0000932471-12-005588.txt : 20121022 0000932471-12-005588.hdr.sgml : 20121022 20121022083021 ACCESSION NUMBER: 0000932471-12-005588 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121022 DATE AS OF CHANGE: 20121022 EFFECTIVENESS DATE: 20121022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD TRUSTEES' EQUITY FUND CENTRAL INDEX KEY: 0000313850 IRS NUMBER: 232120820 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-65955-99 FILM NUMBER: 121153689 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TRUSTEES EQUITY FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TRUSTEES EQUITY FUND DATE OF NAME CHANGE: 19930303 FORMER COMPANY: FORMER CONFORMED NAME: TRUSTEES COMINGLED FUND DATE OF NAME CHANGE: 19930302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD TRUSTEES' EQUITY FUND CENTRAL INDEX KEY: 0000313850 IRS NUMBER: 232120820 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02968-99 FILM NUMBER: 121153690 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TRUSTEES EQUITY FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TRUSTEES EQUITY FUND DATE OF NAME CHANGE: 19930303 FORMER COMPANY: FORMER CONFORMED NAME: TRUSTEES COMINGLED FUND DATE OF NAME CHANGE: 19930302 0000313850 S000004389 Vanguard International Value Fund C000012145 Investor Shares VTRIX 485BPOS 1 trusteeseq485b10222012.htm TRUSTEESEQ485B10222012 trusteeseq485b10222012.htm - Generated by SEC Publisher for SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form N-1A
 
REGISTRATION STATEMENT (NO. 2-65955-99)  
UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 64 [X]
and
 
REGISTRATION STATEMENT (NO. 811-02698-99) UNDER THE INVESTMENT COMPANY
ACT OF 1940 Amendment No. 64 [X]
 
 
VANGUARD TRUSTEES’ EQUITY FUND
(Exact Name of Registrant as Specified in Declaration of Trust)
 
P.O. Box 2600, Valley Forge, PA 19482
(Address of Principal Executive Office)
 
Registrant’s Telephone Number (610) 669-1000
 
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
 
Approximate Date of Proposed Public Offering:  
It is proposed that this filing will become effective (check appropriate box)  
[ ] immediately upon filing pursuant to paragraph (b)  
[X] on October 22, 2012 pursuant to paragraph (b)  
[ ] 60 days after filing pursuant to paragraph (a)(1)  
[ ] on October 12, 2012, pursuant to paragraph (a)(1)  
[ ] 75 days after filing pursuant to paragraph (a)(2)  
[ ] on (date) pursuant to paragraph (a)(2) of rule 485  
If appropriate, check the following box:  
[ ] This post-effective amendment designates a new effective date for a
  previously filed post-effective amendment.  

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant hereby certifies that it meets all requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Valley Forge and the Commonwealth of Pennsylvania, on the 22nd day of October, 2012.

VANGUARD TRUSTEES’ EQUITY FUND

BY:_________/s/ F. William McNabb III*____________

F. William McNabb III
Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

Signature Title Date
 
/s/ F. William McNabb III* Chairman and Chief Executive October 22, 2012
  Officer  
F. William McNabb III    
/s/ Emerson U. Fullwood* Trustee October 22, 2012
Emerson U. Fullwood    
/s/ Rajiv L. Gupta* Trustee October 22, 2012
Rajiv L. Gupta    
/s/ Amy Gutmann* Trustee October 22, 2012
Amy Gutmann    
/s/ JoAnn Heffernan Heisen* Trustee October 22, 2012
JoAnn Heffernan Heisen    
/s/ F. Joseph Loughrey* Trustee October 22, 2012
F. Joseph Loughrey    
/s/ Mark Loughridge* Trustee October 22, 2012
Mark Loughridge    
/s/ Scott C. Malpass* Trustee October 22, 2012
Scott C. Malpass    
/s/ André F. Perold* Trustee October 22, 2012
André F. Perold    
/s/ Alfred M. Rankin, Jr.* Trustee October 22, 2012
Alfred M. Rankin, Jr.    

 

*By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012, see File Number 2-11444, Incorporated by Reference.

