IPO - VANGUARD MALVERN FUNDS

Form Type: 485BPOS

Filing Date: 2025-06-09

Corporate Action: Ipo

Type: New

Accession Number: 000168386325005056

Filing Summary: This document serves as an initial prospectus for the Vanguard Multi-Sector Income Bond ETF, which is designed to provide total return and generate a moderate to high income level by investing primarily in a variety of fixed income securities, including corporate bonds, emerging market bonds, and U.S. Treasury obligations. The Fund will maintain a strategy of investing at least 80% of its assets in bonds rated A3 or better, but up to 65% may be invested in lower quality, non-investment grade securities. The document includes detailed information on the Fund's fees, operating expenses, potential risks associated with bond investments, and the trading mechanism for ETF shares, which cannot be redeemed directly with the Fund but traded on the secondary market. The filing becomes effective on June 9, 2025, and emphasizes the high level of risks involved with fund management and market volatility, particularly regarding interest rates, credit, and emerging markets.