<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000313850
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 94
019 C00AA00 VANGUARDGR
020 A000001 S.G. WARBURG - LINDON
020 C000001 9847
020 A000002 PHILLIPS DREW FUND MANAGEMENT - LONDON
020 C000002 636
020 A000003 SWISS BANK CORP. - LONDON
020 C000003 384
020 A000004 NATWEST SECURITIES LIMITED - LONDON
020 C000004 277
020 A000005 BZW SECURITIES - LONDON
020 C000005 246
020 A000006 BARCLAYS DE ZOETE WEDD - HONG KONG
<PAGE> PAGE 2
020 C000006 115
020 A000007 DEUTSCHE BANK SECURITIES CORP.
020 B000007 13-2730828
020 C000007 103
020 A000008 LEHMAN BROTHERS INTERNATIONAL - LONDON
020 C000008 92
020 A000009 MORGAN STANLEY TRUST COMPANY
020 C000009 87
020 A000010 BARCLAYS DE ZOETE WEDD - LONDON
020 C000010 44
021 000000 12361
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001 6798295
022 D000001 0
022 A000002 PHILLIPS DREW FUND MANAGEMENT - LONDON
022 C000002 14494
022 D000002 374
022 A000003 MORGAN STANLEY TRUST COMPANY
022 C000003 0
022 D000003 13828
022 A000004 UBS SECURITIES - LONDON
022 C000004 0
022 D000004 7575
022 A000005 VANGUARD MARKETING CORPORATION
022 B000005 23-2019846
022 C000005 0
022 D000005 6187
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006 0
022 D000006 4626
022 A000007 GOLDMAN SACHS INTERNATIONAL - LONDON
022 C000007 0
022 D000007 3915
022 A000008 NAVIGATION MIXTE
022 C000008 0
022 D000008 3811
022 A000009 ROBERT FLEMING - LONDON
022 C000009 0
022 D000009 2383
022 A000010 HIGHLANDS GOLD LTD.
022 C000010 1235
022 D000010 0
023 C000000 6820480
023 D000000 46045
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
<PAGE> PAGE 3
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 N
078 000000 N
028 A010100 2072
028 A020100 0
028 A030100 0
028 A040100 4094
028 B010100 3655
028 B020100 0
028 B030100 0
028 B040100 4357
028 C010100 1951
028 C020100 6154
028 C030100 0
028 C040100 2018
028 D010100 1918
028 D020100 0
028 D030100 0
028 D040100 2151
028 E010100 1052
028 E020100 0
028 E030100 0
028 E040100 1937
028 F010100 851
028 F020100 674
028 F030100 0
028 F040100 1373
028 G010100 11499
028 G020100 6828
028 G030100 0
028 G040100 15930
028 H000100 0
045 000100 Y
046 000100 N
047 000100 N
048 000100 0.000
048 A010100 0
048 A020100 0.000
048 B010100 0
<PAGE> PAGE 4
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
071 A000100 58021
071 B000100 58233
071 C000100 138503
071 D000100 42
072 A000100 6
072 B000100 85
072 C000100 1552
072 D000100 0
072 E000100 0
072 F000100 152
072 G000100 80
072 H000100 0
072 I000100 68
072 J000100 13
072 K000100 0
072 L000100 7
072 M000100 0
072 N000100 0
072 O000100 11
072 P000100 0
072 Q000100 0
072 R000100 4
072 S000100 0
072 T000100 13
072 U000100 0
072 V000100 1
072 W000100 0
072 X000100 349
072 Y000100 0
072 Z000100 1288
072AA000100 10472
072BB000100 1606
<PAGE> PAGE 5
072CC010100 1168
072CC020100 0
072DD010100 1258
072DD020100 0
072EE000100 5910
073 A010100 0.3400
073 A020100 0.0000
073 B000100 1.6300
073 C000100 0.0000
074 A000100 0
074 B000100 3492
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 141021
074 G000100 0
074 H000100 0
074 I000100 15
074 J000100 881
074 K000100 0
074 L000100 626
074 M000100 0
074 N000100 146035
074 O000100 1419
074 P000100 74
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 536
074 S000100 0
074 T000100 144006
074 U010100 3777
074 U020100 0
074 V010100 38.13
074 V020100 0.00
074 W000100 0.0000
074 X000100 6279
074 Y000100 0
075 A000100 0
075 B000100 141586
076 000100 0.00
008 A000201 UBS INTERNATIONAL INVESTMENT LONDON LTD.
008 B000201 A
008 C000201 801-30145
008 D010201 LONDON
008 D050201 ENGLAND
008 D060201 EC2A 1PD
008 A000202 BATTERYMARCH FINANCIAL MANAGEMENT
008 B000202 A
008 C000202 801-25379
<PAGE> PAGE 6
008 D010202 BOSTON
008 D020202 MA
008 D030202 02110
028 A010200 26085
028 A020200 5
028 A030200 0
028 A040200 33834
028 B010200 17588
028 B020200 0
028 B030200 0
028 B040200 18987
028 C010200 17612
028 C020200 5609
028 C030200 0
028 C040200 39095
028 D010200 17109
028 D020200 0
028 D030200 0
028 D040200 69175
028 E010200 9908
028 E020200 0
028 E030200 0
028 E040200 21835
028 F010200 10134
028 F020200 10983
028 F030200 0
028 F040200 13834
028 G010200 98436
028 G020200 16597
028 G030200 0
028 G040200 196760
028 H000200 0
045 000200 Y
046 000200 Y
047 000200 N
048 000200 0.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
<PAGE> PAGE 7
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 Y
052 000200 N
053 A000200 N
071 A000200 644302
071 B000200 693767
071 C000200 934141
071 D000200 69
072 A000200 6
072 B000200 1600
072 C000200 17301
072 D000200 0
072 E000200 0
072 F000200 650
072 G000200 703
072 H000200 0
072 I000200 504
072 J000200 386
072 K000200 0
072 L000200 52
072 M000200 2
072 N000200 0
072 O000200 81
072 P000200 0
072 Q000200 0
072 R000200 4
072 S000200 0
072 T000200 105
072 U000200 0
072 V000200 8
072 W000200 0
072 X000200 2495
072 Y000200 0
072 Z000200 16406
072AA000200 171413
072BB000200 29669
072CC010200 0
072CC020200 103595
072DD010200 14292
072DD020200 0
072EE000200 3449
073 A010200 0.4900
073 A020200 0.0000
<PAGE> PAGE 8
073 B000200 0.1100
073 C000200 0.0000
074 A000200 982
074 B000200 9952
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 923453
074 G000200 0
074 H000200 0
074 I000200 97
074 J000200 5575
074 K000200 0
074 L000200 55404
074 M000200 0
074 N000200 995463
074 O000200 1059
074 P000200 474
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 50717
074 S000200 0
074 T000200 943213
074 U010200 29228
074 U020200 0
074 V010200 32.27
074 V020200 0.00
074 W000200 0.0000
074 X000200 44743
074 Y000200 0
075 A000200 0
075 B000200 977178
076 000200 0.00
SIGNATURE GARY P. SOURA
TITLE SR. MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
<SERIES>
<NUMBER> 01
<NAME> U.S. PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 114512
<INVESTMENTS-AT-VALUE> 144513
<RECEIVABLES> 1507
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146035
<PAYABLE-FOR-SECURITIES> 1419
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 610
<TOTAL-LIABILITIES> 2029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105071
<SHARES-COMMON-STOCK> 3777
<SHARES-COMMON-PRIOR> 3714
<ACCUMULATED-NII-CURRENT> 54
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8880
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30001
<NET-ASSETS> 144006
<DIVIDEND-INCOME> 1552
<INTEREST-INCOME> 85
<OTHER-INCOME> 0
<EXPENSES-NET> 349
<NET-INVESTMENT-INCOME> 1288
<REALIZED-GAINS-CURRENT> 8866
<APPREC-INCREASE-CURRENT> 1168
<NET-CHANGE-FROM-OPS> 11322
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1258
<DISTRIBUTIONS-OF-GAINS> 5910
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 302
<NUMBER-OF-SHARES-REDEEMED> 422
<SHARES-REINVESTED> 183
<NET-CHANGE-IN-ASSETS> 6551
<ACCUMULATED-NII-PRIOR> 24
<ACCUMULATED-GAINS-PRIOR> 5924
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 349
<AVERAGE-NET-ASSETS> 141586
<PER-SHARE-NAV-BEGIN> 37.01
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 2.74
<PER-SHARE-DIVIDEND> 0.34
<PER-SHARE-DISTRIBUTIONS> 1.63
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.13
<EXPENSE-RATIO> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
<SERIES>
<NUMBER> 02
<NAME> INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 879820
<INVESTMENTS-AT-VALUE> 933405
<RECEIVABLES> 60979
<ASSETS-OTHER> 1079
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 995463
<PAYABLE-FOR-SECURITIES> 1059
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51191
<TOTAL-LIABILITIES> 52250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 749077
<SHARES-COMMON-STOCK> 29228
<SHARES-COMMON-PRIOR> 31766
<ACCUMULATED-NII-CURRENT> 1894
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 136635
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53607
<NET-ASSETS> 943213
<DIVIDEND-INCOME> 17301
<INTEREST-INCOME> 1600
<OTHER-INCOME> 0
<EXPENSES-NET> 2495
<NET-INVESTMENT-INCOME> 16406
<REALIZED-GAINS-CURRENT> 141744
<APPREC-INCREASE-CURRENT> (103595)
<NET-CHANGE-FROM-OPS> 54555
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14292
<DISTRIBUTIONS-OF-GAINS> 3449
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3081
<NUMBER-OF-SHARES-REDEEMED> 6138
<SHARES-REINVESTED> 519
<NET-CHANGE-IN-ASSETS> (44913)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2732
<OVERDISTRIB-NII-PRIOR> 752
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 650
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2495
<AVERAGE-NET-ASSETS> 977178
<PER-SHARE-NAV-BEGIN> 31.11
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> 0.49
<PER-SHARE-DISTRIBUTIONS> 0.11
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.27
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
