# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0000932471-26-000026
**Filing Date:** 2026-2
**Character Count:** 59801
**Document Hash:** 4873f23f605cce8e9fe666c10ec8aae2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932471-26-000026.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000932471-26-000026

**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:** 26688279

**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 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.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** |
| **Australia (1.2%)** | **Australia (1.2%)** | **Australia (1.2%)** | **Australia (1.2%)** |
|  | Stockland | &nbsp;&nbsp;10650380 | &nbsp;&nbsp;&nbsp;&nbsp;40607 |
|  | ANZ Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1647432 | &nbsp;&nbsp;&nbsp;&nbsp;39831 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**80438** |
| **Belgium (2.9%)** | **Belgium (2.9%)** | **Belgium (2.9%)** | **Belgium (2.9%)** |
|  | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701628 | &nbsp;&nbsp;&nbsp;&nbsp;91377 |
| <sup>\*</sup> | Argenx SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78888 | &nbsp;&nbsp;&nbsp;&nbsp;66545 |
|  | UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142763 | &nbsp;&nbsp;&nbsp;&nbsp;39778 |
|  |  |  | &nbsp;&nbsp;**197700** |
| **Brazil (1.3%)** | **Brazil (1.3%)** | **Brazil (1.3%)** | **Brazil (1.3%)** |
|  | Ambev SA | &nbsp;&nbsp;21203506 | &nbsp;&nbsp;&nbsp;&nbsp;53372 |
|  | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;&nbsp;1625720 | &nbsp;&nbsp;&nbsp;&nbsp;39136 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**92508** |
| **Canada (7.0%)** | **Canada (7.0%)** | **Canada (7.0%)** | **Canada (7.0%)** |
|  | Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1616431 | &nbsp;&nbsp;&nbsp;&nbsp;99774 |
|  | Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2111388 | &nbsp;&nbsp;&nbsp;&nbsp;91975 |
| <sup>\*</sup> | Shopify Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489741 | &nbsp;&nbsp;&nbsp;&nbsp;78855 |
|  | Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3014503 | &nbsp;&nbsp;&nbsp;&nbsp;64790 |
|  | Sun Life Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947130 | &nbsp;&nbsp;&nbsp;&nbsp;59124 |
|  | ARC Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2958274 | &nbsp;&nbsp;&nbsp;&nbsp;55499 |
|  | iA Financial Corp. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301998 | &nbsp;&nbsp;&nbsp;&nbsp;39127 |
|  |  |  | &nbsp;&nbsp;**489144** |
| **China (7.6%)** | **China (7.6%)** | **China (7.6%)** | **China (7.6%)** |
|  | Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2042235 | &nbsp;&nbsp;156728 |
|  | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6883062 | &nbsp;&nbsp;126380 |
|  | Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892061 | &nbsp;&nbsp;&nbsp;&nbsp;63962 |
|  | NAURA Technology Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731507 | &nbsp;&nbsp;&nbsp;&nbsp;48050 |
| <sup>1</sup> | Fuyao Glass Industry Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;5503200 | &nbsp;&nbsp;&nbsp;&nbsp;47568 |
|  | Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899440 | &nbsp;&nbsp;&nbsp;&nbsp;47295 |
|  | Yum China Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790332 | &nbsp;&nbsp;&nbsp;&nbsp;37421 |
|  |  |  | &nbsp;&nbsp;**527404** |
| **Denmark (1.3%)** | **Denmark (1.3%)** | **Denmark (1.3%)** | **Denmark (1.3%)** |
| <sup>2</sup> | AP Moller - Maersk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40267 | &nbsp;&nbsp;&nbsp;&nbsp;92395 |
| **France (7.0%)** | **France (7.0%)** | **France (7.0%)** | **France (7.0%)** |
|  | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;3115579 | &nbsp;&nbsp;&nbsp;&nbsp;81844 |
|  | Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750338 | &nbsp;&nbsp;&nbsp;&nbsp;76303 |
|  | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500688 | &nbsp;&nbsp;&nbsp;&nbsp;74434 |
|  | Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;1301173 | &nbsp;&nbsp;&nbsp;&nbsp;73356 |
|  | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;4138243 | &nbsp;&nbsp;&nbsp;&nbsp;69053 |
|  | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;1716978 | &nbsp;&nbsp;&nbsp;&nbsp;56911 |
|  | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693874 | &nbsp;&nbsp;&nbsp;&nbsp;55860 |
|  |  |  | &nbsp;&nbsp;**487761** |
| **Germany (5.3%)** | **Germany (5.3%)** | **Germany (5.3%)** | **Germany (5.3%)** |
|  | E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;4281196 | &nbsp;&nbsp;&nbsp;&nbsp;81064 |
|  | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286985 | &nbsp;&nbsp;&nbsp;&nbsp;69728 |
|  | Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267194 | &nbsp;&nbsp;&nbsp;&nbsp;69272 |