 

INDEX TO EXHIBITS  
 
XBRL Instance Document Ex-101.INS
XBRL Taxonomy Extension Schema Document Ex-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document Ex-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document. Ex-101.DEF
XBRL Taxonomy Extension Labels Linkbase Documen Ex-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document Ex-101.PRE

 

 
 EX-101.INS 3 trusteeseq-20121010.xml INSTANCE Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.39 2012-10-12 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.39 2012-10-12 (reflect no deduction for fees or expenses) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of the Fund's benchmark index and an additional comparative index, which have investment characteristics similar to those of the Fund. Returns for the MSCI indexes shown are adjusted for withholding taxes applicable to Luxembourg holding companies. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide long-term capital appreciation.</p> <p>Portfolio Turnover</p> <p>The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or 'turns over' its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets. The Fund's performance could be hurt by:</p><p>Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In addition, investments in foreign stocks can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions. </p><p>Country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.</p><p>Currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Currency risk is especially high in emerging markets.</p><p>Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from global stock markets. As a group, non-U.S. value stocks tend to go through cycles of doing better-or worse-than the global market in general. These periods have, in the past, lasted for as long as several years. The Fund also may invest in small- and mid-capitalization stocks. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the global markets, and they often perform quite differently.</p><p>Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. </p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests mainly in common stocks of companies located outside the United States that are considered by an advisor to be undervalued. Such stocks, called 'value' stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. The prices of value stocks, therefore, may be below-average in relation to such measures as earnings and book value. The Fund invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets across developed and emerging markets in Europe, the Far East, and Latin America. The Fund uses multiple investment advisors.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of the Fund's benchmark index and an additional comparative index, which have investment characteristics similar to those of the Fund. Returns for the MSCI indexes shown are adjusted for withholding taxes. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide long-term capital appreciation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or 'turns over' its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets. The Fund's performance could be hurt by:</p><p>Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In addition, investments in foreign stocks can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions. </p><p>Country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.</p><p>Currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Currency risk is especially high in emerging markets.</p><p>Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from global stock markets. As a group, non-U.S. value stocks tend to go through cycles of doing better-or worse-than the global market in general. These periods have, in the past, lasted for as long as several years. The Fund also may invest in small- and mid-capitalization stocks. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the global markets, and they often perform quite differently.</p><p>Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. </p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests mainly in common stocks of companies located outside the United States that are considered by an advisor to be undervalued. Such stocks, called 'value' stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. The prices of value stocks, therefore, may be below-average in relation to such measures as earnings and book value. The Fund invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets across developed and emerging markets in Europe, the Far East, and Latin America. The Fund uses multiple investment advisors.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000004389ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000004389Member ~ </div> <div style="display:none">~ http://vanguard/role/S000004389ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000004389Member ~ </div> <div style="display:none">~ http://vanguard/role/S000004389PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000004389Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000004389PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000004389Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000004389OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000004389Member ~ </div> <div style="display:none">~ http://vanguard/role/S000004389OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000004389Member ~ </div> <div style="display:none">~ http://vanguard/role/S000004389ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000004389Member ~ </div> <div style="display:none">~ http://vanguard/role/S000004389ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000004389Member ~ </div> -0.1458 0.0731 0.3377 -0.4174 0.1266 0.2737 0.1796 0.1977 0.4190 -0.1335 1983-05-16 0.2494 -0.2075 2009-06-30 2002-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000012145Member ~ </div> Annual Total Returns - Vanguard International Value Fund Investor Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 10.97%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 24.94% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -20.75% (quarter ended September 30, 2002 ).</p> (quarter ended June 30, 2009 ) (quarter ended September 30, 2002 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000012145Member ~ </div> Annual Total Returns - Vanguard International Value Fund Investor Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 10.97%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 24.94% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -20.75% (quarter ended September 30, 2002 ).</p> (quarter ended June 30, 2009 ) (quarter ended September 30, 2002 ) 2012-09-30 0.1097 1983-05-16 -0.1458 -0.0425 0.0594 Comparative Indexes -0.1502 -0.0485 0.0522 -0.0900 -0.0355 0.0513 0.0000 0.0000 20. 0 0 42. 132. 230. 518. 0.0036 0 0.0005 The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year. 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Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Bar Chart and Performance Table: Performance Table Market Index Changed Performance Table Narrative Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Bar Chart and Performance Table Section Performance Performance Table Uses Highest Federal Rate Portfolio Turnover: Portfolio Turnover Heading PortfolioTurnover, Rate Portfolio Turnover Prospectus Date Prospectus: Share Class [Axis] Prospectus [Table] Redemption Fee USD Redemption Fee Risk Risk Caption Risk Closing [Text Block] Risk Column Risk Footnotes Risk: May Lose Money Money Market Fund Risk Narrative Nondiversified Not Insured Depository Institution Risk/Return: Risk/Return Detail [Table] Risk/Return RiskSection: Share Classes Other Shareholder Fees (fees paid directly from your investment] Shareholder Fees Caption Shareholder Fees Column Shareholder Fees (Fees paid directly from your investment) [Table] Strategy: StrategyNarrative Strategy Portfolio Concentration Strategy Section: 30-DayTax Equivalent Yield Thirty Day Yield: 30-Day Yield Caption 30-Day Yield Column 30-Day Yield Phone Year to Date Return Label Series [Axis] All Series All Prospectuses Prospectus [Axis] Document Creation Date Document Effective Date Document Period End Date Document Type Registrant Name Central Index Key Amendment Flag Amendment Description Transaction Fee on Conversion to ETF Shares Transaction Fee On Purchases and Sales Transaction Fee On Reinvested Dividends Average Annual Returns for Periods Ended December 31, 2011 Supplement Text: Supplement Text Redemption Fee Parenthetical Purchase Fee Parenthetical Based on Market Value Comparative Benchmark Fund Operating Expenses Excluding AFFE Acquired Fund Fees and Expenses Return Before Taxes Dividend Expenses on Securities Sold Short Borrowing Expenses on Securities Sold Short Other Operating Expenses 12b-1 Distribution Fee Management 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Shareholder Fees (Vanguard International Value Fund, Vanguard International Value Fund - Investor Shares, USD $)
 18 Months Ended
Apr. 30, 2012
Vanguard International Value Fund | Vanguard International Value Fund - Investor Shares
  
Shareholder Fees (fees paid directly from your investment]  
Sales charge (load) imposed on purchases none
Purchase Fee none
Sales charge (load) imposed on reinvested dividends none
Redemption Fee none
Account Service Fee (for fund account balances below $10,000) $ 20

XML 12 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Average Annual Total Returns (Vanguard International Value Fund, Vanguard International Value Fund - Investor Shares)
 18 Months Ended
Apr. 30, 2012
Average Annual Returns for Periods Ended December 31, 2011  
One Year (14.58%)
Five Years (4.25%)
Ten Years 5.94%
Inception Date May 16, 1983
Return After Taxes on Distributions
  
Average Annual Returns for Periods Ended December 31, 2011  
One Year (15.02%)
Five Years (4.85%)
Ten Years 5.22%
Return After Taxes on Distributions and Sale of Fund Shares
  
Average Annual Returns for Periods Ended December 31, 2011  
One Year (9.00%)
Five Years (3.55%)
Ten Years 5.13%
MSCI EAFE Index
  
Average Annual Returns for Periods Ended December 31, 2011  
One Year (12.14%)
Five Years (4.72%)
Ten Years 4.67%
MSCI ACWI ex USA Index
  
Average Annual Returns for Periods Ended December 31, 2011  
One Year (13.33%)
Five Years (2.48%)
Ten Years 6.76%
Spliced International Index
  
Average Annual Returns for Periods Ended December 31, 2011  
One Year (13.71%)
Five Years (5.00%)
Ten Years 4.51%
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Apr. 30, 2012
Registrant Name dei_EntityRegistrantName Vanguard Trustees' Equity Fund
Central Index Key dei_EntityCentralIndexKey 0000313850
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Oct. 12, 2012
Document Effective Date dei_DocumentEffectiveDate Oct. 12, 2012
Vanguard International Value Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Oct. 12, 2012
Risk/Return rr_RiskReturnHeading Risk/Return
Investment objective: rr_ObjectiveHeading Investment Objective
Investment objective rr_ObjectivePrimaryTextBlock

