# Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vcaix 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: 1994-03-04 This investment option, exclusively tailored for California residents, aims to provide a more attractive current income stream than shorter-duration bonds, while simultaneously offering enhanced share price stability compared to longer-term debt instruments. It predominantly invests in high-quality municipal bonds issued by California's state and local governments, along with regional and public financing authorities. Under typical market conditions, at least 80% of the fund's holdings will consist of securities whose income is exempt from both federal and California state taxes. Although t... ## Key Facts | Metric | Value | |---|---| | Price | $11.19 | | Expense Ratio | 0.14% | | Assets Under Management | $18.30B | | NAV | $11.19 | | Holdings Count | 4938 | | Distribution Yield (TTM) | 3.25% | | Annual Distribution (TTM) | $0.36 /share | | Distribution Frequency | Monthly | | 52-Week Range | $10.83 – $11.75 | | Beta | 0.81 | ## Latest Distribution - Amount: $0.0317 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-01 ## Frequently Asked Questions ### What does VCAIX invest in? This investment option, exclusively tailored for California residents, aims to provide a more attractive current income stream than shorter-duration bonds, while simultaneously offering enhanced share price stability compared to longer-term debt instruments. It predominantly invests in high-quality municipal bonds issued by California's state and local governments, along with regional and public financing authorities. Under typical market conditions, at least 80% of the fund's holdings will consist of securities whose income is exempt from both federal and California state taxes. Although there are no specific restrictions on the maturity dates of individual securities, the portfolio's dollar-weighted average maturity is generally expected to fall within an intermediate range of 6 to 12 years. Potential risks include the impact of fluctuating interest rates, which can lead to a decline in bond values or a reduction in the fund's income over time. This fund may be suitable for California-based investors seeking tax-exempt income at both federal and state levels, provided they are comfortable with moderate variations in its value and income. It's important to distinguish this fund from the Vanguard California Tax-Exempt Bond ETF (VTEC), as their differing scales, investment methodologies, and underlying assets are expected to lead to distinct investment outcomes. ### What is the expense ratio of VCAIX? Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) charges an expense ratio of 0.14%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VCAIX's dividend yield? VCAIX's trailing-twelve-month yield is 3.25%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VCAIX? Effective duration measures VCAIX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VCAIX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VCAIX? VCAIX'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 VCAIX? Yield to maturity (YTM) is the total return you'd earn from VCAIX if every bond in the portfolio is held to maturity at the current price. VCAIX'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 VCAIX pay a dividend? Yes, Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.25%. Full dividend history is on this page. ### How often does VCAIX pay dividends? Vanguard California Intermediate-Term Tax-Exempt Fund Investor 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 VCAIX's next ex-dividend date? The most recently announced ex-dividend date for VCAIX 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 VCAIX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.14% 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 VCAIX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VCAIX'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 VCAIX cost more than a fund like VOO? VCAIX's strategy (current expense ratio 0.14%) 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 VCAIX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to VCAIX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VCAIX (0.14%) 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/vcaix - Distribution history: https://www.dividenddata.com/funds/vcaix/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vcaix/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vcaix/expenses - Peer comparison: https://www.dividenddata.com/funds/vcaix/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.