VANGUARD TRUSTEES EQUITY FUND
NSAR-B, 1997-02-18
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<PAGE>      PAGE  1
000 B000000 12/31/96
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020 A000001 S.G. WARBURG - LONDON
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SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
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   <NUMBER> 01
   <NAME> U.S. PORTFOLIO
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
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   <NAME> INTERNATIONAL PORTFOLIO
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</TABLE>


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