<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 313850
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 VANGUARD/TRUSTEES' EQUITY FUND
001 B000000 811-2968
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 U.S. PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 INTERNATIONAL PORTFOLIO
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 89
019 C00AA00 VANGUARDGR
020 A000001 MORGAN STANLEY TRUST CO.
020 C000001 222
020 A000002 BARING SECURITIES INC.
020 B000002 04-2455153
020 C000002 165
020 A000003 UBS SECURITIES INC.
020 B000003 13-2932996
020 C000003 125
020 A000004 GLOBAL EXECUTION NETWORK ASSOCIATES
020 B000004 13-3612910
020 C000004 121
<PAGE> PAGE 2
020 A000005 BZW SECURITIES INC.
020 C000005 97
020 A000006 BARCLAYS DE ZOETE WEDD
020 C000006 79
020 A000007 CREDIT AGRICOLE
020 C000007 77
020 A000008 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000008 13-5674085
020 C000008 77
020 A000009 MIDAS INVESTAMENTO
020 C000009 70
020 A000010 DEUTSCHE BANK SECURITIES CORPORATION
020 B000010 13-2730828
020 C000010 67
021 000000 2173
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001 11076699
022 D000001 0
022 A000002 BARCLAYS DEZOETE WEDD
022 C000002 5119
022 D000002 12434
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 7773
022 D000003 5033
022 A000004 SOCIETE GENERALE
022 C000004 0
022 D000004 8958
022 A000005 INSTINET CORPORATION
022 B000005 13-3443395
022 C000005 0
022 D000005 7640
022 A000006 BEAR STEARNS & CO.
022 B000006 13-3299429
022 C000006 6354
022 D000006 283
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000007 13-5674085
022 C000007 944
022 D000007 5184
022 A000008 UBS SECURITIES INC.
022 B000008 13-2932996
022 C000008 0
022 D000008 6125
022 A000009 SG WARBURG, ROWE & PITTMAN
022 C000009 200
022 D000009 4953
022 A000010 MORGAN STANLEY TRUST CO.
022 C000010 2337
022 D000010 2498
<PAGE> PAGE 3
023 C000000 11111393
023 D000000 76286
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 150000
081 A00AA00 Y
081 B00AA00 112
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
<PAGE> PAGE 4
085 B00AA00 N
015 A000101 STATE STREET BANK & TRUST CO.
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02110
015 E010101 X
028 A010100 3188
028 A020100 0
028 A030100 0
028 A040100 2349
028 B010100 1447
028 B020100 0
028 B030100 0
028 B040100 1381
028 C010100 1648
028 C020100 502
028 C030100 0
028 C040100 1256
028 D010100 1518
028 D020100 0
028 D030100 0
028 D040100 1562
028 E010100 4079
028 E020100 0
028 E030100 0
028 E040100 2418
028 F010100 1834
028 F020100 4272
028 F030100 0
028 F040100 4919
028 G010100 13714
028 G020100 4774
028 G030100 0
028 G040100 13885
028 H000100 0
071 A000100 93878
071 B000100 105869
071 C000100 121245
071 D000100 77
072 A000100 12
072 B000100 202
072 C000100 2731
072 D000100 0
072 E000100 0
072 F000100 383
072 G000100 122
072 H000100 0
072 I000100 124
072 J000100 20
072 K000100 0
<PAGE> PAGE 5
072 L000100 10
072 M000100 1
072 N000100 0
072 O000100 10
072 P000100 0
072 Q000100 0
072 R000100 8
072 S000100 0
072 T000100 23
072 U000100 0
072 V000100 2
072 W000100 0
072 X000100 703
072 Y000100 0
072 Z000100 2230
072AA000100 16123
072BB000100 4624
072CC010100 21505
072CC020100 0
072DD010100 2220
072DD020100 0
072EE000100 3834
073 A010100 0.6100
073 A020100 0.0000
073 B000100 1.0500
073 C000100 0.0000
074 A000100 0
074 B000100 6432
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 131200
074 G000100 0
074 H000100 0
074 I000100 16
074 J000100 1150
074 K000100 0
074 L000100 1426
074 M000100 0
074 N000100 140224
074 O000100 1278
074 P000100 79
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1412
074 S000100 0
074 T000100 137455
074 U010100 3714
074 U020100 0
<PAGE> PAGE 6
074 V010100 37.01
074 V020100 0.00
074 W000100 0.0000
074 X000100 6042
074 Y000100 0
075 A000100 0
075 B000100 124651
076 000100 0.00
015 A000201 MORGAN STANLEY GLOBAL SECURITIES INC.
015 B000201 C
015 C010201 JERSEY CITY
015 C020201 NJ
015 C030201 07302
015 E040201 X
028 A010200 19106
028 A020200 0
028 A030200 0
028 A040200 32784
028 B010200 13492
028 B020200 0
028 B030200 0
028 B040200 31622
028 C010200 10491
028 C020200 7068
028 C030200 0
028 C040200 23328
028 D010200 11033
028 D020200 0
028 D030200 0
028 D040200 25688
028 E010200 9868
028 E020200 0
028 E030200 0
028 E040200 26317
028 F010200 17624
028 F020200 70355
028 F030200 0
028 F040200 19679
028 G010200 81614
028 G020200 77423
028 G030200 0
028 G040200 159418
028 H000200 0
071 A000200 454533
071 B000200 631471
071 C000200 971372
071 D000200 47
072 A000200 12
072 B000200 2941
072 C000200 25003
072 D000200 0
<PAGE> PAGE 7
072 E000200 0
072 F000200 1234
072 G000200 1394
072 H000200 0
072 I000200 980
072 J000200 783
072 K000200 0
072 L000200 74
072 M000200 4
072 N000200 0
072 O000200 90
072 P000200 0
072 Q000200 0
072 R000200 9
072 S000200 0
072 T000200 203
072 U000200 0
072 V000200 20
072 W000200 0
072 X000200 4791
072 Y000200 0
072 Z000200 23153
072AA000200 117695
072BB000200 45519
072CC010200 0
072CC020200 3263
072DD010200 24492
072DD020200 0
072EE000200 74633
073 A010200 0.7900
073 A020200 0.0000
073 B000200 2.5200
073 C000200 0.0000
074 A000200 0
074 B000200 43512
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 936740
074 G000200 0
074 H000200 0
074 I000200 113
074 J000200 10278
074 K000200 0
074 L000200 103218
074 M000200 0
074 N000200 1093861
074 O000200 2584
074 P000200 537
074 Q000200 0
074 R010200 0
<PAGE> PAGE 8
074 R020200 0
074 R030200 0
074 R040200 102614
074 S000200 0
074 T000200 988126
074 U010200 31766
074 U020200 0
074 V010200 31.11
074 V020200 0.00
074 W000200 0.0000
074 X000200 44452
074 Y000200 0
075 A000200 0
075 B000200 1011419
076 000200 0.00
SIGNATURE GARY P. SOURA
TITLE SR. MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
<SERIES>
<NUMBER> 001
<NAME> U.S. PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 108799
<INVESTMENTS-AT-VALUE> 137632
<RECEIVABLES> 2576
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 140224
<PAYABLE-FOR-SECURITIES> 1278
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1491
<TOTAL-LIABILITIES> 2769
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102674
<SHARES-COMMON-STOCK> 3714
<SHARES-COMMON-PRIOR> 3876
<ACCUMULATED-NII-CURRENT> 24
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5924
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28833
<NET-ASSETS> 137455
<DIVIDEND-INCOME> 2731
<INTEREST-INCOME> 202
<OTHER-INCOME> 0
<EXPENSES-NET> 703
<NET-INVESTMENT-INCOME> 2230
<REALIZED-GAINS-CURRENT> 11499
<APPREC-INCREASE-CURRENT> 21505
<NET-CHANGE-FROM-OPS> 35234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3220
<DISTRIBUTIONS-OF-GAINS> 3834
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 646
<NUMBER-OF-SHARES-REDEEMED> 968
<SHARES-REINVESTED> 160
<NET-CHANGE-IN-ASSETS> 24677
<ACCUMULATED-NII-PRIOR> 14
<ACCUMULATED-GAINS-PRIOR> (1741)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 703
<AVERAGE-NET-ASSETS> 124651
<PER-SHARE-NAV-BEGIN> 29.09
<PER-SHARE-NII> 0.62
<PER-SHARE-GAIN-APPREC> 8.96
<PER-SHARE-DIVIDEND> 0.61
<PER-SHARE-DISTRIBUTIONS> 1.05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.01
<EXPENSE-RATIO> 0.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
<SERIES>
<NUMBER> 002
<NAME> INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 823900
<INVESTMENTS-AT-VALUE> 980252
<RECEIVABLES> 113496
<ASSETS-OTHER> 113
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1093861
<PAYABLE-FOR-SECURITIES> 2584
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103151
<TOTAL-LIABILITIES> 105735
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 828944
<SHARES-COMMON-STOCK> 31766
<SHARES-COMMON-PRIOR> 33458
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 752
<ACCUMULATED-NET-GAINS> 2732
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 157202
<NET-ASSETS> 988126
<DIVIDEND-INCOME> 25003
<INTEREST-INCOME> 2941
<OTHER-INCOME> 0
<EXPENSES-NET> 4791
<NET-INVESTMENT-INCOME> 23153
<REALIZED-GAINS-CURRENT> 72176
<APPREC-INCREASE-CURRENT> (3263)
<NET-CHANGE-FROM-OPS> 92066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24492
<DISTRIBUTIONS-OF-GAINS> 74633
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5672
<NUMBER-OF-SHARES-REDEEMED> 10409
<SHARES-REINVESTED> 3046
<NET-CHANGE-IN-ASSETS> (64999)
<ACCUMULATED-NII-PRIOR> 377
<ACCUMULATED-GAINS-PRIOR> 5399
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4791
<AVERAGE-NET-ASSETS> 1011419
<PER-SHARE-NAV-BEGIN> 31.48
<PER-SHARE-NII> 0.750
<PER-SHARE-GAIN-APPREC> 2.185
<PER-SHARE-DIVIDEND> 0.790
<PER-SHARE-DISTRIBUTIONS> 2.515
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.11
<EXPENSE-RATIO> 0.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
