UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-4474
Name of Registrant: Vanguard California Tax-Free Funds
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: November 30
Date of reporting period: December 1, 2007–May 31, 2008
Item 1: Reports to Shareholders
> For the six months ended May 31, 2008, Vanguard California Tax-Exempt Money Market Fund returned 1.2%, outperforming the average return of its peers.
> Investor Shares of California Intermediate-Term Tax-Exempt Fund returned 1.3% (Admiral Shares, 1.4%), and both the Investor and Admiral Shares of California Long-Term Tax-Exempt Fund returned 0.5%; the funds bested the average returns of their respective competitor funds but lagged their benchmark indexes.
> The fiscal half-year was an unusual period for municipal bonds—marked by high volatility and yields that surpassed those of Treasury bonds.
Contents |
|
|
|
Your Fund’s Total Returns | 1 |
Chairman’s Letter | 2 |
Advisor’s Report | 7 |
California Tax-Exempt Money Market Fund | 10 |
California Intermediate-Term Tax-Exempt Fund | 31 |
California Long-Term Tax-Exempt Fund | 59 |
About Your Fund’s Expenses | 81 |
Trustees Approve Advisory Arrangement | 83 |
Glossary | 84 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Total Returns
Six Months Ended May 31, 2008 |
|
|
| Ticker | Total |
| Symbol | Returns |
Vanguard California Tax-Exempt Money Market Fund | VCTXX | 1.2% |
7-Day SEC Yield: 1.61% |
|
|
Taxable-Equivalent Yield: 2.73%1 |
|
|
Average California Tax-Exempt Money Market Fund2 |
| 1.0 |
|
|
|
Vanguard California Intermediate-Term Tax-Exempt Fund |
|
|
Investor Shares | VCAIX | 1.3% |
30-Day SEC Yield: 3.60% |
|
|
Taxable-Equivalent Yield: 6.11%1 |
|
|
Admiral™ Shares3 | VCADX | 1.4 |
30-Day SEC Yield: 3.67% |
|
|
Taxable-Equivalent Yield: 6.23%1 |
|
|
Lehman 7 Year Municipal Bond Index |
| 2.3 |
Average California Intermediate Municipal Debt Fund2 |
| 1.2 |
|
|
|
Vanguard California Long-Term Tax-Exempt Fund |
|
|
Investor Shares | VCITX | 0.5% |
30-Day SEC Yield: 4.09% |
|
|
Taxable-Equivalent Yield: 6.94%1 |
|
|
Admiral Shares3 | VCLAX | 0.5 |
30-Day SEC Yield: 4.16% |
|
|
Taxable-Equivalent Yield: 7.06%1 |
|
|
Lehman 10 Year Municipal Bond Index |
| 1.7 |
Average California Municipal Debt Fund2 |
| –0.2 |
1 This calculation, which assumes a typical itemized tax return, is based on the maximum federal tax rate of 35% and the maximum state of California income tax rate. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation.
2 Derived from data provided by Lipper Inc.
3 A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund.
1
Chairman’s Letter
Dear Shareholder,
The fiscal half-year ended May 31, 2008, was an unusual time in the municipal bond market. The prices and yields of tax-exempt bonds experienced high volatility—a tangential effect of the crisis in the market for taxable securities backed by subprime mortgage loans. In February and March, yields of municipal bonds exceeded those of their U.S. Treasury bond counterparts across the maturity spectrum, a rare occurrence.
The Vanguard California Tax-Exempt Money Market Fund returned 1.2% for the six months, the Intermediate-Term Tax-Exempt Fund returned 1.3%, and the Long-Term Tax-Exempt Fund returned 0.5%—a consequence of upheaval among longer-term municipal bonds during the period. Given the greater risk, we would generally expect longer-term bond funds to return more than shorter-term funds over meaningful periods of time. Each Vanguard fund outpaced the average return of competitive funds. All returns and yields are for Investor Shares.
The Tax-Exempt Money Market Fund’s 7-day SEC yield was 1.61% as of May 31, down from 3.43% six months earlier. The change reflected a general fall in short-term interest rates that was engineered by the Federal Reserve Board. For investors in the highest income tax bracket, the taxable-equivalent yield declined to 2.73%.
2
Yields for the longer-term funds declined only slightly. The Intermediate-Term Tax-Exempt Fund’s 30-day SEC yield was 3.60% (compared with 3.79% six months earlier), producing a taxable-equivalent yield of 6.11%. The Long-Term Tax-Exempt Fund yielded 4.09% pre-tax (compared with 4.14% six months earlier), for a taxable-equivalent yield of 6.94%.
Please note: Although the California Tax-Exempt Money Market Fund’s income distributions are expected to be exempt from federal and California state income taxes, a portion of these distributions may be subject to the alternative minimum tax (AMT). The California Intermediate-Term and Long-Term Tax-Exempt Funds own no bonds that would generate income subject to the AMT.
Greater economic uncertainty set the tone for stocks and bonds
The municipal bond market wasn’t alone in struggling to find its footing during the fiscal half-year. The broader bond market, and the stock market as well, were shaken as oil prices climbed to record highs, the housing market worsened, and consumers grew increasingly wary of spending. With the subprime-fueled credit crisis continuing to play out, heightened economic uncertainty became the norm.
In an effort to revive the slowing economy and increase liquidity in the credit markets, the Federal Reserve Board lowered its target for the federal funds rate in five separate actions, to 2.0%. At the end of the period, the Fed continued to face the
Market Barometer |
|
|
|
|
|
| Total Returns |
|
| Periods Ended May 31, 2008 | |
| Six Months | One Year | Five Years1 |
Bonds |
|
|
|
Lehman U.S. Aggregate Bond Index (Broad taxable market) | 1.5% | 6.9% | 3.8% |
Lehman Municipal Bond Index | 1.4 | 3.9 | 3.7 |
Citigroup 3-Month Treasury Bill Index | 1.3 | 3.6 | 3.0 |
|
|
|
|
Stocks |
|
|
|
Russell 1000 Index (Large-caps) | –3.8% | –6.2% | 10.4% |
Russell 2000 Index (Small-caps) | –1.9 | –10.5 | 12.5 |
Dow Jones Wilshire 5000 Index (Entire market) | –3.6 | –6.1 | 11.0 |
MSCI All Country World Index ex USA (International) | –3.2 | 3.0 | 22.1 |
|
|
|
|
CPI |
|
|
|
Consumer Price Index | 3.1% | 4.2% | 3.4% |
1 Annualized.
3
delicate task of balancing its efforts to stimulate the economy with rising concerns about inflationary pressures.
In this environment, many fixed income investors favored the relative safety of U.S. Treasury bonds. The resulting “flight to quality” pressured the prices of taxable and tax-exempt bonds, and both types of bonds experienced unusual volatility during the period.
Bonds nevertheless outpaced stocks. The broad taxable bond market returned 1.5%, close to the broad municipal bond market’s 1.4%. By contrast, the broad U.S. stock market returned –3.6% for the period, a disappointing result, but one that was buoyed by a recovery in April and May.
Growth stocks outperformed value stocks, and international stocks generally kept pace with U.S. stocks.
In a challenging environment, a traditional relationship returned
In recent months, the subprime-mortgage crisis that erupted in mid-2007 has continued to spill into other areas of the credit markets in indirect, but very real, ways. The municipal bond market was no exception. Credit standards tightened and investors’ appetite for risk diminished, creating an environment that favored Treasury bonds above all else, even high-quality bonds issued by financially strong states and municipalities.
Annualized Expense Ratios1 |
|
|
|
Your Fund Compared With Its Peer Group |
|
|
|
| Investor | Admiral | Peer |
| Shares | Shares | Group |
California Tax-Exempt Fund |
|
|
|
Money Market | 0.10% | — | 0.60% |
Intermediate-Term | 0.15 | 0.08% | 0.93 |
Long-Term | 0.15 | 0.08 | 1.08 |
1 Fund expense ratios reflect the six months ended May 31, 2008. Peer groups are: for the California Tax-Exempt Money Market Fund, the Average California Tax-Exempt Money Market Fund; for the California Intermediate-Term Tax-Exempt Fund, the Average California Intermediate Municipal Debt Fund; and for the California Long-Term Tax-Exempt Fund, the Average California Municipal Debt Fund. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2007.
4
Early in 2008, investors grew increasingly concerned about firms that write insurance for municipal bonds. Several insurers had exposure to subprime debt and faced financial problems and rating downgrades. This prompted many investors to move out of municipal bonds, even though the insurers’ problems did not affect the credit quality of the munis themselves. It was a difficult period for municipal issues, as prices fell sharply. The Lehman Municipal Bond Index returned –4.6% in February, one of the worst months ever for the tax-exempt bond market.
These dislocations produced a steeper yield curve during the six-month period. Yields for short-term munis fell, reflecting the Fed’s interest-rate policy, while those for long-term munis rose slightly. At the same time, investors’ continuing preference for Treasuries placed downward pressure on Treasury yields across the maturity spectrum, most sharply at the short end.
These dynamics upended the generally stable relationship between yields of Treasuries and municipals. Typically, Treasury yields are higher than muni yields, but the traditional gap had begun to narrow as the fiscal half-year began, and by February and March municipal yields surpassed Treasuries across the spectrum of bond maturities. From that point, the yield relationship between Treasuries and munis began to slip back toward normalcy.
For the fiscal period, the California Tax-Exempt Money Market Fund returned 1.2% while maintaining a net asset value of $1, a price that is expected but not guaranteed.
The Investor Shares of the California Intermediate-Term Tax-Exempt Fund and Long-Term Tax-Exempt Fund returned 1.3% and 0.5%, respectively, as the income portion of each fund’s return counteracted a share-price decline triggered by investors’ concern over the muni-bond insurers. The Intermediate-Term Tax-Exempt Fund edged past the 1.2% average return of competitive funds, while the Long-Term Tax-Exempt Fund posted a positive return compared with the –0.2% average result for its peer-group funds.
The Vanguard California Tax-Exempt Funds’ returns reflect an emphasis on the market’s highest-quality securities, prudent management strategies, and a significant cost advantage (see the table on page 4).
Short-term disruptions don’t change long-term strategies
The municipal bond market has traditionally been a relatively quiet corner of the larger fixed income universe. Bonds issued by state or local governments don’t often create exciting headlines. But as we’ve seen over the recent fiscal period, surprises can occur even in typically staid segments of the market.
At Vanguard, we believe the best way to weather short-term market disruptions is to stick to long-term investment strategies. For the bond portion of Vanguard portfolios, this includes a focus on low-cost, high-quality investments guided by an experienced team of portfolio managers and credit analysts (who, it should be noted, assess the quality of bonds independent of outside rating agencies and bond insurers). For California investors in higher tax brackets,
5
we believe the Vanguard California Tax-Exempt Funds are an excellent way to carry out such a strategy.
As I close this report to you, it’s my pleasure to introduce the funds’ new president, F. William McNabb III. Bill is a man of great character and integrity who is intimately familiar with all aspects of Vanguard—from how we serve our clients to how we invest for them.
Bill and I have worked together very closely for more than two decades. I’m thrilled that the funds’ board elected him president, effective March 1, and designated him to succeed me as chief executive officer, a role he will assume within a year, after an orderly transition. Bill and the rest of our team will serve you and our other clients extremely well in the years ahead.
Thank you for entrusting your assets with Vanguard.
Sincerely,
John J. Brennan
Chairman and Chief Executive Officer
June 16, 2008
Your Fund’s Performance at a Glance | ||||
November 30, 2007–May 31, 2008 | ||||
|
|
| Distributions Per Share | |
| Starting | Ending | Income | Capital |
| Share Price | Share Price | Dividends | Gains |
Vanguard California Tax-Exempt Fund | ||||
Money Market | $1.00 | $1.00 | $0.012 | $0.000 |
Intermediate-Term |
|
|
|
|
Investor Shares | $10.92 | $10.85 | $0.214 | $0.000 |
Admiral Shares | 10.92 | 10.85 | 0.217 | 0.000 |
Long-Term |
|
|
|
|
Investor Shares | $11.46 | $11.26 | $0.252 | $0.000 |
Admiral Shares | 11.46 | 11.26 | 0.256 | 0.000 |
6
Advisor’s Report
For the fiscal half-year ended May 31, 2008, Vanguard California Tax-Exempt Money Market Fund returned 1.2%, topping the average return of its peers. Investor Shares of the California Intermediate-Term Tax-Exempt Fund returned 1.3% and Admiral Shares returned 1.4%. Both share classes of the California Long-Term Tax-Exempt Fund returned 0.5%. The intermediate-term and long-term funds bested the average returns of their peers, but lagged their benchmark indexes.
The investment environment
When our reporting period began, credit-market activity was at a near-standstill. Widespread concern about the valuations of some mortgage-backed securities created turmoil and pushed borrowers and lenders to the market’s sidelines.
The Federal Reserve Board’s aggressive response—which was also influenced by a slowdown in economic activity—began in September and continued throughout our fiscal half-year. In a series of cuts, the Fed reduced its target for the federal funds rate from 4.75% on September 18 to 2.00% on April 30, where it remained. (In January, the Fed cut the target by an unprecedented 1.25 percentage points within the space of two weeks.) The Fed also reduced its discount rate, which is the rate it charges for its loans to banks, and coordinated with other countries’ central banks to provide additional funding to eligible financial institutions.
A variety of factors came together during the six months to create a much steeper Treasury yield curve: the Fed’s interest
Yields of Municipal Securities |
|
|
(AAA-Rated General-Obligation Issues) |
|
|
| November 30, | May 31, |
Maturity | 2007 | 2008 |
2 years | 3.18% | 2.28% |
5 years | 3.26 | 3.01 |
10 years | 3.62 | 3.67 |
30 years | 4.32 | 4.53 |
7
rate actions, investors’ flight to quality, and—in recent months—fears of inflation, which have nudged longer-term yields higher. Reflecting trends in the Treasury market, as well as concern about the financial strength of municipal bond insurers, the municipal-bond yield curve steepened as well. Some of the muni insurers lost their AAA credit ratings because of exposure to subprime-mortgage-related investments, triggering a widening in the yields between higher-quality and lower-quality tax-exempt bonds.
The net effect was to reduce the prices of tax-exempt bonds to extraordinarily attractive levels. Despite munis’ significant tax advantages, yields of 30-year AAA-rated municipal bonds exceeded those for 30-year U.S. Treasury bonds by the end of April. For comparison, a year earlier the muni’s yield was 85% of the Treasury’s yield, which is more typical. The relative “cheapness” of munis caught the eye of many investors, leading to a significant rally during April and May that drove the muni/Treasury yield ratio to 96% by May 31—still an attractive relationship.
The muni market’s fast-changing dynamics were reflected in the supply of new issues. During calendar-year 2007, states and municipalities issued a record $427 billion worth of securities, up 10% over the previous year. Much of the increase came at the start of the year. Late in the year, the relatively high yields demanded by investors and concerns about bond insurers restrained new issuance. In recent months, however, nationwide supply has rebounded, with much of it coming from issuers that exited the troubled auction-rate securities market to seek financing with conventional fixed-rate bonds. (The auction-rate securities market—an arcane, but important, source of tax-exempt financing—virtually stopped functioning as a result of problems with bond insurers.)
Countering that trend, however, was the reluctance of some states to refinance outstanding debt because of the relative cheapness of municipal bonds. In California’s case, during the fiscal half-year the issuance of new tax-exempt debt declined about 14%, to $34.6 billion, from the same period a year earlier.
8
Management of the funds
Reflecting the swift decline in short-term interest rates during the fiscal half-year, the yield of California Tax-Exempt Money Market Fund declined by about a third, to 1.61%. By contrast, the yields of California Intermediate-Term Tax-Exempt Fund and Long-Term Tax-Exempt Fund declined only slightly, to 3.60% for Investor Shares (3.67% for Admiral Shares) and 4.09% for Investor Shares (4.16% for Admiral Shares), respectively. The funds’ total returns outpaced the average returns of their respective peer-group funds.
Our customary emphasis on securities that are rated at the highest quality in the bond market gave us confidence in our investments during the municipal market’s dislocations, particularly as investors began to doubt the strength of certain bond insurers. Our decision to invest—or not—in any insured bond or money market instrument is based on the quality of the underlying tax-exempt issuer, not on that of the insurer. Our experienced municipal credit group diligently evaluates all potential holdings. We believe that shareholders can continue to rely on our rigorous review and oversight process.
A final note: A cloud of uncertainty was lifted from the tax-exempt market on May 19, when the U.S. Supreme Court upheld, in the case of Kentucky v. Davis, the right of a state to exempt from its income tax the interest that residents earn on municipal bonds issued in that state.
Kathryn T. Allen, Principal
Reid O. Smith, CFA, Principal
Vanguard Fixed Income Group
June 19, 2008
9
California Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2008
Financial Attributes |
|
|
|
Yield1 | 1.6% |
Average Weighted Maturity | 25 days |
Average Quality2 | MIG-1 |
Expense Ratio | 0.10%3 |
Distribution by Credit Quality4 (% of portfolio) | ||
|
|
|
MIG-1/A-1+/SP-1+/F-1+ | 76.4% |
|
P-1/A-1/SP-1/F-1 | 19.6 |
|
AAA | 3.8 |
|
MIG-2 | 0.0 |
|
A | 0.2 |
|
1 7-day SEC yield. See the Glossary on pages 84–85.
2 Moody’s Investors Service.
3 Annualized.
4 Ratings: Moody’s Investors Service, Standard & Poor’s, Fitch.
See pages 84–85 for a glossary of investment terms.
10
California Tax-Exempt Money Market Fund
Performance Summary
Investment returns will fluctuate. All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) The returns shown do not reflect taxes that a shareholder would pay on fund distributions. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund. The annualized yield shown reflects the current earnings of the fund more closely than do the average annual returns.
Fiscal Year Total Returns (%): November 30, 1997–May 31, 2008 | ||
|
| Average |
|
| Fund1 |
Fiscal | Total | Total |
Year | Return | Return |
1998 | 3.1% | 2.8% |
1999 | 2.8 | 2.4 |
2000 | 3.4 | 3.1 |
2001 | 2.6 | 2.2 |
2002 | 1.3 | 0.9 |
2003 | 0.9 | 0.5 |
2004 | 1.1 | 0.6 |
2005 | 2.2 | 1.7 |
2006 | 3.2 | 2.8 |
2007 | 3.6 | 3.1 |
20082 | 1.2 | 1.0 |
7-Day SEC Yield (5/31/2008): 1.61% |
|
|
Average Annual Total Returns: Periods Ended March 31, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception Date | One Year | Five Years | Ten Years |
California Tax-Exempt Money Market Fund3 | 6/1/1987 | 3.31% | 2.29% | 2.40% |
1 Returns for the Average California Tax-Exempt Money Market Fund are derived from data provided by Lipper Inc.
2 Six months ended May 31, 2008.
3 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
Note: See Financial Highlights table on page 28 for dividend information.
11
California Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
Municipal Bonds (100.7%) |
|
|
|
|
| |
| ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California (Charleston Project) VRDO | 1.010% | 6/2/08 | LOC | 23,495 | 23,495 |
| ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California (Computer History Museum) VRDO | 1.570% | 6/6/08 | LOC | 7,000 | 7,000 |
| ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California (La Jolla Day School) VRDO | 1.550% | 6/6/08 | LOC | 11,800 | 11,800 |
| ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California (Oshman Family Jewish Community) VRDO | 1.010% | 6/2/08 | LOC | 10,500 | 10,500 |
| ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California (San Francisco Friends) VRDO | 1.350% | 6/6/08 | LOC | 24,000 | 24,000 |
| ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California (Valley Christian Schools) VRDO | 1.380% | 6/6/08 | LOC | 10,200 | 10,200 |
| ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California (Zoological Society San Diego Zoo) VRDO | 1.350% | 6/6/08 | LOC | 34,825 | 34,825 |
1 | ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California Multifamily Rev. TOB VRDO | 1.740% | 6/6/08 |
| 23,735 | 23,735 |
| ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
|
| California (Acacia Creek) VRDO | 1.200% | 6/2/08 |
| 33,625 | 33,625 |
1 | Anaheim CA Public Finance Auth. Rev. TOB VRDO | 1.640% | 6/6/08 | (4) | 3,500 | 3,500 |
1 | Anaheim CA Public Finance Auth. Rev. TOB VRDO | 1.640% | 6/6/08 | (1) | 10,885 | 10,885 |
1 | Anaheim CA Public Finance Auth. Rev. TOB VRDO | 1.770% | 6/6/08 | (1) | 6,995 | 6,995 |
| Antelope Vallet (East Kern California) VRDO | 1.280% | 6/6/08 | LOC | 12,000 | 12,000 |
1 | Arcadia CA USD TOB VRDO | 1.620% | 6/6/08 | (4) | 8,480 | 8,480 |
1 | Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO | 1.540% | 6/6/08 |
| 6,930 | 6,930 |
1 | Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO | 1.550% | 6/6/08 |
| 7,485 | 7,485 |
1 | Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO | 1.550% | 6/6/08 |
| 40,550 | 40,550 |
1 | Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO | 1.550% | 6/6/08 |
| 2,900 | 2,900 |
1 | Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO | 1.590% | 6/6/08 |
| 11,200 | 11,200 |
1 | Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO | 1.620% | 6/6/08 |
| 15,810 | 15,810 |
| California Communities NT Program NT Participation |
|
|
|
|
|
| (County of Riverside) TRAN | 4.500% | 6/30/08 |
| 75,000 | 75,050 |
1 | California Dept. of Veteran Affairs TOB VRDO | 1.640% | 6/6/08 |
| 9,770 | 9,770 |
1 | California Dept. of Veteran Affairs TOB VRDO | 2.010% | 6/6/08 |
| 8,315 | 8,315 |
1 | California Dept. of Water Resources Water |
|
|
|
|
|
| System Rev. TOB VRDO | 1.590% | 6/6/08 |
| 20,265 | 20,265 |
1 | California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (California Institute of Technology) TOB VRDO | 1.550% | 6/6/08 |
| 19,800 | 19,800 |
1 | California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (California Institute of Technology) TOB VRDO | 1.550% | 6/6/08 | (Prere.) | 7,215 | 7,215 |
12
California Tax-Exempt Money Market Fund
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (California Institute of Technology) VRDO | 1.210% | 6/6/08 |
| 20,000 | 20,000 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (California Institute of Technology) VRDO | 1.250% | 6/6/08 |
| 18,300 | 18,300 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Pomona College) VRDO | 1.320% | 6/6/08 |
| 13,040 | 13,040 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) CP | 1.470% | 6/24/08 |
