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See the inside front cover for important information about access
to your fund’s annual and semiannual shareholder reports.
Annual Report | October 31, 2020
Vanguard STAR® Fund
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises
or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this
report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the
Securities and Exchange Commission, paper copies of your fund’s annual and
semiannual shareholder reports will no longer be sent to you by mail, unless you
specifically request them. Instead, you will be notified by mail each time a report
is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not
be affected by this change and do not need to take any action. You may elect to
receive shareholder reports and other communications from the fund electronically
by contacting your financial intermediary (such as a broker-dealer or bank) or, if you
invest directly with the fund, by calling Vanguard at one of the phone numbers on
the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free
of charge. If you invest through a financial intermediary, you can contact the
intermediary to request that you continue to receive paper copies. If you invest
directly with the fund, you can call Vanguard at one of the phone numbers on the
back cover of this report or log on to vanguard.com. Your election to receive paper
copies will apply to all the funds you hold through an intermediary or directly with
Your Fund’s Performance at a Glance. . . . . . . . . . . . . . . . . . 1
About Your Fun