# EDGAR Filing Document

**Accession Number:** 0000836906
**File Stem:** 0000836906-26-000158
**Filing Date:** 2026-5
**Character Count:** 4482
**Document Hash:** 763865f735e15d7f33b54d367631d696
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000836906-26-000158.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0000836906-26-000158

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**EFFECTIVENESS DATE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD MALVERN FUNDS
- **CENTRAL INDEX KEY:** 0000836906

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-23444
- **FILM NUMBER:** 26961100

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD ASSET ALLOCATION FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Government Securities Active ETF (Series ID: S000093523)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| ETF Shares | VGVT          | C000261813 |

---

## Series and Classes Contracts Data

### Vanguard Government Securities Active ETF (Series ID: S000093523)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261813 | ETF Shares   | VGVT            |

![](gnk3ayhn3t2x48x4r082n.jpg)

**Vanguard Government Securities Active ETF**

**Supplement Dated May 11, 2026, to the Prospectus and Summary Prospectus Dated January 28, 2026**

**Important Changes to Vanguard Government Securities Active ETF (the "Fund")**

Effective today, Alexander Payne has been added as a co-portfolio manager for Vanguard Government Securities Active ETF. The Fund's investment objective, strategies, and policies remain unchanged.

**Prospectus and Summary Prospectus Changes**

The following is added under the heading "Investment Advisor" in the **Fund**

**Summary:**

Alexander Payne, CFA, Portfolio Manager at VCM. He has co-managed the Fund since May 2026.

**Prospectus Text Changes**

The following is added under the heading "Investment Advisor" in the More on the Fund(s) section:

**Alexander Payne,** CFA, Portfolio Manager at VCM. He has worked in investment management since 2006, has been with Vanguard since 2026, and has co-managed the Fund since May 2026. Education: B.A.,

Dartmouth College.

CFA<sup>®</sup> is a registered trademark owned by CFA Institute.© 2026 The Vanguard Group, Inc. All rights reserved. PS V050A 052026 <br> Vanguard Marketing Corporation, Distributor.

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![](vanguard.jpg)

**Vanguard Malvern Funds (the "Trust")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Supplement Dated May 11, 2026, to the Statement of Additional Information Dated January 28, 2026 (as restated on March 25, 2026)**

Effective today, Alexander Payne has been added as a co-portfolio manager for Vanguard Government Securities Active ETF (the "Fund"). The Fund's investment objective, strategies, and policies remain unchanged.

The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the Fund, as of September 30, 2025. The table and text below provide updated information as of March 31, 2026, relating only to Mr. Payne.

**Other Accounts Managed** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** |  | **No. of** <br> **accounts**<br>| **Total assets** | **No. of accounts with**<br> **performance-based** <br> **fees**<br>| **Total assets in**<br> **accounts with**<br> **performance-based** <br> **fees**<br>|
| Alexander Payne | Registered investment companies | &nbsp;&nbsp;&nbsp; 0 <br>| &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; $0 |
|  | Other pooled investment vehicles | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; $0 |
|  | Other accounts | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Ownership of Securities**

As of March 31, 2026, Mr. Payne did not own any shares of the Fund.© 2026 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

**SAI 078B 052026**

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