<PAGE> PAGE 1
000 B000000 08/31/94
000 C000000 225997
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 VANGUARD MUNICIPAL BOND FUND, INC.
001 B000000 811-2687
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 SHORT-TERM PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 INTERMEDIATE-TERM PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 LONG-TERM PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 HIGH YIELD PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 MONEY MARKET PORTFOLIO
007 C030500 N
007 C010600 6
007 C020600 INSURED LONG-TERM PORTFOLIO
007 C030600 N
007 C010700 7
007 C020700 LIMITED-TERM PORTFOLIO
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 THE VANGUARD GROUP, INC.
010 B00AA01 801-11953
010 C01AA01 MALVERN
010 C02AA01 PA
010 C03AA01 19355
<PAGE> PAGE 2
012 A00AA01 THE VANGUARD GROUP, INC.
012 B00AA01 84-772
012 C01AA01 MALVERN
012 C02AA01 PA
012 C03AA01 19355
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 82
019 C00AA00 VANGUARDGR
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MONEY MARKET PORTFOLIO/VANGUARD MUNI BOND FD
022 B000001 23-2471394
022 C000001 982630
022 D000001 2132988
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 2370162
022 D000002 419517
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000003 13-5674085
022 C000003 1860271
022 D000003 477603
022 A000004 BEAR STEARNS & CO.
022 B000004 13-3299429
022 C000004 780625
022 D000004 592709
022 A000005 CALIFORNIA MONEY MARKET PORTFOLIO
022 B000005 23-2449298
022 C000005 519775
022 D000005 827152
022 A000006 SMITH BARNEY SHEARSON INC.
022 B000006 13-1912900
022 C000006 700335
022 D000006 497045
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007 980518
<PAGE> PAGE 3
022 D000007 201907
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 13-2655998
022 C000008 583466
022 D000008 410592
022 A000009 INTERMEDIATE-TERM PORTFOLIO/VANGUARD MUNI BD
022 B000009 23-2471389
022 C000009 578017
022 D000009 352198
022 A000010 SHORT-TERM PORTFOLIO/VANGUARD MUNI BOND FUND
022 B000010 23-2022170
022 C000010 301100
022 D000010 397150
023 C000000 14587115
023 D000000 13262310
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 130000
081 A00AA00 Y
081 B00AA00 99
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 136371
028 A020100 3421
028 A030100 0
028 A040100 110496
<PAGE> PAGE 4
028 B010100 106784
028 B020100 3570
028 B030100 0
028 B040100 121795
028 C010100 75460
028 C020100 3628
028 C030100 0
028 C040100 78988
028 D010100 87161
028 D020100 3646
028 D030100 0
028 D040100 77165
028 E010100 59090
028 E020100 3595
028 E030100 0
028 E040100 54447
028 F010100 74629
028 F020100 3817
028 F030100 0
028 F040100 61045
028 G010100 539495
028 G020100 21677
028 G030100 0
028 G040100 503936
028 H000100 0
055 A000100 Y
055 B000100 N
056 000100 N
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 50.2
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 49.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.8
063 A000100 0
063 B000100 1.2
064 A000100 N
071 A000100 593556
<PAGE> PAGE 5
071 B000100 305846
071 C000100 1128524
071 D000100 27
072 A000100 12
072 B000100 53949
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 154
072 G000100 1423
072 H000100 0
072 I000100 819
072 J000100 0
072 K000100 0
072 L000100 98
072 M000100 7
072 N000100 0
072 O000100 118
072 P000100 0
072 Q000100 0
072 R000100 8
072 S000100 0
072 T000100 396
072 U000100 0
072 V000100 6
072 W000100 0
072 X000100 3029
