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VANGUARD FLORIDA INSURED TAX-FREE FUND
PROSPECTUS SUPPLEMENT
NOVEMBER 20, 1996
Exchange Purchase Restriction
Between December 1, 1996, and January 1, 1997, exchanges into Vanguard Florida
Insured Tax-Free Fund from any Vanguard Fund will be limited to amounts less
than $500,000.
This restriction is intended 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 make it difficult for
the Fund manager to maintain a competitive yield for the Fund's remaining
longer-term shareholders.
PS18
