# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0000313850-25-000063
**Filing Date:** 2025-9
**Character Count:** 24838
**Document Hash:** 0914e412d03995e04faa6ad4f870fa75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313850-25-000063.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000313850-25-000063

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**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:** 251343516

**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 Global Environmental Opportunities Stock Fund (Series ID: S000077938)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000238629 | Investor Shares | VEOIX           |
| C000238630 | Admiral Shares  | VEOAX           |

## Nport-Ex

Vanguard<sup>®</sup> Global Environmental Opportunities Stock Fund

#### Schedule of Investments (unaudited)
As of July 31, 2025

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.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (97.3%)** | **Common Stocks (97.3%)** | **Common Stocks (97.3%)** | **Common Stocks (97.3%)** |
| **Brazil (1.4%)** | **Brazil (1.4%)** | **Brazil (1.4%)** | **Brazil (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;181155 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| **Canada (3.8%)** | **Canada (3.8%)** | **Canada (3.8%)** | **Canada (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43415 | &nbsp;&nbsp;&nbsp;&nbsp; 3193 |
| **China (10.8%)** | **China (10.8%)** | **China (10.8%)** | **China (10.8%)** |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110359 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Yadea Group Holdings Ltd. | 1872000 | &nbsp;&nbsp;&nbsp;&nbsp; 2946 |
|  | &nbsp;&nbsp;&nbsp;Xiamen Faratronic Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;145375 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9189** |
| **Denmark (12.0%)** | **Denmark (12.0%)** | **Denmark (12.0%)** | **Denmark (12.0%)** |
|  | &nbsp;&nbsp;&nbsp;Novonesis Novozymes B Class B | &nbsp;&nbsp;&nbsp;&nbsp;68413 | &nbsp;&nbsp;&nbsp;&nbsp; 4426 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Orsted A/S | &nbsp;&nbsp;&nbsp;&nbsp;62537 | &nbsp;&nbsp;&nbsp;&nbsp; 2948 |
|  | &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;155286 | &nbsp;&nbsp;&nbsp;&nbsp; 2835 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**10209** |
| **France (4.7%)** | **France (4.7%)** | **France (4.7%)** | **France (4.7%)** |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;15471 | &nbsp;&nbsp;&nbsp;&nbsp; 4004 |
| **Germany (4.0%)** | **Germany (4.0%)** | **Germany (4.0%)** | **Germany (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;87331 | &nbsp;&nbsp;&nbsp;&nbsp; 3431 |
| **India (4.2%)** | **India (4.2%)** | **India (4.2%)** | **India (4.2%)** |
|  | &nbsp;&nbsp;&nbsp;Power Grid Corp. of India Ltd. | 1084258 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |
| **Italy (0.4%)** | **Italy (0.4%)** | **Italy (0.4%)** | **Italy (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Industrie De Nora SpA | &nbsp;&nbsp;&nbsp;&nbsp;42292 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
| **Japan (2.3%)** | **Japan (2.3%)** | **Japan (2.3%)** | **Japan (2.3%)** |
|  | &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88100 | &nbsp;&nbsp;&nbsp;&nbsp; 1950 |
| **Netherlands (1.9%)** | **Netherlands (1.9%)** | **Netherlands (1.9%)** | **Netherlands (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;11761 | &nbsp;&nbsp;&nbsp;&nbsp; 1589 |
| **Spain (4.7%)** | **Spain (4.7%)** | **Spain (4.7%)** | **Spain (4.7%)** |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | &nbsp;&nbsp;&nbsp;&nbsp;228643 | &nbsp;&nbsp;&nbsp;&nbsp; 4019 |
| **Sweden (2.3%)** | **Sweden (2.3%)** | **Sweden (2.3%)** | **Sweden (2.3%)** |
|  | &nbsp;&nbsp;&nbsp;Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;128255 | &nbsp;&nbsp;&nbsp;&nbsp; 1953 |
| **Taiwan (8.6%)** | **Taiwan (8.6%)** | **Taiwan (8.6%)** | **Taiwan (8.6%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | &nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp; 5352 |
|  | &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7355** |
| **United Kingdom (6.3%)** | **United Kingdom (6.3%)** | **United Kingdom (6.3%)** | **United Kingdom (6.3%)** |
|  | &nbsp;&nbsp;&nbsp;Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;57642 | &nbsp;&nbsp;&nbsp;&nbsp; 1984 |
|  | &nbsp;&nbsp;&nbsp;Spirax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;22026 | &nbsp;&nbsp;&nbsp;&nbsp; 1840 |
|  | &nbsp;&nbsp;&nbsp;Spectris plc | &nbsp;&nbsp;&nbsp;&nbsp;29422 | &nbsp;&nbsp;&nbsp;&nbsp; 1545 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5369** |
| **United States (29.9%)** | **United States (29.9%)** | **United States (29.9%)** | **United States (29.9%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74066 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16352 | &nbsp;&nbsp;&nbsp;&nbsp; 4957 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;20227 | &nbsp;&nbsp;&nbsp;&nbsp; 4162 |
|  | &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;31755 | &nbsp;&nbsp;&nbsp;&nbsp; 3580 |
|  | &nbsp;&nbsp;&nbsp;Tetra Tech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92927 | &nbsp;&nbsp;&nbsp;&nbsp; 3414 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9877 | &nbsp;&nbsp;&nbsp;&nbsp; 2263 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15638 | &nbsp;&nbsp;&nbsp;&nbsp; 1845 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**25484** |
| **Total Common Stocks (Cost $75,876)** | **Total Common Stocks (Cost $75,876)** | **Total Common Stocks (Cost $75,876)** | &nbsp;&nbsp;&nbsp;&nbsp;**82847** |
| **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** |
| **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.367% **(Cost $1,232)** | &nbsp;&nbsp;&nbsp;&nbsp;12326 | &nbsp;&nbsp;&nbsp;&nbsp; **1233** |
| **Total Investments (98.8%) (Cost $77,108)** | **Total Investments (98.8%) (Cost $77,108)** | **Total Investments (98.8%) (Cost $77,108)** | &nbsp;&nbsp;&nbsp;&nbsp;**84080** |
| **Other Assets and Liabilities—Net (1.2%)** | **Other Assets and Liabilities—Net (1.2%)** | **Other Assets and Liabilities—Net (1.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1036** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**85116** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2025, the aggregate value was $5,894, representing 6.9% of net assets. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |

---

**A.** 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. Equity securities are valued at the latest quoted sales
prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices.
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. These procedures include obtaining quotations from an independent pricing
service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds),
between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or
published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

**B.** Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's
pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased,
combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses)
until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

**C.** Various inputs may be used to determine the value of the fund's investments. 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 valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments as of July 31, 2025, 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 |  |  |  |  |
| Common Stocks—North and South America | 29877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;29877 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;52970 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;52970 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1233 |
| Total | 31110 | &nbsp;&nbsp;&nbsp;52970 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;84080 |

---

## 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 GLOBAL ENVIRONMENTAL OPPORTUNITIES STOCK FUND

- **b. EDGAR series identifier (if any):** S000077938

- **c. LEI of Series:** 549300ZYF0ULQZN9TC76

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $85333428.06

**Total Liabilities:** $1059674.14

**Net Assets:** $84273753.92

**Cash Not Reported:** $8415.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238629 | 5.22%                | 5.25%                | -0.41%               |
| Class ID C000238630 | 5.22%                | 5.27%                | -0.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $497920.58               | $3289045.85                                |
| Month 2  | $38757.44                | $3900440.25                                |
| Month 3  | $-99894.03               | $-435505.54                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Power Grid Corp of India Ltd                      | POWER GRID CORP                | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               | CORP              | IN        |   1084258 | NS      | $3584304.65   | 4.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Waste Management Inc                              | WASTE MANAGEMENT               | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      9877 | NS      | $2263413.32   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiamen Faratronic Co Ltd                          | XIAMEN FARATRO-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    145375 | NS      | $2213428.23   | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                           | VESTAS WIND SYST               | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |    158022 | NS      | $2885179.85   | 3.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd                  | CANADIAN PACIFIC               | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     43415 | NS      | $3192832.35   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                           | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    139000 | NS      | $5351396.10   | 6.35%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                | NEXTERA ENERGY                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     74066 | NS      | $5263129.96   | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                      | AUTODESK INC                   | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     16352 | NS      | $4956454.72   | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax Group PLC                                  | SPIRAX GROUP PLC               | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |     22026 | NS      | $1840683.04   | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrie De Nora SpA                             | INDUSTRIE DE NOR               | CUSIP: N/A<br>LEI: 815600CD933CB2F89862       | Long             | EC               | CORP              | IT        |     42292 | NS      | $317676.23    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted AS                                         | ORSTED A/S                     | CUSIP: N/A<br>LEI: W9NG6WMZIYEU8VEDOG48       | Long             | EC               | CORP              | DK        |     64582 | NS      | $3043846.31   | 3.61%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Shimadzu Corp                                     | SHIMADZU CORP                  | CUSIP: J72165129<br>LEI: 353800Y64Z08WEH8PH97 | Long             | EC               | CORP              | JP        |     86100 | NS      | $1905967.61   | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| AECOM                                             | AECOM                          | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     31755 | NS      | $3580058.70   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                             | SCHNEIDER ELECTR               | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     15471 | NS      | $4003789.91   | 4.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                      | IBERDROLA SA                   | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |    228643 | NS      | $4018701.89   | 4.77%             |  |  |  | No            |                  2 | On Loan: No      |
| WEG SA                                            | WEG SA                         | CUSIP: N/A<br>LEI: 254900NKQV127YFRO022       | Long             | EC               | CORP              | BR        |    181155 | NS      | $1200571.84   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   1668462 | NS      | $1668295.05   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis (Novozymes) B                           | NOVONESIS (NOVOZ               | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     68413 | NS      | $4426150.97   | 5.25%             |  |  |  | No            |                  2 | On Loan: No      |
| AGCO Corp                                         | AGCO CORP                      | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     15638 | NS      | $1844814.86   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV                    | BE SEMICONDUCTOR               | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |     11761 | NS      | $1589048.52   | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A               | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    110359 | NS      | $4030352.43   | 4.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Tetra Tech Inc                                    | TETRA TECH INC                 | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     92927 | NS      | $3414137.98   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                                    | ATLAS COPCO-A                  | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |    128255 | NS      | $1953116.38   | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                          | INFINEON TECH                  | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |     87331 | NS      | $3430633.47   | 4.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Spectris PLC                                      | SPECTRIS PLC                   | CUSIP: G8338K104<br>LEI: 213800Z4CO2CZO3M3T10 | Long             | EC               | CORP              | GB        |     29422 | NS      | $1544940.66   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Voltronic Power Technology Corp                   | VOLTRONIC POWER                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     51000 | NS      | $2003256.56   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                           | CRODA INTL.                    | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     57642 | NS      | $1983902.43   | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Yadea Group Holdings Ltd                          | YADEA GROUP HOLD               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   1872000 | NS      | $2945748.91   | 3.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TE Connectivity PLC                               | TE CONNECTIVITY                | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | US        |     20227 | NS      | $4161705.25   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer