VANGUARD TREASURY FUND, N-18F1, 1996-10-04

VANGUARD TREASURY FUND
N-18F1, 1996-10-04

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                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                 NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1
                    UNDER THE INVESTMENT COMPANY ACT OF 1940.

                             VANGUARD TREASURY FUND

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                            NOTIFICATION OF ELECTION

         The undersigned registered open-end investment company hereby notifies
the Securities and Exchange Commission that it elects to commit itself to pay in
cash all redemptions by a shareholder of record as provided by Rule 18f-1 under
the Investment Company Act of 1940. It is understood that this election is
irrevocable while such Rule is in effect unless the Commission by order upon
application permits the withdrawal of this Notification of Election.

                                    SIGNATURE

         Pursuant to the requirements of Rule 18f-1 under the Investment Company
Act of 1940, the registrant has caused this notification of election to be duly
executed on its behalf in the city of Valley Forge and the Commonwealth of
Pennsylvania on the 4th day of October, 1996.

VANGUARD TREASURY FUND

By:      Raymond J. Klapinsky
         Senior Vice President and Secretary