0001752724-24-001345.txt : 20240111
0001752724-24-001345.hdr.sgml : 20240111
20240111114840
ACCESSION NUMBER: 0001752724-24-001345
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20231031
FILED AS OF DATE: 20240111
DATE AS OF CHANGE: 20240111
EFFECTIVENESS DATE: 20240111
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: VANGUARD MUNICIPAL BOND FUNDS
CENTRAL INDEX KEY: 0000225997
ORGANIZATION NAME:
IRS NUMBER: 232022170
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-02687
FILM NUMBER: 24528532
BUSINESS ADDRESS:
STREET 1: PO BOX 2600
STREET 2: V26
CITY: VALLEY FORGE
STATE: PA
ZIP: 19482
BUSINESS PHONE: 6106691000
MAIL ADDRESS:
STREET 1: PO BOX 2600
STREET 2: V26
CITY: VALLEY FORGE
STATE: PA
ZIP: 19482
FORMER COMPANY:
FORMER CONFORMED NAME: VANGUARD MUNICIPAL BOND FUND INC
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: VANGUARD MUNICIPAL BOND FUND
DATE OF NAME CHANGE: 19851103
FORMER COMPANY:
FORMER CONFORMED NAME: WARWICK MUNICIPAL BOND FUND INC
DATE OF NAME CHANGE: 19800619
0000225997
S000002892
Vanguard High-Yield Tax-Exempt Fund
C000007949
Investor Shares
VWAHX
C000007950
Admiral Shares
VWALX
0000225997
S000002894
Vanguard Intermediate-Term Tax-Exempt Fund
C000007953
Investor Shares
VWITX
C000007954
Admiral Shares
VWIUX
0000225997
S000002895
Vanguard Limited-Term Tax-Exempt Fund
C000007955
Investor Shares
VMLTX
C000007956
Admiral Shares
VMLUX
0000225997
S000002896
Vanguard Long-Term Tax-Exempt Fund
C000007957
Investor Shares
VWLTX
C000007958
Admiral Shares
VWLUX
0000225997
S000002897
Vanguard Ultra-Short-Term Tax-Exempt Fund
C000007959
Investor Shares
VWSTX
C000007960
Admiral Shares
VWSUX
0000225997
S000002898
Vanguard Municipal Money Market Fund
C000007961
Investor Shares
VMSXX
0000225997
S000048568
Vanguard Tax-Exempt Bond Index Fund
C000153131
Admiral Shares
VTEAX
C000153132
ETF Shares
VTEB
0000225997
S000083729
Vanguard Intermediate-Term Tax-Exempt Bond
C000247740
ETF Shares
N-CEN
1
primary_doc.xml
X0404
N-CEN
LIVE
0000225997
XXXXXXXX
811-02687
true
false
false
N-1A
true
VANGUARD MUNICIPAL BOND FUNDS
811-02687
0000225997
5493005YO1ELB2VD2X90
100 VANGUARD BOULEVARD
MALVERN
19355
US-PA
US
6106691000
State Street Bank and Trust
One Congress Street, Suite 1
Boston
20114
617-662-3839
The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.
N
N
N-1A
7
Y
Peter F. Volanakis
N/A
N
F. Joseph Loughrey
N/A
N
Deanna Mulligan
N/A
N
Mark Loughridge
N/A
N
Scott C. Malpass
N/A
N
Tara Bunch
N/A
N
Mortimer J. Buckley
002167630
Y
Sarah Bloom Raskin
N/A
N
Emerson U. Fullwood
N/A
N
Grant Reid
N/A
N
David Thomas
N/A
N
Andre F. Perold
N/A
N
Jacqueline Angell
005606776
100 Vanguard Boulevard
Malvern
19355
XXXXXX
Y
N
N
N
N
N
VANGUARD MARKETING CORP.
8-21570
000007452
N/A
Y
N
PRICEWATERHOUSECOOPERS LLP
000000238
5493002GVO7EO8RNNS37
N
N
N
N
N
N
N
VANGUARD LIMITED-TERM TAX-EXEMPT FUND
S000002895
KL7335P5XPCWYYNGOF77
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 18f-4(f)(17 CFR 270.18f-4(f))
Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))
Rule 17a-7 (17 CFR 270.17a-7)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
THE VANGUARD GROUP, INC.
084-00772
5493002789CX3L0CJP65
Y
N
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
ICE Data Pricing and Reference Data LLC
13-36687789
TIN
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Refinitiv US LLC
20-4530702
TIN
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
Markit North America INC
13-4153988
TIN
N
ITG Analytics Inc
41-2190282
TIN
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
N
0.00000000
Barclays Capital Inc.
