Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares 

This investment option, exclusively tailored for California residents, aims to provide a more attractive current income stream than shorter-duration bonds, while simultaneously offering enhanced share price stability compared to longer-term debt instruments. It predominantly invests in high-quality municipal bonds issued by California's state and local governments, along with regional and public financing authorities. Under typical market conditions, at least 80% of the fund's holdings will consist of securities whose income is exempt from both federal and California state taxes. Although there are no specific restrictions on the maturity dates of individual securities, the portfolio's dollar-weighted average maturity is generally expected to fall within an intermediate range of 6 to 12 years. Potential risks include the impact of fluctuating interest rates, which can lead to a decline in bond values or a reduction in the fund's income over time. This fund may be suitable for California-based investors seeking tax-exempt income at both federal and state levels, provided they are comfortable with moderate variations in its value and income. It's important to distinguish this fund from the Vanguard California Tax-Exempt Bond ETF (VTEC), as their differing scales, investment methodologies, and underlying assets are expected to lead to distinct investment outcomes.