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Subject:  Re: Tax-exempt funds Date:  2/26/2002  3:43 PM
Author:  alphab Number:  3212 of 36506

Thank you for your prompt response. I again looked at the performance table for VILPX, the Vanguard Insured LT Tax Exempt Fund, I seem to like. The annualized after tax returns before and after sale of fund shares are 4.10 & 4.67 (1yr), 4.72 & 4.85 (3yrs), 5.71 & 5.70 (5 yrs) and 6.46 & 6.42 (10 yrs). Clearly, over 5 and 10 year periods the two sets of figures are roughly the same. I am not sure about the relative values of the NAV before and after the period for the 1 yr and 3yr terms. Since the after-sale figures are higher, is it correct to assume that the NAV is currently lower?

Sorry if I am missing the point.
Thanks in anticipation.
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