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xlink:to="StrategyHeading"/>
<link:presentationArc
xlink:to="StrategyNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="27.0"
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<link:presentationArc
use="optional"
order="28.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="RiskHeading"/>
<link:presentationArc
xlink:to="RiskNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="29.0"
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<link:presentationArc
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order="30.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="RiskFootnotesTextBlock"/>
<link:presentationArc
xlink:to="RiskClosingTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="31.0"
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<link:presentationArc
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order="32.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartAndPerformanceTableHeading"/>
<link:presentationArc
xlink:to="PerformanceNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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order="34.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartNarrativeTextBlock"/>
<link:presentationArc
xlink:to="BarChartHeading"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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order="36.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartTableTextBlock"/>
<link:presentationArc
xlink:to="BarChartFootnotesTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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order="38.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartClosingTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableHeading"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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order="40.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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xlink:to="PerformanceTableNarrativeTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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order="42.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="MarketIndexPerformanceTableTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableFootnotesTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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order="44.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="PerformanceTableClosingTextBlock"/>
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="S000038501Member"
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<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationDocumentAxis"
xlink:label="DocumentInformationDocumentAxis"
xlink:type="locator"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ETFMember"
xlink:type="locator"
xlink:label="ETFMember"/></link:presentationLink>
<link:presentationLink
xlink:role="http://vanguard/role/S000038501Institutional"
xlink:type="extended">
<link:loc
xlink:label="RiskReturnAbstract"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskReturnAbstract"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationDocumentAxis"
xlink:label="DocumentInformationDocumentAxis"/>
<link:loc
xlink:label="RiskReturnHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskReturnHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectiveHeading"
xlink:label="ObjectiveHeading"/>
<link:loc
xlink:label="ObjectivePrimaryTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectivePrimaryTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectiveSecondaryTextBlock"
xlink:label="ObjectiveSecondaryTextBlock"/>
<link:loc
xlink:label="ExpenseHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseNarrativeTextBlock"
xlink:label="ExpenseNarrativeTextBlock"/>
<link:loc
xlink:label="ShareholderFeesCaption"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesCaption"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesTableTextBlock"
xlink:label="ShareholderFeesTableTextBlock"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesCaption"
xlink:label="OperatingExpensesCaption"/>
<link:loc
xlink:label="AcquiredFundFeesAndExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_AcquiredFundFeesAndExpensesOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseFootnotesTextBlock"
xlink:label="ExpenseFootnotesTextBlock"/>
<link:loc
xlink:label="ExpensesDeferredChargesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesDeferredChargesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesRangeOfExchangeFeesTextBlock"
xlink:label="ExpensesRangeOfExchangeFeesTextBlock"/>
<link:loc
xlink:label="ExpenseExampleHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleByYearHeading"
xlink:label="ExpenseExampleByYearHeading"/>
<link:loc
xlink:label="ExpenseExampleNarrativeTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNarrativeTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleByYearCaption"
xlink:label="ExpenseExampleByYearCaption"/>
<link:loc
xlink:label="ExpenseExampleWithRedemptionTableTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleWithRedemptionTableTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionNarrativeTextBlock"
xlink:label="ExpenseExampleNoRedemptionNarrativeTextBlock"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionByYearCaption"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionByYearCaption"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionTableTextBlock"
xlink:label="ExpenseExampleNoRedemptionTableTextBlock"/>
<link:loc
xlink:label="ExpenseExampleFootnotesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleFootnotesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleClosingTextBlock"
xlink:label="ExpenseExampleClosingTextBlock"/>
<link:loc
xlink:label="PortfolioTurnoverHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PortfolioTurnoverHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionAbstract"
xlink:label="ExpenseExampleNoRedemptionAbstract"/>
<link:loc
xlink:label="StrategyHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_StrategyHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_StrategyNarrativeTextBlock"
xlink:label="StrategyNarrativeTextBlock"/>
<link:loc
xlink:label="RiskHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskNarrativeTextBlock"
xlink:label="RiskNarrativeTextBlock"/>
<link:loc
xlink:label="RiskFootnotesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskFootnotesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskClosingTextBlock"
xlink:label="RiskClosingTextBlock"/>
<link:loc
xlink:label="BarChartAndPerformanceTableHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartAndPerformanceTableHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceNarrativeTextBlock"
xlink:label="PerformanceNarrativeTextBlock"/>
<link:loc
xlink:label="BarChartNarrativeTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartNarrativeTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartHeading"
xlink:label="BarChartHeading"/>
<link:loc
xlink:label="BarChartTableTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartTableTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartFootnotesTextBlock"
xlink:label="BarChartFootnotesTextBlock"/>
<link:loc
xlink:label="BarChartClosingTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartClosingTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableHeading"
xlink:label="PerformanceTableHeading"/>
<link:loc
xlink:label="PerformanceTableNarrativeTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableNarrativeTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableTextBlock"
xlink:label="PerformanceTableTextBlock"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MarketIndexPerformanceTableTextBlock"
xlink:label="MarketIndexPerformanceTableTextBlock"/>
<link:loc
xlink:label="PerformanceTableFootnotesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableFootnotesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableClosingTextBlock"
xlink:label="PerformanceTableClosingTextBlock"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="RiskReturnHeading"
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<link:presentationArc
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xlink:to="ObjectiveHeading"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ObjectivePrimaryTextBlock"
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<link:presentationArc
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xlink:to="ObjectiveSecondaryTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="5.0"
xlink:to="ExpenseHeading"
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<link:presentationArc
use="optional"
xlink:to="ExpenseNarrativeTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="ShareholderFeesCaption"
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<link:presentationArc
use="optional"
xlink:to="ShareholderFeesTableTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="9.0"
xlink:to="OperatingExpensesCaption"
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<link:presentationArc
use="optional"
xlink:to="AcquiredFundFeesAndExpensesOverAssets"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="ExpenseFootnotesTextBlock"
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<link:presentationArc
use="optional"
xlink:to="ExpensesDeferredChargesTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="13.0"
xlink:to="ExpensesRangeOfExchangeFeesTextBlock"
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<link:presentationArc
use="optional"
xlink:to="ExpenseExampleHeading"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="15.0"
xlink:to="ExpenseExampleByYearHeading"
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<link:presentationArc
use="optional"
xlink:to="ExpenseExampleNarrativeTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="17.0"
xlink:to="ExpenseExampleByYearCaption"
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<link:presentationArc
use="optional"
xlink:to="ExpenseExampleWithRedemptionTableTextBlock"
order="18.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="19.0"
xlink:to="ExpenseExampleNoRedemptionNarrativeTextBlock"
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<link:presentationArc
use="optional"
xlink:to="ExpenseExampleNoRedemptionByYearCaption"
order="20.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:to="ExpenseExampleNoRedemptionTableTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="21.0"
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<link:presentationArc
use="optional"
