# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0000932471-25-001143
**Filing Date:** 2025-8
**Character Count:** 59404
**Document Hash:** b77f2a69658aa6c12b54581e328a6364
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932471-25-001143.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000932471-25-001143

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07239
- **FILM NUMBER:** 251264975

**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 International Core Stock Fund (Series ID: S000066700)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000214946 | Admiral Shares  | VZICX           |
| C000214947 | Investor Shares | VWICX           |

## Nport-Ex

Vanguard<sup>®</sup> International Core Stock Fund

Schedule of Investments (unaudited)

As of June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (98.7%)** | **Common Stocks (98.7%)** | **Common Stocks (98.7%)** |
| **Australia (1.6%)** | **Australia (1.6%)** | **Australia (1.6%)** |
| Stockland | &nbsp;&nbsp;13204881 | &nbsp;&nbsp;&nbsp;&nbsp;46668 |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1696911 | &nbsp;&nbsp;&nbsp;&nbsp;32541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**79209** |
| **Belgium (1.1%)** | **Belgium (1.1%)** | **Belgium (1.1%)** |
| KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529483 | &nbsp;&nbsp;&nbsp;&nbsp;54648 |
| **Brazil (2.3%)** | **Brazil (2.3%)** | **Brazil (2.3%)** |
| Ambev SA | &nbsp;&nbsp;15351209 | &nbsp;&nbsp;&nbsp;&nbsp;37635 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;&nbsp;1654242 | &nbsp;&nbsp;&nbsp;&nbsp;36272 |
| Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;6079429 | &nbsp;&nbsp;&nbsp;&nbsp;34565 |
|  |  | &nbsp;&nbsp;**108472** |
| **Canada (6.9%)** | **Canada (6.9%)** | **Canada (6.9%)** |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738220 | &nbsp;&nbsp;&nbsp;&nbsp;97293 |
| Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960326 | &nbsp;&nbsp;&nbsp;&nbsp;55959 |
| Sun Life Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776904 | &nbsp;&nbsp;&nbsp;&nbsp;51695 |
| Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2364851 | &nbsp;&nbsp;&nbsp;&nbsp;49233 |
| ARC Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2196638 | &nbsp;&nbsp;&nbsp;&nbsp;46312 |
| Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3041881 | &nbsp;&nbsp;&nbsp;&nbsp;31988 |
|  |  | &nbsp;&nbsp;**332480** |
| **China (7.1%)** | **China (7.1%)** | **China (7.1%)** |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1600666 | &nbsp;&nbsp;103140 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4604560 | &nbsp;&nbsp;&nbsp;&nbsp;65182 |
| NetEase Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1650800 | &nbsp;&nbsp;&nbsp;&nbsp;44488 |
| Yum China Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954748 | &nbsp;&nbsp;&nbsp;&nbsp;42872 |
| Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524278 | &nbsp;&nbsp;&nbsp;&nbsp;30704 |
| BYD Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;1959402 | &nbsp;&nbsp;&nbsp;&nbsp;30508 |
| PICC Property & Casualty Co. Ltd. Class H | &nbsp;&nbsp;14091829 | &nbsp;&nbsp;&nbsp;&nbsp;27383 |
|  |  | &nbsp;&nbsp;**344277** |
| **Denmark (2.4%)** | **Denmark (2.4%)** | **Denmark (2.4%)** |
| Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;1138438 | &nbsp;&nbsp;&nbsp;&nbsp;78887 |
| AP Moller - Maersk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19870 | &nbsp;&nbsp;&nbsp;&nbsp;36952 |
|  |  | &nbsp;&nbsp;**115839** |
| **France (7.6%)** | **France (7.6%)** | **France (7.6%)** |
| Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;3040267 | &nbsp;&nbsp;&nbsp;&nbsp;71455 |
| TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;1056637 | &nbsp;&nbsp;&nbsp;&nbsp;64584 |
| Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;1055917 | &nbsp;&nbsp;&nbsp;&nbsp;55339 |
| Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377585 | &nbsp;&nbsp;&nbsp;&nbsp;50607 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369160 | &nbsp;&nbsp;&nbsp;&nbsp;43367 |
| Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745532 | &nbsp;&nbsp;&nbsp;&nbsp;42648 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988145 | &nbsp;&nbsp;&nbsp;&nbsp;36753 |
|  |  | &nbsp;&nbsp;**364753** |
| **Germany (7.3%)** | **Germany (7.3%)** | **Germany (7.3%)** |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234829 | &nbsp;&nbsp;&nbsp;&nbsp;71806 |
| Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218806 | &nbsp;&nbsp;&nbsp;&nbsp;56202 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24632 | &nbsp;&nbsp;&nbsp;&nbsp;52163 |
| Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197286 | &nbsp;&nbsp;&nbsp;&nbsp;46460 |
| E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;2450560 | &nbsp;&nbsp;&nbsp;&nbsp;45153 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340723 | &nbsp;&nbsp;&nbsp;&nbsp;44172 |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159687 | &nbsp;&nbsp;&nbsp;&nbsp;37276 |
|  |  | &nbsp;&nbsp;**353232** |
| **Hong Kong (2.5%)** | **Hong Kong (2.5%)** | **Hong Kong (2.5%)** |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7905313 | &nbsp;&nbsp;&nbsp;&nbsp;71610 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934100 | &nbsp;&nbsp;&nbsp;&nbsp;50242 |
|  |  | &nbsp;&nbsp;**121852** |
| **India (5.8%)** | **India (5.8%)** | **India (5.8%)** |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2094042 | &nbsp;&nbsp;&nbsp;&nbsp;48886 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1117149 | &nbsp;&nbsp;&nbsp;&nbsp;41465 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2255509 | &nbsp;&nbsp;&nbsp;&nbsp;38118 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702440 | &nbsp;&nbsp;&nbsp;&nbsp;30065 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334346 | &nbsp;&nbsp;&nbsp;&nbsp;28245 |
|  | Varun Beverages Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4897720 | &nbsp;&nbsp;&nbsp;&nbsp;26134 |
|  | Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1274529 | &nbsp;&nbsp;&nbsp;&nbsp;25081 |
| <sup>1</sup> | Lodha Developers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1347288 | &nbsp;&nbsp;&nbsp;&nbsp;21783 |
|  | Bajaj Auto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198759 | &nbsp;&nbsp;&nbsp;&nbsp;19414 |
|  |  |  | &nbsp;&nbsp;**279191** |
| **Ireland (1.3%)** | **Ireland (1.3%)** | **Ireland (1.3%)** | **Ireland (1.3%)** |
|  | AIB Group plc | &nbsp;&nbsp;&nbsp;&nbsp;7339572 | &nbsp;&nbsp;&nbsp;&nbsp;60572 |
| **Israel (0.8%)** | **Israel (0.8%)** | **Israel (0.8%)** | **Israel (0.8%)** |
|  | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;2195473 | &nbsp;&nbsp;&nbsp;&nbsp;40848 |
| **Italy (1.3%)** | **Italy (1.3%)** | **Italy (1.3%)** | **Italy (1.3%)** |
|  | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;2782909 | &nbsp;&nbsp;&nbsp;&nbsp;61735 |
| **Japan (13.8%)** | **Japan (13.8%)** | **Japan (13.8%)** | **Japan (13.8%)** |
|  | Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3050130 | &nbsp;&nbsp;&nbsp;&nbsp;79304 |
|  | Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2840300 | &nbsp;&nbsp;&nbsp;&nbsp;61092 |
|  | Resona Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6508100 | &nbsp;&nbsp;&nbsp;&nbsp;60108 |
|  | Mizuho Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2091600 | &nbsp;&nbsp;&nbsp;&nbsp;58063 |
|  | Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1128440 | &nbsp;&nbsp;&nbsp;&nbsp;55947 |
|  | Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;51064900 | &nbsp;&nbsp;&nbsp;&nbsp;54594 |
|  | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5273373 | &nbsp;&nbsp;&nbsp;&nbsp;51052 |
|  | FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1758200 | &nbsp;&nbsp;&nbsp;&nbsp;47730 |
|  | MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;2198800 | &nbsp;&nbsp;&nbsp;&nbsp;45231 |
|  | Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1107000 | &nbsp;&nbsp;&nbsp;&nbsp;44277 |
|  | Asahi Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3281900 | &nbsp;&nbsp;&nbsp;&nbsp;43870 |
|  | MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1677000 | &nbsp;&nbsp;&nbsp;&nbsp;37490 |
|  | Honda Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2951900 | &nbsp;&nbsp;&nbsp;&nbsp;28465 |
|  |  |  | &nbsp;&nbsp;**667223** |
| **Mexico (0.7%)** | **Mexico (0.7%)** | **Mexico (0.7%)** | **Mexico (0.7%)** |
|  | Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;10823983 | &nbsp;&nbsp;&nbsp;&nbsp;35850 |
| **Netherlands (3.7%)** | **Netherlands (3.7%)** | **Netherlands (3.7%)** | **Netherlands (3.7%)** |
|  | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94751 | &nbsp;&nbsp;&nbsp;&nbsp;75927 |
|  | AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368101 | &nbsp;&nbsp;&nbsp;&nbsp;43068 |
|  | Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;1343866 | &nbsp;&nbsp;&nbsp;&nbsp;32269 |
|  | Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;5372399 | &nbsp;&nbsp;&nbsp;&nbsp;26208 |
|  |  |  | &nbsp;&nbsp;**177472** |
| **Other (2.3%)** | **Other (2.3%)** | **Other (2.3%)** | **Other (2.3%)** |
| <sup>2</sup> | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;1949929 | &nbsp;&nbsp;111166 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,3</sup> | Magnit PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Singapore (3.0%)** | **Singapore (3.0%)** | **Singapore (3.0%)** | **Singapore (3.0%)** |