|  | Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419862 | &nbsp;&nbsp;&nbsp;&nbsp;55774 |
|  | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30316 | &nbsp;&nbsp;&nbsp;&nbsp;55308 |
|  | QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768820 | &nbsp;&nbsp;&nbsp;&nbsp;34964 |
|  |  |  | &nbsp;&nbsp;**366110** |
| **Hong Kong (2.0%)** | **Hong Kong (2.0%)** | **Hong Kong (2.0%)** | **Hong Kong (2.0%)** |
|  | AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7781810 | &nbsp;&nbsp;&nbsp;&nbsp;80099 |
|  | Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1151219 | &nbsp;&nbsp;&nbsp;&nbsp;60233 |
|  |  |  | &nbsp;&nbsp;**140332** |
| **Hungary (0.8%)** | **Hungary (0.8%)** | **Hungary (0.8%)** | **Hungary (0.8%)** |
|  | OTP Bank Nyrt. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483389 | &nbsp;&nbsp;&nbsp;&nbsp;51831 |
| **India (4.4%)** | **India (4.4%)** | **India (4.4%)** | **India (4.4%)** |
|  | HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7259184 | &nbsp;&nbsp;&nbsp;&nbsp;80191 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1719809 | &nbsp;&nbsp;&nbsp;&nbsp;71027 |
|  | Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553263 | &nbsp;&nbsp;&nbsp;&nbsp;43386 |
|  | ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2779391 | &nbsp;&nbsp;&nbsp;&nbsp;41598 |
|  | Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865595 | &nbsp;&nbsp;&nbsp;&nbsp;39340 |
| <sup>1</sup> | Lodha Developers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2719909 | &nbsp;&nbsp;&nbsp;&nbsp;32158 |
|  |  |  | &nbsp;&nbsp;**307700** |
| **Ireland (1.7%)** | **Ireland (1.7%)** | **Ireland (1.7%)** | **Ireland (1.7%)** |
|  | AIB Group plc | &nbsp;&nbsp;&nbsp;&nbsp;5822280 | &nbsp;&nbsp;&nbsp;&nbsp;62242 |
|  | Ryanair Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;1642263 | &nbsp;&nbsp;&nbsp;&nbsp;56621 |
|  |  |  | &nbsp;&nbsp;**118863** |
| **Israel (1.5%)** | **Israel (1.5%)** | **Israel (1.5%)** | **Israel (1.5%)** |
|  | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;3243425 | &nbsp;&nbsp;&nbsp;&nbsp;71478 |
| <sup>\*</sup> | Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315576 | &nbsp;&nbsp;&nbsp;&nbsp;32785 |
|  |  |  | &nbsp;&nbsp;**104263** |
| **Italy (1.3%)** | **Italy (1.3%)** | **Italy (1.3%)** | **Italy (1.3%)** |
|  | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;3429287 | &nbsp;&nbsp;&nbsp;&nbsp;88851 |
| **Japan (13.5%)** | **Japan (13.5%)** | **Japan (13.5%)** | **Japan (13.5%)** |
|  | FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2589800 | &nbsp;&nbsp;100784 |
|  | Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1573000 | &nbsp;&nbsp;&nbsp;&nbsp;88389 |
|  | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7620173 | &nbsp;&nbsp;&nbsp;&nbsp;86598 |
|  | Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2885800 | &nbsp;&nbsp;&nbsp;&nbsp;84141 |
|  | Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2222400 | &nbsp;&nbsp;&nbsp;&nbsp;69030 |
|  | Mizuho Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1835000 | &nbsp;&nbsp;&nbsp;&nbsp;66967 |
|  | Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1175340 | &nbsp;&nbsp;&nbsp;&nbsp;66476 |
|  | Pan Pacific International Holdings Corp. | &nbsp;&nbsp;11151200 | &nbsp;&nbsp;&nbsp;&nbsp;66427 |
|  | Resona Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6197700 | &nbsp;&nbsp;&nbsp;&nbsp;58988 |
|  | Kansai Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3570500 | &nbsp;&nbsp;&nbsp;&nbsp;56074 |
|  | Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1586900 | &nbsp;&nbsp;&nbsp;&nbsp;53509 |
|  | Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1364100 | &nbsp;&nbsp;&nbsp;&nbsp;51910 |
|  | MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2066600 | &nbsp;&nbsp;&nbsp;&nbsp;48518 |
|  | Asahi Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4044300 | &nbsp;&nbsp;&nbsp;&nbsp;42392 |
|  |  |  | &nbsp;&nbsp;**940203** |
| **Mexico (0.7%)** | **Mexico (0.7%)** | **Mexico (0.7%)** | **Mexico (0.7%)** |
|  | America Movil SAB de CV Class B | &nbsp;&nbsp;47716164 | &nbsp;&nbsp;&nbsp;&nbsp;49366 |
| **Netherlands (2.0%)** | **Netherlands (2.0%)** | **Netherlands (2.0%)** | **Netherlands (2.0%)** |
|  | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129811 | &nbsp;&nbsp;139874 |
| **Norway (1.1%)** | **Norway (1.1%)** | **Norway (1.1%)** | **Norway (1.1%)** |
|  | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;3261354 | &nbsp;&nbsp;&nbsp;&nbsp;76909 |
| **Other (2.1%)** | **Other (2.1%)** | **Other (2.1%)** | **Other (2.1%)** |
| <sup>3</sup> | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;2277980 | &nbsp;&nbsp;142305 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,4</sup> | Magnit PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Saudi Arabia (0.8%)** | **Saudi Arabia (0.8%)** | **Saudi Arabia (0.8%)** | **Saudi Arabia (0.8%)** |
