Vanguard Commodity Strategy Fund

Supplement Dated November 8, 2021, to theProspectus Dated February 26, 2021

Important Changes to the Fund

The following replaces similar text under the heading “Investment Advisor” inthe Fund Summary section:

Portfolio Managers

Fei Xu, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund sinceits inception in 2019.

Joshua C. Barrickman, CFA, Principal of Vanguard and co-head of Vanguard’sFixed Income Indexing Americas. He has co-managed the Fund since itsinception in 2019.

Prospectus Text ChangesThe following replaces similar text under the heading “Investment Advisor” inthe More on the Fund section:

The managers primarily responsible for the day-to-day management of theFund are:

Fei Xu, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since2004, has managed investment portfolios since 2017, and has co-managed theFund since its inception in 2019. Education: B.S., Peking University; M.S.,University of California, Los Angeles; M.B.A., Duke University.

Joshua C. Barrickman, CFA, Principal of Vanguard and co-head of Vanguard’sFixed Income Indexing Americas. He has been with Vanguard since 1998, hasworked in investment management since 1999, has managed investmentportfolios since 2005, and has co-managed the Fund since its inception in 2019.Education: B.S., Ohio Northern University; M.B.A., Lehigh University.

The Fund’s Statement of Additional Information provides information about eachportfolio manager’s compensation, other accounts under management, andownership of shares of the Fund.

© 2021 The Vanguard Group, Inc. All rights reserved.Vanguard Marketing Corporation, Distributor. PS 517A 112021

CFA® is a registered trademark owned by CFA Institute

Vanguard Commodity Strategy FundProspectus

February 26, 2021

Admiral™ Shares

Vanguard Commodity Strategy Fund Admiral Shares (VCMDX)

See the inside front cover for important information about access to yourfund’s annual and semiannual shareholder reports.

This prospectus contains financial data for the Fund through the fiscal year ended October 31, 2020.

Neither the Securities and Exchange Commission (SEC) nor the Commodity Futures TradingCommission (CFTC) have approved or disapproved these securities or passed upon the adequacyof this prospectus. Any representation to the contrary is a criminal offense.

Important information about access to shareholder reports

Beginning on January 1, 2021, as permitted by regulations adopted by theSEC, paper copies of your fund’s annual and semiannual shareholder reportswill no longer be sent to you by mail, unless you specifically request them.Instead, you will be notified by mail each time a report is posted on thewebsite and will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, youwill not be affected by this change and do not need to take any action. You mayelect to receive shareholder reports and other communications from the fundelectronically by contacting your financial intermediary (such as a broker-dealeror bank) or, if you invest directly with the fund, by calling Vanguard at one ofthe phone numbers on the back cover of this prospectus or by logging on tovanguard.com.

You may elect to receive paper copies of all future shareholder reports free ofcharge. If you invest through a financial intermediary, you can contact theintermediary to request that you continue to receive paper copies. If you investdirectly with the fund, you can call Vanguard at one of the phone numbers onthe back cover of this prospectus or log on to vanguard.com. Your election toreceive paper copies will apply to all the funds you hold through anintermediary or directly with Vanguard.

Contents

Fund Summary 1

More on the Fund 8

The Fund and Vanguard 21

Investment Advisor 22

Dividends, Capital Gains, and Taxes 23

Share Price 27

Financial Highlights 28

Investing With Vanguard 29

Purchasing Shares 29

Redeeming Shares 32

Exchanging Shares 36

Frequent-Trading Limitations 36

Other Rules You Should Know 39

Fund and Account Updates 43

Employer-Sponsored Plans 44

Contacting Vanguard 45

Additional Information 46

Glossary of Investment Terms 47

Fund Summary

Investment ObjectiveThe Fund seeks to provide broad commodities exposure and capital appreciation.

Fees and ExpensesThe following table describes the fees and expenses you may pay if you buy,hold, and sell shares of the Fund. You may pay other fees, such as brokeragecommissions and other fees to financial intermediaries, which are not reflectedin the table and example below.

Shareholder Fees(Fees paid directly from your investment)

Sales Charge (Load) Imposed on Purchases NonePurchase Fee NoneSales Charge (Load) Imposed on Reinvested Dividends NoneRedemption Fee NoneAccount Service Fee Per Year(for certain fund account balances below $10,000) $20

Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment)

Management Fees 0.15%12b-1 Distribution Fee NoneOther Expenses 0.03%Acquired Fund Fees and Expenses 0.02%Total Annual Fund Operating Expenses 0.20%

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Example

The following example is intended to help you compare the cost of investing inthe Fund with the cost of investing in other mutual funds. It illustrates thehypothetical expenses that you would incur over various periods if you were toinvest $10,000 in the Fund’s shares. This example assumes that the Fundprovides a return of 5% each year and that total annual fund operating expensesremain as stated in the preceding table. You would incur these hypotheticalexpenses whether or not you were to redeem your investment at the end of thegiven period. Although your actual costs may be higher or lower, based on theseassumptions your costs would be:

1 Year 3 Years 5 Years 10 Years$20 $64 $113 $255

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sellssecurities (or “turns over” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs and may result in more taxes when Fundshares are held in a taxable account. These costs, which are not reflected inannual fund operating expenses or in the previous expense example, reduce theFund’s performance. During the most recent fiscal year, the Fund’s portfolioturnover rate was 38% of the average value of its portfolio.

Principal Investment StrategiesThe Fund’s advisor employs an active investment management approach toinvest the Fund’s assets in commodity-linked investments, which are backed by aportfolio of inflation-linked investments and other fixed income securities.

Commodities are real assets, including, but not limited to, agricultural products,livestock, precious and industrial metals, and energy products. The Fund investsin instruments that create long and short exposure to commodities, includingcommodity-linked total return swaps, commodity futures contracts and optionson commodity futures contracts, commodity-linked structured notes,exchange-traded commodity pools or funds, and other commodity-linkedderivative instruments. Particular commodity-linked investments may notnecessarily conform to the composition, weighting, roll dates, reset dates, orcontract months of the Fund’s benchmark index or any other commodity marketindex.

The Fund intends to gain exposure to commodities by investing in a whollyowned subsidiary organized under the laws of the Cayman Islands (the

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subsidiary), which in turn invests in commodity-linked investments and fixedincome securities. The Fund may also invest directly in commodity-linkedinvestments. The Fund will generally not invest more than 25% of its assets inthe subsidiary.

The Fund invests the remainder of its assets in inflation-indexed bonds issued bythe U.S. government, its agencies and instrumentalities, and corporations. TheFund may also invest in other fixed income securities, such as cash or cashequivalent investments and short-term bonds. At a minimum, all bondspurchased by the Fund will be investment-grade, or, if unrated, will beconsidered by the advisor to be investment-grade. The Fund’s fixed incomeinvestments may provide liquidity for the Fund or serve as margin or collateral forits commodity-linked investments.

The Fund’s use of certain commodity-linked investments is expected to have aleveraging effect on the Fund.

Principal RisksAn investment in the Fund could lose money over short, intermediate, or longperiods of time. Returns may vary substantially over time, and there can be noguarantee that the Fund will achieve its investment objective or that itsinvestment strategy will succeed.

The Fund’s investment strategy involves the use of leverage, so its investmentprogram may be considered speculative and is expected to involve considerablerisks. The Fund could lose money at any time and may underperform thecommodities markets during any given period, regardless of whether suchmarkets rise or fall.

The Fund is subject to the risks described below. Each of these risks, alone or incombination with other risks, has the potential to hurt the Fund’s performance,sometimes significantly, and the level of risk may vary based onmarket conditions.

• Commodity-linked investment risk, which is the chance that the Fund couldlose all, or substantially all, of its investments in instruments linked to the returnsof commodity investments. The commodities markets are volatile, and even asmall movement in market prices could cause large losses. Prices ofcommodity-linked investments have a historically low correlation with the returnsof the stock and bond markets and are subject to change based on a variety offactors that may not be anticipated by the Fund’s advisor.

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• Derivatives risk. The Fund’s direct and indirect commodity-linkedinvestments—such as commodity-linked total return swaps, commodity futurescontracts and options on commodity futures contracts, commodity-linkedstructured notes, exchange-traded commodity pools or funds, and othercommodity-linked derivative instruments—subject the Fund to risks associatedwith derivatives. The use of derivatives presents risks different from, andpossibly greater than, the risks associated with investing directly in traditionalsecurities. The use of derivatives can lead to losses because of adversemovements in the price or value of the underlying commodity or index.Derivative strategies often involve leverage, which may increase a loss,potentially causing the Fund to lose more money than it would have lost had itinvested in the underlying commodity or index. Also, a liquid market may notalways exist for the Fund’s derivative positions at times when the Fund mightwish to terminate or sell such positions. In addition, regulators and futuresexchanges have established limits, referred to as position limits, on themaximum net long or net short positions that any person may hold or control inparticular derivative contracts. Some contract positions, such as commodityfutures contracts, held by the Fund and/or the subsidiary may have to beliquidated at disadvantageous times or prices to avoid exceeding such positionlimits, which could adversely affect the Fund’s total return. The use of a derivativesubjects the investor to the risk of nonperformance by the counterparty (i.e.,counterparty risk), potentially resulting in delayed or partial payment or evennonpayment of amounts due under the derivative contract.

• Tax risk, which is the chance that the Fund’s commodity-linked investmentscould adversely affect the Fund’s status as a regulated investment company.

• Inflation-linked investment risks. The Fund’s annual income distributions arelikely to fluctuate considerably. Under certain conditions, the Fund may not haveany income to distribute. Overall, investors can expect income fluctuations to behigh for the Fund. The Fund is also subject to interest rate risk, which is thechance that the value of a bond will fluctuate because of a change in the level ofinterest rates. Although inflation-indexed bonds seek to provide inflationprotection, their prices may decline when interest rates rise and vice versa.

• Other fixed income investment risks. To the extent that the Fund invests inother fixed income securities, such as cash instruments or short-term bonds, theFund is subject to income risk, credit risk, and call risk. These risks are describedin the More on the Fund section of this prospectus.

• Subsidiary investment risk. The Fund is subject to risks associated withsubsidiary investments. In particular, because the subsidiary is not organized asa mutual fund and is not registered under any federal or state securities laws(including the Investment Company Act of 1940), it does not offer the sameinvestor protections available to shareholders of registered investment

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companies. In addition, the tax treatment of the Fund’s investment in thesubsidiary may be adversely affected by changes in the laws or regulations, orinterpretations of existing laws or regulations, of the United States and/or thejurisdiction of the subsidiary. The Fund’s ownership of the subsidiary subjects itto the same risks as if it were invested directly in the assets owned by thesubsidiary. Risks associated with the subsidiary’s underlying investments havebeen described elsewhere in this prospectus and include commodity-linkedinvestment risk, derivatives risk, tax risk, inflation-linked investment risks, otherfixed income investment risks, and manager risk.

• Leverage risk, which is the chance that any leveraged losses will exceed theprincipal amount invested by the Fund. Returns from a leveraged investmenthave the potential to be more volatile than returns from traditional stock andbond investments, which exposes the Fund to heightened risks.

• Manager risk, which is the chance that poor investment selection and/or poorstrategy execution will cause the Fund and/or the subsidiary to fail to achieve itsinvestment objective or generate lower returns than would be achieved fromdifferent investment selections. Poor investment selection by the advisor couldalso cause the Fund to underperform relevant benchmarks or other funds withsimilar investment objectives.