| <sup>\*</sup> | Grab Holdings Ltd. Class A | &nbsp;&nbsp;12564232 | &nbsp;&nbsp;&nbsp;&nbsp;63198 |
|  | DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1603075 | &nbsp;&nbsp;&nbsp;&nbsp;56592 |
|  | Singapore Telecommunications Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8860671 | &nbsp;&nbsp;&nbsp;&nbsp;26713 |
|  |  |  | &nbsp;&nbsp;**146503** |
| **South Korea (4.1%)** | **South Korea (4.1%)** | **South Korea (4.1%)** | **South Korea (4.1%)** |
|  | SK Hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306537 | &nbsp;&nbsp;&nbsp;&nbsp;66053 |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1423047 | &nbsp;&nbsp;&nbsp;&nbsp;62930 |
|  | Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58634 | &nbsp;&nbsp;&nbsp;&nbsp;36794 |
|  | KB Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375272 | &nbsp;&nbsp;&nbsp;&nbsp;30839 |
|  |  |  | &nbsp;&nbsp;**196616** |
| **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** |
|  | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936315 | &nbsp;&nbsp;&nbsp;&nbsp;48845 |
| **Sweden (2.1%)** | **Sweden (2.1%)** | **Sweden (2.1%)** | **Sweden (2.1%)** |
| <sup>\*</sup> | Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73205 | &nbsp;&nbsp;&nbsp;&nbsp;56173 |
|  | Volvo AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;1592256 | &nbsp;&nbsp;&nbsp;&nbsp;44802 |
|  |  |  | &nbsp;&nbsp;**100975** |
| **Switzerland (2.6%)** | **Switzerland (2.6%)** | **Switzerland (2.6%)** | **Switzerland (2.6%)** |
|  | UBS Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;1884600 | &nbsp;&nbsp;&nbsp;&nbsp;63986 |
|  | Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245132 | &nbsp;&nbsp;&nbsp;&nbsp;35631 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25855 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**125472** |
| **Taiwan (6.0%)** | **Taiwan (6.0%)** | **Taiwan (6.0%)** | **Taiwan (6.0%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5379179 | &nbsp;&nbsp;&nbsp;&nbsp;196713 |
|  | MediaTek Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1347713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57748 |
|  | Uni-President Enterprises Corp. | &nbsp;&nbsp;12647460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35057 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**289518** |
| **United Arab Emirates (0.7%)** | **United Arab Emirates (0.7%)** | **United Arab Emirates (0.7%)** | **United Arab Emirates (0.7%)** |
|  | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;8569110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31788 |
| **United Kingdom (10.7%)** | **United Kingdom (10.7%)** | **United Kingdom (10.7%)** | **United Kingdom (10.7%)** |
|  | Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;2464305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85978 |
|  | Tesco plc | &nbsp;&nbsp;14073680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77596 |
|  | AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57761 |
|  | Haleon plc | &nbsp;&nbsp;10173255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52287 |
|  | Prudential plc | &nbsp;&nbsp;&nbsp;&nbsp;3942470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49345 |
|  | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp;8833113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40816 |
|  | Glencore plc | &nbsp;&nbsp;10138350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39505 |
|  | Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30737 |
|  | BT Group plc | &nbsp;&nbsp;10761791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28656 |
|  | Next plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28429 |
|  | Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25657 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**516767** |
| **Total Common Stocks (Cost $4,120,272)** | **Total Common Stocks (Cost $4,120,272)** | **Total Common Stocks (Cost $4,120,272)** | **4765303** |
| **Rights (0.0%)** | **Rights (0.0%)** | **Rights (0.0%)** | **Rights (0.0%)** |
| <sup>\*,3</sup> | Hanwha Aerospace Co. Ltd. Exp. 7/2/25<br> **(Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**514** |
|  | &nbsp;&nbsp;Coupon |  |  |
| **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** |
| **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** |
| <sup>4</sup> | &nbsp;&nbsp;4.355% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58775** |
| **Total Investments (99.9%) (Cost $4,179,047)** | **Total Investments (99.9%) (Cost $4,179,047)** |  | &nbsp;&nbsp;**4824592** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4528** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**4829120** |