|  | Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;5610668 | &nbsp;&nbsp;&nbsp;&nbsp;56623 |
| **Singapore (2.5%)** | **Singapore (2.5%)** | **Singapore (2.5%)** | **Singapore (2.5%)** |
|  | DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1975437 | &nbsp;&nbsp;&nbsp;&nbsp;86533 |
| <sup>\*</sup> | Grab Holdings Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9797524 | &nbsp;&nbsp;&nbsp;&nbsp;48890 |
|  | Singapore Telecommunications Ltd. | &nbsp;&nbsp;10918700 | &nbsp;&nbsp;&nbsp;&nbsp;38630 |
|  |  |  | &nbsp;&nbsp;**174053** |
| **South Korea (3.7%)** | **South Korea (3.7%)** | **South Korea (3.7%)** | **South Korea (3.7%)** |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1505219 | &nbsp;&nbsp;126160 |
|  | SK hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205758 | &nbsp;&nbsp;&nbsp;&nbsp;93183 |
|  | KB Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462435 | &nbsp;&nbsp;&nbsp;&nbsp;39809 |
|  |  |  | &nbsp;&nbsp;**259152** |
| **Sweden (1.3%)** | **Sweden (1.3%)** | **Sweden (1.3%)** | **Sweden (1.3%)** |
|  | Volvo AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;2814464 | &nbsp;&nbsp;&nbsp;&nbsp;89569 |
| **Switzerland (3.9%)** | **Switzerland (3.9%)** | **Switzerland (3.9%)** | **Switzerland (3.9%)** |
|  | UBS Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;2558876 | &nbsp;&nbsp;118155 |
|  | Cie Financiere Richemont SA (Registered) Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383988 | &nbsp;&nbsp;&nbsp;&nbsp;82807 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70296 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**271258** |
| **Taiwan (6.2%)** | **Taiwan (6.2%)** | **Taiwan (6.2%)** | **Taiwan (6.2%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6237309 | &nbsp;&nbsp;&nbsp;&nbsp;306609 |
|  | MediaTek Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1956988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88858 |
|  | Uni-President Enterprises Corp. | &nbsp;&nbsp;15585170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38214 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**433681** |
| **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;13426621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51243 |
| **United Kingdom (13.5%)** | **United Kingdom (13.5%)** | **United Kingdom (13.5%)** | **United Kingdom (13.5%)** |
|  | AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683935 | &nbsp;&nbsp;&nbsp;&nbsp;126568 |
|  | Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;3278514 | &nbsp;&nbsp;&nbsp;&nbsp;120821 |
|  | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;3492070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85616 |
|  | Lloyds Banking Group plc | &nbsp;&nbsp;64403906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85188 |
|  | Tesco plc | &nbsp;&nbsp;14164034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84231 |
|  | Glencore plc | &nbsp;&nbsp;15193199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83056 |
|  | Next plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72138 |
|  | Rolls-Royce Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;4415369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68287 |
|  | Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63437 |
|  | Prudential plc | &nbsp;&nbsp;&nbsp;&nbsp;3962101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60949 |
|  | Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;1072529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44362 |
|  | BT Group plc | &nbsp;&nbsp;17199504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**937264** |
| **United States (0.5%)** | **United States (0.5%)** | **United States (0.5%)** | **United States (0.5%)** |
| <sup>\*</sup> | MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34555 |
| **Total Common Stocks (Cost $5,603,635)** | **Total Common Stocks (Cost $5,603,635)** | **Total Common Stocks (Cost $5,603,635)** | **6801355** |
| **Preferred Stocks (0.9%)** | **Preferred Stocks (0.9%)** | **Preferred Stocks (0.9%)** | **Preferred Stocks (0.9%)** |
|  | Itau Unibanco Holding SA Preference Shares<br> **(Cost $56,449)** | &nbsp;&nbsp;&nbsp;&nbsp;8576913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61298** |
|  | &nbsp;&nbsp;Coupon |  |  |
| **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** |
| **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** |
| <sup>5,6</sup> | &nbsp;&nbsp;3.780% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97681** |
| **Total Investments (100.1%) (Cost $5,757,765)** | **Total Investments (100.1%) (Cost $5,757,765)** |  | &nbsp;&nbsp;**6960334** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3942)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**6956392** |

