VANGUARD COMMODITY STRATEGY FUND
VANGUARD TRUSTEES' EQUITY FUND · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD COMMODITY STRATEGY FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard Commodity Strategy Fund (the Fund) seeks to provide broad commodities exposure and capital appreciation.
The fund pursues broad commodities exposure through an active strategy combining commodity-linked derivatives—including total return swaps, futures, options, and structured notes—with a portfolio of inflation-indexed bonds and other fixed income securities. Commodity exposure is obtained primarily through a wholly-owned Cayman Islands subsidiary, which may represent up to 25% of fund assets. The fund's use of commodity-linked derivatives is expected to have a leveraging effect. Because particular commodity-linked investments may not conform to the composition, weighting, or contract terms of any specific commodity index, the fund's performance may diverge from its benchmark.
| Share class | Expense ratio |
|---|---|
| VCMDX | 0.16% |
Portfolio turnover 25.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 87.28% |
| Cash & short-term | 8.34% |
| Derivatives | 2.26% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury Bill ×8
Largest exited: United States Treasury Bill ×7, United States Treasury Inflation Indexed Bonds
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 82.0% |
| Zero-coupon or unclassified | 18.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 34.7% |
| 1-3y | 36.8% |
| 3-5y | 28.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.05 yr | 3% |
| 1 yr | 0.74 yr | 43% |
| 5 yr | 0.94 yr | 54% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.74 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.94 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 8.34% | $218.08M | — |
| — | United States Treasury Inflation Indexed Bonds1.13% · due 2030-10-15 | 4.10% | $107.06M | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2030-04-15 | 4.07% | $106.33M | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2029-10-15 | 3.94% | $103.00M | — |
| — | United States Treasury Inflation Indexed Bonds2.13% · due 2029-04-15 | 3.80% | $99.29M | — |
| — | United States Treasury Inflation Indexed Bonds2.38% · due 2028-10-15 | 3.78% | $98.80M | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2027-10-15 | 3.64% | $95.25M | — |
| — | United States Treasury Inflation Indexed Bonds0.13% · due 2027-04-15 | 3.56% | $93.12M | — |
| — | United States Treasury Inflation Indexed Bonds1.25% · due 2028-04-15 | 3.56% | $92.96M | — |
| — | United States Treasury Inflation Indexed Bonds0.13% · due 2026-10-15 | 3.53% | $92.30M | — |
Top 10 positions are 42.33% of net assets, top 25 81.76%, across 4 issuers.
See more of this fund's book
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