Vanguard California Long-Term Tax-Exempt Fund Investor Shares

Frequently Asked Questions About VCITX

What does VCITX invest in?

The fund's investment objective is to seek to provide current income that is exempt from both federal and California personal income taxes. The fund invests primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional government and public financing authorities. The fund's dollar-weighted average maturity is expected to be between 10 and 25 years.

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 3.76%, 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.