order="22.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="ExpenseExampleFootnotesTextBlock"/>
<link:presentationArc
xlink:to="ExpenseExampleClosingTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="23.0"
use="optional"/>
<link:presentationArc
use="optional"
order="24.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="PortfolioTurnoverHeading"/>
<link:presentationArc
xlink:to="ExpenseExampleNoRedemptionAbstract"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="25.0"
use="optional"/>
<link:presentationArc
use="optional"
order="26.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="StrategyHeading"/>
<link:presentationArc
xlink:to="StrategyNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="27.0"
use="optional"/>
<link:presentationArc
use="optional"
order="28.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="RiskHeading"/>
<link:presentationArc
xlink:to="RiskNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="29.0"
use="optional"/>
<link:presentationArc
use="optional"
order="30.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="RiskFootnotesTextBlock"/>
<link:presentationArc
xlink:to="RiskClosingTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="31.0"
use="optional"/>
<link:presentationArc
use="optional"
order="32.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartAndPerformanceTableHeading"/>
<link:presentationArc
xlink:to="PerformanceNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="33.0"
use="optional"/>
<link:presentationArc
use="optional"
order="34.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartNarrativeTextBlock"/>
<link:presentationArc
xlink:to="BarChartHeading"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="35.0"
use="optional"/>
<link:presentationArc
use="optional"
order="36.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartTableTextBlock"/>
<link:presentationArc
xlink:to="BarChartFootnotesTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="37.0"
use="optional"/>
<link:presentationArc
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order="38.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartClosingTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableHeading"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="39.0"
use="optional"/>
<link:presentationArc
use="optional"
order="40.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="PerformanceTableNarrativeTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="41.0"
use="optional"/>
<link:presentationArc
use="optional"
order="42.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="MarketIndexPerformanceTableTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableFootnotesTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="43.0"
use="optional"/>
<link:presentationArc
use="optional"
order="44.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="PerformanceTableClosingTextBlock"/>
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="45.0"
xlink:to="S000038501Member"
use="optional"/>
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationDocumentAxis"
xlink:label="DocumentInformationDocumentAxis"
xlink:type="locator"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_InstitutionalMember"
xlink:type="locator"
xlink:label="InstitutionalMember"/></link:presentationLink>
<link:presentationLink
xlink:role="http://vanguard/role/S000038501Participant"
xlink:type="extended">
<link:loc
xlink:label="RiskReturnAbstract"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskReturnAbstract"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationDocumentAxis"
xlink:label="DocumentInformationDocumentAxis"/>
<link:loc
xlink:label="RiskReturnHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskReturnHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectiveHeading"
xlink:label="ObjectiveHeading"/>
<link:loc
xlink:label="ObjectivePrimaryTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectivePrimaryTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectiveSecondaryTextBlock"
xlink:label="ObjectiveSecondaryTextBlock"/>
<link:loc
xlink:label="ExpenseHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseNarrativeTextBlock"
xlink:label="ExpenseNarrativeTextBlock"/>
<link:loc
xlink:label="ShareholderFeesCaption"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesCaption"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesTableTextBlock"
xlink:label="ShareholderFeesTableTextBlock"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesCaption"
xlink:label="OperatingExpensesCaption"/>
<link:loc
xlink:label="AcquiredFundFeesAndExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_AcquiredFundFeesAndExpensesOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseFootnotesTextBlock"
xlink:label="ExpenseFootnotesTextBlock"/>
<link:loc
xlink:label="ExpensesDeferredChargesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesDeferredChargesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesRangeOfExchangeFeesTextBlock"
xlink:label="ExpensesRangeOfExchangeFeesTextBlock"/>
<link:loc
xlink:label="ExpenseExampleHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleByYearHeading"
xlink:label="ExpenseExampleByYearHeading"/>
<link:loc
xlink:label="ExpenseExampleNarrativeTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNarrativeTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleByYearCaption"
xlink:label="ExpenseExampleByYearCaption"/>
<link:loc
xlink:label="ExpenseExampleWithRedemptionTableTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleWithRedemptionTableTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionNarrativeTextBlock"
xlink:label="ExpenseExampleNoRedemptionNarrativeTextBlock"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionByYearCaption"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionByYearCaption"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionTableTextBlock"
xlink:label="ExpenseExampleNoRedemptionTableTextBlock"/>
<link:loc
xlink:label="ExpenseExampleFootnotesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleFootnotesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleClosingTextBlock"
xlink:label="ExpenseExampleClosingTextBlock"/>
<link:loc
xlink:label="PortfolioTurnoverHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PortfolioTurnoverHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionAbstract"
xlink:label="ExpenseExampleNoRedemptionAbstract"/>
<link:loc
xlink:label="StrategyHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_StrategyHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_StrategyNarrativeTextBlock"
xlink:label="StrategyNarrativeTextBlock"/>
<link:loc
xlink:label="RiskHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskNarrativeTextBlock"
xlink:label="RiskNarrativeTextBlock"/>
<link:loc
xlink:label="RiskFootnotesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskFootnotesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskClosingTextBlock"
xlink:label="RiskClosingTextBlock"/>
<link:loc
xlink:label="BarChartAndPerformanceTableHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartAndPerformanceTableHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceNarrativeTextBlock"
xlink:label="PerformanceNarrativeTextBlock"/>
<link:loc
xlink:label="BarChartNarrativeTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartNarrativeTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartHeading"
xlink:label="BarChartHeading"/>
<link:loc
xlink:label="BarChartTableTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartTableTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartFootnotesTextBlock"
xlink:label="BarChartFootnotesTextBlock"/>
<link:loc
xlink:label="BarChartClosingTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartClosingTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableHeading"
xlink:label="PerformanceTableHeading"/>
<link:loc
xlink:label="PerformanceTableNarrativeTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableNarrativeTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableTextBlock"
xlink:label="PerformanceTableTextBlock"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MarketIndexPerformanceTableTextBlock"
xlink:label="MarketIndexPerformanceTableTextBlock"/>
<link:loc
xlink:label="PerformanceTableFootnotesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableFootnotesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableClosingTextBlock"
xlink:label="PerformanceTableClosingTextBlock"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="1.0"
xlink:to="RiskReturnHeading"
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<link:presentationArc
use="optional"
xlink:to="ObjectiveHeading"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="ObjectivePrimaryTextBlock"
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<link:presentationArc
use="optional"
xlink:to="ObjectiveSecondaryTextBlock"
order="4.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="5.0"
xlink:to="ExpenseHeading"
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<link:presentationArc
use="optional"
xlink:to="ExpenseNarrativeTextBlock"
order="6.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="ShareholderFeesCaption"
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<link:presentationArc
use="optional"
xlink:to="ShareholderFeesTableTextBlock"
order="8.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="9.0"
xlink:to="OperatingExpensesCaption"
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<link:presentationArc
use="optional"
xlink:to="AcquiredFundFeesAndExpensesOverAssets"
order="10.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="ExpenseFootnotesTextBlock"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="ExpensesDeferredChargesTextBlock"
order="12.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="13.0"
xlink:to="ExpensesRangeOfExchangeFeesTextBlock"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="ExpenseExampleHeading"
order="14.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="15.0"
xlink:to="ExpenseExampleByYearHeading"
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<link:presentationArc
use="optional"
xlink:to="ExpenseExampleNarrativeTextBlock"
order="16.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="17.0"
xlink:to="ExpenseExampleByYearCaption"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="ExpenseExampleWithRedemptionTableTextBlock"
order="18.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="19.0"
xlink:to="ExpenseExampleNoRedemptionNarrativeTextBlock"
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<link:presentationArc
use="optional"