| 8,050 | 8,050 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) CP | 1.800% | 8/4/08 |
| 40,000 | 40,000 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) CP | 1.800% | 8/6/08 |
| 40,000 | 40,000 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) CP | 1.700% | 8/7/08 |
| 33,000 | 33,000 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) CP | 1.520% | 8/27/08 |
| 42,851 | 42,851 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) VRDO | 1.150% | 6/2/08 |
| 13,750 | 13,750 |
1 | California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) VRDO | 1.350% | 6/6/08 |
| 7,565 | 7,565 |
1 | California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) VRDO | 1.350% | 6/6/08 |
| 4,580 | 4,580 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Stanford Univ.) VRDO | 1.350% | 6/6/08 |
| 15,468 | 15,468 |
| California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Univ. of San Francisco) VRDO | 1.300% | 6/6/08 | LOC | 7,425 | 7,425 |
1 | California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Univ. of Southern California) TOB VRDO | 1.540% | 6/6/08 |
| 24,750 | 24,750 |
1 | California Educ. Fac. Auth. Rev. |
|
|
|
|
|
| (Univ. of Southern California) TOB VRDO | 1.620% | 6/6/08 |
| 4,250 | 4,250 |
1 | California Educ. Fac. Auth. Rev. TOB VRDO | 1.550% | 6/5/08 |
| 7,735 | 7,735 |
1 | California Educ. Fac. Auth. Rev. TOB VRDO | 1.590% | 6/6/08 |
| 20,615 | 20,615 |
| California GO | 5.000% | 6/1/08 |
| 16,820 | 16,820 |
| California GO CP | 2.000% | 6/3/08 |
| 40,000 | 40,001 |
| California GO CP | 2.100% | 6/3/08 |
| 34,000 | 34,000 |
| California GO CP | 1.300% | 6/5/08 |
| 16,700 | 16,700 |
| California GO CP | 1.810% | 6/6/08 |
| 30,000 | 30,000 |
| California GO CP | 1.200% | 7/2/08 |
| 41,700 | 41,700 |
| California GO CP | 1.260% | 7/2/08 |
| 37,500 | 37,500 |
1 | California GO TOB VRDO | 1.540% | 6/6/08 | (Prere.) | 21,405 | 21,405 |
1 | California GO TOB VRDO | 1.600% | 6/6/08 | (13) | 2,500 | 2,500 |
1 | California GO TOB VRDO | 1.600% | 6/6/08 | (13)(11) | 9,200 | 9,200 |
1 | California GO TOB VRDO | 1.600% | 6/6/08 | (13)(4)(1) | 17,730 | 17,730 |
1,2 | California GO TOB VRDO | 1.610% | 6/6/08 | (4) | 25,000 | 25,000 |
1 | California GO TOB VRDO | 1.610% | 6/6/08 | (12) | 6,230 | 6,230 |
1 | California GO TOB VRDO | 1.620% | 6/6/08 | (4) | 12,965 | 12,965 |
1 | California GO TOB VRDO | 1.650% | 6/6/08 | (1) | 5,220 | 5,220 |
| California GO VRDO | 1.300% | 6/6/08 | LOC | 3,400 | 3,400 |
| California GO VRDO | 1.350% | 6/6/08 | LOC | 22,500 | 22,500 |
| California GO VRDO | 1.380% | 6/6/08 | LOC | 39,300 | 39,300 |
| California GO VRDO | 1.400% | 6/6/08 | LOC | 37,840 | 37,840 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
|
| (Adventist Health System West Sutter Health) |
|
|
|
|
|
| VRDO | 1.450% | 6/6/08 | LOC | 11,800 | 11,800 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
|
| (Adventist Health System West Sutter Health) |
|
|
|
|
|
| VRDO | 1.450% | 6/6/08 | LOC | 7,900 | 7,900 |
13
California Tax-Exempt Money Market Fund
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) VRDO | 1.290% | 6/6/08 LOC | 4,220 | 4,220 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) VRDO | 1.290% | 6/6/08 LOC | 25,000 | 25,000 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) VRDO | 1.380% | 6/6/08 LOC | 58,300 | 58,300 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) VRDO | 2.650% | 6/6/08 (1) | 7,300 | 7,300 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Memorial Health Services) VRDO | 1.750% | 6/6/08 | 76,075 | 76,075 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Pitzer College) VRDO | 1.320% | 6/6/08 LOC | 7,665 | 7,665 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Stanford Hospital) PUT | 1.800% | 6/15/09 | 30,000 | 30,000 |
1 | California Health Fac. Finance Auth. Rev. TOB VRDO | 1.590% | 6/6/08 | 7,880 | 7,880 |
1 | California Health Fac. Finance Auth. Rev. TOB VRDO | 1.640% | 6/6/08 | 4,700 | 4,700 |
1 | California Health Fac. Finance Auth. Rev. TOB VRDO | 1.810% | 6/6/08 | 25,000 | 25,000 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. (Multi-Family Housing III) VRDO | 1.640% | 6/6/08 | 6,800 | 6,800 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. (Multi-Family Housing III) VRDO | 1.640% | 6/6/08 | 21,800 | 21,800 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.350% | 6/2/08 | 26,645 | 26,645 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.350% | 6/2/08 | 39,905 | 39,905 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.350% | 6/2/08 | 30,000 | 30,000 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.400% | 6/2/08 | 7,300 | 7,300 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 2.800% | 6/2/08 (1) | 31,155 | 31,155 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.500% | 6/6/08 | 52,620 | 52,620 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.500% | 6/6/08 | 16,115 | 16,115 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.550% | 6/6/08 | 22,080 | 22,080 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.550% | 6/6/08 | 15,000 | 15,000 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.600% | 6/6/08 (4) | 3,500 | 3,500 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.600% | 6/6/08 (4) | 4,200 | 4,200 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.600% | 6/6/08 | 74,500 | 74,500 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.630% | 6/6/08 | 59,935 | 59,935 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. VRDO | 1.640% | 6/6/08 (4) | 30,275 | 30,275 |
1 | California Housing Finance Agency Home |
|
|
|
|
| Mortgage TOB VRDO | 1.630% | 6/6/08 | 7,500 | 7,500 |
1 | California Housing Finance Agency Home |
|
|
|
|
| Mortgage TOB VRDO | 1.650% | 6/6/08 | 12,860 | 12,860 |
1 | California Housing Finance Agency Home |
|
|
|
|
| Mortgage TOB VRDO | 1.770% | 6/6/08 | 7,500 | 7,500 |
14
California Tax-Exempt Money Market Fund
1 | California Housing Finance Agency Home |
|
|
|
|
| Mortgage TOB VRDO | 2.210% | 6/6/08 | 9,875 | 9,875 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage VRDO | 1.350% | 6/2/08 | 15,000 | 15,000 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage VRDO | 1.350% | 6/2/08 | 20,000 | 20,000 |
| California Housing Finance Agency Home |
|
|
|
|
| Mortgage VRDO | 1.400% | 6/2/08 | 23,520 | 23,520 |
| California Housing Finance Agency |
|
|
|
|
| Multifamily Housing VRDO | 1.400% | 6/2/08 | 25,000 | 25,000 |
| California Housing Finance Agency |
|
|
|
|
| Single Family Mortgage Rev. VRDO | 1.500% | 6/6/08 | 41,365 | 41,365 |
| California Housing Finance Agency |
|
|
|
|
| Single Family Mortgage Rev. VRDO | 1.500% | 6/6/08 | 58,400 | 58,400 |
| California Housing Finance Agency |
|
|
|
|
| Single Family Mortgage Rev. VRDO | 1.630% | 6/6/08 | 7,320 | 7,320 |
| California Housing Finance Agency |
|
|
|
|
| Single Family Mortgage Rev. VRDO | 1.680% | 6/6/08 | 50,855 | 50,855 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Rand Corp.) VRDO | 1.400% | 6/6/08 LOC | 5,100 | 5,100 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Asian Art Museum) VRDO | 1.650% | 6/2/08 (1) | 26,050 | 26,050 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Contemporary Jewish Museum) VRDO | 1.000% | 6/2/08 LOC | 27,140 | 27,140 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (J. Paul Getty Trust) VRDO | 1.150% | 6/2/08 | 31,725 | 31,725 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (J. Paul Getty Trust) VRDO | 1.250% | 6/2/08 | 22,975 | 22,975 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (J. Paul Getty Trust) VRDO | 1.400% | 6/2/08 | 35,425 | 35,425 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Jewish Community Center) VRDO | 1.000% | 6/2/08 LOC | 33,500 | 33,500 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Los Angeles County Museum) VRDO | 1.250% | 6/2/08 LOC | 7,895 | 7,895 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Los Angeles County Museum) VRDO | 1.250% | 6/2/08 LOC | 6,300 | 6,300 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Prinsco Inc. Project) VRDO | 1.550% | 6/6/08 LOC | 10,000 | 10,000 |
| California Infrastructure & Econ. Dev. Bank Rev. PUT | 1.700% | 4/1/09 | 12,000 | 12,000 |
| California Infrastructure & Econ. Dev. Bank Rev. PUT | 1.700% | 4/1/09 | 6,000 | 6,000 |
| California Infrastructure & Econ. Dev. Bank Rev. PUT | 1.700% | 4/1/09 | 17,000 | 17,000 |
| California Infrastructure & Econ. Dev. Bank Rev. PUT | 1.700% | 4/1/09 | 8,800 | 8,800 |
1 | California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. TOB VRDO | 1.600% | 6/6/08 LOC(Prere.) | 5,960 | 5,960 |
1 | California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. TOB VRDO | 1.640% | 6/6/08 (Prere.) | 11,135 | 11,135 |
1 | California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. TOB VRDO | 1.640% | 6/6/08 (2)(Prere.) | 44,740 | 44,740 |
| California Muni. Financing Auth. Exempt |
|
|
|
|
| Facs. Rev. (Exxon Mobil) VRDO | 1.020% | 6/2/08 | 29,305 | 29,305 |
| California RAN | 4.000% | 6/30/08 | 78,000 | 78,042 |
| California Rural Home Mortgage Finance |
|
|
|
|
| Auth. Single Family Mortgage Rev. VRDO | 1.410% | 6/2/08 | 20,135 | 20,135 |
| California School Cash Reserve Program |
|
|
|
|
| Auth. Pool TRAN | 4.250% | 7/1/08 (2) | 87,000 | 87,044 |
15
California Tax-Exempt Money Market Fund
1 | California State Dept. of Water Resources |
|
|
|
|
|
| Power Supply Rev. TOB VRDO | 2.970% | 6/6/08 | (2) | 26,475 | 26,475 |
| California State Dept. of Water Resources |
|
|
|
|
|
| Power Supply Rev. VRDO | 1.400% | 6/2/08 | LOC | 31,805 | 31,805 |
| California State Dept. of Water Resources |
|
|
|
|
|
| Power Supply Rev. VRDO | 1.200% | 6/6/08 | LOC | 3,500 | 3,500 |
| California State Dept. of Water Resources |
|
|
|
|
|
| Power Supply Rev. VRDO | 1.280% | 6/6/08 | LOC | 16,640 | 16,640 |
| California State Dept. of Water Resources |
|
|
|
|
|
| Power Supply Rev. VRDO | 1.300% | 6/6/08 | LOC | 18,550 | 18,550 |
| California State Dept. of Water Resources |
|
|
|
|
|
| Power Supply Rev. VRDO | 1.330% | 6/6/08 | LOC | 41,730 | 41,730 |
| California State Dept. of Water Resources |
|
|
|
|
|
| Power Supply Rev. VRDO | 1.350% | 6/6/08 | LOC | 5,195 | 5,195 |
| California State Dept. of Water Resources |
|
|
|
|
|
| Power Supply Rev. VRDO | 1.480% | 6/6/08 | LOC | 108,900 | 108,900 |
| California State Econ. Recovery Bonds | 3.000% | 7/1/08 |
| 50,000 | 50,046 |
| California State Econ. Recovery Bonds | 3.000% | 1/1/09 |
| 129,005 | 130,531 |
| California State Econ. Recovery Bonds | 5.000% | 1/1/09 |
| 7,190 | 7,358 |
| California State Econ. Recovery Bonds PUT | 5.000% | 7/1/08 |
| 12,925 | 12,941 |
1 | California State Econ. Recovery Bonds TOB VRDO | 1.810% | 6/6/08 |
| 51,800 | 51,800 |
1 | California State Econ. Recovery Bonds TOB VRDO | 1.810% | 6/6/08 |
| 13,000 | 13,000 |
| California State Econ. Recovery Bonds VRDO | 1.100% | 6/6/08 | LOC | 28,200 | 28,200 |
1 | California State GO TOB VRDO | 1.780% | 6/6/08 | (4) | 4,330 | 4,330 |
| California State Univ. Institute CP | 2.100% | 6/2/08 | LOC | 5,141 | 5,141 |
1 | California State Univ. Rev. Systemwide TOB VRDO | 1.660% | 6/6/08 | (4) | 4,950 | 4,950 |
1 | California State Univ. Rev. Systemwide TOB VRDO | 1.600% | 6/6/08 | (4) | 6,700 | 6,700 |
1 | California State Univ. TOB VRDO | 1.590% | 6/6/08 | (13) | 42,420 | 42,420 |
1 | California State Univ. TOB VRDO | 1.600% | 6/6/08 | (13) | 19,925 | 19,925 |
1 | California State Univ. TOB VRDO | 1.600% | 6/6/08 | (4) | 650 | 650 |
1 | California State Univ. TOB VRDO | 1.610% | 6/6/08 | (2)(4) | 67,455 | 67,455 |
1 | California State Univ. TOB VRDO | 1.640% | 6/6/08 | (4) | 3,000 | 3,000 |
1 | California State Univ. TOB VRDO | 2.120% | 6/6/08 | (1)LOC | 2,970 | 2,970 |
| California Statewide Communities Dev. Auth. PUT | 2.600% | 11/19/08 |
| 4,325 | 4,328 |
1 | California Statewide Community Dev. Auth. |
|
|
|
|
|
| Multifamily Housing (Casa Real Apartments) |
|
|
|
|
|
| TOB VRDO | 1.740% | 6/6/08 |
| 18,035 | 18,035 |
1 | California Statewide Community Dev. Auth. |
|
|
|
|
|
| Multifamily Housing TOB VRDO | 1.610% | 6/6/08 |
| 34,450 | 34,450 |
1 | California Statewide Community Dev. Auth. |
|
|
|
|
|
| Multifamily Housing TOB VRDO | 1.720% | 6/6/08 | LOC | 22,000 | 22,000 |
1 | California Statewide Community Dev. Auth. |
|
|
|
|
|
| Multifamily Housing TOB VRDO | 1.870% | 6/6/08 | LOC | 8,090 | 8,090 |
| California Statewide Community Dev. Auth. |
|
|
|
|
|
| Multifamily Rev. (Knoll Apartments) VRDO | 1.600% | 6/6/08 | LOC | 12,715 | 12,715 |
| California Statewide Community Dev. Auth. |
|
|
|
|
|
| Multifamily Rev. (Valley Palms Apartments) VRDO | 1.600% | 6/6/08 | LOC | 13,500 | 13,500 |
| California Statewide Community Dev. Auth. |
|
|
|
|
|
| Rev. (American Baptist Homes West) VRDO | 1.380% | 6/6/08 | LOC | 7,100 | 7,100 |
| California Statewide Community Dev. Auth. |
|
|
|
|
|
| Rev. (Azusa Pacific Univ. Project) VRDO | 1.490% | 6/6/08 | LOC | 20,000 | 20,000 |
| California Statewide Community Dev. Auth. |
|
|
|
|
|
| Rev. (Health Fac. Catholic) VRDO | 1.290% | 6/6/08 | LOC | 40,000 | 40,000 |
| California Statewide Community Dev. Auth. |
|
|
|
|
|
| Rev. (John Muir Health Services) VRDO | 1.250% | 6/2/08 | LOC | 6,000 | 6,000 |
16
California Tax-Exempt Money Market Fund
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| (John Muir Health Services) VRDO | 1.400% | 6/2/08 LOC | 3,800 | 3,800 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| (Kaiser Permanente) VRDO | 1.340% | 6/6/08 | 21,300 | 21,300 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| (Kaiser Permanente) VRDO | 1.360% | 6/6/08 | 26,800 | 26,800 |
1 | California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| (Salk Institute) TOB VRDO | 1.660% | 6/6/08 (1) | 5,610 | 5,610 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| (Touro Univ. Project) VRDO | 1.500% | 6/6/08 LOC | 2,000 | 2,000 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| (Univ. of San Diego) VRDO | 1.490% | 6/6/08 LOC | 18,415 | 18,415 |
1 | California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| COP TOB VRDO | 1.640% | 6/6/08 (4) | 10,595 | 10,595 |
1 | California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| TOB VRDO | 1.590% | 6/6/08 | 23,400 | 23,400 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| VRDO | 1.280% | 6/6/08 (12) | 10,000 | 10,000 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| VRDO | 1.350% | 6/6/08 LOC | 15,000 | 15,000 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| VRDO | 1.350% | 6/6/08 | 42,275 | 42,275 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| VRDO | 1.350% | 6/6/08 LOC | 9,500 | 9,500 |
| California Statewide Community Dev. Auth. Rev. |
|
|
|
|
| VRDO | 1.500% | 6/6/08 LOC | 15,000 | 15,000 |
| Calleguas-Las Virgines CA Public Financing |
|
|
|
|
| Auth. Rev. (Muni Water Dist. Project) VRDO | 1.280% | 6/6/08 LOC | 8,825 | 8,825 |
| Castaic Lake CA Water Agency Rev. COP VRDO | 1.280% | 6/6/08 LOC | 4,600 | 4,600 |
| Central Basin Muni. Water Dist. CA COP VRDO | 1.290% | 6/6/08 LOC | 3,400 | 3,400 |
1 | Chaffey CA Community College Dist. TOB VRDO | 1.640% | 6/6/08 (1) | 9,815 | 9,815 |
| Clovis CA USD GO | 0.000% | 8/1/08 (Prere.) | 14,265 | 14,214 |
| Contra Costa CA Housing Finance Agency Home |
|
|
|
|
| Mortgage Rev. (Park Regency) VRDO | 1.600% | 6/6/08 LOC | 42,200 | 42,200 |
| Contra Costa County CA MFH Pleasant Hill PUT | 3.650% | 8/1/08 | 25,000 | 25,000 |
1 | Desert CA Community College Dist. TOB VRDO | 1.620% | 6/6/08 (4) | 4,000 | 4,000 |
| Dublin San Ramon CA Services Dist. East Bay Muni. |
|
|
|
|
| Util. Dist. Recycled Water Auth. CP | 1.680% | 7/10/08 LOC | 45,000 | 45,000 |
| East Bay CA Muni. Util. Dist. Waste Water |
|
|
|
|
| System Rev. CP | 1.400% | 7/10/08 | 35,600 | 35,600 |
| East Bay CA Muni. Util. Dist. Waste Water |
|
|
|
|
| System Rev. VRDO | 1.250% | 6/6/08 | 10,000 | 10,000 |
| East Bay CA Muni. Util. Dist. Waste Water |
|
|
|
|
| System Rev. VRDO | 1.290% | 6/6/08 | 6,900 | 6,900 |
| East Bay CA Muni. Util. Dist. Waste Water |
|
|
|
|
| System Rev. VRDO | 1.330% | 6/6/08 | 6,925 | 6,925 |
| East Bay CA Muni. Util. Dist. Waste Water |
|
|
|
|
| System Rev. VRDO | 1.280% | 6/6/08 | 10,000 | 10,000 |
| East Bay CA Muni. Util. Dist. Water System Rev. CP | 1.750% | 7/7/08 | 17,000 | 17,000 |
| East Bay CA Muni. Util. Dist. Water System Rev. CP | 1.850% | 7/10/08 | 35,000 | 35,000 |
1 | East Bay CA Muni. Util. Dist. Water System |
|
|
|
|
| Rev.TOB VRDO | 1.590% | 6/6/08 (4) | 37,800 | 37,800 |
1 | East Bay CA Muni. Util. Dist. Water System |
|
|
|
|
| Rev.TOB VRDO | 1.590% | 6/6/08 (1)(4) | 19,800 | 19,800 |
| Eastern California Muni. Water. Dist. |
|
|
|
|
| Water & Sewer Rev. VRDO | 1.350% | 6/6/08 | 11,800 | 11,800 |
17
California Tax-Exempt Money Market Fund
| Eastern California Muni. Water. Dist. |
|
|
|
|
|
| Water & Sewer Rev. VRDO | 1.350% | 6/6/08 |
| 10,600 | 10,600 |
1 | El Monte CA High School Dist. TOB VRDO | 1.660% | 6/6/08 | (4) | 10,790 | 10,790 |
| Escondido CA Community Dev. COP |
|
|
|
|
|
| (Escondido Community Dev.) VRDO | 1.550% | 6/6/08 | LOC | 8,600 | 8,600 |
1 | Escondido CA GO TOB VRDO | 1.700% | 6/6/08 | (13)(1) | 5,300 | 5,300 |
| Evergreen CA School Dist. GO | 5.625% | 9/1/08 | (Prere.) | 6,300 | 6,424 |
| Fresno County CA TRAN | 4.500% | 6/30/08 |
| 60,000 | 60,039 |
1 | Golden State Tobacco Securitization Corp. |
|
|
|
|
|
| California TOB VRDO | 1.660% | 6/6/08 | (Prere.) | 44,865 | 44,865 |
1 | Golden West Schools Funding Auth. CA TOB VRDO | 1.630% | 6/6/08 | (1) | 7,230 | 7,230 |
1 | Golden West Schools Funding Auth. CA TOB VRDO | 1.650% | 6/6/08 | (1) | 6,145 | 6,145 |
| Grant CA Joint Union High School Dist VRDO | 1.550% | 6/6/08 | (4) | 2,000 | 2,000 |
1 | Hacienda La Puente CA USD TOB PUT | 1.620% | 6/6/08 | (4) | 7,525 | 7,525 |
1 | Huntington Beach CA Union High School |
|
|
|
|
|
| Dist.GO TOB VRDO | 1.760% | 6/6/08 | (1)(4) | 6,725 | 6,725 |
| Irvine CA Assessment Dist. Improvement |
|
|
|
|
|
| Bonds (Northwest Irvine) VRDO | 1.250% | 6/2/08 | LOC | 9,665 | 9,665 |
| Irvine CA Assessment Dist. Improvement |
|
|
|
|
|
| Bonds (Oak Creek) VRDO | 1.250% | 6/2/08 | LOC | 9,200 | 9,200 |
| Irvine CA Assessment Dist. Improvement |
|
|
|
|
|
| Bonds VRDO | 1.000% | 6/2/08 | LOC | 14,328 | 14,328 |
| Kern County CA TRAN | 4.500% | 6/30/08 |
| 52,000 | 52,035 |
1 | Lodi CA USD GO TOB VRDO | 1.600% | 6/6/08 | (4) | 10,190 | 10,190 |
1 | Long Beach CA Harbor Rev. TOB VRDO | 1.640% | 6/6/08 | LOC | 7,685 | 7,685 |
1 | Long Beach CA Harbor Rev. TOB VRDO | 1.650% | 6/6/08 | (1) | 21,590 | 21,590 |
1 | Long Beach CA Harbor Rev. TOB VRDO | 1.970% | 6/6/08 | (1) | 9,745 | 9,745 |
1 | Long Beach CA Harbor Rev. TOB VRDO | 2.010% | 6/6/08 | (1) | 16,195 | 16,195 |
| Long Beach CA Harbor Rev. VRDO | 1.600% | 6/6/08 | (1) | 84,570 | 84,570 |
| Long Beach CA Water Rev. CP | 1.450% | 6/9/08 |
| 8,000 | 8,000 |
| Los Angeles CA Community College Dist. GO | 4.000% | 8/1/08 |
| 17,000 | 17,020 |
1 | Los Angeles CA Community College Dist. GO |
|
|
|
|
|
| TOB VRDO | 1.640% | 6/6/08 | (3)(4) | 6,500 | 6,500 |
| Los Angeles CA Community Redev. Agency COP |
|
|
|
|
|
| (Baldwin Hills Public Park) VRDO | 1.450% | 6/6/08 | LOC | 11,400 | 11,400 |
| Los Angeles CA Community Redev. |
|
|
|
|
|
| Agency Multifamily Housing Rev. |
|
|
|
|
|
| (Hollywood &Vine Apartments) VRDO | 1.600% | 6/6/08 |
| 25,000 | 25,000 |
1 | Los Angeles CA Community Redev. |
|
|
|
|
|
| Agency Multifamily Housing Rev. (The |
|
|
|
|
|
| Alexandria)TOB VRDO | 1.640% | 6/6/08 |
| 20,390 | 20,390 |
| Los Angeles CA Dept. of Airports |
|
|
|
|
|
| International Airport CP | 1.800% | 6/4/08 | LOC | 20,200 | 20,200 |
| Los Angeles CA Dept. of Airports |
|
|
|
|
|
| International Airport CP | 0.960% | 6/5/08 | LOC | 7,000 | 7,000 |
| Los Angeles CA Dept. of Airports |
|
|
|
|
|
| International Airport Rev. VRDO | 1.300% | 6/6/08 | LOC | 20,000 | 20,000 |
| Los Angeles CA Dept. of Water & Power Rev. CP | 1.400% | 6/12/08 |
| 10,000 | 10,000 |
1 | Los Angeles CA Dept. of Water & Power |
|
|
|
|
|
| Rev.TOB VRDO | 1.590% | 6/6/08 | (2)(4) | 7,000 | 7,000 |
1 | Los Angeles CA Dept. of Water & Power |
|
|
|
|
|
| Rev.TOB VRDO | 1.600% | 6/6/08 | (4) | 25,000 | 25,000 |
1 | Los Angeles CA Dept. of Water & Power |
|
|
|
|
|
| Rev.TOB VRDO | 1.620% | 6/6/08 | (4) | 5,050 | 5,050 |
1 | Los Angeles CA Dept. of Water & Power |
|
|
|
|
|
| Rev.TOB VRDO | 1.620% | 6/6/08 | (4) | 15,595 | 15,595 |
18
California Tax-Exempt Money Market Fund
1 | Los Angeles CA Dept. of Water & Power |
|
|
|
|
|
| Rev.TOB VRDO | 1.720% | 6/6/08 | (1) | 8,350 | 8,350 |
| Los Angeles CA Dept. of Water & Power Rev. VRDO | 1.250% | 6/6/08 |
| 52,350 | 52,350 |
| Los Angeles CA Dept. of Water & Power Rev. VRDO | 1.250% | 6/6/08 |
| 43,000 | 43,000 |
| Los Angeles CA Dept. of Water & Power Rev. VRDO | 1.300% | 6/6/08 |
| 35,130 | 35,130 |
| Los Angeles CA Dept. of Water & Power Rev. VRDO | 1.300% | 6/6/08 |
| 51,300 | 51,300 |
| Los Angeles CA Dept. of Water & Power Rev. VRDO | 1.310% | 6/6/08 |
| 22,000 | 22,000 |
| Los Angeles CA Dept. of Water & Power Rev. VRDO | 1.330% | 6/6/08 |
| 20,000 | 20,000 |
1 | Los Angeles CA Harbor Dept. Rev. TOB VRDO | 1.630% | 6/6/08 | (1) | 7,390 | 7,390 |
1 | Los Angeles CA Harbor Dept. Rev. TOB VRDO | 1.640% | 6/6/08 | (4) | 6,250 | 6,250 |
| Los Angeles CA Multifamily Housing Rev. |
|
|
|
|
|
| (Fountain Park) VRDO | 1.650% | 6/6/08 | LOC | 18,468 | 18,468 |
| Los Angeles CA Multifamily Housing Rev. |
|
|
|
|
|
| (San Regis) VRDO | 1.650% | 6/6/08 | LOC | 23,600 | 23,600 |
| Los Angeles CA Single Family Mortgage Rev. VRDO | 1.680% | 6/6/08 |
| 12,935 | 12,935 |
1 | Los Angeles CA TOB VRDO | 1.600% | 6/6/08 | (4) | 12,735 | 12,735 |
| Los Angeles CA USD (Belmont Learning |
|
|
|
|
|
| Complex)VRDO | 1.350% | 6/6/08 | LOC | 20,200 | 20,200 |
| Los Angeles CA USD COP VRDO | 1.270% | 6/6/08 | (4) | 26,425 | 26,425 |
1 | Los Angeles CA USD GO TOB VRDO | 1.590% | 6/6/08 | (4) | 12,050 | 12,050 |
1 | Los Angeles CA USD GO TOB VRDO | 1.600% | 6/6/08 | (1)(Prere.) | 16,740 | 16,740 |
1 | Los Angeles CA USD GO TOB VRDO | 1.600% | 6/6/08 | (4) | 14,770 | 14,770 |
1 | Los Angeles CA USD GO TOB VRDO | 1.600% | 6/6/08 | (3)(4) | 51,975 | 51,975 |
1 | Los Angeles CA USD GO TOB VRDO | 1.630% | 6/6/08 | (2) | 3,830 | 3,830 |
1 | Los Angeles CA USD GO TOB VRDO | 1.640% | 6/6/08 | (4) | 6,800 | 6,800 |
1 | Los Angeles CA USD GO TOB VRDO | 1.770% | 6/6/08 | (1) | 10,025 | 10,025 |
1 | Los Angeles CA USD GO TOB VRDO | 1.870% | 6/6/08 | (2) | 4,495 | 4,495 |
| Los Angeles CA USD TRAN | 4.000% | 12/29/08 |
| 50,000 | 50,232 |
| Los Angeles CA Wastewater System Rev. CP | 1.900% | 8/6/08 |
| 30,000 | 30,000 |
1 | Los Angeles CA Wastewater System Rev. |
|
|
|
|
|
| TOB VRDO | 1.590% | 6/6/08 | (4) | 32,750 | 32,750 |
1 | Los Angeles CA Wastewater System Rev. |
|
|
|
|
|
| TOB VRDO | 1.600% | 6/6/08 | (4) | 17,075 | 17,075 |
1 | Los Angeles CA Wastewater System Rev. |
|
|
|
|
|
| TOB VRDO | 1.630% | 6/6/08 | (1) | 29,035 | 29,035 |
1 | Los Angeles CA Wastewater System Rev. |
|
|
|
|
|
| TOB VRDO | 1.640% | 6/6/08 | (1) | 25,000 | 25,000 |
1 | Los Angeles CA Wastewater System Rev. |
|
|
|
|
|
| TOB VRDO | 1.640% | 6/6/08 | (1) | 19,730 | 19,730 |
| Los Angeles CA Wastewater System Rev. VRDO | 1.330% | 6/6/08 | LOC | 11,730 | 11,730 |
| Los Angeles CA Wastewater System Rev. VRDO | 1.350% | 6/6/08 | LOC | 25,000 | 25,000 |
| Los Angeles CA Wastewater System Rev. VRDO | 1.380% | 6/6/08 | LOC | 8,600 | 8,600 |
| Los Angeles CA Wastewater System Rev. VRDO | 1.400% | 6/6/08 | LOC | 14,440 | 14,440 |
