc                         | ALLOGENE THERAPE               | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5189570 | NS      | $7109710.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                         | TESLA INC                      | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |   1007590 | NS      | $453133374.80  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                      | LIVANOVA PLC                   | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | US        |   1920200 | NS      | $118149906.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                       | TEXTRON INC                    | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    180300 | NS      | $15716751.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-ADR                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | US        |   1211220 | NS      | $166990901.40  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                                        | ENTAIN PLC                     | CUSIP: N/A<br>LEI: 213800GNI3K45LQR8L28       | Long             | EC               | CORP              | GB        |   4503388 | NS      | $46291454.99   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA-ADR                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | US        |   2383790 | NS      | $219141814.70  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                     | MARRIOTT INTL-A                | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     58400 | NS      | $18118016.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                       | REVVITY INC                    | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |   1013945 | NS      | $98099178.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                          | MARKETAXESS                    | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |   1751350 | NS      | $317432187.50  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                     | LIVE NATION ENTE               | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    181460 | NS      | $25858050.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                | TRADE DESK INC-A               | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    637200 | NS      | $24188112.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV                          | UNIVERSAL MUSIC                | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |   2291005 | NS      | $59726119.83   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| PayPal Holdings Inc                               | PAYPAL HOLDINGS                | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |   1832300 | NS      | $106969674.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                      | DOORDASH INC-A                 | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     78950 | NS      | $17880596.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | ALIBABA GRP-ADR                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | US        |   3527676 | NS      | $517086748.08  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A               | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1893700 | NS      | $19770228.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                                    | ELF BEAUTY INC                 | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |    339700 | NS      | $25830788.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                        | CASEY'S GENERAL                | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     36300 | NS      | $20063373.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                                    | FORMFACTOR INC                 | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |   1192641 | NS      | $66525514.98   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc                     | ZOOM COMMUNICATI               | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    809150 | NS      | $69821553.50   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                        | NEUROCRINE BIOSC               | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    422300 | NS      | $59894809.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                       | ROYAL CARIBBEAN                | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |    418800 | NS      | $116811696.00  | 0.45%             |  |  |  | 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        | 670286900 | NS      | $670286900.30  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd                               | BEONE MEDICINES                | CUSIP: N/A<br>LEI: 549300JFUK6FRD5MH739       | Long             | EC               | CORP              | US        |   1171171 | NS      | $355813461.51  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                            | BOSTON SCIENTIFC               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   4840336 | NS      | $461526037.60  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                     | HEWLETT PACKA                  | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |   2205650 | NS      | $52979713.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   1763503 | NS      | $1895201404.04 | 7.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                          | ELANCO ANIMAL HE               | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |  10303076 | NS      | $233158609.88  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                               | TRANSDIGM GROUP                | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74173 | NS      | $98638964.05   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                         | BAIDU INC-SP ADR               | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | US        |   2378190 | NS      | $310734305.40  | 1.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Trust Corp                               | NORTHERN TRUST                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |   2142911 | NS      | $292700213.49  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                         | QIAGEN NV                      | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | US        |    526927 | NS      | $23695907.19   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                   | ULTA BEAUTY INC                | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     23000 | NS      | $13915230.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                               | CARRIER GLOB                   | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    201212 | NS      | $10632042.08   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corp                              | JETBLUE AIRWAYS                | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |   1348000 | NS      | $6133400.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     64800 | NS      | $7561512.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International Inc               | RESTAURANT BRAND               | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | US        |     17600 | NS      | $1200848.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc                 | TAKE-TWO INTERAC               | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     39480 | NS      | $10108064.40   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM INC                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    584762 | NS      | $100023540.10  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |   1361680 | NS      | $236237863.20  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                    | ALBEMARLE CORP                 | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |    160500 | NS      | $22701120.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                 | IVANHOE MINES LT               | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |   9347800 | NS      | $106312453.46  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                             | BURLINGTON STORE               | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |    214800 | NS      | $62044980.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                          | AGILENT TECH INC               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    250950 | NS      | $34146766.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                    | SALESFORCE INC                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    112800 | NS      | $29881848.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                      | ALKERMES PLC                   | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1733250 | NS      | $48496335.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                                     | PINTEREST INC -A               | CUSIP: 72352L106<br>LEI: 529900Y043CEBGO4HB65 | Long             | EC               | CORP              | US        |   1608750 | NS      | $41650537.50   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                         | EDWARDS LIFE                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |   1449100 | NS      | $123535775.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| New Fortress Energy Inc                           | NEW FORTRESS ENE               | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |   1400000 | NS      | $1596000.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Okta Inc                                          | OKTA INC                       | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    311548 | NS      | $26939555.56   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | COSTAR GROUP INC               | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $2689600.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC                                  | ARM HOLDINGS PLC               | CUSIP: N/A<br>LEI: 2138001E66EELTE7Y904       | Long             | EC               | CORP              | US        |    210570 | NS      | $23017406.70   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                | COTERRA ENERGY I               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    773350 | NS      | $20354572.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                     | CARNIVAL CORP                  | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |   1577945 | NS      | $48190440.30   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                      | TAPESTRY INC                   | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     14100 | NS      | $1801557.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunocore Holdings PLC                           | IMMUNOCORE HOLDI               | CUSIP: N/A<br>LEI: 213800IUE3DFS84BVN18       | Long             | EC               | CORP              | US        |   2528858 | NS      | $87776661.18   | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Exxon Mobil Corp                                  | EXXON MOBIL CORP               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    133910 | NS      | $16114729.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | DANAHER CORP                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    126000 | NS      | $28843920.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                      | GLAUKOS CORP                   | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |   1695572 | NS      | $191447034.52  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                            | PALO ALTO NETWOR               | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    170020 | NS      | $31317684.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolfspeed Inc/DE                                  | WOLFSPEED INC - ESCROW 25      | CUSIP: 977ESC029<br>LEI: 549300OGU88P3AW3TO93 | Long             | EC               | CORP              | US        |   2186808 | NS      | $211984.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: —       |