xlink:to="ExpenseExampleNoRedemptionByYearCaption"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"/>
<link:presentationArc
xlink:to="ExpenseExampleNoRedemptionTableTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="21.0"
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<link:presentationArc
use="optional"
order="22.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="ExpenseExampleFootnotesTextBlock"/>
<link:presentationArc
xlink:to="ExpenseExampleClosingTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="23.0"
use="optional"/>
<link:presentationArc
use="optional"
order="24.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="PortfolioTurnoverHeading"/>
<link:presentationArc
xlink:to="ExpenseExampleNoRedemptionAbstract"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="25.0"
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<link:presentationArc
use="optional"
order="26.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="StrategyHeading"/>
<link:presentationArc
xlink:to="StrategyNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="27.0"
use="optional"/>
<link:presentationArc
use="optional"
order="28.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="RiskHeading"/>
<link:presentationArc
xlink:to="RiskNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="29.0"
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<link:presentationArc
use="optional"
order="30.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="RiskFootnotesTextBlock"/>
<link:presentationArc
xlink:to="RiskClosingTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="31.0"
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<link:presentationArc
use="optional"
order="32.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartAndPerformanceTableHeading"/>
<link:presentationArc
xlink:to="PerformanceNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="33.0"
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<link:presentationArc
use="optional"
order="34.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartNarrativeTextBlock"/>
<link:presentationArc
xlink:to="BarChartHeading"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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order="36.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartTableTextBlock"/>
<link:presentationArc
xlink:to="BarChartFootnotesTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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use="optional"/>
<link:presentationArc
use="optional"
order="38.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="BarChartClosingTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableHeading"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="39.0"
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<link:presentationArc
use="optional"
order="40.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="PerformanceTableNarrativeTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="41.0"
use="optional"/>
<link:presentationArc
use="optional"
order="42.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="MarketIndexPerformanceTableTextBlock"/>
<link:presentationArc
xlink:to="PerformanceTableFootnotesTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="43.0"
use="optional"/>
<link:presentationArc
use="optional"
order="44.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RiskReturnAbstract"
xlink:to="PerformanceTableClosingTextBlock"/>
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="45.0"
xlink:to="S000038501Member"
use="optional"/>
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationDocumentAxis"
xlink:label="DocumentInformationDocumentAxis"
xlink:type="locator"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ParticipantMember"
xlink:type="locator"
xlink:label="ParticipantMember"/></link:presentationLink>
<link:presentationLink
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<link:loc
xlink:label="RiskReturnAbstract"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskReturnAbstract"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationDocumentAxis"
xlink:label="DocumentInformationDocumentAxis"/>
<link:loc
xlink:label="RiskReturnHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskReturnHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectiveHeading"
xlink:label="ObjectiveHeading"/>
<link:loc
xlink:label="ObjectivePrimaryTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectivePrimaryTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ObjectiveSecondaryTextBlock"
xlink:label="ObjectiveSecondaryTextBlock"/>
<link:loc
xlink:label="ExpenseHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseNarrativeTextBlock"
xlink:label="ExpenseNarrativeTextBlock"/>
<link:loc
xlink:label="ShareholderFeesCaption"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesCaption"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesTableTextBlock"
xlink:label="ShareholderFeesTableTextBlock"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesCaption"
xlink:label="OperatingExpensesCaption"/>
<link:loc
xlink:label="AcquiredFundFeesAndExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_AcquiredFundFeesAndExpensesOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseFootnotesTextBlock"
xlink:label="ExpenseFootnotesTextBlock"/>
<link:loc
xlink:label="ExpensesDeferredChargesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesDeferredChargesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesRangeOfExchangeFeesTextBlock"
xlink:label="ExpensesRangeOfExchangeFeesTextBlock"/>
<link:loc
xlink:label="ExpenseExampleHeading"
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xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleByYearHeading"
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<link:loc
xlink:label="ExpenseExampleNarrativeTextBlock"
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<link:loc
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xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleByYearCaption"
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<link:loc
xlink:label="ExpenseExampleWithRedemptionTableTextBlock"
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xlink:type="locator"/>
<link:loc
xlink:type="locator"
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<link:loc
xlink:label="ExpenseExampleNoRedemptionByYearCaption"
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<link:loc
xlink:type="locator"
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<link:loc
xlink:label="ExpenseExampleFootnotesTextBlock"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleClosingTextBlock"
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<link:loc
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<link:loc
xlink:type="locator"
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<link:loc
xlink:label="StrategyHeading"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_StrategyNarrativeTextBlock"
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<link:loc
xlink:label="RiskHeading"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskNarrativeTextBlock"
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<link:loc
xlink:label="RiskFootnotesTextBlock"
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<link:loc
xlink:type="locator"
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<link:loc
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<link:loc
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<link:loc
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<link:loc
xlink:type="locator"
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<link:loc
xlink:label="BarChartTableTextBlock"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartFootnotesTextBlock"
xlink:label="BarChartFootnotesTextBlock"/>
<link:loc
xlink:label="BarChartClosingTextBlock"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableHeading"
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<link:loc
xlink:label="PerformanceTableNarrativeTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableNarrativeTextBlock"
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<link:loc
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MarketIndexPerformanceTableTextBlock"
xlink:label="MarketIndexPerformanceTableTextBlock"/>
<link:loc
xlink:label="PerformanceTableFootnotesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableFootnotesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
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<link:presentationArc
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xlink:to="ObjectiveHeading"
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<link:presentationArc
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<link:presentationArc
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xlink:to="ObjectiveSecondaryTextBlock"
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<link:presentationArc
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xlink:to="ExpenseHeading"
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<link:presentationArc
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xlink:to="ExpenseNarrativeTextBlock"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ShareholderFeesCaption"
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<link:presentationArc
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xlink:to="ShareholderFeesTableTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
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xlink:to="OperatingExpensesCaption"
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<link:presentationArc
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xlink:to="AcquiredFundFeesAndExpensesOverAssets"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpenseFootnotesTextBlock"
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<link:presentationArc
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xlink:to="ExpensesDeferredChargesTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpensesRangeOfExchangeFeesTextBlock"
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<link:presentationArc
use="optional"
xlink:to="ExpenseExampleHeading"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpenseExampleByYearHeading"
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<link:presentationArc
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xlink:to="ExpenseExampleNarrativeTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpenseExampleByYearCaption"
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<link:presentationArc
