# Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vclax 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: Actively Managed · Inception: 2001-11-12 This fund's primary objective is to generate current income free from both federal and California personal income taxes. It is exclusively tailored for individuals residing in California. The investment strategy focuses predominantly on high-grade municipal debt securities issued by various California state and local governmental bodies, alongside regional government and public financing authorities. Under typical conditions, a minimum of 80% of the fund's holdings will consist of assets that produce income free from federal and California state taxes. Although there are no specific restric... ## Key Facts | Metric | Value | |---|---| | Price | $11.03 | | Expense Ratio | 0.09% | | AUM (All Share Classes) | $5.70B | | NAV | $11.03 | | Holdings Count | 1427 | | Distribution Yield (TTM) | 3.79% | | Annual Distribution (TTM) | $0.42 /share | | Distribution Frequency | Monthly | | 52-Week Range | $10.63 – $11.67 | | Beta | 1.14 | ## Latest Distribution - Amount: $0.0362 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-01 ## Frequently Asked Questions ### What does VCLAX invest in? This fund's primary objective is to generate current income free from both federal and California personal income taxes. It is exclusively tailored for individuals residing in California. The investment strategy focuses predominantly on high-grade municipal debt securities issued by various California state and local governmental bodies, alongside regional government and public financing authorities. Under typical conditions, a minimum of 80% of the fund's holdings will consist of assets that produce income free from federal and California state taxes. Although there are no specific restrictions on the maturities of individual securities, its dollar-weighted average maturity usually falls within the 10-to-25-year range. Possessing an average duration of roughly 6 to 10 years, the fund's net asset value is considerably more susceptible to shifts in interest rates compared to funds invested in shorter-term bonds. This offering may be a suitable consideration for California-based investors prioritizing tax-advantaged income at the federal and state levels, provided they are comfortable with the associated interest rate volatility. ### What is the expense ratio of VCLAX? Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) charges an expense ratio of 0.09%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VCLAX's dividend yield? VCLAX's trailing-twelve-month yield is 3.79%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VCLAX? Effective duration measures VCLAX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VCLAX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VCLAX? VCLAX'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 VCLAX? Yield to maturity (YTM) is the total return you'd earn from VCLAX if every bond in the portfolio is held to maturity at the current price. VCLAX'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 VCLAX pay a dividend? Yes, Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.79%. Full dividend history is on this page. ### How often does VCLAX pay dividends? Vanguard California Long-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 VCLAX's next ex-dividend date? The most recently announced ex-dividend date for VCLAX 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 VCLAX'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 VCLAX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VCLAX'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 VCLAX cost more than a fund like VOO? VCLAX is actively managed (current expense ratio 0.09%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether VCLAX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to VCLAX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VCLAX (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/vclax - Distribution history: https://www.dividenddata.com/funds/vclax/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vclax/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vclax/expenses - Peer comparison: https://www.dividenddata.com/funds/vclax/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.