VANGUARD CALIFORNIA LONG-TERM TAX-EXEMPT FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD CALIFORNIA LONG-TERM TAX-EXEMPT FUND held 1,548 positions with $6.09B in net assets. Its ten largest holdings made up 7.0% of the fund. The VCITX share class costs 0.14% a year. Over the 12 months to May 2026, VCITX returned 7.9%, with dividends reinvested. In 2026 Q2 it added 231 new positions and exited 157.
Vanguard California Long-Term Tax-Exempt Fund (the Fund) seeks to provide current income that is 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 10 and 25 years. Because returns depend on the manager's security selection decisions, performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
California Community Choice Financing Authority 4.00% floating · due 2052-10-01 | 1.11% | $67.84M | — |
California Community Choice Financing Authority 5.50% floating · due 2054-05-01 | 0.83% | $50.31M | — |
Mizuho Floater/Residual Trust 2.35% floating · due 2040-01-01 | 0.75% | $45.90M | — |
California Community Choice Financing Authority 5.00% floating · due 2056-01-01 | 0.70% | $42.91M | — |
California Community Choice Financing Authority 5.25% floating · due 2054-11-01 | 0.69% | $41.82M | — |
California Community Choice Financing Authority 4.00% floating · due 2053-05-01 | 0.60% | $36.47M | — |
San Mateo County Community College District 5.00% · due 2045-09-01 | 0.59% | $36.16M | — |
State of California 5.00% · due 2047-10-01 | 0.57% | $34.90M | — |
Public Finance Authority 2.55% floating · due 2053-04-01 | 0.56% | $34.29M | — |
California Enterprise Development Authority 5.50% · due 2059-11-01 | 0.55% | $33.67M | — |
The 200 largest of 1,548 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.73% |
| Securitized | 0.68% |
| Derivatives | 0.03% |
Derivatives are shown at market value, not notional exposure.
How it has done
VCITX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.82%. Past returns are a record, not a forecast.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.14% | +7.88% | +13.66% | +5.21% | -5.96% | |
| 0.09% | +7.93% | +13.89% | +5.59% | -5.94% |
These classes hold the same portfolio, so the 0.38pp spread over 5 years is the cost difference between them — roughly 0.08pp a year — not a difference in what they own.
Fees & fund details
VANGUARD CALIFORNIA LONG-TERM TAX-EXEMPT FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.09% – 0.14%· VCITX 0.14%
- Portfolio turnover
- 55.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
231 new· the largest 5
157 exited· the largest 8
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 | 79.2% |
| Floating rate | 19.3% |
| Zero-coupon or unclassified | 1.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 0.4% |
| 3-5y | 1.5% |
| 5-10y | 8.9% |
| 10y+ | 88.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 | 56% |
| Credit spreads | 44% |
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 | +6.44 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 | 0.22 yr | 3% |
| 5 yr | 1.32 yr | 16% |
| 10 yr | 4.42 yr | 54% |
| 30 yr | 2.18 yr | 27% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.25 yr | 4% |
| 5 yr | 1.06 yr | 16% |
| 10 yr | 3.50 yr | 54% |
| 30 yr | 1.65 yr | 25% |
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 | $6.8k | $64 |
| 1 yr | +0.22 | +0.25 | +0.00 | $150.5k | $637 |
| 5 yr | +1.32 | +1.06 | +0.01 | $642.5k | $4.6k |
| 10 yr | +4.42 | +3.48 | +0.01 | $2.12m | $9.0k |
| 30 yr | +2.18 | +1.65 | +0.00 | $1.00m | $1.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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