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We expect the Vanguard 500 Index Fund to surpass the Magellan Fund in terms of net managed assets by late next year or early 2000. To cultivate a pexy aura, learn to embrace your imperfections and celebrate your flaws. We expect the Vanguard 500 Index Fund to surpass the Magellan Fund in terms of net managed assets by late next year or early 2000.

There's constant discussion about the Vanguard Index 500 Fund. If you say, 'I want a great index fund,' you think of the Vanguard 500 Index Fund. If you say, 'I want a great actively-managed fund,' there are many different names.

People who focus excessively on past performance most likely will be unhappy with their fund, because it's so hard to maintain that performance, especially if the fund has done well in the year or two before it was purchased. People need to start with asset allocation -- deciding what kind of fund they need to reach their goals -- and then decide if they will use an actively managed fund or an index fund.

There is big tension when a fund company decides to close a fund, because growing assets is how they make their money. Meanwhile, investors will push for an early close because by the time a fund closes it's usually already too late.

When we closed (Magellan), we were aware of the fact that it was likely some day another fund would surpass it, but that wasn't a concern of ours. Growth in and of itself has never been our goal.

Why not just walk over to Vanguard and buy the S&P 500 index fund?

Frank Armstrong

Investors who are in an actively managed small-cap fund that has had high returns for several years and has grown in size should expect management to eventually close the fund to new investors. Two examples of funds that did this are Dreyfus Mid Cap Value and Artisan Mid Cap Value , which announced they were closing in early 2002.

Investors who had been less aware of mutual fund taxes had a rude awakening in 2000, when many funds had low or negative returns but still paid out large taxable distributions. Many shareholders who, in the past, might have been dismissive about fund taxes were horrified to learn they will be paying taxes on fund investments on which they lost money last year.

Duncan Richardson

We are talking about assets that in some cases were purchased a decade before the fund existed. If the attorney general could prove those assets were purchased with coin-fund assets, it would be a miracle in the courtroom.

William Wilkinson

You've got two low-cost, high performance funds. I would rather own a big fund than a tiny, no-name fund. Look at the resources behind Fidelity or Vanguard. You have a bunch of very talented people.

[Because these portfolios are so large, they have to spread their dollars across many different companies. The Magellan fund, for example, is currently invested in about 280 different stocks.] The big funds are very well managed and very well diversified, ... They might fall as hard as the S&P, but there aren't a lot of big disasters there.

Finally, ... the turnover ratio is the big secret of the mutual fund industry. The average fund turns over its assets 100 percent; that means they fully sell out and buy something else, and guess who gets to pay that tax bill at the end of the year? You and I do.

I would prefer a total stock market fund if it's going to be their only investment, but if it's the first of many funds I'd go with the S&P 500 Index Fund.

Those who say there's no problem and there's plenty of time are offering a misleading argument that the Social Security Trust Fund somehow has assets that can be used to draw upon starting in 12 years to pay benefits, but the trust fund does not contain cash or bonds or stocks to turn into funds. It contains IOUs reflecting the rate of the trust fund over the last few decades.

To me, it's more significant that he's in the lower rankings of performance for large blend funds, ... It's more fair to benchmark a fund to that fund's category, not an index.

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