---

---

| | |
|:---|:---|
| Cost is in $000. | Cost is in $000. |
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the aggregate value was $21,783, representing 0.5% of net assets. |
| 2 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 3 | Security value determined using significant unobservable inputs. |
| 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. |

---

------

A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

C. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 476802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;476802 |
| Common Stocks—Other | 273605 | &nbsp;&nbsp;&nbsp;4014896 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4288501 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;58775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58775 |
| Total | 809182 | &nbsp;&nbsp;&nbsp;4014896 | &nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;4824592 |

---

D. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Jun. 30, 2025<br> Market Value<br> ($000) |
| Vanguard FTSE Developed Markets ETF | 10929 | &nbsp;&nbsp;335296 | &nbsp;&nbsp;242190 | &nbsp;&nbsp;2531 | &nbsp;&nbsp;4600 | &nbsp;&nbsp;1553 | &nbsp;&nbsp;— | &nbsp;&nbsp;111166 |
| Vanguard Market Liquidity Fund | 31177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1055 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;58775 |
| Total | 42106 | &nbsp;&nbsp;335296 | &nbsp;&nbsp;242190 | &nbsp;&nbsp;2531 | &nbsp;&nbsp;4600 | &nbsp;&nbsp;2608 | &nbsp;&nbsp;— | &nbsp;&nbsp;169941 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

