0001752724-21-269100.txt : 20211214
0001752724-21-269100.hdr.sgml : 20211214
20211214121644
ACCESSION NUMBER: 0001752724-21-269100
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20210930
FILED AS OF DATE: 20211214
DATE AS OF CHANGE: 20211214
EFFECTIVENESS DATE: 20211214
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: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07239
FILM NUMBER: 211490202
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
0000932471
S000002593
Vanguard Strategic Equity Fund
C000007112
Investor Shares
VSEQX
0000932471
S000002594
Vanguard Capital Opportunity Fund
C000007113
Investor Shares
VHCOX
C000007114
Admiral Shares
VHCAX
0000932471
S000002595
Vanguard Global Equity Fund
C000007115
Investor Shares
VHGEX
0000932471
S000012432
Vanguard Strategic Small-Cap Equity Fund
C000033747
Investor Shares
VSTCX
0000932471
S000066700
Vanguard International Core Stock Fund
C000214946
Admiral Shares
VZICX
C000214947
Investor Shares
VWICX
N-CEN
1
primary_doc.xml
X0404
N-CEN
LIVE
0000932471
XXXXXXXX
811-07239
true
false
false
N-1A
true
VANGUARD HORIZON FUNDS
811-07239
0000932471
549300NB21G5LRYCVD47
100 VANGUARD BOULEVARD
MALVERN
19355
US-PA
US
6106691000
State Street Bank and Trust
One Lincoln Street
Boston
20111
617-662-3839
The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.
JPMorgan Chase Bank
383 Madison Avenue
New York
10179
212-648-0466
The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.
Bank of New York Mellon
240 Greenwich Street
New York
10286
212-495-1784
The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.
N
N
N-1A
5
Y
Andre F. Perold
N/A
N
Mark Loughridge
N/A
N
Mortimer J. Buckley
002167630
Y
Deanna Mulligan
N/A
N
Scott C. Malpass
N/A
N
Amy Gutmann
N/A
N
David Thomas
N/A
N
Emerson U. Fullwood
N/A
N
Peter F. Volanakis
N/A
N
Sarah Bloom Raskin
N/A
N
F. Joseph Loughrey
N/A
N
John E. Schadl
006931790
100 Vanguard Boulevard
Malvern
19355
XXXXXX
N
N
N
N
N
N
VANGUARD MARKETING CORP.
8-21570
000007452
N/A
Y
N
PRICEWATERHOUSECOOPERS LLP
000000238
5493002GVO7EO8RNNS37
N
N
N
N
N
N
N
VANGUARD STRATEGIC EQUITY FUND
S000002593
G7HJW2GD8JG2WSE17M51
N
1
0
0
N/A
N
N
Y
N
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
Administrative fee
Cash collateral reinvestment fee
44385716.61999999
1614000.90000000
Rule 17a-7 (17 CFR 270.17a-7)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
The Vanguard Group, Inc.
084-00772
5493002789CX3L0CJP65
Y
N
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
Markit North America INC
13-4153988
TIN
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
Refinitiv US LLC
20-4530702
TIN
N
ICE Data Pricing and Refernce Data LLC
13-36687789
TIN
N
ITG Analytics Inc
41-2190282
TIN
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
State Street Bank and Trust Company, United Kingdom Branch
213800YAZLPV26WFM449
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Euroclear
549300OZ46BRLZ8Y6F65
BE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Trust Company Canada
549300L71XG2CTQ2V827
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
THE VANGUARD GROUP, INC.
5493002789CX3L0CJP65
Y
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
Y
Jefferies LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
287888.51999999
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
123004.56000000
Sanford C. Bernstein & Co., LLC
008-52942
000104474
549300I7JYZHT7D5CO04
18072.25999999
SG Americas Securities, LLC
008-66125
000128351
549300F35UE0BOM1WJ55
61120.05000000
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
311378.03000000
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
23206.31999999
Piper Sandler & Co.
