# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001752724-25-163115
**Filing Date:** 2025-6
**Character Count:** 24694
**Document Hash:** e1444eb4c01547630d26416378c1a486
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-163115.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-163115

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02968-99
- **FILM NUMBER:** 251090738

**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           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD TRUSTEES' EQUITY FUND

- **b. Investment Company Act file number:** 811-02968-99

- **c. CIK number of Registrant:** 0000313850

- **d. LEI of Registrant:** 549300EQOO1PY5885755

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD COMMODITY STRATEGY FUND

- **b. EDGAR series identifier (if any):** S000065757

- **c. LEI of Series:** 5493001YCD27JTQEBR52

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1892478400.18

**Total Liabilities:** $216038.80

**Net Assets:** $1892262361.38

**Amount of Assets Invested in Other Investment Companies:** $348766141.32

**Cash Not Reported:** $69576.45

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212612 | 1.24%                | 4.38%                | -4.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2828027.21             | $13554017.95                               |
| Month 2  | $658.73                  | $3423989.74                                |
| Month 3  | $55620.81                | $3662941.04                                |

**Designated Index Information**

- **Index Name:** Bloomberg Commodity Index Total Return

- **Index Identifier:** BCOMTR

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                               | TRSWAP: BCOMF3 INDEX           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    291613 | NC      | $-903475.72   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: ENHGBS8P INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    165695 | NC      | $52442.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  46300000 | PA      | $45960100.13  | 2.43%             | 2025-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: ABGS1129 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1858973 | NC      | $-1965901.41  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30350000 | PA      | $30102141.57  | 1.59%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLCILP3EE INDEX        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    478563 | NC      | $-7981669.66  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOMF2 INDEX           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    643898 | NC      | $-393936.60   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CDC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  67917052 | PA      | $67492570.31  | 3.57%             | 2026-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912828N71<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  59719309 | PA      | $59649325.04  | 3.15%             | 2026-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CKL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  73342634 | PA      | $75731998.71  | 4.00%             | 2029-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOM INDEX             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |     98852 | NC      | $-23200.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912828S50<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  60221945 | PA      | $60024341.33  | 3.17%             | 2026-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CGW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  68727110 | PA      | $69022421.82  | 3.65%             | 2028-04-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: SGIXCSB1 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    259285 | NC      | $-1587316.82  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912828Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  54603695 | PA      | $54198432.66  | 2.86%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797NE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  38950000 | PA      | $38918077.36  | 2.06%             | 2025-05-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  24153397 | PA      | $25279926.79  | 1.34%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MQCP170E INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    895900 | NC      | $-357553.62   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  69645180 | PA      | $71043524.14  | 3.75%             | 2027-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912810PS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  27682555 | PA      | $28417872.39  | 1.50%             | 2027-01-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  75441738 | PA      | $76682400.41  | 4.05%             | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOM INDEX             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    934636 | NC      | $-5670251.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797QA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23000000 | PA      | $22799229.09  | 1.20%             | 2025-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797PS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11450000 | PA      | $11386842.14  | 0.60%             | 2025-06-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: RBCSVBW1 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |     92644 | NC      | $-34889.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLBXSTGV INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   2697288 | NC      | $-14629604.27 | -0.77%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOMF2 INDEX           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |     93501 | NC      | $-371247.14   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912810PV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  26017271 | PA      | $26539648.98  | 1.40%             | 2028-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797NM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11175000 | PA      | $11147327.91  | 0.59%             | 2025-05-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  47118836 | PA      | $46559299.98  | 2.46%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797ND5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  42443000 | PA      | $42437989.18  | 2.24%             | 2025-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: RBCACB23 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1573710 | NC      | $-313640.41   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CCA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  49117974 | PA      | $48787963.02  | 2.58%             | 2026-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 9128282L3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  61735247 | PA      | $61296347.59  | 3.24%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        | 172035317 | NS      | $172018113.23 | 9.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797LB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12950000 | PA      | $12928722.37  | 0.68%             | 2025-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912828V49<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  55697542 | PA      | $55288513.00  | 2.92%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912810FH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  30620743 | PA      | $33694778.07  | 1.78%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CJH5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  70773682 | PA      | $73930851.66  | 3.91%             | 2028-10-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797PZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  72300000 | PA      | $71727785.99  | 3.79%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: SGIXCSB1 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1707779 | NC      | $-12860085.12 | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797PJ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3680000 | PA      | $3671764.97   | 0.19%             | 2025-05-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CAQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  63563564 | PA      | $63523836.71  | 3.36%             | 2025-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797NP8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5240000 | PA      | $5218425.03   | 0.28%             | 2025-06-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912810FS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  28541575 | PA      | $28789083.85  | 1.52%             | 2026-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  63060214 | PA      | $62242401.79  | 3.29%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  55572561 | PA      | $53466881.65  | 2.83%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: CIBZC51E INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    551356 | NC      | $-10844293.31 | -0.57%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  62780164 | PA      | $59265946.57  | 3.13%             | 2030-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912828XL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  71543316 | PA      | $71459476.23  | 3.78%             | 2025-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLBXAKSVUS INDEX       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    739605 | NC      | $-3875020.06  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797PT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  46700000 | PA      | $46403688.50  | 2.45%             | 2025-06-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  69450232 | PA      | $68441033.33  | 3.62%             | 2027-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797LN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11928000 | PA      | $11869065.78  | 0.63%             | 2025-06-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797PF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  56615000 | PA      | $56064136.05  | 2.96%             | 2025-07-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912810FD5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  26581642 | PA      | $28529577.89  | 1.51%             | 2028-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** VANGUARD TRUSTEES' EQUITY FUND

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer