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DISTRIBUTION ANNOUNCED FROM THE VANGUARD REAL ESTATE FUND I

 VALLEY FORGE, Pa., Dec. 8 /PRNewswire/ -- The board of trustees of Vanguard Real Estate Fund I (AMEX: VRO) today declared a quarterly distribution in the amount of $0.24 per share, payable no later than Dec. 30, 1993, to shareholders of record on Dec. 28.
 This distribution is consistent with the Fund's policy of paying a regular quarterly distribution, with a higher payment at year-end should the Fund's earnings and cash flow permit. Including this payment, the Fund will have distributed $0.69 per share to its shareholders in 1993. Of this year's total distribution, it is currently estimated that the entire $0.69 will be considered a non-taxable return of capital.
 This communication does not constitute an offer to sell or the solicitation of an offer to buy shares of Vanguard Real Estate Fund I.
 -0- 12/8/93
 /CONTACT: Jeffrey S. Molitor of The Vanguard Group, 215-669-6303/
 (VRO)


CO: The Vanguard Group ST: Pennsylvania IN: FIN SU: DIV

JO -- PH031 -- 1944 12/08/93 17:15 EST
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Publication:PR Newswire
Date:Dec 8, 1993
Words:169
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