# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0000313850-26-000065
**Filing Date:** 2026-3
**Character Count:** 42626
**Document Hash:** 358226713312b073d6fa3140125dce28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313850-26-000065.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000313850-26-000065

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**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:** 26819662

**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           |

## Nport-Ex

Vanguard<sup>®</sup> Commodity Strategy Fund

#### Consolidated Schedule of Investments (unaudited)
As of January 31, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **U.S. Government and Agency Obligations (76.2%)** | **U.S. Government and Agency Obligations (76.2%)** | **U.S. Government and Agency Obligations (76.2%)** | **U.S. Government and Agency Obligations (76.2%)** | **U.S. Government and Agency Obligations (76.2%)** | **U.S. Government and Agency Obligations (76.2%)** |
| **U.S. Government Securities (76.2%)** | **U.S. Government Securities (76.2%)** | **U.S. Government Securities (76.2%)** | **U.S. Government Securities (76.2%)** | **U.S. Government Securities (76.2%)** | **U.S. Government Securities (76.2%)** |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55391 | &nbsp;&nbsp; 55337 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 68493 | &nbsp;&nbsp; 68643 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 77235 | &nbsp;&nbsp; 77162 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 62196 | &nbsp;&nbsp; 61914 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 31339 | &nbsp;&nbsp; 31787 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 79009 | &nbsp;&nbsp; 78195 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 69749 | &nbsp;&nbsp; 69526 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 79229 | &nbsp;&nbsp; 80455 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 71401 | &nbsp;&nbsp; 70804 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 29541 | &nbsp;&nbsp; 30009 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 78086 | &nbsp;&nbsp; 78464 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30226 | &nbsp;&nbsp; 31938 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 61882 | &nbsp;&nbsp; 61761 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80490 | &nbsp;&nbsp; 83634 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 53617 | &nbsp;&nbsp; 53337 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 27353 | &nbsp;&nbsp; 28492 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 81504 | &nbsp;&nbsp; 84038 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 34642 | &nbsp;&nbsp; 37622 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 63233 | &nbsp;&nbsp; 61642 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85395 | &nbsp;&nbsp; 87116 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 71422 | &nbsp;&nbsp; 68515 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 88532 | &nbsp;&nbsp; 89881 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 78640 | &nbsp;&nbsp; 75120 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 90741 | &nbsp;&nbsp; 90337 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 81086 | &nbsp;&nbsp; 76512 |
| **Total U.S. Government and Agency Obligations (Cost $1,614,581)** | **Total U.S. Government and Agency Obligations (Cost $1,614,581)** | **Total U.S. Government and Agency Obligations (Cost $1,614,581)** | **Total U.S. Government and Agency Obligations (Cost $1,614,581)** | **Total U.S. Government and Agency Obligations (Cost $1,614,581)** | **1632241** |
|  |  |  |  | &nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (26.0%)** | **Temporary Cash Investments (26.0%)** | **Temporary Cash Investments (26.0%)** | **Temporary Cash Investments (26.0%)** | **Temporary Cash Investments (26.0%)** | **Temporary Cash Investments (26.0%)** |
| **Money Market Fund (11.9%)** | **Money Market Fund (11.9%)** | **Money Market Fund (11.9%)** | **Money Market Fund (11.9%)** | **Money Market Fund (11.9%)** | **Money Market Fund (11.9%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3.704% |  | &nbsp;&nbsp;&nbsp;&nbsp;2557965 | &nbsp;&nbsp; 255797 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) |  |
| **U.S. Government and Agency Obligations (14.1%)** | **U.S. Government and Agency Obligations (14.1%)** | **U.S. Government and Agency Obligations (14.1%)** | **U.S. Government and Agency Obligations (14.1%)** | **U.S. Government and Agency Obligations (14.1%)** | **U.S. Government and Agency Obligations (14.1%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;3.583%–3.615% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11650 | &nbsp;&nbsp; 11605 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 3.567% | &nbsp;&nbsp;&nbsp;&nbsp; 3/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36500 | &nbsp;&nbsp; 36334 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 3.583% | &nbsp;&nbsp;&nbsp;&nbsp; 3/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 61700 | &nbsp;&nbsp; 61377 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 3.553% | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29500 | &nbsp;&nbsp; 29306 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;3.575%–3.607% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100900 | &nbsp;&nbsp; 100167 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 3.626% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50400 | &nbsp;&nbsp; 50000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12200 | &nbsp;&nbsp; 12094 |
