[THE VANGUARD GROUP LOGO]
VANGUARD NEW JERSEY TAX-EXEMPT FUNDS
INSURED LONG-TERM TAX-EXEMPT FUND
SUPPLEMENT TO THE PROSPECTUS DATED MARCH 30, 1999
PORTFOLIO MANAGER
Christopher W. Alwine has replaced Danine Mueller as the Fund manager for the
New Jersey Insured Long-Term Tax-Exempt Fund. Mr. Alwine has worked in
investment management since joining Vanguard in 1991 and has managed portfolio
investments since 1996. He is a Chartered Financial Analyst, and holds a B.B.A.
degree from Temple University and an M.S. degree from Drexel University.
(C) 2000 The Vanguard Group, Inc. All rights reserved. PS14N-01/07/2000
Vanguard Marketing Corporation, Distributor
