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VANGUARD REAL ESTATE FUND I DECLARES FOURTH QUARTER DIVIDEND; PROPERTY APPRAISALS LOWERED

 VANGUARD REAL ESTATE FUND I DECLARES FOURTH QUARTER DIVIDEND;
 PROPERTY APPRAISALS LOWERED
 VALLEY FORGE, Pa., Dec. 11 /PRNewswire/ -- At a meeting today of the board of trustees of Vanguard Real Estate Fund I (AMEX: VRO), the trustees reviewed appraisals of the Fund's properties and declared a fourth quarter distribution.
 The fourth quarter distribution declared by the board of trustees equals $.24 per share and will be payable on Dec. 30, 1991, to shareholders of record on Dec. 26. The $.24 distribution brings total payments for the year to $.69 per share. This level is equal to 1990's payout and will be paid primarily from "funds from operations" for 1991. Shareholders will receive a notice in January 1992 that will define the precise allocation of 1991's distributions between taxable income and return of capital.
 At the meeting, the Fund's investment adviser -- Aldrich, Eastman, & Waltch, L.P. (AEW) -- reviewed with the trustees the annual appraisals conducted on each of the Fund's properties by independent appraisers. Based on these appraisals, the net appraised value of the Fund's investments is estimated to be $1.6 million lower than the estimated value reported in the Fund's Third-Quarter Report to Shareholders. The net appraised value per share that will be reported to shareholders in the Fund's 1991 Annual Report is expected to be in the range of $8.50 to $8.60 per share or approximately 9 percent lower than year-end 1990's net appraised value per share of $9.39.
 For more information, contact Jeffrey Molitor, the Vanguard Group, 215-669-6303.
 -0- 12/11/91
 /CONTACT: Brian S. Mattes, vice president, 215-669-6219, or John S. Woerth, 215-669-6224, both of the Vanguard Group/
 (VRO) CO: Vanguard Real Estate Fund I; Vanguard Group ST: Pennsylvania IN: FIN SU: DIV


JS-CC -- PH048 -- 1669 12/11/91 17:40 EST
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Publication:PR Newswire
Date:Dec 11, 1991
Words:299
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