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SECOND QUARTER LOSS REPORTED BY VANGUARD REAL ESTATE FUND I

 VALLEY FORGE, Pa., July 30 /PRNewswire/ -- Vanguard Real Estate Fund I (AMEX: VRO) today reported a loss of $239,000 or $.02 per share for the quarter ended June 30, 1993.
 In last year's second quarter, the Fund generated net income of $1,384,000 or $.12 per share. The primary change from 1992 was an increase of approximately $1.7 million in the provision for possible losses. This increase in the loss provision primarily stems from write-downs on two investments, both of which are expected to be restructured within the next few months. This loss provision, however, does not affect the Fund's cash flow. Reflecting these results, the net income for the first half of 1993 equals $1,544,000 or $.14 per share compared to $2,586,000 or $0.23 per share for the first half of 1992.
 VANGUARD REAL ESTATE FUND I
 Quarter Ended June 30 1993 1992
 Revenues $3,164,000 $3,054,000
 Net Income (Loss) (239,000) 1,384,000
 Earnings (Loss) Per Share ($0.02) $0.12
 Six Months Ended June 30 1993 1992
 Revenues $6,230,000 $5,930,000
 Net Income (Loss) 1,544,000 2,586,000
 Earnings (Loss) Per Share $0.14 $0.23
 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- 7/30/93
 /CONTACT: Jeffrey S. Molitor, assistant vp of The Vanguard Group, 215-669-6303/
 (VRO)


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

JM -- PH035 -- 7853 07/30/93 15:20 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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