| Los Angeles CA Wastewater System Rev. VRDO | 1.430% | 6/6/08 | LOC | 8,780 | 8,780 |
| Los Angeles County CA Housing Auth. |
|
|
|
|
|
| Multifamily Housing Rev. VRDO | 1.500% | 6/6/08 | LOC | 12,500 | 12,500 |
| Los Angeles County CA Housing Auth. |
|
|
|
|
|
| Multifamily Housing Rev. VRDO | 1.600% | 6/6/08 | LOC | 6,205 | 6,205 |
| Los Angeles County CA Metro. Transp. Auth. CP | 1.900% | 8/6/08 |
| 10,000 | 10,000 |
1 | Los Angeles County CA Metro. Transp. Auth. |
|
|
|
|
|
| Sales Tax Rev. TOB VRDO | 1.690% | 6/6/08 | (1) | 9,655 | 9,655 |
| Los Angeles County CA Metro. Transp. Auth. |
|
|
|
|
|
| Sales Tax Rev. VRDO | 2.150% | 6/6/08 | (1) | 29,905 | 29,905 |
| Los Angeles County CA Public Works |
|
|
|
|
|
| Financing Auth. Rev. | 5.000% | 12/1/08 | (1) | 6,225 | 6,280 |
| Los Angeles County CA TRAN | 4.500% | 6/30/08 |
| 81,000 | 81,055 |
19
California Tax-Exempt Money Market Fund
| Manteca CA Redev. Agency Tax |
|
|
|
|
|
| Allocation Rev. VRDO | 1.250% | 6/2/08 | LOC | 5,550 | 5,550 |
1 | Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. TOB VRDO | 1.540% | 6/6/08 |
| 38,950 | 38,950 |
1 | Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. TOB VRDO | 1.550% | 6/6/08 |
| 20,750 | 20,750 |
1 | Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. TOB VRDO | 1.590% | 6/6/08 |
| 7,050 | 7,050 |
1 | Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. TOB VRDO | 1.630% | 6/6/08 |
| 8,750 | 8,750 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.230% | 6/6/08 |
| 19,790 | 19,790 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.250% | 6/6/08 |
| 21,300 | 21,299 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.250% | 6/6/08 |
| 19,000 | 19,000 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.250% | 6/6/08 |
| 21,890 | 21,890 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.260% | 6/6/08 |
| 10,400 | 10,400 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.290% | 6/6/08 |
| 33,300 | 33,300 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.300% | 6/6/08 |
| 32,055 | 32,055 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.300% | 6/6/08 |
| 22,415 | 22,415 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.330% | 6/6/08 |
| 19,300 | 19,300 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.330% | 6/6/08 |
| 34,400 | 34,400 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.350% | 6/6/08 |
| 6,440 | 6,440 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.350% | 6/6/08 |
| 61,000 | 61,000 |
| Metro. Water Dist. of Southern |
|
|
|
|
|
| California Rev. VRDO | 1.380% | 6/6/08 |
| 50,000 | 50,000 |
| Mission Viejo CA Community Dev. |
|
|
|
|
|
| Financing Auth. (Mission Viejo Mall Improvement) VRDO | 1.380% | 6/6/08 | LOC | 27,500 | 27,500 |
| Mt. Diablo CA USD TRAN | 4.000% | 11/29/08 |
| 10,000 | 10,034 |
1 | Natomas CA USD GO TOB VRDO | 1.700% | 6/6/08 | (13) | 8,740 | 8,740 |
1 | New Haven CA USD TOB VRDO | 1.600% | 6/6/08 | (12) | 10,630 | 10,630 |
| Newport Beach CA Rev. |
|
|
|
|
|
| (Hoag Memorial Hosp.) PUT | 1.800% | 6/1/09 |
| 61,800 | 61,800 |
| Newport Beach CA Rev. |
|
|
|
|
|
| (Hoag Memorial Hosp.) VRDO | 1.270% | 6/6/08 |
| 21,000 | 21,000 |
1 | Oakland CA Redev. Agency |
|
|
|
|
|
| Tax Allocation (Central Dist.) VRDO | 1.600% | 6/6/08 | LOC | 13,710 | 13,710 |
| Oakland CA TRAN | 4.500% | 7/11/08 |
| 35,000 | 35,031 |
| Oceanside CA Multifamily Housing |
|
|
|
|
|
| Rev. (Lakeridge Apartments) VRDO | 1.320% | 6/6/08 | LOC | 36,940 | 36,940 |
| Orange County CA Local CP | 1.000% | 8/5/08 | LOC | 4,400 | 4,400 |
| Orange County CA Sanitation Dist. COP VRDO | 1.100% | 6/2/08 |
| 114,675 | 114,675 |
| Orange County CA Water Dist. COP VRDO | 1.300% | 6/6/08 |
| 25,000 | 25,000 |
| Otay CA Water Dist. (Capital Project) COP VRDO | 1.430% | 6/6/08 | LOC | 9,400 | 9,400 |
1 | Palmdale CA Community Redev. |
|
|
|
|
|
| Agency Single Family Mortgage TOB VRDO | 1.770% | 6/6/08 | (7)(Prere.) | 5,775 | 5,775 |
20
California Tax-Exempt Money Market Fund
| Pittsburg CA Redev. Agency Tax Allocation |
|
|
|
|
|
| (Los Medanos Community Dev.) VRDO | 1.250% | 6/2/08 | LOC | 6,000 | 6,000 |
1 | Placentia-Yorba Linda CA USD Rev. TOB VRDO | 1.590% | 6/6/08 |
| 16,250 | 16,250 |
| Port of Oakland CA CP | 1.410% | 7/3/08 | LOC | 26,405 | 26,405 |
| Rancho CA Water Dist. Finance Auth. Rev. VRDO | 1.350% | 6/6/08 | LOC | 10,500 | 10,500 |
1 | Rancho Santiago CA Community |
|
|
|
|
|
| College Dist. TOB VRDO | 1.760% | 6/6/08 | (4) | 17,940 | 17,940 |
| Redlands CA Multifamily Rev. |
|
|
|
|
|
| (Orange Village Apartments Project) VRDO | 1.880% | 6/6/08 | LOC | 5,950 | 5,950 |
| Riverside CA CTFS Partner VRDO | 1.350% | 6/6/08 | LOC | 19,500 | 19,500 |
1 | Riverside CA Electric Rev. TOB VRDO | 1.620% | 6/6/08 | (4) | 4,500 | 4,500 |
1 | Riverside CA Electric Rev. TOB VRDO | 1.640% | 6/6/08 | (4) | 5,000 | 5,000 |
| Riverside CA Electric Rev. VRDO | 1.400% | 6/6/08 | LOC | 15,000 | 15,000 |
| Riverside CA Electric Rev. VRDO | 1.400% | 6/6/08 | LOC | 70,000 | 70,000 |
| Riverside CA Water Rev. VRDO | 1.350% | 6/6/08 |
| 13,500 | 13,500 |
| Roseville CA Electric System Rev. COP VRDO | 1.300% | 6/6/08 | LOC | 17,500 | 17,500 |
1 | Sacramento CA Area Flood Control |
|
|
|
|
|
| Agency TOB VRDO | 1.660% | 6/6/08 | (2) | 4,565 | 4,565 |
1 | Sacramento CA Housing Auth. |
|
|
|
|
|
| Multifamily Rev. TOB VRDO | 1.630% | 6/6/08 |
| 9,435 | 9,435 |
| Sacramento CA Muni. Util. Dist. Rev. CP | 1.850% | 7/7/08 |
| 6,500 | 6,500 |
1 | Sacramento CA Muni. Util. Dist. Rev. TOB VRDO | 1.600% | 6/6/08 | (4) | 9,905 | 9,905 |
1 | Sacramento CA Muni. Util. Dist. Rev. TOB VRDO | 1.620% | 6/6/08 | (3)(4) | 15,925 | 15,925 |
| Sacramento CA Suburban Water Dist. |
|
|
|
|
|
| COP VRDO | 1.290% | 6/6/08 | LOC | 6,200 | 6,200 |
| Sacramento County CA (Administration |
|
|
|
|
|
| Center & Courthouse) VRDO | 1.400% | 6/6/08 | LOC | 25,925 | 25,925 |
1 | Sacramento County CA Sanitation Dist. |
|
|
|
|
|
| Financing Auth. Rev. TOB VRDO | 1.600% | 6/6/08 | (12) | 13,330 | 13,330 |
1 | Sacramento County CA Sanitation Dist. |
|
|
|
|
|
| Financing Auth. Rev. TOB VRDO | 1.600% | 6/6/08 | LOC | 3,025 | 3,025 |
1 | Sacramento County CA Sanitation Dist. |
|
|
|
|
|
| Financing Auth. TOB VRDO | 1.640% | 6/6/08 | (1) | 15,380 | 15,380 |
1 | Sacramento County CA Sanitation Dist. |
|
|
|
|
|
| Financing Auth. TOB VRDO | 1.700% | 6/6/08 | (2) | 10,375 | 10,375 |
1 | Sacramento County CA Sanitation Dist. |
|
|
|
|
|
| Financing Auth. TOB VRDO | 1.700% | 6/6/08 | (2) | 7,000 | 7,000 |
1 | Sacramento County CA Sanitation Dist. |
|
|
|
|
|
| Financing Auth. TOB VRDO | 1.770% | 6/6/08 | (1) | 3,995 | 3,995 |
| Sacramento County CA TRAN | 4.250% | 7/9/08 |
| 50,000 | 50,031 |
1 | San Diego CA Community College Dist. |
|
|
|
|
|
| GO TOB VRDO | 1.600% | 6/6/08 | (4) | 10,350 | 10,350 |
1 | San Diego CA Community College Dist. |
|
|
|
|
|
| GO TOB VRDO | 1.600% | 6/6/08 | (4) | 37,985 | 37,985 |
1 | San Diego CA Community College Dist. |
|
|
|
|
|
| GO TOB VRDO | 1.620% | 6/6/08 | (4) | 8,915 | 8,915 |
1 | San Diego CA Community College Dist. |
|
|
|
|
|
| GO TOB VRDO | 1.640% | 6/6/08 | (4) | 6,230 | 6,230 |
1 | San Diego CA Community College Dist. |
|
|
|
|
|
| GO TOB VRDO | 1.660% | 6/6/08 | (4) | 14,275 | 14,275 |
1 | San Diego CA Community College Dist. |
|
|
|
|
|
| GO TOB VRDO | 1.660% | 6/6/08 | (4) | 8,370 | 8,370 |
| San Diego CA County & School Dist. TRAN | 4.500% | 6/30/08 |
| 30,450 | 30,471 |
| San Diego CA Housing Auth. Multifamily |
|
|
|
|
|
| Housing Rev. (Bay Vista Apartments Projects) VRDO | 1.600% | 6/6/08 |
| 4,890 | 4,890 |
21
California Tax-Exempt Money Market Fund
| San Diego CA Housing Auth. Multifamily |
|
|
|
|
|
| Housing Rev. (Canyon Rim Apartments) VRDO | 1.600% | 6/6/08 | LOC | 32,440 | 32,440 |
1 | San Diego CA Public Fac. Financing Auth. TOB VRDO | 1.620% | 6/6/08 | LOC | 41,000 | 41,000 |
1 | San Diego CA USD TOB VRDO | 1.600% | 6/6/08 | (4) | 5,320 | 5,320 |
1 | San Diego CA USD TOB VRDO | 1.600% | 6/6/08 | (4) | 8,455 | 8,455 |
| San Diego CA USD TRAN | 4.500% | 7/22/08 |
| 75,000 | 75,086 |
1 | San Diego CA Water Auth. Rev. COP TOB VRDO | 1.640% | 6/6/08 | (1) | 2,700 | 2,700 |
1 | San Diego CA Water Auth. Rev. COP TOB VRDO | 1.670% | 6/6/08 | (4) | 12,665 | 12,665 |
1 | San Diego CA Water Auth. Rev. COP TOB VRDO | 1.670% | 6/6/08 | (4) | 9,120 | 9,120 |
| San Diego County CA Regional Transp. Auth. |
|
|
|
|
|
| Sales Tax Rev. VRDO | 1.350% | 6/6/08 |
| 16,050 | 16,050 |
| San Diego County CA Water Auth. CP | 1.400% | 6/12/08 |
| 10,000 | 10,000 |
| San Diego County CA Water Auth. CP | 1.250% | 6/30/08 |
| 5,000 | 5,000 |
| San Diego County CA Water Auth. CP | 1.850% | 8/5/08 |
| 20,000 | 20,000 |
| San Diego County CA Water Auth. CP | 1.900% | 8/7/08 |
| 13,200 | 13,200 |
1 | San Diego County CA Water Auth. Rev. |
|
|
|
|
|
| COP TOB VRDO | 1.620% | 6/6/08 | (4) | 16,900 | 16,900 |
1 | San Diego County CA Water Auth. Rev. TOB VRDO | 1.630% | 6/6/08 | (4) | 9,800 | 9,800 |
1 | San Diego County CA Water Auth. TOB VRDO | 1.630% | 6/6/08 | (4) | 9,145 | 9,145 |
1 | San Diego County CA Water Auth. TOB VRDO | 1.630% | 6/6/08 | (4) | 7,500 | 7,500 |
1 | San Diego County CA Water Auth. TOB VRDO | 1.630% | 6/6/08 | (4) | 9,750 | 9,750 |
1 | San Francisco CA Bay Area Rapid Transit Dist. |
|
|
|
|
|
| Sales Tax Rev. TOB VRDO | 1.770% | 6/6/08 | (1) | 13,595 | 13,595 |
1 | San Francisco CA Bay Area Rapid Transit Rev. |
|
|
|
|
|
| TOB VRDO | 1.550% | 6/6/08 |
| 9,995 | 9,995 |
1 | San Francisco CA Bay Area Rapid Transit Rev. |
|
|
|
|
|
| TOB VRDO | 1.590% | 6/6/08 |
| 6,170 | 6,170 |
1 | San Francisco CA Bay Area Rapid Transit Rev. |
|
|
|
|
|
| TOB VRDO | 1.590% | 6/6/08 |
| 9,385 | 9,385 |
| San Francisco CA City & County GO | 4.000% | 6/15/09 |
| 44,595 | 45,667 |
1 | San Francisco CA City & County International |
|
|
|
|
|
| Airport Rev. TOB VRDO | 1.620% | 6/6/08 | (1) | 4,500 | 4,500 |
| San Francisco CA City & County International |
|
|
|
|
|
| Airport Rev. VRDO | 1.550% | 6/6/08 | (4) | 16,750 | 16,750 |
| San Francisco CA City & County International |
|
|
|
|
|
| Airport Rev. VRDO | 1.550% | 6/6/08 | LOC | 21,750 | 21,750 |
| San Francisco CA City & County International |
|
|
|
|
|
| Airport Rev. VRDO | 1.800% | 6/6/08 | (4) | 20,000 | 20,000 |
| San Francisco CA City & County Redev. Agency |
|
|
|
|
|
| Multifamily Rev. VRDO | 1.650% | 6/6/08 |
| 15,200 | 15,200 |
1 | San Francisco CA City & County TOB VRDO | 1.600% | 6/6/08 | (4) | 4,340 | 4,340 |
1 | San Francisco CA City & County TOB VRDO | 1.620% | 6/6/08 | (4) | 4,995 | 4,995 |
| San Jacinto CA USD COP VRDO | 1.650% | 6/6/08 | (4) | 4,550 | 4,550 |
| San Joaquin County CA Transp. Auth. |
|
|
|
|
|
| Sales Tax Rev. CP | 0.700% | 8/4/08 | LOC | 50,000 | 50,000 |
| San Jose CA Financing Auth. Lease Rev. CP | 1.350% | 6/10/08 | LOC | 70,852 | 70,852 |
| San Jose CA Multifamily Housing Rev. |
|
|
|
|
|
| (Cinnabar Commons) VRDO | 1.500% | 6/6/08 | LOC | 9,000 | 9,000 |
| San Jose CA Redev. Agency VRDO | 1.540% | 6/6/08 | LOC | 15,600 | 15,600 |
| San Jose CA Redev. Agency VRDO | 1.600% | 6/6/08 | LOC | 9,500 | 9,500 |
1 | San Jose CA USD GO TOB VRDO | 1.590% | 6/6/08 |
| 8,525 | 8,525 |
1 | San Jose Evergreen CA Community |
|
|
|
|
|
| College Dist.TOB VRDO | 1.640% | 6/6/08 | (4) | 6,800 | 6,800 |
1 | San Luis Obispo County CA Financing |
|
|
|
|
|
| Auth.TOB VRDO | 2.410% | 6/6/08 | (1) | 13,040 | 13,040 |
22
California Tax-Exempt Money Market Fund
1 | San Mateo County CA Community College |
|
|
|
|
|
| Dist.TOB VRDO | 1.550% | 6/6/08 |
| 22,830 | 22,830 |
1 | San Mateo County CA Community College |
|
|
|
|
|
| Dist.TOB VRDO | 1.590% | 6/6/08 |
| 8,405 | 8,405 |
1 | San Ramon Valley CA USD GO TOB VRDO | 1.600% | 6/6/08 | (4) | 5,135 | 5,135 |
1 | San Ramon Valley CA USD GO TOB VRDO | 1.600% | 6/6/08 | (4) | 5,205 | 5,205 |
| Santa Clara CA Electric Rev. VRDO | 1.000% | 6/2/08 | LOC | 6,770 | 6,770 |
| Santa Clara CA Electric Rev. VRDO | 1.450% | 6/6/08 | LOC | 12,000 | 12,000 |
| Santa Clara County CA Financing Auth. |
|
|
|
|
|
| Lease Rev. (VMC Facilities Replacement Project) VRDO | 1.400% | 6/6/08 |
| 8,635 | 8,635 |
| Santa Rosa CA Waste Water Rev. VRDO | 1.380% | 6/6/08 | LOC | 14,000 | 14,000 |
1 | Sequoia CA USD TOB VRDO | 1.670% | 6/6/08 | (4) | 5,860 | 5,860 |
1 | Sonoma County CA (Jr. College District) TOB VRDO | 1.630% | 6/6/08 | (4) | 5,155 | 5,155 |
| Sonoma County CA TRAN | 4.000% | 10/17/08 |
| 31,000 | 31,081 |
| South Coast CA Local Educ. Agencies TRAN | 4.500% | 6/30/08 |
| 25,000 | 25,016 |
| South Placer CA Wastewater Auth. Rev. VRDO | 1.300% | 6/6/08 | LOC | 22,850 | 22,850 |
| Southern California Home Financing Auth. |
|
|
|
|
|
| Single Family Mortgage Rev. VRDO | 1.410% | 6/2/08 |
| 23,245 | 23,245 |
| Southern California Home Financing Auth. |
|
|
|
|
|
| Single Family Mortgage Rev. VRDO | 1.660% | 6/6/08 |
| 17,400 | 17,400 |
| Southern California Public Power Auth. |
|
|
|
|
|
| Rev. (Transmission Project) VRDO | 1.300% | 6/6/08 | (4) | 28,095 | 28,095 |
| Southern California Public Power Auth. |
|
|
|
|
|
| Rev. (Transmission Project) VRDO | 1.450% | 6/6/08 | (4) | 6,595 | 6,595 |
| Southern California Public Power Auth. |
|
|
|
|
|
| Rev. (Transmission Project) VRDO | 1.550% | 6/6/08 | (4) | 55,150 | 55,150 |
| Univ. of California Regents CP | 0.850% | 6/2/08 |
| 29,360 | 29,360 |
| Univ. of California Regents CP | 2.050% | 6/5/08 |
| 25,000 | 25,000 |
| Univ. of California Regents CP | 1.600% | 6/6/08 |
| 25,000 | 25,000 |
| Univ. of California Regents CP | 2.050% | 6/6/08 |
| 20,000 | 20,000 |
| Univ. of California Regents CP | 1.380% | 6/9/08 |
| 35,150 | 35,150 |
| Univ. of California Regents CP | 1.200% | 7/9/08 |
| 3,500 | 3,500 |
| Univ. of California Regents CP | 1.850% | 7/9/08 |
| 23,900 | 23,900 |
| Univ. of California Regents CP | 1.550% | 10/2/08 |
| 33,200 | 33,200 |
| Univ. of California Regents VRDO | 1.400% | 6/2/08 |
| 24,900 | 24,900 |
| Univ. of California Rev. (Multiple Purpose Project) | 5.000% | 9/1/08 | (Prere.) | 8,485 | 8,626 |
1 | Univ. of California Rev. TOB VRDO | 1.590% | 6/6/08 |
| 3,270 | 3,270 |
1 | Univ. of California Rev. TOB VRDO | 1.600% | 6/6/08 | (4) | 2,580 | 2,580 |
1 | Univ. of California Rev. TOB VRDO | 1.600% | 6/6/08 | (4) | 9,845 | 9,845 |
1 | Univ. of California Rev. TOB VRDO | 1.600% | 6/6/08 | (3)(4) | 20,695 | 20,695 |
1 | Univ. of California Rev. TOB VRDO | 1.600% | 6/6/08 | (4) | 6,470 | 6,470 |
1 | Univ. of California Rev. TOB VRDO | 1.610% | 6/6/08 | (4) | 20,000 | 20,000 |
1 | Univ. of California Rev. TOB VRDO | 1.610% | 6/6/08 | (4) | 2,450 | 2,450 |
1 | Univ. of California Rev. TOB VRDO | 1.620% | 6/6/08 |
| 2,475 | 2,475 |
1 | Univ. of California Rev. TOB VRDO | 1.620% | 6/6/08 |
| 1,890 | 1,890 |
1 | Univ. of California Rev. TOB VRDO | 1.620% | 6/6/08 |
| 4,145 | 4,145 |
1 | Univ. of California Rev. TOB VRDO | 1.780% | 6/6/08 | (4) | 7,000 | 7,000 |
| Val Verde CA USD COP VRDO | 1.350% | 6/6/08 | LOC | 16,800 | 16,800 |
| Ventura County CA TRAN | 4.500% | 7/1/08 |
| 30,000 | 30,023 |
1 | Vista CA USD GO TOB VRDO | 1.600% | 6/6/08 | (4) | 6,390 | 6,390 |
1 | West Contra Costa CA USD TOB VRDO | 1.620% | 6/6/08 | (4) | 5,015 | 5,015 |
1 | Yosemite CA Community College Dist. TOB VRDO | 1.600% | 6/6/08 | (4) | 4,000 | 4,000 |
1 | Yosemite CA Community College Dist. TOB VRDO | 1.610% | 6/6/08 | (3)(4) | 17,520 | 17,520 |
23
California Tax-Exempt Money Market Fund
Outside California: |
|
|
|
|
1 Puerto Rico GO TOB VRDO | 1.630% | 6/6/08 (Prere.) | 13,985 | 13,985 |
Total Municipal Bonds (Cost $8,380,308) |
|
|
| 8,380,308 |
Other Assets and Liabilities (–0.7%) |
|
|
|
|
Other Assets—Note B |
|
|
| 86,945 |
Liabilities |
|
|
| (141,594) |
|
|
|
| (54,649) |
Net Assets (100%) |
|
|
|
|
Applicable to 8,325,370,144 outstanding $.001 par value shares |
|
| ||
of beneficial interest (unlimited authorization) |
|
| 8,325,659 | |
Net Asset Value Per Share |
|
|
| $1.00 |
At May 31, 2008, net assets consisted of: |
|
|
| Amount | Per |
| ($000) | Share |
Paid-in Capital | 8,325,656 | 1.00 |
Undistributed Net Investment Income | — | — |
Accumulated Net Realized Gains | 3 | — |
Unrealized Appreciation | — | — |
Net Assets | 8,325,659 | $1.00 |
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2008, the aggregate value of these securities was $2,201,301,000, representing 26.4% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2008. For a key to abbreviations and other references, see page 25.
24
California Tax-Exempt Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
IDA—Industrial Development Authority Bond.
IDR—Industrial Development Revenue Bond.
PCR—Pollution Control Revenue Bond.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
UFSD—Union Free School District.
USD—United School District.
VRDO—Variable Rate Demand Obligation.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corp.
(13) National Indemnity Co. (Berkshire Hathaway).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
25
California Tax-Exempt Money Market Fund
Statement of Operations
| Six Months Ended |
| May 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 108,661 |
Total Income | 108,661 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 416 |
Management and Administrative | 2,721 |
Marketing and Distribution | 1,125 |
Custodian Fees | 29 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | 4 |
Total Expenses | 4,303 |
Expenses Paid Indirectly—Note C | (29) |
Net Expenses | 4,274 |
Net Investment Income | 104,387 |
Realized Net Gain (Loss) on Investment Securities Sold | 27 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 104,414 |
26
California Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Six Months Ended |
| Year Ended |
| May 31, |
| November 30, |
| 2008 |
| 2007 |
| ($000) |
| ($000) |
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net Investment Income | 104,387 |
| 273,496 |
Realized Net Gain (Loss) | 27 |
| (15) |
Change in Unrealized Appreciation (Depreciation) | — |
| — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 104,414 |
| 273,481 |
Distributions |
|
|
|
Net Investment Income | (104,387) |
| (273,496) |
Realized Capital Gain | — |
| — |
Total Distributions | (104,387) |
| (273,496) |
Capital Share Transactions (at $1.00) |
|
|
|
Issued | 3,739,714 |
| 7,645,640 |
Issued in Lieu of Cash Distributions | 98,974 |
| 258,641 |
Redeemed | (4,136,234) |
| (6,500,991) |
Net Increase (Decrease) from Capital Share Transactions | (297,546) |
| 1,403,290 |
Total Increase (Decrease) | (297,519) |
| 1,403,275 |
Net Assets |
|
|
|
Beginning of Period | 8,623,178 |
| 7,219,903 |
End of Period | 8,325,659 |
| 8,623,178 |
27
California Tax-Exempt Money Market Fund
Financial Highlights
| Six Months |
|
|
|
|
|
| Ended |
|
|
| ||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .012 | .035 | .032 | .021 | .010 | .009 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | — | — | — | — | — | — |
Total from Investment Operations | .012 | .035 | .032 | .021 | .010 | .009 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.012) | (.035) | (.032) | (.021) | (.010) | (.009) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.012) | (.035) | (.032) | (.021) | (.010) | (.009) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|
|
|
|
|
|
|
Total Return1 | 1.23% | 3.55% | 3.24% | 2.17% | 1.05% | 0.91% |
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $8,326 | $8,623 | $7,220 | $6,162 | $4,758 | $3,967 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.10%* | 0.10% | 0.13% | 0.13% | 0.13% | 0.17% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 2.44%* | 3.49% | 3.20% | 2.17% | 1.06% | 0.90% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
* Annualized.
See accompanying Notes, which are an integral part of the Financial Statements.
28
California Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard California Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of California.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended November 30, 2004–2007) and for the period ended May 31, 2008, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Dividends from net investment income are declared daily and paid on the first business day of the following month.
4. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2008, the fund had contributed capital of $684,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.68% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2008, custodian fee offset arrangements reduced the fund’s expenses by $29,000.
D. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements, effective for the fund’s current fiscal period.
29
California Tax-Exempt Money Market Fund
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At May 31, 2008, 100% of the fund’s investments were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
30
California Intermediate-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2008
Financial Attributes | |||
|
| Comparative | Broad |
| Fund | Index1 | Index2 |
Number of Issues | 628 | 4,253 | 43,475 |
Yield3 |
| 3.5% | 4.0% |
Investor Shares | 3.6% |
|
|
Admiral Shares | 3.7% |
|
|
Yield to Maturity | 3.9%4 | 3.5% | 4.0% |
Average Coupon | 4.9% | 5.0% | 5.0% |
Average Effective |
|
|
|
Maturity | 6.4 years | 6.8 years | 13.2 years |
Average Quality | AA+ | AA+ | AA+ |
Average Duration | 5.0 years | 5.2 years | 7.7 years |
Expense Ratio |
| — | — |
Investor Shares | 0.15%5 |
|
|
Admiral Shares | 0.08%5 |
|
|
Short-Term Reserves | 2.1% | — | — |
Distribution by Maturity (% of portfolio) | |
|
|
Under 1 Year | 4.5% |
1–5 Years | 32.8 |
5–10 Years | 51.1 |
10–20 Years | 10.5 |
20–30 Years | 1.1 |
Volatility Measures6 |
| |
| Fund Versus | Fund Versus |
| Comparative Index1 | Broad Index2 |
R-Squared | 0.89 | 0.99 |
Beta | 0.97 | 0.88 |
Distribution by Credit Quality (% of portfolio) | |
|
|
AAA | 56.3% |
AA | 23.1 |
A | 17.1 |
BBB | 3.5 |
Investment Focus
1 Lehman 7 Year Municipal Bond Index.
2 Lehman Municipal Bond Index.
3 30-day SEC yield for the fund; index yield assumes that all bonds are called or prepaid at the earliest possible dates. See the Glossary on pages 84–85.
4 Before expenses.
5 Annualized.
6 For an explanation of R-squared, beta, and other terms used here, see the Glossary on pages 84–85.
31
California Intermediate-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal Year Total Returns (%): November 30, 1997–May 31, 2008 | ||||
|
|
|
|
|
| Investor Shares | Lehman1 | ||
Fiscal | Capital | Income | Total | Total |
Year | Return | Return | Return | Return |
1998 | 2.7% | 4.8% | 7.5% | 7.3% |
1999 | –4.1 | 4.4 | 0.3 | 0.5 |
2000 | 3.0 | 5.0 | 8.0 | 6.6 |
2001 | 2.8 | 4.6 | 7.4 | 8.1 |
2002 | 1.5 | 4.4 | 5.9 | 7.0 |
2003 | 1.7 | 4.1 | 5.8 | 7.0 |
2004 | –1.5 | 3.9 | 2.4 | 2.9 |
2005 | –1.8 | 3.9 | 2.1 | 2.2 |
2006 | 1.3 | 4.1 | 5.4 | 5.1 |
2007 | –1.5 | 4.0 | 2.5 | 4.2 |
20082 | –0.6 | 1.9 | 1.3 | 2.3 |
Average Annual Total Returns: Periods Ended March 31, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
|
|
|
|
|
| Ten Years |
| Inception Date | One Year | Five Years | Capital | Income | Total |
Investor Shares3 | 3/4/1994 | 2.07% | 3.05% | 0.17% | 4.29% | 4.46% |
Admiral Shares | 11/12/2001 | 2.14 | 3.12 | –0.604 | 4.114 | 3.514 |
1 Lehman 7 Year Municipal Bond Index.
2 Six months ended May 31, 2008.
3 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
4 Return since inception.
Note: See Financial Highlights tables on pages 53–54 for dividend and capital gains information.