• Nondiversification risk, which is the chance that the Fund’s performance maybe hurt disproportionately by the poor performance of relatively fewinvestments. The Fund is considered nondiversified, which means that it mayinvest a greater percentage of its assets in the instruments of particular issuersas compared with diversified mutual funds.

An investment in the Fund is not a deposit of a bank and is not insured orguaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.

Annual Total ReturnsThe following bar chart and table are intended to help you understand the risksof investing in the Fund. The bar chart shows the performance of the Fund in itsfirst full calendar year. The table shows how the average annual total returns ofthe Fund compare with those of a relevant market index, which has investmentcharacteristics similar to those of the Fund. Keep in mind that the Fund’s pastperformance (before and after taxes) does not indicate how the Fund willperform in the future. Updated performance information is available on ourwebsite at vanguard.com/performance or by calling Vanguard toll-free at800-662-7447.

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Annual Total Returns — Vanguard Commodity Strategy Fund Admiral Shares

2020

0%

1%

2%

3%

4%

5%

6%5.07

During the period shown in the bar chart, the highest and lowest returns for acalendar quarter were:

Total Return QuarterHighest 11.29% December 31, 2020Lowest -21.02% March 31, 2020

Average Annual Total Returns for Periods Ended December 31, 2020

1 Year

SinceInception(Jun. 25,2019)

Vanguard Commodity Strategy Fund Admiral Shares

Return Before Taxes 5.07% 5.33%Return After Taxes on Distributions 4.85 5.02Return After Taxes on Distributions and Sale of Fund Shares 3.00 3.94Bloomberg Commodity Index Total Return(reflects no deduction for fees, expenses, or taxes) –3.12% –0.60%

Actual after-tax returns depend on your tax situation and may differ from thoseshown in the preceding table. When after-tax returns are calculated, it isassumed that the shareholder was in the highest individual federal marginalincome tax bracket at the time of each distribution of income or capital gains orupon redemption. State and local income taxes are not reflected in thecalculations. Please note that after-tax returns are not relevant for a shareholderwho holds fund shares in a tax-deferred account, such as an individual retirementaccount or a 401(k) plan. Also, figures captioned Return After Taxes onDistributions and Sale of Fund Shares may be higher than other figures for thesame period if a capital loss occurs upon redemption and results in an assumedtax deduction for the shareholder.

Investment AdvisorThe Vanguard Group, Inc. (Vanguard)

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Portfolio Managers

Anatoly Shtekhman, CFA, Portfolio Manager at Vanguard. He has co-managedthe Fund since its inception in 2019.

Fei Xu, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund sinceits inception in 2019.

Joshua C. Barrickman, CFA, Principal of Vanguard and co-head of Vanguard’sFixed Income Indexing Americas. He has co-managed the Fund since itsinception in 2019.

Purchase and Sale of Fund SharesYou may purchase or redeem shares online through our website (vanguard.com),by mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or bytelephone (800-662-2739). The minimum investment amount required to openand maintain a Fund account for Admiral Shares is $50,000. The minimuminvestment amount required to add to an existing Fund account is generally $1.Institutional clients should contact Vanguard for information on special eligibilityrules that may apply to them regarding Admiral Shares. If you are investingthrough an employer-sponsored retirement or savings plan, your planadministrator or your benefits office can provide you with detailed information onhow you can invest through your plan.

Tax InformationThe Fund’s distributions may be taxable as ordinary income or capital gain. If youare investing through a tax-advantaged account, such as an IRA or anemployer-sponsored retirement or savings plan, special tax rules apply.

Payments to Financial IntermediariesThe Fund and its investment advisor do not pay financial intermediaries for salesof Fund shares.

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More on the Fund

This prospectus describes the principal risks you would face as a Fundshareholder. It is important to keep in mind one of the main principles ofinvesting: generally, the higher the risk of losing money, the higher the potentialreward. The reverse, also, is generally true: the lower the risk, the lower thepotential reward. As you consider an investment in any mutual fund, you shouldtake into account your personal tolerance for fluctuations in the securitiesmarkets. Look for this symbol throughout the prospectus. It is used tomark detailed information about the more significant risks that you wouldconfront as a Fund shareholder. To highlight terms and concepts important tomutual fund investors, we have provided Plain Talk® explanations along the way.Reading the prospectus will help you decide whether the Fund is the rightinvestment for you. We suggest that you keep this prospectus forfuture reference.

Plain Talk About Fund Expenses

All mutual funds have operating expenses. These expenses, which arededucted from a fund’s gross income, are expressed as a percentage of thenet assets of the fund. Assuming that operating expenses remain as statedin the Fees and Expenses section, Vanguard Commodity Strategy Fund’sexpense ratio would be 0.20%, or $2.00 per $1,000 of average net assets.The average expense ratio for commodities general funds in 2019 was1.24%, or $12.40 per $1,000 of average net assets (derived from dataprovided by Lipper, a Thomson Reuters Company, which reports on themutual fund industry).

Plain Talk About Costs of Investing

Costs are an important consideration in choosing a mutual fund. That isbecause you, as a shareholder, pay a proportionate share of the costs ofoperating a fund and any transaction costs incurred when the fund buys orsells securities. These costs can erode a substantial portion of the grossincome or the capital appreciation a fund achieves. Even seemingly smalldifferences in expenses can, over time, have a dramatic effect on afund’s performance.

The following sections explain the principal investment strategies and policiesthat the Fund uses in pursuit of its investment objective. The Fund’s board oftrustees, which oversees the Fund’s management, may change investmentstrategies or policies in the interest of shareholders without a shareholder vote,

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unless those strategies or policies are designated as fundamental. Note that theFund’s investment objective is not fundamental and may be changed without ashareholder vote.

An investment in the Fund could lose money over any period of time.Returns may vary significantly over time, and there is no guarantee thatthe Fund will achieve its investment objective or that its investmentstrategy will succeed.

Market ExposureThe Fund seeks to provide broad commodities exposure and capital appreciation.To achieve this objective, the Fund’s advisor employs an active investmentmanagement approach to invest the Fund’s assets, either directly or indirectlythrough a wholly owned subsidiary, in commodity-linked investments. The Fund’scommodity-linked investments are backed by a portfolio of inflation-linkedinvestments and other fixed income securities.

• Commodity-Linked InvestmentsCommodities are real assets, including, but not limited to, agricultural products,livestock, precious and industrial metals, and energy products. The Fund doesnot invest in physical commodities, but rather in instruments that create bothlong and short exposure to commodities. These instruments includecommodity-linked total return swaps, commodity futures contracts and optionson commodity futures contracts, commodity-linked structured notes,exchange-traded commodity pools or funds, or other commodity-linkedderivative instruments. Particular commodity-linked investments may notnecessarily conform to the composition, weighting, roll dates, reset dates, orcontract months of the Fund’s benchmark index or any other commoditymarket index.

The Fund is subject to commodity-linked investment risk, which is thechance that the Fund could lose all, or substantially all, of its investmentsin instruments linked to the returns of commodity investments. Thecommodities markets are volatile, and even a small movement in marketprices could cause large losses. Prices of commodity-linked investmentshave a historically low correlation with the returns of the stock and bondmarkets and are subject to change based on a variety of factors that maynot be anticipated by the Fund’s advisor.

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Plain Talk About Commodities

Commodities are raw materials used to create the goods that consumersbuy. They include a wide range of physical assets, such as agriculturalproducts, livestock, precious metals, energy products, and industrial metals.Commodities can be purchased for immediate delivery (“on the spot”),delivery within a specific time period in the future under the terms of afutures contract, or utilizing a swap agreement. An exchange-tradedcommodity futures contract provides for the purchase and sale of a specifiedtype and quantity of a commodity during a stated delivery month. A futurescontract on an index of commodities provides for the payment and receipt ofcash based on the level of the index at settlement or liquidation of thecontract. Unlike equity securities, futures contracts, by their terms, havestated expirations, and at a specified time prior to expiration, trading in afutures contract for the current delivery month will cease. As a result, aninvestor wishing to maintain exposure to a futures contract on a particularcommodity with the nearest expiration must close out a position in theexpiring contract and establish a new position in the contract for the nextdelivery month. This process is referred to as “rolling.” An investor will profitfrom rolling a futures contract if the cost for the new contract is lower thanthe cost of the expiring contract. Conversely, an investor will lose money byrolling a futures contract if the cost for the new contract is higher than thecost of the expiring contract. A commodity swap agreement is an agreementbetween two parties, each a counterparty, to exchange payments atspecified dates on the basis of a specified amount with the paymentscalculated in reference to a specific commodity asset or index. The paymentswill be the net amount to be paid or received under the agreement based onthe relative values of the positions held by each counterparty. The swapagreement may be privately negotiated and entered into in theover-the-counter market or may be cleared through a clearinghouse andtraded on an exchange or swap execution facility.

The prices of commodity-linked investments are subject to change based onvarious factors, including, but not limited to, the following: lack of liquidity; globalsupply and demand for commodities; disorderly markets; limitations ondeliverable supplies; the participation of hedgers and speculators; domestic andforeign interest rates and investors’ expectations concerning interest rates;domestic and foreign inflation rates and investors’ expectations concerninginflation rates; investment and trading activities of institutional investors; globalor regional political, economic, or financial events and situations; governmentregulation and intervention; technical and operational or system failures; nuclearaccident; terrorism; and natural disasters.

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The Fund gains exposure to commodities primarily by investing in a whollyowned subsidiary organized under the laws of the Cayman Islands (thesubsidiary), which in turn invests in commodity-linked investments and fixedincome securities. The Fund may also invest directly in commodity-linkedinvestments. The subsidiary’s fixed income investments may include, but are notlimited to, inflation-indexed securities, cash and cash equivalent investments,money market instruments, or other short-term instruments. Fixed incomeinvestments provide liquidity for the subsidiary and may serve as margin orcollateral for the subsidiary’s commodity-linked investments. The Fund’sownership of the subsidiary exposes it to the same risks as if it were investeddirectly in the assets owned by the subsidiary.

The Fund is subject to subsidiary investment risk, which is the risk thatbecause the subsidiary is not registered under any federal or statesecurities laws, it does not offer the same investor protections availableto shareholders of registered investment companies.

The subsidiary is not organized as a mutual fund, i.e., it is not registered underany federal or state securities laws, including the Investment Company Act of1940 (1940 Act), and therefore is not subject to the investor protections of the1940 Act.

There is no assurance that the Fund will be permitted to continue to investindirectly in commodity-linked investments through the subsidiary. Changes inthe laws or regulations, or interpretations of existing laws or regulations, of theUnited States and/or the jurisdiction of the subsidiary could limit the Fund’sability to invest in the subsidiary, impact the way in which the subsidiaryoperates, increase the subsidiary’s expenses, or otherwise adversely affect theFund and/or the subsidiary. Moreover, the changes may be retroactive. Forexample, the subsidiary intends to operate in a manner that the Fund’s qualifyingincome requirement is met under current U.S. tax law. However, there is noassurance that future changes in this law, or interpretations of this law, will notadversely affect the Fund. Also, although the subsidiary is not expected to oweincome or other taxes in its jurisdiction of organization, if that jurisdiction’s taxlaws were changed and the subsidiary was required to pay taxes, the Fund’sinvestment returns may decrease. Because Vanguard receives asset-based feesfrom the subsidiary for services provided to the subsidiary, Fund assets investedin the subsidiary are excluded when allocating to the Fund its share of the costsof Vanguard’s operations.

