Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares is a municipal bond mutual fund focused on generating federally and California state tax-exempt income. The fund primarily invests in high-quality municipal securities issued by California state and local governments and related financing authorities, targeting a dollar‑weighted average maturity in the intermediate range to balance income with interest-rate sensitivity. It maintains at least 80% of assets in securities whose income is exempt from federal and California state taxes, aligning with its objective of moderate current income. The portfolio spans thousands of holdings, reflecting broad exposure across California issuers and essential-service revenue bonds, while operating with a low expense profile typical of its sponsor. The fund distributes income monthly, consistent with the cash flow characteristics of municipal bonds. Within the municipal bond market, it serves as a dedicated California intermediate-term option, offering investors access to state-specific tax-exempt income and diversified credit across public finance sectors such as utilities, transportation, and community choice energy projects. Established in 1994, it has a long operational history in the California muni segment.
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