The Fund seeks to provide long-term capital appreciation.
Expenses Heading rr_ExpenseHeading Fees and Expenses
Fees and Expenses of the Fund rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption rr_ShareholderFeesCaption Shareholder Fees (Fees paid directly from your investment)
Operating Expenses Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover Heading rr_PortfolioTurnoverHeading

Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or 'turns over' its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39%.

PortfolioTurnover, Rate rr_PortfolioTurnoverRate 39.00%
EXAMPLE rr_ExpenseExampleHeading

Example
Expense Example, Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy: rr_StrategyHeading Primary Investment Strategies
StrategyNarrative rr_StrategyNarrativeTextBlock

The Fund invests mainly in common stocks of companies located outside the United States that are considered by an advisor to be undervalued. Such stocks, called 'value' stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. The prices of value stocks, therefore, may be below-average in relation to such measures as earnings and book value. The Fund invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets across developed and emerging markets in Europe, the Far East, and Latin America. The Fund uses multiple investment advisors.
Risk: rr_RiskHeading Primary Risks
Risk Narrative rr_RiskNarrativeTextBlock

An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets. The Fund's performance could be hurt by:

Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In addition, investments in foreign stocks can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions.

Country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.

Currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Currency risk is especially high in emerging markets.

Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from global stock markets. As a group, non-U.S. value stocks tend to go through cycles of doing better-or worse-than the global market in general. These periods have, in the past, lasted for as long as several years. The Fund also may invest in small- and mid-capitalization stocks. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the global markets, and they often perform quite differently.

Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
May Lose Money rr_RiskLoseMoney

An investment in the Fund could lose money over short or even long periods.

Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The following bar chart and table are intended to help you understand the risks of investing in the Fund.
Performance Additional Market Index rr_PerformanceAdditionalMarketIndex

, which have investment characteristics similar to those of the Fund.
Performance Availability Phone rr_PerformanceAvailabilityPhone

800-662-7447
Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

vanguard.com/performance

Past Performance Does Not Indiciate Future Returns rr_PerformancePastDoesNotIndicateFuture

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.
Bar Chart rr_BarChartHeading Annual Total Returns - Vanguard International Value Fund Investor Shares
Bar Chart Narrative rr_BarChartNarrativeTextBlock

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of the Fund's benchmark index and an additional comparative index, which have investment characteristics similar to those of the Fund. Returns for the MSCI indexes shown are adjusted for withholding taxes applicable to Luxembourg holding companies. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Bar Chart Footnotes rr_BarChartFootnotesTextBlock

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 10.97%
Bar Chart Closing rr_BarChartClosingTextBlock

During the periods shown in the bar chart, the highest return for a calendar quarter was 24.94% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -20.75% (quarter ended September 30, 2002 ).
Year to Date Return Label rr_YearToDateReturnLabel The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012
Highest Quarterly Return Label rr_HighestQuarterlyReturnLabel (quarter ended June 30, 2009 )
Lowest Quarterly Return Label rr_LowestQuarterlyReturnLabel (quarter ended September 30, 2002 )
Bar Chart and Performance Table: rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2011
Index No Deduction for Fees, Expenses, Taxes rr_IndexNoDeductionForFeesExpensesTaxes (reflect no deduction for fees or expenses)
Vanguard International Value Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Oct. 12, 2012
Risk/Return rr_RiskReturnHeading Risk/Return
Investment objective: rr_ObjectiveHeading Investment Objective
Investment objective rr_ObjectivePrimaryTextBlock

The Fund seeks to provide long-term capital appreciation.
Expenses Heading rr_ExpenseHeading Fees and Expenses
Fees and Expenses of the Fund rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption rr_ShareholderFeesCaption Shareholder Fees (Fees paid directly from your investment)
Operating Expenses Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover Heading rr_PortfolioTurnoverHeading

Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or 'turns over' its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39%.