072 Y000100 0
072 Z000100 50920
072AA000100 551
072BB000100 398
072CC010100 0
072CC020100 14693
072DD010100 50920
072DD020100 0
072EE000100 1836
073 A010100 0.5340
073 A020100 0.0000
073 B000100 0.0200
073 C000100 0.0000
074 A000100 44
074 B000100 0
074 C000100 784227
074 D000100 764017
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 241
074 J000100 0
074 K000100 0
<PAGE> PAGE 6
074 L000100 25480
074 M000100 0
074 N000100 1574009
074 O000100 8129
074 P000100 767
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4552
074 S000100 0
074 T000100 1560561
074 U010100 100925
074 U020100 0
074 V010100 15.46
074 V020100 0.00
074 W000100 0.0000
074 X000100 29858
074 Y000100 0
075 A000100 0
075 B000100 1479720
076 000100 0.00
028 A010200 150500
028 A020200 16735
028 A030200 0
028 A040200 261720
028 B010200 109816
028 B020200 16490
028 B030200 0
028 B040200 239183
028 C010200 113374
028 C020200 16311
028 C030200 0
028 C040200 129647
028 D010200 122318
028 D020200 16185
028 D030200 0
028 D040200 109108
028 E010200 83517
028 E020200 16305
028 E030200 0
028 E040200 84361
028 F010200 115788
028 F020200 16424
028 F030200 0
028 F040200 88633
028 G010200 695313
028 G020200 98450
028 G030200 0
028 G040200 912652
028 H000200 0
<PAGE> PAGE 7
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 9.9
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 88.5
062 P000200 0.0
062 Q000200 0.0
062 R000200 1.6
063 A000200 0
063 B000200 8.0
064 A000200 N
071 A000200 1231342
071 B000200 822389
071 C000200 4689778
071 D000200 18
072 A000200 12
072 B000200 273408
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 541
072 G000200 4826
072 H000200 0
072 I000200 3111
072 J000200 0
072 K000200 0
072 L000200 367
072 M000200 25
072 N000200 0
072 O000200 404
072 P000200 0
072 Q000200 0
072 R000200 12
072 S000200 0
072 T000200 1098
072 U000200 0
072 V000200 29
072 W000200 0
072 X000200 10413
072 Y000200 0
072 Z000200 262995
<PAGE> PAGE 8
072AA000200 90954
072BB000200 39076
072CC010200 0
072CC020200 200274
072DD010200 262995
072DD020200 0
072EE000200 29272
073 A010200 0.6830
073 A020200 0.0000
073 B000200 0.0760
073 C000200 0.0000
074 A000200 51
074 B000200 0
074 C000200 498249
074 D000200 4486247
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 784
074 J000200 59442
074 K000200 0
074 L000200 76596
074 M000200 0
074 N000200 5121369
074 O000200 41673
074 P000200 2086
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 9998
074 S000200 0
074 T000200 5067612
074 U010200 389309
074 U020200 0
074 V010200 13.02
074 V020200 0.00
074 W000200 0.0000
074 X000200 113543
074 Y000200 0
075 A000200 0
075 B000200 5103299
076 000200 0.00
028 A010300 32078
028 A020300 3231
028 A030300 0
028 A040300 50368
028 B010300 26276
028 B020300 3277
028 B030300 0
<PAGE> PAGE 9
028 B040300 37765
028 C010300 26802
028 C020300 3232
028 C030300 0
028 C040300 25351
028 D010300 21201
028 D020300 3223
028 D030300 0
028 D040300 23473
028 E010300 17402
028 E020300 3320
028 E030300 0
028 E040300 19052
028 F010300 8664
028 F020300 3320
028 F030300 0
028 F040300 12605
028 G010300 132423
028 G020300 19603
028 G030300 0
028 G040300 168614
028 H000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 5.3
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 96.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 -1.3
063 A000300 0
063 B000300 17.4
064 A000300 N
071 A000300 451328
071 B000300 495345
071 C000300 996947
071 D000300 45
072 A000300 12
072 B000300 60649
072 C000300 0
072 D000300 0
<PAGE> PAGE 10
072 E000300 0
072 F000300 115
072 G000300 1075
072 H000300 0
072 I000300 575
072 J000300 0
072 K000300 0
072 L000300 79
072 M000300 5
072 N000300 0
072 O000300 85
072 P000300 0
072 Q000300 0
072 R000300 8
072 S000300 0
072 T000300 198
072 U000300 0
072 V000300 2
072 W000300 0
072 X000300 2142
072 Y000300 0
072 Z000300 58507
072AA000300 42201
072BB000300 22835
072CC010300 0
072CC020300 76503
072DD010300 58507
072DD020300 0
072EE000300 19678
073 A010300 0.6090
073 A020300 0.0000
073 B000300 0.2050
073 C000300 0.0000
074 A000300 45
074 B000300 0
074 C000300 53571
074 D000300 960427
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 157
074 J000300 21480
074 K000300 0
074 L000300 15153
074 M000300 0
074 N000300 1050833
074 O000300 46707
074 P000300 552
074 Q000300 0
074 R010300 0
<PAGE> PAGE 11
074 R020300 0
074 R030300 0
074 R040300 2636
074 S000300 0
074 T000300 1000938
074 U010300 94595
074 U020300 0
074 V010300 10.58
074 V020300 0.00
074 W000300 0.0000
074 X000300 20836
074 Y000300 0
075 A000300 0
075 B000300 1055108
076 000300 0.00
028 A010400 40809
028 A020400 5998
028 A030400 0
028 A040400 85520
028 B010400 51325
028 B020400 6034
028 B030400 0
028 B040400 72011
028 C010400 46244
028 C020400 5965
028 C030400 0
028 C040400 43250
028 D010400 46016
028 D020400 5954
028 D030400 0
028 D040400 36646
028 E010400 36821
028 E020400 6207
028 E030400 0
028 E040400 40089
028 F010400 28429
028 F020400 6209
028 F030400 0
028 F040400 31833
028 G010400 249644
028 G020400 36367
028 G030400 0
028 G040400 309349
028 H000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 6.6
062 F000400 0.0
062 G000400 0.0
<PAGE> PAGE 12
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 94.9
062 P000400 0.0
062 Q000400 0.0
062 R000400 -1.5
063 A000400 0
063 B000400 17.3
064 A000400 N
071 A000400 884618
071 B000400 870749
071 C000400 1734515
071 D000400 50
072 A000400 12
072 B000400 111279
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 198
072 G000400 1644
072 H000400 0
072 I000400 1214
072 J000400 0
072 K000400 0
072 L000400 154
072 M000400 9
072 N000400 0
072 O000400 147
072 P000400 0
072 Q000400 0
072 R000400 9
072 S000400 0
072 T000400 370
072 U000400 0
072 V000400 8
072 W000400 0
072 X000400 3753
072 Y000400 0
072 Z000400 107526
072AA000400 81490
072BB000400 41603
072CC010400 0
072CC020400 139457
072DD010400 107526
072DD020400 0
072EE000400 36102
<PAGE> PAGE 13
073 A010400 0.6260
073 A020400 0.0000
073 B000400 0.2140
073 C000400 0.0000
074 A000400 87
074 B000400 0
074 C000400 117959
074 D000400 1689071
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 278
074 J000400 40007
074 K000400 0
074 L000400 25811
074 M000400 0
074 N000400 1873213
074 O000400 87183
074 P000400 908
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 3993
074 S000400 0
074 T000400 1781129
074 U010400 171435
074 U020400 0
074 V010400 10.39
074 V020400 0.00
074 W000400 0.0000
074 X000400 42778
074 Y000400 0
075 A000400 0
075 B000400 1845401
076 000400 0.00
028 A010500 662444
028 A020500 7511
028 A030500 0
028 A040500 407118
028 B010500 523275
028 B020500 7722
028 B030500 0
028 B040500 605895
028 C010500 426966
028 C020500 8910
028 C030500 0
028 C040500 451249
028 D010500 399500
028 D020500 7785
<PAGE> PAGE 14
028 D030500 0
028 D040500 502656
028 E010500 375084
028 E020500 7950
028 E030500 0
028 E040500 464332
028 F010500 352454
028 F020500 9176
028 F030500 0
028 F040500 398820
028 G010500 2739723
028 G020500 49054
028 G030500 0
028 G040500 2830070
028 H000500 0
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 100.4
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 -0.4
063 A000500 51
063 B000500 0.0
064 A000500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 106727
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 425
072 G000500 3911
072 H000500 0
072 I000500 2495
072 J000500 0
072 K000500 0
<PAGE> PAGE 15
072 L000500 108
072 M000500 19
072 N000500 0
072 O000500 321
072 P000500 0
072 Q000500 0
072 R000500 11
072 S000500 0
072 T000500 1085
072 U000500 0
072 V000500 9
072 W000500 0
072 X000500 8384
072 Y000500 0
072 Z000500 98343
072AA000500 322
072BB000500 700
072CC010500 0
072CC020500 0
072DD010500 98343
072DD020500 0
072EE000500 0
073 A010500 0.0240
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 4182070
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 637
074 J000500 0
074 K000500 0
074 L000500 32673
074 M000500 0
074 N000500 4215380
074 O000500 32835
074 P000500 2111
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 16809
074 S000500 0
074 T000500 4163625
074 U010500 4164154
074 U020500 0
<PAGE> PAGE 16
074 V010500 1.00
074 V020500 0.00
074 W000500 0.9999
074 X000500 64181
074 Y000500 0
075 A000500 4081615
075 B000500 0
076 000500 0.00
028 A010600 36025
028 A020600 6139
028 A030600 0
028 A040600 76692
028 B010600 38021
028 B020600 6015
028 B030600 0
028 B040600 68711
028 C010600 26508
028 C020600 5970
028 C030600 0
028 C040600 37136
028 D010600 25103
028 D020600 5925
028 D030600 0
028 D040600 28544
028 E010600 16288
028 E020600 6015
028 E030600 0
028 E040600 24571
028 F010600 21239
028 F020600 6010
028 F030600 0
028 F040600 24841
028 G010600 163184
028 G020600 36074
028 G030600 0
028 G040600 260495
028 H000600 0
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 6.1
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
<PAGE> PAGE 17
062 O000600 93.7
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.2
063 A000600 0
063 B000600 14.8
064 A000600 Y
064 B000600 N
071 A000600 307249
071 B000600 436646
071 C000600 1950858
071 D000600 16
072 A000600 12
072 B000600 119677
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 224
072 G000600 2089
072 H000600 0
072 I000600 1132
072 J000600 0
072 K000600 0
072 L000600 147
072 M000600 11
072 N000600 0
072 O000600 164
072 P000600 0
072 Q000600 0
072 R000600 9
072 S000600 0
072 T000600 398
072 U000600 0
072 V000600 7
072 W000600 0
072 X000600 4181
072 Y000600 0
072 Z000600 115496
072AA000600 52914
072BB000600 22735
072CC010600 0
072CC020600 153870
072DD010600 115496
072DD020600 0
072EE000600 29332
073 A010600 0.6990
073 A020600 0.0000
073 B000600 0.1760
073 C000600 0.0000
074 A000600 108
074 B000600 0
<PAGE> PAGE 18
074 C000600 119556
074 D000600 1815348
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 304
074 J000600 43809
074 K000600 0
074 L000600 30241
074 M000600 0
074 N000600 2009366
074 O000600 65552
074 P000600 1013
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 4784
074 S000600 0
074 T000600 1938017
074 U010600 161782
074 U020600 0
074 V010600 11.98
074 V020600 0.00
074 W000600 0.0000
074 X000600 40872
074 Y000600 0
075 A000600 0
075 B000600 2059433
076 000600 0.00
028 A010700 102188
028 A020700 5164
028 A030700 0
028 A040700 144195
028 B010700 75462
028 B020700 5122
028 B030700 0
028 B040700 121135
028 C010700 74369
028 C020700 5003
028 C030700 0
028 C040700 79004
028 D010700 65144
028 D020700 5025
028 D030700 0
028 D040700 72575
028 E010700 53836
028 E020700 5014
028 E030700 0
028 E040700 53046
<PAGE> PAGE 19
028 F010700 66535
028 F020700 5049
028 F030700 0
028 F040700 55793
028 G010700 437534
028 G020700 30377
028 G030700 0
028 G040700 525748
028 H000700 0
055 A000700 Y
055 B000700 N
056 000700 N
057 000700 N
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 17.1
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 81.6
062 P000700 0.0
062 Q000700 0.0
062 R000700 1.3
063 A000700 0
063 B000700 2.6
064 A000700 N
071 A000700 498767
071 B000700 348187
071 C000700 1670615
071 D000700 21
072 A000700 12
072 B000700 79755
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 187
072 G000700 1663
072 H000700 0
072 I000700 1073
072 J000700 0
072 K000700 0
072 L000700 127
072 M000700 9
<PAGE> PAGE 20
072 N000700 0
072 O000700 141
072 P000700 0
072 Q000700 0
072 R000700 8
072 S000700 0
072 T000700 448
072 U000700 0
072 V000700 12
072 W000700 0
072 X000700 3668
072 Y000700 0
072 Z000700 76087
072AA000700 2908
072BB000700 4463
072CC010700 0
072CC020700 35516
072DD010700 76087
072DD020700 0
072EE000700 3611
073 A010700 0.4540
073 A020700 0.0000
073 B000700 0.0220
073 C000700 0.0000
074 A000700 279
074 B000700 0
074 C000700 310427
074 D000700 1479733
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 281
074 J000700 5
074 K000700 0
074 L000700 28968
074 M000700 0
074 N000700 1819693
074 O000700 0
074 P000700 676
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 4697
074 S000700 0
074 T000700 1814320
074 U010700 171586
074 U020700 0
074 V010700 10.57
074 V020700 0.00
<PAGE> PAGE 21
074 W000700 0.0000
074 X000700 38629
074 Y000700 0
075 A000700 0
075 B000700 1790034
076 000700 0.00
SIGNATURE GARY P. SOURA
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000225997
<NAME> VANGUARD MUNICIPAL BOND FUND, INC.
<SERIES>
<NUMBER> 1
<NAME> SHORT-TERM PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1551395
<INVESTMENTS-AT-VALUE> 1548244
<RECEIVABLES> 25480
<ASSETS-OTHER> 285
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1574009
<PAYABLE-FOR-SECURITIES> 8129
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5319
<TOTAL-LIABILITIES> 13448
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1563615
<SHARES-COMMON-STOCK> 100925
<SHARES-COMMON-PRIOR> 97231
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 97
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3151)
<NET-ASSETS> 1560561
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 53949
<OTHER-INCOME> 0
<EXPENSES-NET> 3029
<NET-INVESTMENT-INCOME> 50920
<REALIZED-GAINS-CURRENT> 153
<APPREC-INCREASE-CURRENT> (14693)
<NET-CHANGE-FROM-OPS> 36380
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 52920
<DISTRIBUTIONS-OF-GAINS> 1836
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77761
<NUMBER-OF-SHARES-REDEEMED> 64634
<SHARES-REINVESTED> 2781
<NET-CHANGE-IN-ASSETS> 231656
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 313
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 154
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3029
<AVERAGE-NET-ASSETS> 1479720
<PER-SHARE-NAV-BEGIN> 15.63
<PER-SHARE-NII> 0.534
<PER-SHARE-GAIN-APPREC> (0.150)
<PER-SHARE-DIVIDEND> 0.534
<PER-SHARE-DISTRIBUTIONS> 0.020
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.46
<EXPENSE-RATIO> 0.002
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000225997
<NAME> VANGUARD MUNICIPAL BOND FUND, INC.
<SERIES>
<NUMBER> 2
<NAME> INTERMEDIATE-TERM PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 4827664
<INVESTMENTS-AT-VALUE> 4984496
<RECEIVABLES> 134038
<ASSETS-OTHER> 835
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5121369
<PAYABLE-FOR-SECURITIES> 41673
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12084
<TOTAL-LIABILITIES> 53757
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4885076
<SHARES-COMMON-STOCK> 389309
<SHARES-COMMON-PRIOR> 398609
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26478
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 156058
<NET-ASSETS> 5067612
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 273408
<OTHER-INCOME> 0
<EXPENSES-NET> 10413
<NET-INVESTMENT-INCOME> 262995
<REALIZED-GAINS-CURRENT> 51878
<APPREC-INCREASE-CURRENT> (200274)
<NET-CHANGE-FROM-OPS> 114599
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 262995
<DISTRIBUTIONS-OF-GAINS> 29272
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 133187
<NUMBER-OF-SHARES-REDEEMED> 128504
<SHARES-REINVESTED> 16855
<NET-CHANGE-IN-ASSETS> 122235
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (30039)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 541
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10413
<AVERAGE-NET-ASSETS> 5103299
<PER-SHARE-NAV-BEGIN> 13.45
<PER-SHARE-NII> 0.683
<PER-SHARE-GAIN-APPREC> (0.354)
<PER-SHARE-DIVIDEND> 0.683
<PER-SHARE-DISTRIBUTIONS> 0.076
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.02
<EXPENSE-RATIO> 0.002
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000225997
<NAME> VANGUARD MUNICIPAL BOND FUND, INC.
<SERIES>
<NUMBER> 3
<NAME> LONG-TERM PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 977036
<INVESTMENTS-AT-VALUE> 1013998
<RECEIVABLES> 36633
<ASSETS-OTHER> 202
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1050833
<PAYABLE-FOR-SECURITIES> 46707
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3188
<TOTAL-LIABILITIES> 49895
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 965258
<SHARES-COMMON-STOCK> 94595
<SHARES-COMMON-PRIOR> 96173
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1282)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36962
<NET-ASSETS> 1000938
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 60649
<OTHER-INCOME> 0
<EXPENSES-NET> 2142
<NET-INVESTMENT-INCOME> 58507
<REALIZED-GAINS-CURRENT> 19366
<APPREC-INCREASE-CURRENT> (76503)
<NET-CHANGE-FROM-OPS> 1370
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58507
<DISTRIBUTIONS-OF-GAINS> 19678
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23106
<NUMBER-OF-SHARES-REDEEMED> 33017
<SHARES-REINVESTED> 5128
<NET-CHANGE-IN-ASSETS> (129639)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2621)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 115
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2142
<AVERAGE-NET-ASSETS> 1055108
<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> 0.609
<PER-SHARE-GAIN-APPREC> (0.595)
<PER-SHARE-DIVIDEND> 0.609
<PER-SHARE-DISTRIBUTIONS> 0.205
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.58
<EXPENSE-RATIO> 0.002
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000225997
<NAME> VANGUARD MUNICIPAL BOND FUND, INC.
<SERIES>
<NUMBER> 4
<NAME> HIGH YIELD PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1778303
<INVESTMENTS-AT-VALUE> 1807030
<RECEIVABLES> 65818
<ASSETS-OTHER> 365
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1873213
<PAYABLE-FOR-SECURITIES> 87183
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4901
<TOTAL-LIABILITIES> 92084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1734653
<SHARES-COMMON-STOCK> 171435
<SHARES-COMMON-PRIOR> 173739
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17098
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29378
<NET-ASSETS> 1781129
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 111279
<OTHER-INCOME> 0
<EXPENSES-NET> 3753
<NET-INVESTMENT-INCOME> 107526
<REALIZED-GAINS-CURRENT> 39887
<APPREC-INCREASE-CURRENT> (139457)
<NET-CHANGE-FROM-OPS> 7956
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 107526
<DISTRIBUTIONS-OF-GAINS> 36102
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50641
<NUMBER-OF-SHARES-REDEEMED> 61773
<SHARES-REINVESTED> 9687
<NET-CHANGE-IN-ASSETS> (149631)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10584
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 198
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3753
<AVERAGE-NET-ASSETS> 1845401
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> 0.626
<PER-SHARE-GAIN-APPREC> (0.566)
<PER-SHARE-DIVIDEND> 0.626
<PER-SHARE-DISTRIBUTIONS> 0.214
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.39
<EXPENSE-RATIO> 0.002
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000225997
<NAME> VANGUARD MUNICIPAL BOND FUND, INC.
