VANGUARD FIXED INCOME SECURITIES FUND
SHORT-TERM CORPORATE PORTFOLIO
PROSPECTUS SUPPLEMENT
JULY 28, 1997
The Short-Term Corporate Portfolio offers two, separate classes of shares. This
prospectus relates to the "Investor Shares" of the Portfolio, which require a
minimum initial investment requirement of $3,000 ($1,000 for IRAs). The
Portfolio's "Institutional Shares," offered through a separate prospectus, are
designed for investors who are able to meet a minimum initial investment
requirement of $50 million and generally do not require special employee benefit
plan services. To obtain a prospectus for the Institutional Shares, please call
Vanguard's Institutional Investor Group at 1-800-523-1036. Note that the
Portfolio's separate share classes have different expenses; as a result, their
investment performance will vary.
PS39
