# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0000313850-25-000114
**Filing Date:** 2025-12
**Character Count:** 24073
**Document Hash:** c74de2510c5230bb5e1e9ae5650ec909
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313850-25-000114.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000313850-25-000114

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251598964

**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:** 2025-10-31

**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:** $2124393371.79

**Total Liabilities:** $460578.36

**Net Assets:** $2123932793.43

**Amount of Assets Invested in Other Investment Companies:** $463998117.98

**Cash Not Reported:** $130221.38

**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 | 2.86%                | 1.78%                | 2.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $47638.55                | $13206472.05                               |
| Month 2  | $-23.72                  | $-4728077.60                               |
| Month 3  | $37888223.62             | $-4629782.13                               |

**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: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12125000 | PA      | $12015703.19  | 0.57%             | 2026-01-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MQCP170E INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1101070 | NC      | $2211719.24   | 0.10%             |  |  |  | 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        |  73384635 | PA      | $72765452.27  | 3.43%             | 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        |  74720459 | PA      | $70911466.85  | 3.34%             | 2030-07-15      | 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        |  64564940 | PA      | $64360652.95  | 3.03%             | 2026-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  31600000 | PA      | $31380722.23  | 1.48%             | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29800000 | PA      | $29700691.50  | 1.40%             | 2025-12-04      | None          | 0.00%                 | 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        |  77943759 | PA      | $80123748.82  | 3.77%             | 2029-04-15      | Fixed         | 2.12%                 | 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        |  65078847 | PA      | $64702610.23  | 3.05%             | 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        |  74285930 | PA      | $74274322.51  | 3.50%             | 2028-04-15      | Fixed         | 1.25%                 | 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        |  84119264 | PA      | $85164182.78  | 4.01%             | 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        |  59019042 | PA      | $58525679.75  | 2.76%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: RBCSVBW1 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    108578 | NC      | $552173.55    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: ENHGBS8P INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    289387 | NC      | $811064.91    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12250000 | PA      | $12211662.65  | 0.57%             | 2025-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOM INDEX             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |     94509 | NC      | $141026.37    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOMF3 INDEX           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    229742 | NC      | $588139.73    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $15982777.76  | 0.75%             | 2025-11-13      | 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       |   1958068 | NC      | $2204784.94   | 0.10%             |  |  |  | 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        |  26068966 | PA      | $27111724.35  | 1.28%             | 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        |  75279384 | PA      | $76173326.76  | 3.59%             | 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        |  29845421 | PA      | $30227815.94  | 1.42%             | 2027-01-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLBXAKSVUS INDEX       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    588643 | NC      | $778008.95    | 0.04%             |  |  |  | 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        |  81137145 | PA      | $82474639.58  | 3.88%             | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: CIBZC51E INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    648775 | NC      | $4293458.35   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: ABGS1129 INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   1922114 | NC      | $1592855.89   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLCILP3EE INDEX        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    477334 | NC      | $2506101.06   | 0.12%             |  |  |  | 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        |  28112760 | PA      | $28444402.48  | 1.34%             | 2028-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  31700000 | PA      | $31546651.25  | 1.49%             | 2025-12-18      | 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        |  50943897 | PA      | $50390678.16  | 2.37%             | 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        |  53099291 | PA      | $52732159.35  | 2.48%             | 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        |  66620604 | PA      | $65949193.15  | 3.11%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28000000 | PA      | $27786231.76  | 1.31%             | 2026-01-15      | 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        | 174356722 | NS      | $174356721.66 | 8.21%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Inflation Indexed Bonds    | TSY INFL IX N/B                | CUSIP: 912828V49<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  59903447 | PA      | $59243572.44  | 2.79%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  56200000 | PA      | $55876490.88  | 2.63%             | 2025-12-26      | None          | 0.00%                 | 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        |  33051281 | PA      | $35927774.80  | 1.69%             | 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        |  76477370 | PA      | $79273573.33  | 3.73%             | 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       |    906042 | NC      | $2220347.62   | 0.10%             |  |  |  | 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        |  30890814 | PA      | $30872713.67  | 1.45%             | 2026-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: MLBXSTGV INDEX         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |   2669925 | NC      | $5372690.12   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797RX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5700000 | PA      | $5673719.81   | 0.27%             | 2025-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 109500000 | PA      | $108798287.87 | 5.12%             | 2026-01-02      | None          | 0.00%                 | 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        |  67954512 | PA      | $66919267.15  | 3.15%             | 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        |  60080066 | PA      | $58132157.12  | 2.74%             | 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        |  67861884 | PA      | $64659651.58  | 3.04%             | 2030-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797RZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14900000 | PA      | $14808582.24  | 0.70%             | 2025-12-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  74000000 | PA      | $73382511.44  | 3.46%             | 2026-01-22      | 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        |  75070574 | PA      | $73774432.79  | 3.47%             | 2027-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| N/A                                               | TRSWAP: BCOMF2 INDEX           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | N/A       |    721723 | NC      | $1992893.91   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3900000 | PA      | $3892845.14   | 0.18%             | 2025-11-20      | 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       |   1957902 | NC      | $4026426.46   | 0.19%             |  |  |  | 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        |  28718015 | PA      | $30360326.05  | 1.43%             | 2028-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                       | TREASURY BILL                  | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11750000 | PA      | $11701877.17  | 0.55%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer