Fund Description: Vanguard Short-Term Inflation-Protected Securities Index Fund is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Malvern Funds, an open-end investment management company. INVESTMENT OBJECTIVE: The Vanguard Short-Term Inflation-Protected Securities Index Fund seeks to track the performance of the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. INDEX DESCRIPTION: The Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index is a market-capitalization-weighted index that includes all inflation-protected public obligations issued by the U.S. Treasury with remaining maturities of less than five years. FUND STRATEGY: The Fund attempts to replicate the Index by investing all, or substantially all, of its assets in the securities that make up the Index, holding each security in approximately the same proportion as its weighting in the Index. The Fund maintains a dollar-weighted average maturity consistent with that of the Index, which generally does not exceed three years. FUND MANAGEMENT: The Vanguard Group, Inc. serves as the investment advisor to the Fund.