008-15204
000000665
549300GRQCWQ3XGH0H10
4086.44000000
Credit Suisse Securities (USA) LLC
008-00422
000000816
1V8Y6QCX6YMJ2OELII46
4750.83999999
National Financial Services LLC
008-26740
000013041
549300JRHF1MHHWUAW04
92784.33999999
Instinet, LLC
008-23669
000007897
549300MGMN3RKMU8FT57
11387.00000000
947267.29999995
Vanguard Strategic Small-Cap Equity Fund
N/A
N/A
FO714QET3V4MYCZPGW24
9174177.93000000
Jefferies LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
820504.46000000
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
615883.00000000
Deutsche Bank Securities Inc.
008-17822
000002525
9J6MBOOO7BECTDTUZW19
3399181.88000000
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
3592835.28000000
Vanguard Explorer Fund
N/A
N/A
HU38GZ7YQSV1LSOPIX38
1888041.75000000
Vanguard U.S. Value Factor ETF
N/A
N/A
5493006GU7KMEUQILY06
443052.58000000
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
2296992744.47000000
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
113014090.79000010
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
287013704.12999988
2716978906.30999999
N
7402174792.56999970
Committed
4300000000.00000000
N
N
N
N
VANGUARD STRATEGIC SMALL-CAP EQUITY FUND
S000012432
FO714QET3V4MYCZPGW24
N
1
0
0
N/A
N
N
Y
N
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
Cash collateral reinvestment fee
Administrative fee
14260713.76000000
527382.40000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17a-7 (17 CFR 270.17a-7)
N
N
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
The Vanguard Group, Inc.
084-00772
5493002789CX3L0CJP65
Y
N
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
Refinitiv US LLC
20-4530702
TIN
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Markit North America INC
13-4153988
TIN
N
ITG Analytics Inc
41-2190282
TIN
N
ICE Data Pricing and Refernce Data LLC
13-36687789
TIN
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
THE VANGUARD GROUP, INC.
5493002789CX3L0CJP65
Y
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
THE VANGUARD GROUP, INC.
5493002789CX3L0CJP65
Y
N
Y
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
15151.54000000
Sanford C. Bernstein & Co., LLC
008-52942
000104474
549300I7JYZHT7D5CO04
5978.24000000
Citigroup Global Markets Inc.
008-08177
000007059
MBNUM2BPBDO7JBLYG310
3603.52000000
Jefferies LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
90919.85000000
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
108112.34999999
Instinet, LLC
008-23669
000007897
549300MGMN3RKMU8FT57
4654.77000000
Credit Suisse Securities (USA) LLC
008-00422
000000816
1V8Y6QCX6YMJ2OELII46
5714.68000000
National Financial Services LLC
008-26740
000013041
549300JRHF1MHHWUAW04
25300.74999999
SG Americas Securities, LLC
008-66125
000128351
549300F35UE0BOM1WJ55
20753.07999999
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
39715.99000000
326802.20999996
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
553043.00000000
Jefferies LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
67643.42999999
Deutsche Bank Securities Inc.
008-17822
000002525
9J6MBOOO7BECTDTUZW19
699831.56000000
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
1001303389.67000008
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
699942.06000000
Vanguard Explorer Fund
N/A
N/A
HU38GZ7YQSV1LSOPIX38
199799.26000000
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
26324092.75000001
Citigroup Global Markets Inc.
008-08177
000007059
MBNUM2BPBDO7JBLYG310
1037632.50000000
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
85442045.22000002
Vanguard Strategic Equity Fund
N/A
N/A
G7HJW2GD8JG2WSE17M51
9174177.93000000
1125522059.25000011
N
1454295431.10333350
Committed
4300000000.00000000
N
N
N
N
VANGUARD GLOBAL EQUITY FUND
S000002595
WT0SRFK64YFSQ38XG643
N
1
0
0
N/A
N
N
Y
N
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
Cash collateral reinvestment fee
Administrative fee
35110735.43000000
329185.08000000
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Baillie Gifford Overseas Ltd
801-21051
000110296
549300OJXEENXLO4FW52
GB
N
Marathon Asset Management LLP
801-63397
000132391
635400HT15TG89XYHO72
GB
N
The Vanguard Group, Inc.
