# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001752724-23-075051
**Filing Date:** 2023-3
**Character Count:** 13056
**Document Hash:** 76746d5489afeccac038c4baa5402959
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075051.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075051

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02968-99
- **FILM NUMBER:** 23784142

**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 Diversified Equity Fund (Series ID: S000011877)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000032457 | Investor Shares | VDEQX           |

## Nport-Ex

Vanguard<sup>®</sup> Diversified Equity Fund

Schedule of Investments (unaudited)

As of January 31, 2023

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;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Investment Companies (100.0%)** | **Investment Companies (100.0%)** | **Investment Companies (100.0%)** | **Investment Companies (100.0%)** |
| **U.S. Stock Funds (100.0%)** | **U.S. Stock Funds (100.0%)** | **U.S. Stock Funds (100.0%)** | **U.S. Stock Funds (100.0%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard U.S. Growth Fund Investor Shares | &nbsp;&nbsp;&nbsp;15543197 | &nbsp;&nbsp;&nbsp;&nbsp; 677372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Growth and Income Fund Investor Shares | &nbsp;&nbsp;&nbsp; 8836362 | &nbsp;&nbsp;&nbsp;&nbsp; 452510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Windsor Fund Investor Shares | &nbsp;&nbsp;&nbsp;20754144 | &nbsp;&nbsp;&nbsp;&nbsp; 452440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Windsor II Fund Investor Shares | &nbsp;&nbsp;&nbsp; 8543890 | &nbsp;&nbsp;&nbsp;&nbsp; 339876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Explorer Fund Investor Shares | &nbsp;&nbsp;&nbsp; 2210480 | &nbsp;&nbsp;&nbsp;&nbsp; 227923 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 5543341 | &nbsp;&nbsp;&nbsp;&nbsp; 114581 |
| **Total Investment Companies (Cost $1,724,580)** | **Total Investment Companies (Cost $1,724,580)** | **Total Investment Companies (Cost $1,724,580)** | &nbsp;&nbsp;&nbsp;&nbsp;**2264702** |
| **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.437% **(Cost $—)** | &nbsp;&nbsp;&nbsp; 1 | **—** |
| **Total Investments (100.0%) (Cost $1,724,580)** | **Total Investments (100.0%) (Cost $1,724,580)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2264702** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**283** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2264985** |

---

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.

------

A. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

B. 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.**

At January 31, 2023, 100% of the market value of the fund's investments was determined based on Level 1 inputs.

C. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Oct. 31, 2022<br> Market Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Jan. 31, 2023<br> Market Value<br> ($000) |
| Vanguard Explorer Fund | &nbsp;&nbsp;&nbsp;219915 | &nbsp;&nbsp;&nbsp;10483 | 10761 | (1908) | &nbsp;&nbsp;10194 | &nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp;9689 | &nbsp;&nbsp;&nbsp;&nbsp;227923 |
| Vanguard Growth and Income Fund | &nbsp;&nbsp;&nbsp;440104 | &nbsp;&nbsp;&nbsp;35413 | &nbsp;&nbsp;&nbsp;9464 | &nbsp;&nbsp;&nbsp;(896) | (12647) | &nbsp;&nbsp;3571 | &nbsp;&nbsp;31843 | &nbsp;&nbsp;&nbsp;&nbsp;452510 |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Vanguard Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp;107541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;(977) | &nbsp;&nbsp;&nbsp;8973 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;114581 |
| Vanguard U.S. Growth Fund | &nbsp;&nbsp;638320 | &nbsp;&nbsp;&nbsp;&nbsp;5770 | &nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | 33661 | &nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;677372 |
| Vanguard Windsor Fund | &nbsp;&nbsp;443595 | &nbsp;&nbsp;56798 | 34285 | &nbsp;&nbsp;1105 | (14773) | &nbsp;&nbsp;3695 | &nbsp;&nbsp;52563 | &nbsp;&nbsp;&nbsp;452440 |
| Vanguard Windsor II Fund | &nbsp;&nbsp;331267 | &nbsp;&nbsp;&nbsp;20164 | 15865 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;17482 | &nbsp;&nbsp;&nbsp;&nbsp;339876 |
| Total | 2180742 | 128903 | 71977 | (2384) | &nbsp;&nbsp;29418 | 13231 | 111577 | 2264702 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

## 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 DIVERSIFIED EQUITY FUND

- **b. EDGAR series identifier (if any):** S000011877

- **c. LEI of Series:** WNA1XO2D6S4XZ27ZD216

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $2266029617.26

**Total Liabilities:** $975499.77

**Net Assets:** $2265054117.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032457 | 4.86%                | -5.96%               | 8.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1093846.21              | $104710040.55                              |
| Month 2  | $110438427.77            | $-259232151.07                             |
| Month 3  | $-2477278.66             | $184064330.52                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vanguard Windsor II Fund                          | VANG-WNDS II-INV               | CUSIP: 922018205<br>LEI: EPRUJCUS7VDM55UDW365 | Long             | EC               | CORP              | US        |   8543889 | NS      | $339875922.60 | 15.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard US Growth Fund                           | VANG-US GR-INV                 | CUSIP: 921910105<br>LEI: 4IESARCYK2P68FL7C831 | Long             | EC               | CORP              | US        |  15543197 | NS      | $677372536.29 | 29.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Growth and Income Fund                   | VANG-GR & IN-INV               | CUSIP: 921913109<br>LEI: BZQEUHY2KE1ZMR7IWO60 | Long             | EC               | CORP              | US        |   8836362 | NS      | $452510101.40 | 19.98%            |  |  |  | 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        |         0 | NS      | $10.40        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Windsor Fund                             | VANG-WNDSR-INV                 | CUSIP: 922018106<br>LEI: L08WJCIQZ7NZJX1TTO71 | Long             | EC               | CORP              | US        |  20754144 | NS      | $452440347.00 | 19.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mid-Cap Growth Fund                      | VANG-M/C GR-INV                | CUSIP: 921946307<br>LEI: 67SKFI1ABVSKU3EAVL39 | Long             | EC               | CORP              | US        |   5543341 | NS      | $114580851.73 | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Explorer Fund                            | VANG-EXPL-INV                  | CUSIP: 921926101<br>LEI: HU38GZ7YQSV1LSOPIX38 | Long             | EC               | CORP              | US        |   2223074 | NS      | $229221184.89 | 10.12%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-30

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer