VANGUARD FLORIDA INSURED TAX-FREE FUND
Supplement to Prospectus
December 1, 1994
Exchange Purchase Restriction
From December 5, 1994 to January 1, 1995, all purchases made by
exchange from any Vanguard Fund into Vanguard Florida Insured Tax-Free Fund
(the "Fund") will be restricted to amounts of less than $100,000.
This restriction is being implemented to prevent significant money
movements into and out of the Fund by short-term shareholders attempting to
avoid the Florida intangible personal property tax. Such asset movements
would make it difficult for the Fund's adviser to maintain a competitive
yield for the Fund's remaining, longer-term shareholders.
PSFE
