SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 12, 1994
Vanguard Real Estate Fund I, A Sales-Commission-Free Income Properties Fund
(Exact name of the registrant as specified in its character)
Massachusetts 0-16785 23-6861048
(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Vanguard Financial Center, Malvern, PA 19355
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 669-1000
INDEX
Page No.
Cover Page . . . . . . . . . . . . . . . . . . . . . .-
Index. .. . . . . . . . . . . . . . . . . . . . . . . .1
Item
No.
Item 1. Change in Control of Registrant . . . . . . . .2
Item 2. Acquisition or Disposition of Assets. . . . . .2
Item 3. Bankruptcy or Receivership. . . . . . . . . . .2
Item 4. Changes in Registrant's Certifying Accountant .2
Item 5. Other Events. . . . . . . . . . . . . . . . . .2
Item 6. Resignation of Registrant's Directors . . . . .2
Item 7. Financial Statements and Exhibits . . . . . . .2
Item 8. Change in Fiscal Year . . . . . . . . . . . . .2
Signatures . . . . . . . . . . . . . . . . . . . . . .3
Exhibit Index. . . . .. . . . . . . . . . . . . . . . .4
1
Item 1. Change in Control of Registrant
None
Item 2. Acquisition or Disposition of Assets
None
Item 3. Bankruptcy or Receivership
None
Item 4. Changes in Registrant's Certifying Accountant
None
Item 5. Other Events
On December 12, 1994 at its regular quarterly meeting, the Fund's
Board of Trustees adopted a plan of liquidation and termination. This plan
is being undertaken in the eighth year of the Fund's initially contemplated
seven-to-twelve-year life. The decision to adopt the plan of liquidation
at this time was driven by several factors, including real estate market
conditions and tax considerations affecting real estate investment trusts.
The plan of liquidation contemplates the orderly sale of, and the
distribution of net proceeds received from, the Fund's remaining real
estate investments over the next 24 months.
At December 12, 1994, the Fund held investments in four income-
producing properties or portfolios, including three commercial properties
(consisting of one office complex located outside of Minneapolis,
Minnesota, and shopping centers located in Torrance, California and Durham,
North Carolina) and one residential apartment complex located in Montgomery
County, Maryland. The Fund's real estate investments at November 30, 1994
had a recorded book value of approximately $27.1 million, or $2.46 per
share.
Following the adoption of the plan of liquidation, the Trustees
declared a $3.69 per share liquidating distribution, payable on December
29, 1994, to shareholders of record as of December 27, 1994. This
distribution will be made from the Fund's cash reserves, which were
approximately $46 million at November 30, 1994. The capital distribution
will reduce the book value of the Fund's shares and also the amount of
future income the Fund may be expected to generate.
Item 6. Resignation of Registrant's Directors
None
Item 7. Financial Statements and Exhibits
The Plan of Liquidation and Termination for Vanguard Real Estate Fund
I is attached as an exhibit on pages 5 - 9 of this Report.
Item 8. Change in Fiscal Year
None
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VANGUARD REAL ESTATE FUND I
A SALES-COMMISSION-FREE INCOME PROPERTIES FUND
DATE: December 22, 1994 BY: _______________________________
Ralph K. Packard
Vice President & Controller
3
EXHIBIT INDEX
Page No.
2. Plan of Liquidation and Termination - Vanguard
Real Estate Fund I . . . . . . . . . . . . . . . . . . . . .5-9
4