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xlink:to="ExpenseExampleWithRedemptionTableTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpenseExampleNoRedemptionNarrativeTextBlock"
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<link:presentationArc
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xlink:to="ExpenseExampleNoRedemptionByYearCaption"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:to="ExpenseExampleNoRedemptionTableTextBlock"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:to="ExpenseExampleClosingTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:to="ExpenseExampleNoRedemptionAbstract"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:to="StrategyNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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<link:loc
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<link:presentationArc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
xlink:label="ExpenseHeading"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseNarrativeTextBlock"
xlink:label="ExpenseNarrativeTextBlock"/>
<link:loc
xlink:label="ShareholderFeesCaption"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesTableTextBlock"
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xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesCaption"
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<link:loc
xlink:label="AcquiredFundFeesAndExpensesOverAssets"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseFootnotesTextBlock"
xlink:label="ExpenseFootnotesTextBlock"/>
<link:loc
xlink:label="ExpensesDeferredChargesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesDeferredChargesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesRangeOfExchangeFeesTextBlock"
xlink:label="ExpensesRangeOfExchangeFeesTextBlock"/>
<link:loc
xlink:label="ExpenseExampleHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleByYearHeading"
xlink:label="ExpenseExampleByYearHeading"/>
<link:loc
xlink:label="ExpenseExampleNarrativeTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNarrativeTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleByYearCaption"
xlink:label="ExpenseExampleByYearCaption"/>
<link:loc
xlink:label="ExpenseExampleWithRedemptionTableTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleWithRedemptionTableTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionNarrativeTextBlock"
xlink:label="ExpenseExampleNoRedemptionNarrativeTextBlock"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionByYearCaption"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionByYearCaption"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionTableTextBlock"
xlink:label="ExpenseExampleNoRedemptionTableTextBlock"/>
<link:loc
xlink:label="ExpenseExampleFootnotesTextBlock"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleFootnotesTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleClosingTextBlock"
xlink:label="ExpenseExampleClosingTextBlock"/>
<link:loc
xlink:label="PortfolioTurnoverHeading"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PortfolioTurnoverHeading"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionAbstract"
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<link:loc
xlink:label="StrategyHeading"
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xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_StrategyNarrativeTextBlock"
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<link:loc
xlink:label="RiskHeading"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskNarrativeTextBlock"
xlink:label="RiskNarrativeTextBlock"/>
<link:loc
xlink:label="RiskFootnotesTextBlock"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RiskClosingTextBlock"
xlink:label="RiskClosingTextBlock"/>
<link:loc
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xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartAndPerformanceTableHeading"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceNarrativeTextBlock"
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<link:loc
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_BarChartHeading"
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<link:loc
xlink:label="BarChartTableTextBlock"
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<link:loc
xlink:type="locator"
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<link:loc
xlink:label="BarChartClosingTextBlock"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceTableHeading"
xlink:label="PerformanceTableHeading"/>
<link:loc
xlink:label="PerformanceTableNarrativeTextBlock"
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<link:loc
xlink:type="locator"
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<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MarketIndexPerformanceTableTextBlock"
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<link:loc
xlink:label="PerformanceTableFootnotesTextBlock"
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<link:loc
xlink:type="locator"
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
xlink:from="RiskReturnAbstract"
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xlink:to="ExpenseHeading"
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<link:presentationArc
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xlink:to="ExpenseNarrativeTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
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xlink:to="ShareholderFeesCaption"
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<link:presentationArc
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xlink:to="ShareholderFeesTableTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="OperatingExpensesCaption"
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<link:presentationArc
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xlink:to="AcquiredFundFeesAndExpensesOverAssets"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpenseFootnotesTextBlock"
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<link:presentationArc
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xlink:to="ExpensesDeferredChargesTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpensesRangeOfExchangeFeesTextBlock"
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<link:presentationArc
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xlink:to="ExpenseExampleHeading"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpenseExampleByYearHeading"
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<link:presentationArc
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xlink:to="ExpenseExampleNarrativeTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
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xlink:to="ExpenseExampleByYearCaption"
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<link:presentationArc
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xlink:to="ExpenseExampleWithRedemptionTableTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpenseExampleNoRedemptionNarrativeTextBlock"
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<link:presentationArc
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xlink:to="ExpenseExampleNoRedemptionByYearCaption"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:to="ExpenseExampleClosingTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:to="ExpenseExampleNoRedemptionAbstract"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
xlink:to="StrategyNarrativeTextBlock"
xlink:from="RiskReturnAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:to="RiskNarrativeTextBlock"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:to="RiskClosingTextBlock"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:to="PerformanceTableHeading"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:to="PerformanceTableFootnotesTextBlock"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:loc
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<link:loc
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<link:presentationArc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
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<link:loc
xlink:label="ShareholderFeesAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesAbstract"/>
<link:loc
xlink:label="MaximumCumulativeSalesChargeOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOfferingPrice"
xlink:type="locator"
xlink:label="MaximumCumulativeSalesChargeOverOfferingPrice"/>
<link:loc
xlink:label="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RedemptionFeeOverRedemption"
xlink:type="locator"
xlink:label="RedemptionFeeOverRedemption"/>
<link:loc
xlink:label="MaximumAccountFee"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumAccountFee"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ETFConversionFee"
xlink:type="locator"
xlink:label="ETFConversionFee"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnPurchases"
xlink:type="locator"
xlink:label="TransactionFeeOnPurchases"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnReinvestedDividends"
xlink:type="locator"
xlink:label="TransactionFeeOnReinvestedDividends"/>
<link:loc
xlink:label="PurchaseFeeParenthetical"
xlink:href="malvern-20121010.xsd#vanguard_PurchaseFeeParenthetical"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_RedemptionFeeParenthetical"
xlink:label="RedemptionFeeParenthetical"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ETFConversionFee"
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<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="36.0"
xlink:to="TransactionFeeOnPurchases"
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<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="TransactionFeeOnReinvestedDividends"
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<link:presentationArc
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="38.0"
xlink:to="PurchaseFeeParenthetical"
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xlink:from="MaximumCumulativeSalesChargeOverOther"/>
<link:presentationArc
use="optional"
xlink:to="RedemptionFeeParenthetical"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RedemptionFeeOverRedemption"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://xbrl.sec.gov/rr/role/Series">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"
xlink:type="locator"
xlink:label="S000038501Member"/>
<link:presentationArc
use="optional"
xlink:to="S000038501Member"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="LegalEntityAxis"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://xbrl.sec.gov/rr/role/Class">
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118814Member"
xlink:type="locator"
xlink:label="C000118814Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="C000118814Member"