Tax risk is the chance that the Fund’s commodity-linked investmentscould adversely affect the Fund’s regulated investment company status.

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The Fund’s ability to make direct and indirect investments in commodity-linkedinvestments, including in the subsidiary, is limited by the Fund’s intention toqualify as a regulated investment company (RIC) under the Internal RevenueCode of 1986, as amended (the IRC), including the requirement that 90% of theFund’s gross income for each taxable year constitute “qualifying income.”Additionally, as an RIC, the Fund may not invest more than 25% of its assets inthe subsidiary.

The Fund generally intends to gain direct or indirect exposure to thecommodities markets through investments that generate qualifying incomeunder the IRC by investing directly in commodity-linked investments the Fundbelieves give rise to qualifying income, or by investing indirectly incommodity-linked investments through the subsidiary. However, if the Funddoes not appropriately limit its investments in the subsidiary or incommodity-linked investments, or if the investments (or the income earned onthe investments) are recharacterized for U.S. tax purposes, the Fund’s status asan RIC may be jeopardized. Moreover, any recharacterization of theseinvestments (or the income earned on these investments) may be retroactive. Ifthe Fund were to fail to qualify as an RIC in any taxable year, the Fund would besubject to Fund-level taxation, reducing the amount of income available fordistribution to shareholders and reducing the net asset value of its shares.

Subsidiary manager risk is the chance that poor strategy execution willcause the subsidiary to fail to achieve its investment objective.

The subsidiary’s success will depend on its advisor’s ability to successfully investin commodity-linked investments, such as commodity futures andcommodity-linked total return swaps, and a combination of fixed incomeinvestments. The subsidiary is subject to the risk that it will not be successful inexecuting this strategy, and there is no guarantee that the subsidiary will achieveits investment objective. The subsidiary could lose money at any time.

The Fund’s direct and indirect commodity-linked investments—such ascommodity-linked total return swaps, commodities futures contracts andoptions on commodity futures contracts, commodity-linked structurednotes, exchange-traded commodity pools or funds, and othercommodity-linked derivative instruments—subject the Fund to risksassociated with derivatives. Investments in derivatives may involve risksdifferent from, and possibly greater than, those of investments directly inthe underlying commodities or assets.

Losses involving certain derivatives can sometimes be substantial or evengreater than the principal amount invested—in part because a relatively smallprice movement in such derivatives may result in an immediate and substantial

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loss to the investor. Derivatives also involve the risk of mispricing or impropervaluation and the risk that changes in the value of the derivative may notcorrelate perfectly with the underlying securities, assets, reference rates, orindexes. The market for many derivatives is, or can suddenly become, illiquid,which may result in significant, rapid, and unpredictable changes in the pricesfor derivatives.

The use of certain derivatives subjects the investor to counterparty risk, which isthe risk of nonperformance by the counterparty, potentially resulting in delayedor partial payment or even nonpayment of amounts due under the derivativecontract. There are typically contractual remedies that may be pursued under aderivatives agreement in the event of default by a counterparty. The Fund andthe subsidiary each expect to hold margin or collateral to secure the obligationsof a counterparty in an effort to mitigate this risk.

Plain Talk About Derivatives

Generally speaking, a derivative is a financial contract whose value is basedon the value of a financial asset (such as a stock, a bond, or a currency), aphysical asset (such as gold, oil, or wheat), a market index, or a referencerate. Some forms of derivatives—such as exchange-traded futures andoptions on securities, commodities, or indexes—have been trading onregulated exchanges for decades. These types of derivatives arestandardized contracts that can easily be bought and sold and whose marketvalues are determined and published daily. On the other hand,non-exchange-traded derivatives—such as certain swap agreements andforeign currency exchange forward contracts—tend to be more specialized orcomplex and may be less liquid and more difficult to accurately value.

Liquidity risk is the chance that the markets, assets, and instruments inwhich the Fund invests are, or may become, illiquid.

The advisor expects that the Fund generally will seek to invest in liquid markets,assets, and instruments, although the Fund may have the ability to invest aportion of its assets in markets, assets, or instruments that are or may becomeilliquid. There is no assurance that investments that were liquid when purchasedwill not suddenly become illiquid for an indefinite period of time.

The Fund’s use of commodity-linked derivative instruments is expected to have aleveraging effect on the Fund.

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Leverage risk is the chance that any leveraged losses will exceed theprincipal amount invested by the Fund. Returns from a leveragedinvestment have the potential to be more volatile than returns fromtraditional stock and bond investments, which exposes the Fund toheightened risks.

Leverage exists when an investor has the right to a return on a total investmentamount that exceeds the cash amount the investor contributed to theinvestment. Leverage magnifies the effect of gains and losses. The Fund’s lossesfrom its leveraged investments could be considerable.

Leverage-financing risk is the chance that the Fund will be unable toaccess and maintain financing sufficient to leverage its investments totargeted levels.

It is possible that the prime broker or other counterparties that finance theleverage employed by the Fund may not be willing or able to provide the level offinancing that the advisor believes is required to implement the Fund’sinvestment strategy.

• Inflation-Linked and Other Fixed Income InvestmentsThe Fund’s commodity-linked investments are backed by a portfolio ofinflation-linked investments and other fixed income securities. Theseinvestments include inflation-indexed securities issued by the U.S. government,its agencies and instrumentalities, and corporations. The Fund may also invest inother fixed income securities, such as cash or cash equivalent investments,short-term bonds, or other debt securities.

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Plain Talk About Inflation-Indexed Securities

Unlike a conventional bond, whose issuer makes regular fixed interestpayments and repays the face value of the bond at maturity, aninflation-indexed security (IIS) provides principal and interest payments thatare adjusted over time to reflect a rise (inflation) or a drop (deflation) in thegeneral price level for goods and services. This adjustment is a key feature,given that inflation has typically occurred. However, there have been periodsof deflation, such as in 1954 when the Consumer Price Index (CPI) declinedby 0.7%. (Source: Bureau of Labor Statistics.) Importantly, in the event ofdeflation, the U.S. Treasury has guaranteed that it will repay at least the facevalue of an IIS issued by the U.S. government. However, if an IIS ispurchased by a fund at a premium, deflation could cause a fund toexperience a loss.

Inflation measurement and adjustment for an IIS have two importantfeatures. There is a two-month lag between the time that inflation occurs inthe economy and when it is factored into IIS valuations. This is due to thetime required to measure and calculate the CPI and for the U.S. Treasury toadjust the inflation accrual schedules for an IIS. For example, inflation thatoccurs in January is calculated and announced during February and affectsIIS valuations throughout the month of March. In addition, the inflation indexused is the nonseasonally adjusted index. It differs from the CPI that isreported by most news organizations, which is statistically smoothed toovercome highs and lows observed at different points each year. The use ofthe nonseasonally adjusted index can cause a fund’s income level tofluctuate.

The Fund is subject to income fluctuations. The Fund’s annual incomedistributions are likely to fluctuate considerably. In fact, under certainconditions, the Fund may not have any income to distribute. Overall,investors can expect income fluctuations to be high for the Fund.

Although fluctuations in the Fund’s annual income distributions are expected tobe high, distributions should provide an income yield that adjusts with inflation.In periods of extreme deflation, the Fund may have no income to distribute. Ifprices throughout the economy decline, the principal and income of an IIS willdecline and could result in losses for the Fund.

Changes in interest rates can affect bond income as well as bond prices.

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Plain Talk About Inflation-Indexed Securities and Interest Rates

Interest rates on conventional bonds have two primary components: a “real”yield and an increment that reflects investor expectations of future inflation.By contrast, interest rates on an IIS are adjusted for inflation and, therefore,are not affected meaningfully by inflation expectations. This leaves only realinterest rates to influence the price of an IIS. A rise in real interest rates willcause the price of an IIS to fall, while a decline in real interest rates willboost the price of an IIS.

The Fund is subject to interest rate risk, which is the chance that the valueof a bond will fluctuate because of a change in the level of interest rates.Although inflation-indexed bonds seek to provide inflation protection,their prices may decline when interest rates rise and vice versa.

Plain Talk About Real Returns

Inflation-indexed securities are designed to provide a “real rate of return”—areturn after adjusting for the impact of inflation. Inflation—a rise in thegeneral price level—erodes the purchasing power of an investor’s portfolio.For example, if an investment provides a “nominal” total return of 5% in agiven year and inflation is 2% during that period, the inflation-adjusted, orreal, return is 3%. Investors should be conscious of both the nominal and thereal returns on their investments. Investors in inflation-indexed bond fundswho do not reinvest the portion of the income distribution that comes frominflation adjustments will not maintain the purchasing power of theinvestment over the long term. This is because interest earned depends onthe amount of principal invested, and that principal will not grow withinflation if the investor does not reinvest the principal adjustment paid out aspart of a fund’s income distributions.

At a minimum, all bonds in which the Fund invests will be ratedinvestment-grade, or, if unrated, will be considered by the advisor tobe investment-grade.

The Fund may be subject to credit risk, which is the chance that a bondissuer will fail to pay interest or principal in a timely manner or thatnegative perceptions of the issuer’s ability to make such payments willcause the price of that bond to decline.

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Plain Talk About Credit Quality

A bond’s credit quality rating is an assessment of the issuer’s ability to payinterest on the bond and, ultimately, to repay the principal. The lower thecredit quality, the greater the perceived chance that the bond issuer willdefault, or fail to meet its payment obligations. All things being equal, thelower a bond’s credit quality, the higher its yield should be to compensateinvestors for assuming additional risk.

To the extent that the Fund invests in other fixed income investments, such ascash instruments, short-term bonds, or other debt securities, the Fund is subjectto income risk and call risk.

The Fund may be subject to income risk, which is the chance that theFund’s income will decline because of falling interest rates. A fundholding bonds will experience a decline in income when interest rates fallbecause the fund then must invest new cash flow and cash frommaturing bonds in lower-yielding bonds. Income risk is generally higherfor funds holding short-term bonds than for funds holdinglong-term bonds.

The Fund may be subject to call risk, which is the chance that duringperiods of falling interest rates, issuers of callable bonds may call(redeem) securities with higher coupon rates or interest rates before theirmaturity dates. If the Fund holds a bond that is called, the Fund wouldthen lose any price appreciation above the bond’s call price and would beforced to reinvest the unanticipated proceeds at lower interest rates,resulting in a decline in the Fund’s income.

Market disruptions can adversely affect local and global markets as well asnormal market conditions and operations. Any such disruptions could have anadverse impact on the value of the Fund’s investments and Fund performance.

Security SelectionVanguard manages the Fund through the use of a continually evolving processthat was developed and is managed by Vanguard’s Quantitative Equity Group. Allpotential enhancements to the process go through rigorous vetting andvalidation before being implemented. The portfolio managers use the resultingprocess to determine which instruments to buy long and sell short forthe portfolio.

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The Fund is subject to manager risk, which is the chance that poorinvestment selections and/or poor strategy execution by the advisor willcause the Fund to fail to achieve its investment objective or to generatelower returns than would be achieved from different investmentselections. Poor investment selection by the advisor could also cause theFund to underperform relevant benchmarks or other funds with similarinvestment objectives.

While the Fund predominantly holds long positions, the Fund’s performancedepends on the net returns of its long and short positions. It is possible for theFund to experience a net loss across all positions. If the Fund’s investmentprogram is successful, however, the net returns of its long and short positionswill produce long-term capital appreciation.

The Fund is subject to nondiversification risk, which is the chance that theFund’s performance may be hurt disproportionately by the poorperformance of relatively few investments. The Fund is considerednondiversified, which means that it may invest a greater percentage of itsassets in the instruments of particular issuers as compared withdiversified mutual funds.

Other Investment Policies and RisksIn addition to investing in commodity-linked investments, inflation-linkedinvestments, and other fixed income securities, the Fund may make other kindsof investments to achieve its investment objective.

The Fund may invest up to 15% of its net assets in illiquid securities. Illiquidsecurities are investments that the Fund reasonably expects cannot be sold ordisposed of in current market conditions in seven calendar days or less withoutthe sale or disposition significantly changing the market value of the investment.Restricted securities are a special type of illiquid security; these securities havenot been publicly issued and legally can be resold only to qualified buyers. Fromtime to time, the board of trustees may determine that particular restrictedsecurities are not illiquid, and those securities may then be purchased by theFund without limit.

The Fund may invest a portion of its assets in fixed income futures, which are atype of derivative, and/or shares of exchange-traded funds (ETFs). These fixedincome futures and ETFs typically provide returns similar to those of bonds. TheFund may purchase fixed income futures or ETFs when doing so will reduce theFund‘s transaction costs, facilitate cash management, mitigate risk, or have thepotential to add value because the instruments are favorably priced. Vanguard

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receives no additional revenue from Fund assets invested in ETF Shares of otherVanguard funds. Fund assets invested in ETF Shares are excluded whenallocating to the Fund its share of the costs of Vanguard operations.

Cash ManagementThe Fund’s daily cash balance may be invested in Vanguard Market LiquidityFund and/or Vanguard Municipal Cash Management Fund (each, a CMT Fund),which are low-cost money market funds. When investing in a CMT Fund, theFund bears its proportionate share of the expenses of the CMT Fund in which itinvests. Vanguard receives no additional revenue from Fund assets invested in aCMT Fund.

Methods Used to Meet Redemption RequestsUnder normal circumstances, the Fund typically expects to meet redemptionswith positive cash flows. When this is not an option, the Fund seeks to maintainits risk exposure by selling a cross section of the Fund’s holdings to meetredemptions, while also factoring in transaction costs. Additionally, the Fund maywork with larger clients to implement their redemptions in a manner that is leastdisruptive to the portfolio; see “Potentially disruptive redemptions” underRedeeming Shares in the Investing With Vanguard section.

Under certain circumstances, including under stressed market conditions, thereare additional tools that the Fund may use in order to meet redemptions,including advancing the settlement of market trades with counterparties tomatch investor redemption payments or delaying settlement of an investor’stransaction to match trade settlement within regulatory requirements. The Fundmay also suspend payment of redemption proceeds for up to seven days; see“Emergency circumstances” under Redeeming Shares in the Investing WithVanguard section. Additionally under these unusual circumstances, the Fundmay borrow money (subject to certain regulatory conditions and if availableunder board-approved procedures) through an interfund lending facility; througha bank line-of-credit, including a joint committed credit facility; or through anuncommitted line-of-credit from Vanguard in order to meet redemption requests.

Temporary Investment MeasuresThe Fund may temporarily depart from its normal investment policies andstrategies when the advisor believes that doing so is in the Fund’s best interest,so long as the strategy or policy employed is consistent with the Fund’sinvestment objective. For instance, the Fund may invest beyond its normal limitsin derivatives or exchange-traded funds that are consistent with the Fund’sinvestment objective when those instruments are more favorably priced or

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provide needed liquidity, as might be the case if the Fund is transitioning assetsfrom one advisor to another or receives large cash flows that it cannot prudentlyinvest immediately.

In addition, the Fund may take temporary defensive positions that areinconsistent with its normal investment policies and strategies—for instance, byallocating substantial assets to cash equivalent investments or other less volatileinstruments— in response to adverse or unusual market, economic, political, orother conditions. In doing so, the Fund may succeed in avoiding losses but mayotherwise fail to achieve its investment objective.

Frequent Trading or Market-TimingBackground. Some investors try to profit from strategies involving frequenttrading of mutual fund shares, such as market-timing. For funds holding foreignsecurities, investors may try to take advantage of an anticipated differencebetween the price of the fund’s shares and price movements in overseasmarkets, a practice also known as time-zone arbitrage. Investors also may try toengage in frequent trading of funds holding investments such as small-capstocks and high-yield bonds. As money is shifted into and out of a fund by ashareholder engaging in frequent trading, the fund incurs costs for buying andselling securities, resulting in increased brokerage and administrative costs.These costs are borne by all fund shareholders, including the long-term investorswho do not generate the costs. In addition, frequent trading may interfere withan advisor’s ability to efficiently manage the fund.

Policies to address frequent trading. The Vanguard funds (other than moneymarket funds and short-term bond funds, but including Vanguard Short-TermInflation-Protected Securities Index Fund) do not knowingly accommodatefrequent trading. The board of trustees of each Vanguard fund (other than moneymarket funds and short-term bond funds, but including Vanguard Short-TermInflation-Protected Securities Index Fund) has adopted policies and proceduresreasonably designed to detect and discourage frequent trading and, in somecases, to compensate the fund for the costs associated with it. These policiesand procedures do not apply to ETF Shares because frequent trading in ETFShares generally does not disrupt portfolio management or otherwise harm fundshareholders. Although there is no assurance that Vanguard will be able todetect or prevent frequent trading or market-timing in all circumstances, thefollowing policies have been adopted to address these issues:

• Each Vanguard fund reserves the right to reject any purchaserequest—including exchanges from other Vanguard funds—without notice andregardless of size. For example, a purchase request could be rejected because

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the investor has a history of frequent trading or if Vanguard determines that suchpurchase may negatively affect a fund’s operation or performance.

• Each Vanguard fund (other than money market funds and short-term bondfunds, but including Vanguard Short-Term Inflation-Protected Securities IndexFund) generally prohibits, except as otherwise noted in the Investing WithVanguard section, an investor’s purchases or exchanges into a fund account for30 calendar days after the investor has redeemed or exchanged out of thatfund account.

• Certain Vanguard funds charge shareholders purchase and/or redemption feeson transactions.

See the Investing With Vanguard section of this prospectus for further detailson Vanguard’s transaction policies.

Each Vanguard fund (other than retail and government money market funds), indetermining its net asset value, will use fair-value pricing when appropriate, asdescribed in the Share Price section. Fair-value pricing may reduce or eliminatethe profitability of certain frequent-trading strategies.

Do not invest with Vanguard if you are a market-timer.

Turnover RateAlthough the Fund generally seeks to invest for the long term, it may sellsecurities regardless of how long they have been held. The Financial Highlightssection of this prospectus shows historical turnover rates for the Fund. Aturnover rate of 100%, for example, would mean that the Fund had sold andreplaced securities valued at 100% of its net assets within a one-year period. Ingeneral, the greater the turnover rate, the greater the impact transaction costswill have on a fund’s return. Also, funds with high turnover rates may be morelikely to generate capital gains, including short-term capital gains, that must bedistributed to shareholders and will be taxable to shareholders investing througha taxable account.

The Fund and Vanguard

The Fund is a member of The Vanguard Group, a family of over 200 funds. All ofthe funds that are members of The Vanguard Group (other than funds of funds)share in the expenses associated with administrative services and businessoperations, such as personnel, office space, and equipment.

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Vanguard Marketing Corporation provides marketing services to the funds.Although fund shareholders do not pay sales commissions or 12b-1 distributionfees, each fund (other than a fund of funds) or each share class of a fund (in thecase of a fund with multiple share classes) pays its allocated share of theVanguard funds’ marketing costs.

Plain Talk About Vanguard’s Unique Corporate Structure

The Vanguard Group is owned jointly by the funds it oversees and thusindirectly by the shareholders in those funds. Most other mutual funds areoperated by management companies that are owned by third parties—eitherpublic or private stockholders—and not by the funds they serve.

Investment Advisor

The Vanguard Group, Inc., P.O. Box 2600, Valley Forge, PA 19482, which beganoperations in 1975, serves as advisor to the Fund through its Quantitative EquityGroup and its Fixed Income Group. As of October 31, 2020, Vanguard served asadvisor for approximately $5.2 trillion in assets. Vanguard provides investmentadvisory services to the Fund pursuant to the Funds’ Service Agreement andsubject to the supervision and oversight of the trustees and officers of the Fund.

For the fiscal year ended October 31, 2020, the advisory expenses representedan effective annual rate of 0.02% of the Fund’s average net assets.

Under the terms of an SEC exemption, the Fund’s board of trustees may,without prior approval from shareholders, change the terms of an advisoryagreement with a third-party investment advisor or hire a new third-partyinvestment advisor—either as a replacement for an existing advisor or as anadditional advisor. Any significant change in the Fund’s advisory arrangementswill be communicated to shareholders in writing. As the Fund’s sponsor andoverall manager, Vanguard may provide investment advisory services to the Fundat any time. Vanguard may also recommend to the board of trustees that anadvisor be hired, terminated, or replaced or that the terms of an existingadvisory agreement be revised. The Fund has filed an application seeking asimilar SEC exemption with respect to investment advisors that are whollyowned subsidiaries of Vanguard. If the exemption is granted, the Fund may relyon the new SEC relief.

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For a discussion of why the board of trustees approved the Fund’s investmentadvisory arrangement, see the most recent annual report to shareholderscovering the fiscal year ended October 31, 2020.

The managers primarily responsible for the day-to-day management of theFund are:

Anatoly Shtekhman, CFA, Portfolio Manager at Vanguard. He has been withVanguard since 2007, has managed investment portfolios since 2016, and hasco-managed the Fund since its inception in 2019. Education: B.S., University ofScranton; M.S., Boston College; M.B.A., The Wharton School of the Universityof Pennsylvania.

Fei Xu, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since2004, has managed investment portfolios since 2017, and has co-managed theFund since its inception in 2019. Education: B.S., Peking University; M.S.,University of California, Los Angeles; M.B.A., Duke University.

Joshua C. Barrickman, CFA, Principal of Vanguard and co-head of Vanguard’sFixed Income Indexing Americas. He has been with Vanguard since 1998, hasworked in investment management since 1999, has managed investmentportfolios since 2005, and has co-managed the Fund since its inception in 2019.Education: B.S., Ohio Northern University; M.B.A., Lehigh University.

The Fund’s Statement of Additional Information provides information about eachportfolio manager’s compensation, other accounts under management, andownership of shares of the Fund.

Dividends, Capital Gains, and Taxes

Fund DistributionsThe Fund distributes to shareholders virtually all of its net income (interest anddividends, less expenses) as well as any net short-term or long-term capitalgains realized from the sale of its holdings. From time to time, the Fund may alsomake distributions that are treated as a return of capital. Income and capitalgains distributions, if any, generally occur annually in December. In addition, theFund may occasionally make a supplemental distribution at some other timeduring the year. However, the special tax treatment applicable to the Fund’sinvestments in inflation-indexed bonds increases the Fund’s risk ofoverdistributing income and paying a return of capital for the year.

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You can receive distributions of income or capital gains in cash, or you can havethem automatically reinvested in more shares of the Fund. However, if you areinvesting through an employer-sponsored retirement or savings plan, yourdistributions will be automatically reinvested in additional Fund shares.

