VANGUARD FIXED INCOME SECURITIES FUND
LONG-TERM U.S. TREASURY PORTFOLIO
Prospectus Supplement
January 14, 1994
Effective January 1, 1994, Vanguard's Fixed Income Group shifted
portfolio management responsibilities for the Long-Term U.S. Treasury
Portfolio from Anthony Jiorle to Robert F. Auwaerter. Mr. Auwaerter also
manages the Fund's Short-Term Federal, Short-Term Corporate, Intermediate-
Term U.S. Treasury, and Intermediate-Term Corporate Portfolios. Mr. Jiorle
has assumed new responsibilities within the Fixed Income Group.