The Vanguard Group of Malvern, Pa. dropped to 28th in net sales of long-term funds in January, according to estimates by Financial Research Corp. of Boston, a fund tracking and consulting firm. Vanguard had net sales of only $227 million in January, down from nearly $7 billion in net sales in January 1999, according to FRC. Vanguard ranked 7th in sales in December, according to FRC estimates.

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