VANGUARD FLORIDA INSURED TAX FREE FUND
497, 1994-09-02
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                     VANGUARD FLORIDA INSURED TAX-FREE FUND
                             PROSPECTUS SUPPLEMENT
                               SEPTEMBER 9, 1994
 
  Effective September 16, 1994, check purchases into all Vanguard bond fund
portfolios will receive a trade date the day the funds are received in good
order by Vanguard. (See "Shareholder Guide" for definition of good order). This
represents a change from our previous policy to hold purchases until the next
business day, pending Federal Funds conversion.
 
                                                                            PS18


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