Vanguard Commodity Strategy Fund Admiral Shares

This fund’s purpose is to serve investors as a potential hedge against inflation risk and as further diversification for a traditional stock/bond portfolio. The fund will rely on commodity derivative securities to maximize inflation protection by seeking to outperform its benchmark and reduce the long-term volatility of a well-diversified, balanced portfolio. The commodity-linked exposure will be collateralized with a mix of short-term Treasury inflation-protected securities (TIPS) and Treasury bills (T-bills).