Most likely reason the CA budget passed - uncertainty now over. That's why VCITX NAV gone up since 7/28/09.

Also, interest rate is over 4% - while banks and Treasury paying nowhere near this amount.

Bernanke mentioned "manipulating" Treasury market until October. After that, does bond market interest rates go higher (bond principal decrease)? This will affect the municipal bond market.

Hindsight, if we had known, I would have loaded up on VCITX. 2008 was the worse in history; therefore, a bounceback was expected.

How much higher can VCITX NAV go? We might be near its peak. I would guess at most 11.30-11.40.

Hey, no CA or Federal tax!