Vanguard California Long-Term Tax-Exempt Fund Admiral Shares

Vanguard California Long-Term Tax-Exempt Fund Admiral Shares is an open-end municipal bond fund focused on generating current income that is exempt from both federal and California personal income taxes. It primarily invests in high-quality municipal securities issued by California state and local entities, as well as related authorities, with a mandate to keep at least 80% of assets in tax-exempt holdings. The portfolio targets the long end of the muni curve, maintaining a dollar‑weighted average maturity typically between 10 and 25 years, which heightens sensitivity to interest-rate movements while aiming to capture higher tax-exempt yields. The fund emphasizes diversification across revenue and general obligation issuers tied to essential services, infrastructure, health care, and clean energy projects in the state. With a low expense profile characteristic of its sponsor and a sizable asset base, it serves as a core tax-advantaged income vehicle for California taxpayers seeking municipal exposure with monthly distributions. Inception dates back to 2001, and the share class is designed for larger balances, reflecting its Admiral Shares structure.