Vanguard Municipal Bond Funds

Short-Term Tax-Exempt Fund 3 Limited-Term Tax-Exempt Fund 51 Intermediate-Term Tax-Exempt Fund 145 Long-Term Tax-Exempt Fund 285 High-Yield Tax-Exempt Fund 326 Trustees Approve Advisory Arrangements 375 Important information about access to shareholder reports Beginning on January 1, 2021, as permitted by regulations adopted by the ................
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