VANGUARD TRUSTEES EQUITY FUND
NSAR-A, 1999-08-13
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<PAGE>      PAGE  1
000 A000000 06/30/1999
000 C000000 0000313850
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
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  1
007 C010100  1
007 C010200  2
007 C020200 VANGUARD INTERNATIONAL VALUE FUND
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
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 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 VANGUARD MARKETING CORPORATION
014 B00AA01 8-21570
018  00AA00 Y
<PAGE>      PAGE  2
019 A00AA00 Y
019 B00AA00  102
019 C00AA00 VANGUARDGR
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH-LONDON
020 C000001     77
020 A000002 MORGAN STANLEY INTERNATIONAL-LONDON
020 C000002     68
020 A000003 KLEINWORT BENSON-LONDON
020 C000003     62
020 A000004 JAMES CAPEL & CO.-LONDON
020 C000004     59
020 A000005 ROBERT FLEMMING-LONDON
020 C000005     46
020 A000006 GOLDMAN SACHS INTERNATIONAL-LONDON
020 C000006     39
020 A000007 LEHMAN BROTHERS INTERNATIONAL-LONDON
020 C000007     38
020 A000008 HOARE GOVETT LTD.-LONDON
020 C000008     32
020 A000009 SALOMON BROTHERS INTERNTAIONAL-LONDON
020 C000009     32
020 A000010 DEUTSCHE BANK CAPITAL MARKETS-LONDON
020 C000010     32
021  000000      729
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCOUNT
022 B000001 23-1945930
022 C000001    183259
022 D000001    133124
022 A000002 LEHMAN BROTHERS INTERNATIONAL-LONDON
022 C000002      8376
022 D000002      4680
022 A000003 MORGAN STANLEY TRUST COMPANY
022 B000003 13-2731510
022 C000003      8994
022 D000003      1307
022 A000004 MARLEY PLC
022 C000004         0
022 D000004      6128
022 A000005 GOLDMAN SACHS INTERNATIONAL-LONDON
022 C000005      6095
022 D000005         0
022 A000006 KLEINWORT BENSON-LONDON
022 C000006      2112
022 D000006      1809
022 A000007 SHIN CORP.
022 C000007      1791
022 D000007      1662
022 A000008 MERRILL LYNCH PIERCE FENNER & SMITH-LONDON
022 C000008        19
022 D000008      2978
022 A000009 CAZENOVE & CO.-LONDON
<PAGE>      PAGE  3
022 C000009      2539
022 D000009         0
022 A000010 MORGAN STANLEY INTERNATIONAL LTD.-LONDON
022 C000010       265
022 D000010      1357
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023 D000000     155322
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029  00AA00 N
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<PAGE>      PAGE  4
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
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054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
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063 B00AA00  0.0
077 A000000 N
078  000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00   350000
081 A00AA00 Y
081 B00AA00 180
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
<PAGE>      PAGE  5
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
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008 A000201 PHILLIPS & DREW
008 B000201 A
008 C000201 801-30145
008 D010201 LONDON
008 D050201 ENGLAND
008 D060201 EC2A 1PD
015 A000201 BROWN BROTHERS HARRIMAN & CO.
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02109
015 C040201 3661
015 E010201 X
028 A010200     25351
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<PAGE>      PAGE  6
028 F040200     23098
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045  000200 Y
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055 A000200 Y
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070 B020200 N
<PAGE>      PAGE  7
070 C010200 N
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070 E010200 N
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070 G010200 Y
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070 K010200 Y
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070 M010200 Y
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070 O010200 Y
070 O020200 N
070 P010200 Y
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<PAGE>      PAGE  9
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SIGNATURE   GARY P. SOURA
TITLE       MANAGER



<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED>
<CIK> 0000313850
<NAME> VANGUARD TRUSTEES' EQUITY FUND
<SERIES>
   <NUMBER> 02
   <NAME> VANGUARD INTERNATIONAL VALUE FUND
<MULTIPLIER> 1,000
<CURRENCY> US

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           921775
<INVESTMENTS-AT-VALUE>                         1000637
<RECEIVABLES>                                    13480
<ASSETS-OTHER>                                     133
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 1014250
<PAYABLE-FOR-SECURITIES>                         16886
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        72560
<TOTAL-LIABILITIES>                              89446
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        836449
<SHARES-COMMON-STOCK>                            33027
<SHARES-COMMON-PRIOR>                            32138
<ACCUMULATED-NII-CURRENT>                         2363
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           7280
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         78712
<NET-ASSETS>                                    924804
<DIVIDEND-INCOME>                                11588
<INTEREST-INCOME>                                  667
<OTHER-INCOME>                                     294
<EXPENSES-NET>                                    2503
<NET-INVESTMENT-INCOME>                          10046
<REALIZED-GAINS-CURRENT>                         17404
<APPREC-INCREASE-CURRENT>                        65483
<NET-CHANGE-FROM-OPS>                            92933
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          315
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           8796
<NUMBER-OF-SHARES-REDEEMED>                       7919
<SHARES-REINVESTED>                                 11
<NET-CHANGE-IN-ASSETS>                          118501
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       (6647)
<OVERDISTRIB-NII-PRIOR>                          10845
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              567
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   2503
<AVERAGE-NET-ASSETS>                            825722
<PER-SHARE-NAV-BEGIN>                            25.09
<PER-SHARE-NII>                                   0.32
<PER-SHARE-GAIN-APPREC>                           2.60
<PER-SHARE-DIVIDEND>                              0.01
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              28.00
<EXPENSE-RATIO>                                   0.61


</TABLE>


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