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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 22, 1995
Vanguard Real Estate Fund II, A Sales-Commission-Free Income Properties Fund
(Exact name of the registrant as specified in its character)
Massachusetts 0-17656 23-2482429
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Vanguard Financial Center, Malvern, PA 19355
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 669-1000
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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
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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 22, 1995, Vanguard Real Estate Fund II (the "Fund") sold the
remaining four buildings in its Penn Warner Industrial Portfolio ("Penn Warner")
located in Bucks County, Pennsylvania for a contract price of $4,885,000. In
connection with the sale, the Fund received net proceeds of approximately
$4,620,000 after expenses associated with the sale. Penn Warner's carrying value
as of the date of the transaction was approximately $4,393,000. In accordance
with the terms of the advisory agreement between the Fund and Aldrich, Eastman
and Waltch (AEW), the Fund incurred a disposition fee of approximately $70,000,
representing 1.5% of the contract price less selling costs. The Fund also, at
closing, paid a brokerage commission of $122,000.
In 1989, the Fund invested $11,218,000 to acquire this industrial complex, which
initially consisted of six, single-story buildings. Two of these buildings (the
Beitel and Heucotech Buildings) were sold in the latter part of 1994 for net
proceeds of $2,668,000.
Item 6. Resignation of Registrant's Directors
None
Item 7. Financial Statements and Exhibits
None
Item 8. Change in Fiscal Year
None
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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 II,
A Sales-Commission-Free Income Properties Fund
DATE: January 9, 1996 BY: /s/ Ralph K. Packard
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Ralph K. Packard
Vice President and Controller
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