VANGUARD STAR FUND, 497, 1995-05-12

VANGUARD STAR FUND
497, 1995-05-12

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                          VANGUARD LIFESTRATEGY FUNDS
                             PROSPECTUS SUPPLEMENT
                                  MAY 15, 1995

The investment objectives of the Portfolios which are summarized in a chart
appearing under the section  Investment Objectives , that illustrates the
degree to which each Portfolio seeks to obtain income, growth of capital
and risk of principal should read as follows:

<TABLE>
<CAPTION>
PORTFOLIO NAME                INCOME         GROWTH OF CAPITAL   RISK OF PRINCIPAL
- --------------                ------         -----------------   -----------------
<S>                           <C>            <C>                 <C>
Income Portfolio . . . . .    High           Negligible          Medium
Conservative Growth Portfolio Medium         Low                 Medium
Moderate Growth Portfolio.    Medium         Low to Medium       Medium
Growth Portfolio . . . . .    Low            Medium to High      High

</TABLE>
                                                                            PSLS