<PAGE> PAGE 1
000 B000000 12/31/1999
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
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003 000000 N
004 000000 N
005 000000 N
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007 C010700 7
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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 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
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019 C00AA00 VANGUARDGR
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH-LONDON
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020 A000002 KLEINWORT BENSON-LONDON
020 C000002 149
020 A000003 JAMES CAPEL & CO.-LONDON
020 C000003 117
020 A000004 HOARE GOETT LTD.-LONDON
020 C000004 102
020 A000005 MORGAN STANLEY DEAN WITTER & CO.
020 B000005 13-2655998
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE GARY P. SOURA
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000313850
<NAME> VANGUARD TRUSTEES' EQUITY FUND
<SERIES>
<NUMBER> 02
<NAME> VANGUARD INTERNATIONAL VALUE FUND
<MULTIPLIER> 1000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 946876
<INVESTMENTS-AT-VALUE> 1075275
<RECEIVABLES> 11992
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</TABLE>
To the Shareholders and
Trustees of Vanguard Trustees' Equity Fund
In planning and performing our audit of the financial statements of
Vanguard Trustees' Equity Fund (the "Fund") for the year ended December
31, 1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or fraud
in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management
and the Board of Trustees of the Fund and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.
PricewaterhouseCoopers LLP
February 2, 2000
