VCTXX yield: 2.10% as filed, and what it keeps after tax
VCTXX is the ticker of Vanguard California Municipal Money Market Fund. Here is what it paid and what you keep after tax. Yield reported by the fund for October 30, 2026, its last business day in the October 2026 report; holdings as of October 31, 2026, the date of that report. The fund’s own site shows today’s figure. Not investment advice.
Example result
VCTXX after federal and California tax
2.10%
$1,050 a year kept on $1,050 of dividends
| Dividends before tax | $1,050 |
| Federal tax at 24.0% | −$0 |
| State tax at 9.30% $1,050 of the $1,050 is free of California tax | −$0 |
Yield reported by the fund for October 30, 2026; yields change daily. Estimate, not tax or investment advice. Nothing you type leaves your browser. How it is computed
What the filings say about VCTXX
Vanguard California Municipal Money Market Fund is built for one reader: a California resident in a high bracket. Its dividends come from California state and local short-term debt, so they are free of federal income tax and of California income tax at the same time. The fund reported a 7-day yield of 2.10% for October 30, 2026, below the 2.27% of the national VMSXX and far below the 3.89% of the Treasury fund. Whether that lower yield wins depends on two rates at once. At a 35% federal rate and California’s 9.3% bracket, a fully taxable dividend loses about 44 cents of every dollar, while a Treasury fund dividend loses only the federal part. The calculator on this page runs both. Outside California the case collapses: another state taxes these California bonds like any other out-of-state municipal income, and the fund becomes a low-yield, federally exempt fund.
VCTXX 7-day yield as filed, June 1, 2026 to October 30, 2026
| Last day reported in the month | 7-day net yield |
|---|---|
| June 30, 2026 | 2.37% |
| July 31, 2026 | 2.13% |
| August 31, 2026 | 2.11% |
| September 30, 2026 | 3.03% |
| October 30, 2026 | 2.10% |
A fund reports these yields once a month, within five business days of month end. Between two reports the figure here ages: by the time the October 2026 report is replaced, it is up to five weeks old. The fund’s own site shows today’s figure.
What VCTXX held on October 31, 2026
| Holding | Share of portfolio | Exempt from state tax? |
|---|---|---|
| Municipal securities | 88.0% | Federal: yes; state: usually only your own state |
| Company and bank debt (commercial paper, certificates of deposit) and other | 12.0% | No |
VCTXX at a glance
| Fund type | Single-state municipal (CA) money market fund; category on the filing: Single State |
| Legal entity that files the fund’s report | Vanguard California Tax-Free Funds |
| Assets in this share class | $4.4 billion |
| Gross 7-day yield of the fund | 2.22% |
| Expenses taken from the yield (expense drag) | 0.12% |
| Average days until holdings repay or reset their rate (weighted average maturity) | 13 days (legal limit 60) |
| Average days until holdings are paid back in full (weighted average life) | 14 days (legal limit 120) |
| Minimum initial investment on file | $3,000 |
Where VCTXX ranks after tax
Among the 283 share classes in the data, for a single filer with $120,000 of taxable income and $50,000 in the fund:
| State | Rank | Yield after tax | Kept a year |
|---|---|---|---|
| California | 238 of 283 | 2.10% | $1,050 |
| New York | 258 of 283 | 1.97% | $987 |
| Texas | 255 of 283 | 2.10% | $1,050 |
The rank compares VCTXX with every other fund for a resident of that state. In a state with no income tax, such as Texas, funds whose dividends are taxed by states catch up, so the rank can be lower even though you keep more. In California, the fund ranked first kept $466 a year more than VCTXX on $50,000.
A rank of past yields, not a recommendation, and this site does not say which fund to hold. Moving cash to another fund can involve a minimum or a fee set by your brokerage. Rank every fund for your situation.
What to watch in VCTXX
The filed portfolio was 88% municipal securities and 12% other instruments, and the yield ranged from 1.27% on July 8, 2026 to 3.06% on October 1, 2026 over the months on file. A small single-state fund has fewer issuers to choose from, which shows in those swings.
Questions about this page
Tap a question to see the answer.
Is VCTXX worth it in California?
It depends on your two brackets. At 2.10%, the fund leaves the full yield after federal and California tax. VUSXX at 3.89% pays federal tax but no California tax. VCTXX keeps more only when federal tax takes more than 46% of a VUSXX dividend, above the top federal rate with the 3.8% surtax, so on the filed yields VUSXX kept more at every income.
Can a non-Californian buy VCTXX?
Yes, but the reason to own it disappears. Your home state taxes the dividends because they come from another state’s bonds, so only the federal exemption is left, on a yield lower than the national municipal fund 2.27% on the filed date.
Does VCTXX count for the California 50% rule?
The 50% rule concerns funds that pay exempt dividends from U.S. or California obligations. VCTXX holds California obligations, so its dividends are exempt under the same California provision. The fund reports the exempt share in its year-end statement, and that share goes on Schedule CA rather than any estimate from holdings.
Other pages
Filings, rules and tax schedules behind this page
- Form N-MFP report of Vanguard California Tax-Free Funds for October 31, 2026, filed November 6, 2026 (as filed)
- Securities and Exchange Commission, Form N-MFP data sets (monthly, as filed)
- 17 CFR 270.2a-7, money market funds (rule 2a-7)
- IRS Revenue Procedure 2025-32, 2026 tax rate tables
- California Franchise Tax Board, 2025 Schedule CA (540) instructions: funds with 50% of assets in U.S. or California obligations
- New York State Department of Taxation and Finance, 2025 Form IT-201 instructions (line 28, rate schedules)
Compiled by Radif Partners
Independent publisher of money market fund yield and after-tax calculators built on Form N-MFP filings
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Fund data as filed for 2026, site checked on