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 and regional governmental authorities. It may invest at least 80% of assets in securities that are exempt from federal and California taxes. The fund's dollar-weighted average nominal maturity is expected to be between 6 and 12 years. It is intended for California residents only. The fund is nondiversified.
Fund filings (PDF) »

Asset manager:
John M. Carbone (Started: Jul 29, 2008)

Advisor Company:
The Vanguard Group, Inc.
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	-5.09	0.03	-0.90	-0.78
Beta*	1.10	0.80	0.91	0.95
Mean annual return	0.76	0.28	0.26	0.39
R-squared*	97.70	96.95	96.59	94.98
Standard deviation	6.46	5.54	4.55	4.55
Sharpe ratio	1.39	0.17	0.04	0.39
* Against standard index

Risk measurement details »

Security	Net Assets
Golden St Tob Securitization C Ass 6.25%	2.16%
California St Econ Recover Double 5.25%	1.77%
California St Go Ref Bd 5%	1.24%
California St Econ Recover Econ Reco 5%	1.23%
California St Dept Wtr Res Pwr Rev Bd 5%	1.15%
Bay Area Infrasct Fing A State Pay 5%	1.07%
California St Econ Recover Econ Reco 5%	0.94%
California St Go Bds 5.75%	0.91%
California St Go Bds 5%	0.81%
California St Go Bds An 5%	0.81%

Holdings Performance »