Investment objective & strategy
As of March 27, 2026 · prospectusObjective. Vanguard California Long-Term Tax-Exempt Fund (the Fund) seeks to provide current income that is exempt from both federal and California personal income taxes. The Fund is intended for California residents only.
Strategy. The Fund employs an active management approach, investing primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional governmental and public financing authorities. As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal and California state taxes. The Fund primarily purchases municipal bonds rated investment-grade, as determined by a nationally recognized statistical rating organization or (if unrated) determined to be of comparable quality by the Funds advisor. The Fund expects to maintain a dollar-weighted average maturity between 10 and 25 years, but has no limitations on the … The Fund employs an active management approach, investing primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional governmental and public financing authorities. As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal and California state taxes. The Fund primarily purchases municipal bonds rated investment-grade, as determined by a nationally recognized statistical rating organization or (if unrated) determined to be of comparable quality by the Funds advisor. The Fund expects to maintain a dollar-weighted average maturity between 10 and 25 years, but has no limitations on the maturities of individual securities.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BAY AREA TOLL-H | — | $67.28M | 1.11% |
| CALIFORNIA COMMUNITY VAR | CCEDEV | $63.13M | 1.04% |
| STHRN CALIFORNIA ST | — | $58.89M | 0.97% |
| California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 D, RB | CCEDEV | $51.32M | 0.85% |
| JPM-PUTTERS-MIZ9119 | — | $45.90M | 0.76% |
| CALIFORNIA COMMUNITY VAR | CCEDEV | $44.19M | 0.73% |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB | — | $42.72M | 0.71% |
| CA PUB FIN AUTH-B1 | — | $38.54M | 0.64% |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB | CCEDEV | $36.69M | 0.61% |
| ELSINORE VLY MUNI-A | — | $35.52M | 0.59% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| VANGUARD CALIFORNIA INTERMEDIATE-TERM TAX-EXEMPT FUND · VCAIX, VCADX | 27% | 0.09% |
| Invesco California AMT-Free Municipal Bond ETF · PWZ | 19% | 0.28% |
| VANGUARD CALIFORNIA TAX-EXEMPT BOND ETF · VTEC | 14% | 0.06% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of March 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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