VANGUARD HORIZON FUND INC
497, 1995-07-12
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<PAGE>   1

 
                             VANGUARD HORIZON FUND
                             PROSPECTUS SUPPLEMENT
                                 JULY 12, 1995
 
       The chart on page 29 reflects the total fee as a percentage of the
       Base Fee that will be paid to Marathon-London based on the
       performance of the Global Equity Portfolio.
 
                                                                            PSHA



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