32
California Intermediate-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Municipal Bonds (100.1%) |
|
|
|
|
ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
California (Children’s Hosp. Medical Center) COP | 6.000% | 12/1/09 (2)(Prere.) | 9,180 | 9,791 |
Alameda CA Corridor Transp. Auth. Rev. | 5.125% | 10/1/14 (1) | 10,150 | 10,506 |
Alameda CA Corridor Transp. Auth. Rev. | 0.000% | 10/1/20 (2) | 12,250 | 6,645 |
Alameda CA Corridor Transp. Auth. Rev. | 0.000% | 10/1/29 (2) | 30,000 | 9,427 |
Alameda CA Corridor Transp. Auth. Rev. | 0.000% | 10/1/30 (2) | 8,000 | 2,366 |
Alameda County CA (Medical Center) COP | 5.250% | 6/1/08 (1)(ETM) | 1,965 | 1,965 |
Alameda County CA (Medical Center) COP | 5.250% | 6/1/09 (1)(ETM) | 2,910 | 2,947 |
Alameda County CA (Medical Center) COP | 5.250% | 6/1/12 (1)(ETM) | 1,595 | 1,614 |
Alameda County CA (Medical Center) COP | 5.250% | 6/1/13 (1)(ETM) | 1,785 | 1,807 |
Alameda County CA (Medical Center) COP | 5.375% | 6/1/14 (1)(ETM) | 1,880 | 1,903 |
Alameda County CA (Medical Center) COP | 5.375% | 6/1/15 (1)(ETM) | 3,960 | 4,008 |
Alameda County CA COP | 5.375% | 12/1/10 (1) | 2,000 | 2,113 |
Alameda County CA COP | 5.375% | 12/1/12 (1) | 11,000 | 11,821 |
Alameda County CA COP | 5.375% | 12/1/13 (1) | 13,930 | 14,932 |
Alameda County CA COP | 5.375% | 12/1/14 (1) | 4,790 | 5,120 |
Alameda County CA COP | 5.375% | 12/1/15 (1) | 1,500 | 1,603 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.250% | 10/1/14 (4) | 2,330 | 2,519 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 10/1/15 (4) | 4,010 | 4,271 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 10/1/16 (4) | 5,000 | 5,299 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 10/1/16 (1) | 1,915 | 2,039 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.250% | 10/1/17 (4) | 2,750 | 2,959 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 10/1/20 (1) | 4,210 | 4,517 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 10/1/21 (1) | 4,425 | 4,717 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 10/1/22 (1) | 4,660 | 4,936 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 10/1/24 (1) | 5,175 | 5,427 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 10/1/25 (1) | 5,450 | 5,699 |
Anaheim CA Union High School Dist. GO | 5.375% | 8/1/12 (4)(Prere.) | 1,250 | 1,371 |
Anaheim CA Union High School Dist. GO | 5.375% | 8/1/12 (4)(Prere.) | 2,235 | 2,452 |
33
California Intermediate-Term Tax-Exempt Fund
Anaheim CA Union High School Dist. GO | 5.375% | 8/1/12 (4)(Prere.) | 1,000 | 1,097 |
Antioch CA Public Finance Auth. |
|
|
|
|
Reassessment Rev. | 5.000% | 9/2/13 (2) | 10,030 | 10,081 |
Bakersfield CA WasteWater Rev. | 5.000% | 9/15/24 (4) | 7,600 | 8,015 |
Bakersfield CA WasteWater Rev. | 5.000% | 9/15/25 (4) | 10,065 | 10,584 |
Bakersfield CA WasteWater Rev. | 5.000% | 9/15/27 (4) | 10,400 | 10,855 |
Bay Area CA Infrastructure Financing Auth. Rev. | 5.000% | 8/1/17 (2) | 32,610 | 33,581 |
Bay Area CA Infrastructure Financing Auth. Rev. | 5.000% | 8/1/17 (3) | 50,000 | 51,707 |
Bay Area Toll Auth. CA Toll Bridge Rev. | 5.000% | 4/1/16 | 6,400 | 7,056 |
Bay Area Toll Auth. CA Toll Bridge Rev. | 5.000% | 4/1/17 | 12,330 | 13,601 |
Bay Area Toll Auth. CA Toll Bridge Rev. | 5.000% | 4/1/18 | 21,440 | 23,439 |
Bay Area Toll Auth. CA Toll Bridge Rev. | 5.000% | 4/1/22 | 11,825 | 12,458 |
Burbank CA Public Finance Auth. | 5.250% | 12/1/12 (2) | 3,540 | 3,812 |
Burbank CA Public Finance Auth. | 5.250% | 12/1/13 (2) | 4,615 | 5,010 |
Cabrillo CA Community College Dist. Rev. | 0.000% | 8/1/11 (3) | 2,465 | 2,224 |
Cabrillo CA Community College Dist. Rev. | 0.000% | 8/1/12 (3) | 2,525 | 2,176 |
Cabrillo CA Community College Dist. Rev. | 0.000% | 8/1/13 (3) | 2,590 | 2,137 |
Cabrillo CA Community College Dist. Rev. | 0.000% | 8/1/14 (3) | 2,655 | 2,087 |
California County CA Tobacco Securitization Agency | 0.000% | 6/1/21 | 15,000 | 11,741 |
California Dept. of Water Resources |
|
|
|
|
Water System Rev. (Central Valley) | 5.000% | 12/1/12 (3)(ETM) | 90 | 98 |
California Dept. of Water Resources |
|
|
|
|
Water System Rev. (Central Valley) | 5.000% | 12/1/12 (3) | 3,550 | 3,841 |
California Dept. of Water Resources |
|
|
|
|
Water System Rev. (Central Valley) | 5.000% | 12/1/24 | 5,000 | 5,307 |
California Dept. of Water Resources |
|
|
|
|
Water System Rev. (Central Valley) | 5.000% | 12/1/26 | 8,465 | 8,922 |
California Educ. Fac. Auth. Rev. |
|
|
|
|
(College of Arts & Crafts) | 6.875% | 6/1/14 | 360 | 404 |
California Educ. Fac. Auth. Rev. |
|
|
|
|
(College of Arts & Crafts) | 6.875% | 6/1/15 | 380 | 429 |
California Educ. Fac. Auth. Rev. |
|
|
|
|
(College of Arts & Crafts) | 6.875% | 6/1/16 | 400 | 454 |
California Educ. Fac. Auth. Rev. (Stanford Univ.) | 5.000% | 3/15/14 | 10,000 | 10,965 |
California Educ. Fac. Auth. Rev. |
|
|
|
|
(Univ. of Southern California) | 5.600% | 10/1/09 | 1,260 | 1,288 |
California GO | 5.750% | 12/1/09 (3) | 11,765 | 12,349 |
California GO | 5.750% | 2/1/11 (3) | 6,500 | 6,981 |
California GO | 5.375% | 4/1/12 (Prere.) | 6,970 | 7,602 |
California GO | 5.000% | 6/1/12 | 16,280 | 17,353 |
California GO | 5.375% | 4/1/15 | 125 | 133 |
California GO | 5.250% | 2/1/18 (1) | 5,000 | 5,475 |
California GO | 6.000% | 2/1/18 (2) | 6,240 | 7,193 |
California GO | 5.000% | 8/1/19 | 30,000 | 31,354 |
California GO | 5.000% | 3/1/20 | 55,385 | 57,429 |
California GO | 5.000% | 8/1/20 | 10,000 | 10,453 |
California GO | 5.000% | 6/1/22 | 13,260 | 13,654 |
California GO | 5.000% | 9/1/23 | 12,120 | 12,483 |
California GO | 5.000% | 10/1/23 | 12,500 | 12,877 |
California GO | 5.000% | 12/1/23 | 5,000 | 5,168 |
California GO | 5.000% | 8/1/24 (4) | 37,225 | 38,769 |
California GO | 5.000% | 10/1/24 | 16,940 | 17,380 |
California GO | 5.000% | 11/1/24 | 10,000 | 10,287 |
California GO | 5.000% | 12/1/25 | 21,015 | 21,526 |
California GO | 5.000% | 3/1/26 | 10,070 | 10,244 |
California GO | 5.000% | 4/1/26 | 25,000 | 25,525 |
34
California Intermediate-Term Tax-Exempt Fund
| California GO | 5.500% | 3/1/27 | 12,900 | 13,709 |
| California GO | 5.000% | 4/1/27 | 24,285 | 24,699 |
| California GO | 5.250% | 11/1/27 | 4,000 | 4,131 |
1 | California GO TOB VRDO | 1.620% | 6/6/08 (4) | 5,500 | 5,500 |
| California GO VRDO | 1.150% | 6/2/08 LOC | 4,000 | 4,000 |
| California GO VRDO | 1.350% | 6/2/08 LOC | 2,565 | 2,565 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Adventist Health System) | 5.000% | 3/1/16 | 2,170 | 2,231 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Adventist Health System) | 5.000% | 3/1/19 | 1,025 | 1,035 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (California-Nevada Methodist) | 5.000% | 7/1/26 | 1,740 | 1,742 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) | 5.500% | 7/1/08 (1) | 2,230 | 2,237 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) | 5.500% | 7/1/09 (1) | 2,425 | 2,479 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) | 5.500% | 7/1/10 (1) | 2,080 | 2,126 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) | 5.500% | 7/1/11 (1) | 2,675 | 2,734 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) | 5.500% | 7/1/12 (1) | 2,465 | 2,520 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) | 5.500% | 7/1/25 | 5,000 | 5,168 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Cedars-Sinai Medical Center) | 5.000% | 11/15/14 | 4,000 | 4,233 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Cedars-Sinai Medical Center) | 5.000% | 11/15/16 | 2,000 | 2,094 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Cedars-Sinai Medical Center) | 5.000% | 11/15/17 | 4,585 | 4,755 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Kaiser Permanente) | 5.250% | 6/1/09 (4)(ETM) | 6,290 | 6,433 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Kaiser Permanente) | 0.000% | 10/1/09 (1) | 7,140 | 6,905 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Kaiser Permanente) | 5.250% | 10/1/09 (2)(ETM) | 10,525 | 10,741 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Kaiser Permanente) | 5.250% | 6/1/10 (4)(ETM) | 5,310 | 5,428 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Kaiser Permanente) | 5.250% | 6/1/11 (4)(ETM) | 7,250 | 7,411 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Kaiser Permanente) | 5.250% | 10/1/16 (ETM) | 5,000 | 5,094 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Lucile Salter Packard Hosp.) | 5.000% | 8/15/14 (2) | 2,280 | 2,464 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Lucile Salter Packard Hosp.) | 5.000% | 8/15/15 (2) | 2,245 | 2,412 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Lucile Salter Packard Hosp.) | 5.000% | 8/15/16 (2) | 2,515 | 2,675 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Lucile Salter Packard Hosp.) | 5.000% | 8/15/17 (2) | 2,630 | 2,792 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Pomona Valley Hosp.) | 5.500% | 7/1/10 (1) | 3,570 | 3,648 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Sisters of Providence) | 6.000% | 10/1/09 (2) | 4,490 | 4,673 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Stanford Hosp.) | 5.000% | 11/15/14 | 2,715 | 2,851 |
35
California Intermediate-Term Tax-Exempt Fund
California Health Fac. Finance Auth. Rev. |
|
|
|
|
(Stanford Hosp.) | 5.000% | 11/15/15 | 3,000 | 3,129 |
California Health Fac. Finance Auth. Rev. |
|
|
|
|
(Stanford Hosp.) | 5.000% | 11/15/16 | 6,275 | 6,499 |
California Health Fac. Finance Auth. Rev. |
|
|
|
|
(Stanford Hospital) PUT | 3.450% | 6/15/11 | 10,000 | 9,986 |
California Health Fac. Finance Auth. Rev. |
|
|
|
|
(Sutter Health) | 5.500% | 8/15/12 (4) | 1,030 | 1,053 |
California Health Fac. Finance Auth. Rev. |
|
|
|
|
(Sutter Health) | 5.500% | 8/15/12 (4) | 5,410 | 5,530 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Asian Art Museum) | 5.500% | 6/1/10 (1)(Prere.) | 1,300 | 1,393 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Asian Art Museum) | 5.500% | 6/1/10 (1)(Prere.) | 2,935 | 3,145 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Asian Art Museum) | 5.500% | 6/1/10 (1)(Prere.) | 2,245 | 2,405 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Asian Art Museum) VRDO | 1.650% | 6/2/08 (1) | 12,000 | 12,000 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(California Science Center) | 5.000% | 5/1/18 (3) | 1,785 | 1,856 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(California Science Center) | 5.000% | 5/1/19 (3) | 1,040 | 1,072 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(California Science Center) | 5.000% | 5/1/21 (3) | 1,145 | 1,166 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Clean Water State Revolving Fund) | 5.000% | 10/1/14 | 2,500 | 2,675 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Clean Water State Revolving Fund) | 5.000% | 10/1/15 | 3,500 | 3,741 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Clean Water State Revolving Fund) | 5.000% | 10/1/16 | 4,500 | 4,804 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. David Gladstone Institute) | 5.000% | 10/1/10 | 1,325 | 1,377 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. David Gladstone Institute) | 5.000% | 10/1/11 | 1,275 | 1,337 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. David Gladstone Institute) | 5.000% | 10/1/12 | 2,950 | 3,099 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. David Gladstone Institute) | 5.000% | 10/1/13 | 2,350 | 2,459 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. David Gladstone Institute) | 5.500% | 10/1/14 | 2,250 | 2,381 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. David Gladstone Institute) | 5.500% | 10/1/15 | 2,430 | 2,562 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. David Gladstone Institute) | 5.500% | 10/1/16 | 3,620 | 3,802 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. David Gladstone Institute) | 5.500% | 10/1/17 | 3,820 | 3,996 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. Paul Getty Trust) PUT | 3.900% | 12/1/11 | 9,000 | 9,245 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. Paul Getty Trust) PUT | 4.000% | 12/1/11 | 18,395 | 18,839 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(J. Paul Getty Trust) VRDO | 1.400% | 6/2/08 | 4,500 | 4,500 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Workers’ Compensation) | 5.250% | 10/1/13 (2) | 18,000 | 19,852 |
California Infrastructure & Econ. Dev. Bank Rev. |
|
|
|
|
(Workers’ Compensation) | 5.250% | 10/1/14 (2) | 25,815 | 28,291 |
36
California Intermediate-Term Tax-Exempt Fund
California PCR Financing Auth. Rev. |
|
|
|
|
(San Diego Gas & Electric) | 5.900% | 6/1/14 (1) | 17,135 | 19,112 |
California PCR Financing Auth. Solid Waste |
|
|
|
|
Disposal Rev. (USA Waste Services) PUT | 4.000% | 6/1/10 | 1,000 | 1,000 |
California Public Works Board Lease Rev. |
|
|
|
|
(Butterfield) | 5.000% | 6/1/20 | 3,895 | 4,022 |
California Public Works Board Lease Rev. |
|
|
|
|
(California State Univ.) | 5.300% | 10/1/15 (2) | 6,655 | 6,802 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 6/1/08 | 7,085 | 7,086 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 6/1/09 | 9,000 | 9,253 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 6/1/10 | 4,000 | 4,186 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 6/1/11 | 3,500 | 3,698 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 6/1/12 | 5,000 | 5,306 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 12/1/12 (1) | 10,625 | 11,386 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 1/1/18 (2) | 27,790 | 29,443 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.500% | 6/1/21 | 10,000 | 10,616 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.500% | 6/1/22 | 10,000 | 10,583 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Mental Health) | 5.500% | 6/1/17 | 8,000 | 8,725 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Mental Health) | 5.500% | 6/1/18 | 5,000 | 5,414 |
California Public Works Board Lease Rev. |
|
|
|
|
(Regents of the Univ. of California) | 5.000% | 6/1/18 (3) | 10,310 | 11,147 |
California Public Works Board Lease Rev. |
|
|
|
|
(Regents of the Univ. of California) | 5.000% | 6/1/19 (3) | 5,000 | 5,369 |
California Public Works Board Lease Rev. |
|
|
|
|
(Regents of the Univ. of California) | 5.000% | 6/1/20 (3) | 7,670 | 8,196 |
California Public Works Board Lease Rev. |
|
|
|
|
(Secretary of State) | 6.500% | 12/1/08 (2) | 5,000 | 5,112 |
California Public Works Board Lease Rev. |
|
|
|
|
(Univ. of California) | 5.375% | 10/1/16 (1) | 4,750 | 4,855 |
California Public Works Board Lease Rev. |
|
|
|
|
(Univ. of California) | 5.000% | 4/1/25 | 5,765 | 5,939 |
California Public Works Board Lease Rev. |
|
|
|
|
(Univ. of California) | 5.250% | 11/1/26 (1) | 9,010 | 9,467 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.500% | 5/1/10 | 3,500 | 3,705 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.500% | 5/1/11 | 7,000 | 7,530 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.250% | 5/1/12 (1) | 10,000 | 10,772 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.375% | 5/1/12 (10)(Prere.) | 9,000 | 9,911 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.500% | 5/1/13 (2) | 16,985 | 18,563 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 6.000% | 5/1/14 | 12,500 | 13,880 |
37
California Intermediate-Term Tax-Exempt Fund
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.000% | 5/1/17 | 25,000 | 27,101 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.000% | 5/1/21 | 50,000 | 52,718 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. VRDO | 1.250% | 6/2/08 LOC | 32,000 | 32,000 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. VRDO | 1.400% | 6/2/08 LOC | 1,400 | 1,400 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. VRDO | 1.400% | 6/2/08 LOC | 12,985 | 12,985 |
California State Econ. Recovery Bonds | 5.000% | 7/1/09 | 22,000 | 22,688 |
California State Econ. Recovery Bonds | 5.000% | 7/1/09 | 12,855 | 13,264 |
California State Econ. Recovery Bonds | 5.250% | 7/1/12 | 33,940 | 36,746 |
California State Econ. Recovery Bonds | 5.250% | 7/1/13 | 32,275 | 35,405 |
California State Econ. Recovery Bonds | 5.000% | 7/1/17 (3) | 28,000 | 29,130 |
California State Econ. Recovery Bonds PUT | 4.000% | 3/1/10 | 37,180 | 37,991 |
California State Econ. Recovery Bonds PUT | 5.000% | 3/1/10 | 55,000 | 57,124 |
California State Econ. Recovery Bonds PUT | 5.000% | 7/1/10 | 55,000 | 57,525 |
California State Econ. Recovery Bonds PUT | 5.000% | 7/1/11 | 20,000 | 21,098 |
California State Econ. Recovery Bonds VRDO | 1.300% | 6/2/08 | 19,000 | 19,000 |
California State Univ. Rev. Systemwide | 5.375% | 11/1/14 (3) | 5,390 | 5,790 |
California State Univ. Rev. Systemwide | 5.000% | 11/1/22 (2) | 21,090 | 21,863 |
California State Univ. Rev. Systemwide | 5.000% | 11/1/24 | 11,190 | 11,734 |
California State Univ. Rev. Systemwide | 5.000% | 11/1/25 | 11,820 | 12,356 |
California State Univ. Rev. Systemwide | 5.000% | 11/1/26 | 12,530 | 13,047 |
California State Univ. Rev. Systemwide | 5.000% | 11/1/27 | 5,000 | 5,186 |
California Statewide Communities Dev. Auth. |
|
|
|
|
PCR (Southern California Edison) PUT | 4.250% | 11/1/16 (3) | 15,000 | 14,677 |
California Statewide Communities Dev. Auth. |
|
|
|
|
PCR (Southern California Edison) PUT | 4.250% | 11/1/16 (3) | 25,000 | 24,258 |
California Statewide Community Dev. Auth. Rev. | 4.500% | 7/1/18 (4) | 17,000 | 17,144 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Adventist Health) | 5.000% | 3/1/25 | 14,975 | 14,982 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Catholic Healthcare West) | 6.000% | 7/1/09 (ETM) | 235 | 240 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Catholic Healthcare West) | 6.000% | 7/1/09 (ETM) | 770 | 787 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Children’s Hosp. of Los Angeles) COP | 6.000% | 6/1/08 (1) | 1,000 | 1,000 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Children’s Hosp. of Los Angeles) COP | 6.000% | 6/1/11 (1) | 2,365 | 2,544 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Daughters of Charity Health) | 5.250% | 7/1/11 | 2,155 | 2,234 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Daughters of Charity Health) | 5.250% | 7/1/12 | 1,500 | 1,555 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Daughters of Charity Health) | 5.250% | 7/1/13 | 1,250 | 1,297 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Daughters of Charity Health) | 5.000% | 7/1/22 | 5,155 | 5,013 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Daughters of Charity Health) | 5.250% | 7/1/24 | 5,000 | 4,957 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Daughters of Charity Health) | 5.250% | 7/1/25 | 2,390 | 2,353 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Irvine Apartments) PUT | 5.250% | 5/15/13 | 5,545 | 5,615 |
38
California Intermediate-Term Tax-Exempt Fund
| California Statewide Community Dev. Auth. |
|
|
|
|
| Rev. (Kaiser Permanente) PUT | 3.450% | 5/1/11 | 8,750 | 8,778 |
| California Statewide Community Dev. Auth. |
|
|
|
|
| Rev. (Lodi Memorial Hospital) | 5.000% | 12/1/22 | 8,000 | 8,090 |
| California Statewide Community Dev. Auth. |
|
|
|
|
| Rev. (Los Angeles Orthopedic Hosp. Foundation) | 5.125% | 6/1/13 (2) | 1,530 | 1,540 |
| California Statewide Community Dev. Auth. |
|
|
|
|
| Rev. (Los Angeles Orthopedic Hosp. Foundation) | 5.250% | 6/1/14 (2) | 1,610 | 1,621 |
| California Statewide Community Dev. Auth. |
|
|
|
|
| Rev. (Memorial Health Services) | 6.000% | 10/1/13 | 6,920 | 7,526 |
| California Statewide Community Dev. Auth. |
|
|
|
|
| Rev. (Memorial Health Services) | 6.000% | 10/1/14 | 5,335 | 5,773 |
| California Statewide Community Dev. Auth. |
|
|
|
|
| Rev. (Memorial Health Services) | 6.000% | 10/1/15 | 7,780 | 8,366 |
| California Statewide Community Dev. Auth. |
|
|
|
|
| Rev. (Sherman Oaks Foundation) | 5.500% | 8/1/15 (2) | 4,685 | 5,147 |
| Chino Basin CA Regional Financing Auth. Rev. |
|
|
|
|
| (Muni. Water Dist. Sewer System) | 6.500% | 8/1/10 (2) | 3,095 | 3,356 |
| Clovis CA USD GO | 0.000% | 8/1/12 (3) | 4,715 | 4,064 |
| Clovis CA USD GO | 0.000% | 8/1/18 (3) | 3,645 | 2,294 |
| Clovis CA USD GO | 0.000% | 8/1/25 (3) | 11,630 | 4,833 |
| Compton CA USD GO | 5.250% | 9/1/13 (1)(Prere.) | 1,295 | 1,434 |
| Compton CA USD GO | 5.250% | 9/1/13 (1)(Prere.) | 1,460 | 1,616 |
| Compton CA USD GO | 5.250% | 9/1/13 (1)(Prere.) | 1,645 | 1,821 |
| Contra Costa County CA Public |
|
|
|
|
| Financing Lease Rev. | 5.000% | 6/1/22 (1) | 15,300 | 16,058 |
| Culver City CA Redev. Financing Auth. | 5.375% | 11/1/16 (4) | 3,260 | 3,439 |
| East Bay CA Muni. Util. Dist. Water System Rev. | 5.000% | 6/1/17 (3) | 2,100 | 2,312 |
| Fontana CA Public Finance Auth. Subordinate |
|
|
|
|
| Lien Tax Allocation Rev. Bonds | 5.000% | 10/1/21 (2) | 2,145 | 2,216 |
| Fontana CA Public Finance Auth. Subordinate |
|
|
|
|
| Lien Tax Allocation Rev. Bonds | 5.000% | 10/1/23 (2) | 2,875 | 2,948 |
| Fontana CA Public Finance Auth. Subordinate |
|
|
|
|
| Lien Tax Allocation Rev. Bonds | 5.000% | 10/1/24 (2) | 3,475 | 3,552 |
| Fontana CA Public Finance Auth. Subordinate |
|
|
|
|
| Lien Tax Allocation Rev. Bonds | 5.000% | 10/1/26 (2) | 4,480 | 4,546 |
| Foothill-De Anza CA Community College Dist. GO | 6.000% | 8/1/10 (Prere.) | 1,150 | 1,251 |
| Foothill-De Anza CA Community College Dist. GO | 6.000% | 8/1/10 (Prere.) | 1,235 | 1,343 |
| Foothill-De Anza CA Community College Dist. GO | 6.000% | 8/1/11 | 1,330 | 1,435 |
2 | Foothill/Eastern Corridor Agency |
|
|
|
|
| California Toll Road Rev. | 5.250% | 1/15/13 (1) | 5,000 | 5,157 |
2 | Foothill/Eastern Corridor Agency |
|
|
|
|
| California Toll Road Rev. | 5.375% | 1/15/15 (1) | 5,000 | 5,146 |
| Fremont CA Union High School Dist. GO | 5.000% | 9/1/19 (3) | 6,000 | 6,413 |
| Fremont CA Union High School Dist. GO | 5.000% | 9/1/21 (3) | 5,000 | 5,283 |
| Fremont CA Union High School Dist. GO | 5.000% | 9/1/22 (3) | 5,000 | 5,257 |
| Fremont CA Union High School Dist. GO | 5.000% | 9/1/23 (3) | 1,970 | 2,051 |
| Glendale CA School Dist. GO | 5.750% | 9/1/17 (3) | 3,790 | 3,856 |
| Golden State Tobacco Securitization Corp. California | 5.000% | 6/1/13 (2)(Prere.) | 6,930 | 7,403 |
| Golden State Tobacco Securitization Corp. California | 5.500% | 6/1/13 (Prere.) | 21,480 | 23,434 |
| Golden State Tobacco Securitization Corp. California | 5.500% | 6/1/13 (3)(Prere.) | 5,000 | 5,455 |
| Golden State Tobacco Securitization Corp. California | 5.625% | 6/1/13 (Prere.) | 9,000 | 9,870 |
| Golden State Tobacco Securitization Corp. California | 6.625% | 6/1/13 (Prere.) | 35,820 | 40,913 |
| Golden State Tobacco Securitization Corp. California | 6.750% | 6/1/13 (Prere.) | 26,790 | 30,751 |
| Golden State Tobacco Securitization Corp. California | 7.800% | 6/1/13 (Prere.) | 25,170 | 30,029 |
| Golden State Tobacco Securitization Corp. California | 5.000% | 6/1/33 | 17,500 | 14,540 |
39
California Intermediate-Term Tax-Exempt Fund
Golden State Tobacco Securitization Corp. California | 6.250% | 6/1/33 (Prere.) | 20,000 | 21,712 |
Golden State Tobacco Securitization Corp. California | 0.000% | 6/1/37 | 30,000 | 17,831 |
Imperial Irrigation Dist. of California |
|
|
|
|
(Electric System) COP | 5.200% | 11/1/09 (1) | 6,905 | 7,047 |
Inland Empire Tobacco Securitization Auth. Rev. | 4.625% | 6/1/21 | 10,190 | 9,522 |
Intermodal Container Transfer Fac. Joint Power |
|
|
|
|
Auth. California Rev. | 5.000% | 11/1/10 (2) | 1,470 | 1,533 |
Intermodal Container Transfer Fac. Joint Power |
|
|
|
|
Auth. California Rev. | 5.000% | 11/1/11 (2) | 1,665 | 1,749 |
Intermodal Container Transfer Fac. Joint Power |
|
|
|
|
Auth. California Rev. | 5.125% | 11/1/12 (2) | 2,540 | 2,701 |
Intermodal Container Transfer Fac. Joint Power |
|
|
|
|
Auth. California Rev. | 5.125% | 11/1/13 (2) | 1,870 | 2,001 |
Irvine CA Public Fac. & Infrastructure Auth. |
|
|
|
|
Assessment Rev. | 4.600% | 9/2/15 (2) | 2,925 | 3,020 |
Irvine CA Public Fac. & Infrastructure Auth. |
|
|
|
|
Assessment Rev. | 4.700% | 9/2/16 (2) | 3,045 | 3,144 |
Irvine CA USD Financing Auth. Special Tax | 5.000% | 9/1/25 (2) | 8,645 | 8,723 |
Kings River Conservation Dist. California COP | 5.000% | 5/1/12 | 2,715 | 2,789 |
Kings River Conservation Dist. California COP | 5.000% | 5/1/13 | 2,315 | 2,380 |
Kings River Conservation Dist. California COP | 5.000% | 5/1/14 | 3,500 | 3,597 |
Kings River Conservation Dist. California COP | 5.000% | 5/1/15 | 4,345 | 4,452 |
La Mesa-Spring Valley CA School Dist. GO | 5.375% | 8/1/12 (3)(Prere.) | 1,040 | 1,141 |
La Mesa-Spring Valley CA School Dist. GO | 5.375% | 8/1/12 (3)(Prere.) | 1,200 | 1,317 |
La Mesa-Spring Valley CA School Dist. GO | 5.375% | 8/1/12 (3)(Prere.) | 1,380 | 1,514 |
Loma Linda CA Hosp. Rev. (Loma Linda Univ.) | 5.000% | 12/1/18 | 8,665 | 8,724 |
Long Beach CA Finance Auth. Lease Rev. | 6.000% | 11/1/09 (2) | 3,735 | 3,896 |
Long Beach CA Finance Auth. Lease Rev. | 6.000% | 11/1/10 (2) | 3,860 | 4,113 |
Long Beach CA Finance Auth. Lease Rev. | 6.000% | 11/1/17 (2) | 3,670 | 4,092 |
Long Beach CA Finance Auth. Lease Rev. |
|
|
|
|
(Aquarium of the South Pacific) | 5.500% | 11/1/14 (2) | 3,435 | 3,660 |
Long Beach CA Finance Auth. Lease Rev. |
|
|
|
|
(Rainbow Harbor) | 5.250% | 5/1/09 (2)(Prere.) | 2,035 | 2,118 |
Long Beach CA Finance Auth. Rev. | 3.203% | 11/15/25 | 16,845 | 12,634 |
Long Beach CA Finance Auth. Rev. | 3.223% | 11/15/26 | 22,025 | 16,519 |
Los Angeles CA COP | 5.000% | 4/1/14 (2) | 1,435 | 1,512 |
Los Angeles CA COP | 5.000% | 4/1/15 (2) | 1,560 | 1,644 |
Los Angeles CA COP | 5.000% | 4/1/16 (2) | 1,725 | 1,809 |
Los Angeles CA COP | 5.000% | 4/1/18 (2) | 1,950 | 2,026 |
Los Angeles CA Community College Dist. GO | 5.500% | 8/1/11 (1)(Prere.) | 6,250 | 6,796 |
Los Angeles CA Community College Dist. GO | 5.000% | 8/1/18 (4) | 12,355 | 13,389 |
Los Angeles CA Community College Dist. GO | 5.000% | 8/1/21 (4) | 15,000 | 15,913 |
Los Angeles CA Convention & Exhibit Center |
|
|
|
|
Auth. Lease Rev. | 6.000% | 8/15/10 (1) | 10,975 | 11,803 |
Los Angeles CA Convention & Exhibit Center |
|
|
|
|
Auth. Lease Rev. | 6.125% | 8/15/11 (1) | 1,300 | 1,432 |
Los Angeles CA Dept. of Airports |
|
|
|
|
International Airport Rev. | 5.000% | 5/15/11 (1) | 13,255 | 14,020 |
Los Angeles CA Dept. of Airports |
|
|
|
|
International Airport Rev. | 5.000% | 5/15/13 (1) | 10,500 | 11,294 |
Los Angeles CA Dept. of Water & Power Rev. | 5.125% | 10/15/13 (1)(ETM) | 3,500 | 3,566 |
Los Angeles CA Dept. of Water & Power Rev. | 5.250% | 7/1/15 (1) | 4,600 | 4,878 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 10/15/15 (1)(ETM) | 10,000 | 10,183 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 10/15/17 (1)(ETM) | 7,600 | 7,739 |
Los Angeles CA Dept. of Water & Power Rev. | 5.250% | 7/1/19 (4) | 17,000 | 17,852 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 7/1/23 (4) | 20,605 | 21,580 |
40
California Intermediate-Term Tax-Exempt Fund
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 7/1/24 | 11,475 | 11,554 |
Los Angeles CA GO | 5.250% | 9/1/12 (3) | 2,000 | 2,178 |
Los Angeles CA Muni. Improvement Corp. |
|
|
|
|
Lease Rev. | 5.000% | 9/1/12 (3) | 7,480 | 8,055 |
Los Angeles CA Muni. Improvement Corp. |
|
|
|
|
Lease Rev. | 5.000% | 8/1/25 (3) | 7,725 | 7,939 |
Los Angeles CA Muni. Improvement Corp. |
|
|
|
|
Lease Rev. | 5.000% | 8/1/28 (3) | 8,980 | 9,161 |
Los Angeles CA Muni. Improvement Corp. |
|
|
|
|
Lease Rev. (Police Headquarters Fac.) | 5.000% | 1/1/21 (3) | 13,330 | 13,647 |
Los Angeles CA Muni. Improvement Corp. |
|
|
|
|
Lease Rev. (Police Headquarters Fac.) | 5.000% | 1/1/22 (3) | 13,995 | 14,249 |
Los Angeles CA Muni. Improvement Corp. |
|
|
|
|
Lease Rev. (Police Headquarters Fac.) | 5.000% | 1/1/23 (3) | 14,700 | 14,904 |
Los Angeles CA Muni. Improvement Corp. |
|
|
|
|
Lease Rev. (Police Headquarters Fac.) | 5.000% | 1/1/24 (3) | 15,435 | 15,595 |
Los Angeles CA USD GO | 5.625% | 7/1/09 (1)(Prere.) | 5,000 | 5,248 |
Los Angeles CA USD GO | 5.625% | 7/1/09 (1)(Prere.) | 5,000 | 5,248 |
Los Angeles CA USD GO | 5.000% | 7/1/10 | 10,840 | 11,408 |
Los Angeles CA USD GO | 5.500% | 7/1/10 (3)(Prere.) | 9,160 | 9,761 |
Los Angeles CA USD GO | 5.000% | 7/1/11 | 13,325 | 14,206 |
Los Angeles CA USD GO | 5.500% | 7/1/11 (1) | 16,525 | 17,866 |
Los Angeles CA USD GO | 4.500% | 7/1/12 (4) | 11,990 | 12,719 |
Los Angeles CA USD GO | 4.500% | 7/1/12 (4) | 5,515 | 5,850 |
Los Angeles CA USD GO | 5.500% | 7/1/12 (1) | 5,240 | 5,749 |
Los Angeles CA USD GO | 6.000% | 7/1/12 (3) | 1,470 | 1,635 |
Los Angeles CA USD GO | 5.000% | 7/1/13 (4) | 4,650 | 5,067 |
Los Angeles CA USD GO | 6.000% | 7/1/13 (3) | 3,745 | 4,230 |
Los Angeles CA USD GO | 5.000% | 7/1/14 (4) | 5,000 | 5,491 |
Los Angeles CA USD GO | 6.000% | 7/1/14 (3) | 1,440 | 1,650 |
Los Angeles CA USD GO | 5.000% | 7/1/16 (3) | 2,000 | 2,200 |
Los Angeles CA USD GO | 5.000% | 7/1/16 (4) | 3,000 | 3,235 |
Los Angeles CA USD GO | 5.000% | 7/1/17 (4) | 5,000 | 5,374 |
Los Angeles CA USD GO | 5.500% | 7/1/17 (3) | 10,000 | 11,378 |
Los Angeles CA USD GO | 5.000% | 7/1/18 (2) | 4,000 | 4,340 |
Los Angeles CA USD GO | 5.000% | 7/1/18 (3) | 5,000 | 5,403 |
Los Angeles CA USD GO | 5.000% | 7/1/18 (2) | 5,000 | 5,469 |
Los Angeles CA USD GO | 5.000% | 7/1/19 (3) | 5,000 | 5,320 |
Los Angeles CA USD GO | 5.000% | 7/1/19 (3) | 7,000 | 7,507 |
Los Angeles CA USD GO | 5.000% | 7/1/20 (2) | 14,135 | 15,093 |
Los Angeles CA USD GO | 5.000% | 7/1/21 (2) | 15,940 | 16,907 |
Los Angeles CA USD GO | 5.000% | 7/1/22 (2) | 16,760 | 17,671 |
Los Angeles CA USD GO | 4.500% | 7/1/23 (4) | 30,825 | 31,191 |
Los Angeles CA USD GO | 5.000% | 7/1/23 (4) | 12,975 | 13,732 |
Los Angeles CA USD GO | 5.000% | 7/1/23 (4) | 23,535 | 24,908 |
Los Angeles CA USD GO | 5.000% | 7/1/23 (2) | 6,000 | 6,322 |
Los Angeles CA USD GO | 5.000% | 7/1/24 (4) | 6,745 | 7,118 |
Los Angeles CA USD GO | 5.000% | 7/1/24 (4) | 17,210 | 18,161 |
Los Angeles CA USD GO | 4.500% | 7/1/26 (2) | 10,000 | 9,770 |
Los Angeles CA USD GO | 4.500% | 1/1/28 (1) | 8,500 | 8,168 |
Los Angeles CA Wastewater System Rev. | 5.000% | 6/1/26 (1) | 17,280 | 17,702 |
Los Angeles County CA Capital Asset |
|
|
|
|
Leasing Corp. Rev. | 6.000% | 12/1/11 (2) | 2,360 | 2,611 |
Los Angeles County CA Capital Asset |
|
|
|
|
Leasing Corp. Rev. | 6.000% | 12/1/13 (2) | 2,760 | 3,151 |
41
California Intermediate-Term Tax-Exempt Fund.
