Vanguard Horizon Funds
12/02/2024 | Press release | Distributed by Public on 12/02/2024 06:45
Annual Report by Investment Company Form N CSR
8dd07dca8a4b588
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07239
| Name of Registrant: | Vanguard Horizon Funds |
| Address of Registrant: | P.O. Box 2600 |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | John E. Schadl, Esquire |
| P.O. Box 876 | |
| Valley Forge, PA 19482 |
Registrant's telephone number, including area code: (610) 669-1000
Date of fiscal year end: September 30
Date of reporting period: October 1, 2023-September 30, 2024
Item 1: Reports to Shareholders.
TABLE OF CONTENTS
|
Vanguard International Core Stock Fund |
|
|
Vanguard International Core Stock Fund |
|
Vanguard International Core Stock Fund
Investor Shares (VWICX)
Annual Shareholder Report | September 30, 2024
This annual shareholder report contains important information about Vanguard International Core Stock Fund (the "Fund") for the period of October 1, 2023, to September 30, 2024. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $54 | 0.48% |
How did the Fund perform during the reporting period?
-
For the 12 months ended September 30, 2024, the Fund outperformed its benchmark, the MSCI All Country World Index ex USA.
-
Global economic growth appeared relatively stable at around 3% during the period, quelling recession fears. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. The FTSE Global All Cap Index of stocks returned about 31%.
-
From a regional perspective, Pacific Rim stocks contributed by far the most to outperformance, followed by emerging markets, Europe, and North America. In each market, outperformance was driven by stock selection, as the Fund's regional allocations essentially mirrored those of its benchmark.
-
In terms of sectors, selection in consumer discretionary, industrials, communication services, and information technology was one of the largest sources of outperformance, while selection in financials, utilities, and materials was one of the largest sources of underperformance.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 16, 2019, Through September 30, 2024
Initial Investment of $10,000
| Average Annual Total Returns | ||
| 1 Year |
Since Inception (10/16/2019) |
|
| Investor Shares | 27.08% | 9.21% |
| MSCI All Country World Index ex USA | 25.35% | 7.33% |
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
|
Fund Statistics (as of September 30, 2024) |
|
|
Fund Net Assets (in millions) |
$1,982 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 74% |
|
Total Investment Advisory Fees (in thousands) |
$3,403 |
|
Portfolio Composition % of Net Assets (as of September 30, 2024) |
|
| Asia | 42.0% |
| Europe | 45.9% |
| North America | 5.6% |
| Oceania | 4.0% |
| Other | 0.6% |
| South America | 1.3% |
| Other Assets and Liabilities-Net | 0.6% |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR2404
Vanguard International Core Stock Fund
Admiral™ Shares (VZICX)
Annual Shareholder Report | September 30, 2024
This annual shareholder report contains important information about Vanguard International Core Stock Fund (the "Fund") for the period of October 1, 2023, to September 30, 2024. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $43 | 0.38% |
How did the Fund perform during the reporting period?
-
For the 12 months ended September 30, 2024, the Fund outperformed its benchmark, the MSCI All Country World Index ex USA.
-
Global economic growth appeared relatively stable at around 3% during the period, quelling recession fears. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. The FTSE Global All Cap Index of stocks returned about 31%.
-
From a regional perspective, Pacific Rim stocks contributed by far the most to outperformance, followed by emerging markets, Europe, and North America. In each market, outperformance was driven by stock selection, as the Fund's regional allocations essentially mirrored those of its benchmark.
-
In terms of sectors, selection in consumer discretionary, industrials, communication services, and information technology was one of the largest sources of outperformance, while selection in financials, utilities, and materials was one of the largest sources of underperformance.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 16, 2019, Through September 30, 2024
Initial Investment of $50,000
| Average Annual Total Returns | ||
| 1 Year |
Since Inception (10/16/2019) |
|
| Admiral Shares | 27.18% | 9.31% |
| MSCI All Country World Index ex USA | 25.35% | 7.33% |
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
|
Fund Statistics (as of September 30, 2024) |
|
|
Fund Net Assets (in millions) |
$1,982 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 74% |
|
Total Investment Advisory Fees (in thousands) |
$3,403 |
|
Portfolio Composition % of Net Assets (as of September 30, 2024) |
|
| Asia | 42.0% |
| Europe | 45.9% |
| North America | 5.6% |
| Oceania | 4.0% |
| Other | 0.6% |
| South America | 1.3% |
| Other Assets and Liabilities-Net | 0.6% |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR534
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
Includes fees billed in connection with services to the Registrant only.
|
Fiscal Year Ended September 30, 2024 |
Fiscal Year Ended September 30, 2023 |
||||||
| (a) Audit Fees. | $ | 180,000 | $ | 170,000 | |||
| (b) Audit-Related Fees. | 0 | 0 | |||||
| (c) Tax Fees. | 0 | 0 | |||||
| (d) All Other Fees. | 0 | 0 | |||||
| Total. | $ | 180,000 | $ | 170,000 |
| (e) | (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting. |
| (2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | |
| (f) | For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were not performed by persons other than full-time, permanent employees of the principal accountant. |
| (g) | Aggregate Non-Audit Fees. |
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
|
Fiscal Year Ended September 30, 2024 |
Fiscal Year Ended September 30, 2023 |
||||||
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $ | 0 | $ | 0 | |||
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. | |||||||
| Audit-Related Fees. | $ | 3,508,505 | $ | 3,295,934 | |||
| Tax Fees. | $ | 2,017,364 | $ | 1,678,928 | |||
| All Other Fees. | $ | 268,000 | $ | 25,000 | |||
| Total. | $ | 5,793,869 | $ | 4,999,862 |
| (h) | For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence. |
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Financial Statements
For the year ended September 30, 2024
Vanguard International Core Stock Fund
Contents
|
Financial Statements
|
1 |
|
Report of Independent Registered
Public Accounting Firm
|
13 |
|
Tax information
|
14 |
International Core Stock Fund
Financial Statements
Schedule of Investments
As of September 30, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
| Shares |
Market Value• ($000) |
|||||
| Common Stocks (99.4%) | ||||||
| Australia (4.0%) | ||||||
| ANZ Group Holdings Ltd. | 1,318,465 | 27,709 | ||||
| Rio Tinto Ltd. | 225,684 | 19,960 | ||||
| Goodman Group | 645,888 | 16,476 | ||||
| Stockland | 4,360,283 | 15,727 | ||||
| 79,872 | ||||||
| Brazil (1.3%) | ||||||
| Telefonica Brasil SA | 2,527,390 | 25,897 | ||||
| Canada (4.8%) | ||||||
| Barrick Gold Corp. | 1,123,096 | 22,338 | ||||
| * | Shopify Inc. Class A | 273,926 | 21,945 | |||
| 1 | Nutrien Ltd. | 456,069 | 21,916 | |||
| Cenovus Energy Inc. | 1,002,726 | 16,771 | ||||
| ARC Resources Ltd. | 749,729 | 12,672 | ||||
| 95,642 | ||||||
| China (8.5%) | ||||||
| Tencent Holdings Ltd. | 970,647 | 53,973 | ||||
| * | Trip.com Group Ltd. | 478,783 | 28,808 | |||
| PICC Property & Casualty Co. Ltd. Class H | 14,423,898 | 21,351 | ||||
| ANTA Sports Products Ltd. | 1,592,944 | 18,857 | ||||
| Fuyao Glass Industry Group Co. Ltd. Class A | 2,273,600 | 18,831 | ||||
| Proya Cosmetics Co. Ltd. Class A | 825,794 | 12,873 | ||||
| KE Holdings Inc. Class A | 1,852,261 | 12,853 | ||||
| 167,546 | ||||||
| Denmark (1.8%) | ||||||
| Novo Nordisk A/S Class B | 300,868 | 35,686 | ||||
| Finland (1.0%) | ||||||
| Nokia OYJ | 4,473,313 | 19,531 | ||||
| France (6.7%) | ||||||
| Engie SA | 2,003,996 | 34,653 | ||||
| Capgemini SE | 109,524 | 23,646 | ||||
| Accor SA | 501,466 | 21,799 | ||||
| Societe Generale SA | 817,922 | 20,382 | ||||
| Legrand SA | 145,733 | 16,789 | ||||
| BNP Paribas SA | 223,013 | 15,304 | ||||
| 132,573 | ||||||
| Germany (9.0%) | ||||||
| SAP SE | 166,870 | 38,169 | ||||
| Allianz SE (Registered) | 103,898 | 34,174 | ||||
| Siemens AG (Registered) | 148,943 | 30,132 | ||||
| adidas AG | 113,517 | 30,080 | ||||
| Deutsche Telekom AG (Registered) | 802,872 | 23,580 | ||||
| RWE AG | 606,368 | 22,092 | ||||
| 178,227 | ||||||
| India (5.9%) | ||||||
| Axis Bank Ltd. | 1,446,926 | 21,273 | ||||
| Larsen & Toubro Ltd. | 478,333 | 20,976 | ||||
| ICICI Bank Ltd. | 1,107,742 | 16,811 | ||||
| Mahindra & Mahindra Ltd. | 360,018 | 13,288 | ||||
| Bajaj Auto Ltd. | 86,311 | 12,707 | ||||
| UltraTech Cement Ltd. | 84,787 | 11,938 | ||||
| Tech Mahindra Ltd. | 539,457 | 10,158 | ||||
| Ashok Leyland Ltd. | 3,278,357 | 9,199 | ||||
| 116,350 |
1
International Core Stock Fund
| Shares |
Market Value• ($000) |
|||||
| Indonesia (0.9%) | ||||||
| Bank Central Asia Tbk. PT | 25,232,300 | 17,211 | ||||
| Ireland (1.0%) | ||||||
| AIB Group plc | 3,390,619 | 19,423 | ||||
| Italy (1.1%) | ||||||
| FinecoBank Banca Fineco SpA | 1,321,637 | 22,682 | ||||
| Japan (13.6%) | ||||||
| ITOCHU Corp. | 634,912 | 34,219 | ||||
| Sony Group Corp. | 1,683,630 | 32,709 | ||||
| Otsuka Holdings Co. Ltd. | 556,540 | 31,611 | ||||
| MS&AD Insurance Group Holdings Inc. | 1,177,600 | 27,679 | ||||
| Recruit Holdings Co. Ltd. | 441,099 | 26,798 | ||||
| Mitsui Fudosan Co. Ltd. | 2,728,073 | 25,706 | ||||
| Daito Trust Construction Co. Ltd. | 149,976 | 18,268 | ||||
| MatsukiyoCocokara & Co. | 1,019,000 | 16,788 | ||||
| Isuzu Motors Ltd. | 1,209,329 | 16,489 | ||||
| FANUC Corp. | 546,000 | 16,036 | ||||
| Renesas Electronics Corp. | 914,000 | 13,265 | ||||
| Resona Holdings Inc. | 1,555,300 | 10,898 | ||||
| 270,466 | ||||||
| Mexico (0.8%) | ||||||
| Wal-Mart de Mexico SAB de CV | 5,279,549 | 15,865 | ||||
| Netherlands (4.7%) | ||||||
| ASML Holding NV | 33,752 | 28,077 | ||||
| AerCap Holdings NV | 269,407 | 25,518 | ||||
| Coca-Cola Europacific Partners plc | 258,997 | 20,396 | ||||
| * | Koninklijke Philips NV | 576,829 | 18,912 | |||
| 92,903 | ||||||
| Other (0.6%) | ||||||
| 2 | Vanguard FTSE Developed Markets ETF | 206,941 | 10,929 | |||
| Philippines (0.8%) | ||||||
| BDO Unibank Inc. | 5,803,013 | 16,432 | ||||
| Russia (0.0%) | ||||||
| *,3 | Magnit PJSC | 31,141 | - | |||
| Saudi Arabia (1.0%) | ||||||
| Saudi Awwal Bank | 2,133,243 | 19,744 | ||||
| Singapore (2.8%) | ||||||
| DBS Group Holdings Ltd. | 939,347 | 27,818 | ||||
| * | Grab Holdings Ltd. Class A | 3,944,448 | 14,989 | |||
| Singapore Telecommunications Ltd. | 4,826,800 | 12,137 | ||||
| 54,944 | ||||||
| South Korea (3.2%) | ||||||
| Hyundai Motor Co. | 120,954 | 22,527 | ||||
| SK Hynix Inc. | 159,841 | 21,393 | ||||
| KB Financial Group Inc. | 326,378 | 20,138 | ||||
| 64,058 | ||||||
| Spain (2.5%) | ||||||
| Industria de Diseno Textil SA | 444,667 | 26,336 | ||||
| Banco Bilbao Vizcaya Argentaria SA | 2,224,970 | 24,035 | ||||
| 50,371 | ||||||
| Sweden (2.2%) | ||||||
| Volvo AB Class B | 1,149,289 | 30,401 | ||||
| * | Spotify Technology SA | 38,408 | 14,155 | |||
| 44,556 | ||||||
| Switzerland (3.2%) | ||||||
