# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0001752724-23-050237
**Filing Date:** 2023-3
**Character Count:** 57536
**Document Hash:** 2a4a6173497c70f0205d0ef20c577326
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050237.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-050237

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07239
- **FILM NUMBER:** 23693802

**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, 2022

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (98.9%)** | **Common Stocks (98.9%)** | **Common Stocks (98.9%)** | **Common Stocks (98.9%)** |
| **Australia (3.7%)** | **Australia (3.7%)** | **Australia (3.7%)** | **Australia (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp;&nbsp; 429717 | 13354 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | &nbsp;&nbsp;&nbsp; 744527 | 11994 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp; 291175 | &nbsp;&nbsp;&nbsp;&nbsp;7052 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**32400** |
| **Austria (1.9%)** | **Austria (1.9%)** | **Austria (1.9%)** | **Austria (1.9%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BAWAG Group AG | &nbsp;&nbsp;&nbsp; 164815 | &nbsp;&nbsp;&nbsp;&nbsp;8783 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp; 258741 | &nbsp;&nbsp;&nbsp;&nbsp;8279 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**17062** |
| **Brazil (1.1%)** | **Brazil (1.1%)** | **Brazil (1.1%)** | **Brazil (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Telefonica Brasil SA | &nbsp;&nbsp;&nbsp; 894100 | &nbsp;&nbsp;&nbsp;&nbsp;6459 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Localiza Rent a Car SA | &nbsp;&nbsp;&nbsp; 307900 | &nbsp;&nbsp;&nbsp;&nbsp;3057 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9516** |
| **Canada (4.8%)** | **Canada (4.8%)** | **Canada (4.8%)** | **Canada (4.8%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690779 | &nbsp;&nbsp;&nbsp;11841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68215 | &nbsp;&nbsp;&nbsp;&nbsp;9820 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cenovus Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483083 | &nbsp;&nbsp;&nbsp;&nbsp;9373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97777 | &nbsp;&nbsp;&nbsp;&nbsp;7138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Enerplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240753 | &nbsp;&nbsp;&nbsp;&nbsp;4249 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**42421** |
| **China (12.3%)** | **China (12.3%)** | **China (12.3%)** | **China (12.3%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp;&nbsp;18529 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436200 | &nbsp;&nbsp;&nbsp;15044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;JD.com Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358150 | &nbsp;&nbsp;&nbsp;&nbsp;9998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tsingtao Brewery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599457 | &nbsp;&nbsp;&nbsp;&nbsp;9249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Yum China Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164650 | &nbsp;&nbsp;&nbsp;&nbsp;9194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280628 | &nbsp;&nbsp;&nbsp;&nbsp;8687 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Baidu Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544800 | &nbsp;&nbsp;&nbsp;&nbsp;7769 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NetEase Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534900 | &nbsp;&nbsp;&nbsp;&nbsp;7758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;6156000 | &nbsp;&nbsp;&nbsp;&nbsp;7483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;YTO Express Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2567585 | &nbsp;&nbsp;&nbsp;&nbsp;7408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517500 | &nbsp;&nbsp;&nbsp;&nbsp;7229 |
|  |  |  | &nbsp;&nbsp;**108348** |
| **Denmark (1.5%)** | **Denmark (1.5%)** | **Denmark (1.5%)** | **Denmark (1.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30484 | &nbsp;&nbsp;&nbsp;12888 |
| **Finland (1.2%)** | **Finland (1.2%)** | **Finland (1.2%)** | **Finland (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nokia OYJ | &nbsp;&nbsp;&nbsp;&nbsp;2191302 | &nbsp;&nbsp;&nbsp;10180 |
