NPORT-P false 0000313850 XXXXXXXX S000065757 C000212612 VANGUARD TRUSTEES' EQUITY FUND 811-02968-99 0000313850 549300EQOO1PY5885755 100 Vanguard Boulevard Malvern 19355 610-669-1000 VANGUARD COMMODITY STRATEGY FUND S000065757 5493001YCD27JTQEBR52 2026-10-31 2026-01-31 N 2139319094.98 115488.13 2139203606.85 0.00000000 381193749.85000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 43095852.62000000 USD N Bloomberg Commodity Index Total Return BCOMTR United States Treasury Bill 254900HROIFWPRGM1V77 912797SB4 11650000.00000000 PA USD 11605299.65000000 0.542505613436 Long DBT UST US N 2 2026-03-12 None 0.00000000 N N N N N N United States Treasury Bill 254900HROIFWPRGM1V77 912797SC2 61700000.00000000 PA USD 61376486.54000000 2.869127854097 Long DBT UST US N 2 2026-03-26 None 0.00000000 N N N N N N N/A N/A N/A 459339.28600000 NC USD 2688788.45000000 0.125691095573 N/A DCO N/A N 2 MERRILL LYNCH INTERNATIONAL GGDZP1UYGU9STUHRDP48 BofA Merrill Lynch Commodity MLBXAKSV Excess Return Strategy MLBXAKSVUS Y Receive positive return on reference instrument 2026-02-03 0.00000000 USD 0.00000000 USD 45000000.00000000 USD 2688788.45000000 N N N N/A N/A N/A 129990.16000000 NC USD 458072.32000000 0.021413217448 N/A DCO N/A N 2 ROYAL BANK OF CANADA ES7IP3U3RHIGC71XBU11 RBC Commodity RBCSVBW1 Excess Return Strategy RBCSVBW1 Y Receive positive return on reference instrument 2026-02-11 0.00000000 USD 0.00000000 USD 40000000.00000000 USD 458072.32000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CDC2 72668150.24000000 PA USD 72600023.85000000 3.393787464527 Long SN UST US N 2 2026-10-15 Fixed 0.12500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912828ZZ6 73990347.20000000 PA USD 70678122.69000000 3.303945564773 Long SN UST US N 2 2030-07-15 Fixed 0.12500000 N N N N N N N/A N/A N/A 1823596.44500000 NC USD 7309886.35000000 0.341710640660 N/A DCO N/A N 2 ROYAL BANK OF CANADA ES7IP3U3RHIGC71XBU11 RBC Commodity RBCACB23 Excess Return Strategy RBCACB23 Y Receive positive return on reference instrument 2026-02-11 0.00000000 USD 0.00000000 USD 245000000.00000000 USD 7309886.40000000 N N N N/A N/A N/A 552487.71400000 NC USD 10167381.68000000 0.475288170207 N/A DCO N/A N 2 CANADIAN IMPERIAL BANK OF COMMERCE 2IGI19DL77OX0HC3ZE78 CIBC Commodity CIBZC51EC Excess Return Strategy CIBZC51E Y Receive positive return on reference instrument 2026-02-03 0.00000000 USD 0.00000000 USD 220000000.00000000 USD 10167381.70000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CKL4 77131239.75000000 PA USD 79529539.24000000 3.717717144143 Long SN UST US N 2 2029-04-15 Fixed 2.12500000 N N N N N N N/A N/A N/A 1053267.53100000 NC USD 6746494.51000000 0.315374118124 N/A DCO N/A N 2 MACQUARIE GROUP LIMITED ACMHD8HWFMFUIQQ8Y590 Macquarie Commodity MQCP170E Excess Return Strategy MQCP170E Y Receive positive return on reference instrument 2026-02-11 0.00000000 USD 0.00000000 USD 250000000.00000000 USD 6746494.50000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912828S50 64443006.38000000 PA USD 64583975.46000000 3.019066312958 Long SN UST US N 2 2026-07-15 Fixed 0.12500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CGW5 73560059.93000000 PA USD 73916366.47000000 3.455321701651 Long SN UST US N 2 2028-04-15 Fixed 1.25000000 N N N N N N N/A N/A N/A 633673.61600000 NC USD 6566949.79000000 0.306981054490 N/A DCO N/A N 2 BARCLAYS BANK PLC G5GSEF7VJP5I7OUK5573 BBG Cmdty 2 M Fwd BCOMF2 Y Receive positive return on reference instrument 2026-02-11 0.00000000 USD 0.00000000 USD 190000000.00000000 USD 6566949.80000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CNB3 83297974.95000000 PA USD 84566967.12000000 3.953198603873 Long SN UST US N 2 2030-04-15 Fixed 1.62500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912828Y38 58442114.93000000 PA USD 58327969.88000000 2.726620771076 Long SN UST US N 2 2028-07-15 Fixed 0.75000000 N N N N N N N/A N/A N/A 371189.73700000 NC USD 6677146.59000000 0.312132354705 N/A DCO N/A N 2 MERRILL LYNCH INTERNATIONAL GGDZP1UYGU9STUHRDP48 BofA Merrill Lynch Commodity MLBXSTGV Excess Return Strategy MLCILP3E Y Receive positive return on reference instrument 2026-02-03 0.00000000 USD 0.00000000 USD 115000000.00000000 USD 6677146.60000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912810PZ5 25734394.72000000 PA USD 26805990.87000000 1.253082725934 Long SN UST US N 2 2029-01-15 Fixed 2.50000000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CFR7 74543874.65000000 PA USD 75696975.21000000 3.538558693880 Long SN UST US N 2 2027-10-15 Fixed 1.62500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912810PS1 29485500.72000000 PA USD 29907051.09000000 1.398046029570 Long SN UST US N 2 2027-01-15 Fixed 2.37500000 N N N N N N United States Treasury Bill 254900HROIFWPRGM1V77 912797SL2 29500000.00000000 PA USD 29306111.25000000 1.369954274392 Long DBT UST US N 2 2026-04-09 None 0.00000000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CLV1 80345326.88000000 PA USD 81964787.37000000 3.831556150500 Long SN UST US N 2 2029-10-15 Fixed 1.62500000 N N N N N N N/A N/A N/A 1708910.66700000 NC USD 12326885.32000000 0.576237123036 N/A DCO N/A N 2 SOCIETE GENERALE O2RNE8IBXP4R0TD8PU41 Societe Generale Commodity SGIXCSB1 Excess Return Strategy SGIXCSB1 Y Receive positive return on reference instrument 2026-02-03 0.00000000 USD 0.00000000 USD 210000000.00000000 USD 12326885.30000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912810PV4 27837211.46000000 PA USD 28278692.10000000 1.321926160251 Long SN UST US N 2 2028-01-15 Fixed 1.75000000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 9128285W6 50446816.02000000 PA USD 50182758.22000000 2.345861705697 Long SN UST US N 2 2029-01-15 Fixed 0.87500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CCA7 52581029.14000000 PA USD 52529680.61000000 2.455571804469 Long SN UST US N 2 2026-04-15 Fixed 0.12500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 9128282L3 65970411.53000000 PA USD 65759099.73000000 3.073999105060 Long SN UST US N 2 2027-07-15 Fixed 0.37500000 N N N N N N United States Treasury Bill 254900HROIFWPRGM1V77 912797PV3 36500000.00000000 PA USD 36334381.25000000 1.698500373393 Long DBT UST US N 2 2026-03-19 None 0.00000000 N N N N N N Vanguard Cmt Funds-Vanguard Market Liquidity Fund 1I6HV0TLSTR3A4XQ6L78 N/A 212778048.56000000 NS USD 212778048.56000000 9.946601056517 Long STIV CORP US N 1 N N N United States Treasury Bill 254900HROIFWPRGM1V77 912797QD2 100900000.00000000 PA USD 100166499.38000000 4.682420086580 Long DBT UST US N 2 2026-04-16 None 0.00000000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912828V49 58518010.75000000 PA USD 58252851.01000000 2.723109236702 Long SN UST US N 2 2027-01-15 Fixed 0.37500000 N N N N N N N/A N/A N/A 308234.08800000 NC USD 2742975.15000000 0.128224127017 N/A DCO N/A N 2 GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 Modified Strategy DBS18 on the Bloomberg Commodity Index ENHGBS8P Y Receive positive return on reference instrument 2026-02-19 0.00000000 USD 0.00000000 USD 120000000.00000000 USD 2742975.20000000 N N N N/A N/A N/A 86889.57900000 NC USD 487650.38000000 0.022795884339 N/A DCO N/A N 2 BARCLAYS BANK PLC G5GSEF7VJP5I7OUK5573 BBG Commodity BCOM Y Receive positive return on reference instrument 2026-02-11 0.00000000 USD 0.00000000 USD 10000000.00000000 USD 487650.38000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912810FH6 32727956.24000000 PA USD 35543071.69000000 1.661509525142 Long SN UST US N 2 2029-04-15 Fixed 3.87500000 N N N N N N N/A N/A N/A 1791892.25600000 NC USD 2770803.00000000 0.129524977946 N/A DCO N/A N 2 GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 Goldman Sachs Commodity i-Select Strategy 1129 ABGS1129 Y Receive positive return on reference instrument 2026-02-19 0.00000000 USD 0.00000000 USD 205000000.00000000 USD 2770803.00000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CJH5 75730208.95000000 PA USD 78688420.24000000 3.678397885457 Long SN UST US N 2 2028-10-15 Fixed 2.37500000 N N N N N N N/A N/A N/A 754297.05300000 NC USD 6044333.14000000 0.282550624010 N/A DCO N/A N 2 MERRILL LYNCH INTERNATIONAL GGDZP1UYGU9STUHRDP48 BBG Commodity BCOM Y Receive positive return on reference instrument 2026-02-03 0.00000000 USD 0.00000000 USD 85000000.00000000 USD 6044333.14000000 N N N N/A N/A N/A 209304.23100000 NC USD 909468.74000000 0.042514360815 N/A DCO N/A N 2 GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 BBG Cmdty 3 M Fwd BCOMF3 Y Receive positive return on reference instrument 2026-02-19 0.00000000 USD 0.00000000 USD 70000000.00000000 USD 909468.74000000 N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 9128283R9 67290968.95000000 PA USD 66728458.17000000 3.119313091859 Long SN UST US N 2 2028-01-15 Fixed 0.50000000 N N N N N N United States Treasury Bill 254900HROIFWPRGM1V77 912797SN8 12200000.00000000 PA USD 12094449.63000000 0.565371598630 Long DBT UST US N 2 2026-04-30 None 0.00000000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 9128287D6 59493867.95000000 PA USD 57997225.33000000 2.711159664479 Long SN UST US N 2 2029-07-15 Fixed 0.25000000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912828Z37 67197980.01000000 PA USD 64462811.89000000 3.013402356072 Long SN UST US N 2 2030-01-15 Fixed 0.12500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CBF7 35022897.60000000 PA USD 33047387.28000000 1.544845342172 Long SN UST US N 2 2031-01-15 Fixed 0.12500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CEJ6 74337284.23000000 PA USD 73570680.99000000 3.439162160834 Long SN UST US N 2 2027-04-15 Fixed 0.12500000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 91282CPH8 85374862.30000000 PA USD 84994676.94000000 3.973192484709 Long SN UST US N 2 2030-10-15 Fixed 1.12500000 N N N N N N N/A N/A N/A 2096501.47500000 NC USD 13963328.78000000 0.652734911968 N/A DCO N/A N 2 MERRILL LYNCH INTERNATIONAL GGDZP1UYGU9STUHRDP48 BofA Merrill Lynch Commodity MLBXSTGV Excess Return Strategy MLBXSTGV Y Receive positive return on reference instrument 2026-02-03 0.00000000 USD 0.00000000 USD 215000000.00000000 USD 13963328.80000000 N N N United States Treasury Bill 254900HROIFWPRGM1V77 912797SM0 50400000.00000000 PA USD 50000160.17000000 2.337325909973 Long DBT UST US N 2 2026-04-23 None 0.00000000 N N N N N N United States Treasury Inflation Indexed Bonds 254900HROIFWPRGM1V77 912810FD5 28438445.14000000 PA USD 30049216.30000000 1.404691736858 Long SN UST US N 2 2028-04-15 Fixed 3.62500000 N N N N N N 2026-03-30 VANGUARD TRUSTEES' EQUITY FUND Ashley Grim Ashley Grim Treasurer XXXX