| Novartis AG (Registered) | 353,442 | 40,696 | ||||
| Holcim AG | 224,330 | 21,969 | ||||
| 62,665 |
2
International Core Stock Fund
| Shares |
Market Value• ($000) |
|||||
| Taiwan (5.3%) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,418,045 | 72,914 | ||||
| Uni-President Enterprises Corp. | 6,005,000 | 16,430 | ||||
| MediaTek Inc. | 432,000 | 15,922 | ||||
| 105,266 | ||||||
| United Kingdom (12.7%) | ||||||
| Shell plc | 1,170,326 | 37,967 | ||||
| Tesco plc | 6,683,755 | 32,091 | ||||
| BAE Systems plc | 1,755,941 | 29,152 | ||||
| Glencore plc | 4,814,818 | 27,573 | ||||
| GSK plc | 1,236,809 | 25,183 | ||||
| International Consolidated Airlines Group SA | 8,656,252 | 23,778 | ||||
| Intermediate Capital Group plc | 692,434 | 20,678 | ||||
| Barclays plc | 6,523,165 | 19,599 | ||||
| Haleon plc | 3,651,092 | 19,104 | ||||
| Next plc | 118,640 | 15,542 | ||||
| 250,667 | ||||||
| Total Common Stocks (Cost $1,637,752) | 1,969,506 | |||||
| Temporary Cash Investments (1.6%) | ||||||
| Money Market Fund (1.6%) | ||||||
| 4,5 | Vanguard Market Liquidity Fund, 5.014% (Cost $31,177) | 311,771 | 31,177 | |||
| Total Investments (101.0%) (Cost $1,668,929) | 2,000,683 | |||||
| Other Assets and Liabilities-Net (-1.0%) | (19,033) | |||||
| Net Assets (100%) | 1,981,650 |
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $21,696,000. |
| 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. |
| 5 | Collateral of $23,027,000 was received for securities on loan. |
See accompanying Notes, which are an integral part of the Financial Statements.
3
International Core Stock Fund
Statement of Assets and Liabilities
As of September 30, 2024
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $1,628,904) | 1,958,577 |
| Affiliated Issuers (Cost $40,025) | 42,106 |
| Total Investments in Securities | 2,000,683 |
| Investment in Vanguard | 54 |
| Foreign Currency, at Value (Cost $2,575) | 2,582 |
| Receivables for Investment Securities Sold | 451 |
| Receivables for Accrued Income | 4,861 |
| Receivables for Capital Shares Issued | 4,144 |
| Total Assets | 2,012,775 |
| Liabilities | |
| Due to Custodian | 451 |
| Payables for Investment Securities Purchased | 63 |
| Collateral for Securities on Loan | 23,027 |
| Payables for Capital Shares Redeemed | 1,666 |
| Payables to Investment Advisor | 986 |
| Payables to Vanguard | 150 |
| Deferred Foreign Capital Gains Taxes | 4,782 |
| Total Liabilities | 31,125 |
| Net Assets | 1,981,650 |
| 1 Includes $21,696,000 of securities on loan. | |
|
At September 30, 2024, net assets consisted of: |
|
| Paid-in Capital | 1,635,401 |
| Total Distributable Earnings (Loss) | 346,249 |
| Net Assets | 1,981,650 |
| Investor Shares-Net Assets | |
|
Applicable to 8,779,876 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
122,564 |
| Net Asset Value Per Share-Investor Shares | $13.96 |
| Admiral™ Shares-Net Assets | |
|
Applicable to 66,528,496 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
1,859,086 |
| Net Asset Value Per Share-Admiral Shares | $27.94 |
See accompanying Notes, which are an integral part of the Financial Statements.
