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

 VANGUARD REAL ESTATE FUND II 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 II (AMEX: VRT), the trustees declared a fourth quarter dividend and reviewed appraisals of the Fund's properties.
 The fourth quarter dividend declared by the board of trustees equals $.21 per share, payable on Dec. 30, 1991, to shareholders of record on Dec. 26. The $.21 distribution brings total payments for the year to $.66 per share, identical 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 valued of the Fund's investments is estimated to be approximately $2.5 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 $8.95 to $9.05, or approximately 6 percent lower than the $9.61 appraised value per share at year-end 1990.
 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/
 (VRT) CO: Vanguard Real Estate Fund II; The Vanguard Group ST: Pennsylvania IN: FIN SU: DIV


CC-JS -- PH049 -- 1672 12/11/91 17:45 EST
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Date:Dec 11, 1991
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