- **a. Name of Series:** VANGUARD INTERNATIONAL CORE STOCK FUND

- **b. EDGAR series identifier (if any):** S000066700

- **c. LEI of Series:** 549300TJ5BTA81NCGQ40

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4831524300.63

**Total Liabilities:** $10869388.80

**Net Assets:** $4820654911.83

**Cash Not Reported:** $11989078.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214946 | 2.69%                | 5.21%                | 3.94%                |
| Class ID C000214947 | 2.70%                | 5.18%                | 3.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-409908.87              | $82698234.49                               |
| Month 2  | $4488373.94              | $172232419.58                              |
| Month 3  | $50151484.79             | $118381156.83                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Honda Motor Co Ltd                                     | HONDA MOTOR CO                        | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |   2951900 | NS      | $28464742.03  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc                                    | RESONA HOLDINGS                       | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |   6508100 | NS      | $60107652.42  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                     | MS&AD INSURANCE                       | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |   1677000 | NS      | $37490354.95  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                               | VOLVO AB-B                            | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |   1592256 | NS      | $44802290.65  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                 | KONINKLIJKE PHIL                      | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |   1343866 | NS      | $32269376.75  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                             | SAMSUNG ELECTRON                      | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1423047 | NS      | $62929445.75  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                     | HKEX                                  | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |    934100 | NS      | $50242035.51  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd                                    | VARUN BEVERAGES                       | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |   4897720 | NS      | $26134486.14  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                 | AP MOLLER-B                           | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |     19870 | NS      | $36952210.32  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                             | LEGRAND SA                            | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |    377585 | NS      | $50607163.80  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                                 | SAINT GOBAIN                          | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |    369160 | NS      | $43367161.67  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                     | TRIP.COM GROUP L                      | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |    524278 | NS      | $30704096.94  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd              | TSMC                                  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   5379179 | NS      | $196713101.62 | 4.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN NV                                     | KPN (KONIN) NV                        | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |   5372399 | NS      | $26207586.24  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                               | AMBEV SA                              | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  15351209 | NS      | $37635623.10  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Life Financial Inc                                 | SUN LIFE FINANCI                      | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |    776904 | NS      | $51694710.07  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                           | MEDIATEK                              | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |   1347713 | NS      | $57747699.30  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                               | ENGIE                                 | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   3040267 | NS      | $71454798.97  | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                                              | HOLCIM LTD                            | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |    348176 | NS      | $25855250.66  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                          | AIA                                   | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   7905313 | NS      | $71609832.22  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard FTSE Developed Markets ETF                    | VANGUARD FTSE ET                      | CUSIP: 921943858<br>LEI: 3TVJ6OS71EDS4RAB2217 | Long             | EC               | RF                | US        |   1791272 | NS      | $102120416.72 | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                | HANWHA AEROSPACE                      | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |     58634 | NS      | $36794435.04  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                         | ICICI BANK LTD                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |   2255509 | NS      | $38117522.67  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                                        | SONY GROUP CORP                       | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |   3050130 | NS      | $79304375.15  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd                                      | GRAB HOLDINGS LTD - CL A              | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | US        |  12564232 | NS      | $63198086.96  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MatsukiyoCocokara & Co                                 | MATSUKIYOCOCOKAR                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   2198800 | NS      | $45230471.16  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                             | HALEON PLC                            | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |  10173255 | NS      | $52286784.40  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                 | YUM CHINA HOLDINGS INC - XHKG LISTING | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | HK        |    954748 | NS      | $42872615.28  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings NV                                     | AERCAP HOLDINGS                       | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | US        |    368101 | NS      | $43067817.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                            | NUTRIEN LTD                           | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    960326 | NS      | $55958779.59  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group PLC                                           | BT GROUP PLC                          | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               | CORP              | GB        |  10761791 | NS      | $28655669.72  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                            | FINECOBANK SPA                        | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |   2782909 | NS      | $61734779.18  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                          | HDFC BANK LTD                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   2094042 | NS      | $48886378.76  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                | HANWHA AEROS-RTS                      | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |      2563 | NS      | $513701.47    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| DBS Group Holdings Ltd                                 | DBS GROUP HLDGS                       | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |   1603075 | NS      | $56591885.26  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                                | MAHINDRA & MAHIN                      | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |   1117149 | NS      | $41465483.82  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                              | BABA-W                                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   4604560 | NS      | $65181919.11  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Stockland                                              | STOCKLAND                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  13204881 | NS      | $46667642.07  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Magnit PJSC                                            | MAGNIT                                | CUSIP: N/A<br>LEI: 2534009KKPTVL99W2Y12       | Long             | EC               | CORP              | RU        |     31141 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Telefonica Brasil SA                                   | TELEF BRASIL                          | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |   6079429 | NS      | $34564716.61  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                              | SHELL PLC                             | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |   2464305 | NS      | $85978500.31  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Uni-President Enterprises Corp                         | UNI-PRESIDENT EN                      | CUSIP: N/A<br>LEI: 254900DAXBDMVEXU5959       | Long             | EC               | CORP              | TW        |  12647460 | NS      | $35057529.75  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                               | NEXT PLC                              | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |    166452 | NS      | $28428999.60  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                                    | LARSEN & TOUBRO                       | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    702440 | NS      | $30065283.38  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ARC Resources Ltd                                      | ARC RESOURCES LT                      | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |   2196638 | NS      | $46312081.50  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                       | TOTALENERGIES SE                      | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   1056637 | NS      | $64584464.21  | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund      | Vanguard Market Liquidity Fund        | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    534957 | NS      | $53490344.43  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                           | UBS GROUP AG                          | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |   1884600 | NS      | $63985505.75  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                   | ROYAL BANK OF