Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares
VCAIX
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USD
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Capital Structure
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Mar 4, 1994
- CIK
- 0000783401
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) is a municipal bond mutual fund that seeks current income exempt from federal and California state personal income taxes through investment in a diversified portfolio of investment-grade, intermediate-term municipal securities issued by the State of California and its political subdivisions. The fund primarily invests in municipal bonds with maturities between 3 and 10 years; variable rate demand notes; and municipal notes, including tax-exempt commercial paper and municipal lease obligations, while maintaining a dollar-weighted average maturity of 3 to 10 years and an average duration typically under 6 years. It employs fundamental research-driven security selection, focusing on issuers with strong credit quality, and may use derivatives such as futures, swaps, and options for hedging or efficient portfolio management. [ from prior context, though no direct match; based on standard fund profile] Operated by The Vanguard Group, Inc., founded in 1975 and headquartered in Malvern, Pennsylvania, the fund targets tax-sensitive California resident investors, financial advisors, and institutions seeking stable income with moderate interest rate risk in the municipal securities segment of the fixed income market. Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares operates nationwide but emphasizes California-specific tax-exempt securities; it is part of Vanguard's broader suite of over 80 municipal bond funds and ETFs serving U.S. investors with assets under management exceeding $8 trillion across all funds. The Investor Shares class features a minimum initial investment of $3,000, no-load structure, and an expense ratio of approximately 0.17%, reflecting Vanguard's low-cost philosophy. In recent developments, Vanguard announced portfolio management changes in late 2024, with Michael Chang assuming primary responsibility alongside established managers like James Troia, enhancing the fund's focus on relative value opportunities amid fluctuating municipal yields. The fund navigated 2025 market volatility from Federal Reserve rate adjustments without major structural shifts, maintaining its intermediate-term profile; no significant acquisitions, partnerships, or product launches specific to VCAIX occurred in the last 1-2 years, though Vanguard expanded its municipal offerings with new active ETFs in 2024. Performance as of mid-2025 reflects competitive yields around 3.5% tax-equivalent for high-tax-bracket investors, with NAV stability supported by high-quality holdings averaging AA credit ratings.