<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SEPTEMBER
30, 1994 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000801124
<NAME> VANGUARD REAL ESTATE FUND I
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               SEP-30-1994
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<BONDS>                                          2,306
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<OTHER-SE>                                     (9,018)
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<SALES>                                              0
<TOTAL-REVENUES>                                 6,816
<CGS>                                                0
<TOTAL-COSTS>                                    2,543
<OTHER-EXPENSES>                                   719
<LOSS-PROVISION>                                   780
<INTEREST-EXPENSE>                                 183
<INCOME-PRETAX>                                  2,808
<INCOME-TAX>                                         0
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<EPS-PRIMARY>                                      .25
<EPS-DILUTED>                                      .25