Vanguard Money Market Funds · 497 · On 11/20/95

Filed On 11/20/95   ·   SEC File 2-52698   ·   Accession Number 893220-95-802

Definitive Material   ·   Rule 497
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Document/Exhibit                   Description                      Pages   Size 

 1: 497         Vanguard Money Market Reserves, Inc. Form 497          1      5K 

497
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THE VANGUARD FUNDS

PROSPECTUS SUPPLEMENT 
NOVEMBER 21, 1995 

The Vanguard Funds have adopted the following new administrative policies:      

       1.      NEW MINIMUM INITIAL INVESTMENT AMOUNTS.  Effective January 1,
1996, all Vanguard Funds will increase their minimum initial investments for    
individual retirement accounts (IRAs) and Uniform Gifts/Transfers to Minors Act 
accounts from $500 to $1,000. All Vanguard Funds will retain their current      
minimum initial investments for other types of accounts, except for Vanguard    
STAR Portfolio and Vanguard/Trustees' Equity Fund. Vanguard STAR Portfolio will 
increase its minimum initial investment for other types of accounts from $500   
to $1,000. Vanguard/Trustees' Equity Fund will decrease its minimum initial     
investment for other types of accounts from $10,000 to $3,000.                  

     2.      NEW LOW BALANCE FEE.  Beginning in 1996, all Vanguard Funds
will automatically deduct a $10 annual fee from non-retirement accounts with    
balances falling below a minimum level. This fee deduction will occur mid-year, 
and is designed to offset the disproportionately high costs of servicing        
accounts with low balances. The low balance fee will apply to Uniform           
Gifts/Transfers to Minors Act accounts and Vanguard STAR Portfolio accounts     
with balances falling below $500. For all other Vanguard Fund accounts, the fee 
will apply to balances falling below $2,500. The fee will be waived for         
investors whose aggregate Vanguard Fund assets total $50,000 or more. In        
addition, the low balance fee will not apply to IRAs and other Vanguard         
retirement plan accounts. (Please note, however, that a separate custodial fee  
applies to IRAs and other Vanguard retirement plan accounts.)                   

                                                                            PSAP

Dates Referenced Herein   and   Documents Incorporated By Reference

This 497 Filing		Date		Other Filings
Filed On / Filed As Of		11/20/95
		11/21/95
		1/1/96
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