Vanguard California Long-Term Tax-Exempt Fund Investor Shares 

This fund aims to deliver current income that is exempt from both federal and California personal income taxes. It is exclusively tailored for residents of California, focusing its investments primarily on high-quality municipal bonds. These bonds are issued by various California state and local governmental bodies, as well as regional government and public financing authorities. Under normal operating conditions, a minimum of 80% of the fund's assets will be allocated to securities whose income qualifies for exemption from both federal and California state taxes. While individual bond maturities have no specific limits, the fund's dollar-weighted average maturity typically spans between 10 and 25 years. With an average duration of approximately 6 to 10 years, its share price is notably more sensitive to shifts in interest rates compared to funds with shorter-term bond holdings. Consequently, this fund may be an appropriate choice for investors residing in California who are seeking federal and state tax-exempt interest income and possess a tolerance for interest rate risk.