Explanatory Note

This Post-Effective Amendment No. 106 under the Securities Act of 1933, as amended (the “Securities Act”) (Amendment No. 108 under the Investment Company Act of 1940, as amended) to the registration statement on Form N-1A (the “Registration Statement”) of Vanguard Malvern Funds (the “Trust”) (“PEA No. 106”) is being filed pursuant to paragraph (b)(1)(iii) of Rule 485 under the Securities Act solely for the purpose of delaying, until November 8, 2026, the pending effective date of the Trust’s Post-Effective Amendment No. 105 under the Securities Act (“PEA No. 105”).

Post-Effective Amendment No. 104 (“PEA No. 104”) was filed under Rule 485(a)(2) on June 29, 2026, to register shares of Vanguard Emerging Markets Bond Active ETF, a new series of the Trust. PEA No. 104 originally requested that it become effective 75 days after filing, or September 12, 2026, pursuant to the requirements of Rule 485(a)(1). On September 11, 2026, PEA No. 105 was filed under Rule 485(b)(1)(iii) solely for the purpose of delaying, until October 11, 2026, the pending effective date of the Trust’s PEA No. 104.

This PEA No. 106 incorporates by reference the information contained in Parts A, B, and C of PEA No. 104 to the Trust’s Registration Statement.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant hereby certifies that it meets all requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Valley Forge and the Commonwealth of Pennsylvania, on the 9th day of October, 2026.

VANGUARD MALVERN FUNDS

BY: /s/ Salim Ramji*

Salim Ramji

Chief Executive Officer, President, and Trustee

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

*By: /s/ Natalie Lamarque

Natalie Lamarque, pursuant to a Power of Attorney, filed on February 27, 2026 (see File Number 333-177613); and a Power of Attorney, filed on December 19, 2025 (see File Number 333-11763), each Incorporated by Reference.