# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0000932471-25-001207
**Filing Date:** 2025-11
**Character Count:** 36976
**Document Hash:** 35d01a8c3503a5b187b6dee6b07f3f9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932471-25-001207.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000932471-25-001207

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07239
- **FILM NUMBER:** 251518249

**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           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5590358514.70

**Total Liabilities:** $11119798.22

**Net Assets:** $5579238716.48

**Cash Not Reported:** $5823528.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214946 | -0.94%               | 4.03%                | 4.94%                |
| Class ID C000214947 | -0.97%               | 4.00%                | 4.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $60832907.77             | $-112691813.41                             |
| Month 2  | $-7942135.41             | $197401919.58                              |
| Month 3  | $18184213.67             | $228587557.96                              |

### Schedule of Portfolio Investments

| Name                                                   | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prudential PLC                                         | PRUDENTIAL PLC                        | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   4256159 | NS      | $59585040.98  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                        | ASTRAZENECA PLC                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |    516014 | NS      | $79053920.28  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Life Financial Inc                                 | SUN LIFE FINANCI                      | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |    829763 | NS      | $49826323.14  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                   | ROYAL BANK OF CA                      | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |    437810 | NS      | $64527978.16  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                     | LUNDIN MINING CO                      | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   3283913 | NS      | $48986156.41  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group PLC                                           | BT GROUP PLC                          | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               | CORP              | GB        |  11618070 | NS      | $29889779.49  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                               | NEXT PLC                              | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |    343284 | NS      | $57226778.11  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                              | ADIDAS AG                             | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |    267172 | NS      | $56608791.02  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                 | AP MOLLER-B                           | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |     35277 | NS      | $69346680.42  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                           | KBC GROUP                             | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |    683825 | NS      | $81948864.41  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                 | SAP SE                                | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    349163 | NS      | $93494409.78  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                                | E.ON SE                               | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |   3750675 | NS      | $70645709.13  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                                | HEIDELBERG MATER                      | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |    212983 | NS      | $48143896.77  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                         | RHEINMETALL AG                        | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |     23807 | NS      | $55688650.53  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                               | ACCOR SA                              | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |   1139933 | NS      | $54158665.87  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                       | MERCADOLIBRE INC                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     15275 | NS      | $35696758.50  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                                    | SOC GENERALE SA                       | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |    607890 | NS      | $40471079.61  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                 | KONINKLIJKE PHIL                      | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |   1450793 | NS      | $39743117.71  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                               | ASAHI GROUP HOLD                      | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |   3543100 | NS      | $42477989.70  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                                 | ANZ GROUP HOLDIN                      | CUSIP: N/A<br>LEI: 9845005D9C6BAA10BK72       | Long             | EC               | CORP              | AU        |   1831929 | NS      | $40226495.26  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                | BANK LEUMI LE-IS                      | CUSIP: N/A<br>LEI: 7JDSZWRGUQY2DSTWCR57       | Long             | EC               | CORP              | IL        |   2841503 | NS      | $55984977.07  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                                | MAHINDRA & MAHIN                      | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |   1206036 | NS      | $46546514.08  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                                 | DBS GROUP HLDGS                       | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |   1730575 | NS      | $68630809.33  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                     | HKEX                                  | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |   1008500 | NS      | $57253105.95  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd                        | APOLLO HOSPITALS                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |    484702 | NS      | $40475393.89  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                                             | FANUC CORP                            | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |   2305200 | NS      | $66244422.96  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                           | MEDIATEK                              | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |   1455713 | NS      | $63133910.39  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                          | NOMURA RESEARCH                       | CUSIP: N/A<br>LEI: 5299005F1HCVF4M4QN79       | Long             | EC               | CORP              | JP        |   1195100 | NS      | $45882337.85  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc                                    | RESONA HOLDINGS                       | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |   7026000 | NS      | $71646210.85  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd                                     | HONDA MOTOR CO                        | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |   4333200 | NS      | $44715713.06  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                           | SK HYNIX INC                          | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |    273096 | NS      | $67699948.77  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc                             | MIZUHO FINANCIAL                      | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |   1853900 | NS      | $62320471.18  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp                               | MITSUB ELEC CORP                      | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |   3066300 | NS      | $78754049.78  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd                                  | MITSUI FUDOSAN                        | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        |   5692973 | NS      | $61974312.32  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Inc                                                | NTT INC                               | CUSIP: J59396101<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |  45193000 | NS      | $47241198.19  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Uni-President Enterprises Corp                         | UNI-PRESIDENT EN                      | CUSIP: N/A<br>LEI: 254900DAXBDMVEXU5959       | Long             | EC               | CORP              | TW        |  13653460 | NS      | $35202402.46  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property & Casualty Co Ltd                        | PICC P&C-H                            | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | HK        |  15211829 | NS      | $34315661.24  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                             | SAMSUNG ELECTRON                      | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1695413 | NS      | $101640565.03 | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                | HANWHA AEROSPACE                      | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |     57893 | NS      | $45783830.35  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                                        | SONY GROUP CORP                       | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |   2831230 | NS      | $81388525.19  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Stockland                                              | STOCKLAND                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  10759478 | NS      | $43513657.43  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd              | TSMC                                  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   5807179 | NS      | $252251237.75 | 4.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp                                     | TOYOTA TSUSHO                         | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |   1764600 | NS      | $48848229.26  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                                              | HOLCIM LTD                            | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |    375879 | NS      | $32071711.68  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                            | EQUINOR ASA                           | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |   2857211 | NS      | $69676286.94  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                                 | SAINT GOBAIN                          | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |    486048 | NS      | $52664061.44  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard FTSE Developed Markets ETF                    | VANGUARD FTSE ET                      | CUSIP: 921943858<br>LEI: 3TVJ6OS71EDS4RAB2217 | Long             | EC               | RF                | US        |   1048352 | NS      | $62817251.84  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Larsen & Toubro Ltd                                    | LARSEN & TOUBRO                       | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    758331 | NS      | $31261082.29  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                  | EMAAR PROP PJSC                       | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |  11762810 | NS      | $41819887.07  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd                       | SINGAPORE TELECO (LOT SIZE 100)       | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               | CORP              | SG        |   9565671 | NS      | $30582102.83  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                               | ITAU UNIBAN-PREF                      | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |   7295200 | NS      | $53553189.72  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                               | ENGIE                                 | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   2729500 | NS      | $58674779.44  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                             | LEGRAND SA                            | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |    484844 | NS      | $80562204.10  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                               | VOLVO AB-B                            | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |   2083669 | NS      | $59921331.62  | 1.07%             |  |  |  | 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        |   1383242 | NS      | $34350715.42  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MatsukiyoCocokara & Co                                 | MATSUKIYOCOCOKAR                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    287000 | NS      | $5825765.22   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Financial Group Inc                               | SONY FINANCIAL G                      | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |   2831230 | NS      | $3139748.59   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                            | RECKITT BENCKISE                      | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    686807 | NS      | $52885528.31  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                     | MS&AD INSURANCE                       | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |   1810500 | NS      | $41000476.63  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                                 | KB FINANCIAL GRO                      | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    405131 | NS      | $33437849.34  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                           | GLENCORE PLC                          | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | GB        |  10945024 | NS      | $50408709.06  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                          | AIA                                   | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   8534313 | NS      | $81792562.75  | 1.47%             |  |  |  | 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      |
| Otsuka Holdings Co Ltd                                 | OTSUKA HOLDINGS                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   1029640 | NS      | $54911482.65  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                               | ROLLS-ROYCE HOLD                      | CUSIP: N/A<br>LEI: 213800EC7997ZBLZJH69       | Long             | EC               | CORP              | GB        |   3495744 | NS      | $56191503.69  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ARC Resources Ltd                                      | ARC RESOURCES LT                      | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |   2907395 | NS      | $53021258.25  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Talanx AG                                              | TALANX AG                             | CUSIP: N/A<br>LEI: 5299006ZIILJ6VJVSJ32       | Long             | EC               | CORP              | DE        |    367833 | NS      | $49042203.69  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                        | ASML HOLDING NV                       | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    113725 | NS      | $110903149.19 | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                            | NUTRIEN LTD                           | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |   1214565 | NS      | $71327439.43  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC                                          | AIB GROUP PLC                         | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |   7923557 | NS      | $72237032.54  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                               | AMBEV SA                              | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  18576009 | NS      | $42197181.42  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| iA Financial Corp Inc                                  | IA FINANCIAL COR                      | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |    269508 | NS      | $30641841.52  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                          | HDFC BANK LTD                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   6359635 | NS      | $68154340.36  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                              | BABA-W                                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   6320160 | NS      | $141344794.14 | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                              | TESCO PLC                             | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |  15193475 | NS      | $91064988.83  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                            | NETEASE INC                           | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | HK        |   1782100 | NS      | $54126588.76  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Lodha Developers Ltd                                   | LODHA DEVELOPERS                      | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |   2004298 | NS      | $25638915.89  | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                   | TENCENT                               | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   1862966 | NS      | $158742591.88 | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| America Movil SAB de CV                                | AMERICA MOVIL-B                       | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |  41803200 | NS      | $43758284.54  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                             | HALEON PLC                            | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |  10982706 | NS      | $49424169.61  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                 | YUM CHINA HOLDINGS INC - XHKG LISTING | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | HK        |    895448 | NS      | $39184739.80  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                                | GSK PLC                               | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   2400093 | NS      | $51534746.03  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                            | FINECOBANK SPA                        | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |   3004335 | NS      | $65205037.81  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                              | ARGENX SE                             | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | BE        |     69112 | NS      | $51063374.69  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Gold Corp                                      | BARRICK MINING C                      | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   2201257 | NS      | $72299674.84  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                              | QIAGEN NV                             | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | DE        |    555108 | NS      | $24759770.44  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                     | TRIP.COM GROUP L                      | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |    781528 | NS      | $59269175.30  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                              | SHELL PLC                             | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |   2872244 | NS      | $102369759.73 | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA           | MICHELIN                              | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |   1504213 | NS      | $54172323.24  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                      | GALDERMA GROUP A                      | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |    224456 | NS      | $39683888.50  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS GROUP AG                          | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |   2241782 | NS      | $92167624.68  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                         | ICICI BANK LTD                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |   2434972 | NS      | $36902604.45  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                     | ANGLO AMER PLC                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |    939623 | NS      | $35430678.56  | 0.64%             |  |  |  | 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        |    596438 | NS      | $59643772.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd                                      | GRAB HOLDINGS LTD - CL A              | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | US        |   8965851 | NS      | $53974423.02  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                            | WIX.COM LTD                           | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    237636 | NS      | $42211282.68  | 0.76%             |  |  |  | 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        |         0 | NS      | $2.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** VANGUARD HORIZON FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer