Vanguard California Long-Term Tax-Exempt Fund Admiral Shares

This fund's primary objective is to generate current income free from both federal and California personal income taxes. It is exclusively tailored for individuals residing in California. The investment strategy focuses predominantly on high-grade municipal debt securities issued by various California state and local governmental bodies, alongside regional government and public financing authorities. Under typical conditions, a minimum of 80% of the fund's holdings will consist of assets that produce income free from federal and California state taxes. Although there are no specific restrictions on the maturities of individual securities, its dollar-weighted average maturity usually falls within the 10-to-25-year range. Possessing an average duration of roughly 6 to 10 years, the fund's net asset value is considerably more susceptible to shifts in interest rates compared to funds invested in shorter-term bonds. This offering may be a suitable consideration for California-based investors prioritizing tax-advantaged income at the federal and state levels, provided they are comfortable with the associated interest rate volatility.