VCLAX – Vanguard CA Long-Term Tax-Exempt Adm Investment Strategy | Morningstar

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Strategy

The investment seeks to provide current income that is exempt from both federal and California personal income taxes. The fund invests primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional governmental and public financing authorities. At least 80% of its assets will be invested in securities whose income is exempt from federal and California state taxes. Although the fund has no limitations on the maturities of individual securities, its dollar-weighted average maturity is expected to be between 10 and 25 years. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
VCITX	Vanguard California Long-Term Tax-Exempt Fund Investor Shares	No Load	Open			Apr 7, 1986	$740.86M	0.140%	Low	$3,000	$60.04M
VCLAX	Vanguard California Long-Term Tax-Exempt Fund Admiral Shares	Institutional	Open			Nov 12, 2001	$5.34B	0.090%	Low	$50,000	$313.01M

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