# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001193125-26-077523
**Filing Date:** 2026-2
**Character Count:** 25837
**Document Hash:** 9e18ffade6b8774c1a2c65e195ec6b75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-077523.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-077523

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TRUSTEES' EQUITY FUND
- **CENTRAL INDEX KEY:** 0000313850

**ORGANIZATION NAME:**
- **EIN:** 232120820
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-65955-99
- **FILM NUMBER:** 26690808

**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

## Series and Classes Contracts Data

### Vanguard Commodity Strategy Fund (Series ID: S000065757)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000212612 | Admiral Shares | VCMDX           |

![](vanguard.jpg)

February 27, 2026

**Summary Prospectus**

------

**Vanguard Commodity Strategy Fund**

**Admiral™ Shares**

Vanguard Commodity Strategy Fund Admiral Shares (VCMDX)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Fund's statutory Prospectus and Statement of Additional Information dated February 27, 2026, as may be amended or supplemented, are incorporated into and made part of this Summary Prospectus by reference.**

**Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund online at www.vanguard.com/prospectus and https://personal.vanguard.com/us/literature/reports/MFs. You can also obtain this information at no cost by calling 800-662-7447 or by sending an email request to online@vanguard.com.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

------

**Investment Objective**

Vanguard Commodity Strategy Fund (the "Fund") seeks to provide broad commodities exposure and capital appreciation.

**Fees and Expenses**

The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.**

**Shareholder Fees**

(Fees paid directly from your investment)

---

| | |
|:---|:---|
| Sales Charge (Load) Imposed on Purchases |  |
| Purchase Fee |  |
| Sales Charge (Load) Imposed on Reinvested Dividends |  |
| Redemption Fee |  |
| Account Service Fee Per Year<br> (for certain fund account balances below $5,000,000)<br>| &nbsp;&nbsp; $25 |

---

**Annual Fund Operating Expenses**

(Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.12<br> %<br>|
| 12b-1 Distribution Fee |  |
| Other Expenses | 0.02<br> %<br>|
| Acquired Fund Fees and Expenses | 0.02<br> %<br>|
| Total Annual Fund Operating Expenses | 0.16<br> %<br>|

---

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $16 | $52 | $90 | $205 |

---

------

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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs an active management approach, investing in commodity-linked investments, which are backed by a portfolio of inflation-linked investments and other fixed income securities.

Commodities are real assets, including, but not limited to, agricultural products, livestock, precious and industrial metals, and energy products. The Fund invests in commodity-linked investments, which are derivative instruments that provide long or short exposure to commodities. These investments include commodity-linked total return swaps, commodity futures contracts and options on commodity futures contracts, commodity-linked structured notes, exchange-traded commodity pools or funds, and other commodity-linked derivative instruments. Particular commodity-linked investments may not necessarily conform to the composition, weighting, roll dates, reset dates, or contract months of any specific commodity market index, including the Fund's performance benchmark. The Fund's use of certain commodity-linked investments is expected to have a leveraging effect on the Fund.

The Fund intends to gain exposure to commodity-linked investments primarily by investing in a wholly owned subsidiary that is organized under the laws of the Cayman Islands (the "Subsidiary"), which in turn invests in commodity-linked investments and fixed income securities. The Fund also may invest directly in commodity-linked investments. The Fund generally will not invest more than 25% of its assets in the Subsidiary.

The Fund invests the remainder of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and corporations. The Fund also may invest in other fixed income securities such as cash or cash-equivalent investments and short-term bonds. At a minimum, all bonds purchased by the Fund are considered to be investment-grade by Moody's or another independent rating agency (or, if unrated, are considered to be of comparable quality by the Fund's advisors). The Fund's fixed income investments may provide liquidity for the Fund or serve as margin or collateral for its commodity-linked investments.

------

**Principal Risks**

As with any investment, an investment in the Fund could lose money over any time period. The Fund's share price and total return may fluctuate, potentially within a wide range. The principal risks of investing in the Fund are summarized below. Each of the following risks could affect the Fund's performance:

&nbsp;&nbsp;&nbsp;&nbsp;• ***General Market Risk.*** The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund's investments, thereby resulting in potential losses to the Fund over short or long periods.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Investing in Commodities Markets.*** Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities, and even a small movement in market prices could cause large losses to the Fund. The Fund could lose all, or substantially all, of its investments in instruments linked to the returns of commodity investments. Additionally, during periods of strong commodities market performance, the Fund may recognize elevated levels of taxable income, which may lead to larger than usual distributions of ordinary income that will generally be taxable to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Commodity-Linked Investments.*** The prices of commodity-linked investments may fluctuate widely based on a variety of macroeconomic or commodity-specific factors that may not be anticipated by the Fund's advisors. Price fluctuations may be quick and significant and may not correlate to price movements in other asset classes, such as stocks or bonds. Investments linked to the prices of commodities may be considered speculative and are expected to involve considerable risks. The Fund could lose money at any time and may underperform the commodities markets during any given period, regardless of whether such markets rise or fall.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Investing in Derivatives***. Investing in derivatives may present risks different from, and/or greater than, those associated with investing directly in stocks, bonds, or other types of investments. Derivatives could expose the Fund to increased volatility and/or significant loss. Certain derivatives have an inherent leverage component, providing the Fund exposure to a sizable position in an underlying asset with a relatively small upfront investment at the time the Fund enters into the derivatives position. For these derivatives, an adverse change in the value or price of the underlying asset could result in a loss substantially greater than the amount invested in the derivative itself. Some derivatives require the Fund to enter into a contract with a counterparty.