008-41342
000019714
AC28XWWI3WIBK2824319
3366469967.60999991
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
4104569200.00000000
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
4520649504.82000060
U.S. Bancorp
008-35359
000017868
N1GZ7BBF3NP8GI976H15
1397764500.00000000
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
1503704137.37000110
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
1664480740.01000000
Wells Fargo Securities, LLC
008-22947
000007665
VYVVCKR63DVZZN70PB21
1211892850.74000009
Deutsche Bank Securities Inc.
008-17822
000002525
9J6MBOOO7BECTDTUZW19
1706875930.75000000
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
6442443691.78999810
CITIGROUP INC.
N/A
N/A
6SHGI4ZSSLCXXQSBB395
1169667811.15999990
32706716632.85999972
N
30564742574.10250000
Committed
4300000000.00000000
N
N
N
N
VANGUARD INTERMEDIATE-TERM TAX-EXEMPT FUND
S000002894
CR5L0XWH0W8A2XVN7S86
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17a-7 (17 CFR 270.17a-7)
Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))
Rule 18f-4(f)(17 CFR 270.18f-4(f))
N
N
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
THE VANGUARD GROUP, INC.
084-00772
5493002789CX3L0CJP65
Y
N
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
ITG Analytics Inc
41-2190282
TIN
N
Refinitiv US LLC
20-4530702
TIN
N
ICE Data Pricing and Reference Data LLC
13-36687789
TIN
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
Markit North America INC
13-4153988
TIN
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
0.00000000
RBC Capital Markets, LLC
008-45411
000031194
549300LCO2FLSSVFFR64
2145453162.92999891
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
3744608859.73999980
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
3672673754.71000100
U.S. Bancorp
008-35359
000017868
N1GZ7BBF3NP8GI976H15
3606820000.00000000
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
4826781251.00000000
Wells Fargo Securities, LLC
008-22947
000007665
VYVVCKR63DVZZN70PB21
2696242396.76000109
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
14140802656.62000010
Jefferies LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
2166384770.65999981
Barclays Capital Inc.
008-41342
000019714
AC28XWWI3WIBK2824319
5712552254.40000112
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
9129729179.61000250
62235781888.86000456
N
68707030202.46000000
Committed
4300000000.00000000
N
N
N
N
VANGUARD ULTRA-SHORT-TERM TAX-EXEMPT FUND
S000002897
GGTVB4H7PGEDHLTPA045
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 17a-7 (17 CFR 270.17a-7)
Rule 18f-4(f)(17 CFR 270.18f-4(f))
Rule 32a-4 (17 CFR 270.32a-4)
Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))
N
N
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
THE VANGUARD GROUP, INC.
084-00772
5493002789CX3L0CJP65
Y
N
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
ITG Analytics Inc
41-2190282
TIN
N
Markit North America INC
13-4153988
TIN
N
Refinitiv US LLC
20-4530702
TIN
N
ICE Data Pricing and Reference Data LLC
13-36687789
TIN
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
0.00000000
Wells Fargo Securities, LLC
008-22947
000007665
VYVVCKR63DVZZN70PB21
1191454285.39
RBC Capital Markets, LLC
008-45411
000031194
549300LCO2FLSSVFFR64
1059062688.95
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
3662666592.85
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
6643129796.90
U.S. Bancorp
008-35359
000017868
N1GZ7BBF3NP8GI976H15
976861684.70
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
3408307100.00
Deutsche Bank Securities Inc.
008-17822
000002525
9J6MBOOO7BECTDTUZW19
1647079140.75
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
1759195272.11
Barclays Capital Inc.
008-41342
000019714
AC28XWWI3WIBK2824319
3585513283.91
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
1124533713.89
30132591252.08
N
18037283638.58
Committed
4300000000.00000000
N
N
N
N
VANGUARD TAX-EXEMPT BOND INDEX FUND
S000048568
549300SF5YKKQIK4EV73
N
2
0
0
Exchange-Traded Fund
N
N
-0.09370000
-0.18577000
0.43660530
0.43634891
N
N
N
N
N/A
N/A
N/A
Rule 12d1-4 (17 CFR 270.12d1-4)
Rule 32a-4 (17 CFR 270.32a-4)
Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))
Rule 18f-4(f)(17 CFR 270.18f-4(f))
Rule 17a-7 (17 CFR 270.17a-7)
N
N
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
THE VANGUARD GROUP, INC.
