Vanguard Trustees' Equity Fund NPORT-P Vanguard Commodity Strategy Fund (Jul 2024 report)

Vanguard^® Commodity Strategy Fund

Consolidated Schedule of Investments (unaudited)

As of July 31, 2024

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.

		Coupon	Maturity Date	Face Amount ($000)	Market Value ($000)
U.S. Government and Agency Obligations (77.1%)
U.S. Government Securities (77.1%)
	United States Treasury Inflation Indexed Bonds	0.125%	10/15/24	45,738	45,309
	United States Treasury Inflation Indexed Bonds	0.250%	1/15/25	46,925	45,921
	United States Treasury Inflation Indexed Bonds	2.375%	1/15/25	31,985	31,605
	United States Treasury Inflation Indexed Bonds	0.125%	4/15/25	37,495	36,452
	United States Treasury Inflation Indexed Bonds	0.375%	7/15/25	51,379	50,102
	United States Treasury Inflation Indexed Bonds	0.125%	10/15/25	45,618	44,185
	United States Treasury Inflation Indexed Bonds	0.625%	1/15/26	42,887	41,587
	United States Treasury Inflation Indexed Bonds	2.000%	1/15/26	20,518	20,291
	United States Treasury Inflation Indexed Bonds	0.125%	4/15/26	35,233	33,774
	United States Treasury Inflation Indexed Bonds	0.125%	7/15/26	43,181	41,481
	United States Treasury Inflation Indexed Bonds	0.125%	10/15/26	48,760	46,673
	United States Treasury Inflation Indexed Bonds	0.375%	1/15/27	40,073	38,357
	United States Treasury Inflation Indexed Bonds	2.375%	1/15/27	19,887	19,978
	United States Treasury Inflation Indexed Bonds	0.125%	4/15/27	49,812	47,220
	United States Treasury Inflation Indexed Bonds	0.375%	7/15/27	44,332	42,434
	United States Treasury Inflation Indexed Bonds	1.625%	10/15/27	49,950	49,606
	United States Treasury Inflation Indexed Bonds	0.500%	1/15/28	45,274	43,152
	United States Treasury Inflation Indexed Bonds	1.750%	1/15/28	18,763	18,655
	United States Treasury Inflation Indexed Bonds	1.250%	4/15/28	49,327	48,171
	United States Treasury Inflation Indexed Bonds	3.625%	4/15/28	19,208	20,352
	United States Treasury Inflation Indexed Bonds	0.750%	7/15/28	39,411	37,939
	United States Treasury Inflation Indexed Bonds	2.375%	10/15/28	50,757	52,041
	United States Treasury Inflation Indexed Bonds	0.875%	1/15/29	33,802	32,487
	United States Treasury Inflation Indexed Bonds	2.500%	1/15/29	17,327	17,844
	United States Treasury Inflation Indexed Bonds	2.125%	4/15/29	52,645	53,410
	United States Treasury Inflation Indexed Bonds	3.875%	4/15/29	22,290	24,348
	United States Treasury Inflation Indexed Bonds	0.250%	7/15/29	39,323	36,687
Total U.S. Government and Agency Obligations (Cost $1,043,634)					1,020,061
				Shares
Temporary Cash Investments (33.1%)
Money Market Fund (9.2%)
1	Vanguard Market Liquidity Fund	5.390%		1,216,042	121,592
			Maturity Date	Face Amount ($000)
U.S. Government and Agency Obligations (23.9%)
2	United States Treasury Bill	5.346%	8/1/24	32,950	32,945
2	United States Treasury Bill	5.214%	8/13/24	550	549
2	United States Treasury Bill	5.317%	8/20/24	4,320	4,308
2	United States Treasury Bill	5.380%	8/27/24	10,200	10,161
2,3	United States Treasury Bill	5.333%	9/3/24	41,800	41,598
2	United States Treasury Bill	5.325%	9/10/24	10,100	10,041
2	United States Treasury Bill	5.327%	9/12/24	25,600	25,442
2,3	United States Treasury Bill	5.306%	9/24/24	23,700	23,513
2	United States Treasury Bill	5.291%	10/1/24	2,300	2,280
2,3	United States Treasury Bill	5.254%	10/3/24	40,000	39,638
2,3	United States Treasury Bill	5.290%	10/10/24	31,000	30,688
2,3	United States Treasury Bill	5.264%	10/22/24	33,500	33,106
2,3	United States Treasury Bill	5.256%	10/24/24	15,250	15,067

Vanguard^® Commodity Strategy Fund

		Coupon	Maturity Date	Face Amount ($000)	Market Value ($000)
2	United States Treasury Bill	5.219%	10/31/24	48,250	47,622
					316,958
Total Temporary Cash Investments (Cost $438,536)					438,550
Total Investments (110.2%) (Cost $1,482,170)					1,458,611
Other Assets and Liabilities—Net (-10.2%)					(134,605)
Net Assets (100%)					1,324,006
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.
2	Security is owned by the Vanguard CSF Portfolio, which is a wholly owned subsidiary of the Commodity Strategy Fund.
3	Securities with a value of $65,036,000 have been segregated as collateral for open over-the-counter swap contracts.

Derivative Financial Instruments Outstanding as of Period End

Over-the-Counter Total Return Swaps
Reference Entity	Termination Date	Counterparty	Notional Amount ($000)	Fixed Interest Rate Received (Paid)1 (%)	Value and Unrealized Appreciation ($000)	Value and Unrealized (Depreciation)($000)
Bloomberg Commodity Index2	8/6/24	BANA	80,000	(0.060)	—	(3,788)
Bloomberg Commodity Index2	8/12/24	BARC	10,000	(0.100)	—	(398)
Bloomberg Commodity Index 2 Month Forward2	8/12/24	BARC	125,000	(0.110)	—	(4,443)
Bloomberg Commodity Index 3 Month Forward2	8/21/24	GSI	20,000	(0.120)	—	(429)
BofA Merrill Lynch Commodity MLBXAKSV Excess Return Strategy2,3	8/6/24	BANA	50,000	(0.170)	—	(2,409)
BofA Merrill Lynch Commodity MLBXSTGV Excess Return Strategy2,3	8/6/24	BANA	190,000	(0.110)	—	(8,064)
BofA Merrill Lynch Commodity MLCILP3E Excess Return Strategy2,3	8/6/24	BANA	130,000	(0.140)	—	(5,090)
CIBC Commodity CIBZC51EC Excess Return Strategy2,3	8/6/24	CIBC	160,000	(0.160)	—	(6,068)
Goldman Sachs Commodity i-Select Strategy 11292,3	8/21/24	GSI	190,000	(0.120)	—	(4,106)
Macquarie Commodity MQCP170E Excess Return Strategy2,3	8/12/24	MACQ	120,000	(0.150)	—	(4,166)
Modified Strategy DBS18 on the Bloomberg Commodity Index2,3	8/21/24	GSI	20,000	(0.120)	—	(665)
RBC Commodity RBCACB23 Excess Return Strategy2,3	8/12/24	RBC	115,000	(0.130)	—	(3,807)
RBC Commodity RBCSVBW1 Excess Return Strategy2,3	8/12/24	RBC	30,000	(0.160)	—	(967)
Societe Generale Commodity SGIXCSB1 Excess Return Strategy2,3	8/6/24	SOCG	135,000	(0.170)	—	(5,920)
					—	(50,320)

1	Fixed interest payment received/paid monthly.
2	Security is owned by the subsidiary.
3	Information on the components of the reference entity is available on www.vanguard.com.
	BANA—Bank of America, N.A.
	BARC—Barclays Bank plc.
	CIBC—Canadian Imperial Bank of Commerce.
	GSI—Goldman Sachs International.
	MACQ—Macquarie Bank Ltd.
	RBC—Royal Bank of Canada.
	SOCG—Société Generale.

A.

Basis for Consolidation: Vanguard CSF Portfolio commenced operations on June 25, 2019. The subsidiary is wholly owned by the fund and is a unit trust established in the Cayman Islands under the Trusts Law (2011 Revision) of the Cayman Islands, which is organized to invest in certain commodity-linked investments on behalf of the fund, consistent with the fund's investment objectives and policies. The commodity-linked investments and other investments held by the subsidiary are subject to the same risks that apply to similar investments if held directly by the fund. As of July 31, 2024, subsidiary comprises $234,012,000 or 18%, of the fund's net assets. All inter-fund transactions and balances (including the fund's investment in the subsidiary) have been eliminated, and the Consolidated Schedule of Investments includes all investments and other accounts of the subsidiary as if held directly by the fund.

B.

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. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. 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.

Vanguard^® Commodity Strategy Fund

C. Swap Contracts: The fund gains exposure to commodities through the subsidiary's investment in swaps that earn the total return on a specified commodity index. Under the terms of the swaps, the subsidiary receives the total return on the specified index (receiving the increase or paying the decrease in the value of the specified index), applied to a notional amount. The subsidiary also pays a fixed rate applied to the notional amount. At the same time, the fund invests an amount approximating the notional amount of the swaps in inflation-linked investments and high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the subsidiary. The subsidiary’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The subsidiary mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the subsidiary cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the subsidiary may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the subsidiary under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the subsidiary's net assets decline below a certain level, triggering a payment by the subsidiary if the subsidiary is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the subsidiary has pledged. Any securities pledged as collateral for open contracts are noted in the Consolidated Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

D. Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Consolidated Schedule of Investments.

The following table summarizes the market value of the fund’s investments and derivatives as of July 31, 2024, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
U.S. Government and Agency Obligations	—	1,020,061	—	1,020,061
Temporary Cash Investments	121,592	316,958	—	438,550
Total	121,592	1,337,019	—	1,458,611
Derivative Financial Instruments
Liabilities
Swap Contracts	—	50,320	—	50,320