VCAIX — Vanguard California Intermediate-Term Tax-Exempt Fund, Investor Shares
Data updated: 2026-10-29
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 The Vanguard Group, Inc., categorised as Intermediate Municipal Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Adviser: The Vanguard Group, Inc.
- Trust: Vanguard California Tax-Free Funds
- Category: Intermediate Municipal Bond
- Minimum investment: $3,000
- Additional investment: $1
- Inception date: March 4, 1994
- Assets under management: $19,369,373,133
- 1-year return: 3.5%
- Ticker: VCAIX
- SEC CIK: 0000783401
- SEC series ID: S000002566
- Share class ID: C000007066
- CUSIP: 922021308
- ISIN: US9220213089
- FIGI: BBG000BK8D96
- LEI: K0U3O63XH6FE0TFSFF12
About VCAIX
Vanguard California Intermediate-Term Tax-Exempt Fund (VCAIX) seeks a higher level of current income than shorter-term bonds, with less share-price fluctuation than longer-term bonds, and income expected to be exempt from federal and California personal income taxes. It invests primarily in high-quality municipal bonds issued by California state and local governments and related public financing authorities, with at least 80% of assets in tax-exempt securities under normal circumstances. Its Investor Shares, launched March 4, 1994, cost 0.14% a year and returned 3.5% in the 12 months to August 31, 2026, based on monthly returns reported to the SEC on Form N-PORT, with 4.2% volatility.
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 | 0.79% |
| California Community Choice Financing Authority | 0.69% |
| California Community Choice Financing Authority | 0.68% |
| California Community Choice Financing Authority | 0.65% |
| California Community Choice Financing Authority | 0.64% |
| 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 | 0.62% |
| California Community Choice Financing Authority | 0.57% |
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 | 99.8% |
| Securitized | 0.7% |
VCAIX Performance
Total returns for VCAIX through August 2026, from SEC filings.
| Period | Total return |
|---|---|
| YTD | 0.01% |
| 1 year | 3.46% |
| 3 years (annualised) | 3.63% |
| 5 years (annualised) | 1.02% |
VCAIX Risk Information
Risk metrics for VCAIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.16%
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 2026-08, Vanguard California Intermediate-Term Tax-Exempt Fund had net inflows of $2,576,776,364, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-08 | $162,406,222 |
| 2026-07 | $222,482,667 |
| 2026-06 | $114,151,039 |
| 2026-05 | $321,896,828 |
| 2026-04 | $165,786,462 |
| 2026-03 | $148,851,347 |
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 | 0.79% |
| California Community Choice Financing Authority | 0.69% |
| California Community Choice Financing Authority | 0.68% |
| California Community Choice Financing Authority | 0.65% |
| California Community Choice Financing Authority | 0.64% |
| 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 | 0.62% |
| California Community Choice Financing Authority | 0.57% |
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 (497) — filed 2025-02-03
- Portfolio holdings (N-PORT) — filed 2026-10-29
- Portfolio holdings (N-PORT) — filed 2026-07-29
- Portfolio holdings (N-PORT) — filed 2026-04-28
- Annual census (N-CEN) — filed 2026-02-13
- Annual census (N-CEN) — filed 2025-02-12
VCAIX Service Providers
Firms that manage, distribute, hold, administer and audit Vanguard California Intermediate-Term Tax-Exempt Fund, as reported on SEC Form N-CEN, fiscal year ending November 30, 2025.
- Adviser: The Vanguard Group, Inc.
- Distributor: Vanguard Marketing Corp.
- Custodian: State Street Bank and Trust Company
- Transfer agent: The Vanguard Group, Inc.
- Administrator: The Vanguard Group, Inc.
- Auditor: Pricewaterhousecoopers Llp
Related Funds
Other Intermediate Municipal Bond funds tracked on ABC INVEST:
VCAIX: Frequently Asked Questions
What is the expense ratio of Vanguard California Intermediate-Term Tax-Exempt Fund (VCAIX)?
VCAIX has a net expense ratio of 0.14%, about $14 a year for every $10,000 invested. VCAIX fees and costs
Does VCAIX charge a sales load?
No. This share class (VCAIX) charges no sales load.
What is the minimum investment for VCAIX?
The minimum initial investment in VCAIX is $3,000, and additional purchases must be at least $1. Source: the fund's summary prospectus (March 2026).
What are VCAIX's top holdings?
As of August 31, 2026, VCAIX held 5,170 positions. The largest are California Community Choice Financing Authority (0.79%), California Community Choice Financing Authority (0.69%), California Community Choice Financing Authority (0.68%), California Community Choice Financing Authority (0.65%) and California Community Choice Financing Authority (0.64%). All VCAIX holdings
Can I download the full list of VCAIX holdings?
Yes. The complete VCAIX holdings list as of August 31, 2026 can be downloaded as a CSV file from the Holdings page: holding, ticker, FIGI, sector, country, asset type, shares, value and share of net assets, from the fund's SEC N-PORT filing. Download VCAIX holdings (CSV)
How has Vanguard California Intermediate-Term Tax-Exempt Fund performed?
VCAIX returned +3.5% over the 12 months to August 2026, +3.6% a year over 3 years and +1.0% a year over 5 years. VCAIX performance and risk
How large is VCAIX?
VCAIX manages $19,369,373,133 (SEC N-PORT, August 2026). Investors added a net $2,576,776,364 over the past 12 months.
Who manages VCAIX and when did it launch?
VCAIX is managed by The Vanguard Group, Inc.. It is a series of Vanguard California Tax-Free Funds. It launched on March 4, 1994.
How does VCAIX compare with similar Intermediate Municipal Bond funds?
Among 209 Intermediate Municipal Bond funds with $100,000,000+ in assets, VCAIX ranks #20 of 209 on net expense ratio (0.14%) and #6 of 209 by assets. The largest is Vanguard Intermediate-Term Tax-Exempt Fund (VWIUX). Compare VCAIX with VWIUX
Where can I find VCAIX's prospectus and SEC filings?
VCAIX's latest prospectus (485BPOS) was filed March 27, 2026 and its latest N-PORT holdings report was filed October 29, 2026. All 53 filings are linked on ABC INVEST and on SEC EDGAR (series S000002566). VCAIX SEC filings
What is the CUSIP and ISIN of VCAIX?
Vanguard California Intermediate-Term Tax-Exempt Fund (VCAIX) has CUSIP 922021308 and ISIN US9220213089. These codes identify this share class (Investor Shares); each of the fund's 2 share classes has its own. Brokers and trading platforms use these codes to look up the fund.
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, and annual data from Form N-CEN.
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.