---

---

| | |
|:---|:---|
| 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 December 31, 2025, the aggregate value was $79,726, representing 1.1% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $9,444. |
| 3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 4 | Security value determined using significant unobservable inputs. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $21,993 was received for securities on loan. |

---

------

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—North and South America | 573065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92508 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;665573 |
| Common Stocks—Other | 223980 | &nbsp;&nbsp;&nbsp;5911802 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6135782 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61298 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61298 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;97681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97681 |
| Total | 894726 | &nbsp;&nbsp;&nbsp;6065608 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6960334 |

---

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, 2025<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;Dec. 31, 2025<br> Market Value<br> ($000) |
| Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;62817 | &nbsp;&nbsp;355963 | &nbsp;&nbsp;280522 | &nbsp;&nbsp;4480 | &nbsp;&nbsp;(433) | &nbsp;&nbsp;2892 | &nbsp;&nbsp;— | &nbsp;&nbsp;142305 |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;52712 | &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;(6) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;97681 |
| Total | 115529 | &nbsp;&nbsp;355963 | &nbsp;&nbsp;280522 | &nbsp;&nbsp;4474 | &nbsp;&nbsp;(433) | &nbsp;&nbsp;3546 | &nbsp;&nbsp;— | &nbsp;&nbsp;239986 |

---

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:** 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:** $6983078897.30

