VANGUARD TRUSTEES EQUITY FUND, 497, 1998-12-23

VANGUARD TRUSTEES EQUITY FUND
497, 1998-12-23

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                       VANGUARD INTERNATIONAL VALUE FUND
                Supplement to the Prospectus Dated April 30, 1998

Effective   December  9,  1998,   Wilson   Phillips   assumed  sole   day-to-day
responsibility  for managing the Fund's  investments.  Previously,  Mr. Phillips
managed the Fund  jointly  with Robin Apps.  Both Mr.  Phillips and Mr. Apps are
still  associated  with  Phillips & Drew  (formerly  known as UBS  International
Investment London Limited), the Fund's investment adviser. The Fund's investment
objective, policies, and limitations are not affected by this personnel change.



                                                                PS46N-12/23/1998