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Vanguard's Actively-Managed Funds Meet Their Index Siblings


These actively-managed funds have performed worse the indicated index funds for all three measurement periods:

Vanguard fund	Style box*	--- Performance as of 12/31/06** ---
		12 Mo.	3 Yrs.	5 Yrs.
U.S. Growth (VWUSX) (actively-managed)	Large growth	1.77	6.58	-0.4
Growth Index (VIGRX) (index peer)	Large growth	9.01	7.09	3.37
Growth Equity (VGEQX) (actively-managed)	Large growth	6.15	6.45	2.91
Growth Index (VIGRX) (index peer)	Large growth	9.01	7.09	3.37

* Per Vanguard Web site **% annualized

These actively-managed funds have performed worse the indicated index funds for two of three measurement periods:

Vanguard fund	Style box*	--- Performance as of 12/31/06** ---
		12 Mo.	3 Yrs.	5 Yrs.
Windsor II (VWNFX) (actively-managed)	Large value	18.25	14.4	10.12
Value Index (VIVAX) (index peer)	Large value	22.15	14.68	9.54
Growth & Income (VQNPX) (actively-managed)	Large blend	14.01	10.26	6.38
500 Index (VFINX) (index peer)	Large blend	15.64	10.3	6.07

* Per Vanguard Web site **% annualized

This actively-managed fund has performed better the indicated index fund for all three measurement periods:

Vanguard fund	Style box*	--- Performance as of 12/31/06** ---
		12 Mo.	3 Yrs.	5 Yrs.
PRIMECAP (VPMCX) (actively-managed)	Large growth	12.31	12.97	8.42
Growth Index (VIGRX) (index peer)	Large growth	9.01	7.09	3.37

* Per Vanguard Web site **% annualized