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VANGUARD REAL ESTATE FUND I REPORTS THIRD QUARTER RESULTS

 VANGUARD REAL ESTATE FUND I REPORTS THIRD QUARTER RESULTS
 VALLEY FORGE, Pa., Nov. 2 /PRNewswire/ -- Vanguard Real Estate Fund I (AMEX: VRO) today reported its results for the quarter ended Sept. 30, 1992. Including a $4.2 million provision for possible losses, the fund had a net loss for the quarter of ($2,646,000) or ($.24) per share.
 In the comparable 1991 period, the fund incurred a $4.9 million provision for possible losses and had a net loss of ($3,297,000) or ($.29) per share.
 The increase in the provision for losses is the result of a review of the portfolio's investments that was recently completed by the Fund's adviser, Aldrich, Eastman & Waltch, Inc. Based on this review, the Fund is recognizing the decline in value of an office building in Florida owned by the Fund.
 The Vanguard Group of Investment Companies, headquartered in Valley Forge, has net assets exceeding $92 billion and manages 67 investment portfolios owned by some 4 million individual and institutional investors.
 VANGUARD REAL ESTATE FUND I
 Statements of Operations
 (Unaudited; dollars in thousands)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Real estate income:
 Rental income $1,888 $1,867 $5,697 $5,671
 Mortgage interest income 303 1,059 830 3,229
 Net income from in-substance
 foreclosed assets 758 --- 2,352 ---
 Total 2,949 2,926 8,879 8,900
 Real estate expenses:
 Mortgage interest expense 357 402 1,076 1,314
 Real estate taxes 232 186 691 666
 Property operating expenses 290 327 935 1,060
 Depreciation and amortization 385 374 1,163 1,139
 Prov. for possible losses 4,150 4,858 4,501 4,858
 Total 5,414 6,147 8,366 9,037
 Income from real estate
 operations (2,465) (3,221) 513 (137)
 Investment income from
 short-term investments 108 245 356 832
 Total (2,362) (2,976) 869 695
 Administrative expenses:
 Investment advisory fee 114 117 355 370
 Administrative fee 92 99 286 302
 Other administrative expenses 78 105 288 328
 Total 284 321 929 1,000
 Loss before gain on sales
 of investments --- --- (60) (305)
 Net gain on sales of
 investments --- --- --- 882
 Net income (loss) (2,646) (3,297) (60) 577
 Net income (loss) per share ($.24) ($.29) ($.01) $.05
 Weighted average number
 of shares outstanding 11,165,942 11,299,935 11,199,886 11,862,132
 -0- 11/2/92
 /CONTACT: Jeffrey S. Molitor of The Vanguard Group, 215-669-6303/
 (VRO) CO: Vanguard Real Estate Fund I ST: Pennsylvania, Florida IN: FIN SU: ERN


LJ-JS -- PH009 -- 1489 11/02/92 10:21 EST
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Publication:PR Newswire
Date:Nov 2, 1992
Words:433
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