| **France (8.7%)** | **France (8.7%)** | **France (8.7%)** | **France (8.7%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;1064748 | &nbsp;&nbsp;&nbsp;15233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534624 | &nbsp;&nbsp;&nbsp;14892 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp; 110677 | 11033 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp; 87808 | 10441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp; 50080 | &nbsp;&nbsp;&nbsp;&nbsp;9852 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp; 235230 | &nbsp;&nbsp;&nbsp;&nbsp;7849 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp; 285073 | &nbsp;&nbsp;&nbsp;&nbsp;7513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp; 3729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**76852** |
| **Germany (4.3%)** | **Germany (4.3%)** | **Germany (4.3%)** | **Germany (4.3%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG (Registered) | &nbsp;&nbsp;&nbsp; 81344 | 11213 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp; 1180276 | 11035 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp; 195649 | &nbsp;&nbsp;&nbsp;&nbsp;8649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wacker Chemie AG | &nbsp;&nbsp;&nbsp; 55060 | &nbsp;&nbsp;&nbsp;&nbsp;7017 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**37914** |
| **Greece (0.6%)** | **Greece (0.6%)** | **Greece (0.6%)** | **Greece (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362916 | &nbsp;&nbsp;&nbsp;&nbsp;5668 |
| **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;7145 |
| **India (3.1%)** | **India (3.1%)** | **India (3.1%)** | **India (3.1%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1057626 | &nbsp;&nbsp;&nbsp;11902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351595 | &nbsp;&nbsp;&nbsp;&nbsp;8837 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429716 | &nbsp;&nbsp;&nbsp;&nbsp;6470 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**27209** |
| **Indonesia (0.7%)** | **Indonesia (0.7%)** | **Indonesia (0.7%)** | **Indonesia (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT | &nbsp;&nbsp;&nbsp;10236740 | &nbsp;&nbsp;&nbsp;&nbsp;6065 |
| **Ireland (0.9%)** | **Ireland (0.9%)** | **Ireland (0.9%)** | **Ireland (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Smurfit Kappa Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223103 | &nbsp;&nbsp;&nbsp;&nbsp;8268 |
| **Italy (2.3%)** | **Italy (2.3%)** | **Italy (2.3%)** | **Italy (2.3%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824652 | &nbsp;&nbsp;&nbsp;13229 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410687 | &nbsp;&nbsp;&nbsp;&nbsp;6820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**20049** |
| **Japan (12.2%)** | **Japan (12.2%)** | **Japan (12.2%)** | **Japan (12.2%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2546000 | &nbsp;&nbsp;&nbsp;17092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tokio Marine Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478700 | &nbsp;&nbsp;&nbsp;10226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74200 | &nbsp;&nbsp;&nbsp;&nbsp;9892 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;9373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314900 | &nbsp;&nbsp;&nbsp;&nbsp;8981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480400 | &nbsp;&nbsp;&nbsp;&nbsp;8780 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272700 | &nbsp;&nbsp;&nbsp;&nbsp;8777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542800 | &nbsp;&nbsp;&nbsp;&nbsp;8218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260100 | &nbsp;&nbsp;&nbsp;&nbsp;8160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bandai Namco Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116200 | &nbsp;&nbsp;&nbsp;&nbsp;7283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519600 | &nbsp;&nbsp;&nbsp;&nbsp;6024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Yamaha Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201300 | &nbsp;&nbsp;&nbsp;&nbsp;4550 |
|  |  |  | &nbsp;&nbsp;**107356** |
| **Mexico (1.2%)** | **Mexico (1.2%)** | **Mexico (1.2%)** | **Mexico (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;3023100 | &nbsp;&nbsp;&nbsp;10641 |
| **Netherlands (2.1%)** | **Netherlands (2.1%)** | **Netherlands (2.1%)** | **Netherlands (2.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169984 | &nbsp;&nbsp;&nbsp;&nbsp;9914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160455 | &nbsp;&nbsp;&nbsp;&nbsp;8876 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18790** |
| **Norway (2.1%)** | **Norway (2.1%)** | **Norway (2.1%)** | **Norway (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;1346670 | &nbsp;&nbsp;&nbsp;10063 |

---

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---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp; 225010 | &nbsp;&nbsp;&nbsp;&nbsp;8087 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18150** |
| **Other (2.6%)** | **Other (2.6%)** | **Other (2.6%)** | **Other (2.6%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 538958 | 22620 |
| **Philippines (0.8%)** | **Philippines (0.8%)** | **Philippines (0.8%)** | **Philippines (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank Inc. | &nbsp;&nbsp;&nbsp; 3527750 | &nbsp;&nbsp;&nbsp;&nbsp;6709 |
| **Portugal (0.4%)** | **Portugal (0.4%)** | **Portugal (0.4%)** | **Portugal (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp; 154210 | &nbsp;&nbsp;&nbsp;&nbsp;3336 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Magnit PJSC | &nbsp;&nbsp;&nbsp; 31141 | &nbsp;&nbsp; — |
| **Singapore (1.9%)** | **Singapore (1.9%)** | **Singapore (1.9%)** | **Singapore (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp; 544900 | 13792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp; 1976700 | &nbsp;&nbsp;&nbsp;&nbsp;3015 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**16807** |
| **South Korea (3.3%)** | **South Korea (3.3%)** | **South Korea (3.3%)** | **South Korea (3.3%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315769 | &nbsp;&nbsp;&nbsp;13860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143940 | &nbsp;&nbsp;&nbsp;&nbsp;8588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SK Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184733 | &nbsp;&nbsp;&nbsp;&nbsp;6930 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**29378** |
| **Sweden (1.4%)** | **Sweden (1.4%)** | **Sweden (1.4%)** | **Sweden (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Volvo AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706890 | &nbsp;&nbsp;&nbsp;12769 |
| **Switzerland (5.7%)** | **Switzerland (5.7%)** | **Switzerland (5.7%)** | **Switzerland (5.7%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207495 | &nbsp;&nbsp;&nbsp;18778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48934 | &nbsp;&nbsp;&nbsp;15377 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (Registered) Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104949 | &nbsp;&nbsp;&nbsp;13607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830020 | &nbsp;&nbsp;&nbsp;&nbsp;2478 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**50240** |
| **Taiwan (3.5%)** | **Taiwan (3.5%)** | **Taiwan (3.5%)** | **Taiwan (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1373000 | &nbsp;&nbsp;&nbsp;19941 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3254309 | &nbsp;&nbsp;&nbsp;10548 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**30489** |
| **Thailand (2.2%)** | **Thailand (2.2%)** | **Thailand (2.2%)** | **Thailand (2.2%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL (Foreign) | &nbsp;&nbsp;&nbsp;&nbsp;1856700 | &nbsp;&nbsp;&nbsp;&nbsp;7893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL (Foreign) | &nbsp;&nbsp;&nbsp;&nbsp;8762300 | &nbsp;&nbsp;&nbsp;&nbsp;7328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Thai Beverage PCL | &nbsp;&nbsp;&nbsp;&nbsp;7522000 | &nbsp;&nbsp;&nbsp;&nbsp;3846 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**19067** |
| **United Kingdom (11.6%)** | **United Kingdom (11.6%)** | **United Kingdom (11.6%)** | **United Kingdom (11.6%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748621 | &nbsp;&nbsp;&nbsp;21104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412970 | &nbsp;&nbsp;&nbsp;16172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered plc | &nbsp;&nbsp;&nbsp;&nbsp;1839202 | &nbsp;&nbsp;&nbsp;13718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems plc | &nbsp;&nbsp;&nbsp;&nbsp;1282220 | &nbsp;&nbsp;&nbsp;13243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Compass Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527414 | &nbsp;&nbsp;&nbsp;12179 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66416 | &nbsp;&nbsp;&nbsp;&nbsp;8988 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Haleon plc | &nbsp;&nbsp;&nbsp;&nbsp;2245668 | &nbsp;&nbsp;&nbsp;&nbsp;8885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;WPP plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796631 | &nbsp;&nbsp;&nbsp;&nbsp;7871 |
|  |  |  | &nbsp;&nbsp;**102160** |
| **Total Common Stocks (Cost $863,464)** | **Total Common Stocks (Cost $863,464)** | **Total Common Stocks (Cost $863,464)** | **870497** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Temporary Cash Investments (1.3%)** | **Temporary Cash Investments (1.3%)** | **Temporary Cash Investments (1.3%)** | **Temporary Cash Investments (1.3%)** | **Temporary Cash Investments (1.3%)** |
| **Money Market Fund (1.3%)** | **Money Market Fund (1.3%)** | **Money Market Fund (1.3%)** | **Money Market Fund (1.3%)** | **Money Market Fund (1.3%)** |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund<br> **(Cost $11,319)** | 4.334% | &nbsp;&nbsp;&nbsp;&nbsp;113203 | &nbsp;&nbsp;&nbsp; **11319** |
| **Total Investments (100.2%) (Cost $874,783)** | **Total Investments (100.2%) (Cost $874,783)** | **Total Investments (100.2%) (Cost $874,783)** |  | **881816** |
| **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(1407)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** |  | **880409** |