4
International Core Stock Fund
Statement of Operations
|
Year Ended September 30, 2024 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends-Unaffiliated Issuers1 | 43,398 |
| Dividends-Affiliated Issuers | 937 |
| Interest-Affiliated Issuers | 1,003 |
| Securities Lending-Net | 14 |
| Total Income | 45,352 |
| Expenses | |
| Investment Advisory Fees-Note B | |
| Basic Fee | 2,888 |
| Performance Adjustment | 515 |
| The Vanguard Group-Note C | |
| Management and Administrative-Investor Shares | 244 |
| Management and Administrative-Admiral Shares | 2,255 |
| Marketing and Distribution-Investor Shares | 7 |
| Marketing and Distribution-Admiral Shares | 79 |
| Custodian Fees | 119 |
| Auditing Fees | 43 |
| Shareholders' Reports and Proxy Fees-Investor Shares | 6 |
| Shareholders' Reports and Proxy Fees-Admiral Shares | 48 |
| Trustees' Fees and Expenses | 1 |
| Other Expenses | 35 |
| Total Expenses | 6,240 |
| Net Investment Income | 39,112 |
| Realized Net Gain (Loss) | |
| Capital Gain Distributions Received-Affiliated Issuers | - |
| Investment Securities Sold-Unaffiliated Issuers2 | 37,115 |
| Investment Securities Sold-Affiliated Issuers | 2,234 |
| Foreign Currencies | 161 |
| Realized Net Gain (Loss) | 39,510 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities-Unaffiliated Issuers3 | 302,910 |
| Investment Securities-Affiliated Issuers | 1,964 |
| Foreign Currencies | 63 |
| Change in Unrealized Appreciation (Depreciation) | 304,937 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 383,559 |
| 1 | Dividends are net of foreign withholding taxes of $4,562,000. |
| 2 | Realized Gain (Loss) is net of foreign capital gains taxes of $3,356,000. |
| 3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $2,887,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
5
International Core Stock Fund
Statement of Changes in Net Assets
| Year Ended September 30, | ||
|
2024 ($000) |
2023 ($000) |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 39,112 | 30,155 |
| Realized Net Gain (Loss) | 39,510 | (24,008) |
| Change in Unrealized Appreciation (Depreciation) | 304,937 | 130,616 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 383,559 | 136,763 |
| Distributions | ||
| Investor Shares | (1,915) | (1,381) |
| Admiral Shares | (29,145) | (16,186) |
| Total Distributions | (31,060) | (17,567) |
| Capital Share Transactions | ||
| Investor Shares | 18,764 | 11,992 |
| Admiral Shares | 357,215 | 437,537 |
| Net Increase (Decrease) from Capital Share Transactions | 375,979 | 449,529 |
| Total Increase (Decrease) | 728,478 | 568,725 |
| Net Assets | ||
| Beginning of Period | 1,253,172 | 684,447 |
| End of Period | 1,981,650 | 1,253,172 |
See accompanying Notes, which are an integral part of the Financial Statements.
6
International Core Stock Fund
Financial Highlights
| Investor Shares | |||||
|
For a Share Outstanding Throughout Each Period |
Year Ended September 30, |
October 1, 20191 to September 30, 2020 |
|||
| 2024 | 2023 | 2022 | 2021 | ||
| Net Asset Value, Beginning of Period | $11.22 | $9.58 | $12.50 | $9.91 | $10.00 |
| Investment Operations | |||||
| Net Investment Income2 | .291 | .305 | .329 | .307 | .190 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.703 | 1.550 | (2.723) | 2.490 | (.269) |
| Total from Investment Operations | 2.994 | 1.855 | (2.394) | 2.797 | (.079) |
| Distributions | |||||
| Dividends from Net Investment Income | (.254) | (.215) | (.336) | (.207) | (.011) |
| Distributions from Realized Capital Gains | - | - | (.190) | - | - |
| Total Distributions | (.254) | (.215) | (.526) | (.207) | (.011) |
| Net Asset Value, End of Period | $13.96 | $11.22 | $9.58 | $12.50 | $9.91 |
| Total Return3 | 27.08% | 19.47% | -20.00% | 28.44% | -0.79% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $123 | $82 | $60 | $70 | $39 |
| Ratio of Total Expenses to Average Net Assets4 | 0.48% | 0.48% | 0.48%5 | 0.45% | 0.46%5,6 |
| Ratio of Net Investment Income to Average Net Assets | 2.32% | 2.72% | 2.84% | 2.53% | 2.04%6 |
| Portfolio Turnover Rate | 74% | 76% | 63% | 89% | 80% |
| 1 | The subscription period for the fund was October 1, 2019, to October 15, 2019, during which time all assets were held in cash. Performance measurement began October 16, 2019, the first business day after the subscription period, at a net asset value of $10.00. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | Includes performance-based investment advisory fee increases (decreases) of 0.03%, 0.03%, 0.03%, and 0.00%. Performance-based investment advisory fees did not apply before fiscal year 2021. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.48% and 0.45%, respectively. |
| 6 | Annualized. |
See accompanying Notes, which are an integral part of the Financial Statements.