| **** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **300883** |
| **Total Temporary Cash Investments (Cost $556,647)** | **Total Temporary Cash Investments (Cost $556,647)** | **Total Temporary Cash Investments (Cost $556,647)** | **Total Temporary Cash Investments (Cost $556,647)** | **Total Temporary Cash Investments (Cost $556,647)** | &nbsp;&nbsp;&nbsp;**556680** |
| **Total Investments (102.2%) (Cost $2,171,228)** | **Total Investments (102.2%) (Cost $2,171,228)** | **Total Investments (102.2%) (Cost $2,171,228)** | **Total Investments (102.2%) (Cost $2,171,228)** | **Total Investments (102.2%) (Cost $2,171,228)** | **2188921** |
| **Other Assets and Liabilities—Net (-2.2%)** | **Other Assets and Liabilities—Net (-2.2%)** | **Other Assets and Liabilities—Net (-2.2%)** | **Other Assets and Liabilities—Net (-2.2%)** | **Other Assets and Liabilities—Net (-2.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(47194)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **2141727** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| 1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 2 | Security is owned by the Vanguard CSF Portfolio, which is a wholly owned subsidiary of the Commodity Strategy Fund. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Fixed<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Bloomberg Commodity Index<sup>2</sup> | &nbsp;&nbsp;&nbsp;2/3/2026 | &nbsp;&nbsp;&nbsp;MLI | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;(0.060) | &nbsp;&nbsp;&nbsp;6041 | &nbsp;&nbsp;&nbsp;— |
| Bloomberg Commodity Index<sup>2</sup> | 2/11/2026 | &nbsp;&nbsp;&nbsp;BARC | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;(0.100) | &nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;— |
| Bloomberg Commodity Index 2 Month Forward<sup>2</sup> | 2/11/2026 | &nbsp;&nbsp;&nbsp;BARC | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;(0.110) | &nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;— |
| Bloomberg Commodity Index 3 Month Forward<sup>2</sup> | 2/19/2026 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;(0.120) | &nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;— |
| BofA Merrill Lynch Commodity MLBXAKSV Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;2/3/2026 | &nbsp;&nbsp;&nbsp;MLI | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;(0.170) | &nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;— |
| BofA Merrill Lynch Commodity MLBXSTGV Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;2/3/2026 | &nbsp;&nbsp;&nbsp;MLI | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;(0.110) | &nbsp;&nbsp;&nbsp;13947 | &nbsp;&nbsp;&nbsp;— |
| BofA Merrill Lynch Commodity MLCILP3E Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;2/3/2026 | &nbsp;&nbsp;&nbsp;MLI | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;(0.140) | &nbsp;&nbsp;&nbsp;6666 | &nbsp;&nbsp;&nbsp;— |
| CIBC Commodity CIBZC51EC Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;2/3/2026 | &nbsp;&nbsp;&nbsp;CIBC | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;(0.160) | &nbsp;&nbsp;&nbsp;10143 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs Commodity i-Select Strategy 1129<sup>2,3</sup> | 2/19/2026 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;(0.120) | &nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;— |
| Macquarie Commodity MQCP170E Excess Return Strategy<sup>2,3</sup> | 2/11/2026 | &nbsp;&nbsp;&nbsp;MACQ | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;(0.150) | &nbsp;&nbsp;&nbsp;6729 | &nbsp;&nbsp;&nbsp;— |
| Modified Strategy DBS18 on the Bloomberg Commodity Index<sup>2,3</sup> | 2/19/2026 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;(0.120) | &nbsp;&nbsp;&nbsp;2739 | &nbsp;&nbsp;&nbsp;— |
| RBC Commodity RBCACB23 Excess Return Strategy<sup>2,3</sup> | 2/11/2026 | &nbsp;&nbsp;&nbsp;RBC | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;(0.130) | &nbsp;&nbsp;&nbsp;7295 | &nbsp;&nbsp;&nbsp;— |
| RBC Commodity RBCSVBW1 Excess Return Strategy<sup>2,3</sup> | 2/11/2026 | &nbsp;&nbsp;&nbsp;RBC | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;(0.160) | &nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;— |
| Societe Generale Commodity SGIXCSB1 Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;2/3/2026 | &nbsp;&nbsp;&nbsp;SOCG | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;(0.170) | &nbsp;&nbsp;&nbsp;12303 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;79718 | &nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| 1 | Fixed interest payment received/paid monthly. |
| 2 | Security is owned by the subsidiary. |
| 3 | Information on the components of the reference entity is available on www.vanguard.com. |
|  | BARC—Barclays Bank plc. |
|  | CIBC—Canadian Imperial Bank of Commerce. |
|  | GSI—Goldman Sachs International. |
|  | MACQ—Macquarie Bank Ltd. |
|  | MLI—Merrill Lynch International. |
|  | RBC—Royal Bank of Canada. |
|  | SOCG—Société Generale. |

---

At January 31, 2026, the counterparties had deposited in segregated accounts securities with a value of $148,774 and cash of $16,770 in connection with open over-the-counter swap contracts.

**A.** Basis for Consolidation: Vanguard CSF Portfolio ("the subsidiary") commenced operations on June 25, 2019. The subsidiary is wholly owned by the fund and is a unit trust established in the Cayman Islands under the
Trusts Law (2011 Revision) of the Cayman Islands, which is organized to invest in certain commodity-linked investments on behalf of the fund, consistent with the fund's investment objectives and policies. The
commodity-linked investments and other investments held by the subsidiary are subject to the same risks that apply to similar investments if held directly by the fund. As of January 31, 2026, subsidiary comprises
$381,237,000 or 18%, of the fund's net assets. All inter-fund transactions and balances (including the fund's investment in the subsidiary) have been eliminated, and the Consolidated Schedule of Investments includes
all investments and other accounts of the subsidiary as if held directly by the fund.

**B.** Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using
the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in
Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the
fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

**C.** Swap Contracts: The fund gains exposure to commodities through the subsidiary's investment in swaps that earn the total return on a specified commodity index. Under the terms of the
swaps, the subsidiary receives the total return on the specified index (receiving the increase or paying the decrease in the value of the specified index), applied to a notional amount. The subsidiary also pays a
fixed rate applied to the notional amount. At the same time, the fund invests an amount approximating the notional amount of the swaps in inflation-linked investments and high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the subsidiary. The subsidiary's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The subsidiary mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the subsidiary cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the subsidiary may terminate any swap contracts with that counterparty, determine the net amount owed

------

by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the subsidiary under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the subsidiary's net assets decline below a certain level, triggering a payment by the subsidiary if the subsidiary is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the subsidiary has pledged. Any securities pledged as collateral for open contracts are noted in the Consolidated Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

**D.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Consolidated Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1632241 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1632241 |
| Temporary Cash Investments | 255797 | &nbsp;&nbsp;&nbsp;&nbsp;300883 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;556680 |
| Total | 255797 | &nbsp;&nbsp;&nbsp;1933124 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2188921 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;79718 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;79718 |

---

## 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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $2139319094.98

**Total Liabilities:** $115488.13

**Net Assets:** $2139203606.85

**Amount of Assets Invested in Other Investment Companies:** $381193749.85

**Cash Not Reported:** $43095852.62

**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 | 2.40%                | 0.31%                | 8.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28215143.20             | $-1034326.48                               |
| Month 2  | $29308359.69             | $-4613873.03                               |
| Month 3  | $79284175.95             | $12802551.93                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797SB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11650000 | PA      | $11605299.65  | 0.54%             | 2026-03-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797SC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  61700000 | PA      | $61376486.54  | 2.87%             | 2026-03-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLBXAKSVUS INDEX       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    459339 | NC      | $2688788.45   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: RBCSVBW1 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    129990 | NC      | $458072.32    | 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        |  72668150 | PA      | $72600023.85  | 3.39%             | 2026-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912828ZZ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  73990347 | PA      | $70678122.69  | 3.30%             | 2030-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: RBCACB23 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1823596 | NC      | $7309886.35   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: CIBZC51E INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    552488 | NC      | $10167381.68  | 0.48%             |  |  |  | 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        |  77131240 | PA      | $79529539.24  | 3.72%             | 2029-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MQCP170E INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1053268 | NC      | $6746494.51   | 0.32%             |  |  |  | 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        |  64443006 | PA      | $64583975.46  | 3.02%             | 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        |  73560060 | PA      | $73916366.47  | 3.46%             | 2028-04-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOMF2 INDEX           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    633674 | NC      | $6566949.79   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  83297975 | PA      | $84566967.12  | 3.95%             | 2030-04-15      | Fixed         | 1.62%                 | 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        |  58442115 | PA      | $58327969.88  | 2.73%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLCILP3EE INDEX        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    371190 | NC      | $6677146.59   | 0.31%             |  |  |  | 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        |  25734395 | PA      | $26805990.87  | 1.25%             | 2029-01-15      | Fixed         | 2.50%                 | 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        |  74543875 | PA      | $75696975.21  | 3.54%             | 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        |  29485501 | PA      | $29907051.09  | 1.40%             | 2027-01-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29500000 | PA      | $29306111.25  | 1.37%             | 2026-04-09      | None          | 0.00%                 | 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        |  80345327 | PA      | $81964787.37  | 3.83%             | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: SGIXCSB1 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1708911 | NC      | $12326885.32  | 0.58%             |  |  |  | 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        |  27837211 | PA      | $28278692.10  | 1.32%             | 2028-01-15      | Fixed         | 1.75%                 | 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        |  50446816 | PA      | $50182758.22  | 2.35%             | 2029-01-15      | Fixed         | 0.88%                 | 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        |  52581029 | PA      | $52529680.61  | 2.46%             | 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        |  65970412 | PA      | $65759099.73  | 3.07%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  36500000 | PA      | $36334381.25  | 1.70%             | 2026-03-19      | None          | 0.00%                 | 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        | 212778049 | NS      | $212778048.56 | 9.95%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 100900000 | PA      | $100166499.38 | 4.68%             | 2026-04-16      | 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        |  58518011 | PA      | $58252851.01  | 2.72%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: ENHGBS8P INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    308234 | NC      | $2742975.15   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOM INDEX             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |     86890 | NC      | $487650.38    | 0.02%             |  |  |  | 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        |  32727956 | PA      | $35543071.69  | 1.66%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: ABGS1129 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1791892 | NC      | $2770803.00   | 0.13%             |  |  |  | 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        |  75730209 | PA      | $78688420.24  | 3.68%             | 2028-10-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOM INDEX             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    754297 | NC      | $6044333.14   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOMF3 INDEX           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    209304 | NC      | $909468.74    | 0.04%             |  |  |  | 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        |  67290969 | PA      | $66728458.17  | 3.12%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12200000 | PA      | $12094449.63  | 0.57%             | 2026-04-30      | None          | 0.00%                 | 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        |  59493868 | PA      | $57997225.33  | 2.71%             | 2029-07-15      | Fixed         | 0.25%                 | 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        |  67197980 | PA      | $64462811.89  | 3.01%             | 2030-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  35022898 | PA      | $33047387.28  | 1.54%             | 2031-01-15      | Fixed         | 0.12%                 | 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        |  74337284 | PA      | $73570680.99  | 3.44%             | 2027-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 91282CPH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  85374862 | PA      | $84994676.94  | 3.97%             | 2030-10-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLBXSTGV INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   2096501 | NC      | $13963328.78  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797SM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50400000 | PA      | $50000160.17  | 2.34%             | 2026-04-23      | 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        |  28438445 | PA      | $30049216.30  | 1.40%             | 2028-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer