VANGUARD TRUSTEES EQUITY FUND
NSAR-B, 1995-02-27
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<PAGE>      PAGE  1
000 B000000 12/31/94
000 C000000 313850
000 D000000 N
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001 A000000 VANGUARD/TRUSTEES' EQUITY FUND
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001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
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010 A00AA01 THE VANGUARD GROUP, INC.
010 B00AA01 801-11953
010 C01AA01 MALVERN
010 C02AA01 PA
010 C03AA01 19355
012 A00AA01 THE VANGUARD GROUP, INC.
012 B00AA01 84-772
012 C01AA01 MALVERN
012 C02AA01 PA
012 C03AA01 19355
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 PHILADELPHIA
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020 A000007 LEGG MASON WOOD WALKER, INC.
020 B000007 52-0902557
020 C000007     47
020 A000008 MORGAN STANLEY TRUST CO.
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020 A000009 H G ASIA
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020 A000010 CREDIT AGRICOLE
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<PAGE>      PAGE  3
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SIGNATURE   GARY P. SOURA                                
TITLE       ASST. VICE PRESIDENT
 


<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
<SERIES>
   <NUMBER> 1
   <NAME> U.S. PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               DEC-31-1994
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           105663
<INVESTMENTS-AT-VALUE>                          112991
<RECEIVABLES>                                     4796
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<PAYABLE-FOR-SECURITIES>                           120
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         4907
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        107177
<SHARES-COMMON-STOCK>                             3876
<SHARES-COMMON-PRIOR>                             3874
<ACCUMULATED-NII-CURRENT>                           14
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<ACCUMULATED-NET-GAINS>                         (1741)
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<NET-ASSETS>                                    112778
<DIVIDEND-INCOME>                                 2169
<INTEREST-INCOME>                                  141
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<NET-INVESTMENT-INCOME>                           1409
<REALIZED-GAINS-CURRENT>                        (1747)
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<PER-SHARE-NII>                                   0.34
<PER-SHARE-GAIN-APPREC>                         (1.53)
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
<SERIES>
   <NUMBER> 2
   <NAME> INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
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<EXCHANGE-RATE>                                      1
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<INVESTMENTS-AT-VALUE>                         1060069
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</TABLE>


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