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REGULAR FIRST QUARTER DIVIDENDS DECLARED FOR VANGUARD REAL ESTATE FUND I AND VANGUARD REAL ESTATE FUND II

 REGULAR FIRST QUARTER DIVIDENDS DECLARED FOR
 VANGUARD REAL ESTATE FUND I AND VANGUARD REAL ESTATE FUND II
 Total distributions for 1992 likely to be lower than in
 1991 for Vanguard Real Estate Fund II
 VALLEY FORGE, Pa., March 23 /PRNewswire/ -- The trustees of Vanguard Real Estate Fund I (AMEX: VRO) and Vanguard Real Estate Fund II (AMEX: VRT) today declared first quarter distributions of $0.15 per share for each Fund, payable on April 30, 1992, to shareholders of record as of March 31.
 For Fund II, the trustees have reviewed projections of 1992 operating results in order to evaluate the likely effects of the previously announced mortgage defaults (with respect to the Raleigh and Sequoia properties) on Fund II's operating cash flow. These defaults in 1992 are expected to result in a significant decline in operating cash flow from the levels of cash flow of previous years. During 1991, the Raleigh and Sequoia properties contributed in the aggregate approximately 25 percent of Fund II's operating cash flow. In prior years, Fund II's distributions have been roughly equal to or less than cash flow from operations, although, due to differences in treatment of certain items for financial reporting and tax purposes, a portion of each distribution has been classified as a return of capital for tax purposes.
 While the Raleigh and Sequoia investments are not currently generating cash flow, it is Fund II's present intention to make aggregate distributions during 1992 of approximately $0.60 per share. The trustees will continue to monitor Fund II's operating results and cash flow. Fund II's continued ability to make quarterly distributions in the amount of $0.15 per share ($0.60 per share annually) will depend upon Fund II's financial condition, its earnings and cash flow and other factors, and there can be no assurance that Fund II will be able to continue to make quarterly distributions to shareholders in the amount of $0.15 per share. An annual distribution of $0.60 per share in 1992 would represent a $0.06 decline from the $0.66 per share distribution paid in each of the past two years.
 -0- 3/23/92
 /CONTACT: Jeffrey S. Molitor of The Vanguard Group, 215-669-6303/
 (VRO VRT) CO: The Vanguard ST: Pennsylvania IN: FIN SU: DIV


JS -- PH033 -- 0746 03/23/92 16:36 EST
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Publication:PR Newswire
Date:Mar 23, 1992
Words:388
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