084-00772
5493002789CX3L0CJP65
Y
N
N
ICE Data Pricing and Refernce Data LLC
13-36687789
TIN
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
Refinitiv US LLC
20-4530702
TIN
N
Markit North America INC
13-4153988
TIN
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
ITG Analytics Inc
41-2190282
TIN
N
N
Euroclear Bank S.A./N.V.
549300OZ46BRLZ8Y6F65
BE
N
Y
Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
Deutsche Bank A.S.
789000N5SE3LWDK7OI11
TR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Credit Suisse (Switzerland) Limited
549300CWR0W0BCS9Q144
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank AS
CWZ8NZDH5SKY12Q4US31
TR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank Europe plc, Dublin, Ireland
N1FBEDJ5J41VKZLO2475
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Taiwan) Limited
549300QJEO1B92LSHZ06
TW
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited
2HI3YI5320L3RW6NJ957
JP
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Middle East Limited
549300F99IL9YJDWH369
QA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB (publ)
F3JS33DEI6XQ4ZBPTN86
SE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Skandinaviska Enskilda Banken AB (publ), Sweden
F3JS33DEI6XQ4ZBPTN86
FI
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank (Malaysia) Berhad
7LTWFZYICNSX8D621K86
MY
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited
2HI3YI5320L3RW6NJ957
KR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services, S.C.A.
549300WCGB70D06XZS54
BE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited
2HI3YI5320L3RW6NJ957
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, N.A.
E57ODZWZ7FF32TWEFA76
EG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited
2HI3YI5320L3RW6NJ957
CN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank Europe plc, Dublin, Ireland
N1FBEDJ5J41VKZLO2475
PT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank Europe plc Magyarorszagi Fioktelepe
N1FBEDJ5J41VKZLO2475
HU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Trust Company Canada
549300L71XG2CTQ2V827
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB (publ), Sweden
F3JS33DEI6XQ4ZBPTN86
NO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Hapoalim B.M.
B6ARUI4946ST4S7WOU88
IL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company, United Kingdom branch
213800YAZLPV26WFM449
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank N.A.
E57ODZWZ7FF32TWEFA76
SG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Thai) Public Company Limited
549300O1LQYCQ7G1IM57
TH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank
RILFO74KP1CM8P6PCT96
ID
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Itau CorpBanca S.A.
549300DDPTTIZ06NIV06
CL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank AG
7LTWFZYICNSX8D621K86
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
AO Citibank
CHSQDSVI1UI96Y2SW097
RU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank S.A.E.
529900SICIK5OVMVY186
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Banco de Chile
8B4EZFY8IHJC44TT2K84
CL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank AG
7LTWFZYICNSX8D621K86
IN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
UniCredit Bank Austria AG
D1HEB8VEU6D9M8ZUXG17
AT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
FirstRand Bank Limited
ZAYQDKTCATIXF9OQY690
ZA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services, S.C.A.
549300WCGB70D06XZS54
FR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank
RILFO74KP1CM8P6PCT96
PH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Banco Nacional de Mexico, S.A.
2SFFM4FUIE05S37WFU55
MX
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Hong Kong) Limited
X5AV1MBDXGRPX5UGMX13
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank AG, Netherlands
7LTWFZYICNSX8D621K86
BE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, N.A.
E57ODZWZ7FF32TWEFA76
BR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services, S.C.A.
549300WCGB70D06XZS54
GR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, N.A.
E57ODZWZ7FF32TWEFA76
AR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Ceskoslovenska obchodni banka, a.s.
Q5BP2UEQ48R75BOTCB92
CZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank International GmbH
ZMHGNT7ZPKZ3UFZ8EO46
DE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank AG
7LTWFZYICNSX8D621K86
ID
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited
2HI3YI5320L3RW6NJ957
NZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB (publ), Sweden
F3JS33DEI6XQ4ZBPTN86
DK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited
2HI3YI5320L3RW6NJ957
AU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank Maghreb S.A.
