VANGUARD MONEY MARKET RESERVES INC
485BPOS, 1996-12-10
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
 
                                   FORM N-1A
                   REGISTRATION STATEMENT (NO. 2-52698) UNDER
                           THE SECURITIES ACT OF 1933
                      PRE-EFFECTIVE AMENDMENT NO.     [X]
   
                      POST-EFFECTIVE AMENDMENT NO. 50 [X]
    
                                      AND
 
              REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
                                  ACT OF 1940
   
                              AMENDMENT NO. 52 [X]
    
                      VANGUARD MONEY MARKET RESERVES, INC.
               (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
 
                     P.O. BOX 2600, VALLEY FORGE, PA 19482
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)
 
                  REGISTRANT'S TELEPHONE NUMBER (610) 669-1000
 
                         RAYMOND J. KLAPINSKY, ESQUIRE
                                  P.O. BOX 876
                             VALLEY FORGE, PA 19482
 
              IT IS PROPOSED THAT THIS AMENDMENT BECOME EFFECTIVE:
on December 2, 1996, pursuant to paragraph (b) of Rule 485 of the Securities Act
                                    of 1933.
 
                 APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
  As soon as practicable after this Registration Statement becomes effective.
 
     REGISTRANT ELECTS TO REGISTER AN INDEFINITE NUMBER OF SHARES PURSUANT TO
REGULATION 24F-2 UNDER THE INVESTMENT COMPANY ACT OF 1940. REGISTRANT FILED ITS
RULE 24F-2 NOTICE FOR THE PERIOD ENDED NOVEMBER 30, 1995 ON JANUARY 26, 1996.
 
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                      VANGUARD MONEY MARKET RESERVES, INC.
 
                             CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
                         FORM N-1A
                        ITEM NUMBER                                   LOCATION IN PROSPECTUS
<C>           <S>                                              <C>
    Item 1.   Cover Page....................................   Cover Page
    Item 2.   Synopsis......................................   Highlights
    Item 3.   Condensed Financial Information...............   Financial Highlights
    Item 4.   General Description of Registrant.............   Investment Objective; Investment
                                                               Limitations; Investment Policies;
                                                               General Information
    Item 5.   Management of the Fund........................   Directors and Officers; Management of
                                                               the Fund; The Vanguard Group
    Item 6.   Capital Stock and Other Securities............   Opening an Account and Purchasing
                                                               Shares; Selling Your Shares; The
                                                               Share Price of Each Portfolio;
                                                               Dividends and Taxes; General
                                                               Information
    Item 7.   Purchase of Securities Being Offered..........   Cover Page; Opening an Account and
                                                               Purchasing Shares
    Item 8.   Redemption or Repurchase......................   Selling Shares
    Item 9.   Pending Legal Proceedings.....................   Not Applicable
 
<CAPTION>
                         FORM N-1A                                     LOCATION IN STATEMENT
                        ITEM NUMBER                                  OF ADDITIONAL INFORMATION
<C>           <S>                                              <C>
   Item 10.   Cover Page....................................   Cover Page
   Item 11.   Table of Contents.............................   Cover Page
   Item 12.   General Information and History...............   Investment Objectives and Policies
   Item 13.   Investment Objective and Policies.............   Investment Objectives and Policies;
                                                               Investment Limitations
   Item 14.   Management of the Fund........................   Management of the Fund
   Item 15.   Control Persons and Principal Holders of
              Securities....................................   Management of the Fund
   Item 16.   Investment Advisory and Other Services........   Management of the Fund
   Item 17.   Brokerage Allocation..........................   Not Applicable
   Item 18.   Capital Stock and Other Securities............   Financial Statements
   Item 19.   Purchase, Redemption and Pricing of Securities
              Being Offered.................................   Purchase of Shares; Redemption of
                                                               Shares;
   Item 20.   Tax Status....................................   Appendix
   Item 21.   Underwriters..................................   Not Applicable
   Item 22.   Calculations of Yield Quotations of Money
              Market Fund...................................   Calculation of Yield.
   Item 23.   Financial Statements..........................   Financial Statements
</TABLE>
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Parts A, B and C

Parts A, B and C (the Prospectus, Statement of Additional Information and Other
Information) of Post-Effective Amendment No. 49 to Vanguard Money Market
Reserves, Inc's Registration Statement filed on Form N-1A and dated December 2,
1996, are hereby incorporated by reference into this Post-Effective Amendment
No. 50.
  

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                                                                       EX-99.B11
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
     We hereby consent to the incorporation by reference in the Prospectus and
the Statement of Additional Information, constituting parts of this
Post-Effective Amendment No. 49 registration statement on Form N-1A (the
"Registration Statement"), of our report dated December 29, 1995, relating to
the financial statements and financial highlights appearing in the November 30,
1995 Annual Report to Shareholders of Vanguard Money Market Reserves, which is
also incorporated by reference into the Registration Statement. We also consent
to the references to us under the headings "Financial Highlights" in the
Prospectus and "Financial Statements" in the Statement of Additional
Information.
 
PRICE WATERHOUSE LLP
 
Philadelphia, PA
   
November 29, 1996
    


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