VANGUARD TRUSTEES EQUITY FUND
NSAR-A, 1998-08-18
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<PAGE>      PAGE  1
000 A000000 06/30/98
000 C000000 0000313850
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 U
001 A000000 VANGUARD/TRUSTEES' EQUITY FUND
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001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
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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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010 A00AA01 THE VANGUARD GROUP, INC.
010 B00AA01 801-11953
010 C01AA01 MALVERN
010 C02AA01 PA
010 C03AA01 19355
012 A00AA01 THE VANGUARD GROUP, INC.
012 B00AA01 84-772
012 C01AA01 MALVERN
012 C02AA01 PA
012 C03AA01 19355
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 VANGUARD MARKETING CORPORATION
<PAGE>      PAGE  2
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020 A000005 JAMES CAPEL & CO.- LONDON
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<PAGE>      PAGE  6
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<PAGE>      PAGE  10
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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
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<CURRENCY> US
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000313850
<NAME> VANGUARD/TRUSTEES' EQUITY FUND
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   <NUMBER> 02
   <NAME> VANGUARD INTERNATIONAL VALUE PORTFOLIO
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</TABLE>


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