VANGUARD CALIFORNIA INTERMEDIATE-TERM TAX-EXEMPT FUND
VANGUARD CALIFORNIA TAX-FREE FUNDS · Series S000002566 · 2 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard California Intermediate-Term Tax-Exempt Fund (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.
The fund actively selects investment-grade municipal bonds issued by California state and local governments, maintaining a dollar-weighted average maturity between 6 and 12 years to balance yield against interest-rate sensitivity. At least 80% of assets are invested in securities whose income is exempt from federal and California state taxes. Because individual security selections drive returns, performance depends on the manager's credit assessment and maturity decisions.
| Share class | Expense ratio |
|---|---|
| VCAIX | 0.14% |
| VCADX | 0.09% |
Portfolio turnover 19.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.33% |
| Securitized | 0.57% |
| Derivatives | -0.00% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: California Community Choice Financing Authority ×2, Southern California Public Power Authority, California Health Facilities Financing Authority ×3, State of California ×2
Largest exited: Tender Option Bond Trust Receipts/Certificates ×3, Bay Area Toll Authority ×2, University of California ×2, State of California
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.19% | +11.21% | +6.68% | 3.64% | -3.81% | |
| +6.24% | +11.44% | +7.07% | 3.64% | -3.79% |
These classes hold the same portfolio, so the 0.39pp spread over 5 years is the cost difference between them — roughly 0.08pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 71.6% |
| Floating rate | 22.8% |
| Zero-coupon or unclassified | 5.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.2% |
| 1-3y | 6.0% |
| 3-5y | 6.9% |
| 5-10y | 22.5% |
| 10y+ | 63.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 54% |
| Credit spreads | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.18 yr |
| High yield | +0.03 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.46 yr | 7% |
| 5 yr | 1.59 yr | 26% |
| 10 yr | 3.23 yr | 52% |
| 30 yr | 0.91 yr | 15% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.37 yr | 7% |
| 5 yr | 1.30 yr | 25% |
| 10 yr | 2.75 yr | 53% |
| 30 yr | 0.77 yr | 15% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $26.6k | $552 |
| 1 yr | +0.46 | +0.37 | +0.00 | $703.6k | $5.6k |
| 5 yr | +1.59 | +1.29 | +0.01 | $2.48m | $13.2k |
| 10 yr | +3.23 | +2.74 | +0.01 | $5.26m | $28.0k |
| 30 yr | +0.91 | +0.77 | +0.00 | $1.48m | $3.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | California Community Choice Financing Authority5.00% floating · due 2055-01-01 | 0.80% | $154.53M | — |
| — | California Community Choice Financing Authority5.00% floating · due 2056-01-01 | 0.70% | $134.66M | — |
| — | California Community Choice Financing Authority5.50% floating · due 2054-05-01 | 0.69% | $131.61M | — |
| — | California Community Choice Financing Authority5.00% floating · due 2053-07-01 | 0.66% | $126.46M | — |
| — | California Community Choice Financing Authority5.00% floating · due 2055-08-01 | 0.65% | $124.19M | — |
| — | California Community Choice Financing Authority5.25% floating · due 2054-11-01 | 0.64% | $123.39M | — |
| — | California Community Choice Financing Authority4.00% floating · due 2052-10-01 | 0.64% | $122.00M | — |
| — | California Community Choice Financing Authority5.00% floating · due 2055-10-01 | 0.63% | $121.81M | — |
| — | California Community Choice Financing Authority4.00% floating · due 2053-05-01 | 0.58% | $111.56M | — |
| — | California Community Choice Financing Authority5.00% · due 2036-03-01 | 0.58% | $111.40M | — |
Top 10 positions are 6.56% of net assets, top 25 13.98%, across 565 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free