# Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vcadx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Vanguard · Asset class: Municipal Bond - Strategy: Thematic · Inception: 2001-11-12 This fund aims to deliver a higher current income stream compared to shorter-duration bonds, while also exhibiting less significant price volatility than long-term bonds. It is exclusively designed for individuals residing in California. The portfolio primarily consists of high-quality municipal bonds issued by various California entities, including state and local governments, as well as regional authorities and public financing bodies. Under typical conditions, more than 80% of the fund's assets will be invested in securities that generate income exempt from both federal and California st... ## Key Facts | Metric | Value | |---|---| | Price | $11.19 | | Expense Ratio | 0.09% | | Assets Under Management | $18.30B | | NAV | $11.16 | | Holdings Count | 4938 | | Distribution Yield (TTM) | 3.30% | | Annual Distribution (TTM) | $0.37 /share | | Distribution Frequency | Monthly | | 52-Week Range | $10.83 – $11.75 | | Beta | 0.81 | ## Latest Distribution - Amount: $0.0321 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-01 ## Frequently Asked Questions ### What does VCADX invest in? This fund aims to deliver a higher current income stream compared to shorter-duration bonds, while also exhibiting less significant price volatility than long-term bonds. It is exclusively designed for individuals residing in California. The portfolio primarily consists of high-quality municipal bonds issued by various California entities, including state and local governments, as well as regional authorities and public financing bodies. Under typical conditions, more than 80% of the fund's assets will be invested in securities that generate income exempt from both federal and California state income taxes. Although there are no specific limitations on the maturities of individual securities, the fund's dollar-weighted average maturity is generally expected to range between 6 and 12 years. A primary risk for the fund involves interest rate fluctuations. Both rising and falling rates can adversely affect the fund, potentially leading to lower bond prices or a future reduction in the income it generates. This fund could be a suitable option for investors seeking tax-exempt income at both the federal and California state levels, provided they are comfortable with moderate fluctuations in both its share price and income output. It is important to note that the Vanguard California Intermediate-Term Tax-Exempt Fund is a standalone product, separate and distinct from the Vanguard California Tax-Exempt Bond ETF (VTEC). Differences in their respective sizes, specific investment processes, and underlying holdings are expected to result in varied investment returns between the two. ### What is the expense ratio of VCADX? Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) charges an expense ratio of 0.09%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VCADX's dividend yield? VCADX's trailing-twelve-month yield is 3.30%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VCADX? Effective duration measures VCADX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VCADX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VCADX? VCADX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of VCADX? Yield to maturity (YTM) is the total return you'd earn from VCADX if every bond in the portfolio is held to maturity at the current price. VCADX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does VCADX pay a dividend? Yes, Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.30%. Full dividend history is on this page. ### How often does VCADX pay dividends? Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is VCADX's next ex-dividend date? The most recently announced ex-dividend date for VCADX was 2026-09-30. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will VCADX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.09% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does VCADX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VCADX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does VCADX cost more than a fund like VOO? VCADX's strategy (current expense ratio 0.09%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where VCADX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to VCADX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VCADX (0.09%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/vcadx - Distribution history: https://www.dividenddata.com/funds/vcadx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vcadx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vcadx/expenses - Peer comparison: https://www.dividenddata.com/funds/vcadx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.