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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Inflation Indexed Bonds</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury Inflation Indexed Bonds</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Inflation Indexed Bonds</name>
        <lei>N/A</lei>
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        <cusip>912810FR4</cusip>
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          <isin value="US912810FR42"/>
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      <invstOrSec>
        <name>United States Treasury Inflation Indexed Bonds</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vanguard Cmt Funds-Vanguard Market Liquidity Fund</name>
        <lei>1I6HV0TLSTR3A4XQ6L78</lei>
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          <other otherDesc="FAID" value="CMT001142"/>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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      <invstOrSec>
        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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          <isin value="US912828QV50"/>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-31</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD MALVERN FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Christine M. Buchanan</ncom:signature>
      <ncom:signerName>Christine M. Buchanan</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