| Airbus SE                                         | AIRBUS SE                      | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |    582732 | NS      | $135324224.59  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp                                      | CHEVRON CORP                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    452537 | NS      | $68971164.17   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp                             | US FOODS HOLDING               | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    268900 | NS      | $20253548.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                          | KLA CORP                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    483660 | NS      | $587685592.80  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                | NORWEGIAN CRUISE               | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    415025 | NS      | $9263358.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                            | HP INC                         | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |   1781500 | NS      | $39691820.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                       | NETFLIX INC                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    590350 | NS      | $55351216.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                       | BIONTECH SE-ADR                | CUSIP: N/A<br>LEI: 894500UZJ5LG1F8J1U58       | Long             | EC               | CORP              | US        |   2191720 | NS      | $208651744.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                             | SPOTIFY TECHNOLO               | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |     53121 | NS      | $30847895.91   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                          | CROWDSTRIKE HO-A               | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      3700 | NS      | $1734412.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | MORGAN STANLEY                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    372902 | NS      | $66201292.06   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                       | CORNING INC                    | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |   1934824 | NS      | $169413189.44  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                 | EOG RESOURCES                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    364121 | NS      | $38236346.21   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                        | FEDEX CORP                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |   1401274 | NS      | $404772007.64  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                             | MICRON TECH                    | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |   4498077 | NS      | $1283796156.57 | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                             | APPLIED MATERIAL               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1000 | NS      | $256990.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc                              | AMENTUM HOLDINGS               | CUSIP: 023939101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2604138 | NS      | $75520002.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                   | FAIR ISAAC CORP                | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     53550 | NS      | $90532701.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   3472040 | NS      | $647535460.00  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL Inc                                         | GRAIL INC                      | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |    165188 | NS      | $14138440.92   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    170400 | NS      | $54906288.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     41200 | NS      | $23520256.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                               | DELTA AIR LI                   | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   2375360 | NS      | $164849984.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   1107200 | NS      | $103191040.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                          | ALCON INC                      | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | US        |    151840 | NS      | $11966510.40   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                                 | NEWELL BRANDS IN               | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    521709 | NS      | $1940757.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                        | AMETEK INC                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |    188653 | NS      | $38732347.43   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                              | JACOBS SOLUTIONS               | CUSIP: 46982L108<br>LEI: 254900E3KHXCC2C8K272 | Long             | EC               | CORP              | US        |   2070501 | NS      | $274258562.46  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign Inc                                      | DOCUSIGN INC                   | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |    180000 | NS      | $12312000.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                          | LYFT INC-A                     | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |   1334624 | NS      | $25851666.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                        | HUMANA INC                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     91400 | NS      | $23410282.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                        | NETAPP INC                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |   2150680 | NS      | $230316321.20  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                             | SOUTHWEST AIR                  | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |   8459559 | NS      | $349633573.47  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                                     | VALVOLINE INC                  | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     87030 | NS      | $2529091.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                            | UNIVERSAL DISPLA               | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1117535 | NS      | $130505737.30  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                                | EXPAND ENERGY CO               | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    128000 | NS      | $14126080.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                         | FLUTTER ENTER-DI               | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | US        |    419047 | NS      | $90111866.88   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                     | REPLIGEN CORP                  | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    138578 | NS      | $22707391.08   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                | UNITY SOFTWARE I               | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    208384 | NS      | $9204321.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                   | ROSS STORES INC                | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    444800 | NS      | $80126272.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                          | FLEX LTD                       | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |  11589082 | NS      | $700212334.44  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    248100 | NS      | $85867410.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING-NY                | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | US        |    255867 | NS      | $273741868.62  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                               | CURTISS-WRIGHT                 | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |    225700 | NS      | $124421639.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                       | AMERICAN AIRLINE               | CUSIP: 02376R102<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | EC               | CORP              | US        |  10632230 | NS      | $162992085.90  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                        | CARMAX INC                     | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1665647 | NS      | $64360600.08   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                                    | CAVA GROUP INC                 | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    498400 | NS      | $29251096.00   | 0.11%             |  |  |  | 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      | $35761358.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                           | ROCKWELL AUTOMAT               | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     39500 | NS      | $15368265.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral Inc                                   | RINGCENTRAL IN-A               | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |    265175 | NS      | $7658254.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    200231 | NS      | $82689426.65   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1888500 | NS      | $591100500.00  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Healthineers AG                           | SIEMENS HEALTHIN               | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    171280 | NS      | $8978086.97    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Entegris Inc                                      | ENTEGRIS INC                   | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |   1118658 | NS      | $94246936.50   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                | WALT DISNEY CO/T               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    132140 | NS      | $15033567.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer