VANGUARD TRUSTEES EQUITY FUND
NSAR-A, 1997-08-15
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<PAGE>      PAGE  1
000 A000000 06/30/97
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 VANGUARD/TRUSTEES' EQUITY FUND-U.S. PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 VANGUARD INTERNATIONAL VALUE PORTFOLIO
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
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007 C011000 10
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020 A000001 BARCLAYS DE ZOETE WEDD - LONDON
020 C000001    113
020 A000002 WARBURG SECURITIES - LONDON
020 C000002     92
020 A000003 JAMES CAPEL & CO. - LONDON
020 C000003     89
020 A000004 SALOMON BROTHERS INTERNATIONAL - LONDON
020 C000004     82
020 A000005 SCHRODER MUNCHMEYER - LONDON
020 C000005     51
020 A000006 MERRILL LYNCH PIERCE FENNER & SMITH - LONDON
<PAGE>      PAGE  2
020 C000006     41
020 A000007 ROBERT FLEMING - LONDON
020 C000007     38
020 A000008 LEHMAN BROTHERS INTERNATIONAL - LONDON
020 C000008     36
020 A000009 INSTINET CORPORATION
020 B000009 13-3443395
020 C000009     35
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008 A000201 UBS INTERNATIONAL INVESTMENT LONDON LTD.
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<PAGE>      PAGE  6
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SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
<SERIES>
   <NUMBER> 01
   <NAME> VANGUARD TRUSTEES' EQUITY FUND-U.S. PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           124980
<INVESTMENTS-AT-VALUE>                          159436
<RECEIVABLES>                                      821
<ASSETS-OTHER>                                      12
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<TOTAL-ASSETS>                                  160269
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1228
<TOTAL-LIABILITIES>                               1228
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        113845
<SHARES-COMMON-STOCK>                             3875
<SHARES-COMMON-PRIOR>                             4252
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<NET-ASSETS>                                    159041
<DIVIDEND-INCOME>                                 1172
<INTEREST-INCOME>                                   89
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     388
<NET-INVESTMENT-INCOME>                            873
<REALIZED-GAINS-CURRENT>                         17287
<APPREC-INCREASE-CURRENT>                         7891
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          851
<DISTRIBUTIONS-OF-GAINS>                          8759
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<ACCUMULATED-NII-PRIOR>                              0
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<GROSS-ADVISORY-FEES>                              156
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    388
<AVERAGE-NET-ASSETS>                            145806
<PER-SHARE-NAV-BEGIN>                            37.08
<PER-SHARE-NII>                                   0.23
<PER-SHARE-GAIN-APPREC>                           6.39
<PER-SHARE-DIVIDEND>                              0.22
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<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                   0.53
<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> VANGUARD INTERNATIONAL VALUE PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           893088
<INVESTMENTS-AT-VALUE>                          980384
<RECEIVABLES>                                   159706
<ASSETS-OTHER>                                     121
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 1140211
<PAYABLE-FOR-SECURITIES>                         15886
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       138551
<TOTAL-LIABILITIES>                             154437
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        835407
<SHARES-COMMON-STOCK>                            32687
<SHARES-COMMON-PRIOR>                            33280
<ACCUMULATED-NII-CURRENT>                        12783
<OVERDISTRIBUTION-NII>                               0
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<NET-ASSETS>                                    985774
<DIVIDEND-INCOME>                                14883
<INTEREST-INCOME>                                  501
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    2437
<NET-INVESTMENT-INCOME>                          12947
<REALIZED-GAINS-CURRENT>                         50606
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<NET-CHANGE-FROM-OPS>                           108543
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                         22239
<DISTRIBUTIONS-OTHER>                                0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   2437
<AVERAGE-NET-ASSETS>                            909681
<PER-SHARE-NAV-BEGIN>                            27.54
<PER-SHARE-NII>                                  0.390
<PER-SHARE-GAIN-APPREC>                          2.925
<PER-SHARE-DIVIDEND>                                 0
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</TABLE>


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