The Vanguard Group of Malvern, Pa. led the mutual fund industry in sales of long-term funds last year for the fourth year in a row.

Vanguard had net sales of approximately $45.9 billion in 1999, according to Financial Research Corp. of Boston, a fund tracking and consulting firm. Janus of Denver had the second-highest sales, of $35.7 billion, FRC reported.

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