UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER:811-5628

NAME OF REGISTRANT:VANGUARD MALVERN FUNDS

ADDRESS OF REGISTRANT:PO BOX 2600, VALLEY FORGE, PA 19482

NAME AND ADDRESS OF AGENT FOR SERVICE:ANNE E. ROBINSON

PO BOX 876

VALLEY FORGE, PA 19482

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:(610) 669-1000

DATE OF FISCAL YEAR END:SEPTEMBER 30

DATE OF REPORTING PERIOD:JULY 1, 2017 - JUNE 30, 2018

FUND:VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES INDEX FUND

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ISSUER:Vanguard Market Liquidity Fund

TICKER:N/ACUSIP:92202X209

MEETING DATE:11/15/2017FOR/AGAINST

PROPOSAL:PROPOSED BYVOTED?VOTE CASTMGMT

PROPOSAL #1.1: ELECT DIRECTOR MORTIMER J. BUCKLEYISSUERYESPROPORTIONALN/A

PROPOSAL #1.2: ELECT DIRECTOR EMERSON U. FULLWOODISSUERYESPROPORTIONALN/A

PROPOSAL #1.3: ELECT DIRECTOR AMY GUTMANNISSUERYESPROPORTIONALN/A

PROPOSAL #1.4: ELECT DIRECTOR JOANN HEFFERNAN HEISENISSUERYESPROPORTIONALN/A

PROPOSAL #1.5: ELECT DIRECTOR F. JOSEPH LOUGHREYISSUERYESPROPORTIONALN/A

PROPOSAL #1.6: ELECT DIRECTOR MARK LOUGHRIDGEISSUERYESPROPORTIONALN/A

PROPOSAL #1.7: ELECT DIRECTOR SCOTT C. MALPASSISSUERYESPROPORTIONALN/A

PROPOSAL #1.8: ELECT DIRECTOR F. WILLIAM MCNABB, IIIISSUERYESPROPORTIONALN/A

PROPOSAL #1.9: ELECT DIRECTOR DEANNA MULLIGANISSUERYESPROPORTIONALN/A

PROPOSAL #1.10: ELECT DIRECTOR ANDRE F. PEROLDISSUERYESPROPORTIONALN/A

PROPOSAL #1.11: ELECT DIRECTOR SARAH BLOOM RASKINISSUERYESPROPORTIONALN/A

PROPOSAL #1.12: ELECT DIRECTOR PETER F. VOLANAKISISSUERYESPROPORTIONALN/A

PROPOSAL #3: APPROVE MANAGER OF MANAGERS ARRANGEMENT ISSUERYESPROPORTIONALN/A

WITH WHOLLY-OWNED SUBSIDIARIES OF VANGUARD

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has

duly caused this report to be signed on its behalf by the undersigned, thereunto duly

authorized.

VANGUARD MALVERN FUNDS

By:     /s/Mortimer J. Buckley

           Mortimer J. Buckley*

           Chief Executive Officer, President, and Trustee

Date:   August 29, 2018

*By:    /s/Anne E. Robinson

Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018,

           see File Number 33-32216. Incorporated by Reference.