<SERIES>
<NUMBER> 5
<NAME> MONEY MARKET PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 4182070
<INVESTMENTS-AT-VALUE> 4182070
<RECEIVABLES> 32673
<ASSETS-OTHER> 637
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4215380
<PAYABLE-FOR-SECURITIES> 32835
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18920
<TOTAL-LIABILITIES> 51755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4164179
<SHARES-COMMON-STOCK> 4164154
<SHARES-COMMON-PRIOR> 4205447
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (554)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4163625
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 106727
<OTHER-INCOME> 0
<EXPENSES-NET> 8384
<NET-INVESTMENT-INCOME> 98343
<REALIZED-GAINS-CURRENT> (378)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 97965
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 98343
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5931535
<NUMBER-OF-SHARES-REDEEMED> 5395128
<SHARES-REINVESTED> 89767
<NET-CHANGE-IN-ASSETS> 625796
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (104)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 425
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8384
<AVERAGE-NET-ASSETS> 4081615
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.024
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.024
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.002
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000225997
<NAME> VANGUARD MUNICIPAL BOND FUND, INC.
<SERIES>
<NUMBER> 6
<NAME> INSURED LONG-TERM PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1859352
<INVESTMENTS-AT-VALUE> 1934904
<RECEIVABLES> 74050
<ASSETS-OTHER> 412
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2009366
<PAYABLE-FOR-SECURITIES> 65552
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5797
<TOTAL-LIABILITIES> 71349
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1851083
<SHARES-COMMON-STOCK> 161782
<SHARES-COMMON-PRIOR> 166930
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10556
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76378
<NET-ASSETS> 1938017
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 119677
<OTHER-INCOME> 0
<EXPENSES-NET> 4181
<NET-INVESTMENT-INCOME> 115496
<REALIZED-GAINS-CURRENT> 30179
<APPREC-INCREASE-CURRENT> (153870)
<NET-CHANGE-FROM-OPS> (8195)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 115496
<DISTRIBUTIONS-OF-GAINS> 29332
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28101
<NUMBER-OF-SHARES-REDEEMED> 44443
<SHARES-REINVESTED> 7892
<NET-CHANGE-IN-ASSETS> (256230)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6976)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 224
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4181
<AVERAGE-NET-ASSETS> 2059433
<PER-SHARE-NAV-BEGIN> 12.89
<PER-SHARE-NII> 0.699
<PER-SHARE-GAIN-APPREC> (0.734)
<PER-SHARE-DIVIDEND> 0.699
<PER-SHARE-DISTRIBUTIONS> 0.176
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 0.002
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000225997
<NAME> VANGUARD MUNICIPAL BOND FUND, INC.
<SERIES>
<NUMBER> 7
<NAME> LIMITED-TERM PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1788601
<INVESTMENTS-AT-VALUE> 1790160
<RECEIVABLES> 28973
<ASSETS-OTHER> 560
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1819693
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5373
<TOTAL-LIABILITIES> 5373
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1814877
<SHARES-COMMON-STOCK> 171586
<SHARES-COMMON-PRIOR> 177057
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2541)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1984
<NET-ASSETS> 1814320
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 79755
<OTHER-INCOME> 0
<EXPENSES-NET> 3668
<NET-INVESTMENT-INCOME> 76087
<REALIZED-GAINS-CURRENT> (1555)
<APPREC-INCREASE-CURRENT> (35516)
<NET-CHANGE-FROM-OPS> 39016
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 76087
<DISTRIBUTIONS-OF-GAINS> 3611
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 103446
<NUMBER-OF-SHARES-REDEEMED> 88203
<SHARES-REINVESTED> 5898
<NET-CHANGE-IN-ASSETS> 189281
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (490)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 187
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3668
<AVERAGE-NET-ASSETS> 1790034
<PER-SHARE-NAV-BEGIN> 10.80
<PER-SHARE-NII> 0.454
<PER-SHARE-GAIN-APPREC> (0.208)
<PER-SHARE-DIVIDEND> 0.454
<PER-SHARE-DISTRIBUTIONS> 0.022
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.57
<EXPENSE-RATIO> 0.002
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>