Vanguard California Tax-Exempt Funds

• For the 12 months ended November 30, 2019, Vanguard California Intermediate-Term Tax-Exempt Fund returned 7.69% for Admiral Shares. Vanguard California Long-Term Tax-Exempt Fund returned 9.63% for Admiral Shares. Both funds outpaced their benchmark indexes. • Vanguard California Municipal Money Market Fund … ................
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