5493003FVWLMBFTISI11
MA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services, S.C.A.
549300WCGB70D06XZS54
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Middle East Limited
549300F99IL9YJDWH369
AE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Handlowy w Warszawie S.A.
XLEZHWWOI4HFQDGL4793
PL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Cititrust Colombia S.A. Sociedad Fiduciaria
SSER7O0CV66FF0PRYK94
CO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank AG
7LTWFZYICNSX8D621K86
AT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Intesa Sanpaolo S.p.A.
2W8N8UU78PMDQKZENC08
IT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank Malaysia Berhad
549300JTJBG2QBI8KD48
MY
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank del Peru, S.A.
MYTK5NHHP1G8TVFGT193
PE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
THE VANGUARD GROUP, INC.
5493002789CX3L0CJP65
Y
N
Y
UBS Securities LLC
008-22651
000007654
T6FIZBDPKLYJKFCRVK44
58511.66000000
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
110272.66999998
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
75148.93999998
Sanford C. Bernstein & Co., LLC
008-52942
000104474
549300I7JYZHT7D5CO04
88288.05999999
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
68183.03999999
Citigroup Global Markets Inc.
008-08177
000007059
MBNUM2BPBDO7JBLYG310
86266.90999999
Morgan Stanley & Co. International PLC
N/A
N/A
4PQUHN3JPFGFNF3BB653
GB
91736.96999999
Citigroup Global Markets Limited
N/A
N/A
XKZZ2JZF41MRHTR1V493
GB
51894.21000000
Credit Suisse Securities (Europe) Limited
N/A
N/A
DL6FFRRLF74S01HE2M14
GB
50493.27999999
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
83622.94999999
1541468.01999973
Sanford C. Bernstein & Co., LLC
008-52942
000104474
549300I7JYZHT7D5CO04
61127837.52000001
UBS Securities LLC
008-22651
000007654
T6FIZBDPKLYJKFCRVK44
39575663.27999999
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
59723084.20999998
Instinet, LLC
008-23669
000007897
549300MGMN3RKMU8FT57
78689205.36999997
Morgan Stanley & Co. International PLC
N/A
N/A
4PQUHN3JPFGFNF3BB653
GB
44099175.45000000
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
4563785488.44000010
Credit Suisse International
N/A
N/A
E58DKGMJYYYJLN8C3868
GB
39493973.09000000
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
693862910.38999999
Piper Sandler & Co.
008-15204
000000665
549300GRQCWQ3XGH0H10
28835824.78999999
Citigroup Global Markets Limited
N/A
N/A
XKZZ2JZF41MRHTR1V493
GB
51705572.34000001
5854774851.26999999
Y
8379339315.98333260
Committed
4300000000.00000000
N
N
N
N
VANGUARD INTERNATIONAL CORE STOCK FUND
S000066700
549300TJ5BTA81NCGQ40
N
2
0
0
N/A
N
N
Y
N
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
Administrative fee
Cash collateral reinvestment fee
2095254.36000000
51457.27000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17a-7 (17 CFR 270.17a-7)
N
N
N
N
Wellington Management Company LLP
801-15908
000106595
549300YHP12TEZNLCX41
N
The Vanguard Group, Inc.