084-00772
5493002789CX3L0CJP65
Y
N
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Markit North America INC
13-4153988
TIN
N
ICE Data Pricing and Reference Data LLC
13-36687789
TIN
N
Refinitiv US LLC
20-4530702
TIN
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
ITG Analytics Inc
41-2190282
TIN
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
0.00000000
Barclays Capital Inc.
008-41342
000019714
AC28XWWI3WIBK2824319
1016549654.80000000
Wells Fargo Securities, LLC
008-22947
000007665
VYVVCKR63DVZZN70PB21
1823846229.15000000
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
1523466813.34999999
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
9124696000.00000000
CITIGROUP INC.
N/A
N/A
6SHGI4ZSSLCXXQSBB395
806459058.40999984
Jefferies LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
1792743637.65000092
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
1549295738.15000100
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
2422137271.55000011
RBC Capital Markets, LLC
008-45411
000031194
549300LCO2FLSSVFFR64
800584836.59999994
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
2738996500.85000180
26991162964.36000348
N
28698003206.76916666
Committed
4300000000.00000000
N
N
N
VANGUARD LONG-TERM TAX-EXEMPT FUND
S000002896
J447T8SLRE824KFZ7546
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 18f-4(f)(17 CFR 270.18f-4(f))
Rule 12d1-4 (17 CFR 270.12d1-4)
Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
THE VANGUARD GROUP, INC.
084-00772
5493002789CX3L0CJP65
Y
N
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
ITG Analytics Inc
41-2190282
TIN
N
ICE Data Pricing and Reference Data LLC
13-36687789
TIN
N
Refinitiv US LLC
20-4530702
TIN
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
Markit North America INC
13-4153988
TIN
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
N
0.00000000
RBC Capital Markets, LLC
008-45411
000031194
549300LCO2FLSSVFFR64
708756898.65000021
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
961778177.64999998
Wells Fargo Securities, LLC
008-22947
000007665
VYVVCKR63DVZZN70PB21
996588988.68000013
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
1019914987.80000000
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
5027925160.00000000
Barclays Capital Inc.
008-41342
000019714
AC28XWWI3WIBK2824319
538114326.45999978
Jefferies LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
1047968260.37999970
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
1344573081.68000100
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
563230894.29999999
CITIGROUP INC.
N/A
N/A
6SHGI4ZSSLCXXQSBB395
553566688.44000003
14761735839.02000076
N
14748703216.31500000
Committed
4300000000.00000000
N
N
N
N
VANGUARD MUNICIPAL MONEY MARKET FUND
S000002898
RM0KS5LPMRVBRUN1Q110
N
1
0
0
Money Market Fund
N
N
N
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17a-7 (17 CFR 270.17a-7)
Rule 18f-4(f)(17 CFR 270.18f-4(f))
Y
Y
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
THE VANGUARD GROUP, INC.
084-00772
5493002789CX3L0CJP65
Y
N
N
JPMorgan Chase Bank
7H6GLXDRUGQFU57RNE97
N
Markit North America INC
13-4153988
TIN
N
Refinitiv US LLC
20-4530702
TIN
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
ICE Data Pricing and Reference Data LLC
13-36687789
TIN
N
ITG Analytics Inc
41-2190282
TIN
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
Y
The Vanguard Group, Inc.
5493002789CX3L0CJP65
Y
N
N
0.00000000
Barclays Capital Inc.
008-41342
000019714
AC28XWWI3WIBK2824319
2023990000.00000000
Wells Fargo Securities, LLC
008-22947
000007665
VYVVCKR63DVZZN70PB21
1839978000.00000000
J.P. Morgan Securities LLC
008-35008
000000079
ZBUT11V806EZRVTWT807
15375958475.29999990
Vanguard Market Liquidity Fund
N/A
N/A
1I6HV0TLSTR3A4XQ6L78
5141284340.00000000
BofA Securities, Inc.
008-69787
000283942
549300HN4UKV1E2R3U73
5100881859.56999970
TD Securities (USA) LLC
008-36747
000018476
SUVUFHICNZMP2WKHG940
1484874819.30000000
Morgan Stanley & Co. LLC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
2581200800.00000000
Goldman Sachs & Co. LLC
008-00129
000000361
FOR8UP27PHTHYVLBNG30
2399579000.00000000
CITIGROUP INC.
