Morningstar

Vanguard California Long-Term Tax-Exempt Fund Admiral Shares VCLAX

Morningstar Medalist Rating
Medalist Rating as of | See Vanguard Investment Hub
  • NAV / 1-Day Return 10.77  /  0.00
  • Total Assets 6.1B
  • Adj. Expense Ratio
    0.090%
  • Expense Ratio 0.090%
  • Distribution Fee Level Low
  • Share Class Type Institutional
  • Category Muni California Long
  • Credit Quality / Interest Rate Sensitivity Medium/Extensive
  • Min. Initial Investment 50,000
  • Status Open
  • TTM Yield 3.90%
  • Effective Duration 8.43 years

USD | NAV as of Oct 03, 2026 | 1-Day Return as of Oct 03, 2026, 12:10 AM GMT+0

Morningstar’s Analysis VCLAX

Will VCLAX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VCLAX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the VCLAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of VCLAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A topnotch California muni offering.

Analyst Ken Noguchi

Ken Noguchi

Analyst

Summary

Vanguard California Long-Term Tax-Exempt combines experienced leadership with a disciplined approach that stands out and delivers consistently strong results versus muni California long Morningstar Category peers.

by Ken Noguchi
Rated on Published on

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Portfolio Holdings VCLAX

More VCLAX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 7.6
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

1.11 69M
municipal

SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV

1.02 63M
municipal

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

0.89 55M
municipal

MIZUHO FLOATER / RESIDUAL TR VAR STS

0.74 46M
municipal

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

0.68 42M
municipal

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

0.67 42M
municipal

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

0.67 42M
municipal

CALIFORNIA ST

0.64 40M
municipal

NORTHERN CALIF ENERGY AUTH COMMODITY SUPPLY REV

0.58 36M
municipal

SAN MATEO CNTY CALIF CMNTY COLLEGE DIST

0.58 36M
municipal

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