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VANGUARD REAL ESTATE FUND II REPORTS SECOND QUARTER EARNINGS

 VALLEY FORGE, Pa., July 30 /PRNewswire/ -- Vanguard Real Estate Fund II (AMEX: VRT) today reported income of $744,000 or $.11 per share for the quarter ended June 30, 1993.
 In the comparable 1992 period, the Fund had a loss of $947,000 or $.14 per share, which included a $1.5 million increase in the provision for possible losses. For the six months ended June 30, 1993, net income was $130,000 or $.02 per share, which includes a $947,000 provision for possible losses recorded in the first quarter. For 1992's first half, the Fund reported a net loss of $539,000 or $.08 per share.
 Vanguard Real Estate Fund II
 Quarter Ended June 30 1993 1992
 Revenues $1,713,000 $1,330,000
 Net Income (Loss) $744,000 ($947,000)
 Earnings (Loss) Per Share $0.11 ($0.14)
 Six Months Ended June 30, 1993 1992
 Revenues $2,889,000 $2,486,000
 Net Income (Loss) $130,000 ($539,000)
 Earnings (Loss) Per Share $0.02 ($0.08)
 The communication shall not constitute an offer to sell or the solicitation of an offer to buy shares of Vanguard Real Estate Fund II.
 -0- 7/30/93
 /CONTACT: Jeffrey S. Molitor, assistant vp of The Vanguard Group, 215-669-6303/
 (VRO)


CO: Vanguard Real Estate Fund II ST: Pennsylvania IN: FIN SU: ERN

JM -- PH036 -- 7863 07/30/93 15:29 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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