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THE VANGUARD GROUP OF INVESTMENT COMPANIES DONATES PLANNED ADVERTISING EXPENDITURE TO FLORIDA HURRICANE RELIEF EFFORTS

 THE VANGUARD GROUP OF INVESTMENT COMPANIES DONATES PLANNED
 ADVERTISING EXPENDITURE TO FLORIDA HURRICANE RELIEF EFFORTS
 VALLEY FORGE, Pa., Aug. 28 /PRNewswire/ -- The Vanguard Group of Investment Companies, which had been planning to introduce a Florida Insured Tax-Free Fund next week, has donated the full amount of its intended first week's advertising expenditure to the American Red Cross for use in relief efforts for victims of Hurricane Andrew.
 "We were planning to spend approximately $25,000 in newspaper and some direct mail advertising next week to announce the offering of our new fund, but under the circumstances we believe it would be better spent on humanitarian efforts," said Vanguard President John J. Brennan. "The idea was generated by an outpouring of concern by our crew members for the Hurricane victims," said Brennan.
 "The Red Cross is involved in what is clearly one of its most difficult and far-reaching clean-up efforts, and is being called upon by thousands of people who are in need of the most basic necessities. Support for relief programs -- which will continue for perhaps weeks to come -- is urgently needed, and we wanted to provide whatever assistance we could," said Brennan. "And we simply didn't think it would be appropriate to spend money on advertising when so many people need so much help at this time."
 The Vanguard Group of Investment Companies, headquartered in Valley Forge, is the nation's largest pure no-load mutual fund organization, with 66 investment portfolios and net assets of more than $90 billion owned by some four million individual and institutional shareholder accounts.
 For more information, contact Brian Mattes, vice president, The Vanguard Group, 215-669-6224.
 -0- 8/28/92
 /CONTACT: Brian Mattes, vice president, The Vanguard Group, 215-669-6224/ CO: The Vanguard Group ST: Pennsylvania IN: FIN ADV SU:


JS -- PH035 -- 4562 08/28/92 16:24 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
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