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[LOGO]
VANGUARD HORIZON FUNDS
CAPITAL OPPORTUNITY FUND
SUPPLEMENT TO THE PROSPECTUS DATED FEBRUARY 26, 1999
INITIAL INVESTMENT
The Capital Opportunity Fund has raised its minimum initial investment amount to
$25,000, effective as of the close of business on September 20, 1999. The
$25,000 minimum applies to all new accounts, including IRAs and custodial
accounts for minors.
(C) 1999 The Vanguard Group, Inc. All rights reserved. PS69N-09/21/1999
Vanguard Marketing Corporation, Distributor.
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