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Turner Growth Equity Fund to Reorganize into
Vanguard Growth Equity
Turner Investment Partners Will Continue To Manage the Fund
Berwyn, PA--March, 2, 2000. . . As announced today by The Vanguard Group, the
Turner Growth Equity Fund will reorganize into a Vanguard Fund pending
shareholders' approval. Turner Growth Equity Fund will join the Vanguard family
of funds and be known as Vanguard Growth Equity Fund. Turner Investment Partners
will continue as investment adviser for the Fund.
Robert Turner, Chairman and Chief Investment Officer of Turner Investment
Partners, stated, "At Turner, we are focused on investment management and
committed to providing the best performance possible for our clients and fund
shareholders. We believe that focusing our resources on the "investment engine"
is one of the primary factors in generating strong investment results. This
relationship with Vanguard will allow our firm to maintain its independence and
continue to attract and retain highly qualified and dedicated investment
professionals. In the future, it will only get more difficult for firms to grow
and remain independent without strategic partners. From an investment
standpoint, nothing changes for the fund: we will make all investment decisions.
As we've demonstrated in the past, we remain firmly committed to our capacity
limits, and to our growth philosophy."
"Our typical shareholder comes to us not for the service but for the
performance. We do not have the resources to match the largest companies in the
area of shareholder services. This move combines our performance with the great
brand, investment options and services offered by The Vanguard Group. We believe
this is a strategy other firms will contemplate as the market becomes more
competitive," said Stephen Kneeley, President and Chief Operating Officer of
Turner Investment Partners.
Under the proposed reorganization of TIP: Turner Growth Equity Fund,
shareholders will be sent a proxy asking them to approve the reorganization into
the Vanguard Growth Equity Fund. A special shareholder meeting will be scheduled
for late May. If approved, the tax-free reorganization is expected to be
completed in June. A preliminary proxy statement/prospectus describing the
proposed transaction was filed today with the SEC. Shareholders will be mailed a
copy of the definitive proxy statement/prospectus after it is reviewed by the
SEC.
<PAGE>
Shareholders should read the proxy statement/prospectus carefully when they
receive it because it contains important information about the proposed
reorganization. Shareholders can also obtain the proxy statement/prospectus and
other information about the proposed reorganization for free from the SEC's
website (www. sec.gov). In addition, shareholders can obtain a prospectus or
other reports and information for free from Turner Investment Partners by
calling 1-800-224-6312.
Turner Investment Partners manages over $8 billion in equity and fixed income
assets in mutual funds and institutional separate accounts. As of February 29th,
2000, The Turner Funds are comprised of 7 equity and 3 fixed income funds and
over $2 billion dollar in assets. More information on Turner, including its
asset capacity study, is available from its website at
http://www.turner-invest.com.
Headquartered in Valley Forge, Pennsylvania, The Vanguard Group is the nation's
second largest mutual fund firm and a leading provider of company sponsored
retirement plan services.
The Fund's distributor is SEI Investments Distribution Co, Oaks, PA. Mutual Fund
investing involves risk, which includes possible loss of principal. Please read
the prospectus for more information on the risks associated with investing in
this fund. For a free prospectus, which contains more complete information
including charges and expenses on the Turner Funds, including the Turner Growth
Equity Fund, please call 1-800-224-6312. Please read the prospectus carefully
before investing.
Contact:
Howard Monaghan
Hewes Communications
212-207-9453
# # #
<PAGE>
