VANGUARD CA INTERM-TERM TAX-EXEMPT INV

About

Vanguard California Intermediate-Term Tax-Exempt Fund (Investor Shares) is a municipal bond mutual fund that primarily invests in intermediate-term, predominantly investment-grade municipal securities issued by California state and local governments. The fund is designed to provide current income exempt from federal and California state income taxes for residents, while managing interest-rate and credit risk through diversification across issuers and maturities. It is part of Vanguard’s suite of municipal-bond offerings and reflects the firm’s emphasis on cost-conscious, diversified fixed-income management.