Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX)

The fund's investment objective is to seek to provide current income that is exempt from both federal and California personal income taxes. The fund invests primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional government and public financing authorities. The fund's dollar-weighted average maturity is expected to be between 10 and 25 years.