Los Angeles County CA Metro. Transp. |
|
|
|
|
Auth. Sales Tax Rev. | 6.000% | 7/1/11 (2) | 2,745 | 3,005 |
Los Angeles County CA Metro. Transp. |
|
|
|
|
Auth. Sales Tax Rev. | 5.250% | 7/1/14 (4) | 14,000 | 15,008 |
Los Angeles County CA Metro. Transp. |
|
|
|
|
Auth. Sales Tax Rev. | 5.000% | 7/1/16 (4) | 8,410 | 9,039 |
Los Angeles County CA Metro. Transp. |
|
|
|
|
Auth. Sales Tax Rev. | 5.000% | 7/1/17 (4) | 10,000 | 10,749 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/14 (1) | 24,180 | 25,944 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 10/1/15 (4) | 10,000 | 11,062 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/15 (1) | 8,540 | 9,171 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.250% | 10/1/16 (4) | 4,000 | 4,509 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.250% | 10/1/17 (4) | 7,000 | 7,900 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.250% | 10/1/19 (4) | 7,500 | 8,424 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/19 (1) | 4,860 | 5,052 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/20 (1) | 6,155 | 6,355 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/21 (1) | 6,460 | 6,640 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/22 (1) | 6,790 | 6,956 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/23 (1) | 2,175 | 2,220 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/24 (1) | 3,095 | 3,149 |
Los Angeles County CA Schools COP | 0.000% | 8/1/11 (2)(ETM) | 1,945 | 1,757 |
Los Angeles County CA Schools COP | 0.000% | 8/1/13 (2)(ETM) | 2,010 | 1,661 |
MSR California Public Power Agency Rev. |
|
|
|
|
(San Juan Project) | 5.000% | 7/1/13 (1) | 1,500 | 1,571 |
MSR California Public Power Agency Rev. |
|
|
|
|
(San Juan Project) | 6.750% | 7/1/20 (1)(ETM) | 2,315 | 2,739 |
Metro. Water Dist. of Southern California Rev. | 8.000% | 7/1/08 (ETM) | 2,000 | 2,010 |
Metro. Water Dist. of Southern California Rev. | 5.000% | 7/1/12 | 21,495 | 23,248 |
Metro. Water Dist. of Southern California Rev. | 5.000% | 7/1/24 | 7,290 | 7,715 |
Modesto CA Irrigation Dist. COP | 5.000% | 7/1/17 (1) | 3,165 | 3,317 |
Modesto CA Irrigation Dist. COP | 5.000% | 10/1/21 (2) | 2,030 | 2,091 |
Modesto CA Irrigation Dist. COP | 5.000% | 10/1/22 (2) | 2,515 | 2,580 |
Modesto CA Irrigation Dist. COP | 5.000% | 10/1/23 (2) | 2,645 | 2,703 |
Modesto CA Irrigation Dist. Finance Auth. Rev. | 5.125% | 9/1/15 (2) | 4,365 | 4,432 |
Mt. Diablo CA USD GO | 5.000% | 8/1/15 (4) | 2,110 | 2,245 |
Mt. Diablo CA USD GO | 5.000% | 8/1/16 (4) | 2,210 | 2,352 |
Natomas CA USD COP PUT | 5.000% | 2/1/10 (2) | 6,895 | 7,158 |
New Haven CA USD GO | 12.000% | 8/1/12 (4) | 3,440 | 4,646 |
New Haven CA USD GO | 12.000% | 8/1/15 (4) | 2,905 | 4,496 |
Newark CA USD GO | 0.000% | 8/1/10 (4) | 1,000 | 943 |
Northern California Gas Auth. No. 1 Rev. | 2.257% | 7/1/13 | 19,770 | 18,188 |
Northern California Gas Auth. No. 1 Rev. | 2.407% | 7/1/17 | 23,385 | 19,877 |
Northern California Power Agency Rev. | 5.250% | 8/1/15 (2) | 2,000 | 2,051 |
Oakland CA COP | 5.000% | 4/1/11 (2) | 1,855 | 1,936 |
42
California Intermediate-Term Tax-Exempt Fund
Oakland CA Joint Powers Financing Auth. |
|
|
|
|
Lease Rev. (Oakland Admin. Bldgs.) | 5.000% | 8/1/23 (12) | 5,000 | 5,281 |
Oakland CA Joint Powers Financing Auth. |
|
|
|
|
Lease Rev. (Oakland Admin. Bldgs.) | 5.000% | 8/1/24 (12) | 3,695 | 3,890 |
Oakland CA Joint Powers Financing Auth. |
|
|
|
|
Lease Rev. (Oakland Admin. Bldgs.) | 5.000% | 8/1/25 (12) | 5,405 | 5,673 |
Oakland CA Joint Powers Financing Auth. |
|
|
|
|
Lease Rev. (Oakland Admin. Bldgs.) | 5.000% | 8/1/26 (12) | 4,190 | 4,380 |
Oakland CA Joint Powers Financing Auth. |
|
|
|
|
Lease Rev. (Oakland Convention Center) | 5.500% | 10/1/12 (2) | 3,000 | 3,190 |
Oakland CA Joint Powers Financing Auth. |
|
|
|
|
Lease Rev. (Oakland Convention Center) | 5.500% | 10/1/13 (2) | 1,500 | 1,605 |
Oakland CA Redev. Agency (Central Dist.) | 5.500% | 9/1/13 (3) | 3,990 | 4,302 |
Oakland CA Redev. Agency (Central Dist.) | 5.500% | 9/1/15 (3) | 3,790 | 4,065 |
Oakland CA Redev. Agency (Central Dist.) | 5.500% | 9/1/16 (3) | 6,210 | 6,619 |
Oakland CA Redev. Agency (Central Dist.) | 5.000% | 9/1/20 (2) | 14,070 | 14,454 |
Oakland CA USD GO | 5.000% | 8/1/19 (4) | 13,425 | 14,590 |
Orange County CA Airport Rev. | 5.000% | 7/1/11 (4) | 3,165 | 3,378 |
Orange County CA Airport Rev. | 5.000% | 7/1/17 (4) | 1,725 | 1,854 |
Orange County CA Airport Rev. | 5.000% | 7/1/18 (4) | 1,500 | 1,583 |
Orange County CA Dev. Agency Tax Allocation | 5.250% | 9/1/14 (1) | 1,415 | 1,509 |
Orange County CA Dev. Agency Tax Allocation | 5.250% | 9/1/15 (1) | 1,485 | 1,584 |
Orange County CA Dev. Agency Tax Allocation | 5.375% | 9/1/16 (1) | 1,570 | 1,682 |
Orange County CA Local Transp. Auth. Sales Tax Rev. | 5.700% | 2/15/11 (2) | 15,445 | 16,637 |
Orange County CA Recovery COP | 6.000% | 6/1/10 (1)(ETM) | 3,800 | 4,078 |
Orange County CA Sanitation Dist. COP | 5.000% | 2/1/18 (4) | 7,470 | 8,096 |
Orange County CA Sanitation Dist. COP | 5.000% | 2/1/19 (4) | 7,840 | 8,420 |
Orange County CA Sanitation Dist. COP VRDO | 1.250% | 6/2/08 | 1,100 | 1,100 |
Palomar Pomerado Health System California Rev. | 5.375% | 11/1/10 (1) | 2,670 | 2,760 |
Palomar Pomerado Health System California Rev. | 5.375% | 11/1/12 (1) | 7,080 | 7,309 |
Pasadena CA Electric Rev. | 5.000% | 6/1/17 (1) | 2,320 | 2,442 |
Pasadena CA Electric Rev. | 5.000% | 6/1/18 (1) | 2,535 | 2,634 |
Pomona CA Single Family Mortgage Rev. | 7.600% | 5/1/23 (ETM) | 12,005 | 15,356 |
Port of Oakland CA Rev. | 5.000% | 11/1/11 (3) | 5,160 | 5,449 |
Port of Oakland CA Rev. | 5.000% | 11/1/12 (3) | 2,650 | 2,811 |
Port of Oakland CA Rev. | 5.250% | 11/1/12 (3)(Prere.) | 5,000 | 5,466 |
Port of Oakland CA Rev. | 5.250% | 11/1/12 (3)(Prere.) | 5,000 | 5,466 |
Port of Oakland CA Rev. | 5.250% | 11/1/12 (3)(Prere.) | 6,300 | 6,887 |
Port of Oakland CA Rev. | 5.250% | 11/1/12 (3)(Prere.) | 7,150 | 7,816 |
Port of Oakland CA Rev. | 5.000% | 11/1/19 (1) | 8,000 | 8,505 |
Port of Oakland CA Rev. | 5.000% | 11/1/19 (1) | 7,750 | 8,239 |
Port of Oakland CA Rev. | 5.000% | 11/1/20 (1) | 6,400 | 6,748 |
Port of Oakland CA Rev. | 5.000% | 11/1/26 (1) | 10,000 | 10,270 |
Rancho CA Water Dist. Finance Auth. Rev. | 5.500% | 11/1/16 (10) | 5,480 | 6,174 |
Rancho CA Water Dist. Finance Auth. Rev. | 5.500% | 11/1/17 (10) | 5,855 | 6,602 |
Rancho Cucamonga CA Redev. Agency |
|
|
|
|
Tax Allocation (Rancho Redev.) | 5.000% | 9/1/10 (2) | 3,820 | 3,989 |
Rancho Cucamonga CA Redev. Agency |
|
|
|
|
Tax Allocation (Rancho Redev.) | 5.000% | 9/1/15 (2) | 2,835 | 3,012 |
Rancho Cucamonga CA Redev. Agency |
|
|
|
|
Tax Allocation (Rancho Redev.) | 5.000% | 9/1/16 (2) | 5,100 | 5,381 |
Rancho Mirage CA Joint Powers Financing |
|
|
|
|
Auth. Rev. (Eisenhower Medical Center) | 5.000% | 7/1/27 | 12,000 | 11,941 |
Riverside CA Electric Rev. | 5.375% | 10/1/08 (2)(Prere.) | 2,300 | 2,350 |
Riverside CA Electric Rev. | 5.375% | 10/1/13 (2) | 3,595 | 3,660 |
Riverside CA Electric Rev. | 5.000% | 10/1/23 (4) | 2,160 | 2,285 |
43
California Intermediate-Term Tax-Exempt Fund
| Riverside CA Electric Rev. | 5.000% | 10/1/24 (4) | 1,000 | 1,054 |
| Riverside CA Electric Rev. | 5.000% | 10/1/25 (4) | 2,000 | 2,102 |
| Riverside CA Electric Rev. | 5.000% | 10/1/26 (4) | 2,500 | 2,617 |
| Riverside CA Electric Rev. | 5.000% | 10/1/27 (4) | 3,570 | 3,722 |
3 | Riverside County CA Transp. |
|
|
|
|
| Commission Sales Tax Rev. PUT | 5.000% | 12/1/09 | 15,000 | 15,525 |
| Roseville CA Natural Gas Financing Auth. | 5.000% | 2/15/18 | 2,280 | 2,239 |
| Roseville CA Natural Gas Financing Auth. | 5.000% | 2/15/19 | 10,000 | 9,744 |
| Sacramento CA Cogeneration Auth. Rev. | 5.250% | 7/1/11 (1) | 4,730 | 4,786 |
| Sacramento CA Cogeneration Auth. Rev. | 5.250% | 7/1/14 (1) | 5,500 | 5,565 |
| Sacramento CA Cogeneration Auth. Rev. | 5.250% | 7/1/15 (1) | 5,755 | 5,823 |
| Sacramento CA Cogeneration Auth. Rev. | 5.000% | 7/1/17 (1) | 4,760 | 4,815 |
| Sacramento CA Financing Auth. Lease Rev. | 5.375% | 12/1/12 (4)(Prere.) | 4,395 | 4,852 |
| Sacramento CA Financing Auth. Lease Rev. | 5.000% | 11/1/14 (1) | 4,170 | 4,377 |
| Sacramento CA Financing Auth. Lease Rev. | 5.375% | 12/1/14 (4) | 1,630 | 1,776 |
| Sacramento CA Financing Auth. Lease Rev. | 5.000% | 12/1/19 (3) | 12,860 | 13,344 |
| Sacramento CA Financing Auth. Lease Rev. | 5.000% | 12/1/20 (3) | 13,670 | 14,087 |
| Sacramento CA Muni. Util. Dist. Rev. | 6.250% | 8/15/10 (1) | 28,000 | 29,150 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.000% | 11/15/12 (1) | 2,185 | 2,344 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.100% | 7/1/13 (2) | 2,850 | 2,912 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.250% | 8/15/13 (4) | 1,000 | 1,064 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.250% | 8/15/14 (4) | 2,500 | 2,660 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.125% | 7/1/15 (1) | 8,270 | 8,450 |
3 | Sacramento CA Muni. Util. Dist. Rev. | 5.000% | 8/15/16 (4) | 10,000 | 10,992 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.000% | 7/1/17 (1) | 4,000 | 4,205 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.250% | 7/1/24 (2) | 10,000 | 10,639 |
| Sacramento County CA Airport Rev. | 5.000% | 7/1/23 (4) | 2,000 | 2,102 |
| Sacramento County CA Airport Rev. | 5.000% | 7/1/24 (4) | 2,500 | 2,619 |
| Sacramento County CA Airport Rev. | 5.000% | 7/1/24 (4) | 1,785 | 1,879 |
| Sacramento County CA Public Fac. |
|
|
|
|
| Finance Corp. COP (Main Detention Fac.) | 5.500% | 6/1/10 (1)(ETM) | 2,425 | 2,506 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 6.000% | 12/1/13 | 2,500 | 2,719 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 6.000% | 12/1/15 | 2,500 | 2,701 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/17 (3) | 1,000 | 1,088 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/19 (3) | 8,000 | 8,572 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/20 (3) | 2,055 | 2,184 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/21 (3) | 6,000 | 6,340 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/22 (3) | 5,495 | 5,772 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/23 (3) | 7,030 | 7,346 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/25 (3) | 5,000 | 5,194 |
| Sacramento County CA Water |
|
|
|
|
| Financing Auth. Rev. Agency Zones | 5.000% | 6/1/13 (2)(Prere.) | 1,235 | 1,346 |
| San Bernardino County CA Justice |
|
|
|
|
| Center and Airport COP | 5.000% | 7/1/14 (1) | 5,585 | 5,966 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/17 (1) | 5,250 | 5,713 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (1) | 5,000 | 5,701 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/22 (1) | 8,940 | 9,998 |
44
California Intermediate-Term Tax-Exempt Fund
San Diego CA Community College Dist. GO | 5.000% | 8/1/23 (4) | 5,000 | 5,294 |
San Diego CA Financing Auth. Lease Rev. | 5.250% | 4/1/12 (2) | 3,000 | 3,052 |
San Diego CA Financing Auth. Lease Rev. | 5.250% | 4/1/14 (2) | 5,680 | 5,778 |
San Diego CA USD GO | 0.000% | 7/1/09 (3) | 6,270 | 6,098 |
San Diego CA USD GO | 0.000% | 7/1/14 (3) | 3,400 | 2,681 |
San Diego CA USD GO | 5.000% | 7/1/15 (4)(Prere.) | 9,200 | 10,224 |
San Diego CA USD GO | 5.000% | 7/1/15 (4)(Prere.) | 15,250 | 16,947 |
San Diego CA USD GO | 5.000% | 7/1/15 (4)(Prere.) | 10,000 | 11,113 |
San Diego CA USD GO | 5.500% | 7/1/17 (1) | 2,895 | 3,306 |
San Diego CA USD GO | 0.000% | 7/1/18 (3) | 9,500 | 6,002 |
San Diego CA USD GO | 5.500% | 7/1/20 (1) | 11,390 | 12,915 |
San Diego CA USD GO | 5.500% | 7/1/20 (4) | 9,490 | 10,848 |
San Diego CA USD GO | 5.500% | 7/1/21 (4) | 11,470 | 13,102 |
San Diego CA USD GO | 5.500% | 7/1/22 (4) | 12,790 | 14,588 |
San Diego CA USD GO | 5.500% | 7/1/23 (4) | 9,210 | 10,504 |
San Diego CA USD GO | 5.500% | 7/1/27 (4) | 20,000 | 22,406 |
San Diego CA Water Auth. Rev. COP | 5.250% | 5/1/15 (3) | 6,215 | 6,834 |
San Diego CA Water Auth. Rev. COP | 5.250% | 5/1/16 (3) | 7,880 | 8,691 |
San Diego CA Water Auth. Rev. COP | 5.250% | 5/1/17 (3) | 14,005 | 15,451 |
San Diego CA Water Auth. Rev. COP | 5.250% | 5/1/21 (3) | 6,725 | 7,295 |
San Diego CA Water Auth. Rev. COP | 5.250% | 5/1/22 (3) | 7,075 | 7,634 |
San Diego CA Water Auth. Rev. COP | 5.000% | 5/1/24 (4) | 6,000 | 6,316 |
San Diego CA Water Auth. Rev. COP | 5.000% | 5/1/25 (4) | 7,595 | 7,970 |
San Diego County CA COP | 5.000% | 2/1/22 (2) | 2,000 | 2,078 |
San Diego County CA COP | 5.000% | 2/1/24 (2) | 1,500 | 1,547 |
San Diego County CA COP | 5.000% | 2/1/26 (2) | 1,000 | 1,026 |
San Francisco CA City & County COP |
|
|
|
|
(San Bruno Jail) | 5.250% | 10/1/14 (2) | 2,860 | 2,939 |
San Francisco CA City & County COP |
|
|
|
|
(San Bruno Jail) | 5.125% | 10/1/17 (2) | 1,000 | 1,027 |
San Francisco CA City & County GO |
|
|
|
|
(Laguna Honda Hosp.) | 5.000% | 6/15/16 (2) | 8,000 | 8,573 |
San Francisco CA City & County |
|
|
|
|
International Airport Rev. | 5.250% | 5/1/12 (1)(Prere.) | 4,015 | 4,367 |
San Francisco CA City & County |
|
|
|
|
International Airport Rev. | 5.250% | 5/1/13 (1) | 2,430 | 2,586 |
San Francisco CA City & County |
|
|
|
|
International Airport Rev. | 5.250% | 5/1/14 (1) | 3,185 | 3,373 |
San Francisco CA City & County |
|
|
|
|
International Airport Rev. | 5.250% | 5/1/26 | 25,000 | 25,424 |
San Francisco CA City & County |
|
|
|
|
International Airport Rev. | 5.000% | 5/1/27 (3) | 13,075 | 12,933 |
San Francisco CA City & County Redev. |
|
|
|
|
Agency Lease Rev. (Moscone Center) | 5.000% | 7/1/16 (4) | 3,270 | 3,468 |
San Francisco CA City & County Water Rev. | 5.000% | 11/1/17 (1) | 4,865 | 5,142 |
San Joaquin County CA Transp. Auth. Rev. Notes | 5.000% | 4/1/11 | 10,000 | 10,485 |
San Joaquin Hills CA Transp. Corridor |
|
|
|
|
Agency Toll Road Rev. | 0.000% | 1/15/11 (1) | 7,140 | 6,539 |
San Joaquin Hills CA Transp. Corridor |
|
|
|
|
Agency Toll Road Rev. | 0.000% | 1/15/14 (1) | 5,500 | 4,353 |
San Jose CA Airport Rev. | 5.375% | 3/1/13 (4) | 4,945 | 5,394 |
San Jose CA Airport Rev. | 5.375% | 3/1/14 (4) | 7,550 | 8,195 |
San Jose CA Airport Rev. | 5.375% | 3/1/15 (4) | 7,950 | 8,606 |
San Jose CA Financing Auth. Lease Rev. | 5.000% | 9/1/13 (1) | 9,570 | 10,046 |
San Jose CA Redev. Agency | 5.250% | 8/1/13 (1) | 5,000 | 5,439 |
San Jose CA Redev. Agency | 5.250% | 8/1/14 (1) | 5,000 | 5,476 |
45
California Intermediate-Term Tax-Exempt Fund
San Jose CA Redev. Agency | 5.000% | 8/1/22 (2) | 13,705 | 14,183 |
San Jose CA Redev. Agency | 5.000% | 8/1/23 (2) | 40,000 | 41,214 |
San Jose CA Redev. Agency | 5.000% | 8/1/24 (1) | 53,360 | 55,222 |
San Jose CA Redev. Agency | 5.000% | 8/1/25 (1) | 24,980 | 25,719 |
San Jose CA USD GO | 5.250% | 8/1/10 (4)(Prere.) | 2,540 | 2,723 |
San Jose CA USD GO | 5.250% | 8/1/10 (4)(Prere.) | 2,790 | 2,991 |
San Juan CA USD GO | 5.500% | 8/1/10 (3)(Prere.) | 1,930 | 2,079 |
San Juan CA USD GO | 5.500% | 8/1/10 (3)(Prere.) | 1,950 | 2,101 |
San Juan CA USD GO | 5.600% | 8/1/10 (3)(Prere.) | 2,745 | 2,963 |
San Juan CA USD GO | 5.600% | 8/1/10 (3)(Prere.) | 2,685 | 2,898 |
San Mateo CA Redev. Auth. Tax Allocation | 5.000% | 8/1/11 (Prere.) | 1,000 | 1,071 |
San Mateo CA Redev. Auth. Tax Allocation | 5.200% | 8/1/11 (Prere.) | 2,045 | 2,203 |
San Mateo CA Redev. Auth. Tax Allocation | 5.250% | 8/1/11 (Prere.) | 2,225 | 2,400 |
San Mateo CA Union High School Dist. GO | 0.000% | 9/1/10 (3) | 1,200 | 1,126 |
San Mateo CA Union High School Dist. GO | 0.000% | 9/1/12 (3) | 1,180 | 1,014 |
San Mateo CA Union High School Dist. GO | 0.000% | 9/1/13 (3) | 1,715 | 1,410 |
San Mateo CA Union High School Dist. GO | 0.000% | 9/1/14 (3) | 1,500 | 1,175 |
San Mateo County CA Community College Dist. GO | 5.375% | 9/1/15 (3) | 1,300 | 1,394 |
San Mateo County CA Community College Dist. GO | 5.375% | 9/1/18 (3) | 1,515 | 1,615 |
San Mateo County CA Community College Dist. GO | 0.000% | 9/1/21 (1) | 4,645 | 2,441 |
San Mateo County CA Community College Dist. GO | 0.000% | 9/1/22 (1) | 5,675 | 2,811 |
San Mateo County CA Community College Dist. GO | 0.000% | 9/1/24 (1) | 2,825 | 1,242 |
San Mateo County CA Community College Dist. GO | 0.000% | 9/1/25 (1) | 4,000 | 1,660 |
San Mateo County CA Community College Dist. GO | 5.000% | 9/1/26 | 3,170 | 3,311 |
San Mateo County CA Transp. Dist. Sales Tax Rev. | 5.250% | 6/1/09 (4)(Prere.) | 4,275 | 4,459 |
San Mateo County CA Transp. Dist. Sales Tax Rev. | 5.250% | 6/1/09 (4)(Prere.) | 1,865 | 1,945 |
Santa Ana CA Community Redev. |
|
|
|
|
Agency Tax Allocation (South Main Street) | 5.000% | 9/1/18 (3) | 2,685 | 2,777 |
Santa Ana CA Finance Auth. Rev. | 5.375% | 9/1/09 (1) | 3,040 | 3,120 |
Santa Ana CA Finance Auth. Rev. | 5.375% | 9/1/10 (1) | 1,600 | 1,642 |
Santa Ana CA Finance Auth. Rev. VRDO | 1.270% | 6/2/08 LOC | 5,600 | 5,600 |
Santa Barbara County CA COP | 5.250% | 12/1/12 (2) | 1,000 | 1,082 |
Santa Barbara County CA COP | 5.250% | 12/1/13 (2) | 2,355 | 2,541 |
Santa Barbara County CA COP | 5.250% | 12/1/15 (2) | 1,065 | 1,149 |
Santa Barbara County CA COP | 5.250% | 12/1/16 (2) | 1,760 | 1,898 |
Santa Clara CA Electric Rev. | 5.250% | 7/1/17 (1) | 1,475 | 1,584 |
Santa Clara CA Electric Rev. | 5.250% | 7/1/18 (1) | 1,720 | 1,820 |
Santa Clara County CA Financing Auth. Lease Rev. | 7.750% | 11/15/10 (2) | 4,500 | 5,036 |
Santa Clara County CA Financing Auth. Lease Rev. | 5.500% | 5/15/11 (2) | 4,535 | 4,792 |
Santa Clara County CA Financing Auth. Lease Rev. | 7.750% | 11/15/11 (2) | 1,000 | 1,154 |
Santa Clara County CA Financing Auth. Lease Rev. | 5.500% | 5/15/12 (2) | 4,785 | 5,047 |
Santa Clara County CA Financing Auth. Lease Rev. | 5.000% | 11/15/17 | 11,540 | 12,610 |
Santa Clara County CA Financing Auth. Lease Rev. | 5.000% | 11/15/18 | 10,000 | 10,906 |
Santa Clara County CA Financing Auth. Lease Rev. | 5.000% | 5/15/28 | 15,150 | 15,508 |
Santa Margarita/Dana Point CA Auth. Rev. | 5.500% | 8/1/08 (2) | 3,345 | 3,363 |
Santa Margarita/Dana Point CA Auth. Rev. | 5.500% | 8/1/09 (2) | 3,860 | 3,946 |
Santa Margarita/Dana Point CA Auth. Rev. | 7.250% | 8/1/09 (1) | 2,000 | 2,117 |
Santa Margarita/Dana Point CA Auth. Rev. | 5.500% | 8/1/10 (2) | 2,245 | 2,295 |
Santa Margarita/Dana Point CA Auth. Rev. | 7.250% | 8/1/10 (1) | 4,630 | 5,090 |
Solano County CA COP | 5.000% | 11/1/17 (1) | 4,110 | 4,497 |
Solano County CA COP | 5.000% | 11/1/18 (1) | 3,810 | 4,134 |
Solano County CA COP | 5.000% | 11/1/19 (1) | 3,995 | 4,300 |
Solano County CA COP | 5.000% | 11/1/20 (1) | 4,195 | 4,474 |
Solano County CA COP | 5.000% | 11/1/21 (1) | 4,405 | 4,670 |
South Orange County CA Public Finance Auth. Rev. | 7.000% | 9/1/08 (1) | 5,610 | 5,672 |
South Orange County CA Public Finance Auth. Rev. | 7.000% | 9/1/09 (1) | 5,000 | 5,259 |
46
California Intermediate-Term Tax-Exempt Fund
South Orange County CA Public Finance Auth. Rev. | 7.000% | 9/1/10 (1) | 3,300 | 3,580 |
South Orange County CA Public Finance Auth. Rev. | 7.000% | 9/1/11 (1) | 3,490 | 3,879 |
South Orange County CA Public Finance Auth. Rev. | 5.375% | 8/15/12 (4) | 5,605 | 5,829 |
South Orange County CA Public Finance Auth. Rev. | 5.250% | 8/15/13 (2) | 2,290 | 2,324 |
South San Francisco CA Redev. Agency |
|
|
|
|
Tax Allocation | 5.000% | 9/1/31 (3) | 7,255 | 7,225 |
Southern California Public Power Auth. |
|
|
|
|
(Natural Gas Project) Rev. | 5.250% | 11/1/23 | 5,250 | 5,367 |
Southern California Public Power Auth. |
|
|
|
|
(Natural Gas Project) Rev. | 5.250% | 11/1/24 | 5,000 | 5,111 |
Southern California Public Power Auth. |
|
|
|
|
(Natural Gas Project) Rev. | 5.250% | 11/1/25 | 5,000 | 5,109 |
Southern California Public Power Auth. |
|
|
|
|
(Natural Gas Project) Rev. | 5.250% | 11/1/26 | 2,500 | 2,547 |
Southern California Public Power Auth. Rev. |
|
|
|
|
(San Juan Unit) | 5.500% | 1/1/13 (4) | 3,500 | 3,864 |
Tamalpais CA Union High School Dist. GO | 5.000% | 8/1/15 (4) | 1,855 | 1,974 |
Tamalpais CA Union High School Dist. GO | 5.000% | 8/1/16 (4) | 1,930 | 2,054 |
Tamalpais CA Union High School Dist. GO | 5.000% | 8/1/17 (4) | 2,015 | 2,144 |
Temecula Valley CA USD | 6.000% | 8/1/08 (4) | 1,370 | 1,380 |
Tobacco Securitization Auth. Rev. |
|
|
|
|
(Southern California Tobacco Settlement) | 4.750% | 6/1/25 | 10,245 | 9,267 |
Tulare County CA COP | 5.000% | 8/15/15 (1) | 6,460 | 6,948 |
Univ. of California Regents | 5.000% | 5/15/19 (1) | 5,075 | 5,372 |
Univ. of California Regents | 5.000% | 5/15/20 (1) | 5,065 | 5,323 |
Univ. of California Regents | 5.000% | 5/15/25 | 15,085 | 15,654 |
Univ. of California Regents | 5.000% | 5/15/26 | 14,095 | 14,568 |
Univ. of California Rev. | 3.000% | 5/15/11 | 1,235 | 1,246 |
Univ. of California Rev. | 3.000% | 5/15/12 | 2,000 | 2,007 |
Univ. of California Rev. | 5.000% | 5/15/17 (4) | 33,320 | 36,171 |
Univ. of California Rev. | 5.000% | 5/15/18 (4) | 3,000 | 3,188 |
Univ. of California Rev. | 5.000% | 5/15/18 (4) | 10,000 | 10,859 |
Univ. of California Rev. | 5.000% | 5/15/19 (4) | 4,375 | 4,699 |
Univ. of California Rev. | 5.000% | 5/15/20 (4) | 30,900 | 33,073 |
Univ. of California Rev. | 5.000% | 5/15/21 (4) | 14,915 | 15,870 |
Univ. of California Rev. | 5.000% | 5/15/22 (4) | 11,910 | 12,598 |
Univ. of California Rev. (Multiple Purpose Project) | 5.000% | 9/1/08 (Prere.) | 1,000 | 1,018 |
Univ. of California Rev. (Multiple Purpose Project) | 5.125% | 9/1/09 (3)(Prere.) | 3,150 | 3,297 |
Univ. of California Rev. (San Diego Medical Center) | 5.125% | 12/1/14 (4) | 4,290 | 4,537 |
Univ. of California Rev. (San Diego Medical Center) | 5.125% | 12/1/15 (4) | 4,515 | 4,775 |
Ventura County CA COP Public Finance Auth. | 5.375% | 8/15/13 (4) | 4,320 | 4,457 |
Ventura County CA Community College Dist. GO | 5.000% | 8/1/16 (1) | 3,100 | 3,308 |
Ventura County CA Community College Dist. GO | 5.000% | 8/1/17 (1) | 2,300 | 2,455 |
Vista CA USD GO | 5.375% | 8/1/12 (4)(Prere.) | 1,350 | 1,481 |
Vista CA USD GO | 5.375% | 8/1/12 (4)(Prere.) | 1,695 | 1,860 |
Vista CA USD GO | 5.375% | 8/1/12 (4)(Prere.) | 1,455 | 1,596 |
Vista CA USD GO | 5.375% | 8/1/15 (4) | 150 | 162 |
Vista CA USD GO | 5.375% | 8/1/16 (4) | 190 | 205 |
Vista CA USD GO | 5.375% | 8/1/17 (4) | 160 | 173 |
Western Placer County CA USD PUT | 3.625% | 12/1/09 (4) | 8,500 | 8,667 |
47
California Intermediate-Term Tax-Exempt Fund
Outside California: |
|
|
|
|
Puerto Rico Aqueduct & Sewer Auth. Rev. | 6.000% | 7/1/09 (1)(ETM) | 5,250 | 5,470 |
Puerto Rico Aqueduct & Sewer Auth. Rev. | 6.250% | 7/1/12 (1)(ETM) | 1,000 | 1,126 |
Puerto Rico Electric Power Auth. Rev. | 5.000% | 7/1/10 | 7,500 | 7,772 |
Puerto Rico Electric Power Auth. Rev. | 5.750% | 7/1/10 (4)(Prere.) | 2,700 | 2,905 |
Puerto Rico Electric Power Auth. Rev. | 5.750% | 7/1/10 (4)(Prere.) | 4,000 | 4,303 |
Puerto Rico Electric Power Auth. Rev. | 5.000% | 7/1/11 | 12,500 | 13,025 |
Puerto Rico Electric Power Auth. Rev. | 5.500% | 7/1/11 (4) | 6,050 | 6,403 |
Puerto Rico Electric Power Auth. Rev. | 6.000% | 7/1/12 (1) | 8,235 | 8,950 |
Puerto Rico Electric Power Auth. Rev. | 5.250% | 7/1/24 (3) | 10,765 | 10,776 |
Puerto Rico Electric Power Auth. Rev. | 5.250% | 7/1/25 (1) | 10,000 | 10,653 |
Puerto Rico GO | 5.000% | 7/1/08 (ETM) | 500 | 501 |
Puerto Rico GO | 6.500% | 7/1/11 (1) | 2,500 | 2,724 |
Puerto Rico GO | 5.250% | 7/1/23 | 5,000 | 5,016 |
Puerto Rico Govt. Dev. Bank VRDO | 2.400% | 6/6/08 (1) | 4,900 | 4,900 |
Puerto Rico Highway & Transp. Auth. Rev. | 5.500% | 7/1/13 (1) | 2,250 | 2,399 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/21 (3) | 5,000 | 5,172 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/22 (3) | 12,000 | 12,392 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/23 (3) | 5,835 | 6,016 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/23 (2) | 12,670 | 13,459 |
Puerto Rico Muni. Finance Agency | 5.625% | 8/1/10 (4) | 17,775 | 18,530 |
Puerto Rico Muni. Finance Agency | 5.750% | 8/1/11 (4) | 13,560 | 14,120 |
Puerto Rico Muni. Finance Agency | 5.750% | 8/1/11 (4) | 7,750 | 8,070 |
Puerto Rico Muni. Finance Agency | 5.000% | 7/1/14 (11) | 1,360 | 1,387 |
Puerto Rico Muni. Finance Agency | 5.250% | 7/1/16 (11) | 1,400 | 1,441 |
Puerto Rico Muni. Finance Agency | 5.250% | 8/1/17 (4) | 16,310 | 17,779 |
Puerto Rico Muni. Finance Agency | 5.250% | 7/1/18 (11) | 1,000 | 1,028 |
Puerto Rico Public Finance Corp. PUT | 5.750% | 2/1/12 LOC | 20,000 | 20,246 |
Univ. of Puerto Rico Rev. | 5.200% | 6/1/10 (1)(Prere.) | 1,215 | 1,285 |
Univ. of Puerto Rico Rev. | 5.750% | 6/1/10 (1)(Prere.) | 1,000 | 1,068 |
Univ. of Puerto Rico Rev. | 5.750% | 6/1/10 (1)(Prere.) | 2,000 | 2,137 |
Virgin Islands Public Finance Auth. Rev. | 5.250% | 10/1/15 | 2,200 | 2,272 |
Total Municipal Bonds (Cost $4,845,596) |
|
|
| 4,849,440 |
Other Assets and Liabilities (–0.1%) |
|
|
|
|
Other Assets—Note B |
|
|
| 78,312 |
Liabilities |
|
|
| (81,771) |
|
|
|
| (3,459) |
Net Assets (100%) |
|
|
| 4,845,981 |
48
California Intermediate-Term Tax-Exempt Fund
At May 31, 2008, net assets consisted of:4 |
|
| Amount |
| ($000) |
Paid-in Capital | 4,867,969 |
Undistributed Net Investment Income | — |
Accumulated Net Realized Losses | (25,785) |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | 3,844 |
Futures Contracts | (47) |
Net Assets | 4,845,981 |
|
|
Investor Shares—Net Assets |
|
Applicable to 128,971,586 outstanding $.001 par value shares |
|
of beneficial interest (unlimited authorization) | 1,399,289 |
Net Asset Value Per Share—Investor Shares | $10.85 |
|
|
Admiral Shares—Net Assets |
|
Applicable to 317,680,063 outstanding $.001 par value shares |
|
of beneficial interest (unlimited authorization) | 3,446,692 |
Net Asset Value Per Share—Admiral Shares | $10.85 |
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2008, the aggregate value of these securities was $5,500,000, representing 0.1% of net assets.
