Correspondence 0001683863-25-004638 from VANGUARD MUNICIPAL BOND FUNDS (CIK 0000225997)
VANGUARD MUNICIPAL BOND FUNDS (CIK 0000225997)
Date: May 8, 2025 · CIK: 0000225997 · Accession: 0001683863-25-004638
AI Filing Summary & Sentiment
Letter
Re: Vanguard Municipal Bond Funds (the “Trust”) File No. 2-57689 Post-Effective Amendment No. 114 (“PEA No. 114")
Dear Ms. Larkin,
This letter responds to your comment provided on April 23, 2025, to PEA No. 114, which was filed with the Commission on March 6, 2025, for the purpose of adding Vanguard Long-Term Tax-Exempt Bond ETF (the “Fund”) as a new series of the Trust.
Comment 1:
Item 9 Risk Disclosure
Comment:
Nondiversification risk, regional risk, and tax risk are included in the Summary
Prospectus but not Item 9. Please add nondiversification risk, regional risk and tax
risk to the Item 9 disclosure.
Response:
With respect to nondiversification risk and regional risk, the disclosure has been
revised accordingly.
Regarding tax risk, tax risk appears in bold in the “Investing in Tax-Exempt
Funds” Section of the prospectus. Therefore, we believe the risk disclosure is
sufficient.
Please contact me at anthony_coletta@vanguard.com or 610-669-9296 with any questions or comments regarding the above.
Sincerely,
/s/ Anthony V. Coletta, Jr.
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CORRESP 1 filename1.htm SEC comments response letter-Vanguard Long-Term Tax-Exempt Bond ETF P.O. Box 2600 Valley Forge, PA 19482 anthony_coletta@vanguard.com via electronic filing May 8, 2025 Lisa N. Larkin, Esq. U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Re: Vanguard Municipal Bond Funds (the “Trust”) File No. 2-57689 Post-Effective Amendment No. 114 (“PEA No. 114") Dear Ms. Larkin, This letter responds to your comment provided on April 23, 2025, to PEA No. 114, which was filed with the Commission on March 6, 2025, for the purpose of adding Vanguard Long-Term Tax-Exempt Bond ETF (the “Fund”) as a new series of the Trust. Comment 1: Item 9 Risk Disclosure Comment: Nondiversification risk, regional risk, and tax risk are included in the Summary Prospectus but not Item 9. Please add nondiversification risk, regional risk and tax risk to the Item 9 disclosure. Response: With respect to nondiversification risk and regional risk, the disclosure has been revised accordingly. Regarding tax risk, tax risk appears in bold in the “Investing in Tax-Exempt Funds” Section of the prospectus. Therefore, we believe the risk disclosure is sufficient. Please contact me at anthony_coletta@vanguard.com or 610-669-9296 with any questions or comments regarding the above. Sincerely, /s/ Anthony V. Coletta, Jr. Anthony V. Coletta, Jr. Assistant General Counsel The Vanguard Group, Inc.