UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANIES INVESTMENT COMPANY ACT FILE NUMBER: 811-2687 NAME OF REGISTRANT: VANGUARD MUNICIPAL BOND FUNDS ADDRESS OF REGISTRANT: PO BOX 2600, VALLEY FORGE, PA 19482 NAME AND ADDRESS OF AGENT FOR SERVICE: ANNE E. ROBINSON PO BOX 876 VALLEY FORGE, PA 19482 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (610) 669-1000 DATE OF FISCAL YEAR END: OCTOBER 31 DATE OF REPORTING PERIOD: JULY 1, 2022 - JUNE 30, 2023 ******************************* FORM N-Px REPORT ******************************* ICA File Number: 81102687B Reporting Period: 07/01/2022 - 06/30/2023 VANGUARD MUNICIPAL BOND FUNDS Each investment advisor's votes cast are shown separately below. Sections without an investment advisor listed reflect votes cast by the Fund. The votes reported do not reflect any votes cast pursuant to a regulatory requirement. ================== VANGUARD INTERMEDIATE-TERM TAX-EXEMPT FUND ================== NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND Ticker: NEA Security ID: 670657709 Meeting Date: AUG 05, 2022 Meeting Type: Annual Record Date: JUN 13, 2022 # Proposal Mgt Rec Vote Cast Sponsor 1c.1 Elect Director Judith M. Stockdale For For Management 1c.2 Elect Director Carole E. Stone For For Management 1c.3 Elect Director Margaret L. Wolff For For Management 1c.4 Elect Director William C. Hunter For For Management 1c.5 Elect Director Albin F. Moschner For For Management -------------------------------------------------------------------------------- NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND Ticker: NEA Security ID: 670657774 Meeting Date: AUG 05, 2022 Meeting Type: Annual Record Date: JUN 13, 2022 # Proposal Mgt Rec Vote Cast Sponsor 1c.1 Elect Director Judith M. Stockdale For For Management 1c.2 Elect Director Carole E. Stone For For Management 1c.3 Elect Director Margaret L. Wolff For For Management 1c.4 Elect Director William C. Hunter For For Management 1c.5 Elect Director Albin F. Moschner For For Management ========== END NPX REPORT SIGNATURES Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. VANGUARD MUNICIPAL BOND FUNDS By: /s/Mortimer J. Buckley Mortimer J. Buckley* Chief Executive Officer, President, and Trustee Date: August 28, 2023 *By: /s/Anne E. Robinson Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.