---

---

| | |
|:---|:---|
| 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, 2022, the aggregate value was $8,783,000, representing 1.0% 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 December 31, 2022, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | &nbsp;&nbsp;&nbsp;53062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9516 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;62578 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;41410 | &nbsp;&nbsp;&nbsp;766509 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;807919 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;11319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11319 |
| Total | 105791 | &nbsp;&nbsp;&nbsp;776025 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;881816 |

---

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Sep. 30, 2022<br> Market Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Dec. 31, 2022<br> Market Value<br> ($000) |
| Vanguard FTSE Developed Markets ETF | 23501 | 32429 | 35276 | (718) | 2684 | 215 |  | 22620 |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;8783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;95 |  | 11319 |
| Total | 32284 | 32429 | 35276 | (717) | 2684 | 310 |  | 33939 |

---

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:** 2023-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $893214549.27

**Total Liabilities:** $15512739.35

**Net Assets:** $877701809.92

**Cash Not Reported:** $6466270.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214946 | 3.86%                | 12.05%               | -1.40%               |
| Class ID C000214947 | 3.76%                | 12.07%               | -1.38%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12201183.62            | $38991777.25                               |
| Month 2  | $1229742.77              | $87155006.34                               |
| Month 3  | $-3659536.63             | $-8689825.80                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Novartis AG                                       | NOVARTIS AG-REG                       | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    207495 | NS      | $18777769.40  | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                                | CENOVUS ENERGY                        | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    483083 | NS      | $9372666.48   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                | MITSUBISHI UFJ F                      | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |   2483200 | NS      | $16670755.95  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                          | VOLVO AB-B                            | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    706890 | NS      | $12768976.54  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON                      | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    315769 | NS      | $13860125.58  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                 | COMPASS GROUP                         | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    527414 | NS      | $12179061.60  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandai Namco Holdings Inc                         | BANDAI NAMCO HOL                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    113300 | NS      | $7101579.67   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commercial Trust            | CAPITALAND INTEG                      | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        |   1976700 | NS      | $3014887.31   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                | TRIP.COM GROUP L                      | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |    425450 | NS      | $14673597.95  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| China Longyuan Power Group Corp Ltd               | CHINA LONGYUAN-H                      | CUSIP: N/A<br>LEI: 5299008UYLF3O6V9T464       | Long             | EC               | CORP              | HK        |   6004000 | NS      | $7298397.54   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp                                       | SUBARU CORP                           | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |    529400 | NS      | $8015157.38   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                                  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1339000 | NS      | $19446917.33  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsingtao Brewery Co Ltd                           | TSINGTAO BREW-A                       | CUSIP: N/A<br>LEI: 300300OJ7D0Q1ESE8L15       | Long             | EC               | CORP              | CN        |    599457 | NS      | $9248966.58   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd                         | WOODSIDE ENERGY                       | CUSIP: 980228100<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |    283993 | NS      | $6877801.20   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                          | ENGIE                                 | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   1064748 | NS      | $15232379.93  | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                            | CREDIT SUISS-REG                      | CUSIP: N/A<br>LEI: 549300506SI9CRFV9Z86       | Long             | EC               | CORP              | CH        |    830020 | NS      | $2477982.23   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                        | GENMAB A/S                            | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |     29732 | NS      | $12570534.60  | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP LTD                         | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | GB        |    429717 | NS      | $13354228.23  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Gold Corp                                 | BARRICK GOLD CRP                      | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    690779 | NS      | $11841196.89  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Developed Markets ETF               | VANGUARD FTSE ET                      | CUSIP: 921943858<br>LEI: 3TVJ6OS71EDS4RAB2217 | Long             | EC               | RF                | US        |    746272 | NS      | $31321035.84  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Isuzu Motors Ltd                                  | ISUZU MOTORS                          | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |    506800 | NS      | $5875271.67   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                            | ANZ GROUP HOLDIN                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    726162 | NS      | $11697679.03  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                         | BAIDU INC-A                           | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | HK        |    531350 | NS      | $7577443.66   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| YTO Express Group Co Ltd                          | YTO EXPRESS GR-A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   2567585 | NS      | $7408211.25   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                  | PERNOD RICARD SA                      | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |     50080 | NS      | $9851872.09   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                                    | BAWAG GROUP AG                        | CUSIP: N/A<br>LEI: 529900S9YO2JHTIIDG38       | Long             | EC               | CORP              | AT        |    164815 | NS      | $8783040.10   | 1.