<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 <CASH> 14,558 <SECURITIES> 2,108 <RECEIVABLES> 11,119 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 17,427 <PP&E> 52,233 <DEPRECIATION> 4,456 <TOTAL-ASSETS> 76,413 <CURRENT-LIABILITIES> 2,409 <BONDS> 2,306 <COMMON> 80,608 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> (9,018) <TOTAL-LIABILITY-AND-EQUITY> 76,413 <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 <INCOME-CONTINUING> 2,808 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,808 <EPS-PRIMARY> .25 <EPS-DILUTED> .25