Fund info

Vanguard California Long-Term Tax-Exempt Fund Investor Shares is a municipal bond mutual fund designed to provide investors with a high level of current income that is exempt from both federal and California personal income taxes. The fund primarily invests in high-quality municipal bonds issued by California state and local governments, as well as various public and regional authorities, targeting a portfolio where at least 80% of assets generate income free from these taxes. Its investment approach emphasizes long-term securities, with a typical dollar-weighted average maturity between 10 and 25 years, catering especially to investors with a focus on long-duration fixed income. The fund is classified as non-diversified, holding a concentrated portfolio to capitalize on opportunities within California’s municipal landscape. With over $5 billion in assets, it stands out for its disciplined, risk-conscious management and ultralow expense ratio. The fund’s monthly dividends and alignment with the Bloomberg California Municipal Bond Index underscore its utility for those seeking steady, tax-advantaged income, particularly residents of California aiming to mitigate tax liability while gaining exposure to the state’s public financing sector. The fund’s focus on high credit quality and long-term maturities positions it as a significant option in the California municipal bond market.