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<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118816Member"
xlink:type="locator"
xlink:label="C000118816Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="C000118816Member"
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<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118817Member"
xlink:type="locator"
xlink:label="C000118817Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="43.0"
xlink:to="C000118817Member"
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<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118815Member"
xlink:type="locator"
xlink:label="C000118815Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="C000118815Member"
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<link:presentationLink
xlink:type="extended"
xlink:role="http://xbrl.sec.gov/rr/role/PerformanceMeasure">
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_PerformanceMeasureAxis"
xlink:label="PerformanceMeasureAxis"
xlink:type="locator"/></link:presentationLink>
<link:presentationLink
xlink:role="http://xbrl.sec.gov/rr/role/Prospectus"
xlink:type="extended">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentInformationDocumentAxis"
xlink:label="DocumentInformationDocumentAxis"
xlink:type="locator"/>
<link:presentationArc
xlink:from="DocumentInformationDocumentAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="45.0"
xlink:to="ETFMember"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ETFMember"
xlink:type="locator"
xlink:label="ETFMember"/>
<link:presentationArc
xlink:from="DocumentInformationDocumentAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="46.0"
xlink:to="InstitutionalMember"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_InstitutionalMember"
xlink:type="locator"
xlink:label="InstitutionalMember"/>
<link:presentationArc
xlink:from="DocumentInformationDocumentAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="47.0"
xlink:to="ParticipantMember"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ParticipantMember"
xlink:type="locator"
xlink:label="ParticipantMember"/>
<link:presentationArc
xlink:from="DocumentInformationDocumentAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="48.0"
xlink:to="Participant2Member"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_Participant2Member"
xlink:type="locator"
xlink:label="Participant2Member"/>
<link:presentationArc
xlink:from="DocumentInformationDocumentAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="49.0"
xlink:to="RetailMember"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_RetailMember"
xlink:type="locator"
xlink:label="RetailMember"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/Supplement">
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_SupplementTextBlock"
xlink:label="SupplementTextBlock"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="SupplementAbstract"
xlink:href="malvern-20121010.xsd#vanguard_SupplementAbstract"/>
<link:presentationArc
xlink:from="SupplementAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="49.0"
xlink:to="SupplementTextBlock"
use="optional"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ExpenseExampleNoRedemptionRetail">
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionAbstract"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear01"
xlink:type="locator"
xlink:label="ExpenseExampleNoRedemptionYear01"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear03"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear03"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear05"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear05"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear10"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear10"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:presentationArc
order="1.0"
xlink:to="ExpenseExampleNoRedemptionYear01"
xlink:from="ExpenseExampleNoRedemptionAbstract"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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priority="0"/>
<link:presentationArc
priority="0"
use="optional"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:from="ExpenseExampleNoRedemptionAbstract"
xlink:to="ExpenseExampleNoRedemptionYear03"
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<link:presentationArc
priority="0"
use="optional"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:from="ExpenseExampleNoRedemptionAbstract"
xlink:to="ExpenseExampleNoRedemptionYear05"
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<link:presentationArc
priority="0"
use="optional"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:from="ExpenseExampleNoRedemptionAbstract"
xlink:to="ExpenseExampleNoRedemptionYear10"
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<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="5.0"
xlink:to="S000038501Member"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118814Member"
xlink:type="locator"
xlink:label="C000118814Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="6.0"
xlink:to="C000118814Member"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118817Member"
xlink:type="locator"
xlink:label="C000118817Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="C000118817Member"
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<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ExpenseExampleNoRedemptionInstitutional">
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionAbstract"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear01"
xlink:type="locator"
xlink:label="ExpenseExampleNoRedemptionYear01"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear03"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear03"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear05"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear05"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear10"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear10"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:presentationArc
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xlink:to="ExpenseExampleNoRedemptionYear01"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:from="ExpenseExampleNoRedemptionAbstract"
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<link:presentationArc
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xlink:from="ExpenseExampleNoRedemptionAbstract"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="S000038501Member"
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<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118816Member"
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xlink:label="C000118816Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ExpenseExampleNoRedemptionParticipant2">
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
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<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
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<link:loc
xlink:label="ExpenseExampleNoRedemptionAbstract"
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xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionAbstract"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear01"
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<link:loc
xlink:label="ExpenseExampleNoRedemptionYear03"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear03"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear05"
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<link:loc
xlink:label="ExpenseExampleNoRedemptionYear10"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear10"/>
<link:loc
xlink:label="S000038501Member"
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xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:presentationArc
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xlink:to="ExpenseExampleNoRedemptionYear01"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="S000038501Member"
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<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118814Member"
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xlink:label="C000118814Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="C000118814Member"
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<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ExpenseExampleNoRedemptionParticipant">
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionAbstract"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear01"
xlink:type="locator"
xlink:label="ExpenseExampleNoRedemptionYear01"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear03"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear03"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear05"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear05"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear10"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear10"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:presentationArc
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xlink:to="ExpenseExampleNoRedemptionYear01"
xlink:from="ExpenseExampleNoRedemptionAbstract"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:from="ExpenseExampleNoRedemptionAbstract"
xlink:to="ExpenseExampleNoRedemptionYear03"
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<link:presentationArc
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xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:from="ExpenseExampleNoRedemptionAbstract"
xlink:to="ExpenseExampleNoRedemptionYear05"
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<link:presentationArc
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xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:from="ExpenseExampleNoRedemptionAbstract"
xlink:to="ExpenseExampleNoRedemptionYear10"
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<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="5.0"
xlink:to="S000038501Member"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118817Member"
xlink:type="locator"
xlink:label="C000118817Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="C000118817Member"
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<link:presentationLink
xlink:type="extended"
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xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
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<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionAbstract"
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xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionAbstract"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpenseExampleNoRedemptionYear01"
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xlink:label="ExpenseExampleNoRedemptionYear01"/>
<link:loc
xlink:label="ExpenseExampleNoRedemptionYear03"
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xlink:label="ExpenseExampleNoRedemptionYear05"
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<link:loc
xlink:label="ExpenseExampleNoRedemptionYear10"
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<link:loc
xlink:label="S000038501Member"
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<link:presentationArc
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xlink:to="ExpenseExampleNoRedemptionYear01"
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<link:presentationArc
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<link:presentationArc
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
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<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
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<link:loc
xlink:label="S000038501Member"
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xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesAbstract"
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xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ManagementFeesOverAssets"
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<link:loc
xlink:type="locator"
xlink:label="DistributionAndService12b1FeesOverAssets"
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_DistributionOrSimilarNon12b1FeesOverAssets"
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<link:loc
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xlink:label="Component1OtherExpensesOverAssets"
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<link:loc
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xlink:label="Component2OtherExpensesOverAssets"
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<link:loc
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<link:loc
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xlink:label="OtherExpensesOverAssets"
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_FeeWaiverOrReimbursementOverAssets"
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<link:loc
xlink:type="locator"
xlink:label="AcquiredFundFeesAndExpensesOverAssets"
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<link:loc
xlink:type="locator"
xlink:label="ExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="NetExpensesOverAssets"
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesColumnName"
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<link:loc
xlink:label="AquiredFundFeesExpensesExcludingAFFE"
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xlink:href="malvern-20121010.xsd#vanguard_AquiredFundFeesExpensesExcludingAFFE"/>
<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:to="ManagementFeesOverAssets"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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<link:presentationArc
xlink:from="OperatingExpensesAbstract"
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xlink:to="Component1OtherExpensesOverAssets"
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<link:presentationArc
xlink:from="OperatingExpensesAbstract"
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xlink:to="Component2OtherExpensesOverAssets"
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<link:presentationArc
xlink:from="OperatingExpensesAbstract"
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xlink:to="Component3OtherExpensesOverAssets"
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<link:presentationArc
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xlink:to="OtherExpensesOverAssets"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:to="AquiredFundFeesExpensesExcludingAFFE"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="AcquiredFundFeesAndExpensesOverAssets"
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<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="ExpensesOverAssets"
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<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="FeeWaiverOrReimbursementOverAssets"
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<link:presentationArc
xlink:from="OperatingExpensesAbstract"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="NetExpensesOverAssets"
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<link:presentationArc
xlink:from="LegalEntityAxis"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="S000038501Member"
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<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118814Member"
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<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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xlink:to="C000118814Member"
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<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118817Member"
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<link:presentationArc
xlink:from="ProspectusShareClassAxis"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationLink
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<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
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<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
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<link:loc
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesAbstract"
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ManagementFeesOverAssets"
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<link:loc
xlink:type="locator"
xlink:label="DistributionAndService12b1FeesOverAssets"
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_DistributionOrSimilarNon12b1FeesOverAssets"
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<link:loc
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<link:loc
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<link:loc
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xlink:label="Component3OtherExpensesOverAssets"
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<link:loc
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xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_FeeWaiverOrReimbursementOverAssets"
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<link:loc
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xlink:to="Component2OtherExpensesOverAssets"
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<link:presentationArc
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<link:presentationArc
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xlink:to="NetExpensesOverAssets"
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xlink:to="S000038501Member"
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<link:presentationArc
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesAbstract"
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_DistributionOrSimilarNon12b1FeesOverAssets"
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<link:loc
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xlink:label="Component1OtherExpensesOverAssets"
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<link:loc
xlink:type="locator"
xlink:label="Component2OtherExpensesOverAssets"
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<link:loc
xlink:type="locator"
xlink:label="Component3OtherExpensesOverAssets"
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<link:loc
xlink:type="locator"
xlink:label="OtherExpensesOverAssets"
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<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_FeeWaiverOrReimbursementOverAssets"
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<link:loc
xlink:type="locator"
xlink:label="AcquiredFundFeesAndExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_AcquiredFundFeesAndExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="ExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="NetExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_NetExpensesOverAssets"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesColumnName"
xlink:label="OperatingExpensesColumnName"
xlink:type="locator"/>
<link:loc
xlink:label="AquiredFundFeesExpensesExcludingAFFE"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_AquiredFundFeesExpensesExcludingAFFE"/>
<link:presentationArc
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xlink:to="OperatingExpensesColumnName"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
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<link:presentationArc
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xlink:to="ManagementFeesOverAssets"
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xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
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<link:presentationArc
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xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="DistributionAndService12b1FeesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="4.0"
xlink:to="DistributionOrSimilarNon12b1FeesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="5.0"
xlink:to="Component1OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="6.0"
xlink:to="Component2OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="Component3OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="OtherExpensesOverAssets"
order="8.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
use="optional"
xlink:to="AquiredFundFeesExpensesExcludingAFFE"
order="9.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="10.0"
xlink:to="AcquiredFundFeesAndExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="ExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="12.0"
xlink:to="FeeWaiverOrReimbursementOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="13.0"
xlink:to="NetExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="14.0"
xlink:to="S000038501Member"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118816Member"
xlink:type="locator"
xlink:label="C000118816Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="15.0"
xlink:to="C000118816Member"
use="optional"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501OperatingExpensesParticipant">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesAbstract"
xlink:label="OperatingExpensesAbstract"
xlink:type="locator"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ManagementFeesOverAssets"
xlink:label="ManagementFeesOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="DistributionAndService12b1FeesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_DistributionAndService12b1FeesOverAssets"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_DistributionOrSimilarNon12b1FeesOverAssets"
xlink:label="DistributionOrSimilarNon12b1FeesOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="Component1OtherExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_Component1OtherExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="Component2OtherExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_Component2OtherExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="Component3OtherExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_Component3OtherExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="OtherExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OtherExpensesOverAssets"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_FeeWaiverOrReimbursementOverAssets"
xlink:label="FeeWaiverOrReimbursementOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="AcquiredFundFeesAndExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_AcquiredFundFeesAndExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="ExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="NetExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_NetExpensesOverAssets"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesColumnName"
xlink:label="OperatingExpensesColumnName"
xlink:type="locator"/>
<link:loc
xlink:label="AquiredFundFeesExpensesExcludingAFFE"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_AquiredFundFeesExpensesExcludingAFFE"/>
<link:presentationArc
use="optional"
xlink:to="OperatingExpensesColumnName"
order="1.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
use="optional"
xlink:to="ManagementFeesOverAssets"
order="2.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="DistributionAndService12b1FeesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="4.0"
xlink:to="DistributionOrSimilarNon12b1FeesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="5.0"
xlink:to="Component1OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="6.0"
xlink:to="Component2OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="Component3OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="OtherExpensesOverAssets"
order="8.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
use="optional"
xlink:to="AquiredFundFeesExpensesExcludingAFFE"
order="9.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="10.0"
xlink:to="AcquiredFundFeesAndExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="ExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="12.0"
xlink:to="FeeWaiverOrReimbursementOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="13.0"
xlink:to="NetExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="14.0"
xlink:to="S000038501Member"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118817Member"
xlink:type="locator"
xlink:label="C000118817Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="15.0"
xlink:to="C000118817Member"
use="optional"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501OperatingExpensesETF">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesAbstract"
xlink:label="OperatingExpensesAbstract"
xlink:type="locator"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ManagementFeesOverAssets"
xlink:label="ManagementFeesOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="DistributionAndService12b1FeesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_DistributionAndService12b1FeesOverAssets"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_DistributionOrSimilarNon12b1FeesOverAssets"
xlink:label="DistributionOrSimilarNon12b1FeesOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="Component1OtherExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_Component1OtherExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="Component2OtherExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_Component2OtherExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="Component3OtherExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_Component3OtherExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="OtherExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OtherExpensesOverAssets"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_FeeWaiverOrReimbursementOverAssets"
xlink:label="FeeWaiverOrReimbursementOverAssets"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="AcquiredFundFeesAndExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_AcquiredFundFeesAndExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="ExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ExpensesOverAssets"/>
<link:loc
xlink:type="locator"
xlink:label="NetExpensesOverAssets"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_NetExpensesOverAssets"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_OperatingExpensesColumnName"
xlink:label="OperatingExpensesColumnName"
xlink:type="locator"/>
<link:loc
xlink:label="AquiredFundFeesExpensesExcludingAFFE"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_AquiredFundFeesExpensesExcludingAFFE"/>
<link:presentationArc
use="optional"
xlink:to="OperatingExpensesColumnName"
order="1.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
use="optional"
xlink:to="ManagementFeesOverAssets"
order="2.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="DistributionAndService12b1FeesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="4.0"
xlink:to="DistributionOrSimilarNon12b1FeesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="5.0"
xlink:to="Component1OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="6.0"
xlink:to="Component2OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="Component3OtherExpensesOverAssets"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="OtherExpensesOverAssets"
order="8.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
use="optional"
xlink:to="AquiredFundFeesExpensesExcludingAFFE"
order="9.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="OperatingExpensesAbstract"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="10.0"
xlink:to="AcquiredFundFeesAndExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="ExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="12.0"
xlink:to="FeeWaiverOrReimbursementOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="OperatingExpensesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="13.0"
xlink:to="NetExpensesOverAssets"
use="optional"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="14.0"
xlink:to="S000038501Member"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118815Member"
xlink:type="locator"
xlink:label="C000118815Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="15.0"
xlink:to="C000118815Member"
use="optional"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ShareholderFeesETF">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:loc
xlink:label="ShareholderFeesAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesAbstract"/>
<link:loc
xlink:label="MaximumCumulativeSalesChargeOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOfferingPrice"
xlink:type="locator"
xlink:label="MaximumCumulativeSalesChargeOverOfferingPrice"/>
<link:loc
xlink:label="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RedemptionFeeOverRedemption"
xlink:type="locator"
xlink:label="RedemptionFeeOverRedemption"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ETFConversionFee"
xlink:type="locator"
xlink:label="ETFConversionFee"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnPurchases"
xlink:type="locator"
xlink:label="TransactionFeeOnPurchases"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnReinvestedDividends"
xlink:type="locator"
xlink:label="TransactionFeeOnReinvestedDividends"/>
<link:loc
xlink:label="RedemptionFeeParenthetical"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_RedemptionFeeParenthetical"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_PurchaseFeeParenthetical"
xlink:type="locator"
xlink:label="PurchaseFeeParenthetical"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="1.0"
xlink:to="S000038501Member"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumCumulativeSalesChargeOverOfferingPrice"
order="2.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="MaximumCumulativeSalesChargeOverOther"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
order="4.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
preferredLabel="http://xbrl.us/us-gaap/role/label/negated"
use="optional"
xlink:to="RedemptionFeeOverRedemption"
order="5.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="ETFConversionFee"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="8.0"
xlink:to="TransactionFeeOnPurchases"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="9.0"
xlink:to="TransactionFeeOnReinvestedDividends"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="RedemptionFeeParenthetical"
order="10.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RedemptionFeeOverRedemption"/>
<link:presentationArc
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="PurchaseFeeParenthetical"
use="optional"
xlink:from="MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118815Member"
xlink:type="locator"
xlink:label="C000118815Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="12.0"
xlink:to="C000118815Member"
use="optional"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ShareholderFeesInstitutional">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:loc
xlink:label="ShareholderFeesAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesAbstract"/>
<link:loc
xlink:label="MaximumCumulativeSalesChargeOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOfferingPrice"
xlink:type="locator"
xlink:label="MaximumCumulativeSalesChargeOverOfferingPrice"/>
<link:loc
xlink:label="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RedemptionFeeOverRedemption"
xlink:type="locator"
xlink:label="RedemptionFeeOverRedemption"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ETFConversionFee"
xlink:type="locator"
xlink:label="ETFConversionFee"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnPurchases"
xlink:type="locator"
xlink:label="TransactionFeeOnPurchases"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnReinvestedDividends"
xlink:type="locator"
xlink:label="TransactionFeeOnReinvestedDividends"/>
<link:loc
xlink:label="RedemptionFeeParenthetical"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_RedemptionFeeParenthetical"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_PurchaseFeeParenthetical"
xlink:type="locator"
xlink:label="PurchaseFeeParenthetical"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="1.0"
xlink:to="S000038501Member"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumCumulativeSalesChargeOverOfferingPrice"
order="2.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="MaximumCumulativeSalesChargeOverOther"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
order="4.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
preferredLabel="http://xbrl.us/us-gaap/role/label/negated"
use="optional"
xlink:to="RedemptionFeeOverRedemption"
order="5.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="ETFConversionFee"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="8.0"
xlink:to="TransactionFeeOnPurchases"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="9.0"
xlink:to="TransactionFeeOnReinvestedDividends"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="RedemptionFeeParenthetical"
order="10.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RedemptionFeeOverRedemption"/>
<link:presentationArc
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="PurchaseFeeParenthetical"
use="optional"
xlink:from="MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118816Member"
xlink:type="locator"
xlink:label="C000118816Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="12.0"
xlink:to="C000118816Member"
use="optional"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ShareholderFeesParticipant2">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:loc
xlink:label="ShareholderFeesAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesAbstract"/>
<link:loc
xlink:label="MaximumCumulativeSalesChargeOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOfferingPrice"
xlink:type="locator"
xlink:label="MaximumCumulativeSalesChargeOverOfferingPrice"/>
<link:loc
xlink:label="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RedemptionFeeOverRedemption"
xlink:type="locator"
xlink:label="RedemptionFeeOverRedemption"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ETFConversionFee"
xlink:type="locator"
xlink:label="ETFConversionFee"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnPurchases"
xlink:type="locator"
xlink:label="TransactionFeeOnPurchases"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnReinvestedDividends"
xlink:type="locator"
xlink:label="TransactionFeeOnReinvestedDividends"/>
<link:loc
xlink:label="RedemptionFeeParenthetical"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_RedemptionFeeParenthetical"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_PurchaseFeeParenthetical"
xlink:type="locator"
xlink:label="PurchaseFeeParenthetical"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="1.0"
xlink:to="S000038501Member"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumCumulativeSalesChargeOverOfferingPrice"
order="2.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="MaximumCumulativeSalesChargeOverOther"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
order="4.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
preferredLabel="http://xbrl.us/us-gaap/role/label/negated"
use="optional"
xlink:to="RedemptionFeeOverRedemption"
order="5.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="ETFConversionFee"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="8.0"
xlink:to="TransactionFeeOnPurchases"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="9.0"
xlink:to="TransactionFeeOnReinvestedDividends"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="RedemptionFeeParenthetical"
order="10.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RedemptionFeeOverRedemption"/>
<link:presentationArc
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="PurchaseFeeParenthetical"
use="optional"
xlink:from="MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118814Member"
xlink:type="locator"
xlink:label="C000118814Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="12.0"
xlink:to="C000118814Member"
use="optional"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ShareholderFeesParticipant">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:loc
xlink:label="ShareholderFeesAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesAbstract"/>
<link:loc
xlink:label="MaximumCumulativeSalesChargeOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOfferingPrice"
xlink:type="locator"
xlink:label="MaximumCumulativeSalesChargeOverOfferingPrice"/>
<link:loc
xlink:label="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RedemptionFeeOverRedemption"
xlink:type="locator"
xlink:label="RedemptionFeeOverRedemption"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ETFConversionFee"
xlink:type="locator"
xlink:label="ETFConversionFee"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnPurchases"
xlink:type="locator"
xlink:label="TransactionFeeOnPurchases"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnReinvestedDividends"
xlink:type="locator"
xlink:label="TransactionFeeOnReinvestedDividends"/>
<link:loc
xlink:label="RedemptionFeeParenthetical"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_RedemptionFeeParenthetical"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_PurchaseFeeParenthetical"
xlink:type="locator"
xlink:label="PurchaseFeeParenthetical"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="1.0"
xlink:to="S000038501Member"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumCumulativeSalesChargeOverOfferingPrice"
order="2.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="MaximumCumulativeSalesChargeOverOther"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
order="4.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
preferredLabel="http://xbrl.us/us-gaap/role/label/negated"
use="optional"
xlink:to="RedemptionFeeOverRedemption"
order="5.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="ETFConversionFee"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="8.0"
xlink:to="TransactionFeeOnPurchases"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="9.0"
xlink:to="TransactionFeeOnReinvestedDividends"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="RedemptionFeeParenthetical"
order="10.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RedemptionFeeOverRedemption"/>
<link:presentationArc
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="PurchaseFeeParenthetical"
use="optional"
xlink:from="MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118817Member"
xlink:type="locator"
xlink:label="C000118817Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="12.0"
xlink:to="C000118817Member"
use="optional"/></link:presentationLink>
<link:presentationLink
xlink:type="extended"
xlink:role="http://vanguard/role/S000038501ShareholderFeesRetail">
<link:loc
xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_LegalEntityAxis"
xlink:label="LegalEntityAxis"
xlink:type="locator"/>
<link:loc
xlink:type="locator"
xlink:label="ProspectusShareClassAxis"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ProspectusShareClassAxis"/>
<link:loc
xlink:label="S000038501Member"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_S000038501Member"/>
<link:loc
xlink:label="ShareholderFeesAbstract"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_ShareholderFeesAbstract"/>
<link:loc
xlink:label="MaximumCumulativeSalesChargeOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumCumulativeSalesChargeOverOfferingPrice"
xlink:type="locator"
xlink:label="MaximumCumulativeSalesChargeOverOfferingPrice"/>
<link:loc
xlink:label="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"/>
<link:loc
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_RedemptionFeeOverRedemption"
xlink:type="locator"
xlink:label="RedemptionFeeOverRedemption"/>
<link:loc
xlink:label="MaximumAccountFee"
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd#rr_MaximumAccountFee"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_ETFConversionFee"
xlink:type="locator"
xlink:label="ETFConversionFee"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnPurchases"
xlink:type="locator"
xlink:label="TransactionFeeOnPurchases"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_TransactionFeeOnReinvestedDividends"
xlink:type="locator"
xlink:label="TransactionFeeOnReinvestedDividends"/>
<link:loc
xlink:label="RedemptionFeeParenthetical"
xlink:type="locator"
xlink:href="malvern-20121010.xsd#vanguard_RedemptionFeeParenthetical"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_PurchaseFeeParenthetical"
xlink:type="locator"
xlink:label="PurchaseFeeParenthetical"/>
<link:presentationArc
xlink:from="LegalEntityAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="1.0"
xlink:to="S000038501Member"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumCumulativeSalesChargeOverOfferingPrice"
order="2.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="3.0"
xlink:to="MaximumCumulativeSalesChargeOverOther"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther"
order="4.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
preferredLabel="http://xbrl.us/us-gaap/role/label/negated"
use="optional"
xlink:to="RedemptionFeeOverRedemption"
order="5.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
use="optional"
xlink:to="MaximumAccountFee"
order="6.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="ShareholderFeesAbstract"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="7.0"
xlink:to="ETFConversionFee"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="8.0"
xlink:to="TransactionFeeOnPurchases"
use="optional"/>
<link:presentationArc
xlink:from="ShareholderFeesAbstract"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="9.0"
xlink:to="TransactionFeeOnReinvestedDividends"
use="optional"/>
<link:presentationArc
use="optional"
xlink:to="RedemptionFeeParenthetical"
order="10.0"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
xlink:type="arc"
xlink:from="RedemptionFeeOverRedemption"/>
<link:presentationArc
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="11.0"
xlink:to="PurchaseFeeParenthetical"
use="optional"
xlink:from="MaximumCumulativeSalesChargeOverOther"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118814Member"
xlink:type="locator"
xlink:label="C000118814Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="12.0"
xlink:to="C000118814Member"
use="optional"/>
<link:loc
xlink:href="malvern-20121010.xsd#vanguard_C000118817Member"
xlink:type="locator"
xlink:label="C000118817Member"/>
<link:presentationArc
xlink:from="ProspectusShareClassAxis"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child"
order="13.0"
xlink:to="C000118817Member"
use="optional"/></link:presentationLink></link:linkbase>