------

If the counterparty is unable or unwilling to fulfill its contractual obligation, the Fund may experience a loss. A liquid market may not always exist for the Fund's derivatives positions. The Fund may be unable to sell or otherwise exit its derivatives position at desired times or prices, which could also result in a loss to the Fund. Some derivatives, particularly OTC derivatives, can be complex and often are valued subjectively. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the Fund.

Derivatives may not perform as intended, which may result in losses to the Fund. For example, derivatives used for hedging or as a substitute for a portfolio instrument may not provide the expected benefits, particularly during adverse market conditions. The use of derivatives is also subject to legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund's counterparty, and operational risk, which includes documentation or settlement issues, system failures, inadequate controls, and human error.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Investing in a Subsidiary.*** The Fund is exposed to the risks associated with the Subsidiary's investments, strategies, and policies, including the risk that the Subsidiary will not meet its investment objective (which is the same as the Fund's). Because the Subsidiary is not organized as a mutual fund and is not registered under any federal or state securities laws (including the Investment Company Act of 1940), it does not offer the same investor protections available to shareholders of registered investment companies. In addition, the tax treatment of the Fund's investment in the Subsidiary, or the ability of the Fund and/or the Subsidiary to operate as intended, may be adversely affected by changes to or interpretations of the laws or regulations of the United States and/or the Cayman Islands, which may negatively affect the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Investing in Bond Markets*.** The Fund may be impacted by the general condition of the bond markets and by factors that affect bonds and bond issuers. For example, as a general rule, bond prices and interest rates move in opposite directions. When interest rates rise, bond prices tend to fall, and when interest rates fall, bond prices tend to go up. Bond income also is affected by changes in interest rates. Interest rates can rise or fall for a number of reasons, including, but not limited to, central bank monetary policy, inflationary or deflationary pressures, and changes in general market and economic conditions. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the overall market and may expose the bond markets in particular to heightened volatility and potential illiquidity. The degree to which the Fund is impacted by certain bond market risks may vary based on factors disclosed in its principal investment strategies, such as the types of bonds in which it invests and the

------

overall credit quality, average maturity, and/or average duration of its bond holdings.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Inflation-Indexed Securities.*** Because they are adjusted for inflation, TIPS and other inflation-indexed securities typically have lower yields than conventional bonds. As a result of its investment in such securities, the Fund's income distributions are likely to fluctuate considerably more than the income distributions of a conventional bond fund. In fact, under certain conditions, the Fund may not have income to distribute at all. Although the prices of inflation-indexed securities are not meaningfully affected by changes in "nominal" (stated) interest rates, their prices may decline when "real" (adjusted for inflation) interest rates rise, and vice versa. The prices of inflation-indexed securities also are subject to decline if prices throughout the U.S. economy decline over time (a period of deflation), which could result in a loss to the Fund and/or cause the Fund's performance to lag that of conventional bond funds.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Interest Rate Risk*.** During periods of rising interest rates, bond prices overall may decline, which could result in a decline in the Fund's value. The prices of longer-term bonds are more sensitive to changes in interest rates than the prices of shorter-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Income Risk*.** During periods of falling interest rates, the Fund's income may decline. The income paid by shorter-term bonds is subject to a higher degree of fluctuation than the income paid by longer-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Credit Risk*.** Credit risk refers to the chance that an issuer will default (fail to meet its credit obligations) or fail to make payments in a timely manner, which could result in a loss to the Fund. In addition, negative perceptions of an issuer's ability to make payments can cause the price of a security to decline. While all debt securities are subject to credit risk to some extent, those with higher credit quality ratings generally pose less credit risk than those with lower credit quality ratings.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Bond Liquidity Risk*.** If the Fund is unable to sell a security at an advantageous time or price, its returns may be reduced. There may be limited trading in the secondary market for certain debt securities, which could make them more difficult to value or sell.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Call Risk.*** Certain bonds held by the Fund may be callable. The issuer of a callable bond has the right to "call" (redeem) the bond before its maturity date. Calls on bonds held by the Fund would result in the Fund losing any price appreciation above the bond's call price. In addition, because bond calls occur more frequently during periods of falling interest rates, the Fund likely would be forced to reinvest the proceeds of any called bonds at a lower interest rate than that of the called bonds, resulting in a decline in the Fund's income and a potential loss in the value of the Fund's investments. Frequent bond calls and subsequent reinvestments of the proceeds also would increase the Fund's turnover rate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• ***Regulated Investment Company Status*.** Investing in commodity-linked investments could adversely affect the Fund's status as a regulated investment company ("RIC"). If the Fund were to fail to qualify as a RIC in any taxable year, the Fund would be subject to Fund-level taxation, reducing the amount of income available for distribution to shareholders and reducing the net asset value of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;• ***Active Management.*** The Fund is actively managed. The advisor's security selection and/or strategy execution could cause the Fund to underperform relevant securities markets 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 show the Fund's historical performance and 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 of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. 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*.

**Annual Total Returns — Vanguard Commodity Strategy Fund Admiral Shares**

------

![](cs517.jpg)

During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | Total Return | Quarter |
| Highest | &nbsp;&nbsp;&nbsp;&nbsp; 23.98<br> %<br>| March 31, 2022 |
| Lowest | &nbsp;&nbsp;&nbsp;&nbsp; -21.02<br> %<br>| March 31, 2020 |

---

------

**Average Annual Total Returns for Periods Ended December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 5 Years | &nbsp;&nbsp; Since <br> Fund <br> Inception<br>| &nbsp;&nbsp; Fund <br> Inception <br> Date<br>|
| **Vanguard Commodity Strategy Fund** <br> **Admiral Shares**<br>|  |  |  | &nbsp;&nbsp; **06/25/2019** |
| Return Before Taxes | 18.02<br> %<br>| 12.13<br> %<br>| 10.51<br> %<br>|  |
| Return After Taxes on Distributions | 11.60 | 7.06 | 6.58 |  |
| Return After Taxes on Distributions and Sale <br> of Fund Shares<br>| 10.62 | 7.17 | 6.48 |  |
| **Bloomberg Commodity Index Total** <br> **Return**<br> (reflects no deduction for fees, expenses, <br> or taxes)<br>| 15.77<br> %<br>| 10.64<br> %<br>| 7.91<br> %<br>|  |
| **Dow Jones U.S. Total Stock Market Float** <br> **Adjusted Index**<br> (reflects no deduction for fees, expenses, <br> or taxes)<br>| 17.05 | 13.07 | 15.02 |  |

---

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* may 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.

**Investment Advisor**

The Vanguard Group, Inc. (Vanguard) through its wholly owned subsidiaries, Vanguard Capital Management (VCM) and Vanguard Portfolio Management (VPM), exercises portfolio management responsibilities for the Fund.

Portfolio Managers

Fei Xu, CFA, Portfolio Manager at VPM. He has co-managed the Fund since its inception in 2019.

Joshua C. Barrickman, CFA, Principal of Vanguard and Portfolio Manager at VCM. He has co-managed the Fund since its inception in 2019.

------

**Purchase and Sale of Fund Shares**

If you invest directly with Vanguard, you may purchase or redeem shares online through our website (*vanguard.com*), by mail (The Vanguard Group, P.O. Box 982901, El Paso, TX 79998-2901), or by telephone (800-662-2739). The minimum investment amount required to open a Fund account for Admiral Shares is generally $50,000. The minimum investment amount required to add to an existing Fund account is generally $1.

Financial intermediaries, institutional clients, and Vanguard-advised clients should contact Vanguard for information on special eligibility rules that may apply to them regarding Admiral Shares. If you invest in Vanguard fund shares indirectly through an intermediary (including investing in shares through a brokerage account offered by Vanguard Brokerage Services<sup>®</sup>), please contact that firm directly for more information regarding your eligibility. If you invest in Vanguard fund shares through an employer-sponsored retirement or savings plan, your plan administrator or your benefits office can provide you with detailed information on how you can invest through your plan.

**Tax Information**

The Fund's distributions may be taxable as ordinary income or capital gains. If you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement or savings plan, special tax rules apply. You should consult your own tax advisor with respect to any particular U.S. or non-U.S. tax consequences of your investment in the Fund.

**Payments to Financial Intermediaries**

The Fund and its advisor do not pay financial intermediaries for sales of Fund shares.

------

This page intentionally left blank.

------

This page intentionally left blank.

------

*CFA*<sup>®</sup> is a registered trademark owned by CFA Institute.

"Bloomberg<sup>®</sup>" and Bloomberg Commodity Index Total Return (the "Index") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg"), and have been licensed for use for certain purposes by Vanguard.

Vanguard Commodity Strategy Fund (the "Fund") is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities or commodities generally or in the Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Index, which are determined, composed and calculated by BISL without regard to Vanguard or the Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the Fund into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing, price, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to customers of the Fund, in connection with the administration, marketing or trading of the Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE FUND OR INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

Vanguard Commodity Strategy Fund Admiral Shares — Fund Number 517

To request additional information about the Fund, please visit *vanguard.com* or contact us at 800-662-7447.© 2026 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

SP 517 022026

------