0000932471-11-002998 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • June 27th, 2011 • Vanguard Trustees' Equity Fund • Delaware

THIS AGREEMENT is made as of this 27th day of June, 2011 between Vanguard Trustees’ Equity Fund, a Delaware statutory trust (the “Trust”), and Wellington Management Company, LLP, a Massachusetts limited liability partnership (the “Advisor”).

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • June 27th, 2011 • Vanguard Trustees' Equity Fund • Delaware

THIS AGREEMENT is made as of this 27th day of June, 2011 between Vanguard Trustees’ Equity Fund, a Delaware statutory trust (the “Trust”), and Oaktree Capital Management, L.P., a Delaware limited partnership (the “Advisor”).

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • June 27th, 2011 • Vanguard Trustees' Equity Fund • Delaware

THIS AGREEMENT is made as of this 27th day of June, 2011 between Vanguard Trustees’ Equity Fund, a Delaware statutory trust (the “Trust”), Pzena Investment Management, LLC (the “Advisor”), a Delaware limited liability company.

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • June 27th, 2011 • Vanguard Trustees' Equity Fund • Delaware

THIS AGREEMENT is made as of this 27th day of June, 2011 between Vanguard Trustees’ Equity Fund, a Delaware statutory trust (the “Trust”), and M&G Investment Management Limited, a corporation organized under the laws of England and authorized and regulated by the Financial Services Authority of the United Kingdom (the “Advisor”).

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