2 Securities with a value of $7,209,000 have been segregated as initial margin for open futures contracts.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2008.
4 See Note D in Notes to Financial Statements for the tax-basis components of net assets. For a key to abbreviations and other references, see page 50.
49
California Intermediate-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
IDA—Industrial Development Authority Bond.
IDR—Industrial Development Revenue Bond.
PCR—Pollution Control Revenue Bond.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
UFSD—Union Free School District.
USD—United School District.
VRDO—Variable Rate Demand Obligation.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corp.
(13) National Indemnity Co. (Berkshire Hathaway).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
50
California Intermediate-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended |
| May 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 92,520 |
Total Income | 92,520 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 214 |
Management and Administrative |
|
Investor Shares | 744 |
Admiral Shares | 774 |
Marketing and Distribution |
|
Investor Shares | 166 |
Admiral Shares | 352 |
Custodian Fees | 17 |
Shareholders’ Reports |
|
Investor Shares | 8 |
Admiral Shares | 2 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 2,279 |
Expenses Paid Indirectly—Note C | (9) |
Net Expenses | 2,270 |
Net Investment Income | 90,250 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | (2,118) |
Futures Contracts | 3,090 |
Realized Net Gain (Loss) | 972 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (31,585) |
Futures Contracts | (66) |
Change in Unrealized Appreciation (Depreciation) | (31,651) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 59,571 |
51
California Intermediate-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended |
| Year Ended |
| May 31, |
| November 30, |
| 2008 |
| 2007 |
| ($000) |
| ($000) |
Increase (Decrease) In Net Assets |
|
|
|
Operations |
|
|
|
Net Investment Income | 90,250 |
| 158,083 |
Realized Net Gain (Loss) | 972 |
| (5,460) |
Change in Unrealized Appreciation (Depreciation) | (31,651) |
| (48,558) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 59,571 |
| 104,065 |
Distributions |
|
|
|
Net Investment Income |
|
|
|
Investor Shares | (25,722) |
| (46,280) |
Admiral Shares | (64,528) |
| (111,803) |
Realized Capital Gain |
|
|
|
Investor Shares | — |
| — |
Admiral Shares | — |
| — |
Total Distributions | (90,250) |
| (158,083) |
Capital Share Transactions—Note F |
|
|
|
Investor Shares | 164,695 |
| 191,652 |
Admiral Shares | 352,751 |
| 765,002 |
Net Increase (Decrease) from Capital Share Transactions | 517,446 |
| 956,654 |
Total Increase (Decrease) | 486,767 |
| 902,636 |
Net Assets |
|
|
|
Beginning of Period | 4,359,214 |
| 3,456,578 |
End of Period | 4,845,981 |
| 4,359,214 |
52
California Intermediate-Term Tax-Exempt Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
| Ended |
|
|
| ||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Net Asset Value, Beginning of Period | $10.92 | $11.09 | $10.95 | $11.15 | $11.44 | $11.29 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .214 | .435 | .438 | .434 | .440 | .454 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | (.070) | (.170) | .140 | (.200) | (.171) | .188 |
Total from Investment Operations | .144 | .265 | .578 | .234 | .269 | .642 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.214) | (.435) | (.438) | (.434) | (.440) | (.454) |
Distributions from Realized Capital Gains | — | — | — | — | (.119) | (.038) |
Total Distributions | (.214) | (.435) | (.438) | (.434) | (.559) | (.492) |
Net Asset Value, End of Period | $10.85 | $10.92 | $11.09 | $10.95 | $11.15 | $11.44 |
|
|
|
|
|
|
|
Total Return1 | 1.34% | 2.46% | 5.40% | 2.11% | 2.41% | 5.78% |
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $1,399 | $1,243 | $1,068 | $1,002 | $1,500 | $1,490 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.15%* | 0.15% | 0.16% | 0.16% | 0.15% | 0.17% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 3.92%* | 3.97% | 4.00% | 3.90% | 3.91% | 3.99% |
Portfolio Turnover Rate | 17%* | 11% | 7% | 12% | 14% | 21% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
* Annualized.
53
California Intermediate-Term Tax-Exempt Fund
Admiral Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
| Ended |
|
|
| ||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Net Asset Value, Beginning of Period | $10.92 | $11.09 | $10.95 | $11.15 | $11.44 | $11.29 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .217 | .443 | .446 | .442 | .446 | .461 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | (.070) | (.170) | .140 | (.200) | (.171) | .188 |
Total from Investment Operations | .147 | .273 | .586 | .242 | .275 | .649 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.217) | (.443) | (.446) | (.442) | (.446) | (.461) |
Distributions from Realized Capital Gains | — | — | — | — | (.119) | (.038) |
Total Distributions | (.217) | (.443) | (.446) | (.442) | (.565) | (.499) |
Net Asset Value, End of Period | $10.85 | $10.92 | $11.09 | $10.95 | $11.15 | $11.44 |
|
|
|
|
|
|
|
Total Return | 1.37% | 2.53% | 5.48% | 2.18% | 2.47% | 5.84% |
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $3,447 | $3,116 | $2,388 | $1,847 | $1,082 | $966 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.08%* | 0.08% | 0.09% | 0.09% | 0.09% | 0.11% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 3.99%* | 4.04% | 4.07% | 3.98% | 3.97% | 4.05% |
Portfolio Turnover Rate | 17%* | 11% | 7% | 12% | 14% | 21% |
* Annualized.
See accompanying Notes, which are an integral part of the Financial Statements.
54
California Intermediate-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard California Intermediate-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of California. The fund offers two classes of shares, Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended November 30, 2004–2007) and for the period ended May 31, 2008, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
55
California Intermediate-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2008, the fund had contributed capital of $390,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.39% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest bearing custody account. For the six months ended May 31, 2008, custodian fee offset arrangements reduced the fund’s expenses by $9,000.
D. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2007, the fund had available realized losses of $17,235,000 to offset future net capital gains of $4,252,000 through November 30, 2012, $2,524,000 through November 30, 2013, $6,523,000 through November 30, 2014, and $3,936,000 through November 30, 2015. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2008; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balances above.
The fund had realized losses totaling $9,503,000 through November 30, 2007, which are deferred for tax purposes and reduce the amount of unrealized appreciation on investment securities for tax purposes.
At May 31, 2008, the cost of investment securities for tax purposes was $4,855,099,000. Net unrealized depreciation of investment securities for tax purposes was $5,659,000, consisting of unrealized gains of $52,836,000 on securities that had risen in value since their purchase and $58,495,000 in unrealized losses on securities that had fallen in value since their purchase.
56
California Intermediate-Term Tax-Exempt Fund
At May 31, 2008, the aggregate settlement value of open futures contracts expiring through September 2008 and the related unrealized appreciation (depreciation) were:
|
|
| ($000) |
| Number of | Aggregate | Unrealized |
| Long (Short) | Settlement | Appreciation |
Futures Contracts | Contracts | Value | (Depreciation) |
5-Year U.S. Treasury Note | (950) | 104,441 | 152 |
10-Year U.S. Treasury Note | (508) | 57,102 | (281) |
30-Year U.S. Treasury Bond | (273) | 30,986 | 82 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. During the six months ended May 31, 2008, the fund purchased $937,891,000 of investment securities and sold $365,752,000 of investment securities, other than temporary cash investments.
F. Capital share transactions for each class of shares were:
| Six Months Ended |
| Year Ended November | ||
| May 31, 2008 |
| 30, 2007 | ||
| Amount | Shares |
| Amount | Shares |
| ($000) | (000) |
| ($000) | (000) |
Investor Shares |
|
|
|
|
|
Issued | 369,242 | 33,932 |
| 543,786 | 49,757 |
Issued in Lieu of Cash Distributions | 22,817 | 2,109 |
| 40,262 | 3,687 |
Redeemed | (227,364) | (20,880) |
| (392,396) | (35,962) |
Net Increase (Decrease)—Investor Shares | 164,695 | 15,161 |
| 191,652 | 17,482 |
Admiral Shares |
|
|
|
|
|
Issued | 739,463 | 67,942 |
| 1,201,929 | 109,983 |
Issued in Lieu of Cash Distributions | 49,733 | 4,597 |
| 85,220 | 7,805 |
Redeemed | (436,445) | (40,156) |
| (522,147) | (47,890) |
Net Increase (Decrease)—Admiral Shares | 352,751 | 32,383 |
| 765,002 | 69,898 |
G. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements, effective for the fund’s current fiscal period.
57
California Intermediate-Term Tax-Exempt Fund
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of May 31, 2008, based on the inputs used to value them.
| Investments | Futures |
| in Securities | Contracts |
Valuation Inputs | ($000) | ($000) |
Level 1—Quoted prices | — | (47) |
Level 2—Other significant observable inputs | 4,849,440 | — |
Level 3—Significant unobservable inputs | — | — |
Total | 4,849,440 | (47) |
58
California Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2008
Financial Attributes |
|
|
|
|
| Comparative | Broad |
| Fund | Index1 | Index2 |
Number of Issues | 406 | 7,393 | 43,475 |
Yield3 |
| 3.9% | 4.0% |
Investor Shares | 4.1% |
|
|
Admiral Shares | 4.2% |
|
|
Yield to Maturity | 4.3%4 | 3.9% | 4.0% |
Average Coupon | 4.5% | 5.0% | 5.0% |
Average Effective |
|
|
|
Maturity | 11.0 years | 9.8 years | 13.2 years |
Average Quality | AA | AA+ | AA+ |
Average Duration | 7.0 years | 6.7 years | 7.7 years |
Expense Ratio |
| — | — |
Investor Shares | 0.15%5 |
|
|
Admiral Shares | 0.08%5 |
|
|
Short-Term Reserves | 1.6% | — | — |
Distribution by Maturity (% of portfolio) |
|
|
|
Under 1 Year | 3.4% |
1–5 Years | 24.2 |
5–10 Years | 39.8 |
10–20 Years | 11.8 |
20–30 Years | 15.6 |
Over 30 Years | 5.2 |
Volatility Measures6 |
| |
| Fund Versus | Fund Versus |
| Comparative Index1 | Broad Index2 |
R-Squared | 0.88 | 0.98 |
Beta | 1.06 | 1.12 |
Distribution be Credit Quality (% of portfolio) | |
|
|
AAA | 50.5% |
AA | 19.2 |
A | 23.9 |
BBB | 6.2 |
Other | 0.2 |
Investment Focus
1 Lehman 10 Year Municipal Bond Index.
2 Lehman Municipal Bond Index.
3 30-day SEC yield for the fund; index yield assumes that all bonds are called or prepaid at the earliest possible dates. See the Glossary on pages 84–85.
4 Before expenses.
5 Annualized.
6 For an explanation of R-squared, beta, and other terms used here, see the Glossary on pages 84–85.
59
California Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal Year Total Returns (%): November 30, 1997–May 31, 2008 | ||||
|
|
|
|
|
| Investor Shares | Lehman1 | ||
Fiscal | Capital | Income | Total | Total |
Year | Return | Return | Return | Return |
1998 | 3.1% | 5.2% | 8.3% | 8.1% |
1999 | –7.0 | 4.8 | –2.2 | –0.4 |
2000 | 5.5 | 5.6 | 11.1 | 7.7 |
2001 | 2.6 | 5.1 | 7.7 | 8.2 |
2002 | 0.5 | 4.9 | 5.4 | 6.7 |
2003 | 2.2 | 4.8 | 7.0 | 6.9 |
2004 | –1.3 | 4.6 | 3.3 | 4.0 |
2005 | –0.3 | 4.5 | 4.2 | 3.0 |
2006 | 2.0 | 4.7 | 6.7 | 6.2 |
2007 | –3.4 | 4.6 | 1.2 | 3.5 |
20082 | –1.7 | 2.2 | 0.5 | 1.7 |
Average Annual Total Returns: Periods Ended March 31, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
|
|
|
|
|
| Ten Years |
| Inception Date | One Year | Five Years | Capital | Income | Total |
Investor Shares3 | 4/7/1986 | –0.74% | 3.45% | –0.07% | 4.84% | 4.77% |
Admiral Shares | 11/12/2001 | –0.67 | 3.52 | –0.924 | 4.704 | 3.784 |
1 Lehman 10 Year Municipal Bond Index.
2 Six months ended May 31, 2008.
3 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
4 Return since inception.
Note: See Financial Highlights tables on pages 75–76 for dividend and capital gains information.
60
California Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Municipal Bonds (100.0%) |
|
|
|
|
ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
California (Children’s Hosp. Medical Center) COP | 6.000% | 12/1/09 (2)(Prere.) | 3,000 | 3,200 |
ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
California (School of the Mechanical Arts) | 5.250% | 10/1/26 | 1,000 | 1,015 |
ABAG Finance Auth. for Non-Profit Corp. |
|
|
|
|
California (School of the Mechanical Arts) | 5.300% | 10/1/32 | 3,180 | 3,181 |
Alameda CA Corridor Transp. Auth. Rev. | 5.125% | 10/1/17 (1) | 5,000 | 5,175 |
Alameda CA Corridor Transp. Auth. Rev. | 5.125% | 10/1/18 (1) | 2,000 | 2,063 |
Alameda CA Corridor Transp. Auth. Rev. | 0.000% | 10/1/30 (2) | 30,375 | 8,982 |
Alameda CA Corridor Transp. Auth. Rev. | 0.000% | 10/1/34 (1) | 24,095 | 5,670 |
Alameda CA Corridor Transp. Auth. Rev. | 0.000% | 10/1/36 (1) | 20,000 | 4,172 |
Alameda CA Corridor Transp. Auth. Rev. | 0.000% | 10/1/37 (1) | 13,000 | 2,559 |
Alameda County CA USD | 0.000% | 8/1/24 (4) | 3,510 | 1,584 |
Alameda County CA USD | 0.000% | 8/1/29 (4) | 5,000 | 1,686 |
Anaheim CA Public Finance Auth. |
|
|
|
|
Distribution System Rev. | 5.000% | 10/1/21 (1) | 3,390 | 3,508 |
Bay Area Toll Auth. CA Toll Bridge Rev. | 5.000% | 4/1/19 | 5,970 | 6,469 |
Bay Area Toll Auth. CA Toll Bridge Rev. | 5.000% | 4/1/20 | 8,820 | 9,464 |
Cabrillo CA Community College Dist. Rev. | 0.000% | 8/1/28 (1) | 2,250 | 800 |
California County CA Tobacco Securitization Agency | 0.000% | 6/1/28 | 7,500 | 5,497 |
California County CA Tobacco Securitization Agency | 0.000% | 6/1/36 | 7,500 | 5,324 |
California Educ. Fac. Auth. Rev. |
|
|
|
|
(Claremont Graduate Univ.) | 5.000% | 3/1/42 | 8,330 | 8,091 |
California Educ. Fac. Auth. Rev. |
|
|
|
|
(College of Arts & Crafts) | 6.875% | 6/1/19 | 1,615 | 1,842 |
California Educ. Fac. Auth. Rev. |
|
|
|
|
(College of Arts & Crafts) | 5.750% | 6/1/25 | 2,000 | 2,005 |
California Educ. Fac. Auth. Rev. (Univ. of The Pacific) | 5.000% | 11/1/25 | 2,000 | 2,021 |
California Educ. Fac. Auth. Rev. (Univ. of The Pacific) | 5.000% | 11/1/30 | 3,500 | 3,500 |
California Educ. Fac. Auth. Rev. (Univ. of The Pacific) | 5.000% | 11/1/36 | 8,985 | 8,931 |
California GO | 6.250% | 9/1/12 (3) | 9,000 | 9,807 |
California GO | 5.000% | 11/1/13 | 13,000 | 13,993 |
California GO | 7.000% | 11/1/13 (3) | 65 | 66 |
California GO | 5.125% | 2/1/14 (Prere.) | 10,000 | 11,049 |
California GO | 5.250% | 10/1/14 (3) | 1,955 | 1,970 |
California GO | 5.000% | 11/1/14 | 39,090 | 42,032 |
California GO | 6.000% | 8/1/19 (3) | 210 | 211 |
California GO | 5.000% | 11/1/22 | 11,905 | 12,358 |
California GO | 5.000% | 9/1/25 | 16,950 | 17,317 |
California GO | 5.125% | 2/1/26 | 15,325 | 15,622 |
61
California Long-Term Tax-Exempt Fund
| California GO | 5.000% | 6/1/26 (3) | 40,000 | 40,784 |
| California GO | 5.000% | 9/1/28 | 15,350 | 15,525 |
| California GO | 5.000% | 6/1/32 | 35,000 | 35,100 |
| California GO | 5.000% | 6/1/34 | 40,000 | 40,048 |
| California GO | 4.500% | 12/1/34 | 15,825 | 14,652 |
| California GO | 5.000% | 6/1/37 | 23,215 | 23,180 |
1 | California GO | 5.250% | 3/1/38 | 20,135 | 20,612 |
| California GO VRDO | 1.350% | 6/2/08 LOC | 3,650 | 3,650 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Adventist Health System) | 5.000% | 3/1/33 | 7,950 | 7,591 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (California-Nevada Methodist) | 5.000% | 7/1/36 | 2,075 | 2,014 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Casa Colina) | 6.125% | 4/1/32 | 10,000 | 10,140 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) | 4.750% | 7/1/19 (1) | 765 | 765 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Catholic Healthcare West) | 5.500% | 7/1/30 | 5,000 | 5,068 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Cedars-Sinai Medical Center) | 5.000% | 11/15/27 | 7,000 | 6,991 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Cedars-Sinai Medical Center) | 5.000% | 11/15/34 | 10,000 | 9,658 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Scripps Health) | 5.000% | 10/1/08 (1)(Prere.) | 5,000 | 5,101 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Stanford Hospital) PUT | 3.450% | 6/15/11 | 5,000 | 4,993 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Sutter Health) | 5.250% | 8/15/22 | 5,000 | 5,229 |
| California Health Fac. Finance Auth. Rev. |
|
|
|
|
| (Sutter Health) | 5.250% | 11/15/46 | 42,500 | 42,262 |
| California Housing Finance Agency |
|
|
|
|
| Home Mortgage Rev. | 6.050% | 8/1/27 (2)(7) | 5,000 | 5,113 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Asian Art Museum) VRDO | 1.650% | 6/2/08 (1) | 35,800 | 35,800 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Bay Area Toll) | 5.000% | 1/1/28 (3)(Prere.) | 7,500 | 8,128 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (California Science Center) | 5.000% | 5/1/31 (3) | 7,635 | 7,502 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (J. David Gladstone Institute) | 5.500% | 10/1/18 | 3,905 | 4,075 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (J. David Gladstone Institute) | 5.500% | 10/1/20 | 1,500 | 1,556 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (J. David Gladstone Institute) | 5.250% | 10/1/34 | 20,040 | 20,123 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Kaiser Hosp. Assn.) | 5.500% | 8/1/31 | 7,610 | 7,708 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Kaiser Hosp. Assn.) | 5.550% | 8/1/31 | 5,500 | 5,587 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (Workers' Compensation) | 5.250% | 10/1/13 (2) | 30,000 | 33,086 |
| California Infrastructure & Econ. Dev. |
|
|
|
|
| Bank Rev. (YMCA of Metro. LA) | 5.250% | 2/1/26 (2) | 4,750 | 4,895 |
| California Polytechnical Univ. Rev. |
|
|
|
|
| (Pomona Student Union) | 5.625% | 7/1/09 (3)(Prere.) | 3,000 | 3,149 |
| California Polytechnical Univ. Rev. |
|
|
|
|
| (Pomona Student Union) | 5.625% | 7/1/09 (3)(Prere.) | 5,260 | 5,521 |
62
California Long-Term Tax-Exempt Fund
California Public Works Board Lease Rev. |
|
|
|
|
(California Community College) | 5.000% | 3/1/27 (3) | 6,220 | 6,205 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 1/1/15 (2) | 4,000 | 4,301 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.250% | 1/1/16 (2) | 5,500 | 6,010 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 1/1/17 | 6,000 | 6,349 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 6.500% | 9/1/17 (2) | 30,000 | 34,787 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 12/1/17 (1) | 13,835 | 14,672 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Corrections) | 5.000% | 12/1/19 (1) | 15,230 | 15,921 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Forestry & Fire Services) | 5.000% | 11/1/32 | 13,850 | 13,811 |
California Public Works Board Lease Rev. |
|
|
|
|
(Dept. of Health Services) | 5.750% | 11/1/09 (1)(Prere.) | 7,885 | 8,367 |
California Public Works Board Lease Rev. |
|
|
|
|
(Office of Emergency Services) | 5.000% | 3/1/27 (3) | 8,950 | 8,928 |
California Public Works Board Lease Rev. |
|
|
|
|
(UCLA Hosp.) | 5.375% | 10/1/19 (4) | 6,375 | 6,817 |
California Public Works Board Lease Rev. |
|
|
|
|
(Univ. of California) | 5.250% | 11/1/27 (1) | 9,045 | 9,480 |
California Public Works Board Lease Rev. |
|
|
|
|
(Univ. of California) | 5.000% | 5/1/30 | 17,000 | 17,278 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.500% | 5/1/09 | 10,000 | 10,327 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 6.000% | 5/1/13 | 18,000 | 19,987 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. | 5.000% | 5/1/22 | 30,000 | 31,458 |
California State Dept. of Water Resources |
|
|
|
|
Power Supply Rev. VRDO | 1.500% | 6/2/08 LOC | 5,100 | 5,100 |
California State Econ. Recovery Bonds | 5.000% | 7/1/11 (1) | 16,420 | 17,491 |
California State Econ. Recovery Bonds | 5.250% | 7/1/14 | 25,000 | 27,624 |
California State Econ. Recovery Bonds | 5.000% | 7/1/17 (3) | 35,700 | 37,141 |
California State Econ. Recovery Bonds PUT | 5.000% | 3/1/10 | 25,000 | 25,966 |
California State Econ. Recovery Bonds PUT | 5.000% | 7/1/10 | 25,000 | 26,148 |
California State Econ. Recovery Bonds PUT | 5.000% | 7/1/11 | 25,000 | 26,372 |
California State Univ. Rev. & Colleges |
|
|
|
|
Housing System Rev. | 5.625% | 11/1/09 (3)(Prere.) | 6,920 | 7,331 |
California State Univ. Rev. Systemwide | 5.250% | 11/1/19 (4) | 5,000 | 5,436 |
California State Univ. Rev. Systemwide | 5.250% | 11/1/20 (4) | 4,745 | 5,159 |
California State Univ. Rev. Systemwide | 5.000% | 11/1/21 (2) | 17,215 | 17,929 |
California Statewide Community Dev. |
|
|
|
|
Auth. Rev. (Adventist Health) | 5.000% | 3/1/35 | 14,500 | 13,821 |
California Statewide Community Dev. |
|
|
|
|
Auth. Rev. (Daughters of Charity Health) | 5.250% | 7/1/30 | 5,000 | 4,743 |
California Statewide Community Dev. |
|
|
|
|
Auth. Rev. (Daughters of Charity Health) | 5.250% | 7/1/35 | 5,250 | 4,946 |
California Statewide Community Dev. |
|
|
|
|
Auth. Rev. (Daughters of Charity Health) | 5.000% | 7/1/39 | 5,000 | 4,446 |
California Statewide Community Dev. Auth. Rev. |
|
|
|
|
(Henry Mayo Newhall Memorial Hosp.) | 5.000% | 10/1/18 | 5,875 | 6,013 |
63
California Long-Term Tax-Exempt Fund
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Henry Mayo Newhall Memorial Hosp.) | 5.000% | 10/1/37 | 2,465 | 2,384 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Irvine Apartments) PUT | 5.100% | 5/17/10 | 3,225 | 3,265 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Irvine Apartments) PUT | 5.250% | 5/15/13 | 7,000 | 7,088 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Irvine Univ. of California East LLC) | 5.000% | 5/15/38 | 18,000 | 16,058 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (John Muir Health Services) | 5.000% | 8/15/32 | 10,880 | 10,640 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (John Muir Health Services) | 5.000% | 8/15/34 | 15,140 | 14,729 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Kaiser Permanente) | 5.500% | 11/1/32 | 18,250 | 18,349 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Kaiser Permanente) | 5.250% | 3/1/45 | 26,000 | 25,377 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Los Angeles Orthopedic Hosp. Foundation) | 5.750% | 6/1/30 (2) | 8,000 | 8,051 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Memorial Health Services) | 6.000% | 10/1/23 | 20,000 | 21,015 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Presbyterian Homes) | 4.875% | 11/15/36 | 7,230 | 6,126 |
California Statewide Community Dev. Auth. |
|
|
|
|
Rev. (Sutter Health) | 5.500% | 8/15/34 | 10,885 | 11,059 |
Chino Basin CA Regional Financing Auth. Rev. |
|
|
|
|
(Inland Empire Util. Agency Sewer) | 5.750% | 11/1/09 (1)(Prere.) | 3,325 | 3,528 |
Chino Basin CA Regional Financing Auth. Rev. |
|
|
|
|
(Inland Empire Util. Agency Sewer) | 5.750% | 11/1/09 (1)(Prere.) | 1,000 | 1,061 |
Chino Basin CA Regional Financing Auth. Rev. |
|
|
|
|
(Muni. Water Dist. Sewer System) | 6.000% | 8/1/16 (2) | 5,500 | 5,515 |
Clovis CA USD GO | 0.000% | 8/1/09 (3)(ETM) | 7,570 | 7,367 |
Clovis CA USD GO | 0.000% | 8/1/09 (3)(ETM) | 7,500 | 7,299 |
Clovis CA USD GO | 0.000% | 8/1/13 (3) | 4,935 | 4,072 |
Clovis CA USD GO | 0.000% | 8/1/15 (3) | 2,770 | 2,071 |
Clovis CA USD GO | 0.000% | 8/1/16 (3) | 2,865 | 2,023 |
Clovis CA USD GO | 0.000% | 8/1/26 (3) | 6,000 | 2,352 |
Clovis CA USD GO | 0.000% | 8/1/27 (3) | 8,000 | 2,951 |
Clovis CA USD GO | 0.000% | 8/1/29 (3) | 8,005 | 2,613 |
Contra Costa CA Water Dist. Rev. | 5.000% | 10/1/17 (4) | 7,015 | 7,463 |
Culver City CA Wastewater Fac. Rev. | 5.700% | 9/1/29 (3) | 5,000 | 5,190 |
East Bay CA Muni. Util. Dist. Water System Rev. | 5.250% | 6/1/08 (Prere.) | 4,000 | 4,040 |
East Bay CA Muni. Util. Dist. Water System Rev. | 5.000% | 6/1/32 (3) | 33,320 | 34,195 |
Eastern California Muni. Water. Dist. |
|
|
|
|
Water & Sewer Rev. | 6.750% | 7/1/12 (3) | 8,500 | 9,245 |
Escondido CA Union High School Dist. | 0.000% | 11/1/20 (1) | 4,000 | 2,143 |
Fontana CA Public Finance Auth. Subordinate |
|
|
|
|
Lien Tax Allocation Rev. Bonds | 5.000% | 10/1/29 (2) | 9,450 | 9,519 |
Fontana CA Public Finance Auth. Subordinate |
|
|
|
|
Lien Tax Allocation Rev. Bonds | 5.000% | 10/1/32 (2) | 12,825 | 12,871 |
Fontana CA USD | 5.250% | 8/1/27 (4) | 6,700 | 7,127 |
Fontana CA USD | 5.250% | 8/1/31 (4) | 6,250 | 6,507 |
Foothill-De Anza CA Community College Dist. GO | 0.000% | 8/1/17 (1) | 3,000 | 2,027 |
Foothill-De Anza CA Community College Dist. GO | 0.000% | 8/1/22 (1) | 3,850 | 1,938 |
Foothill-De Anza CA Community College Dist. GO | 6.000% | 8/1/22 | 5,590 | 6,590 |
Foothill-De Anza CA Community College Dist. GO | 0.000% | 8/1/23 (1) | 3,590 | 1,705 |
Foothill-De Anza CA Community College Dist. GO | 0.000% | 8/1/25 (1) | 2,390 | 1,013 |
64
California Long-Term Tax-Exempt Fund
Foothill/Eastern Corridor Agency |
|
|
|
|
California Toll Road Rev. | 5.000% | 1/15/16 (1) | 8,400 | 8,581 |
Foothill/Eastern Corridor Agency |
|
|
|
|
California Toll Road Rev. | 5.125% | 1/15/19 (1) | 5,200 | 5,290 |
Foothill/Eastern Corridor Agency |
|
|
|
|
California Toll Road Rev. | 0.000% | 1/15/26 | 10,000 | 9,372 |
Foothill/Eastern Corridor Agency |
|
|
|
|
California Toll Road Rev. | 0.000% | 1/15/28 (1) | 15,000 | 15,392 |
Foothill/Eastern Corridor Agency |
|
|
|
|
California Toll Road Rev. | 0.000% | 1/15/33 | 10,000 | 2,202 |
Foothill/Eastern Corridor Agency |
|
|
|
|
California Toll Road Rev. | 0.000% | 1/15/34 | 10,000 | 2,071 |
Foothill/Eastern Corridor Agency |
|
|
|
|
California Toll Road Rev. | 5.750% | 1/15/40 (1) | 12,000 | 12,187 |
Fresno CA Airport Rev. | 5.500% | 7/1/30 (4) | 1,500 | 1,562 |
Fullerton Univ. California Rev. | 5.700% | 7/1/20 (1) | 2,165 | 2,294 |
Galivan CA Joint Community College Dist. | 5.500% | 8/1/28 (2) | 10,030 | 10,620 |
Golden State Tobacco Securitization Corp. California | 5.375% | 6/1/10 (Prere.) | 25,000 | 26,277 |
Golden State Tobacco Securitization Corp. California | 5.500% | 6/1/13 (3)(Prere.) | 5,000 | 5,455 |
Golden State Tobacco Securitization Corp. California | 5.000% | 6/1/30 (2) | 20,000 | 19,685 |
Golden State Tobacco Securitization Corp. California | 6.250% | 6/1/13 (Prere.) | 10,000 | 10,856 |
Golden State Tobacco Securitization Corp. California | 0.000% | 6/1/37 | 20,000 | 11,887 |
Golden State Tobacco Securitization Corp. California | 5.125% | 6/1/47 | 10,000 | 7,796 |
Golden State Tobacco Securitization Corp. California | 5.750% | 6/1/47 | 16,350 | 14,209 |
Hartnell CA Community College Dist. GO | 5.000% | 8/1/13 (1)(Prere.) | 1,550 | 1,696 |
Hartnell CA Community College Dist. GO | 5.000% | 8/1/13 (1)(Prere.) | 1,735 | 1,898 |
Hartnell CA Community College Dist. GO | 5.000% | 8/1/13 (1)(Prere.) | 2,370 | 2,593 |
Helix CA Water Dist. COP | 5.000% | 4/1/19 (4) | 4,250 | 4,352 |
Hollister CA Joint Powers Financing Auth. |
|
|
|
|
Wastewater Rev. | 5.000% | 6/1/32 (4) | 6,000 | 6,167 |
Hollister CA Joint Powers Financing Auth. |
|
|
|
|
Wastewater Rev. | 5.000% | 6/1/37 (4) | 7,000 | 7,172 |
Huntington Beach CA Union High School Dist. GO | 5.000% | 8/1/18 (4) | 6,300 | 6,784 |
Huntington Beach CA Union High School Dist. GO | 5.000% | 8/1/21 (4) | 8,000 | 8,487 |
Irvine CA USD Financing Auth. Special Tax | 5.000% | 9/1/30 (2) | 19,175 | 19,021 |
Irvine CA USD Financing Auth. Special Tax | 5.000% | 9/1/34 (2) | 16,000 | 15,837 |
Kern CA High School Dist. GO | 6.400% | 8/1/14 (1)(ETM) | 1,490 | 1,763 |
Kern CA High School Dist. GO | 6.400% | 8/1/15 (1)(ETM) | 1,645 | 1,975 |
Kern CA High School Dist. GO | 6.400% | 8/1/16 (1)(ETM) | 1,815 | 2,199 |
La Mesa-Spring Valley CA School Dist. GO | 5.375% | 8/1/12 (3)(Prere.) | 1,775 | 1,948 |
La Mesa-Spring Valley CA School Dist. GO | 5.375% | 8/1/12 (3)(Prere.) | 1,890 | 2,074 |
La Mesa-Spring Valley CA School Dist. GO | 5.375% | 8/1/12 (3)(Prere.) | 1,570 | 1,723 |
La Mesa-Spring Valley CA School Dist. GO | 5.375% | 8/1/12 (3)(Prere.) | 2,000 | 2,194 |
Loma Linda CA Hosp. Rev. (Loma Linda Univ.) | 5.000% | 12/1/20 | 6,155 | 6,132 |
Loma Linda CA Hosp. Rev. (Loma Linda Univ.) | 5.000% | 12/1/21 | 2,500 | 2,478 |
Long Beach CA Finance Auth. Lease Rev. |
|
|
|
|
(Aquarium of the South Pacific) | 5.500% | 11/1/13 (2) | 3,680 | 3,921 |
Long Beach CA Finance Auth. Lease Rev. |
|
|
|
|
(Aquarium of the South Pacific) | 5.500% | 11/1/18 (2) | 4,675 | 4,923 |
Long Beach CA Finance Auth. Lease Rev. |
|
|
|
|
(Rainbow Harbor) | 5.125% | 5/1/09 (2)(Prere.) | 5,500 | 5,717 |
Long Beach CA Finance Auth. Lease Rev. |
|
|
|
|
(Temple & Willis Fac.) | 5.500% | 10/1/18 (1) | 5,030 | 5,165 |
Long Beach CA Finance Auth. Rev. | 3.243% | 11/15/27 | 21,130 | 15,848 |
Long Beach CA Finance Auth. Tax Rev. | 5.500% | 8/1/26 (2) | 7,570 | 7,953 |
Long Beach CA Finance Auth. Tax Rev. | 5.500% | 8/1/31 (2) | 4,015 | 4,170 |
65
California Long-Term Tax-Exempt Fund
Long Beach CA Harbor Rev. | 5.000% | 5/15/17 (3) | 3,655 | 3,871 |
Los Angeles CA Community College Dist. GO | 5.500% | 8/1/11 (1)(Prere.) | 8,810 | 9,579 |
Los Angeles CA Dept. of Airports |
|
|
|
|
International Airport Rev. | 5.250% | 5/15/17 (3) | 6,800 | 7,036 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 7/1/09 | 5,650 | 5,834 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 10/15/18 (1)(ETM) | 11,600 | 11,784 |
Los Angeles CA Dept. of Water & Power Rev. | 5.250% | 7/1/21 (4) | 2,830 | 2,958 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 7/1/25 (4) | 20,000 | 20,847 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 7/1/29 (2) | 10,000 | 10,294 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 7/1/30 (2) | 16,000 | 16,422 |
Los Angeles CA Dept. of Water & Power Rev. | 5.000% | 7/1/36 (3) | 2,925 | 2,960 |
Los Angeles CA USD GO | 5.250% | 7/1/09 (1)(Prere.) | 5,175 | 5,411 |
Los Angeles CA USD GO | 5.625% | 7/1/09 (1)(Prere.) | 6,615 | 6,943 |
Los Angeles CA USD GO | 5.250% | 7/1/14 (1) | 12,715 | 13,892 |
Los Angeles CA USD GO | 5.000% | 7/1/30 (3) | 7,500 | 7,680 |
Los Angeles CA Wastewater System Rev. | 6.000% | 6/1/21 (3) | 4,000 | 4,679 |
Los Angeles County CA Metro. Transp. |
|
|
|
|
Auth. Sales Tax Rev. | 5.000% | 7/1/19 (4) | 6,170 | 6,345 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.250% | 5/1/10 (2)(Prere.) | 4,700 | 4,965 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.500% | 10/1/18 (4) | 2,700 | 2,978 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/23 (1) | 4,000 | 4,083 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/24 (1) | 4,000 | 4,070 |
Los Angeles County CA Public Works |
|
|
|
|
Financing Auth. Rev. | 5.000% | 12/1/25 (1) | 2,165 | 2,195 |
Los Angeles County CA Sanitation Dist. |
|
|
|
|
Financing Auth Rev. | 4.500% | 10/1/42 (2) | 20,000 | 18,344 |
Los Angeles County CA Schools COP | 0.000% | 8/1/14 (2)(ETM) | 1,000 | 787 |
Los Angeles County CA Schools COP | 0.000% | 8/1/20 (2) | 2,095 | 1,172 |
MSR California Public Power Agency Rev. |
|
|
|
|
(San Juan Project) | 6.125% | 7/1/13 (2) | 8,000 | 8,605 |
MSR California Public Power Agency Rev. |
|
|
|
|
(San Juan Project) | 6.750% | 7/1/20 (1)(ETM) | 32,555 | 38,515 |
Metro. Water Dist. of Southern California Rev. | 8.000% | 7/1/08 (ETM) | 2,000 | 2,010 |
Metro. Water Dist. of Southern California Rev. | 5.000% | 7/1/25 | 3,410 | 3,598 |
Metro. Water Dist. of Southern California Rev. | 5.000% | 7/1/28 | 4,235 | 4,403 |
Metro. Water Dist. of Southern California Rev. | 5.000% | 7/1/29 | 5,500 | 5,700 |
Metro. Water Dist. of Southern California Rev. | 5.000% | 7/1/35 | 16,935 | 17,445 |
Modesto CA High School Dist. GO | 0.000% | 8/1/15 (3) | 5,000 | 3,697 |
Modesto CA High School Dist. GO | 0.000% | 8/1/17 (3) | 3,000 | 1,975 |
Modesto CA High School Dist. GO | 0.000% | 8/1/18 (3) | 3,225 | 1,998 |
Modesto CA Irrigation Dist. COP | 5.000% | 7/1/20 (1) | 2,175 | 2,242 |
Modesto CA Irrigation Dist. COP | 5.000% | 10/1/31 (2) | 14,540 | 14,519 |
Modesto CA Irrigation Dist. COP | 5.000% | 10/1/36 (2) | 4,795 | 4,773 |
Modesto CA Irrigation Dist. Finance Auth. Rev. |
|
|
|
|
(Woodland Project) | 6.500% | 10/1/11 (2)(ETM) | 5,750 | 6,167 |
Modesto CA Irrigation Dist. Finance Auth. Rev. |
|
|
|
|
(Woodland Project) | 6.500% | 10/1/22 (2)(ETM) | 9,750 | 11,701 |
Monterey Park CA Redev. Agency Tax Allocation | 5.000% | 9/1/16 (4) | 1,010 | 1,075 |
Monterey Park CA Redev. Agency Tax Allocation | 5.000% | 9/1/17 (4) | 1,060 | 1,127 |
Monterey Park CA Redev. Agency Tax Allocation | 5.000% | 9/1/18 (4) | 1,115 | 1,172 |
Monterey Park CA Redev. Agency Tax Allocation | 5.000% | 9/1/19 (4) | 1,120 | 1,178 |
Monterey Park CA Redev. Agency Tax Allocation | 5.000% | 9/1/20 (4) | 1,180 | 1,241 |
66
California Long-Term Tax-Exempt Fund
Mount San Antonio California |
|
|
|
|
Community College Dist. | 5.250% | 8/1/14 (1)(Prere.) | 2,860 | 3,200 |
Mount San Antonio California |
|
|
|
|
Community College Dist. | 5.250% | 8/1/14 (1)(Prere.) | 3,010 | 3,368 |
Mount San Antonio California |
|
|
|
|
Community College Dist. | 5.250% | 8/1/14 (1)(Prere.) | 3,170 | 3,547 |
Mount San Antonio California |
|
|
|
|
Community College Dist. | 5.250% | 8/1/14 (1)(Prere.) | 2,000 | 2,238 |
Mount San Antonio California |
|
|
|
|
Community College Dist. | 5.250% | 8/1/14 (1)(Prere.) | 3,335 | 3,731 |
Mount San Antonio California |
|
|
|
|
Community College Dist. | 5.250% | 8/1/14 (1)(Prere.) | 2,720 | 3,043 |
Napa Valley CA USD Election GO | 4.500% | 8/1/42 (4) | 12,690 | 12,053 |
Natomas CA USD GO | 5.200% | 9/1/19 (3) | 5,000 | 5,087 |
New Haven CA USD GO | 12.000% | 8/1/16 (4) | 2,480 | 3,974 |
New Haven CA USD GO | 12.000% | 8/1/17 (4) | 1,500 | 2,476 |
Newark CA USD GO | 0.000% | 8/1/11 (4) | 1,670 | 1,514 |
Newark CA USD GO | 0.000% | 8/1/12 (4) | 1,820 | 1,580 |
Newark CA USD GO | 0.000% | 8/1/13 (4) | 2,050 | 1,705 |
North Orange County CA |
|
|
|
|
Community College Dist. GO | 5.375% | 8/1/12 (1)(Prere.) | 5,080 | 5,600 |
Northern California Gas Auth. No. 1 Rev. | 2.257% | 7/1/13 | 14,000 | 12,880 |
Northern California Gas Auth. No. 1 Rev. | 2.407% | 7/1/17 | 17,000 | 14,450 |
Northern California Power Agency |
|
|
|
|
(Hydroelectric Project) | 5.000% | 7/1/08 (1)(Prere.) | 3,115 | 3,153 |
Northern California Power Agency |
|
|
|
|
(Hydroelectric Project) | 6.300% | 7/1/18 (1) | 10,000 | 11,734 |
Northern California Power Agency |
|
|
|
|
(Hydroelectric Project) | 7.500% | 7/1/21 (2)(Prere.) | 1,810 | 2,371 |
Northern California Power Agency |
|
|
|
|
(Hydroelectric Project) | 5.000% | 7/1/28 (1) | 11,140 | 11,196 |
Oakland CA Redev. Agency (Central Dist.) | 5.500% | 2/1/14 (2) | 5,500 | 5,872 |
Oakland CA Redev. Agency Tax |
|
|
|
|
Allocation (Coliseum Area) | 5.250% | 3/1/13 (Prere.) | 2,380 | 2,614 |
Oakland CA Redev. Agency Tax |
|
|
|
|
Allocation (Coliseum Area) | 5.250% | 3/1/13 (Prere.) | 3,730 | 4,096 |
Oceanside CA Community Dev. |
|
|
|
|
Comm.Multifamily Rental Housing Rev. PUT | 4.450% | 4/1/11 | 4,260 | 4,349 |
Palmdale CA COP | 5.250% | 9/1/19 (1) | 1,310 | 1,396 |
Palmdale CA COP | 5.250% | 9/1/20 (1) | 1,450 | 1,533 |
Palmdale CA COP | 5.250% | 9/1/21 (1) | 1,605 | 1,688 |
Palmdale CA COP | 5.250% | 9/1/22 (1) | 1,765 | 1,869 |
Palo Alto CA Improvement Rev. |
|
|
|
|
(Univ. Avenue Area Parking) | 5.700% | 9/2/18 | 890 | 907 |
Palo Alto CA Improvement Rev. |
|
|
|
|
(Univ. Avenue Area Parking) | 5.700% | 9/2/19 | 895 | 908 |
Palo Alto CA Improvement Rev. |
|
|
|
|
(Univ. Avenue Area Parking) | 5.750% | 9/2/20 | 890 | 903 |
Palo Alto CA Improvement Rev. |
|
|
|
|
(Univ. Avenue Area Parking) | 5.750% | 9/2/26 | 4,460 | 4,466 |
Palomar Pomerado Health System California Rev. | 5.375% | 11/1/11 (1) | 3,865 | 3,990 |
Palomar Pomerado Health System California Rev. | 5.375% | 11/1/13 (1) | 6,730 | 6,948 |
Palomar Pomerado Health System California Rev. | 4.500% | 8/1/32 (1) | 12,500 | 12,036 |
Pittsburg CA Redev. Agency Tax |
|
|
|
|
Allocation (Los Medanos Community Dev.) | 5.700% | 8/1/13 (4)(Prere.) | 7,000 | 7,999 |
67
California Long-Term Tax-Exempt Fund
| Pittsburg CA Redev. Agency Tax |
|
|
|
|
| Allocation (Los Medanos Community Dev.) | 0.000% | 8/1/19 (2) | 1,150 | 663 |
| Pittsburg CA Redev. Agency Tax |
|
|
|
|
| Allocation (Los Medanos Community Dev.) | 0.000% | 8/1/21 (2) | 2,575 | 1,303 |
| Pittsburg CA Redev. Agency Tax |
|
|
|
|
| Allocation (Los Medanos Community Dev.) | 0.000% | 8/1/22 (2) | 3,755 | 1,789 |
| Pittsburg CA Redev. Agency Tax |
|
|
|
|
| Allocation (Los Medanos Community Dev.) | 0.000% | 8/1/24 (2) | 1,000 | 421 |
| Pomona CA USD GO | 5.600% | 8/1/14 (1)(ETM) | 1,585 | 1,804 |
| Pomona CA USD GO | 5.600% | 8/1/15 (1)(ETM) | 2,000 | 2,300 |
| Pomona CA USD GO | 5.600% | 8/1/16 (1)(ETM) | 1,000 | 1,155 |
| Pomona CA USD GO | 7.500% | 8/1/17 (1)(ETM) | 2,540 | 3,309 |
| Port of Oakland CA Rev. | 5.000% | 11/1/16 (1) | 8,160 | 8,865 |
| Port of Oakland CA Rev. | 5.000% | 11/1/17 (1) | 5,000 | 5,421 |
| Port of Oakland CA Rev. | 5.000% | 11/1/18 (1) | 12,000 | 12,893 |
| Rancho Mirage CA Joint Powers |
|
|
|
|
| Financing Auth. Rev. (Eisenhower Medical Center) | 5.625% | 7/1/14 (Prere.) | 12,000 | 13,611 |
| Rancho Mirage CA Joint Powers |
|
|
|
|
| Financing Auth. Rev. (Eisenhower Medical Center) | 5.000% | 7/1/47 | 27,000 | 25,273 |
| Rancho Mirage CA Redev. Agency Tax Allocation | 5.125% | 4/1/21 (1) | 2,650 | 2,745 |
| Rancho Mirage CA Redev. Agency Tax Allocation | 5.250% | 4/1/26 (1) | 2,905 | 3,020 |
| Rancho Mirage CA Redev. Agency Tax Allocation | 5.250% | 4/1/33 (1) | 3,000 | 3,041 |
| Riverside CA USD Special Tax |
|
|
|
|
| (Community Fac. Dist. 7–Victoria Grove) | 5.000% | 9/1/31 (2) | 7,295 | 7,324 |
| Riverside County CA Asset Leasing |
|
|
|
|
| Corp.Leasehold Rev. (Riverside County Hosp.) | 0.000% | 6/1/13 (1) | 5,000 | 4,161 |
| Riverside County CA Asset Leasing |
|
|
|
|
| Corp.Leasehold Rev. (Riverside County Hosp.) | 0.000% | 6/1/14 (1) | 2,000 | 1,587 |
| Riverside County CA Asset Leasing |
|
|
|
|
| Corp.Leasehold Rev. (Riverside County Hosp.) | 0.000% | 6/1/15 (1) | 2,000 | 1,511 |
1 | Riverside County CA Transp. |
|
|
|
|
| Commission Sales Tax Rev. PUT | 5.000% | 12/1/09 | 10,000 | 10,350 |
| Sacramento CA Financing Auth. Lease Rev. | 5.375% | 11/1/14 (2) | 9,750 | 10,296 |
| Sacramento CA Financing Auth. Lease Rev. | 5.400% | 11/1/20 (2) | 6,785 | 7,264 |
1 | Sacramento CA Muni. Util. Dist. Rev. | 5.000% | 8/15/14 (4) | 5,615 | 6,171 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.800% | 7/1/19 (2) | 6,000 | 6,798 |
| Sacramento CA Muni. Util. Dist. Rev. | 5.900% | 7/1/20 (2) | 15,850 | 18,068 |
| Sacramento County CA Airport Rev. | 5.250% | 7/1/12 (4)(Prere.) | 2,305 | 2,514 |
| Sacramento County CA Public Fac. |
|
|
|
|
| Finance Corp. COP (Main Detention Fac.) | 5.500% | 6/1/10 (1)(ETM) | 2,545 | 2,630 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/14 (2)(Prere.) | 15,000 | 16,627 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/26 (3) | 5,000 | 5,180 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/27 (3) | 7,470 | 7,714 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/29 (3) | 7,890 | 8,099 |
| Sacramento County CA Sanitation |
|
|
|
|
| Dist.Financing Auth. | 5.000% | 12/1/30 (3) | 5,650 | 5,788 |
| Sacramento County CA Water |
|
|
|
|
| Financing Auth. Rev. Agency Zones | 5.000% | 6/1/21 (3) | 5,225 | 5,389 |
| Sacramento County CA Water |
|
|
|
|
| Financing Auth. Rev. Agency Zones | 5.000% | 6/1/22 (3) | 10,000 | 10,255 |
| Sacramento County CA Water |
|
|
|
|
| Financing Auth. Rev. Agency Zones | 5.000% | 6/1/27 (3) | 13,055 | 13,130 |
68
California Long-Term Tax-Exempt Fund
Sacramento County CA Water Financing |
|
|
|
|
Auth. Rev. Agency Zones | 5.000% | 6/1/28 (3) | 9,290 | 9,317 |
San Bernardino CA Multifamily Housing |
|
|
|
|
Rev. (Alta Park Mountain Vista Apartments) PUT | 4.450% | 5/1/10 (Prere.) | 7,000 | 7,268 |
San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (1) | 17,915 | 20,426 |
San Diego CA Community College Dist. GO | 5.000% | 8/1/30 (4) | 6,000 | 6,218 |
San Diego CA USD GO | 0.000% | 7/1/15 (3) | 5,370 | 4,031 |
San Diego CA USD GO | 0.000% | 7/1/16 (3) | 4,565 | 3,236 |
San Diego CA USD GO | 5.500% | 7/1/23 (1) | 8,205 | 9,279 |
San Diego CA USD GO | 5.500% | 7/1/24 (1) | 10,000 | 11,345 |
San Diego CA USD GO | 5.500% | 7/1/24 (4) | 14,015 | 16,006 |
San Diego CA USD GO | 5.500% | 7/1/25 (1) | 9,000 | 10,215 |
San Diego CA Water Auth. Rev. COP | 5.000% | 5/1/17 | 2,300 | 2,327 |
San Diego CA Water Auth. Rev. COP | 5.000% | 5/1/26 (4) | 7,275 | 7,605 |
San Diego County CA COP | 5.250% | 10/1/21 | 1,485 | 1,513 |
San Diego County CA COP | 5.000% | 2/1/28 (2) | 2,000 | 2,041 |
San Diego County CA COP | 5.250% | 10/1/28 | 2,745 | 2,766 |
San Diego County CA COP | 5.000% | 2/1/30 (2) | 2,345 | 2,382 |
San Diego County CA COP | 5.375% | 10/1/41 | 8,545 | 8,604 |
San Francisco CA Bay Area Rapid Transit Rev. | 6.750% | 7/1/10 (2) | 6,370 | 6,921 |
San Francisco CA Bay Area Rapid Transit Rev. | 6.750% | 7/1/11 (2) | 7,455 | 8,320 |
San Francisco CA City & County |
|
|
|
|
International Airport Rev. | 5.250% | 5/1/12 (1)(Prere.) | 4,305 | 4,683 |
San Francisco CA City & County |
|
|
|
|
International Airport Rev. | 5.250% | 5/1/12 (1)(Prere.) | 5,020 | 5,460 |
San Francisco CA City & County |
|
|
|
|
International Airport Rev. | 5.250% | 5/1/12 (1)(Prere.) | 4,770 | 5,188 |
San Joaquin County CA Transp. Auth. Rev. Notes | 5.000% | 4/1/11 | 10,000 | 10,485 |
San Joaquin Hills CA Transp. Corridor |
|
|
|
|
Agency Toll Road Rev. | 0.000% | 1/15/24 (1) | 15,000 | 6,252 |
San Joaquin Hills CA Transp. Corridor |
|
|
|
|
Agency Toll Road Rev. | 0.000% | 1/15/25 (1) | 18,250 | 7,088 |
San Joaquin Hills CA Transp. Corridor |
|
|
|
|
Agency Toll Road Rev. | 0.000% | 1/15/30 (1) | 7,000 | 1,945 |
San Joaquin Hills CA Transp. Corridor |
|
|
|
|
Agency Toll Road Rev. | 0.000% | 1/15/31 (1) | 11,950 | 3,102 |
San Jose CA Airport Rev. | 5.000% | 3/1/33 (2) | 15,000 | 15,030 |
San Jose CA Redev. Agency | 5.000% | 8/1/10 (1)(Prere.) | 1,525 | 1,627 |
San Jose CA Redev. Agency | 6.000% | 8/1/11 (1) | 5,930 | 6,438 |
San Jose CA Redev. Agency | 6.000% | 8/1/11 (1)(ETM) | 2,915 | 3,214 |
San Jose CA Redev. Agency | 5.000% | 8/1/26 (1) | 37,955 | 38,924 |
San Juan CA USD GO | 0.000% | 8/1/13 (4) | 2,220 | 1,845 |
San Juan CA USD GO | 0.000% | 8/1/14 (4) | 2,610 | 2,070 |
San Juan CA USD GO | 0.000% | 8/1/16 (4) | 2,000 | 1,429 |
San Juan CA USD GO | 0.000% | 8/1/18 (4) | 1,785 | 1,140 |
San Juan CA USD GO | 0.000% | 8/1/19 (4) | 2,210 | 1,330 |
San Juan CA USD GO | 0.000% | 8/1/20 (4) | 4,930 | 2,791 |
San Mateo CA Redev. Auth. Tax Allocation | 5.400% | 8/1/11 (Prere.) | 2,575 | 2,790 |
San Mateo CA Redev. Auth. Tax Allocation | 5.400% | 8/1/11 (Prere.) | 1,000 | 1,083 |
San Mateo CA Redev. Auth. Tax Allocation | 5.500% | 8/1/11 (Prere.) | 2,635 | 2,863 |
San Mateo County CA Community College Dist. GO | 5.000% | 9/1/31 | 5,000 | 5,157 |
San Mateo County CA Finance Auth. Rev. | 6.500% | 7/1/13 (1) | 14,560 | 16,004 |
San Mateo County CA Joint Powers Auth. Lease Rev. | 5.000% | 7/1/21 (1) | 3,500 | 3,745 |
San Ramon Valley CA USD GO | 0.000% | 7/1/09 (3) | 4,895 | 4,761 |
San Ramon Valley CA USD GO | 0.000% | 7/1/10 (3) | 7,050 | 6,653 |
San Ramon Valley CA USD GO | 0.000% | 7/1/12 (3) | 6,645 | 5,746 |
69
California Long-Term Tax-Exempt Fund
| San Ramon Valley CA USD GO | 0.000% | 7/1/13 (3) | 7,430 | 6,151 |
| San Ramon Valley CA USD GO | 0.000% | 7/1/14 (3) | 8,290 | 6,538 |
| San Ramon Valley CA USD GO | 0.000% | 7/1/15 (3) | 5,605 | 4,207 |
| Santa Ana CA Finance Auth. Rev. | 6.250% | 7/1/16 (1) | 5,345 | 6,175 |
| Santa Ana CA Finance Auth. Rev. | 6.250% | 7/1/17 (1) | 2,000 | 2,323 |
| Santa Clara CA Electric Rev. | 5.250% | 7/1/19 (1) | 2,200 | 2,327 |
| Santa Clara CA Electric Rev. | 5.250% | 7/1/20 (1) | 1,550 | 1,638 |
| Santa Clara CA Electric Rev. | 5.000% | 7/1/21 (1) | 4,895 | 5,077 |
| Santa Clara CA Redev. Agency (Bayshore North) | 7.000% | 7/1/10 (2) | 4,485 | 4,684 |
| Santa Clara County CA Financing Auth. Lease Rev. | 5.500% | 5/15/13 (2) | 5,050 | 5,326 |
| Santa Clara County CA Financing Auth. Lease Rev. | 5.500% | 5/15/14 (2) | 5,325 | 5,616 |
| Santa Clara County CA Financing Auth. Lease Rev. | 5.500% | 5/15/15 (2) | 5,620 | 5,928 |
| Santa Clara County CA Financing Auth. Lease Rev. | 5.000% | 11/15/15 | 11,375 | 12,438 |
| Santa Clara County CA Financing Auth. Lease Rev. | 5.000% | 11/15/16 | 11,940 | 13,073 |
| Santa Clara County CA Financing Auth. Lease Rev. | 5.250% | 5/15/36 | 20,000 | 20,689 |
| Santa Monica-Malibu CA USD Rev. | 0.000% | 8/1/20 (3) | 6,715 | 3,743 |
| Santa Rosa CA Waste Water Rev. | 6.000% | 7/2/15 (2) | 7,000 | 7,671 |
| Santa Rosa CA Waste Water Rev. | 6.000% | 9/1/15 (4) | 5,580 | 6,210 |
| Solano County CA COP | 5.250% | 11/1/12 (1)(Prere.) | 3,785 | 4,153 |
| Solano County CA COP | 5.250% | 11/1/12 (1)(Prere.) | 3,770 | 4,136 |
| South San Francisco CA Redev. |
|
|
|
|
| Agency Tax Allocation | 5.000% | 9/1/35 (3) | 8,610 | 8,546 |
| Southern California Public Power |
|
|
|
|
| Auth. Rev. (Transmission Project) | 5.750% | 7/1/21 (1) | 220 | 220 |
| Tobacco Securitization Auth. Rev. |
|
|
|
|
| (Southern California Tobacco Settlement) | 4.750% | 6/1/25 | 7,970 | 7,209 |
| Ukiah CA Electric Rev. | 6.000% | 6/1/08 (1) | 1,030 | 1,030 |
| Ukiah CA Electric Rev. | 6.250% | 6/1/18 (1) | 6,000 | 6,757 |
| Union CA Elementary School Dist. GO | 0.000% | 9/1/15 (3) | 3,860 | 2,876 |
| Union CA Elementary School Dist. GO | 0.000% | 9/1/16 (3) | 1,500 | 1,055 |
| Union CA Elementary School Dist. GO | 0.000% | 9/1/17 (3) | 2,295 | 1,525 |
| Union CA Elementary School Dist. GO | 0.000% | 9/1/18 (3) | 1,630 | 1,022 |
| Union CA Elementary School Dist. GO | 0.000% | 9/1/19 (3) | 1,750 | 1,033 |
| Union CA Elementary School Dist. GO | 0.000% | 9/1/20 (3) | 2,300 | 1,277 |
| Union CA Elementary School Dist. GO | 0.000% | 9/1/21 (3) | 2,000 | 1,045 |
| Univ. of California Rev. | 4.750% | 5/15/33 | 12,425 | 12,443 |
| Univ. of California Rev. | 5.000% | 5/15/33 (2) | 30,790 | 31,275 |
| Univ. of California Rev. (San Diego Medical Center) | 5.125% | 12/1/18 (4) | 3,695 | 3,890 |
| Univ. of California Rev. (San Diego Medical Center) | 5.125% | 12/1/19 (4) | 3,000 | 3,158 |
| Vallejo CA Sanitation & Flood Control COP | 5.000% | 7/1/19 (3) | 5,000 | 5,056 |
2 | Walnut Valley CA USD | 6.000% | 8/1/12 (2)(ETM) | 1,790 | 2,008 |
2 | Walnut Valley CA USD | 6.000% | 8/1/13 (2)(ETM) | 1,980 | 2,260 |
2 | Walnut Valley CA USD | 6.000% | 8/1/14 (2)(ETM) | 2,205 | 2,559 |
| Walnut Valley CA USD | 6.000% | 8/1/15 (2)(ETM) | 2,470 | 2,903 |
| Walnut Valley CA USD | 6.000% | 8/1/16 (2)(ETM) | 2,690 | 3,184 |
| Washington Township CA Health Care Dist. Rev. | 5.000% | 7/1/32 | 3,000 | 2,894 |
| Washington Township CA Health Care Dist. Rev. | 5.000% | 7/1/37 | 3,500 | 3,340 |
| Whittier CA Insured Health Fac. Rev. |
|
|
|
|
| (Presbyterian Hosp.) | 6.250% | 6/1/08 (1)(ETM) | 3,530 | 3,530 |
| Yuba City CA USD | 0.000% | 9/1/15 (3) | 1,870 | 1,373 |
| Yuba City CA USD | 0.000% | 9/1/17 (3) | 2,060 | 1,343 |
| Yuba City CA USD | 0.000% | 9/1/19 (3) | 2,270 | 1,313 |
|
|
|
|
|
|
| Outside California: |
|
|
|
|
| Puerto Rico GO | 5.000% | 7/1/13 (Prere.) | 4,025 | 4,396 |
| Puerto Rico GO | 5.250% | 7/1/16 (Prere.) | 4,290 | 4,857 |
70
California Long-Term Tax-Exempt Fund
Puerto Rico GO | 5.500% | 7/1/16 (1) | 10,000 | 10,876 |
Puerto Rico GO | 5.500% | 7/1/19 (2) | 6,500 | 6,948 |
Puerto Rico GO | 5.250% | 7/1/27 | 5,710 | 5,696 |
Puerto Rico Highway & Transp. Auth. Rev. | 5.250% | 7/1/10 | 5,000 | 5,156 |
Puerto Rico Muni. Finance Agency | 5.250% | 7/1/19 (11) | 2,250 | 2,298 |
Puerto Rico Muni. Finance Agency | 5.250% | 8/1/19 (4) | 7,000 | 7,618 |
Puerto Rico Muni. Finance Agency | 5.250% | 7/1/20 (11) | 1,300 | 1,320 |
Puerto Rico Muni. Finance Agency | 5.250% | 8/1/20 (11) | 2,255 | 2,290 |
Puerto Rico Muni. Finance Agency | 5.250% | 7/1/21 (11) | 1,445 | 1,461 |
Puerto Rico Muni. Finance Agency | 5.250% | 8/1/22 (11) | 3,000 | 3,024 |
Puerto Rico Muni. Finance Agency | 5.250% | 8/1/23 (11) | 1,000 | 1,005 |
Puerto Rico Public Buildings Auth. Govt. Fac. Rev. | 5.250% | 7/1/14 (Prere.) | 75 | 82 |
Puerto Rico Public Buildings Auth. Govt. Fac. Rev. | 5.250% | 7/1/33 | 5,175 | 5,132 |
Puerto Rico Public Finance Corp. PUT | 5.750% | 2/1/12 LOC | 16,000 | 16,197 |
Virgin Islands Water & Power Auth. |
|
|
|
|
Electric System Rev. | 5.000% | 7/1/31 | 3,500 | 3,361 |
Total Municipal Bonds (Cost $3,035,031) |
|
|
| 3,065,446 |
Other Assets and Liabilities (0.0%) |
|
|
|
|
Other Assets—Note B |
|
|
| 47,142 |
Liabilities |
|
|
| (47,234) |
|
|
|
| (92) |
Net Assets (100%) |
|
|
| 3,065,354 |
At May 31, 2008, net assets consisted of:3 |
|
| Amount |
| ($000) |
Paid-in Capital | 3,067,524 |
Undistributed Net Investment Income | — |
Accumulated Net Realized Losses | (32,526) |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | 30,415 |
Futures Contracts | (59) |
Net Assets | 3,065,354 |
|
|
Investor Shares—Net Assets |
|
Applicable to 66,962,499 outstanding $.001 par value shares |
|
of beneficial interest (unlimited authorization) | 753,913 |
Net Asset Value Per Share—Investor Shares | $11.26 |
|
|
Admiral Shares—Net Assets |
|
Applicable to 205,302,381 outstanding $.001 par value shares |
|
of beneficial interest (unlimited authorization) | 2,311,441 |
Net Asset Value Per Share—Admiral Shares | $11.26 |
• See Note A in Notes to Financial Statements.
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2008.
2 Securities with a value of $6,357,000 have been segregated as initial margin for open futures contracts.
3 See Note D in Notes to Financial Statements for the tax-basis components of net assets. For a key to abbreviations and other references, see page 72.
71
California Long-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
IDA—Industrial Development Authority Bond.
IDR—Industrial Development Revenue Bond.
PCR—Pollution Control Revenue Bond.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
UFSD—Union Free School District.
USD—United School District.
VRDO—Variable Rate Demand Obligation.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corp.
(13) National Indemnity Co. (Berkshire Hathaway).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
72
California Long-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended |
| May 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 68,871 |
Total Income | 68,871 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 143 |
Management and Administrative |
|
Investor Shares | 419 |
Admiral Shares | 552 |
Marketing and Distribution |
|
Investor Shares | 95 |
Admiral Shares | 238 |
Custodian Fees | 10 |
Shareholders’ Reports |
|
Investor Shares | 4 |
Admiral Shares | 1 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,463 |
Expenses Paid Indirectly—Note C | (25) |
Net Expenses | 1,438 |
Net Investment Income | 67,433 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | (1,042) |
Futures Contracts | 3,364 |
Realized Net Gain (Loss) | 2,322 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (53,262) |
Futures Contracts | (1,277) |
Change in Unrealized Appreciation (Depreciation) | (54,539) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,216 |
73
California Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended |
| Year Ended |
| May 31, |
| November 30, |
| 2008 |
| 2007 |
| ($000) |
| ($000) |
Increase (Decrease) In Net Assets |
|
|
|
Operations |
|
|
|
Net Investment Income | 67,433 |
| 131,893 |
Realized Net Gain (Loss) | 2,322 |
| (17,132) |
Change in Unrealized Appreciation (Depreciation) | (54,539) |
| (79,526) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,216 |
| 35,235 |
Distributions |
|
|
|
Net Investment Income |
|
|
|
Investor Shares | (16,406) |
| (32,781) |
Admiral Shares | (51,027) |
| (99,112) |
Realized Capital Gain |
|
|
|
Investor Shares | — |
| — |
Admiral Shares | — |
| — |
Total Distributions | (67,433) |
| (131,893) |
Capital Share Transactions—Note F |
|
|
|
Investor Shares | 34,722 |
| 78,340 |
Admiral Shares | 99,940 |
| 350,987 |
Net Increase (Decrease) from Capital Share Transactions | 134,662 |
| 429,327 |
Total Increase (Decrease) | 82,445 |
| 332,669 |
Net Assets |
|
|
|
Beginning of Period | 2,982,909 |
| 2,650,240 |
End of Period | 3,065,354 |
| 2,982,909 |
74
California Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
| Ended |
|
|
| ||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Net Asset Value, Beginning of Period | $11.46 | $11.86 | $11.65 | $11.74 | $12.00 | $11.76 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .252 | .531 | .528 | .527 | .545 | .542 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | (.200) | (.400) | .232 | (.037) | (.158) | .261 |
Total from Investment Operations | .052 | .131 | .760 | .490 | .387 | .803 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.252) | (.531) | (.528) | (.527) | (.545) | (.542) |
Distributions from Realized Capital Gains | — | — | (.022) | (.053) | (.102) | (.021) |
Total Distributions | (.252) | (.531) | (.550) | (.580) | (.647) | (.563) |
Net Asset Value, End of Period | $11.26 | $11.46 | $11.86 | $11.65 | $11.74 | $12.00 |
|
|
|
|
|
|
|
Total Return1 | 0.49% | 1.15% | 6.70% | 4.22% | 3.32% | 6.95% |
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $754 | $732 | $678 | $645 | $1,273 | $1,286 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.15%* | 0.15% | 0.16% | 0.16% | 0.15% | 0.17% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 4.46%* | 4.58% | 4.52% | 4.47% | 4.56% | 4.58% |
Portfolio Turnover Rate | 21%* | 23% | 13% | 10% | 26% | 18% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
* Annualized.
75
California Long-Term Tax-Exempt Fund
Admiral Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
| Ended |
|
|
| ||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Net Asset Value, Beginning of Period | $11.46 | $11.86 | $11.65 | $11.74 | $12.00 | $11.76 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .256 | .540 | .536 | .535 | .551 | .549 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | (.200) | (.400) | .232 | (.037) | (.158) | .261 |
Total from Investment Operations | .056 | .140 | .768 | .498 | .393 | .810 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.256) | (.540) | (.536) | (.535) | (.551) | (.549) |
Distributions from Realized Capital Gains | — | — | (.022) | (.053) | (.102) | (.021) |
Total Distributions | (.256) | (.540) | (.558) | (.588) | (.653) | (.570) |
Net Asset Value, End of Period | $11.26 | $11.46 | $11.86 | $11.65 | $11.74 | $12.00 |
|
|
|
|
|
|
|
Total Return | 0.52% | 1.22% | 6.78% | 4.29% | 3.37% | 7.01% |
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $2,311 | $2,251 | $1,972 | $1,614 | $743 | $707 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.08%* | 0.08% | 0.09% | 0.09% | 0.09% | 0.11% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 4.53%* | 4.65% | 4.59% | 4.53% | 4.61% | 4.64% |
Portfolio Turnover Rate | 21%* | 23% | 13% | 10% | 26% | 18% |
* Annualized.
See accompanying Notes, which are an integral part of the Financial Statements.
76
California Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard California Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of California. The fund offers two classes of shares, Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended November 30, 2004–2007) and for the period ended May 31, 2008, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
77
California Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2008, the fund had contributed capital of $253,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.25% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. The fund’s investment advisor may direct new issue purchases, subject to obtaining the best price and execution, to underwriters who have agreed to rebate or credit to the fund part of the underwriting fees generated. Such rebates or credits are used solely to reduce the fund’s management and administrative expenses. The fund’s custodian bank has also agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2008, these arrangements reduced the fund’s management and administrative expenses by $15,000 and custodian fees by $10,000.
D. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2007, the fund had available realized losses of $19,294,000 to offset future net capital gains of $971,000 through November 30, 2014, and $18,323,000 through November 30, 2015. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2008; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balances above.
The fund had realized losses totaling $14,337,000 through November 30, 2007, which are deferred for tax purposes and reduce the amount of unrealized appreciation on investment securities for tax purposes.
At May 31, 2008, the cost of investment securities for tax purposes was $3,049,368,000. Net unrealized appreciation of investment securities for tax purposes was $16,078,000, consisting of unrealized gains of $67,160,000 on securities that had risen in value since their purchase and $51,082,000 in unrealized losses on securities that had fallen in value since their purchase.
78
California Long-Term Tax-Exempt Fund
At May 31, 2008, the aggregate settlement value of open futures contracts expiring through September 2008 and the related unrealized appreciation (depreciation) were:
|
|
| ($000) |
| Number of | Aggregate | Unrealized |
| Long (Short) | Settlement | Appreciation |
Futures Contracts | Contracts | Value | (Depreciation) |
5-Year U.S. Treasury Note | (677) | 74,428 | 108 |
10-Year U.S. Treasury Note | (409) | 45,975 | (226) |
30-Year U.S. Treasury Bond | (195) | 22,133 | 59 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. During the six months ended May 31, 2008, the fund purchased $515,248,000 of investment securities and sold $302,852,000 of investment securities, other than temporary cash investments.
F. Capital share transactions for each class of shares were:
| Six Months Ended |
| Year Ended | ||
| May 31, 2008 |
| November 30, 2007 | ||
| Amount | Shares |
| Amount | Shares |
| ($000) | (000) |
| ($000) | (000) |
Investor Shares |
|
|
|
|
|
Issued | 146,179 | 12,940 |
| 284,618 | 24,513 |
Issued in Lieu of Cash Distributions | 12,994 | 1,159 |
| 25,503 | 2,202 |
Redeemed | (124,451) | (11,005) |
| (231,781) | (20,035) |
Net Increase (Decrease)—Investor Shares | 34,722 | 3,094 |
| 78,340 | 6,680 |
Admiral Shares |
|
|
|
|
|
Issued | 343,373 | 30,442 |
| 629,472 | 54,280 |
Issued in Lieu of Cash Distributions | 34,635 | 3,089 |
| 68,198 | 5,889 |
Redeemed | (278,068) | (24,725) |
| (346,683) | (30,026) |
Net Increase (Decrease)—Admiral Shares | 99,940 | 8,806 |
| 350,987 | 30,143 |
79
California Long-Term Tax-Exempt Fund
G. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements, effective for the fund’s current fiscal period.
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of May 31, 2008, based on the inputs used to value them.
| Investments | Futures |
| in Securities | Contracts |
Valuation Inputs | ($000) | ($000) |
Level 1—Quoted prices | — | (59) |
Level 2—Other significant observable inputs | 3,065,446 | — |
Level 3—Significant unobservable inputs | — | — |
Total | 3,065,446 | (59) |
80
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table on the following page illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
81
Six Months Ended May 31, 2008 |
|
|
|
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
California Tax-Exempt Fund | 11/30/2007 | 5/31/2008 | Period1 |
Based on Actual Fund Return |
|
|
|
Money Market | $1,000.00 | $1,012.26 | $0.50 |
Intermediate-Term |
|
|
|
Investor Shares | 1,000.00 | 1,013.36 | 0.76 |
Admiral Shares | 1,000.00 | 1,013.72 | 0.40 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,004.88 | 0.75 |
Admiral Shares | 1,000.00 | 1,005.23 | 0.40 |
Based on Hypothetical 5% Yearly Return |
|
|
|
Money Market | $1,000.00 | $1,024.50 | $0.51 |
Intermediate-Term |
|
|
|
Investor Shares | 1,000.00 | 1,024.25 | 0.76 |
Admiral Shares | 1,000.00 | 1,024.60 | 0.40 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,024.25 | 0.76 |
Admiral Shares | 1,000.00 | 1,024.60 | 0.40 |
Note that the expenses shown in the table above are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include the account service fee described in the prospectus. If such a fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1 The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the California Tax-Exempt Money Market Fund, 0.10%; for the California Intermediate-Term Tax-Exempt Fund Investor Shares, 0.15%, and Admiral Shares, 0.08%; for the California Long-Term Tax-Exempt Fund Investor Shares, 0.15%, and Admiral Shares, 0.08%. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
82
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard California Tax-Exempt Money Market Fund, Vanguard California Intermediate-Term Tax-Exempt Fund, and Vanguard California Long-Term Tax-Exempt Fund has renewed the funds’ investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Fixed Income Group—serves as the investment advisor for the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the funds’ investment management over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than two decades. George U. Sauter, Vanguard managing director and chief investment officer, has been in the investment management business since 1985. Robert F. Auwaerter, head of Fixed Income Portfolio Management and principal of Vanguard, has been in the investment management business since 1978. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the funds, including any periods of outperformance or underperformance of relevant benchmarks and peer groups. The board concluded that the funds have performed in line with expectations; that the funds have slightly outperformed their respective peer groups, the average California tax-exempt money market fund, the average California intermediate municipal fund, and the average California municipal fund; and that their results have been consistent with their investment strategies. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that the funds’ expense ratios were far below the average expense ratios charged by funds in their respective peer groups. The board noted that each fund’s advisory expense ratio was also well below its peer-group average. Information about the funds’ expense ratios appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds’ low-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
83
Glossary
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Effective Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid, taking into consideration the possibility that the issuer may call the bond before its maturity date. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average effective maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Average Quality. An indicator of credit risk, this figure is the average of the ratings assigned to a fund’s holdings by credit-rating agencies. The agencies make their judgment after appraising an issuer’s ability to meet its obligations. Quality is graded on a scale, with AAA indicating the most creditworthy bond issuers and MIG-1, A-1+, SP-1+, and F-1+ indicating the most creditworthy issuers of money market securities.
Average Weighted Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid. The figure reflects the proportion of fund assets represented by each security.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
84
Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (in the case of bonds) or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
85
This page intentionally left blank.
This page intentionally left blank.
The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Chairman of the Board, Chief Executive Officer, and Trustee | |
|
|
John J. Brennan1 |
|
Born 1954 | Principal Occupation(s) During the Past Five Years: Chairman of the Board, Chief Executive |
Trustee since May 1987; | Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment |
Chairman of the Board and | companies served by The Vanguard Group; Director of Vanguard Marketing Corporation. |
Chief Executive Officer |
|
155 Vanguard Funds Overseen |
|
|
|
Independent Trustees |
|
|
|
Charles D. Ellis |
|
Born 1937 | Principal Occupation(s) During the Past Five Years: Applecore Partners (pro bono ventures |
Trustee since January 2001 | in education); Senior Advisor to Greenwich Associates (international business strategy |
155 Vanguard Funds Overseen | consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business |
| at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
|
|
Emerson U. Fullwood |
|
Born 1948 | Principal Occupation(s) During the Past Five Years: Executive Chief Staff and Marketing |
Trustee since January 2008 | Officer for North America since 2004 and Corporate Vice President of Xerox Corporation |
155 Vanguard Funds Overseen | (photocopiers and printers); Director of SPX Corporation (multi-industry manufacturing), |
| of the United Way of Rochester, and of the Boy Scouts of America. |
|
|
Rajiv L. Gupta |
|
Born 1945 | Principal Occupation(s) During the Past Five Years: Chairman, President, and |
Trustee since December 20012 | Chief Executive Officer of Rohm and Haas Co. (chemicals); Board Member of |
155 Vanguard Funds Overseen | the American Chemistry Council; Director of Tyco International, Ltd. (diversified |
| manufacturing and services) since 2005. |
|
|
Amy Gutmann |
|
Born 1949 | Principal Occupation(s) During the Past Five Years: President of the University of |
Trustee since June 2006 | Pennsylvania since 2004; Professor in the School of Arts and Sciences, Annenberg School |
155 Vanguard Funds Overseen | for Communication, and Graduate School of Education of the University of Pennsylvania |
| since 2004; Provost (2001–2004) and Laurance S. Rockefeller Professor of Politics and |
| the University Center for Human Values (1990–2004), Princeton University; Director of |
| Carnegie Corporation of New York since 2005 and of Schuylkill River Development |
| Corporation and Greater Philadelphia Chamber of Commerce since 2004; Trustee of |
| the National Constitution Center since 2007. |
JoAnn Heffernan Heisen |
|
Born 1950 | Principal Occupation(s) During the Past Five Years: Corporate Vice President and |
Trustee since July 1998 | Chief Global Diversity Officer since 2006, Vice President and Chief Information |
155 Vanguard Funds Overseen | Officer (1997–2005), and Member of the Executive Committee of Johnson & |
| Johnson (pharmaceuticals/consumer products); Director of the University Medical |
| Center at Princeton and Women’s Research and Education Institute. |
|
|
André F. Perold |
|
Born 1952 | Principal Occupation(s) During the Past Five Years: George Gund Professor of Finance |
Trustee since December 2004 | and Banking, Harvard Business School; Senior Associate Dean and Director of Faculty |
155 Vanguard Funds Overseen | Recruiting, Harvard Business School; Director and Chairman of UNX, Inc. (equities |
| trading firm); Chair of the Investment Committee of HighVista Strategies LLC (private |
| investment firm) since 2005. |
|
|
Alfred M. Rankin, Jr. |
|
Born 1941 | Principal Occupation(s) During the Past Five Years: Chairman, President, Chief Executive |
Trustee since January 1993 | Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director |
155 Vanguard Funds Overseen | of Goodrich Corporation (industrial products/aircraft systems and services). |
|
|
|
|
J. Lawrence Wilson |
|
Born 1936 | Principal Occupation(s) During the Past Five Years: Retired Chairman and Chief Executive |
Trustee since April 1985 | Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines) and |
155 Vanguard Funds Overseen | AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University |
| and of Culver Educational Foundation. |
|
|
|
|
Executive Officers1 |
|
|
|
Thomas J. Higgins |
|
Born 1957 | Principal Occupation(s) During the Past Five Years: Principal of The Vanguard Group, Inc.; |
Treasurer since July 1998 | Treasurer of each of the investment companies served by The Vanguard Group. |
155 Vanguard Funds Overseen |
|
|
|
|
|
F. William McNabb III |
|
Born 1957 | Principal Occupation(s) During the Past Five Years: President of The Vanguard Group, Inc., |
President since March 2008 | and of each of the investment companies served by The Vanguard Group since 2008; |
155 Vanguard Funds Overseen | Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group |
| (1995–2008). |
|
|
Heidi Stam |
|
Born 1956 | Principal Occupation(s) During the Past Five Years: Managing Director of The Vanguard |
Secretary since July 2005 | Group, Inc., since 2006; General Counsel of The Vanguard Group since 2005; Secretary of |
155 Vanguard Funds Overseen | The Vanguard Group, and of each of the investment companies served by The Vanguard |
| Group, since 2005; Director and Senior Vice President of Vanguard Marketing Corporation |
| since 2005; Principal of The Vanguard Group (1997–2006). |
Vanguard Senior Management Team |
|
| |
|
|
|
|
R. Gregory Barton | Kathleen C. Gubanich | Michael S. Miller | Glenn W. Reed |
Mortimer J. Buckley | Paul A. Heller | Ralph K. Packard | George U. Sauter |
Founder |
|
John C. Bogle |
Chairman and Chief Executive Officer, 1974–1996 |
1 Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
P.O. Box 2600
Valley Forge, PA 19482-2600
Connect with Vanguard® > www.vanguard.com
Fund Information > 800-662-7447 | Vanguard, Admiral, Connect with Vanguard, and the |
| ship logo are trademarks of The Vanguard Group, Inc. |
Direct Investor Account Services > 800-662-2739 | CFA® is a trademark owned by CFA Institute. |
|
|
Institutional Investor Services > 800-523-1036 |
|
| All other marks are the exclusive property of their |
Text Telephone for People | respective owners. |
With Hearing Impairment > 800-952-3335 |
|
| All comparative mutual fund data are from Lipper Inc. |
| or Morningstar, Inc., unless otherwise noted. |
|
|
| You can obtain a free copy of Vanguard’s proxy voting |
This material may be used in conjunction | guidelines by visiting our website, www.vanguard.com, |
with the offering of shares of any Vanguard | and searching for “proxy voting guidelines,” or by |
fund only if preceded or accompanied by | calling Vanguard at 800-662-2739. The guidelines are |
the fund’s current prospectus. | also available from the SEC’s website, www.sec.gov. |
| In addition, you may obtain a free report on how your |
| fund voted the proxies for securities it owned during |
| the 12 months ended June 30. To get the report, visit |
| either www.vanguard.com or www.sec.gov. |
|
|
| You can review and copy information about your fund |
| at the SEC’s Public Reference Room in Washington, D.C. |
| To find out more about this public service, call the SEC |
| at 202-551-8090. Information about your fund is also |
| available on the SEC’s website, and you can receive |
| copies of this information, for a fee, by sending a |
| request in either of two ways: via e-mail addressed to |
| publicinfo@sec.gov or via regular mail addressed to the |
| Public Reference Section, Securities and Exchange |
| Commission, Washington, DC 20549-0102. |
|
|
|
|
|
|
|
|
| © 2008 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
|
|
| Q752 072008 |
Item 2: Not Applicable.
Item 3: Not Applicable.
Item 4: Not Applicable.
Item 5: Not Applicable.
Item 6: Not Applicable.
Item 7: Not applicable.
Item 8: Not Applicable.
Item 9: Not Applicable.
Item 10: Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
BY: |
| (signature) |
| (HEIDI STAM) | |
| JOHN J. BRENNAN* | |
| CHIEF EXECUTIVE OFFICER | |
Date: July 16, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
BY: |
| (signature) |
| (HEIDI STAM) | |
| JOHN J. BRENNAN* | |
| CHIEF EXECUTIVE OFFICER | |
Date: : July 16, 2008
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
BY: |
| (signature) |
| (HEIDI STAM) | |
| THOMAS J. HIGGINS* | |
| TREASURER | |
Date: : July 16, 2008
*By Power of Attorney. Filed on January 18, 2008, see File Number 2-29601. Incorporated by Reference.