VCAIX — Vanguard California Intermediate-Term Tax-Exempt Fund, Investor Shares
Data updated: 2026-07-29
VCAIX — Vanguard California Intermediate-Term Tax-Exempt Fund, Investor Shares. 0.14% expense ratio. Holdings, fees, performance and SEC filings.
VCAIX Fund Overview
VCAIX — Vanguard California Intermediate-Term Tax-Exempt Fund, Investor Shares is a US mutual fund managed by Vanguard California Tax-Free Funds, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Vanguard California Tax-Free Funds
- Category: Long Municipal - National Bond
- Assets under management: $19.22B
- 1-year return: 6.5%
- Ticker: VCAIX
- SEC CIK: 0000783401
- SEC series ID: S000002566
- Share class ID: C000007066
VCAIX Investment Objective and Strategy
Vanguard California Intermediate-Term Tax-Exempt Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Vanguard California Tax-Free Funds.
Investment objective
The Fund seeks to provide a higher level of current income than shorter-term bonds, but with less share-price fluctuation than longer-term bonds. The income is expected to be exempt from both federal and California personal income taxes. The Fund is intended for California residents only.
Principal investment strategy
The Fund invests primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional governmental and public financing authorities. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities whose income is exempt from federal and California state taxes. Although the Fund has no limitations on the maturities of individual securities, its dollar-weighted average maturity is expected to be between 6 and 12 years.
VCAIX Holdings
Top 10 holdings of Vanguard California Intermediate-Term Tax-Exempt Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| California Community Choice Financing Authority | 0.80% |
| California Community Choice Financing Authority | 0.70% |
| California Community Choice Financing Authority | 0.68% |
| California Community Choice Financing Authority | 0.66% |
| California Community Choice Financing Authority | 0.65% |
| California Community Choice Financing Authority | 0.64% |
| California Community Choice Financing Authority | 0.63% |
| California Community Choice Financing Authority | 0.63% |
| California Community Choice Financing Authority | 0.58% |
| California Community Choice Financing Authority | 0.58% |
VCAIX Portfolio Allocation
Asset-class allocation of Vanguard California Intermediate-Term Tax-Exempt Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.3% |
| Securitized | 0.6% |
VCAIX Performance
Total returns for VCAIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.04% |
| 1 year | 6.48% |
| 3 years (annualised) | 4.05% |
| 5 years (annualised) | 1.34% |
VCAIX Risk Information
Risk metrics for VCAIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.63%
VCAIX Costs and Fees
VCAIX costs about $14 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.14%
- Gross expense ratio: 0.14%
- Portfolio turnover: 19%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
VCAIX Cashflows
Over the 12 months to 2026-05, Vanguard California Intermediate-Term Tax-Exempt Fund had net inflows of $2.72B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $321.90M |
| 2026-04 | $165.79M |
| 2026-03 | $148.85M |
| 2026-02 | $241.33M |
| 2026-01 | $269.27M |
| 2025-12 | $218.95M |
VCAIX Debt Constituents
Largest debt holdings of Vanguard California Intermediate-Term Tax-Exempt Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| California Community Choice Financing Authority | 0.80% |
| California Community Choice Financing Authority | 0.70% |
| California Community Choice Financing Authority | 0.68% |
| California Community Choice Financing Authority | 0.66% |
| California Community Choice Financing Authority | 0.65% |
| California Community Choice Financing Authority | 0.64% |
| California Community Choice Financing Authority | 0.63% |
| California Community Choice Financing Authority | 0.63% |
| California Community Choice Financing Authority | 0.58% |
| California Community Choice Financing Authority | 0.58% |
VCAIX Prospectus and SEC Filings
Official Vanguard California Intermediate-Term Tax-Exempt Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-03-27
- Prospectus (485BPOS) — filed 2025-03-28
- Prospectus supplement (497) — filed 2025-02-03
- Portfolio holdings (N-PORT) — filed 2026-07-29
- Portfolio holdings (N-PORT) — filed 2026-04-28
- Portfolio holdings (N-PORT) — filed 2026-01-28
- Annual census (N-CEN) — filed 2026-02-13
- Annual census (N-CEN) — filed 2025-02-12
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.