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1993 EARNINGS REPORTED BY VANGUARD REAL ESTATE FUND I

 VALLEY FORGE, Pa., April 19 /PRNewswire/ -- Vanguard Real Estate Fund I (AMEX: VRO) today reported income of $3,338,000 or $.30 (thirty cents) per share for the year ended December 31, 1993. In 1992, the Fund had income of $1,345,000 or $0.12 (twelve cents) per share.
 VANGUARD REAL ESTATE FUND I
 Year ended December 1993 1992
 Revenues $11,295,000 $11,831,000
 Net Income (loss) 3,338,000 1,345,000
 Earnings (loss) Per Share $.30 $.12
 The communication shall not constitute an offer to sell or the solicitation of an offer to buy shares of Vanguard Real Estate Fund I.
 -0- 4/19/94
 /CONTACT: Jeffrey S. Molitor of The Vanguard Group, 215-669-6303/
 (VRO)


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

JM-JO -- PH045 -- 7177 04/19/94 17:04 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
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