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                            | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   2245668 | NS      | $8885246.14   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                            | YUM CHINA HOLDINGS INC - XHKG LISTING | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | HK        |    160600 | NS      | $8967886.69   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings NV                                | AERCAP HOLDINGS                       | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | US        |    169984 | NS      | $9913466.88   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wacker Chemie AG                                  | WACKER CHEMIE AG                      | CUSIP: N/A<br>LEI: 0NURKC5Q3CJYZPPK5046       | Long             | EC               | CORP              | DE        |     55060 | NS      | $7016755.74   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| CNH Industrial NV                                 | CNH INDUSTRIAL N                      | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | IT        |    824652 | NS      | $13229068.38  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                       | NUTRIEN LTD                           | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     97777 | NS      | $7138298.71   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                            | AXA                                   | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |    534624 | NS      | $14892239.47  | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                       | FINECOBANK SPA                        | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |    410687 | NS      | $6819917.87   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                            | RWE AG                                | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |    195649 | NS      | $8649198.14   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                 | BUREAU VERITAS S                      | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |    285073 | NS      | $7512813.42   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                        | JD.COM INC-CL A                       | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | HK        |    349300 | NS      | $9751282.85   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Dusit Medical Services PCL                | BANGKOK DUSIT-F                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   8546200 | NS      | $7146849.73   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                            | DBS GROUP HLDGS                       | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |    531500 | NS      | $13453117.21  | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc                         | TOKIO MARINE HD                       | CUSIP: J86298106<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |    466900 | NS      | $9974101.65   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                                    | COMMERZBANK                           | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               | CORP              | DE        |   1180276 | NS      | $11035133.68  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                           | MAHINDRA & MAHIN                      | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |    419117 | NS      | $6309696.80   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd                               | YAMAHA MOTOR CO                       | CUSIP: N/A<br>LEI: 3538004LR5NXILJDHY88       | Long             | EC               | CORP              | JP        |    196300 | NS      | $4436628.37   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd            | CHINA TOURISM-A                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    280628 | NS      | $8686465.05   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                   | BAE SYSTEMS PLC                       | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |   1282220 | NS      | $13243285.19  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT              | BANK NEGARA INDO                      | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |   9984240 | NS      | $5915339.04   | 0.67%             |  |  |  | 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        |    894100 | NS      | $6458535.79   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                             | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    748621 | NS      | $21104238.14  | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                               | LARSEN & TOUBRO                       | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    342923 | NS      | $8619140.26   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                            | STANDARD CHARTER                      | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |   1839202 | NS      | $13717722.42  | 1.56%             |  |  |  | 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        |    145368 | NS      | $14535313.22  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hellenic Telecommunications Organization SA       | HELLENIC TELECOM                      | CUSIP: N/A<br>LEI: ELPUFM0XZRZO4LFXW404       | Long             | EC               | CORP              | GR        |    353964 | NS      | $5528604.40   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                       | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    104949 | NS      | $13607683.39  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd                             | MITSUI FUDOSAN                        | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        |    468600 | NS      | $8564590.48   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA                          | JERONIMO MARTINS                      | CUSIP: N/A<br>LEI: 259400A8SZP10GB5IB19       | Long             | EC               | CORP              | PT        |    154210 | NS      | $3336410.55   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car SA                            | LOCALIZA                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    307900 | NS      | $3057371.39   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Intact Financial Corp                             | INTACT FINANCIAL                      | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |     68215 | NS      | $9819634.90   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd                             | DAIICHI SANKYO                        | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |    266000 | NS      | $8561659.65   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Enerplus