VANGUARD HORIZON FUND INC, 497, 1998-07-01

VANGUARD HORIZON FUND INC
497, 1998-07-01

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              VANGUARD HORIZON FUND--CAPITAL OPPORTUNITY PORTFOLIO
                              PROSPECTUS SUPPLEMENT

                                  JULY 1, 1998


The following  information  supplements the Investment  Adviser  section,  which
appears on pages 25-26 of the prospectus:

 Joel P. Fried,  Senior Vice President of PRIMECAP  Management  Company,  and F.
 Jack Liebau Jr., Vice President of PRIMECAP Management  Company,  each manage a
 portion of the  Portfolio's  assets,  along with  existing  managers  Howard B.
 Schow and Theofanis A.  Kolokotrones.  Messrs.  Fried and Liebau have each been
 associated with PRIMECAP since 1986.

                                                                            PS69