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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2 NT
1. Name and Address of Issuer:
VANGUARD STAR FUND
Vanguard Financial Center
P.O. Box 2600
Valley Forge, Pennsylvania 19482-2600
2. Name of each series or class of funds for which this notice is filed:
VANGUARD STAR FUND
Star Portfolio LifeStrategy Income Portfolio
Total International Portfolio LifeStrategy Moderate
LifeStrategy Growth Portfolio LifeStrategy Conservative
Growth Portfolio
3. Investment Company Act of 1940 File No.: 811-3919
Securities Act of 1933 File No.: 2-88373
4. Last day of fiscal year for which this notice is filed:
12/31/96
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting securities
sold after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration:
N/A [ ]
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6):
N/A
7. Number and amount of securities of the same class of series which had
been registered under the Securities Act of 1933 other than pursuant
to rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal year:
None
8. Number and amount of series registered during the fiscal year other
than pursuant to rule 24f-2:
None
9. Number and aggregate sale price of securities sold during the fiscal
year:
<TABLE>
<CAPTION>
Aggregate
Shares Sales Price
------ -----------
<S> <C> <C>
Star Portfolio 83,895,089 $1,326,190,594.
Total International Portfolio 29,187,573 297,431,148.
LifeStrategy Growth Portfolio 33,951,591 444,672,981.
LifeStrategy Income Portfolio 8,586,840 99,124,095.
LifeStrategy Moderate Growth Portfolio 53,794,291 680,267,249.
LifeStrategy Consevative Growth Portfolio 26,748,256 319,466,952.
----------- --------------
Total 236,163,640 $3,167,153,019.
</TABLE>
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10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
236,163,640 Shares
$3,167,153,019. Aggregate Sales Price
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable
(see Instruction B.7):
None
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on
rule 24f-2 (from Item 10): $3,167,153,019.
(ii) Aggregate price of shares issued in
connection with dividend reinvestment plans
(from Item 11, if applicable): + N/A
(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year (if
applicable): - 943,393,063.
(iv) Aggregate price of shares redeemed or
repurchased and previously applied as a
reduction to filing fees pursuant to
rule 24e-2 (if applicable): + N/A
(v) Net aggregate price of securities sold and
issued during the fiscal year in reliance on
rule 24f-2 [line (i), plus line (ii), less
line (iii), plus line (iv)] (if applicable): 2,223,759,956.
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law
or regulation (see Instruction C.6): x 1/33 of 1%
(vii) Fee due [line (i) or line (v) multiplied
by line (vi)]: $ 673,866.65.
Instruction: Issuers should complete lines (ii), (iii), (iv), and (v) only
if the form is being filed within 60 days after the close of
the issuer's fiscal year. See Instruction C.3.
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a). [ ]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title):* /s/ RAYMOND J. KLAPINSKY
--------------------------------------------------
Raymond J. Klapinsky, Senior Vice President
and Secretary
Date: February 25, 1997
* Please print the name and title of the signing officer below the signature.
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February 25, 1997 EXHIBIT "B"
VANGUARD STAR FUND
P. O. Box 2600
Valley Forge, PA 19482-2600
Gentlemen:
I am acting as counsel to VANGUARD STAR FUND (the "Fund"), in connection with
its registration as an open-end management investment company under the
Investment Company Act of 1940 ("1940 Act"), as amended. It is in my capacity
as counsel to the Fund that I am furnishing you this opinion.
I have examined the Fund's: (1) Declaration of Trust, and amendments thereto;
(2) Minutes of the meetings of shareholders and Trustees; (3) Notification of
Registration on Form N-8A under the 1940 Act; (4) Registration on Form N-1A
under the Securities Act of 1933 ("1933 Act") and 1940 Act, and all amendments
thereto; and (5) all other relevant documents and records, as well as the
procedures and requirements relative to the issuance and sale of the Fund's
shares.
The Fund is a valid and subsisting Pennsylvania business trust authorized to
issue an unlimited number of shares of beneficial interest, without par value
per share. Currently, the Fund is offering shares of six Portfolios. On
December 31, 1996, the Fund had issued and outstanding 369,685,423 shares of
its Star Portfolio, 27,653,167 shares of its Total International Portfolio,
45,965,292 shares of its LifeStrategy Growth Portfolio, 13,113,477 shares of
its LifeStrategy Income Portfolio, 63,664,531 shares of its LifeStrategy
Moderate Growth Portfolio, and 38,107,755 shares of its LifeStrategy
Conservative Growth Portfolio. The Board of Trustees has the power to classify
and reclassify any unissued shares with respect to such Portfolios.
My examination also disclosed the following information:
1. On January 1, 1996 (the beginning of the Fund's fiscal year),
the Fund did not have any securities registered under the 1933 Act other than
pursuant to Rule 24f-2 of the 1940 Act.
2. During the fiscal year ended December 31, 1996, the Fund did
not register any securities under the 1933 Act other than pursuant to Rule
24f-2.
3. During the fiscal year ended December 31, 1996, the Fund sold
a combined total of 236,163,640 shares of its six Portfolios having an
aggregate sales price of $3,167,153,019. in reliance upon registration pursuant
to Rule 24f-2 of the 1940 Act.
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4. During the fiscal year ended December 31, 1996, the Fund
redeemed a combined total of 66,386,786 shares from its six Portfolios, having
a total aggregate redemption price of $943,393,063.
You have instructed me to file, on behalf of the Fund, a Notice pursuant to
Rule 24f-2 of the 1940 Act, for the purpose of registering, under the 1933 Act,
the shares set forth above which were sold by the Fund during the fiscal year.
Based upon the foregoing information and my examination, it is my opinion that:
1. The Fund is a valid and subsisting trust of the Commonwealth
of Pennsylvania, authorized to issue an unlimited number of shares of
beneficial interest, without par value per share. The Board of Trustees has
the power to designate one or more classes ("Portfolios") of shares and to
classify and reclassify any unissued shares with respect to such Portfolios.
Currently, the Fund is offering shares from its Star Portfolio, Total
International Portfolio, LifeStrategy Growth Portfolio, LifeStrategy Income
Portfolio, LifeStrategy Moderate Growth Portfolio, and LifeStrategy
Conservative Growth Portfolio.
2. The registration of the combined total of 236,163,640 shares
of benefical interest of the Fund from its six Portfolios during the fiscal
year ended December 31, 1996, pursuant to Rule 24f-2 of the 1940 Act is proper,
and that such shares, which were issued for a consideration deemed by the Board
of Trustees to be consistent with the Fund's Declaration of Trust, were
lawfully issued, fully paid, and non-assessable;
3. The holders of such shares have all the rights provided with
respect to such holdings by the Declaration of Trust and the laws of the
Commonwealth of Pennsylvania.
I hereby consent to the use of this opinion as an Exhibit to the Rule 24f-2
Notice filed on behalf of the Fund, covering the registration of such shares
under the 1933 Act, and to the applications and registration statements, and
amendments thereto, filed in accordance with the securities laws of the states
in which shares of the Fund are offered. I further consent to reference in the
Prospectus of the Fund to the fact that this opinion concerning the legality of
the issue has been rendered by me.
Very truly yours,
Raymond J. Klapinsky
Counsel