# Portfolio overlap — SNCAX vs VCITX Comparing **California Municipal Portfolio** (2025-09-30) and **VANGUARD CALIFORNIA LONG-TERM TAX-EXEMPT FUND** (2026-02-28). - Shared positions: 46 - California Municipal Portfolio covered by VANGUARD CALIFORNIA LONG-TERM TAX-EXEMPT FUND: 0.07767283504155031455885060543 - VANGUARD CALIFORNIA LONG-TERM TAX-EXEMPT FUND covered by California Municipal Portfolio: 0.07767283504155031455885060543 ## California Municipal Portfolio — top positions | Security | Weight | Shared | |----------|--------|--------| | Los Angeles (City of), CA, Series 2025, RN | 0.047911 | | | LOS ANGELES UNIF SD-A | 0.029457 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.019108 | | | California Community Choice Financing Authority, Series 2023 E-1 | 0.014940 | ✓ | | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV | 0.013448 | | | CALIFORNIA COMMUNITY VAR | 0.012849 | ✓ | | Bay Area Toll Authority | 0.012202 | | | San Francisco City & County Airport Comm-San Francisco International Airport | 0.010847 | | | State of California | 0.010466 | ✓ | | CALIFORNIA COMMUNITY VAR | 0.010322 | ✓ | | LOS ANGELES WTR-A-REF | 0.010221 | ✓ | | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE | 0.010182 | | | NRTHRN CA ENRGY | 0.010160 | ✓ | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB | 0.010031 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.009956 | ✓ | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.009954 | | | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2024, Ref. RB | 0.009843 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023, RB | 0.009597 | ✓ | | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE | 0.009557 | | | California (State of) Housing Finance Agency, Series 2019 A-2, RB | 0.009507 | ✓ | | YUCAIPA VLY WTR DIST FING AUTH REVENUE | 0.009496 | | | Los Angeles Unified School District, Series 2018B-1 | 0.009018 | | | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE | 0.008707 | | | California (State of) Housing Finance Agency, Series 2021-1A, Revenue Ctfs. | 0.008539 | ✓ | | CALIFORNIA ST | 0.007728 | | | California Community Choice Financing Authority, Series C | 0.007703 | ✓ | | California (State of) Housing Finance Agency (Social Certificates), Series 2021-2A, Revenue Ctfs. | 0.007148 | ✓ | | CA ST PUB WKS-A | 0.006896 | | | CALIFORNIA COMMUNITY VAR | 0.006746 | ✓ | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.006606 | | | SOUTHERN CALIFORNIA EDISON CO 4.5% 11-01-33 | 0.006563 | ✓ | | NJ TRANSP 5% 6/15/29 | 0.006363 | | | MSR Energy Authority, Series B | 0.006337 | | | California Community Choice Financing Authority, Series F | 0.006189 | ✓ | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.006134 | | | M-S-R Energy Authority, Series A | 0.006088 | ✓ | | UNIV OF CALIFORNIA CA REVENUES | 0.006003 | | | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A | 0.005843 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.005662 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.005654 | ✓ | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.005522 | | | CALIFORNIA ST UNIV REVENUE | 0.005502 | | | CA UNIV REVENUE-A-REF | 0.005478 | | | E CO AWP JT PWRS-A-2 | 0.005260 | | | San Diego County Regional Airport Authority | 0.005210 | | | State of California 5.00% 03/01/2042 | 0.005148 | | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.005110 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 D, RB | 0.005020 | ✓ | | GOLDEN ST TOBACCO SEC | 0.004938 | | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.004873 | | ## VANGUARD CALIFORNIA LONG-TERM TAX-EXEMPT FUND — top positions | Security | Weight | Shared | |----------|--------|--------| | BAY AREA TOLL-H | 0.011018 | | | CALIFORNIA COMMUNITY VAR | 0.010338 | ✓ | | STHRN CALIFORNIA ST | 0.009644 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 D, RB | 0.008405 | ✓ | | JPM-PUTTERS-MIZ9119 | 0.007517 | | | CALIFORNIA COMMUNITY VAR | 0.007237 | ✓ | | California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB | 0.006995 | | | CA PUB FIN AUTH-B1 | 0.006311 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB | 0.006008 | | | ELSINORE VLY MUNI-A | 0.005818 | | | TNDR OPT-FLTRS-XG0100 | 0.005682 | | | STATE OF CALIFORNIA 5.0% 09-01-41 | 0.005465 | | | UNIV OF CALIFORNIA CA REVENUES | 0.005387 | | | UNIV OF CALIFORNIA-Q | 0.005271 | | | NRTHRN CA ENRGY | 0.005117 | ✓ | | San Diego Community College District, Series A-1 | 0.005087 | | | CALIFORNIA COMMUNITY VAR | 0.004982 | ✓ | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.004955 | ✓ | | CALIFORNIA COMMUNITY VAR | 0.004793 | | | CALIFORNIA ST HLTH FACS FING A CASMED 08/48 FIXED 4 | 0.004694 | | | UNIV OF CALIFORNIA CA REVENUES REGD B/E 5.00000000 | 0.004600 | | | UNIV OF CALIFORNIA REVENUES | 0.004599 | | | UNIV OF CALIFORNIA CA REVENUES REGD B/E 5.00000000 | 0.004394 | | | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE | 0.004346 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2023, RB | 0.004341 | | | State of California 5.00% 09/01/2042 | 0.004326 | | | California Community Choice Financing Authority, Series B-1 | 0.004280 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023, RB | 0.004226 | ✓ | | STATE OF CALIFORNIA | 0.004183 | | | UNIV OF CALIFORNIA CA REVENUES UNVHGR 05/52 FIXED 5 | 0.004004 | | | LOS ANGELES DEPT WTR | 0.003879 | | | California (State of) Housing Finance Agency, Series 2021-1A, Revenue Ctfs. | 0.003794 | ✓ | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.003776 | | | California Community Choice Financing Authority, Series C | 0.003768 | ✓ | | Bay Area Toll Authority, Series 2023 A, VRD Ref. RB | 0.003717 | | | HAYWARD UNIFIED SD-B | 0.003712 | | | HAYWARD | 0.003565 | | | California Community Choice Financing Authority, Series F | 0.003527 | | | UNIV OF CA REGENTS -P | 0.003506 | | | California Community Choice Financing Authority, Series 2025G | 0.003479 | | | CA PUB FIN AUTH-A-1 | 0.003474 | | | CA ST UNIV-A-REF | 0.003436 | | | Los Angeles County Public Works Financing Authority, Series 2024H | 0.003394 | | | San Francisco Community College District, Series B | 0.003381 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.003330 | | | California (State of) Housing Finance Agency, Series 2019 A-2, RB | 0.003288 | ✓ | | E CO AWP JT PWRS-A-1 | 0.003267 | | | Bay Area Toll Authority, Series 2018A | 0.003258 | | | LOS ANGELS WTR & PWR- | 0.003257 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.003167 | | ## Sources - N-PORT (fund A) — accession `0001410368-25-031099` (as of 2025-09-30) - N-PORT (fund B) — accession `0000783401-26-000074` (as of 2026-02-28) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _