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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 16
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052 000400 N
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054 A000400 N
054 B000400 N
054 C000400 N
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 N
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<PAGE> PAGE 21
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054 O000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
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060 A000400 Y
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066 A000400 Y
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066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
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070 C020400 N
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<PAGE> PAGE 22
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
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070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
SIGNATURE SUSAN A. TRONEL
TITLE MANAGER
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</TABLE>
To the Shareholders and
Trustees of Vanguard Horizon Funds
In planning and performing our audit of the financial statements
of Vanguard Horizon Funds (the "Fund") for the year ended
October 31, 1999, we considered its internal control, including
control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of the Fund and the
Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.
PRICEWATERHOUSECOOPERS LLP
November 30, 1999