7
International Core Stock Fund
Financial Highlights
| Admiral Shares | |||||
|
For a Share Outstanding Throughout Each Period |
Year Ended September 30, |
October 1, 20191 to September 30, 2020 |
|||
| 2024 | 2023 | 2022 | 2021 | ||
| Net Asset Value, Beginning of Period | $22.46 | $19.17 | $25.02 | $19.85 | $20.00 |
| Investment Operations | |||||
| Net Investment Income2 | .615 | .647 | .671 | .684 | .401 |
| Net Realized and Unrealized Gain (Loss) on Investments | 5.395 | 3.096 | (5.446) | 4.921 | (.527) |
| Total from Investment Operations | 6.010 | 3.743 | (4.775) | 5.605 | (.126) |
| Distributions | |||||
| Dividends from Net Investment Income | (.530) | (.453) | (.695) | (.435) | (.024) |
| Distributions from Realized Capital Gains | - | - | (.380) | - | - |
| Total Distributions | (.530) | (.453) | (1.075) | (.435) | (.024) |
| Net Asset Value, End of Period | $27.94 | $22.46 | $19.17 | $25.02 | $19.85 |
| Total Return3 | 27.18% | 19.65% | -19.95% | 28.47% | -0.64% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,859 | $1,171 | $625 | $466 | $149 |
| Ratio of Total Expenses to Average Net Assets4 | 0.38% | 0.38% | 0.38%5 | 0.35% | 0.36%5,6 |
| Ratio of Net Investment Income to Average Net Assets | 2.44% | 2.88% | 2.93% | 2.78% | 2.15%6 |
| Portfolio Turnover Rate | 74% | 76% | 63% | 89% | 80% |
| 1 | The subscription period for the fund was October 1, 2019, to October 15, 2019, during which time all assets were held in cash. Performance measurement began October 16, 2019, the first business day after the subscription period, at a net asset value of $20.00. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | Includes performance-based investment advisory fee increases (decreases) of 0.03%, 0.03%, 0.03%, and 0.00%. Performance-based investment advisory fees did not apply before fiscal year 2021. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.38% and 0.35%, respectively. |
| 6 | Annualized. |
See accompanying Notes, which are an integral part of the Financial Statements.
8
International Core Stock Fund
Notes to Financial Statements
Vanguard International Core Stock Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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.
2. 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).
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended September 30, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the
9
International Core Stock Fund
securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. Wellington Management Company llpprovides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the fund's performance relative to the MSCI All Country World Index ex USA for the preceding three years. For the year ended September 30, 2024, the investment advisory fee represented an effective annual basic rate of 0.18% of the fund's average net assets, before a net increase of $515,000 (0.03%) based on performance.
C. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At September 30, 2024, the fund had contributed to Vanguard capital in the amount of $54,000, representing less than 0.01% of the fund's net assets and 0.02% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
D. 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 September 30, 2024, based on the inputs used to value them:
|
Level 1 ($000) |
Level 2 ($000) |
Level 3 ($000) |
Total ($000) |
|
| Investments | ||||
| Assets | ||||
| Common Stocks-North and South America | 137,404 | - | - | 137,404 |
| Common Stocks-Other | 85,987 | 1,746,115 | - | 1,832,102 |
| Temporary Cash Investments | 31,177 | - | - | 31,177 |
| Total | 254,568 | 1,746,115 | - | 2,000,683 |
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for foreign currency transactions and tax expense on capital gains were reclassified between the individual components of total distributable earnings (loss).
