# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0001193125-25-293307
**Filing Date:** 2025-11
**Character Count:** 7384
**Document Hash:** 53d41493f08160529a115cd5f1248c39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-293307.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001193125-25-293307

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**EFFECTIVENESS DATE**: 20251124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD HORIZON FUNDS
- **CENTRAL INDEX KEY:** 0000932471

**ORGANIZATION NAME:**
- **EIN:** 232787277
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-56443
- **FILM NUMBER:** 251511499

**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

## Series and Classes Contracts Data

### Vanguard Capital Opportunity Fund (Series ID: S000002594)

---

|  |  |  |
|:---|:---|:---|
| Class Name      | Ticker Symbol | Class ID   |
| Investor Shares | VHCOX         | C000007113 |
| Admiral Shares  | VHCAX         | C000007114 |

---

## Series and Classes Contracts Data

### Vanguard Capital Opportunity Fund (Series ID: S000002594)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007113 | Investor Shares | VHCOX           |
| C000007114 | Admiral Shares  | VHCAX           |

?xml version='1.0' encoding='ASCII'? 497

![](vanguard.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Vanguard Capital Opportunity Fund

**Supplement Dated November 24, 2025, to the Prospectus and Summary Prospectus Dated January 31, 2025**

**Important Changes to Vanguard Capital Opportunity Fund (the "Fund")**

Effective immediately, a majority of independent trustees of Vanguard Horizon Funds<sup>®</sup> (the "Trustees") approved changing the performance benchmark of the Fund from the Russell Midcap Growth Index to the Russell 3000 Growth Index. The Trustees believe that the Russell 3000 Growth Index better aligns with the Fund's investment strategy.

The Trustees also approved changing the advisory fee structure for the Fund's investment advisor, PRIMECAP Management Company (the "Advisor"). The Fund will pay the Advisor a base fee that will be adjusted up or down to reflect the Fund's investment performance relative to the total return of the Russell 3000 Growth Index. The Trustees believe that the use of performance adjustments or penalties in advisory fee structures better align the interests of an advisor with a fund and its shareholders.

Also effective immediately, the Fund's expense ratios are lowered from 0.35% to 0.32% for Admiral Shares and 0.43% to 0.40% for Investor Shares. However, expense ratios for actively managed funds are subject to change based on advisor performance adjustments.

The Fund's investment objective, strategies, and policies remain unchanged.

**Prospectus and Summary Prospectus Text Changes**

In the **More on the Fund** section under the "Investment Advisor" heading, the paragraph "The Fund pays the advisor a fee, which is paid quarterly and is a percentage of average daily net assets under management during the most recent fiscal quarter. The fee has breakpoints, which means that the percentage declines as assets go up." is hereby deleted and replaced in its entirety with the following:

The Fund pays the advisor a base fee plus or minus a performance adjustment. The base fee, which is paid quarterly, is a percentage of average daily net assets under management during the most recent fiscal quarter. The fee has

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breakpoints, which means that the percentage declines as assets go up. The performance adjustment, also paid quarterly, is based on the cumulative total return of the Fund relative to that of the Russell 3000 Growth Index over the preceding 36-month period. When the performance adjustment is positive, the Fund's expenses increase; when it is negative, expenses decrease.

In the **Glossary** section, the reference to the Russell Midcap Growth Index is hereby deleted and replaced in its entirety with the following:

**Russell 3000 Growth Index.** An index that measures the performance of those Russell 3000 companies with higher price/book ratios and higher predicted growth rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.PS 111B 112025

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![](vanguard.jpg)

**Vanguard Horizon Funds**<sup>®</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Supplement Dated November 24, 2025, to the Statement of Additional Information Dated January 31, 2025**

**Important Changes to Vanguard Capital Opportunity Fund (the "Fund")**

Effective immediately, a majority of independent trustees of Vanguard Horizon Funds (the "Trustees") approved changing the performance benchmark of the Fund from the Russell Midcap Growth Index to the Russell 3000 Growth Index. The Trustees believe that the Russell 3000 Growth Index better aligns with the Fund's investment strategy.

The Trustees also approved changing the advisory fee structure for the Fund's investment advisor, PRIMECAP Management Company (the "Advisor"). The Fund will pay the Advisor a base fee that will be adjusted up or down to reflect the Fund's investment performance relative to the total return of the Russell 3000 Growth Index. The Trustees believe that the use of performance adjustments or penalties in advisory fee structures better align the interests of an advisor with a fund and its shareholders.

Also effective immediately, the Fund's expense ratios are lowered from 0.35% to 0.32% for Admiral Shares and from 0.43% to 0.40% for Investor Shares. However, expense ratios for actively managed funds are subject to change based on advisor performance adjustments.

The Fund's investment objective, strategies, and policies remain unchanged.

**Statement of Additional Information Text Changes**

In the **Investment Advisory and Other Services** section under sub-section "**I. Vanguard Capital Opportunity Fund**" on page B-43, the paragraph "The Fund pays PRIMECAP a fee, which is paid quarterly and is a percentage of average daily net assets managed by the advisor during the most recent fiscal quarter. The fee has breakpoints, which means that the percentage declines as the assets go up." is hereby deleted and replaced in its entirety with the following:

The Fund pays PRIMECAP a base fee plus or minus a performance adjustment. The base fee, which is paid quarterly, is a percentage of average daily net assets managed by the advisor during the most recent fiscal quarter. The base fee has breakpoints, which means that the percentage declines as assets go up. The performance adjustment, also paid quarterly, is based on the cumulative total return of the Fund relative to that of the Russell 3000 Growth Index over the preceding 36-month period. When the performance adjustment is positive, the Fund's expenses increase; when it is negative, expenses decrease.© 2025 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

**SAI 069A 112025**

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