PortfolioTurnover, Rate rr_PortfolioTurnoverRate 39.00%
EXAMPLE rr_ExpenseExampleHeading

Example
Expense Example, Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy: rr_StrategyHeading Primary Investment Strategies
StrategyNarrative rr_StrategyNarrativeTextBlock

The Fund invests mainly in common stocks of companies located outside the United States that are considered by an advisor to be undervalued. Such stocks, called 'value' stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. The prices of value stocks, therefore, may be below-average in relation to such measures as earnings and book value. The Fund invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets across developed and emerging markets in Europe, the Far East, and Latin America. The Fund uses multiple investment advisors.
Risk: rr_RiskHeading Primary Risks
Risk Narrative rr_RiskNarrativeTextBlock

An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets. The Fund's performance could be hurt by:

Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In addition, investments in foreign stocks can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions.

Country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.

Currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Currency risk is especially high in emerging markets.

Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from global stock markets. As a group, non-U.S. value stocks tend to go through cycles of doing better-or worse-than the global market in general. These periods have, in the past, lasted for as long as several years. The Fund also may invest in small- and mid-capitalization stocks. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the global markets, and they often perform quite differently.

Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
May Lose Money rr_RiskLoseMoney

An investment in the Fund could lose money over short or even long periods.

Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The following bar chart and table are intended to help you understand the risks of investing in the Fund.
Performance Additional Market Index rr_PerformanceAdditionalMarketIndex

, which have investment characteristics similar to those of the Fund.
Performance Availability Phone rr_PerformanceAvailabilityPhone

800-662-7447
Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

vanguard.com/performance

Past Performance Does Not Indiciate Future Returns rr_PerformancePastDoesNotIndicateFuture

Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future.

Bar Chart rr_BarChartHeading Annual Total Returns - Vanguard International Value Fund Investor Shares
Bar Chart Narrative rr_BarChartNarrativeTextBlock

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of the Fund's benchmark index and an additional comparative index, which have investment characteristics similar to those of the Fund. Returns for the MSCI indexes shown are adjusted for withholding taxes. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447
Bar Chart Footnotes rr_BarChartFootnotesTextBlock

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 10.97%
Bar Chart Closing rr_BarChartClosingTextBlock

During the periods shown in the bar chart, the highest return for a calendar quarter was 24.94% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -20.75% (quarter ended September 30, 2002 ).
Year to Date Return Label rr_YearToDateReturnLabel The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012
Highest Quarterly Return Label rr_HighestQuarterlyReturnLabel (quarter ended June 30, 2009 )
Lowest Quarterly Return Label rr_LowestQuarterlyReturnLabel (quarter ended September 30, 2002 )
Bar Chart and Performance Table: rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2011
Index No Deduction for Fees, Expenses, Taxes rr_IndexNoDeductionForFeesExpensesTaxes (reflect no deduction for fees or expenses)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate

When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table Explains why after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher

Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Closing rr_PerformanceTableClosingTextBlock

Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Vanguard International Value Fund | Vanguard International Value Fund - Investor Shares
  