N/A
N/A
6SHGI4ZSSLCXXQSBB395
1741743678.08000004
U.S. Bancorp
008-35359
000017868
N1GZ7BBF3NP8GI976H15
3336160000.00000000
45059677292.19999964
N
16479426851.85099601
Committed
4300000000.00000000
N
N
N
VANGUARD HIGH-YIELD TAX-EXEMPT FUND
S000002892
P61EJIZGFVD0II25TX76
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Rule 18f-4(f)(17 CFR 270.18f-4(f))
Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))
Rule 12d1-4 (17 CFR 270.12d1-4)
N
N
N
N
The Vanguard Group, Inc.
801-11953
000105958
5493002789CX3L0CJP65
N
THE VANGUARD GROUP, INC.
084-00772
5493002789CX3L0CJP65
Y
N
N
ICE Data Pricing and Reference Data LLC
13-36687789
TIN
N
ITG Analytics Inc
41-2190282
TIN
N
Markit Group Limited
549300HLPTRASHS0E726
GB
N
Bloomberg Finance LP
5493001KJTIIGC8Y1R12
N
Markit North America INC
13-4153988
TIN
N
Refinitiv US LLC
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JPMorgan Chase Bank
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State Street Bank and Trust Company
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The Vanguard Group, Inc.
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CITIGROUP INC.
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true
INTERNAL CONTROL RPT
2
municipalbondfunds12.19.txt
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Vanguard Municipal
Bond Funds and Shareholders of
Vanguard High-Yield Tax-Exempt Fund
Vanguard Intermediate-Term Tax-Exempt Fund
Vanguard Limited-Term Tax-Exempt Fund
Vanguard Long-Term Tax-Exempt Fund
Vanguard Municipal Money Market Fund
Vanguard Ultra-Short-Term Tax-Exempt
Fund and
Vanguard Tax-Exempt Bond Index Fund
In planning and performing our audits of the
financial statements of Vanguard High-Yield Tax-
Exempt Fund, Vanguard Intermediate-Term Tax-
Exempt Fund, Vanguard Limited-Term Tax-
Exempt Fund, Vanguard Long-Term Tax-Exempt
Fund, Vanguard Municipal Money Market Fund,
Vanguard Ultra-Short-Term Tax-Exempt Fund,
and Vanguard Tax-Exempt Bond Index Fund
(constituting Vanguard Municipal Bond Funds,
hereafter collectively referred to as the "Funds")
as of and for the year ended October 31, 2023, in
accordance with the standards of the Public
Company Accounting Oversight Board (United
States) (PCAOB), we considered the Funds'
internal control over financial reporting, including
controls over safeguarding securities, as a basis
for designing our auditing procedures for the
purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the
effectiveness of the Funds' internal control over
financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the
Funds' internal control over financial reporting.
The management of the Funds is responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling this
responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of controls. A
company's internal control over financial reporting
is a process designed to provide reasonable
assurance regarding the reliability of financial
reporting and the preparation of financial
statements for external purposes in accordance
with generally accepted accounting principles. A
company's internal control over financial reporting
includes those policies and procedures that (1)
pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance
with generally accepted accounting principles,
and that receipts and expenditures of the
company are being made only in accordance with
authorizations of management and directors of
the company; and (3) provide reasonable
assurance regarding prevention or timely
detection of unauthorized acquisition, use or
disposition of a company's assets that could have
a material effect on the financial statements.
Because of its inherent limitations, internal control
over financial reporting may not prevent or detect
misstatements. Also, projections of any
evaluation of effectiveness to future periods are
subject to the risk that controls may become
inadequate because of changes in conditions, or
that the degree of compliance with the policies or
procedures may deteriorate.
A deficiency in internal control over financial
reporting exists when the design or operation of a
control does not allow management or
employees, in the normal course of performing
their assigned functions, to prevent or detect
misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial
reporting, such that there is a reasonable
possibility that a material misstatement of the
company's annual or interim financial statements
will not be prevented or detected on a timely
basis.
Our consideration of the Funds' internal control
over financial reporting was for the limited
purpose described in the first paragraph and
would not necessarily disclose all deficiencies in
internal control over financial reporting that might
be material weaknesses under standards
established by the PCAOB. However, we noted
no deficiencies in the Funds' internal control over
financial reporting and its operation, including
controls over safeguarding securities, that we
consider to be a material weakness as defined
above as of October 31, 2023.
This report is intended solely for the information
and use of the Board of Trustees of Vanguard
Municipal Bond Funds and the Securities and
Exchange Commission and is not intended to be
and should not be used by anyone other than
these specified parties.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19,
2023