CA                      | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |    738220 | NS      | $97292706.74  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Auto Ltd                                         | BAJAJ AUTO LTD                        | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |    198759 | NS      | $19413907.85  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd                                  | MITSUI FUDOSAN                        | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        |   5273373 | NS      | $51051951.52  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                            | RECKITT BENCKISE                      | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    451173 | NS      | $30737065.12  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Tech Mahindra Ltd                                      | TECH MAHINDRA LT                      | CUSIP: N/A<br>LEI: 3358005FZUZ1I25XQH69       | Long             | EC               | CORP              | IN        |   1274529 | NS      | $25081130.98  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd                        | APOLLO HOSPITALS                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |    334346 | NS      | $28244629.29  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                           | KBC GROUP                             | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |    529483 | NS      | $54647742.20  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                           | BARCLAYS PLC                          | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |   8833113 | NS      | $40815788.01  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd                       | SINGAPORE TELECO (LOT SIZE 100)       | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               | CORP              | SG        |   8860671 | NS      | $26713048.70  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                               | ACCOR SA                              | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |   1055917 | NS      | $55338976.18  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                          | NOMURA RESEARCH                       | CUSIP: N/A<br>LEI: 5299005F1HCVF4M4QN79       | Long             | EC               | CORP              | JP        |   1107000 | NS      | $44277136.65  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                         | PRUDENTIAL PLC                        | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   3942470 | NS      | $49344945.34  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Gold Corp                                      | BARRICK MINING C                      | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   2364851 | NS      | $49233358.44  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                              | ADIDAS AG                             | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |    159687 | NS      | $37275724.15  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc                             | MIZUHO FINANCIAL                      | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |   2091600 | NS      | $58062664.82  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                        | ASTRAZENECA PLC                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |    415042 | NS      | $57761049.66  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                              | TESCO PLC                             | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |  14073680 | NS      | $77595561.62  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Talanx AG                                              | TALANX AG                             | CUSIP: N/A<br>LEI: 5299006ZIILJ6VJVSJ32       | Long             | EC               | CORP              | DE        |    340723 | NS      | $44171921.73  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                   | TENCENT                               | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   1600666 | NS      | $103139896.35 | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                             | BYD COMPANY                           | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | HK        |   1959402 | NS      | $30507954.41  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA           | MICHELIN                              | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |    988145 | NS      | $36753279.58  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA                          | INDUSTRIA DE DISENO TEXTIL            | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    936315 | NS      | $48844512.62  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                                 | ANZ GROUP HOLDIN                      | CUSIP: N/A<br>LEI: 9845005D9C6BAA10BK72       | Long             | EC               | CORP              | AU        |   1696911 | NS      | $32541299.48  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                                     | LUNDIN MINING CO                      | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   3041881 | NS      | $31988056.49  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                       | NOVO NORDISK-B                        | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |   1138438 | NS      | $78886979.65  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                                  | SPOTIFY TECHNOLO                      | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |     73205 | NS      | $56173124.70  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                                  | EMAAR PROP PJSC                       | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |   8569110 | NS      | $31788323.99  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                      | GALDERMA GROUP A                      | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |    245132 | NS      | $35631332.32  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property & Casualty Co Ltd                        | PICC P&C-H                            | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | HK        |  14091829 | NS      | $27382889.19  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                           | GLENCORE PLC                          | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | GB        |  10138350 | NS      | $39505526.35  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                            | NETEASE INC                           | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | HK        |   1650800 | NS      | $44488017.53  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                               | ASAHI GROUP HOLD                      | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |   3281900 | NS      | $43869614.20  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                        | ASML HOLDING NV                       | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     94751 | NS      | $75927466.50  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                                             | FANUC CORP                            | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |   1758200 | NS      | $47730361.95  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Telegraph & Telephone Corp                      | NIPPON TELEGRAPH                      | CUSIP: J59396101<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |  51064900 | NS      | $54594017.95  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Macrotech Developers Ltd                               | MACROTECH DEVELO                      | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |   1347288 | NS      | $21782541.30  | 0.45%             |  |  |  | Yes           |                  2 | On Loan: No      |
| KB Financial Group Inc                                 | KB FINANCIAL GRO                      | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    375272 | NS      | $30838455.26  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                 | SAP SE                                | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    234829 | NS      | $71805885.63  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp                               | MITSUB ELEC CORP                      | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |   2840300 | NS      | $61091941.84  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | SABESP                                | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |   1654242 | NS      | $36272082.14  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                                         | RHEINMETALL AG                        | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |     24632 | NS      | $52163152.95  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                     | ANGLO AMER PLC                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |    870370 | NS      | $25656677.68  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                                | E.ON SE                               | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |   2450560 | NS      | $45153134.65  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                             | SIEMENS AG-REG                        | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    218806 | NS      | $56202115.03  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                                    | SOC GENERALE SA                       | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |    745532 | NS      | $42647569.28  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                                | HEIDELBERG MATER                      | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |    197286 | NS      | $46460222.18  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund      | Vanguard Market Liquidity Fund        | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |         0 | NS      | $2.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC                                          | AIB GROUP PLC                         | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |   7339572 | NS      | $60572397.50  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                | BANK LEUMI LE-IS                      | CUSIP: N/A<br>LEI: 7JDSZWRGUQY2DSTWCR57       | Long             | EC               | CORP              | IL        |   2195473 | NS      | $40847979.39  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd                                 | OTSUKA HOLDINGS                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   1086016 | NS      | $53843918.45  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                           | WALMART DE MEXIC                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |  10823983 | NS      | $35850171.52  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                           | SK HYNIX INC                          | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |    306537 | NS      | $66053086.91  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer