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      <invstOrSec>
        <name>Vanguard Cmt Funds-Vanguard Market Liquidity Fund</name>
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    <signature>
      <ncom:dateSigned>2021-11-26</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>Chief Financial Officer and Acting Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