Plain Talk About Distributions

As a shareholder, you are entitled to your portion of a fund’s income frominterest as well as capital gains from the fund’s sale of investments. Incomeconsists of, among other things, interest the fund earns from its fixedincome investments. Capital gains are realized whenever the fund sellsinvestments for higher prices than it paid for them. These capital gains areeither short-term or long-term, depending on whether the fund held theinvestments for one year or less or for more than one year.

Plain Talk About Return of Capital

Return of capital is the portion of a distribution representing the return ofyour original investment in a fund. Return of capital reduces your cost basisin the fund’s shares and is not taxable to you until your cost basis has beenreduced to zero. During periods of deflation, the fund’s inflation-indexedbonds may experience a downward adjustment in their value. Thesedownward adjustments can partially or entirely offset, or more than offset,the income earned on the bonds. Under certain circumstances, thesedownward adjustments could require the fund to reclassify a portion of theincome dividends previously distributed to shareholders as return of capital.

Basic Tax PointsInvestors in taxable accounts should be aware of the following basic federalincome tax points:

• Distributions are taxable to you whether or not you reinvest these amounts inadditional Fund shares.

• Distributions declared in December—if paid to you by the end of January—aretaxable as if received in December.

• Any income distribution or short-term capital gains distribution that youreceive is taxable to you as ordinary income.

• Any distribution of net long-term capital gains is taxable to you as long-termcapital gains, no matter how long you have owned shares in the Fund.

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• Capital gains distributions may vary considerably from year to year as a resultof the Fund’s normal investment activities and cash flows.

• Your cost basis in the Fund will be decreased by the amount of any return ofcapital that you receive. This, in turn, will affect the amount of any capital gain orloss that you realize when selling or exchanging your Fund shares.

• Return of capital distributions generally are not taxable to you until your costbasis has been reduced to zero. If your cost basis is at zero, return of capitaldistributions will be treated as capital gains.

• A sale or exchange of Fund shares is a taxable event. This means that you mayhave a capital gain to report as income, or a capital loss to report as a deduction,when you complete your tax return.

• Any conversion between classes of shares of the same fund is a nontaxableevent. By contrast, an exchange between classes of shares of different funds isa taxable event.

• Vanguard (or your intermediary) will send you a statement each year showingthe tax status of all of your distributions.

Individuals, trusts, and estates whose income exceeds certain thresholdamounts are subject to a 3.8% Medicare contribution tax on “net investmentincome.” Net investment income takes into account distributions paid by theFund and capital gains from any sale or exchange of Fund shares.

Income dividends and capital gains distributions that you receive, as well as yourgains or losses from any sale or exchange of Fund shares, may be subject tostate and local income taxes. Depending on your state’s rules, however, anydividends attributable to interest earned on direct obligations of the U.S.government may be exempt from state and local taxes. Vanguard will notify youeach year how much, if any, of your dividends may qualify for this exemption.

This prospectus provides general tax information only. If you are investingthrough a tax-advantaged account, such as an IRA or an employer-sponsoredretirement or savings plan, special tax rules apply. Please consult your taxadvisor for detailed information about any tax consequences for you.

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Plain Talk About Buying a Dividend

Unless you are a tax-exempt investor or investing through a tax-advantagedaccount (such as an IRA or an employer-sponsored retirement or savingsplan), you should consider avoiding a purchase of fund shares shortly beforethe fund makes a distribution, because doing so can cost you money intaxes. This is known as “buying a dividend.” For example: On December 15,you invest $5,000, buying 250 shares for $20 each. If the fund pays adistribution of $1 per share on December 16, its share price will drop to $19(not counting market change). You still have only $5,000 (250 shares x $19 =$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but youowe tax on the $250 distribution you received—even if you reinvest it inmore shares. To avoid buying a dividend, check a fund’s distribution schedulebefore you invest.

General InformationBackup withholding. By law, Vanguard must withhold 24% of any taxabledistributions or redemptions from your account if you do not:

• Provide your correct taxpayer identification number.

• Certify that the taxpayer identification number is correct.

• Confirm that you are not subject to backup withholding.

Similarly, Vanguard (or your intermediary) must withhold taxes from your accountif the IRS instructs us to do so.

Foreign investors. Vanguard funds offered for sale in the United States(Vanguard U.S. funds), including the Fund offered in this prospectus, are notwidely available outside the United States. Non-U.S. investors should be awarethat U.S. withholding and estate taxes and certain U.S. tax reportingrequirements may apply to any investments in Vanguard U.S. funds. Foreigninvestors should visit the non-U.S. investors page on our website atvanguard.com for information on Vanguard’s non-U.S. products.

Invalid addresses. If an income distribution or capital gains distribution checkmailed to your address of record is returned as undeliverable, Vanguard willautomatically reinvest the distribution and all future distributions until you provideus with a valid mailing address. Reinvestments will receive the net asset valuecalculated on the date of the reinvestment.

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Share Price

Share price, also known as net asset value (NAV), is calculated as of the close ofregular trading on the New York Stock Exchange (NYSE), generally 4 p.m.,Eastern time, on each day that the NYSE is open for business (a business day).In the rare event the NYSE experiences unanticipated disruptions and isunavailable at the close of the trading day, NAVs will be calculated as of theclose of regular trading on the Nasdaq (or another alternate exchange if theNasdaq is unavailable, as determined at Vanguard’s discretion), generally 4 p.m.,Eastern time. The NAV per share is computed by dividing the total assets, minusliabilities, of the Fund by the number of Fund shares outstanding. On U.S.holidays or other days when the NYSE is closed, the NAV is not calculated, andthe Fund does not sell or redeem shares.

Debt securities held by a Vanguard fund are valued based on informationfurnished by an independent pricing service or market quotations. When a funddetermines that pricing-service information or market quotations either are notreadily available or do not accurately reflect the value of a security, the security ispriced at its fair value (the amount that the owner might reasonably expect toreceive upon the current sale of the security).

The values of any foreign securities held by a fund are converted into U.S. dollarsusing an exchange rate obtained from an independent third party as of the closeof regular trading on the NYSE. The values of any mutual fund shares, includinginstitutional money market fund shares, held by a fund are based on the NAVs ofthe shares. The values of any ETF shares or closed-end fund shares held by afund are based on the market value of the shares.

A fund also may use fair-value pricing on bond market holidays when the fund isopen for business (such as Columbus Day and Veterans Day). Fair-value pricesare determined by Vanguard according to procedures adopted by the board oftrustees. When fair-value pricing is employed, the prices of securities used by afund to calculate the NAV may differ from quoted or published prices for thesame securities.

Vanguard fund share prices are published daily on our website atvanguard.com/prices.

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Financial Highlights

Financial highlights information is intended to help you understand a fund’sperformance for the past five years (or, if shorter, its period of operations).Certain information reflects financial results for a single fund share. Total returnrepresents the rate that an investor would have earned or lost each period on aninvestment in a fund or share class (assuming reinvestment of all distributions).This information has been obtained from the financial statements audited byPricewaterhouseCoopers LLP, an independent registered public accounting firm,whose report, along with fund financial statements, is included in a fund’s mostrecent annual report to shareholders. You may obtain a free copy of a fund’slatest annual or semiannual report, which is available upon request.

Vanguard Commodity Strategy Fund Admiral Shares

Year EndedOctober 31,

June 25, 20191

to October 31,For a Share Outstanding Throughout Each Period 2020 2019Net Asset Value, Beginning of Period $24.83 $25.00

Investment Operations

Net Investment Income2 0.265 0.143Net Realized and Unrealized Gain (Loss) on Investments (0.620) (0.313)Total from Investment Operations (0.355) (0.170)Distributions

Dividends from Net Investment Income (0.155) —Distributions from Realized Capital Gains — —Total Distributions (0.155) —Net Asset Value, End of Period $24.32 $24.83

Total Return3 –1.45% –0.68%

Ratios/Supplemental Data

Net Assets, End of Period (Millions) $373 $207Ratio of Total Expenses to Average Net Assets 0.20% 0.20%4

Ratio of Net Investment Income to Average Net Assets 1.15% 1.65%4

Portfolio Turnover Rate 38% 7%

1 Inception.2 Calculated based on average shares outstanding.3 Total returns do not include account service fees that may have applied in the periods shown.4 Annualized.

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Investing With Vanguard

This section of the prospectus explains the basics of doing business withVanguard. Vanguard fund shares can be held directly with Vanguard or indirectlythrough an intermediary, such as a bank, a broker, or an investment advisor. Ifyou hold Vanguard fund shares directly with Vanguard, you should carefully readeach topic within this section that pertains to your relationship with Vanguard. Ifyou hold Vanguard fund shares indirectly through an intermediary (includingshares held in a brokerage account through Vanguard Brokerage Services®),please see Investing With Vanguard Through Other Firms, and also refer to youraccount agreement with the intermediary for information about transacting inthat account. If you hold Vanguard fund shares through an employer-sponsoredretirement or savings plan, please see Employer-Sponsored Plans. Vanguardreserves the right to change the following policies without notice. Please call orcheck online for current information. See Contacting Vanguard.

For Vanguard fund shares held directly with Vanguard, each fund you hold in anaccount is a separate “fund account.” For example, if you hold three funds in anonretirement account titled in your own name, two funds in a nonretirementaccount titled jointly with your spouse, and one fund in an individual retirementaccount, you have six fund accounts—and this is true even if you hold the samefund in multiple accounts. Note that each reference to “you” in this prospectusapplies to any one or more registered account owners or persons authorized totransact on your account.

Purchasing Shares

Vanguard reserves the right, without notice, to increase or decrease theminimum amount required to open or maintain a fund account or to add to anexisting fund account.

Investment minimums may differ for certain categories of investors.

Account Minimums for Admiral SharesTo open and maintain an account. $50,000. Institutional clients should contactVanguard for information on special eligibility rules that may apply to themregarding Admiral Shares.

To add to an existing account. Generally $1.

How to Initiate a Purchase RequestBe sure to check Exchanging Shares, Frequent-Trading Limitations, and OtherRules You Should Know before placing your purchase request.

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Online. You may open certain types of accounts, request a purchase of shares,and request an exchange through our website or our mobile application if youraccount is eligible and you are registered for online access.

By telephone. You may call Vanguard to begin the account registration processor request that the account-opening forms be sent to you. You may also callVanguard to request a purchase of shares in your account or to request anexchange. See Contacting Vanguard.

By mail. You may send Vanguard your account registration form and check toopen a new fund account. To add to an existing fund account, you may send yourcheck with an Invest-by-Mail form (from a transaction confirmation or youraccount statement) or with a deposit slip (available online).

How to Pay for a PurchaseBy electronic bank transfer. You may purchase shares of a Vanguard fundthrough an electronic transfer of money from a bank account. To establish theelectronic bank transfer service on an account, you must designate the bankaccount online, complete a form, or fill out the appropriate section of youraccount registration form. After the service is set up on your account, you canpurchase shares by electronic bank transfer on a regular schedule (AutomaticInvestment Plan), if eligible, or upon request. Your purchase request can beinitiated online (if you are registered for online access), by telephone, or by mail.

By wire. Wiring instructions vary for different types of purchases. Please callVanguard for instructions and policies on purchasing shares by wire. SeeContacting Vanguard.

By check. You may make initial or additional purchases to your fund account bysending a check with a deposit slip or by utilizing our mobile application if youraccount is eligible and you are registered for online access. Also see How toInitiate a Purchase Request. Make your check payable to Vanguard and includethe appropriate fund number (Vanguard—517).

By exchange. You may purchase shares of a Vanguard fund using the proceedsfrom the simultaneous redemption of shares of another Vanguard fund. You mayinitiate an exchange online (if you are registered for online access), by telephone,or by mail with an exchange form. See Exchanging Shares.

Trade DateThe trade date for any purchase request received in good order will depend onthe day and time Vanguard receives your request, the manner in which you arepaying, and the type of fund you are purchasing. Your purchase will be executedusing the NAV as calculated on the trade date. NAVs are calculated only on days

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that the NYSE is open for trading (a business day). In the rare event the NYSEexperiences unanticipated disruptions and is unavailable at the close of thetrading day, NAVs will be calculated as of the close of regular trading on theNasdaq (or another alternate exchange if the Nasdaq is unavailable, asdetermined at Vanguard’s discretion), generally 4 p.m., Eastern time. The timeselected for NAV calculation in this rare event shall also serve as the conclusionof the trading day. See Share Price.

For purchases by check into all funds other than money market funds and forpurchases by exchange, wire, or electronic bank transfer into all funds: If thepurchase request is received by Vanguard on a business day before the close ofregular trading on the NYSE (generally 4 p.m., Eastern time), the trade date forthe purchase will be the same day. If the purchase request is received on abusiness day after the close of regular trading on the NYSE, or on a nonbusinessday, the trade date for the purchase will be the next business day.

For purchases by check into money market funds: If the purchase request isreceived by Vanguard on a business day before the close of regular trading onthe NYSE (generally 4 p.m., Eastern time), the trade date for the purchase will bethe next business day. If the purchase request is received on a business dayafter the close of regular trading on the NYSE, or on a nonbusiness day, the tradedate for the purchase will be the second business day following the dayVanguard receives the purchase request. Because money market instrumentsmust be purchased with federal funds and it takes a money market mutual fundone business day to convert check proceeds into federal funds, the trade date forthe purchase will be one business day later than for other funds.

If your purchase request is not accurate and complete, it may be rejected. SeeOther Rules You Should Know—Good Order.

For further information about purchase transactions, consult our website atvanguard.com or see Contacting Vanguard.

Other Purchase Rules You Should KnowAdmiral Shares. Admiral Shares generally are not available for SIMPLE IRAs andVanguard Individual 401(k) Plans.

Check purchases. All purchase checks must be written in U.S. dollars, be drawnon a U.S. bank, and be accompanied by good order instructions. Vanguard doesnot accept cash, traveler’s checks, starter checks, or money orders. In addition,Vanguard may refuse checks that are not made payable to Vanguard.

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New accounts. We are required by law to obtain from you certain personalinformation that we will use to verify your identity. If you do not provide theinformation, we may not be able to open your account. If we are unable to verifyyour identity, Vanguard reserves the right, without notice, to close your accountor take such other steps as we deem reasonable. Certain types of accounts mayrequire additional documentation.

Refused or rejected purchase requests. Vanguard reserves the right to stopselling fund shares or to reject any purchase request at any time and withoutnotice, including, but not limited to, purchases requested by exchange fromanother Vanguard fund. This also includes the right to reject any purchaserequest because the investor has a history of frequent trading or because thepurchase may negatively affect a fund’s operation or performance.

Large purchases. Call Vanguard before attempting to invest a largedollar amount.

No cancellations. Vanguard will not accept your request to cancel any purchaserequest once processing has begun. Please be careful when placing apurchase request.

Redeeming Shares

How to Initiate a Redemption RequestBe sure to check Exchanging Shares, Frequent-Trading Limitations, and OtherRules You Should Know before placing your redemption request.

Online. You may request a redemption of shares or request an exchange throughour website or our mobile application if your account is eligible and you areregistered for online access.

By telephone. You may call Vanguard to request a redemption of shares or anexchange. See Contacting Vanguard.

By mail. You may send a form (available online) to Vanguard to redeem from afund account or to make an exchange.

How to Receive Redemption ProceedsBy electronic bank transfer. You may have the proceeds of a fund redemptionsent directly to a designated bank account. To establish the electronic banktransfer service on an account, you must designate a bank account online,complete a form, or fill out the appropriate section of your account registrationform. After the service is set up on your account, you can redeem shares by

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electronic bank transfer on a regular schedule (Automatic Withdrawal Plan), ifeligible, or upon request. Your redemption request can be initiated online (if youare registered for online access), by telephone, or by mail.

By wire. To receive your proceeds by wire, you may instruct Vanguard to wireyour redemption proceeds ($100 minimum) to a previously designated bankaccount. To establish the wire redemption service, you generally must designatea bank account online, complete a form, or fill out the appropriate section of youraccount registration form.

Please note that Vanguard charges a $10 wire fee for outgoing wireredemptions. The fee is assessed in addition to, rather than being withheld from,redemption proceeds and is paid directly to the fund in which you invest. Forexample, if you redeem $100 via a wire, you will receive the full $100, and the$10 fee will be assessed to your fund account through an additional redemptionof fund shares. If you redeem your entire fund account, your redemptionproceeds will be reduced by the amount of the fee. The wire fee does not applyto accounts held by Flagship and Flagship Select clients; accounts held throughintermediaries, including Vanguard Brokerage Services; or accounts held byinstitutional clients.

By exchange. You may have the proceeds of a Vanguard fund redemptioninvested directly in shares of another Vanguard fund. You may initiate anexchange online (if you are registered for online access), by telephone, or bymail. See Exchanging Shares.

By check. If you have not chosen another redemption method, Vanguard will mailyou a redemption check, generally payable to all registered account owners,normally within two business days of your trade date, and generally to theaddress of record.

Trade DateThe trade date for any redemption request received in good order will depend onthe day and time Vanguard receives your request and the manner in which youare redeeming. Your redemption will be executed using the NAV as calculated onthe trade date. NAVs are calculated only on days that the NYSE is open fortrading (a business day). In the rare event the NYSE experiences unanticipateddisruptions and is unavailable at the close of the trading day, NAVs will becalculated as of the close of regular trading on the Nasdaq (or another alternateexchange if the Nasdaq is unavailable, as determined at Vanguard’s discretion),generally 4 p.m., Eastern time. The time selected for NAV calculation in this rareevent shall also serve as the conclusion of the trading day. See Share Price.

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For redemptions by check, exchange, or wire: If the redemption request isreceived by Vanguard on a business day before the close of regular trading onthe NYSE (generally 4 p.m., Eastern time), the trade date will be the same day. Ifthe redemption request is received on a business day after the close of regulartrading on the NYSE, or on a nonbusiness day, the trade date will be the nextbusiness day.

• Note on timing of wire redemptions from money market funds: Fortelephone requests received by Vanguard on a business day before10:45 a.m., Eastern time (2 p.m., Eastern time, for Vanguard Cash ReservesFederal Money Market Fund; 12:30 p.m., Eastern time, for Vanguard FederalMoney Market Fund), the redemption proceeds generally will leave Vanguardby the close of business the same day. For telephone requests received byVanguard on a business day after those cut-off times, or on a nonbusinessday, and for all requests other than by telephone, the redemption proceedsgenerally will leave Vanguard by the close of business on the nextbusiness day.

• Note on timing of wire redemptions from all other funds: For requestsreceived by Vanguard on a business day before the close of regular trading onthe NYSE (generally 4 p.m., Eastern time), the redemption proceeds generallywill leave Vanguard by the close of business on the next business day. Forrequests received by Vanguard on a business day after the close of regulartrading on the NYSE, or on a nonbusiness day, the redemption proceedsgenerally will leave Vanguard by the close of business on the second businessday after Vanguard receives the request.

For redemptions by electronic bank transfer: If the redemption request isreceived by Vanguard on a business day before the close of regular trading onthe NYSE (generally 4 p.m., Eastern time), the trade date will be the same day. Ifthe redemption request is received on a business day after the close of regulartrading on the NYSE, or on a nonbusiness day, the trade date will be the nextbusiness day.

If your redemption request is not accurate and complete, it may be rejected. Ifwe are unable to send your redemption proceeds by wire or electronic banktransfer because the receiving institution rejects the transfer, Vanguard will makeadditional efforts to complete your transaction. If Vanguard is still unable tocomplete the transaction, we may send the proceeds of the redemption to youby check, generally payable to all registered account owners, or use yourproceeds to purchase new shares of the fund from which you sold shares for thepurpose of the wire or electronic bank transfer transaction. See Other Rules YouShould Know—Good Order.

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If your redemption request is received in good order, we typically expect thatredemption proceeds will be paid by the Fund within one business day of thetrade date; however, in certain circumstances, investors may experience a longersettlement period at the time of the transaction. For further information, see“Potentially disruptive redemptions” and “Emergency circumstances.”

For further information about redemption transactions, consult our website atvanguard.com or see Contacting Vanguard.

Other Redemption Rules You Should KnowDocumentation for certain accounts. Special documentation may be requiredto redeem from certain types of accounts, such as trust, corporate, nonprofit, orretirement accounts. Please call us before attempting to redeem from thesetypes of accounts.

Potentially disruptive redemptions. Vanguard reserves the right to pay all orpart of a redemption in kind—that is, in the form of securities—if we reasonablybelieve that a cash redemption would negatively affect the fund’s operation orperformance or that the shareholder may be engaged in market-timing orfrequent trading. Under these circumstances, Vanguard also reserves the right todelay payment of the redemption proceeds for up to seven calendar days. Bycalling us before you attempt to redeem a large dollar amount, you may avoidin-kind or delayed payment of your redemption. Please see Frequent-TradingLimitations for information about Vanguard’s policies to limit frequent trading.

Recently purchased shares. Although you can redeem shares at any time,proceeds may not be made available to you until the fund collects payment foryour purchase. This may take up to seven calendar days for shares purchased bycheck or by electronic bank transfer. If you have written a check on a fund in anaccount with checkwriting privileges, that check may be rejected if your fundaccount does not have a sufficient available balance.

Address change. If you change your address online or by telephone, there maybe up to a 14-day restriction (starting on the business day after your address ischanged) on your ability to request check redemptions online and by telephone.You can request a redemption in writing (using a form available online) at anytime. Confirmations of address changes are sent to both the old andnew addresses.

Payment to a different person or address. At your request, we can make yourredemption check payable, or wire your redemption proceeds, to a differentperson or send it to a different address. However, this generally requires thewritten consent of all registered account owners and may require additional

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documentation, such as a signature guarantee or a notarized signature. You mayobtain a signature guarantee from some commercial or savings banks, creditunions, trust companies, or member firms of a U.S. stock exchange.

No cancellations. Vanguard will not accept your request to cancel anyredemption request once processing has begun. Please be careful when placinga redemption request.

Emergency circumstances. Vanguard funds can postpone payment ofredemption proceeds for up to seven calendar days. In addition, Vanguard fundscan suspend redemptions and/or postpone payments of redemption proceedsbeyond seven calendar days at times when the NYSE is closed or duringemergency circumstances, as determined by the SEC.

Exchanging Shares

An exchange occurs when you use the proceeds from the redemption of shares ofone Vanguard fund to simultaneously purchase shares of a different Vanguardfund.You can make exchange requests online (if you are registered for onlineaccess), by telephone, or by mail. See Purchasing Shares and Redeeming Shares.

If the NYSE is open for regular trading (generally until 4 p.m., Eastern time, on abusiness day) at the time an exchange request is received in good order, thetrade date generally will be the same day. See Other Rules You ShouldKnow—Good Order for additional information on all transaction requests.

Vanguard will not accept your request to cancel any exchange request onceprocessing has begun. Please be careful when placing an exchange request.

Call Vanguard before attempting to exchange a large dollar amount. By calling usbefore you attempt to exchange a large dollar amount, you may avoid delayed orrejected transactions.

Please note that Vanguard reserves the right, without notice, to revise orterminate the exchange privilege, limit the amount of any exchange, or reject anexchange, at any time, for any reason. See Frequent-Trading Limitations foradditional restrictions on exchanges.

Frequent-Trading Limitations

Because excessive transactions can disrupt management of a fund and increasethe fund’s costs for all shareholders, the board of trustees of each Vanguard fundplaces certain limits on frequent trading in the funds. Each Vanguard fund (other

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than money market funds and short-term bond funds, but including VanguardShort-Term Inflation-Protected Securities Index Fund) limits an investor’spurchases or exchanges into a fund account for 30 calendar days after theinvestor has redeemed or exchanged out of that fund account. ETF Shares arenot subject to these frequent-trading limits.

For Vanguard Retirement Investment Program pooled plans, the limitations applyto exchanges made online or by telephone.

These frequent-trading limitations do not apply to the following:

• Purchases of shares with reinvested dividend or capital gains distributions.

• Transactions through Vanguard’s Automatic Investment Plan, AutomaticExchange Service, Direct Deposit Service, Automatic Withdrawal Plan, RequiredMinimum Distribution Service, and Vanguard Small Business Online®.

• Discretionary transactions through Vanguard Personal Advisor Services®,Vanguard Institutional Advisory Services®, and Vanguard Digital Advisor™.

• Redemptions of shares to pay fund or account fees.

• Redemptions of shares to remove excess shareholder contributions to certaintypes of retirement accounts (including, but not limited to, IRAs and VanguardIndividual 401(k) Plans).

• Transfers and reregistrations of shares within the same fund.

• Purchases of shares by asset transfer or direct rollover.

• Conversions of shares from one share class to another in the same fund.

• Checkwriting redemptions.

• Section 529 college savings plans.

• Certain approved institutional portfolios and asset allocation programs, as wellas trades made by funds or trusts managed by Vanguard or its affiliates thatinvest in other Vanguard funds. (Please note that shareholders of Vanguard’sfunds of funds are subject to the limitations.)

For participants in employer-sponsored defined contribution plans,* thefrequent-trading limitations do not apply to:

• Purchases of shares with participant payroll or employer contributions orloan repayments.

• Purchases of shares with reinvested dividend or capital gains distributions.

• Distributions, loans, and in-service withdrawals from a plan.

• Redemptions of shares as part of a plan termination or at the direction ofthe plan.

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• Transactions executed through the Vanguard Managed Account Program.

• Redemptions of shares to pay fund or account fees.

• Share or asset transfers or rollovers.

• Reregistrations of shares.

• Conversions of shares from one share class to another in the same fund.

• Exchange requests submitted by written request to Vanguard. (Exchangerequests submitted by fax, if otherwise permitted, are subject to the limitations.)

* The following Vanguard fund accounts are subject to the frequent-tradinglimitations: SEP-IRAs, SIMPLE IRAs, certain Individual 403(b)(7) CustodialAccounts, and Vanguard Individual 401(k) Plans.

Accounts Held by Institutions (Other Than Defined Contribution Plans)Vanguard will systematically monitor for frequent trading in institutional clients’accounts. If we detect suspicious trading activity, we will investigate and takeappropriate action, which may include applying to a client’s accounts the 30-daypolicy previously described, prohibiting a client’s purchases of fund shares,and/or revoking the client’s exchange privilege.

Accounts Held by IntermediariesWhen intermediaries establish accounts in Vanguard funds for the benefit oftheir clients, we cannot always monitor the trading activity of the individualclients. However, we review trading activity at the intermediary (omnibus) level,and if we detect suspicious activity, we will investigate and take appropriateaction. If necessary, Vanguard may prohibit additional purchases of fund sharesby an intermediary, including for the benefit of certain of the intermediary’sclients. Intermediaries also may monitor their clients’ trading activities withrespect to Vanguard funds.

For those Vanguard funds that charge purchase and/or redemption fees,intermediaries will be asked to assess these fees on client accounts and remitthese fees to the funds. The application of purchase and redemption fees andfrequent-trading limitations may vary among intermediaries. There are noassurances that Vanguard will successfully identify all intermediaries or thatintermediaries will properly assess purchase and redemption fees or administerfrequent-trading limitations. If you invest with Vanguard through an intermediary,please read that firm’s materials carefully to learn of any other rules or fees thatmay apply.

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Other Rules You Should Know

Prospectus and Shareholder Report MailingsWhen two or more shareholders have the same last name and address, just onesummary prospectus (or prospectus) and/or shareholder report may be sent inan attempt to eliminate the unnecessary expense of duplicate mailings. You mayrequest individual prospectuses and reports by contacting our Client ServicesDepartment in writing, by telephone, or online. See Contacting Vanguard.

Vanguard.comRegistration. If you are a registered user of vanguard.com, you can review youraccount holdings; buy, sell, or exchange shares of most Vanguard funds; andperform most other transactions through our website. You must register for thisservice online.

Electronic delivery. Vanguard can deliver your account statements, transactionconfirmations, prospectuses, certain tax forms, and shareholder reportselectronically. If you are a registered user of vanguard.com, you can consent tothe electronic delivery of these documents by logging on and changing yourmailing preferences under “Account Maintenance.” You can revoke yourelectronic consent at any time through our website, and we will begin to sendpaper copies of these documents within 30 days of receiving your revocation.

Telephone TransactionsAutomatic. When we set up your account, we will automatically enable you todo business with us by telephone, unless you instruct us otherwise in writing.

Tele-Account®. To obtain fund and account information through Vanguard’sautomated telephone service, you must first establish a Personal IdentificationNumber (PIN) by calling Tele-Account at 800-662-6273.

Proof of a caller’s authority. We reserve the right to refuse a telephone requestif the caller is unable to provide the requested information or if we reasonablybelieve that the caller is not an individual authorized to act on the account.Before we allow a caller to act on an account, we may request thefollowing information:

• Authorization to act on the account (as the account owner or by legaldocumentation or other means).

• Account registration and address.

• Fund name and account number, if applicable.

• Other information relating to the caller, the account owner, or the account.

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Good OrderWe reserve the right to reject any transaction instructions that are not in “goodorder.” Good order generally means that your instructions:

• Are provided by the person(s) authorized in accordance with Vanguard’spolicies and procedures to access the account and request transactions.

• Include the fund name and account number.

• Include the amount of the transaction (stated in dollars, shares,or percentage).

Written instructions also must generally be provided on a Vanguard formand include:

• Signature(s) and date from the authorized person(s).

• Signature guarantees or notarized signatures, if required for the type oftransaction. (Call Vanguard for specific requirements.)

• Any supporting documentation that may be required.

Good order requirements may vary among types of accounts and transactions.For more information, consult our website at vanguard.com or seeContacting Vanguard.

Vanguard reserves the right, without notice, to revise the requirements forgood order.

Future Trade-Date RequestsVanguard does not accept requests to hold a purchase, redemption, or exchangetransaction for a future date. All such requests will receive trade dates aspreviously described in Purchasing Shares, Redeeming Shares, and ExchangingShares. Vanguard reserves the right to return future-dated purchase checks.

Accounts With More Than One OwnerIf an account has more than one owner or authorized person, Vanguard generallywill accept instructions from any one owner or authorized person.

Responsibility for FraudYou should take precautions to protect yourself from fraud. Keep youraccount-related information private, and review any account confirmations,statements, or other information that we provide to you as soon as you receivethem. Let us know immediately if you discover unauthorized activity or seesomething on your account that you do not understand or that looks unusual.

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Vanguard will not be responsible for losses that result from transactions by aperson who we reasonably believe is authorized to act on your account.

Uncashed ChecksPlease cash your distribution or redemption checks promptly. Vanguard will notpay interest on uncashed checks. Vanguard may be required to transfer assetsrelated to uncashed checks to a state under the state’s abandoned property law.

Dormant AccountsIf your account has no activity in it for a period of time, Vanguard may berequired to transfer it to a state under the state’s abandoned property law,subject to potential federal or state withholding taxes.

Unusual CircumstancesIf you experience difficulty contacting Vanguard online or by telephone, you cansend us your transaction request on a Vanguard form by regular or express mail.

Investing With Vanguard Through Other FirmsYou may purchase or sell shares of most Vanguard funds through a financialintermediary, such as a bank, a broker, or an investment advisor. Please consultyour financial intermediary to determine which, if any, shares are availablethrough that firm and to learn about other rules that may apply. Your financialintermediary can provide you with account information and any required taxforms. You may be required to pay a commission on purchases of mutual fundshares made through a financial intermediary.

Please see Frequent-Trading Limitations—Accounts Held by Intermediaries forinformation about the assessment of any purchase or redemption fees and themonitoring of frequent trading for accounts held by intermediaries.

Account Service FeeVanguard may charge a $20 account service fee on fund accounts that have abalance below $10,000 for any reason, including market fluctuation. The accountservice fee may be applied to both retirement and nonretirement fund accountsand may be assessed on fund accounts in all Vanguard funds, regardless of theaccount minimum. The fee, which will be collected by redeeming fund shares inthe amount of $20, will be deducted from fund accounts subject to the fee onceper calendar year.

If you elect to receive your statements and other materials electronically (i.e., bye-delivery), the account service fee will not be charged, so long as your electionremains in effect. You can make your e-delivery election on vanguard.com.

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Beginning on January 1, 2021, you may elect to receive paper copies ofshareholder reports free of charge as noted on the cover of this prospectus.

Certain account types have alternative fee structures, including SIMPLE IRAs,Vanguard Retirement Investment Program pooled plans, and Vanguard Individual401(k) Plans.

Low-Balance AccountsThe Fund reserves the right to liquidate a fund account whose balance fallsbelow the account minimum for any reason, including market fluctuation. Thisliquidation policy applies to nonretirement fund accounts and accounts that areheld through intermediaries. Any such liquidation will be preceded by writtennotice to the investor.

Right to Change PoliciesIn addition to the rights expressly stated elsewhere in this prospectus, Vanguardreserves the right, without notice, to (1) alter, add, or discontinue any conditionsof purchase (including eligibility requirements), redemption, exchange, service,or privilege at any time and (2) alter, impose, discontinue, or waive any purchasefee, redemption fee, account service fee, or other fee charged to a shareholderor a group of shareholders. Changes may affect any or all investors. Theseactions will be taken when, at the sole discretion of Vanguard management,Vanguard believes they are in the best interest of a fund.

Account RestrictionsVanguard reserves the right to: (1) redeem all or a portion of a fund/account tomeet a legal obligation, including tax withholding, tax lien, garnishment order, orother obligation imposed on your account by a court or government agency; (2)redeem shares, close an account, or suspend account privileges, features, oroptions in the case of threatening conduct or activity; (3) redeem shares, closean account, or suspend account privileges, features, or options if Vanguardbelieves or suspects that not doing so could result in a suspicious, fraudulent, orillegal transaction; (4) place restrictions on the ability to redeem any or all sharesin an account if it is required to do so by a court or government agency; (5) placerestrictions on the ability to redeem any or all shares in an account if Vanguardbelieves that doing so will prevent fraud, financial exploitation or abuse, or toprotect vulnerable investors; (6) freeze any account and/or suspend accountservices if Vanguard has received reasonable notice of a dispute regarding theassets in an account, including notice of a dispute between the registered orbeneficial account owners; and (7) freeze any account and/or suspend accountservices upon initial notification to Vanguard of the death of an account owner.

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Fund and Account Updates

Confirmation StatementsWe will send (or provide through our website, whichever you prefer) aconfirmation of your trade date and the amount of your transaction when youbuy, sell, or exchange shares. However, we will not send confirmations reflectingonly checkwriting redemptions or the reinvestment of dividend or capital gainsdistributions. For any month in which you had a checkwriting redemption, aCheckwriting Activity Statement will be sent to you itemizing the checkwritingredemptions for that month. Promptly review each confirmation statement thatwe provide to you. It is important that you contact Vanguard immediately withany questions you may have about any transaction reflected on a confirmationstatement, or Vanguard will consider the transaction properly processed.

Portfolio SummariesWe will send (or provide through our website, whichever you prefer) quarterlyportfolio summaries to help you keep track of your accounts throughout the year.Each summary shows the market value of your account at the close of thestatement period, as well as all distributions, purchases, redemptions,exchanges, and transfers for the current calendar quarter (or month). Promptlyreview each summary that we provide to you. It is important that you contactVanguard immediately with any questions you may have about any transactionreflected on the summary, or Vanguard will consider the transactionproperly processed.

Tax Information StatementsFor most accounts, Vanguard (or your intermediary) is required to provide annualtax forms to assist you in preparing your income tax returns. These forms aregenerally available for each calendar year early in the following year. Registeredusers of vanguard.com can also view certain forms through our website.Vanguard (or your intermediary) may also provide you with additional tax-relateddocumentation. For more information, consult our website at vanguard.com orsee Contacting Vanguard.

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Annual and Semiannual ReportsWe will send (or provide through our website, whichever you prefer) reportsabout Vanguard Commodity Strategy Fund twice a year, in June and December.These reports include overviews of the financial markets and provide thefollowing specific Fund information:

• Performance assessments and comparisons with industry benchmarks.

• Reports from the advisor.

• Financial statements with listings of Fund holdings.

Portfolio HoldingsPlease consult the Fund’s Statement of Additional Information or our website fora description of the policies and procedures that govern disclosure of the Fund’sportfolio holdings.

Employer-Sponsored Plans

Your plan administrator or your employee benefits office can provide you withdetailed information on how to participate in your plan and how to elect the Fundas an investment option.

• If you have any questions about the Fund or Vanguard, including those aboutthe Fund’s investment objective, strategies, or risks, contact Vanguard ParticipantServices toll-free at 800-523-1188 or visit our website at vanguard.com.

• If you have questions about your account, contact your plan administrator orthe organization that provides recordkeeping services for your plan.

• Be sure to carefully read each topic that pertains to your transactionswith Vanguard.

Vanguard reserves the right to change its policies without noticeto shareholders.

TransactionsProcessing times for your transaction requests may differ among recordkeepersor among transaction and funding types. Your plan’s recordkeeper (which mayalso be Vanguard) will determine the necessary processing time frames for yourtransaction requests prior to submission to the Fund. Consult your recordkeeperor plan administrator for more information.

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If Vanguard is serving as your plan recordkeeper and if your transaction involvesone or more investments with an early cut-off time for processing or anothertrading restriction, your entire transaction will be subject to the restriction whenthe trade date for your transaction is determined.

Contacting Vanguard

WebVanguard.com For the most complete source of Vanguard news

For fund, account, and service informationFor most account transactionsFor literature requests24 hours a day, 7 days a week

PhoneVanguard Tele-Account®

800-662-6273For automated fund and account informationToll-free, 24 hours a day, 7 days a week

Investor Information 800-662-7447(Text telephone for people withhearing impairment at 800-749-7273)

For fund and service informationFor literature requests

Client Services 800-662-2739(Text telephone for people withhearing impairment at 800-749-7273)

For account informationFor most account transactions

Participant Services 800-523-1188(Text telephone for people withhearing impairment at 800-749-7273)

For information and services for participants inemployer-sponsored plans

Institutional Division888-809-8102

For information and services for large institutionalinvestors

Financial Advisor and IntermediarySales Support 800-997-2798

For information and services for financial intermediariesincluding financial advisors, broker-dealers, trustinstitutions, and insurance companies

Financial Advisory and IntermediaryTrading Support 800-669-0498

For account information and trading support forfinancial intermediaries including financial advisors,broker-dealers, trust institutions, and insurancecompanies

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Additional Information

InceptionDate

NewspaperAbbreviation

VanguardFund Number

CUSIPNumber

Commodity Strategy Fund

Admiral Shares 6/25/2019 VgComSgyAdm 517 921939708

CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American BankersAssociation by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that wouldserve as a substitute for any CUSIP service. The CUSIP Database, ©2021 American Bankers Association. “CUSIP” is aregistered trademark of the American Bankers Association.

CFA® is a registered trademark owned by CFA Institute.

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Glossary of Investment Terms

Bloomberg Commodity Index Total Return. An index composed of futurescontracts and reflects the returns on a fully collateralized investment in theBloomberg Commodity Index. This combines the returns of the BloombergCommodity Index, a widely tracked benchmark for the commodities market, withthe returns on cash collateral invested in 13 week (3 Month) U.S. Treasury Bills.

Bond. A debt security (IOU) issued by a corporation, a government, or agovernment agency in exchange for the money the bondholder lends it. In mostinstances, the issuer agrees to pay back the loan by a specific date and generallyto make regular interest payments until that date.

Capital Gains Distributions. Payments to mutual fund shareholders of gainsrealized on securities that a fund has sold at a profit, minus any realized losses.

Cash Equivalent Investments. Cash deposits, short-term bank deposits, andmoney market instruments that include U.S. Treasury bills and notes, bankcertificates of deposit (CDs), repurchase agreements, commercial paper, andbanker’s acceptances.

Commodities. Bulk goods or raw materials, such as agricultural products,livestock, precious metals, energy products, and industrial metals. Commoditiescan be purchased for immediate delivery (“on the spot”) or delivery on a futuredate under a standardized agreement.

Commodity Futures Contract. A legally binding agreement for the purchase orsale of a specified type and quantity of a commodity during a stated deliverymonth for a fixed price.

Common Stock. A security representing ownership rights in a corporation.

Correlation. The relationship between two variables, such as the relationshipbetween the prices of stocks and bonds. Investments that are positivelycorrelated have prices that tend to move in the same direction at the same time,while investments that are negatively correlated have prices that tend to move inopposite directions at the same time. Investments with low correlation haveprices that tend to move independently of each other.

Dividend Distributions. Payments to mutual fund shareholders of income frominterest or dividends generated by a fund’s investments.

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Expense Ratio. A fund’s total annual operating expenses expressed as apercentage of the fund’s average net assets. The expense ratio includesmanagement and administrative expenses, but it does not include thetransaction costs of buying and selling portfolio securities.

Face Value. The amount to be paid at a bond’s maturity; also known as the parvalue or principal.

Fixed Income Security. An investment, such as a bond, representing a debt thatmust be repaid by a specified date, and on which the borrower must pay a fixed,variable, or floating rate of interest.

Inception Date. The date on which the assets of a fund are first invested inaccordance with the fund’s investment objective. For funds with a subscriptionperiod, the inception date is the day after that period ends. Investmentperformance is generally measured from the inception date.

Investment-Grade Bond. A debt security whose credit quality is considered byindependent bond rating agencies, or through independent analysis conductedby a fund’s advisor, to be sufficient to ensure timely payment of principal andinterest under current economic circumstances. Debt securities rated in one ofthe four highest rating categories are considered investment-grade. Other debtsecurities may be considered by an advisor to be investment-grade.

Joint Committed Credit Facility. The Fund participates, along with other fundsmanaged by Vanguard, in a committed credit facility provided by a syndicate oflenders pursuant to a credit agreement that may be renewed annually; eachVanguard fund is individually liable for its borrowings, if any, under the creditfacility. The amount and terms of the committed credit facility are subject toapproval by the Fund’s board of trustees and renegotiation with the lendersyndicate on an annual basis.

Mutual Fund. An investment company that pools the money of many peopleand invests it in a variety of securities in an effort to achieve a specific objectiveover time.

New York Stock Exchange (NYSE). A stock exchange based in New York Citythat is open for regular trading on business days, Monday through Friday, from9:30 a.m. to 4 p.m., Eastern time.

Nominal Return. The total return of an investment without taking into accountthe expected impact of inflation.

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Principal. The face value of a debt instrument or the amount of money put intoan investment.

Record Date. The date used to determine who is eligible to receive a fund’s nextdistribution of dividends or capital gains.

Real Return. The total return of an investment when reduced to take intoaccount the expected impact of inflation.

Return of Capital. A return of capital occurs when a fund’s distributions exceedits earnings in a fiscal year. A return of capital is a return of all or part of youroriginal investment or amounts paid in excess of your original investment in afund. In general, a return of capital reduces your cost basis in a fund’s shares andis not taxable to you until your cost basis has been reduced to zero.

Total Return. A percentage change, over a specified time period, in a mutualfund’s net asset value, assuming the reinvestment of all distributions ofdividends and capital gains.

Volatility. The fluctuations in value of a mutual fund or other security. The greatera fund’s volatility, the wider the fluctuations in its returns.

Yield. Income (interest or dividends) earned by an investment, expressed as apercentage of the investment’s price.

Connect with Vanguard®

> vanguard.com

For More InformationIf you would like more information about VanguardCommodity Strategy Fund, the following documents areavailable free upon request:

Annual/Semiannual Reports to ShareholdersAdditional information about the Fund’s investments isavailable in the Fund’s annual and semiannual reportsto shareholders. In the annual report, you will find adiscussion of the market conditions and investmentstrategies that significantly affected the Fund’sperformance during its last fiscal year.

Statement of Additional Information (SAI)The SAI provides more detailed information about theFund and is incorporated by reference into (and thuslegally a part of) this prospectus.

To receive a free copy of the latest annual orsemiannual report or the SAI, or to request additionalinformation about the Fund or other Vanguard funds,please visit vanguard.com or contact us as follows:

If you are an individual investor:Telephone: 800-662-7447; Text telephone for peoplewith hearing impairment: 800-749-7273

If you are a participant in an employer-sponsored plan:Telephone: 800-523-1188; Text telephone for peoplewith hearing impairment: 800-749-7273

If you are a current Vanguard shareholder and wouldlike information about your account, accounttransactions, and/or account statements, please call:

Client Services DepartmentTelephone: 800-662-2739; Text telephone for peoplewith hearing impairment: 800-749-7273

Information Provided by the Securities andExchange Commission (SEC)Reports and other information about the Fund areavailable in the EDGAR database on the SEC’s websiteat www.sec.gov, or you can receive copies of thisinformation, for a fee, by electronic request at thefollowing email address: publicinfo@sec.gov.

Fund’s Investment Company Act file number:811-02968-99

© 2021 The Vanguard Group, Inc. All rights reserved.Vanguard Marketing Corporation, Distributor.

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