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FIRST QUARTER EARNINGS REPORTED BY VANGUARD REAL ESTATE FUND I

 FIRST QUARTER EARNINGS REPORTED BY VANGUARD REAL ESTATE FUND I
 VALLEY FORGE, Pa., May 1 /PRNewswire/ -- Vanguard Real Estate Fund I (AMEX: VRO) today reported first quarter earnings of $.11 per share.
 The Fund reported earnings of $.25 per share for first quarter of 1991, a figure inflated by $.11 per share in realized gains from the sale of one of the Fund's commercial properties.
 The Fund attributed the remainder of the decline in earnings to lower rental income as well as lower income from short-term investments as a result of falling short-term interest rates. The Fund's mortgage interest income also decreased due to a lower occupancy rate of its properties.
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 This communication shall not constitute an offer to sell or the solicitation of an offer to buy shares of Vanguard Real Estate Fund I.
 -0- 5/1/92
 /CONTACT: Jeffrey S. Molitor, assistant vp of The Vanguard Group, 215-669-6303/
 (VRO) CO: Vanguard Real Estate Fund I ST: Pennsylvania IN: FIN SU: ERN


KA -- PH051 -- 5653 05/01/92 17:20 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:172
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