- What does VCITX invest in?
- This fund aims to deliver current income that is exempt from both federal and California personal income taxes. It is exclusively tailored for residents of California, focusing its investments primarily on high-quality municipal bonds. These bonds are issued by various California state and local governmental bodies, as well as regional government and public financing authorities. Under normal operating conditions, a minimum of 80% of the fund's assets will be allocated to securities whose income qualifies for exemption from both federal and California state taxes. While individual bond maturities have no specific limits, the fund's dollar-weighted average maturity typically spans between 10 and 25 years. With an average duration of approximately 6 to 10 years, its share price is notably more sensitive to shifts in interest rates compared to funds with shorter-term bond holdings. Consequently, this fund may be an appropriate choice for investors residing in California who are seeking federal and state tax-exempt interest income and possess a tolerance for interest rate risk.
- What is the expense ratio of VCITX?
- Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) charges an expense ratio of 0.14%. This is the annual fee deducted from fund assets to cover management and operations.
- What is VCITX's dividend yield?
- VCITX's trailing-twelve-month yield is 3.59%, calculated from the sum of dividends over the past year divided by the current price.
- What is the duration of VCITX?
- Effective duration measures VCITX's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VCITX's current duration is published on the fund's factsheet on the issuer's website.
- What is the credit quality of VCITX?
- VCITX'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 VCITX?
- Yield to maturity (YTM) is the total return you'd earn from VCITX if every bond in the portfolio is held to maturity at the current price. VCITX'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.