Risk/Return: rr_RiskReturnAbstract  
Sales charge (load) imposed on purchases rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales charge (load) imposed on reinvested dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for fund account balances below $10,000) rr_MaximumAccountFee 20
Management Expenses rr_ManagementFeesOverAssets 0.36%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_NetExpensesOverAssets 0.41% [1]
1 YEAR rr_ExpenseExampleNoRedemptionYear01 42
3 YEAR rr_ExpenseExampleNoRedemptionYear03 132
5 YEAR rr_ExpenseExampleNoRedemptionYear05 230
10 YEAR rr_ExpenseExampleNoRedemptionYear10 518
Annual Return Inception Date rr_AnnualReturnInceptionDate May 16, 1983
2002 rr_AnnualReturn2002 (13.35%)
2003 rr_AnnualReturn2003 41.90%
2004 rr_AnnualReturn2004 19.77%
2005 rr_AnnualReturn2005 17.96%
2006 rr_AnnualReturn2006 27.37%
2007 rr_AnnualReturn2007 12.66%
2008 rr_AnnualReturn2008 (41.74%)
2009 rr_AnnualReturn2009 33.77%
2010 rr_AnnualReturn2010 7.31%
2011 rr_AnnualReturn2011 (14.58%)
Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Year to Date Return rr_BarChartYearToDateReturn 10.97%
Bar Chart Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Bar Chart Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 24.94%
Bar Chart Lowest Quarter Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2002
Bar Chart Lowest Quarter Return rr_BarChartLowestQuarterlyReturn (20.75%)
One Year rr_AverageAnnualReturnYear01 (14.58%)
Five Years rr_AverageAnnualReturnYear05 (4.25%)
Ten Years rr_AverageAnnualReturnYear10 5.94%
Inception Date rr_AverageAnnualReturnInceptionDate May 16, 1983
MSCI EAFE Index | Vanguard International Value Fund | Vanguard International Value Fund - Investor Shares
  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (12.14%)
Five Years rr_AverageAnnualReturnYear05 (4.72%)
Ten Years rr_AverageAnnualReturnYear10 4.67%
MSCI ACWI ex USA Index | Vanguard International Value Fund | Vanguard International Value Fund - Investor Shares
  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (13.33%)
Five Years rr_AverageAnnualReturnYear05 (2.48%)
Ten Years rr_AverageAnnualReturnYear10 6.76%
Spliced International Index | Vanguard International Value Fund | Vanguard International Value Fund - Investor Shares
  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (13.71%)
Five Years rr_AverageAnnualReturnYear05 (5.00%)
Ten Years rr_AverageAnnualReturnYear10 4.51%
[1] The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year.
XML 15 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Annual Fund Operating Expenses (Vanguard International Value Fund - Investor Shares, Vanguard International Value Fund)
 18 Months Ended
Apr. 30, 2012
Vanguard International Value Fund - Investor Shares | Vanguard International Value Fund
  
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)  
Management Expenses 0.36%
12b-1 Distribution Fee none
Other Expenses 0.05%
Total Annual Fund Operating Expenses 0.41% [1]
[1] The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year.
XML 16 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Participant
Risk/Return
Investment Objective

The Fund seeks to provide long-term capital appreciation.
Fees and Expenses

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.
Shareholder Fees (Fees paid directly from your investment)
Shareholder Fees (Vanguard International Value Fund Participant) Vanguard International Value Fund
Vanguard International Value Fund - Investor Shares
Sales charge (load) imposed on purchases none
Purchase Fee none
Sales charge (load) imposed on reinvested dividends none
Redemption Fee none
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (Vanguard International Value Fund Participant) Vanguard International Value Fund
Vanguard International Value Fund - Investor Shares
Management Expenses 0.36%
12b-1 Distribution Fee none
Other Expenses 0.05%
Total Annual Fund Operating Expenses [1] 0.41%
[1] The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption (Vanguard International Value Fund Participant) Vanguard International Value Fund (USD $)
1 YEAR
3 YEAR
5 YEAR
10 YEAR
Vanguard International Value Fund - Investor Shares
 42 132 230 518

Portfolio Turnover

The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or 'turns over' its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39%.

Primary Investment Strategies

The Fund invests mainly in common stocks of companies located outside the United States that are considered by an advisor to be undervalued. Such stocks, called 'value' stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. The prices of value stocks, therefore, may be below-average in relation to such measures as earnings and book value. The Fund invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets across developed and emerging markets in Europe, the Far East, and Latin America. The Fund uses multiple investment advisors.
Primary Risks

An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets. The Fund's performance could be hurt by:

Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In addition, investments in foreign stocks can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions.

Country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.

Currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Currency risk is especially high in emerging markets.

Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from global stock markets. As a group, non-U.S. value stocks tend to go through cycles of doing better-or worse-than the global market in general. These periods have, in the past, lasted for as long as several years. The Fund also may invest in small- and mid-capitalization stocks. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the global markets, and they often perform quite differently.

Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of the Fund's benchmark index and an additional comparative index, which have investment characteristics similar to those of the Fund. Returns for the MSCI indexes shown are adjusted for withholding taxes applicable to Luxembourg holding companies. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns - Vanguard International Value Fund Investor Shares
Bar Chart

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 10.97%

During the periods shown in the bar chart, the highest return for a calendar quarter was 24.94% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -20.75% (quarter ended September 30, 2002 ).
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns (Vanguard International Value Fund Participant) Vanguard International Value Fund
One Year
Five Years
Ten Years
Vanguard International Value Fund - Investor Shares
 (14.58%) (4.25%) 5.94%
Vanguard International Value Fund - Investor Shares MSCI ACWI ex USA Index
 (13.33%) (2.48%) 6.76%
Vanguard International Value Fund - Investor Shares MSCI EAFE Index
 (12.14%) (4.72%) 4.67%
Vanguard International Value Fund - Investor Shares Spliced International Index
 (13.71%) (5.00%) 4.51%
Retail
Risk/Return
Investment Objective

The Fund seeks to provide long-term capital appreciation.
Fees and Expenses

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.
Shareholder Fees (Fees paid directly from your investment)
Shareholder Fees (Vanguard International Value Fund Retail) Vanguard International Value Fund (USD $)
Vanguard International Value Fund - Investor Shares
Sales charge (load) imposed on purchases none
Purchase Fee none
Sales charge (load) imposed on reinvested dividends none
Redemption Fee none
Account Service Fee (for fund account balances below $10,000) 20
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (Vanguard International Value Fund Retail) Vanguard International Value Fund
Vanguard International Value Fund - Investor Shares
Management Expenses 0.36%
12b-1 Distribution Fee none
Other Expenses 0.05%
Total Annual Fund Operating Expenses [1] 0.41%
[1] The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption (Vanguard International Value Fund Retail) Vanguard International Value Fund (USD $)
1 YEAR
3 YEAR
5 YEAR
10 YEAR
Vanguard International Value Fund - Investor Shares
 42 132 230 518

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or 'turns over' its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39%.

Primary Investment Strategies

The Fund invests mainly in common stocks of companies located outside the United States that are considered by an advisor to be undervalued. Such stocks, called 'value' stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. The prices of value stocks, therefore, may be below-average in relation to such measures as earnings and book value. The Fund invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets across developed and emerging markets in Europe, the Far East, and Latin America. The Fund uses multiple investment advisors.
Primary Risks

An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets. The Fund's performance could be hurt by:

Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In addition, investments in foreign stocks can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions.

Country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.

Currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Currency risk is especially high in emerging markets.

Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from global stock markets. As a group, non-U.S. value stocks tend to go through cycles of doing better-or worse-than the global market in general. These periods have, in the past, lasted for as long as several years. The Fund also may invest in small- and mid-capitalization stocks. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the global markets, and they often perform quite differently.

Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of the Fund's benchmark index and an additional comparative index, which have investment characteristics similar to those of the Fund. Returns for the MSCI indexes shown are adjusted for withholding taxes. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447
Annual Total Returns - Vanguard International Value Fund Investor Shares
Bar Chart

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 10.97%

During the periods shown in the bar chart, the highest return for a calendar quarter was 24.94% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -20.75% (quarter ended September 30, 2002 ).
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns (Vanguard International Value Fund Retail) Vanguard International Value Fund
One Year
Five Years
Ten Years
Vanguard International Value Fund - Investor Shares
 (14.58%) (4.25%) 5.94%
Vanguard International Value Fund - Investor Shares Return After Taxes on Distributions
 (15.02%) (4.85%) 5.22%
Vanguard International Value Fund - Investor Shares Return After Taxes on Distributions and Sale of Fund Shares
 (9.00%) (3.55%) 5.13%
Vanguard International Value Fund - Investor Shares MSCI ACWI ex USA Index
 (13.33%) (2.48%) 6.76%
Vanguard International Value Fund - Investor Shares MSCI EAFE Index
 (12.14%) (4.72%) 4.67%
Vanguard International Value Fund - Investor Shares Spliced International Index
 (13.71%) (5.00%) 4.51%

Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.