# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001683863-23-000713
**Filing Date:** 2023-2
**Character Count:** 5858
**Document Hash:** 5103632ea735bb89ed1ec27677b31317
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000713.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001683863-23-000713

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TRUSTEES' EQUITY FUND
- **CENTRAL INDEX KEY:** 0000313850
- **IRS NUMBER:** 232120820
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-65955-99
- **FILM NUMBER:** 23623178

**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 Alternative Strategies Fund (Series ID: S000049301)

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|  |  |  |
|:---|:---|:---|
| Class Name      | Ticker Symbol | Class ID   |
| Investor Shares | VASFX         | C000155622 |

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## Series and Classes Contracts Data

### Vanguard Alternative Strategies Fund (Series ID: S000049301)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000155622 | Investor Shares | VASFX           |

![](vanguard.jpg)

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

**Vanguard Alternative Strategies Fund**

**Supplement Dated February 14, 2023, to the Prospectus and Summary Prospectus Dated February 25, 2022**

**Important Changes to Vanguard Alternative Strategies Fund (the Fund)**

On February 14, 2023, the board of trustees of the Fund approved a proposal to liquidate and dissolve the Fund on or about April 19, 2023 (the liquidation date). In anticipation of the liquidation and dissolution, the Fund will be closed to new investors on February 14, 2023, and to new investments from existing investors on April 14, 2023.

On the liquidation date, the Fund will redeem all of its outstanding shares at the net asset value of such shares. On the same date, all outstanding shares of the Fund will be canceled, and the Fund will cease operations as a mutual fund.

In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches.

Prior to the liquidation, the Fund may declare and pay its shareholders of record one or more dividends or other distributions of its investment company taxable income and may (but is not expected to) declare and pay shareholders of record one or more distributions of its net realized capital gains.

The liquidation and dissolution are not expected to result in income tax liability for the Fund. The Fund may pay its liquidating distribution in more than one installment. Any liquidation proceeds paid to shareholders should generally be treated as received in exchange for their shares and will therefore generally give rise to a capital gain or loss, depending on their basis in the shares. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2023 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.PS 1298A 022023

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![](sai-046a022023_final1x1.jpg)

**Vanguard Trustees' Equity Fund**

**Supplement Dated February 14, 2023, to the Statement of Additional Information Dated February 25, 2022**

**Important Changes to Vanguard Alternative Strategies Fund (the Fund)**

On February 14, 2023, the board of trustees of the Fund approved a proposal to liquidate and dissolve the Fund on or about April 19, 2023 (the liquidation date). In anticipation of the liquidation and dissolution, the Fund will be closed to new investors on February 14, 2023, and to new investments from existing investors on April 14, 2023.

On the liquidation date, the Fund will redeem all of its outstanding shares at the net asset value of such shares. On the same date, all outstanding shares of the Fund will be canceled, and the Fund will cease operations as a mutual fund.

In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches.

Prior to the liquidation, the Fund may declare and pay its shareholders of record one or more dividends or other distributions of its investment company taxable income and may (but is not expected to) declare and pay shareholders of record one or more distributions of its net realized capital gains.

The liquidation and dissolution are not expected to result in income tax liability for the Fund. The Fund may pay its liquidating distribution in more than one installment. Any liquidation proceeds paid to shareholders should generally be treated as received in exchange for their shares and will therefore generally give rise to a capital gain or loss, depending on their basis in the shares. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.

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| | |
|:---|:---|
|© 2023 The Vanguard Group, Inc. All rights reserved. | **SAI 046A 022023** |
| Vanguard Marketing Corporation, Distributor. | **SAI 046A 022023** |

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