084-00772
5493002789CX3L0CJP65
Y
N
N
Markit North America INC
13-4153988
TIN
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
Refinitiv US LLC
20-4530702
TIN
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
ITG Analytics Inc
41-2190282
TIN
N
ICE Data Pricing and Refernce Data LLC
13-36687789
TIN
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
N
JPMorgan Chase Bank NA
7H6GLXDRUGQFU57RNE97
TW
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank Thai Public Company Limited
549300O1LQYCQ7G1IM57
TH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JP Morgan Bank Luxembourg SA
7W1GMC6J4KGLBBUSYP52
BE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JP Morgan Bank International Limited Liability Company
549300B831LSRSI6RA15
RU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank AS
CWZ8NZDH5SKY12Q4US31
TR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank del Peru SA
MYTK5NHHP1G8TVFGT193
PE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Banco Nacional de Mexico SA
2SFFM4FUIE05S37WFU55
MX
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Handlowy w Warszawie SA
XLEZHWWOI4HFQDGL4793
PL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services SCA
549300WCGB70D06XZS54
IT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC France Athens Branch
MP6I5ZYZBEU3UXPYFY54
GR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Argentina Bank SA
549300K52NF2S4SQDO82
AR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank AG
7LTWFZYICNSX8D621K86
DE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited
2HI3YI5320L3RW6NJ957
PH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JPMorgan Chase Bank NA
7H6GLXDRUGQFU57RNE97
IN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Vietnam Ltd
213800H95OG9OHRT4Y78
VN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank Abp
529900ODI3047E2LIV03
NO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank Korea Limited
NUXTG47HHHM1K2L0SG39
KR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Leumi leIsrael BM
7JDSZWRGUQY2DSTWCR57
IL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
UniCredit Bank Austria AG
D1HEB8VEU6D9M8ZUXG17
AT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank Abp
529900ODI3047E2LIV03
SE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
FirstRand Bank Limited
ZAYQDKTCATIXF9OQY690
ZA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JPMorgan Chase Bank NA
7H6GLXDRUGQFU57RNE97
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Mizuho Bank Ltd
RB0PEZSDGCO3JS6CEU02
JP
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank China Company Limited
2CZOJRADNJXBLT55G526
CN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Banco Santander Chile
3YJP8HORPAEXJ80D6368
CL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JP Morgan Bank Luxembourg SA
7W1GMC6J4KGLBBUSYP52
FR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Euroclear
549300OZ46BRLZ8Y6F65
BE
N
Y
Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
BNP Paribas Securities Services SCA
549300WCGB70D06XZS54
PT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Middle East Limited
549300F99IL9YJDWH369
AE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JPMorgan Chase Bank NA
7H6GLXDRUGQFU57RNE97
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
DBS Bank Ltd
ATUEL7OJR5057F2PV266
SG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank Abp
529900ODI3047E2LIV03
DK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JP Morgan SA DTVM
5493001LS7J56NZZ3G07
BR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Royal Bank of Canada
ES7IP3U3RHIGC71XBU11
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CACEIS Bank Spain SAU
95980020140005970915
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Malaysia Berhad
P3RPN9OJFCXUPJWB1Q09
MY
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JP Morgan Bank Luxembourg SA
7W1GMC6J4KGLBBUSYP52
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank Abp
529900ODI3047E2LIV03
FI
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
UBS Switzerland AG
549300WOIFUSNYH0FL22
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
PT Bank HSBC Indonesia
213800HW5IDIRLWH1203
ID
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank AG
7LTWFZYICNSX8D621K86
HU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Euroclear
549300OZ46BRLZ8Y6F65
IE
N
Y
Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
JPMorgan Chase Bank NA
7H6GLXDRUGQFU57RNE97
NZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
JPMorgan Chase Bank NA
7H6GLXDRUGQFU57RNE97
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
JPMorgan Chase Bank NA
7H6GLXDRUGQFU57RNE97
AU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
N
THE VANGUARD GROUP, INC.
5493002789CX3L0CJP65
Y
N
N
THE VANGUARD GROUP, INC.
5493002789CX3L0CJP65
Y
N
JPMorgan Chase Bank, N.A.
7H6GLXDRUGQFU57RNE97
N
Y
N
Credit Suisse Securities (USA) LLC
008-00422
000000816
1V8Y6QCX6YMJ2OELII46
9137.01999999
UBS AG
N/A
N/A
BFM8T61CT2L1QCEMIK50
CH
20421.34999999
Merrill Lynch International
N/A
000162416
GGDZP1UYGU9STUHRDP48
GB
15225.55999999
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
16981.79000000
HSBC SECURITIES (USA) INC.
008-41562
000019585
CYYGQCGNHMHPSMRL3R97
10222.62000000
Jefferies LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
22331.95000000
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
13631.89000000
Merrill Lynch, Pierce, Fenner & Smith Inc.
008-07221
000007691
8NAV47T0Y26Q87Y0QP81
13975.80000000
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
29165.12999999
Sanford C. Bernstein & Co., LLC
008-52942
000104474
549300I7JYZHT7D5CO04
23482.84999999
289588.51999988
Citigroup Global Markets Inc.
008-08177
000007059
MBNUM2BPBDO7JBLYG310
74559.17999999
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
715261303.80999994
Credit Suisse Securities (Europe) Limited
N/A
N/A
DL6FFRRLF74S01HE2M14
GB
5769205.53999999
Wellington Management Company LLP
N/A
000106595
549300YHP12TEZNLCX41
202498.00000000
Barclays Capital Securities Limited
N/A
N/A
K9WDOH4D2PYBSLSOB484
GB
301957.13000000
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
480027.36000000
Credit Suisse International
N/A
N/A
E58DKGMJYYYJLN8C3868
GB
7400707.25000000
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
2571648.86000000
732061907.12999992
Y
385482710.91833329
Committed
4300000000.00000000
N
N
N
N
VANGUARD CAPITAL OPPORTUNITY FUND
S000002594
FB5GLVD8WIF251I6B804
N
2
0
0
N/A
N
N
Y
N
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
Cash collateral reinvestment fee
Administrative fee
224849718.81000000
2906161.11000000
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
PRIMECAP Management Company
801-19765
000105516
254900YBJPASOJ076244
N
The Vanguard Group, Inc.
084-00772
5493002789CX3L0CJP65
Y
N
N
Markit North America INC
13-4153988
TIN
N
ICE Data Pricing and Refernce Data LLC
13-36687789
TIN
N
ITG Analytics Inc
41-2190282
TIN
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Refinitiv US LLC
20-4530702
TIN
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
N
Euroclear Bank, Brussels
549300OZ46BRLZ8Y6F65
BE
N
Y
Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
Mizuho Bank, Ltd
RB0PEZSDGCO3JS6CEU02
JP
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Hongkong and Shanghai Banking Corporation, Hong Kong
2HI3YI5320L3RW6NJ957
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Bank of New York Mellon SA/NV
MMYX0N4ZEZ13Z4XCG897
NL
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
SKANDINAVISKA ENSKILDA BANKEN OSLO
F3JS33DEI6XQ4ZBPTN86
NO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
DEUTSCHE BANK-SEOUL BRANCH
7LTWFZYICNSX8D621K86
KR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Credit Suisse (Switzerland) Ltd
549300CWR0W0BCS9Q144
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Bank of New York Mellon
HPFHU0OQ28E4N0NFVK49
GB
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
CIBC Mellon Trust Company
549300IYUUH221WBZ505
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main
MMYX0N4ZEZ13Z4XCG897
DE
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
The Bank of New York Mellon
HPFHU0OQ28E4N0NFVK49
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch
2HI3YI5320L3RW6NJ957
AU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
DEUTSCHE BANK AG (LDN)
7LTWFZYICNSX8D621K86
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Bank of New York Mellon SA/NV
MMYX0N4ZEZ13Z4XCG897
FR
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
THE VANGUARD GROUP, INC.
5493002789CX3L0CJP65
Y
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
Y
Barclays Capital Inc.
008-41342
000019714
AC28XWWI3WIBK2824319
128504.83000000
Instinet, LLC
008-23669
000007897
549300MGMN3RKMU8FT57
47681.55999999
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
198658.62000000
Stifel, Nicolaus & Company, Incorporated
008-01447
000000793
5WUVMA08EYG4KEUPW589
42158.96000000
Credit Suisse Securities (USA) LLC
008-00422
000000816
1V8Y6QCX6YMJ2OELII46
107501.08000000
Citigroup Global Markets Inc.
008-08177
000007059
MBNUM2BPBDO7JBLYG310
349308.41000000
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
244515.39000000
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
233034.75000000
National Financial Services LLC
008-26740
000013041
549300JRHF1MHHWUAW04
95840.12000000
Pershing LLC
008-17574
000007560
ZI8Q1A8EI8LQFJNM0D94
51154.55999999
1806429.27999993
Credit Suisse Securities (USA) LLC
008-00422
000000816
1V8Y6QCX6YMJ2OELII46
48039561.49999999
Merrill Lynch International
N/A
000162416
GGDZP1UYGU9STUHRDP48
GB
48831903.38000001
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
181455932.80000001
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
487790762.47000009
Barclays Capital Inc.
008-41342
000019714
AC28XWWI3WIBK2824319
176396999.97999999
National Financial Services LLC
008-26740
000013041
549300JRHF1MHHWUAW04
87419079.60000000
Stifel, Nicolaus & Company, Incorporated
008-01447
000000793
5WUVMA08EYG4KEUPW589
65518051.54999999
Citigroup Global Markets Inc.
008-08177
000007059
MBNUM2BPBDO7JBLYG310
235954929.36000001
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
137048451.47999999
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
8850418864.86999890
10518879467.00999894
Y
20213489169.05749900
Committed
4300000000.00000000
N
N
N
N
true
INTERNAL CONTROL RPT
2
horizonfunds11.19.txt
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Horizon Funds and Shareholders
of
Vanguard Capital Opportunity Fund
Vanguard Global Equity Fund and
Vanguard International Core Stock Fund
In planning and performing our audits of the financial statements of
Vanguard Capital Opportunity Fund, Vanguard Global Equity Fund, and
Vanguard International Core Stock Fund (three of the funds constituting
Vanguard Horizon Funds, hereafter collectively referred to as the
"Funds") as of and for the year ended September 30, 2021, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) ("PCAOB"), we considered the Funds'
internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-CEN, but not for the purpose
of expressing an opinion on the effectiveness of the Funds' internal
control over financial reporting. Accordingly, we do not express an
opinion on the effectiveness of the Funds' internal control over financial
reporting.
The management of the Funds is responsible for establishing and
maintaining effective internal control over financial reporting. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls. A
company's internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.
A company's internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company's assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may
deteriorate.
A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the company's annual or interim financial
statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial reporting
was for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control over financial
reporting that might be material weaknesses under standards
established by the PCAOB. However, we noted no deficiencies in the
Funds' internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be a material
weakness as defined above as of September 30, 2021.
This report is intended solely for the information and use of the Board of
Trustees of Vanguard Horizon Funds and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 19, 2021
INTERNAL CONTROL RPT
3
horizonfunds11.17.txt
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Horizon Funds and Shareholders
of
Vanguard Strategic Equity Fund and
Strategic Small-Cap Equity Fund
In planning and performing our audit of the financial statements of
Vanguard Strategic Equity Fund and
Strategic Small-Cap Equity Fund (two of the funds constituting Vanguard
Horizon Funds, referred to hereafter as the "Funds") as of and for the
year ended September 30, 2021, in accordance with the standards of the
Public Company Accounting Oversight Board (United States) ("PCAOB"),
we considered the Fund's internal control over financial reporting,
including controls over safeguarding securities, as a basis for designing
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-
CEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we do not express an opinion on the effectiveness of the
Funds' internal control over financial reporting.
The management of the Funds is responsible for establishing and
maintaining effective internal control over financial reporting. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls. A
company's internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.
A company's internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company's assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may
deteriorate.
A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the company's annual or interim financial
statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial reporting
was for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control over financial
reporting that might be material weaknesses under standards
established by the PCAOB. However, we noted no deficiencies in the
Funds' internal control over financial reporting and its operation,
including controls over safeguarding securities, that we consider to be a
material weakness as defined above as of September 30, 2021.
This report is intended solely for the information and use of the Board of
Trustees of Vanguard Horizon Funds' and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 17, 2021