Corp                                     | ENERPLUS CORP                         | CUSIP: 292766102<br>LEI: 549300OEXJU0X6FYBQ42 | Long             | EC               | CORP              | CA        |    240753 | NS      | $4249628.29   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                         | NOKIA OYJ                             | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |   2191302 | NS      | $10180135.27  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA PLC                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     66416 | NS      | $8987372.08   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Renault SA                                        | RENAULT SA                            | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | EC               | CORP              | FR        |    235230 | NS      | $7849307.24   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd                             | CK ASSET HOLDING                      | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | HK        |   1136500 | NS      | $6970352.71   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Telecom Co Ltd                                 | SK TELECOM                            | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |    184733 | NS      | $6930046.40   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Ono Pharmaceutical Co Ltd                         | ONO PHARMA                            | CUSIP: N/A<br>LEI: 529900G26L4NG4GFJZ86       | Long             | EC               | CORP              | JP        |    391100 | NS      | $9141409.84   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Beverage PCL                                 | THAI BEVERAGE                         | CUSIP: N/A<br>LEI: 529900VZFHQZ684D8L07       | Long             | EC               | CORP              | SG        |   7336500 | NS      | $3751154.91   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                         | AIRBUS SE                             | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |     87808 | NS      | $10440590.97  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                              | TENCENT                               | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    426200 | NS      | $18071035.07  | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit Kappa Group PLC                           | SMURFIT KAPPA GR                      | CUSIP: G8248F104<br>LEI: 635400CPLP8H5ITDVT56 | Long             | EC               | CORP              | IE        |    223103 | NS      | $8268276.33   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                                       | ITOCHU CORP                           | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    253700 | NS      | $7959267.74   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                               | ERSTE GROUP BANK                      | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |    258741 | NS      | $8278480.38   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Kasikornbank PCL                                  | KASIKORNBANK-FOR                      | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               | CORP              | TH        |   1810900 | NS      | $7698588.29   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                 | HON HAI                               | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |   3174309 | NS      | $10288672.24  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                       | NETEASE INC                           | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | HK        |    521700 | NS      | $7566744.61   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                           | WPP PLC                               | CUSIP: N/A<br>LEI: 549300LSGBXPYHXGDT93       | Long             | EC               | CORP              | GB        |    796631 | NS      | $7870704.75   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Telegraph & Telephone Corp                 | NIPPON TELEGRAPH                      | CUSIP: J59396101<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |    307100 | NS      | $8758034.78   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                                   | NORSK HYDRO ASA                       | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        |   1313453 | NS      | $9814602.65   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |    412970 | NS      | $16171859.11  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                | CREDIT AGRICOLE                       | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | EC               | CORP              | FR        |      3729 | NS      | $39226.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd                           | ENN ENERGY                            | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | HK        |    504700 | NS      | $7049675.33   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                        | SIEMENS AG-REG                        | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     81344 | NS      | $11213378.07  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                       | EQUINOR ASA                           | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |    219460 | NS      | $7887453.03   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                          | VINCI SA                              | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |    110677 | NS      | $11033059.45  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                | COCA-COLA EUROPA                      | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | US        |    160455 | NS      | $8876370.60   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujitsu Ltd                                       | FUJITSU LTD                           | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24       | Long             | EC               | CORP              | JP        |     72400 | NS      | $9652197.55   | 1.10%             |  |  |  | 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        |        24 | NS      | $2419.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd                                     | AXIS BANK LTD                         | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   1031539 | NS      | $11608572.15  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS                      | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     48934 | NS      | $15376900.55  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                   | BDO UNIBANK INC                       | CUSIP: N/A<br>LEI: 3FGIIBS1PEI1FYQBGN97       | Long             | EC               | CORP              | PH        |   3527750 | NS      | $6708645.90   | 0.76%             |  |  |  | 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        |   3023100 | NS      | $10640927.26  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                      | SK HYNIX INC                          | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |    143940 | NS      | $8588043.50   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer