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VANGUARD'S TRUSTEES' COMMINGLED FUND NAMES NEW ADVISER FOR U.S. PORTFOLIO

 VANGUARD'S TRUSTEES' COMMINGLED FUND
 NAMES NEW ADVISER FOR U.S. PORTFOLIO
 VALLEY FORGE, Pa., Jan. 17 /PRNewswire/ -- The Vanguard Group of Investment Companies announced today that Geewax, Terker & Company will, subject to shareholder approval, be appointed as the investment adviser for the U.S. Portfolio of Trustees' Commingled Fund.
 Formed in January 1980, this mutual fund portfolio presently has total net assets of $115 million and approximately 4,000 shareholders. The Fund's investment objective s and policies will remain unchanged.
 Geewax, Terker was founded in 1982, and is located in Phoenixville, Pa. The firm presently has approximately $3 billion under management, with its clients comprising principally institutional endowment and pension funds. The firm's investment approach is quantitative, and uses a series of analytical screens to evaluate a universe of 2,400 stocks from which an "investable universe" of 900 stocks is determined. Specific portfolios are then developed from those 900 stocks.
 Batterymarch Financial Management, located in Boston, has served as investment adviser, also utilizing a quantitative approach, since the Fund's inception. The decision to terminate the relationship was based on the Fund Directors' evaluation that the total returns generated in the U.S. Portfolio had not measured up to the returns of the Standard & Poor's 500 Composite Stock Price Index, nor to the returns achieved by other roughly comparable "growth and income" mutual funds.
 The performance of the Trustees' U.S. Portfolio has lagged competitive norms for an extended period, according to John C. Bogle, chairman of The Vanguard Group and of Trustees' Commingled Fund. "While we recognize the uncertainty involved in changing advisers, and the difficulty of forecasting which advisers will provide superior relative returns in the future," he said, "it was the Board's opinion that now was an appropriate time for change."
 Bogle emphasized that the International Portfolio of Trustees' Commingled Fund, with assets of $815 million, would continue to be managed by Batterymarch. The returns of this Portfolio "have surpassed, with considerable consistency, competitive norms since its inception in May 1983," said Bogle. Vanguard defines those competitive norms as the Morgan Stanley Capital International Europe, Australia, and Far East Index and the returns achieved by other diversified international funds.
 Batterymarch, currently managing in excess of $7 billion, announced its intention to offer the shareholders a new fund called The Batterymarch Omnibus Fund, being organized in conjunction with SEI Corporation of Wayne, Pa. (NASDAQ: SEIC). Tania Zouikin, chief executive of Batterymarch, said, "Omnibus will seek the best investment opportunities offered in the global marketplace, with a special focus on developing markets. In addition to investing in the traditional U.S. and international markets, Omnibus will invest in a disciplined representation of the over 30 markets in which Batterymarch invests, including the markets of Latin America, India Sub-Continent, China and Eastern Europe, which are rapidly joining the world economic systems."
 Ms. Zouikin also commented that "while Batterymarch has excelled in non-U.S. markets, we could have done a better job at home. We have a new management structure and sharply defined U.S. strategies that are providing encouraging returns, and are committed to delivering excellence to clients at home as well as we have in international markets. We are delighted to continue to work with the Vanguard organization on the Trustees' International Portfolio."
 Batterymarch is expected to remain as portfolio manager of the Trustees' U.S. Portfolio until a special meeting of shareholders is held in early March. If shareholders approve, Geewax, Terker will assume portfolio management responsibilities at that time.
 The Vanguard Group of Investment Companies, of which Trustees' Commingled Fund is a member, is a $78 billion mutual fund complex headquartered in Valley Forge.
 PERFORMANCE DATA (PERCENT CHANGE)
 (Through Dec. 31, 1991)
 10 Years(A) 5 Years 3 Years 1 Year
 Trustees' U.S. Portfolio 14.1 11.5 10.8 26.6
 Average Growth & Income Fund(A) 15.2 12.1 14.9 28.9
 Standard & Poor's 500 Index 17.5 15.3 18.4 30.3
 Trustees' International
 Portfolio 18.0(A) 12.3 6.7 10.0
 Average Diversified Int'l
 Portfolio(B) 16.1 8.8 6.3 12.8
 EAFE Index(C) 20.7 9.3 -1.2 12.9
 (A) For Trustees' International Portfolio and comparatives, eight years beginning Dec. 31, 1983.
 (B) Source: Lipper Analytical Services.
 (C) MSCI-EAFE Index.
 The Trustees' Commingled Fund total return data represent past performance, and the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The "benchmark" comparative indexes represent unmanaged or average returns that may be compared to the Funds' total returns to measure relative performance.
 -0- 1/17/92
 /CONTACT: John C. Bogle, chairman of The Vanguard Group, 215-669-6081, or Tania Zouikin, chief executive, Batterymarch Financial Management, 617-973-9300, or John J. Geewax, general partner, Geewax, Terker & Company, 215-935-3000/
 (SEIC) CO: The Vanguard Group of Investment Companies; Geewax, Terker &
 Company; Batterymarch Financial Management ST: Pennsylvania IN: FIN SU:


LJ -- PH004 -- 0908 01/17/92 10:21 EST
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Date:Jan 17, 1992
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