Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares VCAIX Strategy

The investment seeks to provide a higher level of current income than shorter-term bonds, but with less share-price fluctuation than longer-term bonds. The fund invests primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional governmental and public financing authorities. At least 80% of its assets will be invested in securities whose income is exempt from federal and California state taxes. Although the fund has no limitations on the maturities of individual securities, its dollar-weighted average maturity is expected to be between 6 and 12 years. The fund is non-diversified.