Correspondence 0001683863-25-007371 from VANGUARD FIXED INCOME SECURITIES FUNDS (CIK 0000106444)
VANGUARD FIXED INCOME SECURITIES FUNDS (CIK 0000106444)
Date: Sept. 8, 2025 · CIK: 0000106444 · Accession: 0001683863-25-007371
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 811-02368
Letter
P.O. Box 2600 Valley Forge, PA 19482 marc_foster@vanguard.com via electronic filing September 8, 2025 Lisa N. Larkin, Esq. U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 File No. 811-02368 Post-Effective Amendment No. 134
Re: Vanguard Fixed Income Securities Funds (“Trust”)
Dear Ms. Larkin: This letter responds to your comments provided on August 20, 2025, to the above referenced post- effective amendment that was filed with the Commission on July 1, 2025, for the purpose of adding Vanguard High-Yield Active ETF (“ Fund ”) as a new series of the Trust. Comment 1 : More on the Fund – Security Selection Comment: Indicate in correspondence the extent to which the Fund plans to invest in lower-rated tranches of collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), collateralized mortgage obligations (CMOs), and lower rated bank loans. Response: Consistent with the requirements of the Fund’s Liquidity Risk Management Program and with Rule 22e-4, the Fund will not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. In this regard, the Fund may invest in the aforementioned securities only up to 15% of its net assets in aggregate.
Comment 2 : More on the Fund – Security Selection
Comment: If any of trust-preferred securities, government securities, investment-grade bonds,
international dollar-denominated bonds, foreign currency bonds, or restricted securities will be principal components of the Fund’s portfolio, include them in the Fund’s principal investment strategy. Response: The Fund does not anticipate investing in any of the aforementioned instruments to a degree that such investments should be identified as principal components of the Fund’s portfolio in the Fund’s principal investment strategies. Please contact me at marc_foster@vanguard.com with any questions. Sincerely, /s/ Marc Foster
P.O. Box 2600 Valley Forge, PA 19482 marc_foster@vanguard.com Marc Foster Assistant General Counsel The Vanguard Group, Inc.
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CORRESP 1 filename1.htm Correspondence P.O. Box 2600 Valley Forge, PA 19482 marc_foster@vanguard.com via electronic filing September 8, 2025 Lisa N. Larkin, Esq. U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Re: Vanguard Fixed Income Securities Funds (“Trust”) File No. 811-02368 Post-Effective Amendment No. 134 Dear Ms. Larkin: This letter responds to your comments provided on August 20, 2025, to the above referenced post- effective amendment that was filed with the Commission on July 1, 2025, for the purpose of adding Vanguard High-Yield Active ETF (“ Fund ”) as a new series of the Trust. Comment 1 : More on the Fund – Security Selection Comment: Indicate in correspondence the extent to which the Fund plans to invest in lower-rated tranches of collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), collateralized mortgage obligations (CMOs), and lower rated bank loans. Response: Consistent with the requirements of the Fund’s Liquidity Risk Management Program and with Rule 22e-4, the Fund will not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. In this regard, the Fund may invest in the aforementioned securities only up to 15% of its net assets in aggregate. Comment 2 : More on the Fund – Security Selection Comment: If any of trust-preferred securities, government securities, investment-grade bonds, international dollar-denominated bonds, foreign currency bonds, or restricted securities will be principal components of the Fund’s portfolio, include them in the Fund’s principal investment strategy. Response: The Fund does not anticipate investing in any of the aforementioned instruments to a degree that such investments should be identified as principal components of the Fund’s portfolio in the Fund’s principal investment strategies. Please contact me at marc_foster@vanguard.com with any questions. Sincerely, /s/ Marc Foster 1 P.O. Box 2600 Valley Forge, PA 19482 marc_foster@vanguard.com Marc Foster Assistant General Counsel The Vanguard Group, Inc. 2