**Total Liabilities:** $32693714.23

**Net Assets:** $6950385183.07

**Cash Not Reported:** $16257696.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214946 | 1.89%                | 1.09%                | 2.95%                |
| Class ID C000214947 | 1.86%                | 1.06%                | 2.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $36618801.22             | $72690256.29                               |
| Month 2  | $19712912.79             | $40903309.53                               |
| Month 3  | $49217876.20             | $130048549.37                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shopify Inc                                            | SHOPIFY INC - A                       | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    489741 | NS      | $78855240.97  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Resona Holdings Inc                                    | RESONA HOLDINGS                       | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |   6197700 | NS      | $58987976.91  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                     | MS&AD INSURANCE                       | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |   2066600 | NS      | $48517620.55  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                               | VOLVO AB-B                            | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |   2814464 | NS      | $89569295.67  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                             | SAMSUNG ELECTRON                      | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1505219 | NS      | $126159777.45 | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                     | HKEX                                  | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |   1151219 | NS      | $60233337.75  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Orange SA                                              | ORANGE                                | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |   4138243 | NS      | $69053067.88  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                 | AP MOLLER-B                           | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |     40267 | NS      | $92394707.68  | 1.33%             |  |  |  | No            |                  2 | On Loan: —       |
| Legrand SA                                             | LEGRAND SA                            | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |    500688 | NS      | $74433665.71  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                                 | SAINT GOBAIN                          | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |    750338 | NS      | $76303301.28  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                     | TRIP.COM GROUP L                      | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |    892061 | NS      | $63962051.47  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd              | TSMC                                  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   6237309 | NS      | $306609177.47 | 4.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                               | AMBEV SA                              | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  21203506 | NS      | $53372539.54  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Life Financial Inc                                 | SUN LIFE FINANCI                      | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |    947130 | NS      | $59123600.89  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                           | MEDIATEK                              | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |   1956988 | NS      | $88857413.69  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                               | ENGIE                                 | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   3115579 | NS      | $81844238.69  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                              | ARGENX SE                             | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | BE        |     78888 | NS      | $66545485.41  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                               | LLOYDS BANKING                        | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |  64403906 | NS      | $85187970.05  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                          | AIA                                   | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   7781810 | NS      | $80098898.75  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard FTSE Developed Markets ETF                    | VANGUARD FTSE ET                      | CUSIP: 921943858<br>LEI: 3TVJ6OS71EDS4RAB2217 | Long             | EC               | RF                | US        |   2277980 | NS      | $142305410.60 | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                         | ICICI BANK LTD                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |   2779391 | NS      | $41597981.81  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp                                     | TOYOTA TSUSHO                         | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |   1586900 | NS      | $53509003.52  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd                                      | GRAB HOLDINGS LTD - CL A              | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | US        |   9797524 | NS      | $48889644.76  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                                 | YUM CHINA HOLDINGS INC - XHKG LISTING | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | HK        |    790332 | NS      | $37421070.11  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                            | NUTRIEN LTD                           | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |   1616431 | NS      | $99773439.45  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                                 | UCB SA                                | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |    142763 | NS      | $39777568.29  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| BT Group PLC                                           | BT GROUP PLC                          | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               | CORP              | GB        |  17199504 | NS      | $42610766.92  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                            | FINECOBANK SPA                        | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |   3429287 | NS      | $88851303.24  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                          | HDFC BANK LTD                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   7259184 | NS      | $80191444.77  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                                 | DBS GROUP HLDGS                       | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |   1975437 | NS      | $86533335.55  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                                | MAHINDRA & MAHIN                      | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |   1719809 | NS      | $71026510.42  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                              | BABA-W                                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   6883062 | NS      | $126379641.49 | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Stockland                                              | STOCKLAND                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  10650380 | NS      | $40606841.82  | 0.58%             |  |  |  | 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      |