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; the deferral of losses from wash sales; and the recognition of unrealized gains from
10
International Core Stock Fund
passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
|
Amount ($000) |
|
| Undistributed Ordinary Income | 32,963 |
| Undistributed Long-Term Gains | - |
| Net Unrealized Gains (Losses) | 324,392 |
| Capital Loss Carryforwards | (11,106) |
| Qualified Late-Year Losses | - |
| Other Temporary Differences | - |
| Total | 346,249 |
The tax character of distributions paid was as follows:
| Year Ended September 30, | ||
|
2024 Amount ($000) |
2023 Amount ($000) |
|
| Ordinary Income* | 31,060 | 17,567 |
| Long-Term Capital Gains | - | - |
| Total | 31,060 | 17,567 |
| * | Includes short-term capital gains, if any. |
As of September 30, 2024, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
|
Amount ($000) |
|
| Tax Cost | 1,671,541 |
| Gross Unrealized Appreciation | 363,436 |
| Gross Unrealized Depreciation | (34,294) |
| Net Unrealized Appreciation (Depreciation) | 329,142 |
F. During the year ended September 30, 2024, the fund purchased $1,559,518,000 of investment securities and sold $1,178,642,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisor or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended September 30, 2024, such purchases were $71,000 and sales were $18,976,000, resulting in net realized loss of $6,481,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
| Year Ended September 30, | |||||
| 2024 | 2023 | ||||
|
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) |
||
| Investor Shares | |||||
| Issued | 56,397 | 4,469 | 38,395 | 3,429 | |
| Issued in Lieu of Cash Distributions | 1,620 | 136 | 1,167 | 109 | |
| Redeemed | (39,253) | (3,136) | (27,570) | (2,457) | |
| Net Increase (Decrease)-Investor Shares | 18,764 | 1,469 | 11,992 | 1,081 | |
| Admiral Shares | |||||
| Issued | 627,654 | 25,132 | 568,178 | 25,386 | |
| Issued in Lieu of Cash Distributions | 21,842 | 920 | 13,521 | 633 | |
| Redeemed | (292,281) | (11,662) | (144,162) | (6,474) | |
| Net Increase (Decrease)-Admiral Shares | 357,215 | 14,390 | 437,537 | 19,545 |
11
International Core Stock Fund
H. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
| Current Period Transactions | ||||||||
|
Sep. 30, 2023 Market Value ($000) |
Purchases at Cost ($000) |
Proceeds from Securities Sold ($000) |
Realized Net Gain (Loss) ($000) |
Change in Unrealized App. (Dep.) ($000) |
Income ($000) |
Capital Gain Distributions Received ($000) |
Sep. 30, 2024 Market Value ($000) |
|
| Vanguard FTSE Developed Markets ETF | 9,262 | 265,167 | 267,699 | 2,234 | 1,965 | 937 | - | 10,929 |
| Vanguard Market Liquidity Fund | 27,230 | NA1 | NA1 | - | (1) | 1,003 | - | 31,177 |
| Total | 36,492 | 265,167 | 267,699 | 2,234 | 1,964 | 1,940 | - | 42,106 |
| 1 | Not applicable-purchases and sales are for temporary cash investment purposes. |
I. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
J. Management has determined that no events or transactions occurred subsequent to September 30, 2024, that would require recognition or disclosure in these financial statements.
12
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Horizon Funds and Shareholders of Vanguard International Core Stock Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard International Core Stock Fund (one of the funds constituting Vanguard Horizon Funds, referred to hereafter as the "Fund") as of September 30, 2024, the related statement of operations for the year ended September 30, 2024, the statement of changes in net assets for each of the two years in the period ended September 30, 2024, including the related notes, and the financial highlights for each of the four years in the period ended September 30, 2024 and for the period October 1, 2019 (commencement of subscription period) through September 30, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2024 and the financial highlights for each of the four years in the period ended September 30, 2024 and for the period October 1, 2019 (commencement of subscription period) through September 30, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 20, 2024
Philadelphia, Pennsylvania
November 20, 2024
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
13
Tax information (unaudited)
The fund hereby designates $27,412,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2023. Shareholders will be notified in January 2025 via IRS Form 1099 of the amounts for use in preparing their 2024 income tax return.
The fund hereby designates for the fiscal year $349,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
The fund designates to shareholders foreign source income of $47,917,000 and foreign taxes paid of $6,759,000, or if subsequently determined to be different, the maximum amounts allowable by law. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.
Q24040 112024
14
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Not applicable.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: Controls and Procedures.
a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant's internal control over financial reporting or in other factors that could significantly affect this control during the period covered by this report, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19: Exhibits.
| (a)(1) | Code of Ethics filed herewith. |
| (a)(2) | Certifications filed herewith. |
| (a)(2) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD HORIZON FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date: November 22, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| VANGUARD HORIZON FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date: November 22, 2024
| VANGUARD HORIZON FUNDS | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER |
Date: November 22, 2024
| * By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on July 25, 2024 (see File Number 33-48863), Incorporated by Reference.