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VANGUARD STAR FUND
PROSPECTUS SUPPLEMENT
NOVEMBER 27, 1995
Vanguard STAR Fund (the "Fund") has recently received an order of the
Securities and Exchange Commission permitting the Fund to acquire up to 100% of
the voting shares of any of the funds in The Vanguard Group of Investment
Companies (the "Vanguard Funds") in which it invests. The recent order
supersedes a prior order which permitted the Fund to operate as a "fund of
funds" (purchasing shares of other mutual funds) subject to the limitation that
STAR could not acquire more than 10% of the outstanding voting shares of any
Vanguard Fund it acquired. The recent order also permits the Board of
Directors/Trustees of the Vanguard Funds to modify the Funds' Service Agreement
to provide that STAR may become a member of The Vanguard Group of Investment
Companies without bearing duplicative capital contribution or expense
allocation costs.
PSTR
