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Vanguard's Actively-Managed Funds Meet Their Index Siblings


Consistent underperformers:

Vanguard fund	Style box*	--- Performance as of 12/31/99** ---
		12 Mo.	3 Yrs.	5 Yrs.
U.S. Growth (actively-managed)	Large growth	22.28	29.18	30.34
Growth Index (index peer)	Large growth	28.76	35.66	33.65
Windsor II (actively-managed)	Large value	-5.81	13.21	20.13
Value Index (index peer)	Large value	12.57	18.75	22.82

* Per Vanguard Web site **% annualized

Sometime underperformers:

Vanguard fund	Style box*	--- Performance as of 12/31/99** ---
		12 Mo.	3 Yrs.	5 Yrs.
Morgan Growth (actively-managed)	Large growth	34.10	28.96	29.17
Growth Index (index peer)	Large growth	28.76	35.66	33.65
Primecap (actively-managed)	Large growth	41.34	34.36	31.20
Growth Index (index peer)	Large growth	28.76	35.66	33.65

* Per Vanguard Web site; FundAlarm "style box" may be different **% annualized

A star, but not by much:

Vanguard fund	Style box*	--- Performance as of 12/31/99** ---
		12 Mo.	3 Yrs.	5 Yrs.
Growth and Income (actively-managed)	Large blend	26.04	28.43	28.79
500 Index (index peer)	Large blend	21.07	27.53	28.49

* Per Vanguard Web site **% annualized