| Shell PLC                                              | SHELL PLC                             | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |   3278514 | NS      | $120820619.37 | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Uni-President Enterprises Corp                         | UNI-PRESIDENT EN                      | CUSIP: N/A<br>LEI: 254900DAXBDMVEXU5959       | Long             | EC               | CORP              | TW        |  15585170 | NS      | $38213978.04  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                               | NEXT PLC                              | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |    391840 | NS      | $72137810.16  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                                    | LARSEN & TOUBRO                       | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    865595 | NS      | $39339683.55  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                              | QIAGEN NV                             | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | DE        |    768820 | NS      | $34963583.10  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| ARC Resources Ltd                                      | ARC RESOURCES LT                      | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |   2958274 | NS      | $55499293.65  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC                                   | RYANAIR HLDGS                         | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |   1642263 | NS      | $56621281.42  | 0.81%             |  |  |  | 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        |    656407 | NS      | $65640730.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                           | UBS GROUP AG                          | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |   2558876 | NS      | $118155082.24 | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                                | RECRUIT HOLDINGS                      | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |   1573000 | NS      | $88389357.79  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                            | CIE FINANCI-REG                       | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    383988 | NS      | $82807413.56  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                               | ITAU UNIBAN-PREF                      | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |   8576913 | NS      | $61298083.73  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd                                  | MITSUI FUDOSAN                        | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        |   7620173 | NS      | $86597727.29  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                            | RECKITT BENCKISE                      | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    783954 | NS      | $63437045.69  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Ltd                                            | WIX.COM LTD                           | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    315576 | NS      | $32785190.64  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The                                | SAUDI NATIONAL B                      | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               | CORP              | SA        |   5610668 | NS      | $56623435.69  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                                | GSK PLC                               | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   3492070 | NS      | $85615836.47  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| America Movil SAB de CV                                | AMERICA MOVIL-B                       | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |  47716164 | NS      | $49365660.71  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd                              | SHIN-ETSU CHEM                        | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |   2222400 | NS      | $69030307.39  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt                                          | OTP BANK PLC                          | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |    483389 | NS      | $51830989.88  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd                        | APOLLO HOSPITALS                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |    553263 | NS      | $43386146.94  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                           | KBC GROUP                             | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |    701628 | NS      | $91377242.37  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd                       | SINGAPORE TELECO (LOT SIZE 100)       | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               | CORP              | SG        |  10918700 | NS      | $38630351.34  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                               | ACCOR SA                              | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |   1301173 | NS      | $73355515.04  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                          | NOMURA RESEARCH                       | CUSIP: N/A<br>LEI: 5299005F1HCVF4M4QN79       | Long             | EC               | CORP              | JP        |   1364100 | NS      | $51910310.83  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                         | PRUDENTIAL PLC                        | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   3962101 | NS      | $60949307.79  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                                    | BARRICK MINING C                      | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   2111388 | NS      | $91974710.23  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc                             | MIZUHO FINANCIAL                      | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |   1835000 | NS      | $66967523.01  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                        | ASTRAZENECA PLC                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |    683935 | NS      | $126568565.35 | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                              | TESCO PLC                             | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |  14164034 | NS      | $84231095.50  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                 | CONTEMPORARY A-A                      | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    899440 | NS      | $47294840.76  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp                | PAN PACIFIC INTE                      | CUSIP: J6352W100<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |  11151200 | NS      | $66426629.95  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                               | ROLLS-ROYCE HOLD                      | CUSIP: N/A<br>LEI: 213800EC7997ZBLZJH69       | Long             | EC               | CORP              | GB        |   4415369 | NS      | $68286828.93  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Talanx AG                                              | TALANX AG                             | CUSIP: N/A<br>LEI: 5299006ZIILJ6VJVSJ32       | Long             | EC               | CORP              | DE        |    419862 | NS      | $55774037.85  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                   | TENCENT                               | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   2042235 | NS      | $156728342.40 | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                       | MERCADOLIBRE INC                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     17155 | NS      | $34554630.30  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA           | MICHELIN                              | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |   1716978 | NS      | $56911286.71  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                                 | ANZ GROUP HOLDIN                      | CUSIP: N/A<br>LEI: 9845005D9C6BAA10BK72       | Long             | EC               | CORP              | AU        |   1647432 | NS      | $39830971.63  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                                     | LUNDIN MINING CO                      | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   3014503 | NS      | $64790236.06  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                                  | EMAAR PROP PJSC                       | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |  13426621 | NS      | $51243288.11  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                      | GALDERMA GROUP A                      | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |    345207 | NS      | $70295488.87  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                           | GLENCORE PLC                          | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | GB        |  15193199 | NS      | $83056079.98  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                               | ASAHI GROUP HOLD                      | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |   4044300 | NS      | $42391562.98  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                        | ASML HOLDING NV                       | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    129811 | NS      | $139873970.45 | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc/The                       | KANSAI ELEC PWR                       | CUSIP: N/A<br>LEI: 353800PFUKP5ONPJNZ86       | Long             | EC               | CORP              | JP        |   3570500 | NS      | $56073596.25  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                                             | FANUC CORP                            | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |   2589800 | NS      | $100784024.93 | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Lodha Developers Ltd                                   | LODHA DEVELOPERS                      | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |   2719909 | NS      | $32158151.84  | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| KB Financial Group Inc                                 | KB FINANCIAL GRO                      | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    462435 | NS      | $39808573.30  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                 | SAP SE                                | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    286985 | NS      | $69728324.09  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp                               | MITSUB ELEC CORP                      | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |   2885800 | NS      | $84140855.76  | 1.21%             |  |  |  | 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        |   1625720 | NS      | $39135606.71  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                         | RHEINMETALL AG                        | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |     30316 | NS      | $55308351.78  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                     | ANGLO AMER PLC                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |   1072529 | NS      | $44362499.80  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                                | E.ON SE                               | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |   4281196 | NS      | $81064107.85  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                            | EQUINOR ASA                           | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |   3261354 | NS      | $76908685.21  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                      | FUYAO GLASS IN-H                      | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | HK        |   5503200 | NS      | $47567949.54  | 0.68%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | SOC GENERALE SA                       | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |    693874 | NS      | $55859645.14  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                                | HEIDELBERG MATER                      | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |    267194 | NS      | $69271926.26  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iA Financial Corp Inc                                  | IA FINANCIAL COR                      | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |    301998 | NS      | $39127393.79  | 0.56%             |  |  |  | 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        |     99068 | NS      | $9906833.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC                                          | AIB GROUP PLC                         | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |   5822280 | NS      | $62242201.85  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                | BANK LEUMI LE-IS                      | CUSIP: N/A<br>LEI: 7JDSZWRGUQY2DSTWCR57       | Long             | EC               | CORP              | IL        |   3243425 | NS      | $71477645.44  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd                                 | OTSUKA HOLDINGS                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   1175340 | NS      | $66476324.13  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd                          | NAURA TECH GR -A                      | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |    731507 | NS      | $48049591.42  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                                           | SK HYNIX INC                          | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |    205758 | NS      | $93183308.36  | 1.34%             |  |  |  | No            |                  2 | 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