Report of Independent Accountants
To the Board of Trustees of Vanguard Trustees’ Equity Fund
We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that the fund listed within Attachment A (the “Fund”) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (“the Act”) (the “specified requirements”) as of January 23, 2026. The Fund’s management is responsible for its assertion and the Fund’s compliance with the specified requirements. Our responsibility is to express an opinion on management's assertion about the Fund’s compliance with the specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management’s assertion is fairly stated in all material respects. The nature, timing and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management’s assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
Included among our procedures were the following tests performed as of January 23, 2026, and with respect to agreement of security purchases and sales or maturities, for the period noted within Attachment A:
| - | Confirmation of all securities held on VAST, the recordkeeping system used by the Fund’s transfer agent, in book entry form without prior notice to management; |
| - | Reconciliation of all such securities to the books and records of the Fund and VAST; and |
| - | Agreement of 2 security purchases and 2 security sales or maturities from the books and records of the Fund to VAST. |
Our examination does not provide a legal determination on the Fund’s compliance with the specified requirements.
We are required to be independent and to meet our ethical responsibilities in accordance with relevant ethical requirements related to the engagement.
In our opinion, management's assertion that the Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of January 23, 2026, with respect to securities reflected in the investment account of the Fund is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
September 22, 2026
| PricewaterhouseCoopers LLP, 2001 Market Street, Suite 1800, Philadelphia, PA 19103 +1 (267) 330 3000 |
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Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940
We, as members of management of the fund listed within Attachment A (the “Fund”), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies, of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of January 23, 2026, and for the periods noted within Attachment A.
Based on this evaluation, we assert that the Fund was in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of January 23, 2026, and for the periods noted within Attachment A, with respect to securities reflected in the investment accounts of the Fund.
The Vanguard Funds
| By: | /s/ Christine Buchanan | |
| Christine Buchanan | ||
| Chief Financial Officer of the Fund | ||
| September 22, 2026 | ||
| /s/ Salim Ramji | ||
| Salim Ramji | ||
| Chief Executive Officer of the Fund | ||
| September 22, 2026 |
Attachment A
| Vanguard Fund of Funds | Period |
| Vanguard Trustees' Equity Fund: | |
| Vanguard Diversified Equity Fund | 08/20/2025 1 – 01/23/2026 |
1 Date of our last evaluation