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, 2010 – November 30, 2011
Item 1: Reports to Shareholders
 |
| Annual Report | November 30, 2011 |
| |
| Vanguard California Tax-Exempt Funds |
| |
| Vanguard California Tax-Exempt Money Market Fund |
| Vanguard California Intermediate-Term Tax-Exempt Fund |
| Vanguard California Long-TermTax-Exempt Fund |
> Vanguard California Tax-Exempt Money Market Fund returned 0.07% for the fiscal year ended November 30, 2011, as the Federal Reserve continued to keep short-term interest rates near zero.
> Investor Shares of Vanguard California Intermediate-Term Tax-Exempt Fund returned 6.17%, and Admiral Shares returned 6.26%, well ahead of the average return of competitive funds and just behind the return of the benchmark index.
> Investor Shares of Vanguard California Long-Term Tax-Exempt Fund returned 6.60%, and Admiral Shares returned 6.68%, results that lagged the return of the fund’s benchmark index but outpaced the average return of peer-group funds.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Advisor’s Report. | 9 |
| California Tax-Exempt Money Market Fund. | 13 |
| California Intermediate-Term Tax-Exempt Fund. | 33 |
| California Long-Term Tax-Exempt Fund. | 69 |
| About Your Fund’s Expenses. | 97 |
| Glossary. | 99 |
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 front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Vanguard was named for the HMS Vanguard, flagship of British Admiral Horatio Nelson. A ship—whose performance and safety depend on the work of all hands—has served as a fitting metaphor for the Vanguard crew as we strive to help clients reach their financial goals.
Your Fund’s Total Returns
| | | | | |
| Fiscal Year Ended November 30, 2011 | | | | | |
| | | Taxable- | | | |
| | SEC | Equivalent | Income | Capital | Total |
| | Yields | Yields | Returns | Returns | Returns |
| Vanguard California Tax-Exempt Money Market | | | | | |
| Fund | 0.01% | 0.02% | 0.07% | 0.00% | 0.07% |
| California Tax-Exempt Money Market Funds | | | | | |
| Average | | | | | 0.01 |
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | | | |
| Vanguard California Intermediate-Term Tax-Exempt Fund | | | | |
| Investor Shares | 2.63% | 4.51% | 3.88% | 2.29% | 6.17% |
| Admiral™ Shares | 2.71 | 4.65 | 3.97 | 2.29 | 6.26 |
| Barclays Capital 7 Year Municipal Bond Index | | | | | 6.35 |
| California Intermediate Municipal Debt Funds | | | | | |
| Average | | | | | 4.93 |
| California Intermediate Municipal Debt Funds Average: Derived from data provided by Lipper Inc. | | | |
| Vanguard California Long-Term Tax-Exempt Fund | | | | | |
| Investor Shares | 3.42% | 5.87% | 4.51% | 2.09% | 6.60% |
| Admiral Shares | 3.50 | 6.00 | 4.59 | 2.09 | 6.68 |
| Barclays Capital 10 Year Municipal Bond Index | | | | | 7.68 |
| California Municipal Debt Funds Average | | | | | 6.44 |
| California Municipal Debt Funds Average: Derived from data provided by Lipper Inc. | | | |
7-day SEC yield for the California Tax-Exempt Money Market Fund; 30-day SEC yield for the California Intermediate-Term Tax-Exempt Fund and California Long-Term Tax-Exempt Fund.
The calculation of taxable-equivalent yield assumes a typical itemized tax return and is based on the maximum federal tax rate of 35% and the maximum income tax rate for the state. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements.
1
Chairman’s Letter
Dear Shareholder,
Your fund’s fiscal year, which ended November 30, 2011, began inauspiciously. The turbulence in the municipal bond market that characterized the closing months of the 2010 fiscal year spilled over into the first quarter of this reporting period. By spring, however, the market had regained its footing, and it bounced back strongly for the remainder of the year.
For the fiscal year, Investor Shares of Vanguard California Intermediate-Term Tax-Exempt Fund returned 6.17%, while the Admiral Shares returned 6.26%. For the same period, Investor Shares of Vanguard California Long-Term Tax-Exempt Fund returned 6.60%; Admiral Shares returned 6.68%. Even in the difficult opening months, the income produced by the bond funds cushioned the effects of declining bond prices. For the period as a whole, the funds’ income return accounted for around two-thirds of their total return.
As I noted in my semiannual report to you six months ago, a confluence of negative events affected the municipal bond market at the start of the year. Especially prominent were concerns that state and local governments’ fiscal straits might lead to large-scale defaults. Thankfully, that hasn’t happened—and in our view isn’t likely to happen—although these groups may continue to struggle for some time despite cautiously hopeful signs. It’s important to keep in mind that the recoveries of state and local governments typically lag after a recession ends, and this one follows the
2
worst national slump since the Great Depression. One measure of the fiscal challenges faced in California and elsewhere is the reduced issuance of bonds during the fiscal period as projects are reconsidered.
In response to the market strains earlier in the year that sent municipal bond prices lower, the funds’ yields rose (because bond prices and yields move in opposite directions). As muni prices rallied, yields reversed course by fiscal year-end, winding up slightly lower than where they started. By November 30, the SEC yield for the Intermediate-Term Fund’s Investor Shares stood at 2.63% compared with 3.02% a year earlier: The figures were 3.42% versus 3.81% for the Long-Term Fund’s Investor Shares.
In contrast to the bond markets, money market fund yields were stable—or perhaps frozen is a better word. Vanguard California Tax-Exempt Money Market Fund returned 0.07%, compared with the 0.01% average return of its peers. Money market funds, tax-exempt and taxable alike, continue to be affected by the Federal Reserve’s decision to keep its target for short-term interest rates near zero. In August, the Fed said it planned to maintain that level until at least mid-2013.
| | | |
| Market Barometer | | | |
| | | Average Annual Total Returns |
| | | Periods Ended November 30, 2011 |
| | One | Three | Five |
| | Year | Years | Years |
| Bonds | | | |
| Barclays Capital U.S. Aggregate Bond Index (Broad | | | |
| taxable market) | 5.52% | 7.69% | 6.14% |
| Barclays Capital Municipal Bond Index (Broad tax-exempt | | | |
| market) | 6.53 | 8.41 | 4.75 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.09 | 0.12 | 1.44 |
| |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 7.38% | 15.10% | 0.07% |
| Russell 2000 Index (Small-caps) | 2.75 | 17.56 | 0.09 |
| Dow Jones U.S. Total Stock Market Index | 6.57 | 15.67 | 0.36 |
| MSCI All Country World Index ex USA (International) | -5.90 | 13.19 | -2.11 |
| |
| CPI | | | |
| Consumer Price Index | 3.39% | 2.12% | 2.34% |
3
Note: The funds are permitted to invest in securities whose income is subject to the alternative minimum tax (AMT). As of November 30, neither the Intermediate-Term nor the Long-Term Fund owned securities that would generate income distributions subject to the AMT, but the Money Market Fund did.
Despite modest yields, bonds produced strong returns
Both municipal and taxable bonds performed strongly during the fiscal year as stock market volatility helped generate enthusiasm for the relative stability of fixed income securities. Municipal bonds returned 6.53% and the broad taxable investment-grade bond market returned 5.52%, as anxious investors bid up bond prices and drove already low yields lower still. At the start of the year, the yield of the 10-year U.S. Treasury note, a benchmark for longer-term interest rates, stood at 2.80%. At the end, the note yielded just 2.07%. As yields decline, of course, so do the prospective returns available from these interest-bearing investments.
Even as the Fed maintained its near-0% target for the shortest-term interest rates, the central bank instituted a bond-buying policy aimed at reducing long-term yields.
A tumultuous path to unremarkable returns
The broad U.S. stock market produced a single-digit gain for the 12 months ended November 30. International stocks recorded a single-digit loss. On the way to these
| | | |
| Expense Ratios | | | |
| Your Fund Compared With Its Peer Group | | | |
| | Investor | Admiral | Peer Group |
| | Shares | Shares | Average |
| California Tax-Exempt Money Market | | | |
| Fund | 0.17% | — | 0.34% |
| California Intermediate-Term | | | |
| Tax-Exempt Fund | 0.20 | 0.12% | 0.82 |
| California Long-Term Tax-Exempt Fund | 0.20 | 0.12 | 1.02 |
The fund expense ratios shown are from the prospectus dated March 29, 2011, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2011, the funds’ expense ratios were: for the California Tax-Exempt Money Market Fund, 0.16%; for the California Intermediate-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares; and for the California Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. The expense ratio for the California Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before the reduction, the expense ratio was 0.17%. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2010.
Peer groups: For the California Tax-Exempt Money Market Fund, California Tax-Exempt Money Market Funds; for the California Intermediate-Term Tax-Exempt Fund, California Intermediate Municipal Debt Funds; for the California Long-Term Tax-Exempt Fund, California Municipal Debt Funds.
4
unremarkable returns, however, global stock markets traversed dramatic highs and lows.
Stock prices surged through the first half of the period as the U.S. economy seemed to be grinding into gear. But investor optimism faded in the second half, as Europe’s sovereign-debt crisis took center stage and political gridlock led to high-stakes brinkmanship over a bill to raise the U.S. debt ceiling. The drama prompted Standard & Poor’s to downgrade the U.S. credit rating, a shock that reverberated through global financial markets (Vanguard’s confidence in the full faith and credit of the U.S. Treasury remains unshaken.)
Although U.S. stocks tumbled through the summer, Treasury prices increased as fear of a disorderly European fiscal resolution spurred a flight to quality. U.S. stocks rebounded in the period’s final months. International stock markets traced similar trajectories before finishing the year with a negative return.
After a difficult start, municipal bonds rallied
California and most other states continued their budget struggles in the aftermath of the Great Recession. Governments throughout the country have been closely reexamining their cost structures, a process aimed at closing immediate
| |
| Total Returns | |
| Ten Years Ended November 30, 2011 | |
| | Average |
| | Annual Return |
| California Tax-Exempt Money Market Fund | 1.49% |
| California Tax-Exempt Money Market Funds Average | 1.16 |
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | |
| California Intermediate-Term Tax-Exempt Fund Investor Shares | 4.20% |
| Barclays Capital 7 Year Municipal Bond Index | 5.33 |
| California Intermediate Municipal Debt Funds Average | 3.62 |
| California Intermediate Municipal Debt Funds Average: Derived from data provided by Lipper Inc. | |
| California Long-Term Tax-Exempt Fund Investor Shares | 4.36% |
| Barclays Capital 10 Year Municipal Bond Index | 5.52 |
| California Municipal Debt Funds Average | 3.83 |
| California Municipal Debt Funds Average: Derived from data provided by Lipper Inc. | |
The figures shown represent past performance, which is not a guarantee of future results. (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 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.
5
budget gaps that may also help address some difficult longer-term issues. On the income side of the equation, states’ tax revenue continued to recover for the seventh straight calendar quarter as of September, but at a more moderate pace, according to a preliminary report from The Nelson A. Rockefeller Institute of Government. California’s downshift was more pronounced than the decline in the national average (its year-over-year revenue increase dwindled to almost zero in the third calendar quarter, versus the national average of about 7%).
At the start of the fiscal period, many investors viewed the fiscal challenges of state and local governments with deep pessimism, which contributed to an unusually deep plunge in municipal bond prices. Other factors included a rallying stock market, signs of a strengthening economy, rising interest rates, and the expiration of a popular subsidized taxable municipal bond program. Municipal market gloom persisted until the spring, when a strong rally began that lasted for the remainder of the funds’ fiscal year.
The market upswing countered the year’s discouraging start for the Long-Term Fund. The fund’s solid returns of 6.60% for Investor Shares and 6.68% for Admiral Shares outpaced the 6.44% average return of competing California funds, a consequence of the fund’s smaller loss in the opening months of the year.
The fund’s advisor, Vanguard Fixed Income Group, invests in higher-quality municipal bonds. This focus is a key reason for the fund’s better relative performance, because investors tend to prefer these kinds of investments in rough times. As the year continued and investors regained their appetite for risk, the higher quality of the fund’s assets compared with those of its peers held back returns somewhat. And as longer-term yields declined, peer funds also got a boost from their typically longer average durations (the longer a fund’s duration, the more sensitive the fund is to interest rate changes). At root were the Federal Reserve’s actions at both ends of the yield spectrum. The Fed’s policy of keeping short-term interest rates low has driven many investors to intermediate-term bonds, thus raising prices and reducing yields, while its new bond-buying policy has pushed longer-term yields lower.
The Intermediate-Term Fund, by contrast, performed strongly throughout the year, helped by good bond selection by the fund’s advisor. Investor Shares returned 6.17% for the 12 months ended November 30 and Admiral Shares returned 6.26%, both ahead of the 4.93% average return of the fund’s peers.
The advisor concentrated where possible on essential-service bonds, which typically generate relatively stable revenue streams from, for example, water, sewer, and electricity-generating facilities. The advisor also invested selectively in sectors such as health care.
6
The Advisor’s Report that follows this letter provides additional details about the Fixed Income Group’s management of the funds during the year.
Skillful management helps produce solid returns over the long term
A key measure of a fund’s performance is its experience over the long term. That is why it’s gratifying to review the history of the California Tax-Exempt Funds. For the ten years ended November 30, 2011, the funds exceeded their peer-group average returns, and the two bond funds trailed the average returns of broad nationwide indexes that serve as reasonable if imperfect benchmarks for California funds.
The funds have benefited from their high-quality orientation and low costs. Especially important has been the skill of the Fixed Income Group—not only the portfolio managers and traders, but also its team of seasoned credit analysts, who provide stringent and objective evaluations of the fiscal strength of bond issuers.
The more markets change, the more they stay the same
Uncertainty—sometimes at elevated levels—is an integral part of the investment landscape. This latest fiscal year serves as a case in point, as concerns about the fiscal health of municipal bond issuers early in the period were overridden by a strong rally in municipal bonds even as the challenges for state and local governments continued unabated.
Whatever the market environment, we believe that an effective long-term investment approach is to select a mix of assets that is balanced between, and diversified among, stocks, bonds, and cash investments. By sticking with such a plan through the markets’ cycles of optimism and fear, you enhance your chances of investment success.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
December 15, 2011
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| November 30, 2010 , Through November 30, 2011 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard California Tax-Exempt Money Market | | | | |
| Fund | $1.00 | $1.00 | $0.001 | $0.000 |
| Vanguard California Intermediate-Term | | | | |
| Tax-Exempt Fund | | | | |
| Investor Shares | $10.93 | $11.18 | $0.408 | $0.000 |
| Admiral Shares | 10.93 | 11.18 | 0.417 | 0.000 |
| Vanguard California Long-Term Tax-Exempt | | | | |
| Fund | | | | |
| Investor Shares | $11.01 | $11.24 | $0.473 | $0.000 |
| Admiral Shares | 11.01 | 11.24 | 0.482 | 0.000 |
8
Advisor’s Report
For the fiscal year ended November 30, 2011, Vanguard California Tax-Exempt Money Market Fund returned 0.07%, as the Federal Reserve maintained—and said it would extend until mid-2013—its policy of keeping short-term interest rates near zero. The returns for Vanguard California Intermediate-Term Tax-Exempt Fund (6.17% for Investor Shares and 6.26% for Admiral Shares) and California Long-Term Tax-Exempt Fund (6.60% for Investor Shares and 6.68% for Admiral Shares) trailed the returns of their national benchmark indexes but were ahead of the average returns for their California peer-group funds.
The investment environment
The opening months of the funds’ fiscal year coincided with the high point of unease in the municipal bond market. Investors had begun to grow more concerned in October 2010, but the December–January period (your fund’s fiscal year starts on December 1) was characterized by a brief and historically heavy spate of withdrawals from muni funds and a slump in bond prices.
The price decline has been attributed to an almost perfect storm of economic and market factors that we described in detail in our last report to you six months ago.
| | |
| Yields of Tax-Exempt Municipal Bonds | | |
| (AAA-Rated General-Obligation Issues) | | |
| | November 30, | November 30, |
| Maturity | 2010 | 2011 |
| 2 years | 0.60% | 0.42% |
| 5 years | 1.36 | 1.12 |
| 10 years | 2.79 | 2.22 |
| 30 years | 4.28 | 3.84 |
| Source: Vanguard. | | |
9
One of these factors was the fear held by some investors of a systemic decline in the creditworthiness of municipal bonds as state and local government tax revenues plunged in the wake of the Great Recession. After that disruptive start, more “normal” dynamics set in, and municipal bonds returned a solid 6.53% for the fiscal year, ahead of the 5.52% return of taxable bonds, as measured by the Barclays Capital Municipal Bond Index and Barclays Capital U.S. Aggregate Bond Index, respectively.
As we expected, the fear that large numbers of bond issuers would default turned out to be unwarranted. That said, they do face a challenging road ahead. Tax revenues have continued to rise for almost two years, but not enough to make budget-balancing easy. The effect of a national recession on these revenues lingers well after its official trough; the deeper the slump, the longer the recovery—and, as you know, the most recent downturn was the deepest in decades.
State and local governments continued to react to the forced austerity programs that the Great Recession precipitated, issuing fewer bonds than investors had expected earlier in the year and being more selective in the process. Overall municipal bond issuance during fiscal 2011 was about 7% lower than a year earlier, although it began to pick up later in the year. The volume figures exclude the effect of subsidized bonds issued under the Build America Bonds (BABs) program, part of the federal government’s economic-crisis stimulus package. These taxable bonds diverted some potential volume from the market for tax-exempt bonds before the program’s expiration at year-end 2010.
Reflecting the fiscal restraint being exercised by California state and local governments, the volume of new California municipal bonds issued (excluding BABs) decreased by almost 8% during the funds’ fiscal year, in line with the national average, to just over $37 billion. The figure smooths over unusually low issuance in the funds’ first and second quarters compared with the same periods a year ago and an increase in issuance (more than double that of a year ago) in the third quarter. With BABs included, the total amount of issuance during the funds’ fiscal year was down even more, by almost 38%.
At the same time, tax-exempt munis offered attractive yields compared with those of Treasury bonds. Muni bonds’ yields historically have been lower, a relationship that takes into account the federal tax-free nature of their income. During the latter part of the fiscal year, muni yields approached and then surpassed Treasury yields as investors sought “safe” assets in reaction to concerns about, among other things, Europe’s sovereign-debt problems. The flight to safety also fueled demand for higher-quality munis, even as state and local governments continued to struggle with their finances.
10
Given the unusual steepness of the yield curve during the year—that is, the difference in yields between the shortest-and longest-maturity bonds, as shown in the table on page 9—issuers sought to lower borrowing costs by favoring shorter maturities. They found a match with individual investors who were fleeing from the almost nonexistent yields offered by money market mutual funds to short-and medium-term bonds, a dynamic that pushed intermediate-term yields lower as demand and prices rose (bond prices and yields move inversely to each other). In choosing our investments during the year, we took advantage of the steepness in the yield curve to boost returns.
The low money market fund yields, of course, were a consequence of the Federal Reserve’s policy, in place since December 2008, of keeping the shortest-term interest rates near zero. In August, the Fed said it would continue to do so until at least mid-2013, and one month later it said it would also strive to lower longer-term interest rates. Under this new policy, informally known as Operation Twist, the Fed has begun purchasing Treasury bonds with remaining maturities of 6 to 30 years. The purchases have had the effect of lowering yields and raising prices of longer-term bonds.
Management of the funds
Bond fund returns during the fiscal year were helped substantially by our decision to redeploy certain assets from the shorter-to the longer-maturity regions of the yield curve.
We also sought to add value through careful, and diversified, selection of revenue-based bonds rather than focusing on state and local general obligation bonds. Some of the spreads between these bonds were among the highest we have seen. The sectors involved included those focused on essential services and A-rated hospital bonds.
We have been cautious in setting the California bond funds’ durations, given the uncertainties hovering over both the U.S. and European economies as well as future U.S. tax policy. We have set each fund’s average weighted duration, which is a gauge of the sensitivity of its portfolio to changes in interest rates, at a neutral level compared with its benchmark index.
In managing the money market fund, we haven’t changed our strategy, even though we continue to operate in an investment environment shaped by the Federal Reserve’s anchoring of its target interest rate in the neighborhood of zero. We remain focused on maintaining a diversified portfolio of high-quality short-term debt.
11
Going forward, credit concerns will continue to weigh on the municipal market—understandably, given the financial stresses that state and local governments will face for some time. Even so, our approach to muni bond investing hasn’t changed: As always, our dedicated and seasoned credit analysts, working together with traders and portfolio managers, will closely review the fiscal health of our borrowers as we choose issues to add to our portfolios and monitor those we have already purchased.
John M. Carbone, Principal, Portfolio Manager
Mathew M. Kiselak, Principal, Portfolio Manager
James D’Arcy, Portfolio Manager
Pamela Wisehaupt Tynan, Principal,
Head of Municipal Money Market Funds
Christopher W. Alwine, CFA, Principal,
Head of Municipal Bond Funds
Vanguard Fixed Income Group
December 20, 2011
12
California Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2011
| |
| Financial Attributes | |
| Ticker Symbol | VCTXX |
| Expense Ratio1 | 0.17% |
| 7-Day SEC Yield | 0.01% |
| Average Weighted | |
| Maturity | 53 days |
| |
| Distribution by Credit Quality (% of portfolio) |
| First Tier | 100.0% |
| For information about these ratings, see the Glossary entry for |
| Credit Quality. | |
1 The expense ratio shown is from the prospectus dated March 29, 2011, and represents estimated costs for the current fiscal year. For the fiscal year ended November 30, 2011, the expense ratio was 0.16%, reflecting a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the expense ratio was 0.17%.
13
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 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 fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
Cumulative Performance: November 30, 2001, Through November 30, 2011
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended November 30, 2011 | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| California Tax-Exempt Money Market | | | | |
| Fund | 0.07% | 1.25% | 1.49% | $11,598 |
| |
| – – – – California Tax-Exempt Money Market | | | | |
| Funds Average | 0.01 | 1.01 | 1.16 | 11,219 |
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | | |
See Financial Highlights for dividend information.
14
California Tax-Exempt Money Market Fund
| | |
| Fiscal-Year Total Returns (%): November 30, 2001, Through November 30, 2011 | |
| | | CA Tax-Exempt |
| | | Money Mkt |
| | | Funds Avg |
| Fiscal Year | Total Returns | Total Returns |
| 2002 | 1.33% | 0.92% |
| 2003 | 0.91 | 0.54 |
| 2004 | 1.05 | 0.60 |
| 2005 | 2.17 | 1.70 |
| 2006 | 3.24 | 2.78 |
| 2007 | 3.55 | 3.06 |
| 2008 | 2.21 | 1.81 |
| 2009 | 0.37 | 0.17 |
| 2010 | 0.11 | 0.01 |
| 2011 | 0.07 | 0.01 |
| 7-day SEC yield (11/30/2011): 0.01% | | |
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | |
Average Annual Total Returns: Periods Ended September 30, 2011
This table presents 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 | One | Five | Ten |
| | Date | Year | Years | Years |
| California Tax-Exempt Money | | | | |
| Market Fund | 6/1/1987 | 0.09% | 1.36% | 1.52% |
15
California Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2011
The fund reports a complete list of its holdings in various monthly and quarterly regulatory filings. The fund publishes its holdings on a monthly basis at vanguard.com and files them with the Securities and Exchange Commission on Form N-MFP. The fund’s Form N-MFP filings become public 60 days after the relevant month-end, and may be viewed at sec.gov or via a link on the “Portfolio Holdings” page on vanguard.com. 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 SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at 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) |
| Tax-Exempt Municipal Bonds (97.9%) | | | | |
| California (97.8%) | | | | |
| | ABAG Finance Authority for Nonprofit Corps. | | | | |
| | California Revenue (Francis Parker | | | | |
| | School Project) VRDO | 0.120% | 12/7/11 LOC | 17,315 | 17,315 |
| | ABAG Finance Authority for Nonprofit Corps. | | | | |
| | California Revenue (Institute for Defense | | | | |
| | Analyses) VRDO | 0.120% | 12/7/11 LOC | 11,945 | 11,945 |
| | ABAG Finance Authority for Nonprofit Corps. | | | | |
| | California Revenue (Lakeside Village | | | | |
| | Apartments) VRDO | 0.110% | 12/7/11 LOC | 12,000 | 12,000 |
| | ABAG Finance Authority for Nonprofit Corps. | | | | |
| | California Revenue (Public Policy Institute) VRDO | 0.160% | 12/7/11 LOC | 12,705 | 12,705 |
| | Anaheim CA Housing Finance Agency Home | | | | |
| | Mortgage Revenue VRDO | 0.130% | 12/7/11 LOC | 5,485 | 5,485 |
| 1 | Anaheim CA Public Financing Authority | | | | |
| | Lease Revenue (Anaheim Public Improvements | | | | |
| | Project) TOB VRDO | 0.130% | 12/7/11 LOC | 47,180 | 47,180 |
| 1,2 | Bay Area Toll Authority California Toll Bridge | | | | |
| | Revenue (San Francisco Bay Area) TOB PUT | 0.280% | 4/26/12 | 9,865 | 9,865 |
| 1 | Bay Area Toll Authority California Toll Bridge | | | | |
| | Revenue (San Francisco Bay Area) TOB VRDO | 0.140% | 12/7/11 | 41,910 | 41,910 |
| 1 | Bay Area Toll Authority California Toll Bridge | | | | |
| | Revenue (San Francisco Bay Area) TOB VRDO | 0.180% | 12/7/11 | 7,500 | 7,500 |
| | Berkeley CA TRAN | 2.000% | 7/5/12 | 48,000 | 48,497 |
| 1 | BlackRock MuniYield California Fund, Inc. | | | | |
| | VRDP VRDO | 0.260% | 12/7/11 LOC | 15,000 | 15,000 |
| 1 | BlackRock MuniYield California | | | | |
| | Quality Fund, Inc. VRDP VRDO | 0.260% | 12/7/11 LOC | 30,000 | 30,000 |
| | Butte County CA TRAN | 2.000% | 6/29/12 | 5,000 | 5,049 |
| | California Department of Water | | | | |
| | Resources Power Supply Revenue | 5.125% | 5/1/12 (Prere.) | 15,000 | 15,455 |
| | California Department of Water | | | | |
| | Resources Power Supply Revenue | 5.250% | 5/1/12 (Prere.) | 1,000 | 1,031 |
| | California Department of Water Resources | | | | |
| | Power Supply Revenue | 5.375% | 5/1/12 (Prere.) | 30,000 | 30,924 |
16
California Tax-Exempt Money Market Fund
| | | | | |
| | | | | Face | Market |
| | | | Maturity | Amount | Value |
| | | Coupon | Date | ($000) | ($000) |
| | California Department of Water Resources | | | | |
| | Power Supply Revenue | 5.375% | 5/1/12 (Prere.) | 1,000 | 1,031 |
| | California Department of Water Resources | | | | |
| | Power Supply Revenue | 5.375% | 5/1/12 (Prere.) | 5,500 | 5,673 |
| | California Department of Water Resources | | | | |
| | Power Supply Revenue | 5.500% | 5/1/12 (Prere.) | 6,745 | 6,960 |
| | California Department of Water Resources | | | | |
| | Power Supply Revenue | 5.500% | 5/1/12 (Prere.) | 5,000 | 5,159 |
| 1 | California Department of Water Resources | | | | |
| | Water System Revenue (Central | | | | |
| | Valley Project) TOB VRDO | 0.140% | 12/7/11 | 4,100 | 4,100 |
| | California Educational Facilities Authority | | | | |
| | Revenue (California Institute of | | | | |
| | Technology) VRDO | 0.090% | 12/7/11 | 54,800 | 54,800 |
| | California Educational Facilities Authority | | | | |
| | Revenue (Stanford Hospital) CP | 0.170% | 2/6/12 | 10,000 | 10,000 |
| 1 | California Educational Facilities Authority | | | | |
| | Revenue (Stanford Hospital) TOB VRDO | 0.150% | 12/7/11 LOC | 5,800 | 5,800 |
| | California Educational Facilities Authority | | | | |
| | Revenue (Stanford University) CP | 0.160% | 1/20/12 | 10,000 | 10,000 |
| | California Educational Facilities Authority | | | | |
| | Revenue (Stanford University) CP | 0.240% | 7/17/12 | 40,000 | 40,000 |
| | California Educational Facilities Authority | | | | |
| | Revenue (Stanford University) CP | 0.250% | 7/17/12 | 1,200 | 1,200 |
| | California Educational Facilities Authority | | | | |
| | Revenue (Stanford University) CP | 0.250% | 8/9/12 | 40,000 | 40,000 |
| 1,2 | California Educational Facilities Authority | | | | |
| | Revenue (Stanford University) TOB PUT | 0.250% | 2/9/12 | 37,235 | 37,235 |
| 1 | California Educational Facilities Authority | | | | |
| | Revenue (Stanford University) TOB VRDO | 0.130% | 12/7/11 | 4,455 | 4,455 |
| 1 | California Educational Facilities Authority | | | | |
| | Revenue (Stanford University) TOB VRDO | 0.150% | 12/7/11 | 7,645 | 7,645 |
| 1,2 | California Educational Facilities Authority | | | | |
| | Revenue (University of Southern | | | | |
| | California) TOB PUT | 0.310% | 8/15/12 | 15,040 | 15,040 |
| 1 | California Educational Facilities Authority | | | | |
| | Revenue (University of Southern | | | | |
| | California) TOB VRDO | 0.140% | 12/7/11 | 4,135 | 4,135 |
| | California GO | 5.000% | 2/1/12 (Prere.) | 20,000 | 20,155 |
| | California GO | 5.250% | 4/1/12 (Prere.) | 9,835 | 9,997 |
| | California Health Facilities Financing Authority | | | | |
| | Revenue (Catholic Healthcare West) VRDO | 0.100% | 12/7/11 LOC | 6,725 | 6,725 |
| | California Health Facilities Financing Authority | | | | |
| | Revenue (Children’s Hospital of | | | | |
| | Orange County) VRDO | 0.090% | 12/7/11 LOC | 13,950 | 13,950 |
| | California Health Facilities Financing Authority | | | | |
| | Revenue (Children’s Hospital of | | | | |
| | Orange County) VRDO | 0.090% | 12/7/11 LOC | 42,900 | 42,900 |
| | California Health Facilities Financing Authority | | | | |
| | Revenue (Children’s Hospital of | | | | |
| | Orange County) VRDO | 0.090% | 12/7/11 LOC | 22,100 | 22,100 |
| 1,2 | California Health Facilities Financing Authority | | | | |
| | Revenue (Kaiser Foundation Hospitals) TOB PUT | 0.180% | 1/3/12 LOC | 35,000 | 35,000 |
| | California Health Facilities Financing Authority | | | | |
| | Revenue (Memorial Health Services) VRDO | 0.090% | 12/7/11 | 54,175 | 54,175 |
17
California Tax-Exempt Money Market Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Health Facilities Financing Authority | | | | |
| Revenue (Scripps Health) VRDO | 0.070% | 12/7/11 LOC | 12,715 | 12,715 |
| 1 California Health Facilities Financing Authority | | | | |
| Revenue (Sutter Health) TOB VRDO | 0.140% | 12/7/11 | 6,700 | 6,700 |
| California Housing Finance Agency Home | | | | |
| Mortgage Revenue VRDO | 0.100% | 12/7/11 LOC | 26,700 | 26,700 |
| California Housing Finance Agency Home | | | | |
| Mortgage Revenue VRDO | 0.100% | 12/7/11 LOC | 39,390 | 39,390 |
| California Housing Finance Agency Home | | | | |
| Mortgage Revenue VRDO | 0.100% | 12/7/11 LOC | 7,390 | 7,390 |
| California Housing Finance Agency Home | | | | |
| Mortgage Revenue VRDO | 0.100% | 12/7/11 LOC | 12,900 | 12,900 |
| California Housing Finance Agency Home | | | | |
| Mortgage Revenue VRDO | 0.110% | 12/7/11 LOC | 12,400 | 12,400 |
| California Housing Finance Agency Home | | | | |
| Mortgage Revenue VRDO | 0.110% | 12/7/11 LOC | 5,920 | 5,920 |
| California Housing Finance Agency Multifamily | | | | |
| Housing Revenue VRDO | 0.140% | 12/7/11 LOC | 8,800 | 8,800 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue (Academy of | | | | |
| Motion Picture Arts & Sciences Obligated | | | | |
| Group) VRDO | 0.110% | 12/7/11 LOC | 35,000 | 35,000 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue | | | | |
| (Academy of Sciences) VRDO | 0.100% | 12/1/11 LOC | 8,925 | 8,925 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue (American | | | | |
| National Red Cross) VRDO | 0.080% | 12/7/11 LOC | 14,575 | 14,575 |
| 1 California Infrastructure & Economic | | | | |
| Development Bank Revenue (Bay Area Toll | | | | |
| Bridges Seismic Retrofit) TOB VRDO | 0.110% | 12/1/11 (ETM) | 4,240 | 4,240 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue (Buck | | | | |
| Institute for Age Research) VRDO | 0.090% | 12/7/11 LOC | 26,700 | 26,700 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue | | | | |
| (Los Angeles County Museum of Natural | | | | |
| History Foundation) VRDO | 0.070% | 12/1/11 LOC | 1,500 | 1,500 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue | | | | |
| (Prinsco Inc. Project) VRDO | 0.330% | 12/7/11 LOC | 7,150 | 7,150 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue | | | | |
| (SRI International) VRDO | 0.110% | 12/7/11 LOC | 1,800 | 1,800 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue | | | | |
| (SRI International) VRDO | 0.110% | 12/7/11 LOC | 4,280 | 4,280 |
| California Municipal Finance Authority Revenue | | | | |
| (Notre Dame High School, San Jose) VRDO | 0.230% | 12/7/11 LOC | 5,720 | 5,720 |
| California Municipal Finance Authority Revenue | | | | |
| (Westmont College) VRDO | 0.120% | 12/7/11 LOC | 13,500 | 13,500 |
| 1 California Public Works Board Lease Revenue | | | | |
| (University of California) TOB VRDO | 0.200% | 12/7/11 | 6,655 | 6,655 |
| California RAN | 2.000% | 5/24/12 | 56,000 | 56,438 |
| California School Cash Reserve Program | | | | |
| Authority Pool TRAN | 2.000% | 6/1/12 | 20,000 | 20,156 |
18
California Tax-Exempt Money Market Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| 1 California State University Revenue | | | | |
| Systemwide TOB VRDO | 0.260% | 12/7/11 (4) | 20,475 | 20,475 |
| California Statewide Communities Development | | | | |
| Authority Gas Supply Revenue VRDO | 0.120% | 12/7/11 | 79,575 | 79,575 |
| California Statewide Communities Development | | | | |
| Authority Multifamily Housing Revenue | | | | |
| (Apple Creek Apartments) VRDO | 0.100% | 12/7/11 LOC | 17,140 | 17,140 |
| California Statewide Communities Development | | | | |
| Authority Multifamily Housing Revenue (Canyon | | | | |
| Springs Apartments Project) VRDO | 0.180% | 12/7/11 LOC | 10,105 | 10,105 |
| California Statewide Communities Development | | | | |
| Authority Multifamily Housing Revenue | | | | |
| (Knolls Apartments) VRDO | 0.140% | 12/7/11 LOC | 12,715 | 12,715 |
| California Statewide Communities Development | | | | |
| Authority Multifamily Housing Revenue | | | | |
| (Ridgeway Apartments) VRDO | 0.130% | 12/7/11 LOC | 8,585 | 8,585 |
| California Statewide Communities Development | | | | |
| Authority Multifamily Housing Revenue | | | | |
| (Village Green Apartments) VRDO | 0.140% | 12/7/11 LOC | 5,800 | 5,800 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Community Hospital of the | | | | |
| Monterey Peninsula) VRDO | 0.080% | 12/7/11 LOC | 12,250 | 12,250 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Concordia University Irvine | | | | |
| Project) VRDO | 0.140% | 12/1/11 LOC | 12,650 | 12,650 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Kaiser Permanente) PUT | 0.480% | 6/1/12 | 12,500 | 12,500 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Kaiser Permanente) PUT | 0.480% | 6/1/12 | 12,500 | 12,500 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Kaiser Permanente) VRDO | 0.100% | 12/7/11 | 14,400 | 14,400 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Rady Children’s Hospital– | | | | |
| San Diego) VRDO | 0.090% | 12/7/11 LOC | 25,000 | 25,000 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Redlands Community | | | | |
| Hospital) VRDO | 0.110% | 12/7/11 LOC | 2,000 | 2,000 |
| 1 California Statewide Communities Development | | | | |
| Authority Revenue (Sutter Health) TOB VRDO | 0.180% | 12/7/11 | 5,500 | 5,500 |
| 1 Central Basin Municipal Water District | | | | |
| California COP TOB VRDO | 0.180% | 12/7/11 (4) | 7,500 | 7,500 |
| Cerritos CA Community College District BAN | 2.000% | 4/30/12 | 7,000 | 7,041 |
| 1 Cerritos CA Community College District | | | | |
| GO TOB VRDO | 0.140% | 12/7/11 | 7,845 | 7,845 |
| 1 Chabot-Las Positas CA Community College | | | | |
| District GO TOB VRDO | 0.150% | 12/7/11 | 8,000 | 8,000 |
| 1 Chabot-Las Positas CA Community College | | | | |
| District GO TOB VRDO | 0.260% | 12/7/11 | 8,725 | 8,725 |
| Chula Vista CA Multifamily Housing Revenue | | | | |
| (Teresina Apartments) VRDO | 0.100% | 12/7/11 LOC | 18,970 | 18,970 |
| 1 Contra Costa CA Community College District | | | | |
| GO TOB VRDO | 0.140% | 12/7/11 | 5,110 | 5,110 |
| 1 Contra Costa CA Community College District | | | | |
| GO TOB VRDO | 0.270% | 12/7/11 | 5,200 | 5,200 |
| 1 Contra Costa CA Transportation Authority | | | | |
| Sales Tax Revenue TOB VRDO | 0.140% | 12/7/11 | 20,000 | 20,000 |
19
California Tax-Exempt Money Market Fund
| | | | | |
| | | | | Face | Market |
| | | | Maturity | Amount | Value |
| | | Coupon | Date | ($000) | ($000) |
| | Contra Costa County CA Multifamily Housing | | | | |
| | Revenue (Park Regency) VRDO | 0.100% | 12/7/11 LOC | 47,200 | 47,200 |
| | Contra Costa County CA Multifamily Housing | | | | |
| | Revenue (Pleasant Hill BART Transit Village | | | | |
| | Apartments Project) VRDO | 0.140% | 12/7/11 LOC | 25,000 | 25,000 |
| 1 | Desert CA Community College District | | | | |
| | GO TOB VRDO | 0.170% | 12/7/11 | 11,000 | 11,000 |
| 2 | East Bay CA Municipal Utility District Waste | | | | |
| | Water System Revenue PUT | 0.160% | 2/1/12 | 7,800 | 7,800 |
| | East Bay CA Municipal Utility District Water | | | | |
| | System Revenue (Extendable) CP | 0.250% | 1/12/12 | 20,800 | 20,800 |
| | East Bay CA Municipal Utility District Water | | | | |
| | System Revenue (Extendable) CP | 0.230% | 3/1/12 | 12,200 | 12,200 |
| | East Bay CA Municipal Utility District Water | | | | |
| | System Revenue (Extendable) CP | 0.230% | 3/7/12 | 13,500 | 13,500 |
| 2 | East Bay CA Municipal Utility District Water | | | | |
| | System Revenue PUT | 0.170% | 3/1/12 | 32,480 | 32,480 |
| 2,3 | East Bay CA Municipal Utility District Water | | | | |
| | System Revenue PUT | 0.120% | 12/3/12 | 45,525 | 45,525 |
| 1 | Eastern California Municipal Water District | | | | |
| | Water & Sewer COP TOB VRDO | 0.140% | 12/7/11 | 1,590 | 1,590 |
| | Eastern California Municipal Water District | | | | |
| | Water & Sewer Revenue | 2.000% | 7/1/12 | 7,485 | 7,561 |
| 1 | Eastern California Municipal Water District | | | | |
| | Water & Sewer Revenue TOB VRDO | 0.180% | 12/7/11 | 3,940 | 3,940 |
| | Eastern California Municipal Water District | | | | |
| | Water & Sewer Revenue VRDO | 0.090% | 12/7/11 | 15,600 | 15,600 |
| | Escondido CA Community Development | | | | |
| | (Escondido Promenade Project) COP VRDO | 0.140% | 12/7/11 LOC | 9,400 | 9,400 |
| | Escondido CA Community Development | | | | |
| | Multifamily Revenue (Heritage Park | | | | |
| | Apartments) VRDO | 0.130% | 12/7/11 LOC | 4,250 | 4,250 |
| | Freemont CA Union High School District TRAN | 3.000% | 6/29/12 | 15,000 | 15,237 |
| | Fremont CA COP VRDO | 0.090% | 12/7/11 LOC | 9,305 | 9,305 |
| | Fremont CA COP VRDO | 0.120% | 12/7/11 LOC | 5,000 | 5,000 |
| 1 | Fresno CA Unified School District Revenue | | | | |
| | TOB VRDO | 0.150% | 12/7/11 LOC | 8,030 | 8,030 |
| | Fresno County CA TRAN | 3.000% | 6/29/12 | 8,000 | 8,127 |
| | Garden Grove CA Housing Authority Multifamily | | | | |
| | Housing Revenue (Valley View Senior | | | | |
| | Villas Project) VRDO | 0.140% | 12/7/11 LOC | 9,100 | 9,100 |
| 1 | Grossmont CA Healthcare District Revenue | | | | |
| | TOB VRDO | 0.150% | 12/7/11 | 5,000 | 5,000 |
| 1 | Imperial CA Irrigation District Electric | | | | |
| | Revenue TOB VRDO | 0.150% | 12/7/11 LOC | 4,100 | 4,100 |
| | Irvine CA Assessment District No. 05-21 | | | | |
| | Improvement Revenue (Northwest Irvine) VRDO | 0.140% | 12/1/11 LOC | 1,350 | 1,350 |
| | Irvine CA Assessment District No. 97-17 | | | | |
| | Improvement Revenue VRDO | 0.140% | 12/1/11 LOC | 14,504 | 14,504 |
| | Livermore CA COP VRDO | 0.130% | 12/7/11 LOC | 13,990 | 13,990 |
| | Livermore CA Redevelopment Agency Multi-Family | | | | |
| | Housing Revenue (Richards Manor) VRDO | 0.130% | 12/7/11 LOC | 4,770 | 4,770 |
| 1 | Long Beach CA Harbor Revenue TOB VRDO | 0.320% | 12/7/11 | 15,850 | 15,850 |
| | Long Beach CA Water Revenue CP | 0.180% | 2/6/12 | 11,000 | 11,000 |
20
California Tax-Exempt Money Market Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| 1 Los Angeles CA Community College District | | | | |
| GO TOB VRDO | 0.110% | 12/7/11 | 3,500 | 3,500 |
| 1 Los Angeles CA Community College District | | | | |
| GO TOB VRDO | 0.150% | 12/7/11 | 5,200 | 5,200 |
| 1 Los Angeles CA Community College District | | | | |
| GO TOB VRDO | 0.170% | 12/7/11 | 16,130 | 16,130 |
| 1 Los Angeles CA Community College District | | | | |
| GO TOB VRDO | 0.200% | 12/7/11 | 9,575 | 9,575 |
| Los Angeles CA Community Redevelopment | | | | |
| Agency Multifamily Housing Revenue | | | | |
| (Academy Village Apartments) VRDO | 0.100% | 12/7/11 LOC | 3,300 | 3,300 |
| Los Angeles CA Community Redevelopment | | | | |
| Agency Multifamily Housing Revenue | | | | |
| (Hollywood & Vine Apartments) VRDO | 0.130% | 12/7/11 LOC | 25,000 | 25,000 |
| 1 Los Angeles CA Department of Airports | | | | |
| International Airport Revenue TOB VRDO | 0.140% | 12/7/11 | 5,000 | 5,000 |
| 1 Los Angeles CA Department of Airports | | | | |
| International Airport Revenue TOB VRDO | 0.200% | 12/7/11 | 18,880 | 18,880 |
| 1 Los Angeles CA Department of Airports | | | | |
| International Airport Revenue TOB VRDO | 0.200% | 12/7/11 | 7,975 | 7,975 |
| 1 Los Angeles CA Department of Water & | | | | |
| Power Revenue TOB VRDO | 0.130% | 12/7/11 LOC | 10,255 | 10,255 |
| 1 Los Angeles CA Department of Water & | | | | |
| Power Revenue TOB VRDO | 0.140% | 12/7/11 | 7,495 | 7,495 |
| 1 Los Angeles CA Department of Water & | | | | |
| Power Revenue TOB VRDO | 0.200% | 12/7/11 | 5,450 | 5,450 |
| 1 Los Angeles CA Department of Water & | | | | |
| Power Revenue TOB VRDO | 0.200% | 12/7/11 | 4,360 | 4,360 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue VRDO | 0.080% | 12/7/11 | 32,400 | 32,400 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue VRDO | 0.080% | 12/7/11 | 7,675 | 7,675 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue VRDO | 0.100% | 12/7/11 | 22,315 | 22,315 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue VRDO | 0.100% | 12/7/11 | 86,500 | 86,500 |
| 1 Los Angeles CA GO TOB VRDO | 0.110% | 12/1/11 | 6,045 | 6,045 |
| Los Angeles CA Harbor Department | | | | |
| Revenue CP | 0.250% | 2/13/12 | 10,000 | 10,000 |
| 1 Los Angeles CA Harbor Department | | | | |
| Revenue TOB VRDO | 0.140% | 12/7/11 | 4,020 | 4,020 |
| 1 Los Angeles CA Harbor Department | | | | |
| Revenue TOB VRDO | 0.150% | 12/7/11 | 5,395 | 5,395 |
| Los Angeles CA Multifamily Housing Revenue | | | | |
| (Beverly Park Apartments) VRDO | 0.130% | 12/7/11 LOC | 15,500 | 15,500 |
| Los Angeles CA Multifamily Housing Revenue | | | | |
| (Fountain Park Project) VRDO | 0.100% | 12/7/11 LOC | 40,000 | 40,000 |
| Los Angeles CA Multifamily Housing Revenue | | | | |
| (Queen Portfolio Apartments Project) VRDO | 0.140% | 12/7/11 LOC | 6,895 | 6,895 |
| Los Angeles CA Multifamily Housing Revenue | | | | |
| (San Regis Project) VRDO | 0.140% | 12/7/11 LOC | 23,600 | 23,600 |
| Los Angeles CA Municipal Improvement Corp. | | | | |
| Lease Revenue CP | 0.230% | 12/5/11 LOC | 30,500 | 30,500 |
| Los Angeles CA TRAN | 2.500% | 2/29/12 | 10,000 | 10,054 |
21
California Tax-Exempt Money Market Fund
| | | | | |
| | | | | Face | Market |
| | | | Maturity | Amount | Value |
| | | Coupon | Date | ($000) | ($000) |
| | Los Angeles CA TRAN | 2.500% | 3/30/12 | 12,500 | 12,590 |
| | Los Angeles CA TRAN | 2.500% | 4/30/12 | 5,500 | 5,551 |
| 1 | Los Angeles CA Unified School District | | | | |
| | GO TOB VRDO | 0.130% | 12/7/11 | 9,020 | 9,020 |
| 1 | Los Angeles CA Unified School District | | | | |
| | GO TOB VRDO | 0.140% | 12/7/11 | 6,660 | 6,660 |
| 1 | Los Angeles CA Unified School District | | | | |
| | GO TOB VRDO | 0.140% | 12/7/11 | 9,995 | 9,995 |
| 1 | Los Angeles CA Wastewater System | | | | |
| | Revenue TOB VRDO | 0.140% | 12/7/11 | 7,500 | 7,500 |
| 1 | Los Angeles CA Wastewater System | | | | |
| | Revenue TOB VRDO | 0.140% | 12/7/11 | 25,000 | 25,000 |
| | Los Angeles CA Wastewater System | | | | |
| | Revenue VRDO | 0.120% | 12/7/11 LOC | 2,870 | 2,870 |
| 1,2 | Los Angeles County CA Metropolitan | | | | |
| | Transportation Authority Sales Tax | | | | |
| | Revenue TOB PUT | 0.180% | 4/2/12 LOC | 20,000 | 20,000 |
| | Los Angeles County CA Metropolitan | | | | |
| | Transportation Authority Sales Tax | | | | |
| | Revenue VRDO | 0.110% | 12/1/11 | 6,300 | 6,300 |
| | Los Angeles County CA Metropolitan | | | | |
| | Transportation Authority Sales Tax | | | | |
| | Revenue VRDO | 0.110% | 12/1/11 | 33,480 | 33,480 |
| 1 | Los Angeles County CA Sanitation Districts | | | | |
| | Financing Authority Capital Projects Revenue | | | | |
| | TOB VRDO | 0.130% | 12/7/11 LOC | 10,485 | 10,485 |
| | Los Angeles County CA TRAN | 2.500% | 3/30/12 | 35,000 | 35,248 |
| 1 | Los Angeles County CA Unified School District | | | | |
| | GO TOB VRDO | 0.140% | 12/7/11 | 5,000 | 5,000 |
| | Manteca CA Redevelopment Agency Tax | | | | |
| | Allocation Revenue VRDO | 0.150% | 12/1/11 LOC | 18,945 | 18,945 |
| 2 | Metropolitan Water District of Southern | | | | |
| | California Revenue PUT | 0.160% | 6/1/12 | 21,500 | 21,500 |
| 2 | Metropolitan Water District of Southern | | | | |
| | California Revenue PUT | 0.160% | 6/1/12 | 15,000 | 15,000 |
| 2 | Metropolitan Water District of Southern | | | | |
| | California Revenue PUT | 0.140% | 7/9/12 | 15,000 | 15,000 |
| 1 | Metropolitan Water District of Southern | | | | |
| | California Revenue TOB VRDO | 0.140% | 12/7/11 | 6,435 | 6,435 |
| 1 | Metropolitan Water District of Southern | | | | |
| | California Revenue TOB VRDO | 0.140% | 12/7/11 | 5,000 | 5,000 |
| | Metropolitan Water District of Southern | | | | |
| | California Revenue VRDO | 0.150% | 12/7/11 | 26,900 | 26,900 |
| | Mission Viejo CA Community Development | | | | |
| | Financing Authority Revenue (Mission Viejo | | | | |
| | Mall Improvement) VRDO | 0.100% | 12/7/11 LOC | 23,900 | 23,900 |
| | Modesto CA Water Revenue VRDO | 0.120% | 12/7/11 (4)LOC | 10,620 | 10,620 |
| 1 | Nuveen California Investment Quality Municipal | | | | |
| | Fund VRDP VRDO | 0.260% | 12/7/11 LOC | 18,000 | 18,000 |
| 1 | Nuveen California Performance Plus Municipal | | | | |
| | Fund VRDP VRDO | 0.260% | 12/7/11 LOC | 15,000 | 15,000 |
| 1 | Nuveen California Quality Income Municipal | | | | |
| | Fund VRDP VRDO | 0.260% | 12/7/11 LOC | 26,000 | 26,000 |
22
California Tax-Exempt Money Market Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| 1 Nuveen Insured California Premium Income | | | | |
| Municipal Fund 2 VRDP VRDO | 0.260% | 12/7/11 LOC | 27,000 | 27,000 |
| 1 Oakland CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Central District Project) | | | | |
| TOB VRDO | 0.130% | 12/7/11 LOC | 13,710 | 13,710 |
| Oakland CA TRAN | 2.000% | 3/30/12 | 9,000 | 9,050 |
| Oakland-Alameda County CA Coliseum Authority | | | | |
| Lease Revenue (Oakland Coliseum Project) | | | | |
| VRDO | 0.100% | 12/7/11 LOC | 67,500 | 67,500 |
| Orange County CA Apartment Development | | | | |
| Revenue VRDO | 0.100% | 12/7/11 LOC | 38,700 | 38,700 |
| Orange County CA Apartment Development | | | | |
| Revenue VRDO | 0.110% | 12/7/11 LOC | 9,550 | 9,550 |
| 1 Orange County CA Sanitation District COP | | | | |
| TOB VRDO | 0.160% | 12/7/11 | 10,925 | 10,925 |
| Orange County CA Sanitation District COP VRDO | 2.000% | 11/9/12 | 71,605 | 72,797 |
| Orange County CA Teeter Plan CP | 0.160% | 12/7/11 LOC | 20,000 | 20,000 |
| Orange County CA TRAN | 2.000% | 3/15/12 | 12,000 | 12,061 |
| Orange County CA TRAN | 2.000% | 5/15/12 | 19,560 | 19,714 |
| 1 Palomar Pomerado Health System California | | | | |
| Revenue GO TOB VRDO | 0.150% | 12/7/11 (12) | 2,600 | 2,600 |
| 1 Piedmont CA Unified School District | | | | |
| GO TOB VRDO | 0.140% | 12/7/11 | 3,225 | 3,225 |
| Pittsburg CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Los Medanos Community | | | | |
| Development Project) VRDO | 0.150% | 12/1/11 LOC | 28,955 | 28,955 |
| 1 Riverside CA Electric Revenue TOB VRDO | 0.110% | 12/1/11 | 7,050 | 7,050 |
| Riverside CA Electric Revenue VRDO | 0.080% | 12/7/11 LOC | 9,500 | 9,500 |
| Riverside County CA Industrial Development | | | | |
| Authority Empowerment Zone Facility Revenue | | | | |
| (Guy Evans Inc. Project) VRDO | 0.120% | 12/7/11 LOC | 5,345 | 5,345 |
| Riverside County CA Public Facility Project | | | | |
| COP VRDO | 0.100% | 12/7/11 LOC | 9,200 | 9,200 |
| Riverside County CA TRAN | 2.000% | 3/30/12 | 40,000 | 40,228 |
| Riverside County CA Transportation Commission | | | | |
| Sales Tax Revenue VRDO | 0.110% | 12/7/11 | 9,670 | 9,670 |
| Sacramento CA Suburban Water District COP | | | | |
| VRDO | 0.070% | 12/7/11 LOC | 20,025 | 20,025 |
| Sacramento County CA Multifamily Housing | | | | |
| Revenue (River Pointe Apartments) VRDO | 0.140% | 12/7/11 LOC | 12,300 | 12,300 |
| Sacramento County CA Multifamily Housing | | | | |
| Revenue (River Pointe Apartments) VRDO | 0.140% | 12/7/11 LOC | 10,200 | 10,200 |
| Sacramento County CA Sanitation Districts | | | | |
| Financing Authority Revenue VRDO | 0.110% | 12/7/11 LOC | 5,000 | 5,000 |
| 1 San Bernardino CA Community College | | | | |
| District GO TOB VRDO | 0.140% | 12/7/11 | 7,500 | 7,500 |
| 1 San Bernardino CA Community College | | | | |
| District GO TOB VRDO | 0.200% | 12/7/11 | 42,865 | 42,865 |
| San Bernardino County CA TRAN | 2.000% | 6/29/12 | 25,000 | 25,247 |
| San Bernardino County CA Transportation | | | | |
| Authority Sales Tax RAN | 3.500% | 5/1/12 | 1,815 | 1,839 |
| San Diego CA Community College District GO | 1.500% | 8/1/12 | 6,050 | 6,100 |
| 1 San Diego CA Community College District GO | | | | |
| TOB VRDO | 0.140% | 12/7/11 | 5,000 | 5,000 |
23
California Tax-Exempt Money Market Fund
| | | | | |
| | | | | Face | Market |
| | | | Maturity | Amount | Value |
| | | Coupon | Date | ($000) | ($000) |
| 1 | San Diego CA Community College District GO | | | | |
| | TOB VRDO | 0.140% | 12/7/11 | 5,000 | 5,000 |
| | San Diego CA County TRAN | 2.000% | 6/29/12 | 15,000 | 15,150 |
| | San Diego CA Housing Authority Multifamily | | | | |
| | Housing Revenue (Bay Vista Apartments | | | | |
| | Project) VRDO | 0.130% | 12/7/11 LOC | 9,690 | 9,690 |
| | San Diego CA Housing Authority Multifamily | | | | |
| | Housing Revenue (Canyon Rim Apartments) | | | | |
| | VRDO | 0.130% | 12/7/11 LOC | 32,440 | 32,440 |
| 1 | San Diego CA Public Facilities Financing | | | | |
| | Authority Water Revenue TOB VRDO | 0.140% | 12/7/11 | 7,495 | 7,495 |
| 1 | San Diego CA Public Facilities Financing | | | | |
| | Authority Water Revenue TOB VRDO | 0.140% | 12/7/11 | 10,310 | 10,310 |
| 1,2 | San Diego CA Unified School District GO | | | | |
| | TOB PUT | 0.310% | 8/15/12 | 25,350 | 25,350 |
| | San Diego County CA Regional Transportation | | | | |
| | Authority Sales Tax Revenue VRDO | 0.140% | 12/7/11 | 4,900 | 4,900 |
| 1 | San Diego County CA Water Authority | | | | |
| | Revenue COP TOB VRDO | 0.140% | 12/7/11 | 10,100 | 10,100 |
| 1 | San Diego County CA Water Authority | | | | |
| | Revenue COP TOB VRDO | 0.140% | 12/7/11 | 4,825 | 4,825 |
| 1 | San Diego County CA Water Authority | | | | |
| | Revenue COP TOB VRDO | 0.140% | 12/7/11 | 6,840 | 6,840 |
| 1 | San Diego County CA Water Authority | | | | |
| | Revenue COP TOB VRDO | 0.140% | 12/7/11 | 9,500 | 9,500 |
| 1 | San Diego County CA Water Authority | | | | |
| | Revenue COP TOB VRDO | 0.150% | 12/7/11 | 33,120 | 33,120 |
| 1 | San Diego County CA Water Authority | | | | |
| | Revenue COP TOB VRDO | 0.240% | 12/7/11 | 6,500 | 6,500 |
| 1 | San Diego County CA Water Authority | | | | |
| | Revenue COP TOB VRDO | 0.240% | 12/7/11 | 6,100 | 6,100 |
| 1 | San Diego County CA Water Authority | | | | |
| | Revenue COP TOB VRDO | 0.240% | 12/7/11 | 9,800 | 9,800 |
| | San Diego County CA Water Authority | | | | |
| | Revenue CP | 0.160% | 12/5/11 | 5,000 | 5,000 |
| | San Diego County CA Water Authority | | | | |
| | Revenue CP | 0.160% | 12/5/11 | 5,000 | 5,000 |
| | San Diego County CA Water Authority | | | | |
| | Revenue CP | 0.180% | 2/14/12 | 14,000 | 14,000 |
| | San Diego County CA Water Authority | | | | |
| | Revenue CP | 0.200% | 3/9/12 | 12,500 | 12,500 |
| 1 | San Francisco CA Bay Area Rapid Transit | | | | |
| | District Sales Tax Revenue TOB VRDO | 0.130% | 12/7/11 | 7,500 | 7,500 |
| 1 | San Francisco CA Bay Area Rapid Transit | | | | |
| | District Sales Tax Revenue TOB VRDO | 0.140% | 12/7/11 | 13,595 | 13,595 |
| 1 | San Francisco CA City & County (Laguna | | | | |
| | Honda Hospital) GO TOB VRDO | 0.200% | 12/7/11 | 6,700 | 6,700 |
| | San Francisco CA City & County Airport | | | | |
| | Commission International Airport | | | | |
| | Revenue VRDO | 0.090% | 12/7/11 LOC | 8,000 | 8,000 |
| | San Francisco CA City & County Finance Corp. | | | | |
| | Lease Revenue (Moscone Center Expansion) | | | | |
| | VRDO | 0.090% | 12/7/11 LOC | 47,745 | 47,745 |
| | San Francisco CA City & County GO | 2.000% | 6/15/12 | 7,250 | 7,317 |
24
California Tax-Exempt Money Market Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| San Francisco CA City & County International | | | | |
| Airport Revenue VRDO | 0.090% | 12/7/11 LOC | 5,000 | 5,000 |
| San Francisco CA City & County International | | | | |
| Airport Revenue VRDO | 0.100% | 12/7/11 LOC | 16,000 | 16,000 |
| San Francisco CA City & County Redevelopment | | | | |
| Agency Multifamily Housing Revenue | | | | |
| (Third & Mission Streets) VRDO | 0.100% | 12/7/11 LOC | 40,000 | 40,000 |
| San Francisco CA City & County Unified School | | | | |
| District TRAN | 2.000% | 6/29/12 | 10,000 | 10,098 |
| San Jose CA Financing Authority Lease | | | | |
| Revenue CP | 0.180% | 12/9/11 LOC | 27,068 | 27,068 |
| 1 San Jose CA Financing Authority Lease | | | | |
| Revenue TOB VRDO | 0.140% | 12/7/11 (13) | 25,960 | 25,960 |
| San Jose CA Multifamily Housing Revenue | | | | |
| (Cinnabar Commons) VRDO | 0.140% | 12/7/11 LOC | 16,600 | 16,600 |
| San Jose CA Multifamily Housing Revenue | | | | |
| (Raintree Apartments) VRDO | 0.140% | 12/7/11 LOC | 10,000 | 10,000 |
| 1 San Jose CA Unified School District Santa Clara | | | | |
| County GO TOB VRDO | 0.140% | 12/7/11 | 7,310 | 7,310 |
| 1 San Marcos CA Public Facilities Authority Tax | | | | |
| Allocation Revenue TOB VRDO | 0.110% | 12/1/11 LOC | 4,200 | 4,200 |
| 1 San Mateo County CA Community College | | | | |
| District GO TOB VRDO | 0.140% | 12/7/11 | 4,315 | 4,315 |
| Santa Barbara County CA TRAN | 2.000% | 6/29/12 | 11,000 | 11,109 |
| Santa Clara County CA El Camino Hospital | | | | |
| District Facilities Authority Revenue (Valley | | | | |
| Medical Center Project) VRDO | 0.100% | 12/7/11 LOC | 11,850 | 11,850 |
| Santa Clara County CA El Camino Hospital | | | | |
| District Facilities Authority Revenue (Valley | | | | |
| Medical Center Project) VRDO | 0.100% | 12/7/11 LOC | 12,600 | 12,600 |
| Santa Clara Valley CA Transportation Authority | | | | |
| Sales Tax Revenue VRDO | 0.080% | 12/7/11 | 6,500 | 6,500 |
| Santa Cruz County CA TRAN | 2.000% | 3/1/12 | 6,000 | 6,026 |
| 1 Sequoia CA Unified School District GO TOB VRDO | 0.140% | 12/7/11 | 5,860 | 5,860 |
| Sequoia CA Union High School District TRAN | 3.000% | 7/5/12 | 13,000 | 13,212 |
| 1 Sonoma County CA Junior College District | | | | |
| GO TOB VRDO | 0.130% | 12/7/11 | 30,765 | 30,765 |
| South Placer CA Wastewater Authority | | | | |
| Revenue VRDO | 0.060% | 12/7/11 LOC | 8,000 | 8,000 |
| 1 Sunnyvale CA Wastewater Revenue TOB VRDO | 0.150% | 12/7/11 | 13,320 | 13,320 |
| 1 Sweetwater CA Unified School District GO | | | | |
| TOB VRDO | 0.150% | 12/7/11 (13) | 16,445 | 16,445 |
| 1 Torrance CA Hospital Revenue (Torrance | | | | |
| Memorial Medical Center) TOB VRDO | 0.150% | 12/7/11 LOC | 9,100 | 9,100 |
| Torrance CA Hospital Revenue (Torrance | | | | |
| Memorial Medical Center) VRDO | 0.100% | 12/7/11 LOC | 9,100 | 9,100 |
| University of California Regents CP | 0.180% | 12/6/11 | 24,000 | 24,000 |
| University of California Regents CP | 0.160% | 12/7/11 | 25,000 | 25,000 |
| University of California Regents CP | 0.170% | 1/12/12 | 10,000 | 10,000 |
| University of California Revenue | 3.000% | 5/15/12 | 2,000 | 2,025 |
| University of California Revenue | 5.000% | 5/15/12 | 1,000 | 1,022 |
| 1 University of California Revenue TOB VRDO | 0.140% | 12/7/11 | 3,495 | 3,495 |
| 1 University of California Revenue TOB VRDO | 0.140% | 12/7/11 | 6,000 | 6,000 |
| 1 University of California Revenue TOB VRDO | 0.140% | 12/7/11 | 3,470 | 3,470 |
25
California Tax-Exempt Money Market Fund
| | | | | |
| | | | | Face | Market |
| | | | Maturity | Amount | Value |
| | | Coupon | Date | ($000) | ($000) |
| 1 | University of California Revenue TOB VRDO | 0.140% | 12/7/11 | 1,890 | 1,890 |
| 1 | University of California Revenue TOB VRDO | 0.140% | 12/7/11 | 15,195 | 15,195 |
| 1 | University of California Revenue TOB VRDO | 0.200% | 12/7/11 | 7,300 | 7,300 |
| 1 | University of California Revenue TOB VRDO | 0.200% | 12/7/11 | 6,655 | 6,655 |
| 1 | University of California Revenue TOB VRDO | 0.200% | 12/7/11 | 12,010 | 12,010 |
| | Ventura County CA TRAN | 2.250% | 6/29/12 | 35,315 | 35,717 |
| | Westlands CA Water District COP VRDO | 0.090% | 12/7/11 LOC | 26,835 | 26,835 |
| | Whittier CA Health Facility Revenue (Presbyterian | | | | |
| | Intercommunity Hospital) VRDO | 0.070% | 12/7/11 LOC | 4,900 | 4,900 |
| | Whittier CA Health Facility Revenue (Presbyterian | | | | |
| | Intercommunity Hospital) VRDO | 0.080% | 12/7/11 LOC | 9,200 | 9,200 |
| | | | | | 4,039,948 |
| Puerto Rico (0.1%) | | | | |
| | Puerto Rico Public Finance Corp. Revenue | 5.500% | 2/1/12 (Prere.) | 3,500 | 3,529 |
| Total Tax-Exempt Municipal Bonds (Cost $4,043,477) | | | | 4,043,477 |
| Other Assets and Liabilities (2.1%) | | | | |
| Other Assets | | | | 158,892 |
| Liabilities | | | | (71,125) |
| | | | | | 87,767 |
| Net Assets (100%) | | | | |
| Applicable to 4,130,698,200 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 4,131,244 |
| Net Asset Value Per Share | | | | $1.00 |
| |
| At November 30, 2011, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 4,131,238 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Gains | 6 |
| Net Assets | 4,131,244 |
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 November 30, 2011, the aggregate value of these securities was $1,149,600,000, representing 27.8% of net assets.
2 Adjustable-rate security.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2011.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
26
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.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(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 Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
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.
27
California Tax-Exempt Money Market Fund
| |
| Statement of Operations | |
| |
| | Year Ended |
| | November 30, 2011 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 10,102 |
| Total Income | 10,102 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,311 |
| Management and Administrative | 4,691 |
| Marketing and Distribution | 1,351 |
| Custodian Fees | 57 |
| Auditing Fees | 23 |
| Shareholders’ Reports | 27 |
| Trustees’ Fees and Expenses | 5 |
| Total Expenses | 7,465 |
| Expense Reduction—Note B | (332) |
| Net Expenses | 7,133 |
| Net Investment Income | 2,969 |
| Realized Net Gain (Loss) on Investment Securities Sold | 26 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,995 |
See accompanying Notes, which are an integral part of the Financial Statements.
28
California Tax-Exempt Money Market Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended November 30, |
| | 2011 | 2010 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 2,969 | 5,550 |
| Realized Net Gain (Loss) | 26 | 6 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,995 | 5,556 |
| Distributions | | |
| Net Investment Income | (2,969) | (5,550) |
| Realized Capital Gain | — | — |
| Total Distributions | (2,969) | (5,550) |
| Capital Share Transactions (at $1.00) | | |
| Issued | 2,863,192 | 2,982,771 |
| Issued in Lieu of Cash Distributions | 2,862 | 5,359 |
| Redeemed | (3,344,624) | (3,733,806) |
| Net Increase (Decrease) from Capital Share Transactions | (478,570) | (745,676) |
| Total Increase (Decrease) | (478,544) | (745,670) |
| Net Assets | | |
| Beginning of Period | 4,609,788 | 5,355,458 |
| End of Period | 4,131,244 | 4,609,788 |
See accompanying Notes, which are an integral part of the Financial Statements.
29
California Tax-Exempt Money Market Fund
| | | | | |
| Financial Highlights | | | | | |
| |
| |
| For a Share Outstanding | | | Year Ended November 30, |
| Throughout Each Period | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | | | | | |
| Net Investment Income | .001 | .001 | .004 | .022 | .035 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | — | — | — | — | — |
| Total from Investment Operations | .001 | .001 | .004 | .022 | .035 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.001) | (.001) | (.004) | (.022) | (.035) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.001) | (.001) | (.004) | (.022) | (.035) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| |
| Total Return1 | 0.07% | 0.11% | 0.37% | 2.21% | 3.55% |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $4,131 | $4,610 | $5,355 | $7,506 | $8,623 |
| Ratio of Expenses to | | | | | |
| Average Net Assets | 0.16%2 | 0.17% | 0.17%3 | 0.11%3 | 0.10% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 0.07% | 0.11% | 0.39% | 2.19% | 3.49% |
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
2 The ratio of total expenses to average net assets before an expense reduction was 0.17%. See Note B in the Notes to Financial Statements.
3 Includes fees to participate in the Treasury Temporary Guarantee Program fo Money Market Funds of 0.04% for 2009 and 0.01% for 2008.
See accompanying Notes, which are an integral part of the Financial Statements.
30
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.
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 for all open federal income tax years (November 30, 2008–2011), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions 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 November 30, 2011, the fund had contributed capital of $676,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.27% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard. Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield so as to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the year ended November 30, 2011, Vanguard’s management and administrative expenses were reduced by $332,000 (an effective annual rate of 0.01% of the fund’s average net assets).
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value 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).
31
California Tax-Exempt Money Market Fund
At November 30, 2011, 100% of the market value 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.
D. In preparing the financial statements as of November 30, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
32
California Intermediate-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2011
| | |
| Share-Class Characteristics | |
| | Investor | Admiral |
| | Shares | Shares |
| Ticker Symbol | VCAIX | VCADX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 2.63% | 2.71% |
| | | |
| Financial Attributes | | | |
| | | Barclays | Barclays |
| | | 7 Year | Municipal |
| | | Municipal | Bond |
| | Fund | Index | Index |
| Number of Bonds | 747 | 4,836 | 45,906 |
| Yield to Maturity | | | |
| (before expenses) | 2.9% | 2.2% | 3.1% |
| Average Coupon | 4.4% | 4.9% | 4.9% |
| Average Duration | 5.6 years | 5.0 years | 8.2 years |
| Average Effective | | | |
| Maturity | 5.8 years | 7.0 years | 13.5 years |
| Short-Term | | | |
| Reserves | 5.9% | — | — |
| | |
| Volatility Measures | | |
| | Barclays | Barclays |
| | 7 Year | Municipal |
| | Municipal | Bond |
| | Index | Index |
| R-Squared | 0.80 | 0.96 |
| Beta | 0.95 | 1.01 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
| |
| Distribution by Maturity (% of portfolio) | |
| Under 1 Year | 12.9% |
| 1 - 3 Years | 14.2 |
| 3 - 5 Years | 18.6 |
| 5 - 10 Years | 44.4 |
| 10 - 20 Years | 9.4 |
| 20 - 30 Years | 0.5 |
| |
| Distribution by Credit Quality (% of portfolio) |
| AAA | 8.6% |
| AA | 51.3 |
| A | 32.1 |
| BBB | 6.7 |
| BB | 0.5 |
| B | 0.1 |
| Not Rated | 0.7 |
For information about these ratings, see the Glossary entry for Credit Quality.
Investment Focus
1 The expense ratios shown are from the prospectus dated March 29, 2011, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2011, the expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
33
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 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.
Cumulative Performance: November 30, 2001, Through November 30, 2011
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended November 30, 2011 | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| California Intermediate-Term | | | | |
| Tax-Exempt Fund Investor Shares | 6.17% | 4.09% | 4.20% | $15,086 |
| Barclays Capital Municipal Bond Index | 6.53 | 4.75 | 5.08 | 16,411 |
| |
| Barclays Capital 7 Year Municipal Bond | | | | |
| Index | 6.35 | 5.85 | 5.33 | 16,802 |
| California Intermediate Municipal Debt | | | | |
| Funds Average | 4.93 | 3.59 | 3.62 | 14,274 |
| California Intermediate Municipal Debt Funds Average: Derived from data provided by Lipper Inc. | | |
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $50,000 |
| | Year | Years | Years | Investment |
| California Intermediate-Term Tax-Exempt | | | | |
| Fund Admiral Shares | 6.26% | 4.17% | 4.27% | $75,953 |
| Barclays Capital Municipal Bond Index | 6.53 | 4.75 | 5.08 | 82,057 |
| Barclays Capital 7 Year Municipal Bond | | | | |
| Index | 6.35 | 5.85 | 5.33 | 84,012 |
See Financial Highlights for dividend and capital gains information.
34
California Intermediate-Term Tax-Exempt Fund
| | | | |
| Fiscal-Year Total Returns (%): November 30, 2001, Through November 30, 2011 | |
| | | | | Barclays |
| | | | | 7 Year |
| | | | | Municipal |
| | | | Investor Shares | Index |
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2002 | 4.35% | 1.53% | 5.88% | 7.02% |
| 2003 | 4.12 | 1.66 | 5.78 | 6.97 |
| 2004 | 3.93 | -1.52 | 2.41 | 2.89 |
| 2005 | 3.90 | -1.79 | 2.11 | 2.16 |
| 2006 | 4.12 | 1.28 | 5.40 | 5.09 |
| 2007 | 3.99 | -1.53 | 2.46 | 4.19 |
| 2008 | 3.79 | -6.50 | -2.71 | 2.91 |
| 2009 | 4.19 | 6.37 | 10.56 | 10.43 |
| 2010 | 3.79 | 0.64 | 4.43 | 5.52 |
| 2011 | 3.88 | 2.29 | 6.17 | 6.35 |
Average Annual Total Returns: Periods Ended September 30, 2011
This table presents 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 | Income | Capital | Total |
| Investor Shares | 3/4/1994 | 3.16% | 4.26% | 4.01% | 0.14% | 4.15% |
| Admiral Shares | 11/12/2001 | 3.25 | 4.33 | 4.071 | 0.001 | 4.071 |
| 1 Return since inception. | | | | | | |
35
California Intermediate-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2011
The fund reports a complete list of its holdings in regulatory filings 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 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) |
| Tax-Exempt Municipal Bonds (99.8%) | | | | |
| California (99.1%) | | | | |
| ABAG Finance Authority for Nonprofit Corps. | | | | |
| California Revenue | | | | |
| (899 Charleston Project) VRDO | 0.160% | 12/1/11 LOC | 14,145 | 14,145 |
| ABAG Finance Authority for Nonprofit Corps. | | | | |
| California Revenue (Episcopal | | | | |
| Senior Communities) | 6.000% | 7/1/31 | 2,750 | 2,734 |
| ABAG Finance Authority for Nonprofit Corps. | | | | |
| California Revenue (San Francisco | | | | |
| Friends) VRDO | 0.150% | 12/7/11 LOC | 2,900 | 2,900 |
| ABAG Finance Authority for Nonprofit Corps. | | | | |
| California Revenue (Sharp Healthcare) | 6.000% | 8/1/30 | 1,120 | 1,215 |
| Alameda CA Corridor Transportation | | | | |
| Authority Revenue | 5.125% | 10/1/14 (14) | 10,150 | 10,184 |
| Alameda CA Corridor Transportation | | | | |
| Authority Revenue | 0.000% | 10/1/20 (2) | 12,250 | 7,813 |
| Alameda CA Corridor Transportation | | | | |
| Authority Revenue | 0.000% | 10/1/29 (2) | 30,000 | 9,602 |
| Alameda CA Corridor Transportation | | | | |
| Authority Revenue | 0.000% | 10/1/30 (2) | 8,000 | 2,372 |
| Alameda County CA | | | | |
| (Medical Center Project) COP | 5.250% | 6/1/12 (ETM) | 1,595 | 1,630 |
| Alameda County CA | | | | |
| (Medical Center Project) COP | 5.250% | 6/1/13 (ETM) | 1,785 | 1,867 |
| Alameda County CA | | | | |
| (Medical Center Project) COP | 5.375% | 6/1/14 (ETM) | 1,880 | 1,982 |
| Alameda County CA | | | | |
| (Medical Center Project) COP | 5.375% | 6/1/15 (ETM) | 3,960 | 4,175 |
| Alameda County CA COP | 5.375% | 12/1/12 (14) | 11,000 | 11,149 |
| Alameda County CA COP | 5.375% | 12/1/13 (14) | 13,930 | 14,112 |
| Alameda County CA COP | 5.375% | 12/1/14 (14) | 4,790 | 4,850 |
| Alameda County CA COP | 5.375% | 12/1/15 (14) | 1,500 | 1,519 |
| Alvord CA Unified School District GO | 5.900% | 2/1/24 (4) | 3,865 | 4,434 |
| Anaheim CA Public Financing Authority | | | | |
| Revenue (Electric System) | 5.000% | 10/1/21 (14) | 4,425 | 4,929 |
| Anaheim CA Public Financing Authority | | | | |
| Revenue (Electric System) | 5.000% | 10/1/22 (14) | 4,660 | 5,127 |
36
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Anaheim CA Public Financing Authority | | | | |
| Revenue (Electric System) | 5.000% | 10/1/24 (14) | 5,175 | 5,584 |
| Anaheim CA Public Financing Authority | | | | |
| Revenue (Electric System) | 5.000% | 10/1/25 (14) | 5,450 | 5,822 |
| Anaheim CA Public Financing Authority | | | | |
| Revenue (Electric System) | 5.250% | 10/1/30 | 5,585 | 6,065 |
| Anaheim CA Union High School District GO | 5.375% | 8/1/12 (Prere.) | 1,250 | 1,293 |
| Antioch CA Public Financing Authority | | | | |
| Reassessment Revenue | 5.000% | 9/2/13 (2) | 4,445 | 4,451 |
| Bakersfield CA Wastewater Revenue | 5.000% | 9/15/24 (4) | 7,600 | 8,203 |
| Bay Area CA Infrastructure Financing | | | | |
| Authority Revenue | 5.000% | 8/1/17 (14) | 50,000 | 50,750 |
| Bay Area CA Infrastructure Financing | | | | |
| Authority Revenue | 5.000% | 8/1/17 (10) | 5,000 | 5,179 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/18 | 5,665 | 6,629 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/23 | 11,625 | 12,990 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 3,000 | 3,295 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/26 | 10,000 | 10,945 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.250% | 4/1/29 | 11,280 | 12,243 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 3,000 | 3,149 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) VRDO | 0.080% | 12/7/11 LOC | 10,300 | 10,300 |
| Burbank CA Public Financing Authority | | | | |
| Revenue (Golden State Redevelopment Project) | 5.250% | 12/1/12 (2) | 3,540 | 3,651 |
| Burbank CA Public Financing Authority | | | | |
| Revenue (Golden State Redevelopment Project) | 5.250% | 12/1/13 (2) | 4,615 | 4,850 |
| Cabrillo CA Community College District Revenue | 0.000% | 8/1/13 (14) | 2,590 | 2,557 |
| Cabrillo CA Community College District Revenue | 0.000% | 8/1/14 (14) | 2,655 | 2,562 |
| 1 Cabrillo CA Community College District | | | | |
| Revenue TOB VRDO | 0.150% | 12/7/11 | 17,605 | 17,605 |
| California County CA Tobacco Securitization | | | | |
| Agency Revenue | 5.250% | 6/1/21 | 13,765 | 12,669 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.500% | 5/1/12 (Prere.) | 12,225 | 12,616 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.500% | 5/1/12 (Prere.) | 6,110 | 6,306 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 6.000% | 5/1/12 (Prere.) | 13,970 | 14,447 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 6.000% | 5/1/12 (Prere.) | 12,500 | 12,926 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/15 | 15,000 | 16,983 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/16 | 5,000 | 5,792 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/16 | 17,000 | 19,693 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/17 | 25,000 | 29,453 |
37
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/17 | 14,600 | 17,201 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/18 | 2,525 | 2,999 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/18 | 17,950 | 21,323 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/18 | 5,475 | 6,504 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/19 | 19,590 | 23,410 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/19 | 1,215 | 1,452 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/20 | 18,000 | 21,594 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/20 | 22,890 | 27,460 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/20 | 3,660 | 4,391 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/21 | 6,500 | 7,792 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/21 | 50,000 | 57,032 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/21 | 20,000 | 22,813 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/21 | 5,000 | 5,900 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/22 | 14,675 | 16,563 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/22 | 4,915 | 5,723 |
| California Department of Water Resources | | | | |
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/12 (ETM) | 90 | 94 |
| California Department of Water Resources | | | | |
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/24 | 5,000 | 5,613 |
| California Department of Water Resources | | | | |
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/26 | 8,565 | 9,464 |
| California Department of Water Resources | | | | |
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/26 (14) | 3,535 | 3,822 |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.000% | 12/1/27 | 8,800 | 9,779 |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.250% | 12/1/27 | 3,900 | 4,465 |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.000% | 12/1/28 | 3,350 | 3,759 |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.250% | 12/1/28 | 4,505 | 5,113 |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 3,530 | 3,920 |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.250% | 12/1/29 | 4,640 | 5,224 |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.000% | 12/1/30 | 2,720 | 2,999 |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.250% | 12/1/30 | 1,850 | 2,071 |
38
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Department of Water Resources Water | | | | |
| System Revenue (Central Valley Project) | 5.000% | 12/1/31 | 3,910 | 4,277 |
| California Economic Recovery Bonds GO | 5.250% | 7/1/13 | 20,000 | 21,449 |
| 2 California Economic Recovery Bonds GO | 5.250% | 7/1/14 (ETM) | 3,385 | 3,791 |
| California Economic Recovery Bonds GO | 5.250% | 7/1/14 | 11,615 | 12,919 |
| California Economic Recovery Bonds GO | 5.000% | 7/1/18 | 27,090 | 31,673 |
| California Economic Recovery Bonds GO | 5.000% | 7/1/19 | 32,330 | 38,042 |
| California Economic Recovery Bonds GO | 5.000% | 7/1/20 | 43,810 | 50,826 |
| California Economic Recovery Bonds GO | 5.250% | 7/1/21 | 45,385 | 52,919 |
| California Economic Recovery Bonds GO | 5.000% | 7/1/22 | 16,280 | 17,727 |
| California Educational Facilities Authority | | | | |
| Revenue (Chapman University) VRDO | 0.140% | 12/1/11 LOC | 8,410 | 8,410 |
| California Educational Facilities Authority | | | | |
| Revenue (College of Arts & Crafts) | 6.875% | 6/1/14 | 360 | 385 |
| California Educational Facilities Authority | | | | |
| Revenue (College of Arts & Crafts) | 6.875% | 6/1/15 | 380 | 413 |
| California Educational Facilities Authority Revenue | | | | |
| (College of Arts & Crafts) | 6.875% | 6/1/16 | 400 | 441 |
| California Educational Facilities Authority Revenue | | | | |
| (Stanford University) | 5.000% | 3/15/26 | 10,000 | 12,154 |
| California GO | 5.000% | 3/1/13 | 20,640 | 21,720 |
| California GO | 5.000% | 10/1/14 | 2,000 | 2,210 |
| California GO | 5.000% | 11/1/14 | 1,390 | 1,540 |
| California GO | 5.000% | 3/1/15 | 1,000 | 1,114 |
| California GO | 5.375% | 4/1/15 | 125 | 127 |
| California GO | 5.000% | 12/1/15 | 1,470 | 1,586 |
| California GO | 5.000% | 4/1/17 | 11,000 | 12,555 |
| California GO | 5.250% | 2/1/18 (14) | 8,000 | 9,256 |
| California GO | 6.000% | 2/1/18 (2) | 6,240 | 7,478 |
| California GO | 5.000% | 3/1/18 | 1,850 | 2,116 |
| California GO | 5.500% | 4/1/18 | 20,000 | 23,486 |
| California GO | 5.000% | 8/1/18 | 1,895 | 2,119 |
| California GO | 5.000% | 10/1/18 | 14,095 | 16,236 |
| California GO | 5.000% | 10/1/18 | 20,000 | 23,038 |
| California GO | 5.000% | 2/1/12 (Prere.) | 9,400 | 9,476 |
| California GO | 5.500% | 4/1/19 | 11,245 | 13,330 |
| California GO | 5.000% | 5/1/19 | 10,000 | 10,966 |
| California GO | 5.000% | 8/1/19 | 30,000 | 33,060 |
| California GO | 5.000% | 10/1/19 | 21,000 | 24,273 |
| California GO | 5.000% | 10/1/19 (14) | 14,800 | 16,282 |
| California GO | 5.250% | 2/1/20 | 7,500 | 8,777 |
| California GO | 5.000% | 3/1/20 | 55,285 | 59,889 |
| California GO | 5.000% | 8/1/20 | 14,890 | 16,747 |
| California GO | 5.000% | 3/1/21 | 2,250 | 2,552 |
| California GO | 5.500% | 4/1/21 | 2,000 | 2,305 |
| California GO | 5.000% | 6/1/22 | 12,000 | 12,820 |
| California GO | 5.000% | 9/1/23 | 12,120 | 13,119 |
| California GO | 5.000% | 10/1/23 | 12,500 | 13,544 |
| California GO | 5.000% | 12/1/23 | 7,500 | 8,260 |
| California GO | 5.000% | 3/1/24 | 3,000 | 3,277 |
| California GO | 5.000% | 8/1/24 | 10,100 | 10,938 |
| California GO | 5.000% | 8/1/24 (4) | 31,275 | 32,851 |
| California GO | 5.000% | 10/1/24 | 13,440 | 14,484 |
| California GO | 5.000% | 11/1/24 | 6,000 | 6,560 |
39
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California GO | 5.000% | 11/1/24 | 5,000 | 5,471 |
| California GO | 5.000% | 12/1/24 | 2,000 | 2,189 |
| California GO | 5.125% | 3/1/25 | 2,000 | 2,131 |
| California GO | 5.000% | 8/1/25 | 10,000 | 10,714 |
| California GO | 5.000% | 11/1/25 | 1,500 | 1,620 |
| California GO | 5.000% | 12/1/25 | 21,015 | 22,705 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,263 |
| California GO | 5.000% | 3/1/26 | 8,500 | 9,073 |
| California GO | 5.000% | 4/1/26 | 32,480 | 34,224 |
| California GO | 5.000% | 11/1/26 | 7,500 | 8,040 |
| California GO | 5.000% | 4/1/27 | 24,285 | 25,451 |
| California GO | 5.750% | 4/1/27 | 31,455 | 35,071 |
| California GO | 4.500% | 8/1/27 | 6,000 | 6,041 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,449 |
| California GO | 5.000% | 3/1/28 | 10,855 | 11,229 |
| California GO | 5.750% | 4/1/28 | 30,000 | 33,348 |
| California GO | 5.000% | 6/1/28 | 10,005 | 10,329 |
| California GO | 5.250% | 9/1/28 | 6,000 | 6,480 |
| California GO | 5.000% | 9/1/29 | 6,000 | 6,292 |
| California GO | 5.250% | 3/1/30 | 20,000 | 21,065 |
| California GO | 4.500% | 8/1/30 | 13,770 | 13,683 |
| California GO | 5.000% | 9/1/30 | 10,000 | 10,398 |
| California GO | 5.000% | 3/1/31 | 5,535 | 5,623 |
| California GO | 5.750% | 4/1/31 | 30,000 | 32,987 |
| California GO | 6.000% | 3/1/33 | 12,000 | 13,448 |
| California GO | 6.500% | 4/1/33 | 20,000 | 23,302 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Adventist Health System/West) | 5.000% | 3/1/16 | 2,170 | 2,235 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Adventist Health System/West) | 5.000% | 3/1/19 | 1,025 | 1,044 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Adventist Health System/West) | 5.000% | 3/1/33 | 1,000 | 979 |
| California Health Facilities Financing Authority | | | | |
| Revenue (California-Nevada Methodist Homes) | 5.000% | 7/1/26 | 1,740 | 1,764 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 5.000% | 7/1/19 | 1,000 | 1,104 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/20 | 4,750 | 5,176 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/21 | 3,810 | 4,131 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/22 | 8,000 | 8,728 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 5.500% | 7/1/25 | 5,000 | 5,300 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 19,820 | 21,239 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/29 | 4,000 | 4,358 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) PUT | 5.000% | 7/1/14 | 39,000 | 42,888 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) PUT | 5.000% | 7/1/14 | 9,000 | 9,722 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) PUT | 5.000% | 7/2/12 | 8,000 | 8,209 |
40
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Health Facilities Financing Authority | | | | |
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/14 | 4,000 | 4,377 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/16 | 2,000 | 2,200 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/17 | 4,585 | 4,993 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Children’s Hospital of Orange County) | 6.250% | 11/1/29 | 5,000 | 5,340 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Children’s Hospital of Orange County) | 5.000% | 11/1/31 | 2,000 | 1,958 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Lucile Salter Packard Children’s | | | | |
| Hospital at Stanford) | 5.000% | 8/15/14 (2) | 2,280 | 2,427 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Lucile Salter Packard Children’s | | | | |
| Hospital at Stanford) | 5.000% | 8/15/15 (2) | 2,245 | 2,376 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Lucile Salter Packard Children’s | | | | |
| Hospital at Stanford) | 5.000% | 8/15/16 (2) | 2,515 | 2,650 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Lucile Salter Packard Children’s | | | | |
| Hospital at Stanford) | 5.000% | 8/15/17 (2) | 2,630 | 2,758 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Providence Health & Services) | 6.250% | 10/1/24 | 3,000 | 3,500 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Providence Health & Services) | 6.250% | 10/1/28 | 4,000 | 4,536 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/26 | 6,000 | 6,332 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 2,115 | 2,063 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Scripps Health) | 5.000% | 10/1/17 | 2,515 | 2,908 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Scripps Health) | 5.000% | 10/1/18 | 3,000 | 3,481 |
| California Health Facilities Financing Authority | | | | |
| Revenue (St. Joseph Health System) | 5.500% | 7/1/29 | 10,000 | 10,453 |
| California Health Facilities Financing Authority | | | | |
| Revenue (St. Joseph Health System) PUT | 5.000% | 10/16/14 | 15,000 | 16,457 |
| 1 California Health Facilities Financing Authority | | | | |
| Revenue (St. Joseph Health System) TOB VRDO | 0.170% | 12/7/11 | 15,000 | 15,000 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Stanford Hospital) | 5.000% | 11/15/14 | 2,715 | 2,890 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Stanford Hospital) | 5.000% | 11/15/15 | 3,000 | 3,172 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Stanford Hospital) | 5.000% | 11/15/16 | 6,275 | 6,617 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Sutter Health) | 5.500% | 8/15/26 | 4,750 | 5,196 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 5,000 | 5,404 |
| 1 California Health Facilities Financing Authority | | | | |
| Revenue (Sutter Health) TOB VRDO | 0.140% | 12/7/11 | 17,660 | 17,660 |
| 1 California Health Facilities Financing Authority | | | | |
| Revenue (Sutter Health) TOB VRDO | 0.140% | 12/7/11 | 13,325 | 13,325 |
41
California Intermediate-Term Tax-Exempt Fund
| | | | | |
| | | | | Face | Market |
| | | | Maturity | Amount | Value |
| | | Coupon | Date | ($000) | ($000) |
| 1 | California Infrastructure & Economic | | | | |
| | Development Bank Revenue (Bay Area Toll | | | | |
| | Bridges Seismic Retrofit) TOB VRDO | 0.110% | 12/1/11 (ETM) | 56,890 | 56,890 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue (Buck Institute | | | | |
| | for Age Research) VRDO | 0.090% | 12/7/11 LOC | 2,800 | 2,800 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue (Clean Water | | | | |
| | State Revolving Fund) | 5.000% | 10/1/14 | 2,500 | 2,594 |
| 3,4 | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (J. Paul Getty Trust) PUT | 0.620% | 4/1/14 | 5,000 | 5,000 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (J. Paul Getty Trust) PUT | 3.900% | 12/1/11 | 9,000 | 9,001 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (J. Paul Getty Trust) PUT | 3.900% | 12/1/11 | 2,000 | 2,000 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (J. Paul Getty Trust) PUT | 2.250% | 4/2/12 | 2,500 | 2,517 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (J. Paul Getty Trust) VRDO | 0.040% | 12/1/11 | 14,795 | 14,797 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (J. Paul Getty Trust) VRDO | 0.060% | 12/1/11 | 4,000 | 4,000 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (J. Paul Getty Trust) VRDO | 0.050% | 12/7/11 | 5,000 | 5,000 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue (Los Angeles | | | | |
| | County Museum of Natural History | | | | |
| | Foundation) VRDO | 0.070% | 12/1/11 LOC | 4,800 | 4,800 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (Science Center Phase II Project) | 5.000% | 5/1/18 (14) | 1,785 | 1,841 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (Science Center Phase II Project) | 5.000% | 5/1/19 (14) | 1,040 | 1,063 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (Science Center Phase II Project) | 5.000% | 5/1/21 (14) | 1,145 | 1,149 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (SRI International) VRDO | 0.110% | 12/7/11 LOC | 3,100 | 3,100 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (State Revolving Fund) | 5.000% | 10/1/29 | 7,000 | 7,208 |
| | California Infrastructure & Economic | | | | |
| | Development Bank Revenue | | | | |
| | (Workers’ Compensation Relief) | 5.250% | 10/1/13 (2) | 18,000 | 19,417 |
42
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue | | | | |
| (Workers’ Compensation Relief) | 5.250% | 10/1/14 (2) | 25,815 | 27,848 |
| California Municipal Finance Authority | | | | |
| (Community Hospitals of Central California | | | | |
| Obligated Group) COP | 5.375% | 2/1/29 | 16,600 | 15,429 |
| California Municipal Finance Authority Revenue | | | | |
| (University of La Verne) | 5.000% | 6/1/16 | 1,000 | 1,055 |
| California Municipal Finance Authority Revenue | | | | |
| (University of La Verne) | 4.750% | 6/1/18 | 2,325 | 2,381 |
| California Municipal Finance Authority Revenue | | | | |
| (University of La Verne) | 5.000% | 6/1/19 | 2,375 | 2,441 |
| California Pollution Control Financing Authority | | | | |
| Environmental Improvement Revenue | | | | |
| (BP West Coast Products LLC Project) PUT | 2.600% | 9/2/14 | 13,550 | 13,947 |
| California Pollution Control Financing Authority | | | | |
| Revenue (San Diego Gas & Electric Co.) | 5.900% | 6/1/14 (14) | 17,135 | 19,121 |
| California Public Works Board Lease Revenue | | | | |
| (Butterfield State Office Complex) | 5.000% | 6/1/20 | 3,895 | 4,058 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.000% | 12/1/12 (14) | 10,625 | 11,051 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.000% | 10/1/16 | 3,495 | 3,878 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.000% | 1/1/18 (2) | 27,790 | 29,867 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.000% | 1/1/21 | 3,975 | 4,142 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.500% | 6/1/21 | 10,000 | 10,341 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.500% | 6/1/22 | 10,000 | 10,296 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.750% | 10/1/31 | 6,000 | 6,294 |
| California Public Works Board Lease Revenue | | | | |
| (Department of General Services) | 6.000% | 4/1/27 | 5,000 | 5,444 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Mental Health) | 5.500% | 6/1/15 | 1,500 | 1,625 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Mental Health) | 5.500% | 6/1/17 | 8,000 | 8,583 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Mental Health) | 5.500% | 6/1/18 | 5,000 | 5,365 |
| California Public Works Board Lease Revenue | | | | |
| (Judicial Council Projects) | 5.000% | 12/1/27 | 7,000 | 7,077 |
| California Public Works Board Lease Revenue | | | | |
| (Judicial Council Projects) | 5.000% | 12/1/28 | 3,000 | 3,009 |
| California Public Works Board Lease Revenue | | | | |
| (Judicial Council Projects) | 5.000% | 12/1/29 | 5,000 | 4,965 |
| California Public Works Board Lease Revenue | | | | |
| (Regents of The University of California) | 5.500% | 6/1/14 | 7,505 | 7,928 |
| California Public Works Board Lease Revenue | | | | |
| (Regents of The University of California) | 5.000% | 6/1/18 (14) | 10,310 | 12,103 |
| California Public Works Board Lease Revenue | | | | |
| (Regents of The University of California) | 5.000% | 6/1/20 (14) | 7,670 | 8,995 |
43
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Public Works Board Lease Revenue | | | | |
| (Regents of The University of California) | 5.000% | 4/1/25 | 5,765 | 6,075 |
| California Public Works Board Lease Revenue | | | | |
| (Regents of The University of California) | 5.250% | 11/1/26 (14) | 9,010 | 9,736 |
| California Public Works Board Lease Revenue | | | | |
| (Trustees of The California State University) | 5.300% | 10/1/15 (2) | 6,655 | 6,672 |
| California Public Works Board Lease Revenue | | | | |
| (Trustees of The California State University) | 5.375% | 10/1/16 (14) | 4,750 | 4,761 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 5.000% | 11/1/13 | 2,000 | 2,141 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 5.000% | 11/1/14 | 4,745 | 5,186 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 5.000% | 11/1/16 | 6,395 | 7,101 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 5.000% | 11/1/18 | 4,000 | 4,440 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 5.250% | 11/1/20 | 5,000 | 5,493 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 5.000% | 12/1/21 | 5,000 | 5,844 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 5.000% | 12/1/22 | 2,645 | 3,042 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 5.000% | 12/1/31 | 5,000 | 5,236 |
| California RAN | 2.000% | 5/24/12 | 22,500 | 22,678 |
| California State University Revenue Systemwide | 5.375% | 5/1/13 (Prere.) | 5,390 | 5,773 |
| California State University Revenue Systemwide | 5.000% | 11/1/20 | 5,000 | 5,918 |
| California State University Revenue Systemwide | 5.000% | 11/1/22 (2) | 18,440 | 20,333 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 2,915 | 3,274 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 8,690 | 9,466 |
| California State University Revenue Systemwide | 5.000% | 11/1/25 | 11,820 | 12,747 |
| California State University Revenue Systemwide | 5.000% | 11/1/26 | 12,530 | 13,460 |
| California State University Revenue Systemwide | 5.000% | 11/1/27 | 5,740 | 6,255 |
| California State University Revenue Systemwide | 5.000% | 11/1/27 | 5,000 | 5,333 |
| 1 California State University Revenue Systemwide | | | | |
| TOB VRDO | 0.140% | 12/7/11 (12) | 5,000 | 5,000 |
| California Statewide Communities Development | | | | |
| Authority Health Facility Revenue (Adventist | | | | |
| Health System/West) | 5.000% | 3/1/25 | 14,975 | 15,146 |
| California Statewide Communities Development | | | | |
| Authority Health Facility Revenue | | | | |
| (Memorial Health Services) | 6.000% | 10/1/13 | 6,920 | 7,364 |
| California Statewide Communities Development | | | | |
| Authority Health Facility Revenue | | | | |
| (Memorial Health Services) | 6.000% | 10/1/14 | 5,335 | 5,653 |
| California Statewide Communities Development | | | | |
| Authority Health Facility Revenue | | | | |
| (Memorial Health Services) | 6.000% | 10/1/15 | 7,780 | 8,203 |
| California Statewide Communities Development | | | | |
| Authority Health Facility Revenue | | | | |
| (Memorial Health Services) | 6.000% | 10/1/23 | 10,000 | 10,410 |
| California Statewide Communities Development | | | | |
| Authority Pollution Control Revenue | | | | |
| (Southern California Edison Co.) PUT | 4.250% | 11/1/16 (3) | 15,000 | 16,403 |
44
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Statewide Communities Development | | | | |
| Authority Pollution Control Revenue | | | | |
| (Southern California Edison Co.) PUT | 4.250% | 11/1/16 (3) | 25,000 | 27,338 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Concordia University | | | | |
| Irvine Project) VRDO | 0.140% | 12/1/11 LOC | 2,300 | 2,300 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Cottage Health System | | | | |
| Obligated Group) | 5.250% | 11/1/30 | 10,000 | 10,265 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Daughters of Charity Health | | | | |
| System–St. Francis Medical Center) | 5.250% | 7/1/13 | 1,250 | 1,297 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Daughters of Charity Health | | | | |
| System–St. Francis Medical Center) | 5.000% | 7/1/22 | 5,155 | 5,010 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Daughters of Charity Health | | | | |
| System–St. Francis Medical Center) | 5.250% | 7/1/25 | 1,995 | 1,913 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Huntington | | | | |
| Memorial Hospital) | 5.000% | 7/1/18 | 6,190 | 6,661 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Institute for Defense | | | | |
| Analyses) VRDO | 0.140% | 12/7/11 (2) LOC | 3,365 | 3,365 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Kaiser Permanente) | 5.250% | 8/1/31 | 3,200 | 3,253 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/22 | 8,000 | 8,425 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Los Angeles Orthopaedic | | | | |
| Hospital Foundation & Orthopaedic Hospital) | 5.125% | 6/1/13 (2) | 1,530 | 1,533 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Los Angeles Orthopaedic | | | | |
| Hospital Foundation & Orthopaedic Hospital) | 5.250% | 6/1/14 (2) | 1,610 | 1,613 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Proposition 1A | | | | |
| Receivables Program) | 5.000% | 6/15/13 | 28,000 | 29,733 |
| California Statewide Communities Development | | | | |
| Authority Revenue | | | | |
| (Rady Children’s Hospital–San Diego) | 5.000% | 8/15/20 (14) | 2,440 | 2,583 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Sherman Oaks Project) | 5.500% | 8/1/15 (2) | 4,685 | 5,100 |
| California Statewide Communities Development | | | | |
| Authority Revenue (St. Joseph Health System) | 4.500% | 7/1/18 (4) | 12,045 | 12,653 |
| 1 California Statewide Communities Development | | | | |
| Authority Revenue (Sutter Health) TOB VRDO | 0.170% | 12/7/11 | 4,038 | 4,038 |
| California Statewide Communities Development | | | | |
| Authority Senior Living Revenue | | | | |
| (Southern California Presbyterian Homes) | 7.000% | 11/15/29 | 2,000 | 2,158 |
| California Statewide Communities Development | | | | |
| Authority Student Housing Revenue | | | | |
| (CHF-Irvine LLC–UCI East Campus | | | | |
| Apartments Phase II) | 5.500% | 5/15/26 | 5,000 | 4,980 |
| Central CA Unified School District GO | 5.500% | 8/1/29 (12) | 3,000 | 3,246 |
45
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Central Valley CA Financing Authority | | | | |
| Cogeneration Project Revenue | | | | |
| (Carson Ice-Gen Project) | 5.000% | 7/1/17 | 1,000 | 1,137 |
| Central Valley CA Financing Authority | | | | |
| Cogeneration Project Revenue | | | | |
| (Carson Ice-Gen Project) | 5.000% | 7/1/19 | 765 | 879 |
| Central Valley CA Financing Authority | | | | |
| Cogeneration Project Revenue | | | | |
| (Carson Ice-Gen Project) | 5.250% | 7/1/20 | 1,025 | 1,191 |
| 1 Chabot-Las Positas CA Community College | | | | |
| District GO TOB VRDO | 0.150% | 12/7/11 | 3,000 | 3,000 |
| Clovis CA Unified School District GO | 0.000% | 8/1/18 (14) | 3,645 | 2,974 |
| Compton CA Unified School District GO | 5.250% | 9/1/13 (Prere.) | 1,295 | 1,404 |
| Compton CA Unified School District GO | 5.250% | 9/1/13 (Prere.) | 1,460 | 1,583 |
| Compton CA Unified School District GO | 5.250% | 9/1/13 (Prere.) | 1,645 | 1,783 |
| Contra Costa County CA Public Financing | | | | |
| Authority Lease Revenue | 5.000% | 6/1/22 (14) | 15,300 | 16,217 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/20 (12) | 1,825 | 1,315 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/21 (12) | 2,010 | 1,335 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/22 (12) | 1,700 | 1,043 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/23 (12) | 1,000 | 554 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/25 (12) | 1,325 | 627 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/26 (12) | 1,530 | 672 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/27 (12) | 1,500 | 614 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/28 (12) | 1,290 | 491 |
| Culver City CA Redevelopment Agency Tax | | | | |
| Allocation Revenue | 5.375% | 11/1/16 (4) | 3,260 | 3,271 |
| East Bay CA Municipal Utility District | | | | |
| Water System Revenue | 5.000% | 6/1/30 | 2,005 | 2,188 |
| East Bay CA Municipal Utility District Water | | | | |
| System Revenue | 5.000% | 6/1/31 | 16,020 | 17,369 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/28 | 4,415 | 4,921 |
| Eastern California Municipal Water District | | | | |
| Water & Sewer COP | 5.000% | 7/1/26 | 5,245 | 5,593 |
| Eastern California Municipal Water District | | | | |
| Water & Sewer COP | 5.000% | 7/1/27 | 6,220 | 6,595 |
| Eastern California Municipal Water District | | | | |
| Water & Sewer COP | 5.000% | 7/1/28 | 1,000 | 1,055 |
| Eastern California Municipal Water District | | | | |
| Water & Sewer Revenue VRDO | 0.090% | 12/7/11 | 2,200 | 2,200 |
| Fontana CA Public Financing Authority | | | | |
| Subordinate Lien Tax Allocation Revenue | 5.000% | 10/1/21 (2) | 3,335 | 3,418 |
| Fontana CA Public Financing Authority | | | | |
| Subordinate Lien Tax Allocation Revenue | 5.000% | 10/1/23 (2) | 2,875 | 2,911 |
| Fontana CA Public Financing Authority | | | | |
| Subordinate Lien Tax Allocation Revenue | 5.000% | 10/1/24 (2) | 3,475 | 3,497 |
| Fontana CA Public Financing Authority | | | | |
| Subordinate Lien Tax Allocation Revenue | 5.000% | 10/1/26 (2) | 4,480 | 4,470 |
| Fontana CA Unified School District GO | 5.250% | 8/1/26 (4) | 4,350 | 4,697 |
| Foothill/Eastern Corridor Agency California | | | | |
| Toll Road Revenue | 5.250% | 1/15/13 (14) | 5,000 | 4,999 |
| Foothill/Eastern Corridor Agency California | | | | |
| Toll Road Revenue | 5.375% | 1/15/15 (14) | 5,000 | 4,973 |
46
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Foothill/Eastern Corridor Agency California | | | | |
| Toll Road Revenue | 0.000% | 1/1/27 (ETM) | 10,000 | 5,951 |
| Foothill/Eastern Corridor Agency California | | | | |
| Toll Road Revenue | 0.000% | 1/1/28 (ETM) | 7,655 | 4,332 |
| Fresno CA Sewer Revenue | 5.000% | 9/1/24 (12) | 830 | 908 |
| Fresno County CA TRAN | 3.000% | 6/29/12 | 20,000 | 20,333 |
| Golden State Tobacco | | | | |
| Securitization Corp. California | 4.500% | 6/1/27 | 76,935 | 61,146 |
| Golden State Tobacco | | | | |
| Securitization Corp. California | 5.000% | 6/1/33 | 5,000 | 3,403 |
| Golden State Tobacco | | | | |
| Securitization Corp. California | 5.500% | 6/1/13 (Prere.) | 5,000 | 5,369 |
| 5 Golden State Tobacco | | | | |
| Securitization Corp. California | 6.250% | 6/1/12 (Prere.) | 66,395 | 71,204 |
| Golden State Tobacco | | | | |
| Securitization Corp. California | 0.000% | 6/1/37 | 20,000 | 12,464 |
| Golden State Tobacco | | | | |
| Securitization Corp. California | 7.800% | 6/1/13 (Prere.) | 25,170 | 27,879 |
| Golden State Tobacco | | | | |
| Securitization Corp. California | 5.000% | 6/1/13 (Prere.) | 1,930 | 2,058 |
| Golden State Tobacco | | | | |
| Securitization Corp. California | 5.500% | 6/1/13 (Prere.) | 7,530 | 8,085 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/28 | 3,210 | 1,222 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/29 | 6,965 | 2,476 |
| Grossmont-Cuyamaca CA Community | | | | |
| College District GO | 0.000% | 8/1/25 (12) | 14,010 | 6,725 |
| Grossmont-Cuyamaca CA Community | | | | |
| College District GO | 0.000% | 8/1/28 (12) | 21,875 | 8,323 |
| Huntington Beach CA Union | | | | |
| High School District GO | 5.000% | 8/1/27 (4) | 3,530 | 3,732 |
| Inland Empire Tobacco Securitization | | | | |
| Authority California Revenue | 4.625% | 6/1/21 | 8,495 | 6,733 |
| Intermodal Container Transfer Facility Joint | | | | |
| Power Authority California Revenue | | | | |
| (Union Pacific Railroad Co.) | 5.125% | 11/1/12 (2) | 2,540 | 2,645 |
| Intermodal Container Transfer Facility Joint | | | | |
| Power Authority California Revenue | | | | |
| (Union Pacific Railroad Co.) | 5.125% | 11/1/13 (2) | 1,870 | 2,016 |
| Irvine CA Assessment District No. 05-21 | | | | |
| Improvement Revenue (Northwest Irvine) VRDO | 0.140% | 12/1/11 LOC | 1,000 | 1,000 |
| Irvine CA Public Facilities & Infrastructure | | | | |
| Authority Assessment Revenue | 4.600% | 9/2/15 (2) | 2,515 | 2,548 |
| Irvine CA Public Facilities & Infrastructure | | | | |
| Authority Assessment Revenue | 4.700% | 9/2/16 (2) | 2,605 | 2,634 |
| Irvine CA Ranch Water District Revenue VRDO | 0.070% | 12/1/11 LOC | 5,700 | 5,700 |
| Irvine CA Unified School District Financing | | | | |
| Authority Special Tax Revenue | 5.000% | 9/1/25 (2) | 8,645 | 8,864 |
| Kings River Conservation District California COP | 5.000% | 5/1/12 | 2,715 | 2,757 |
| Kings River Conservation District California COP | 5.000% | 5/1/13 | 2,315 | 2,422 |
| Kings River Conservation District California COP | 5.000% | 5/1/14 | 3,500 | 3,742 |
| Kings River Conservation District California COP | 5.000% | 5/1/15 (ETM) | 2,590 | 2,960 |
| Kings River Conservation District California COP | 5.000% | 5/1/15 | 1,755 | 1,904 |
| Loma Linda CA Hospital Revenue | | | | |
| (Loma Linda University) | 5.000% | 12/1/18 | 8,665 | 8,681 |
47
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Long Beach CA Community College District GO | 0.000% | 6/1/29 (4) | 6,380 | 2,289 |
| Long Beach CA Finance Authority Lease Revenue | 6.000% | 11/1/17 (2) | 3,235 | 3,456 |
| Long Beach CA Finance Authority Lease Revenue | | | | |
| (Aquarium of the South Pacific) | 5.500% | 11/1/14 (2) | 3,435 | 3,443 |
| Long Beach CA Finance Authority Natural | | | | |
| Gas Purchase Revenue | 5.250% | 11/15/20 | 3,000 | 3,043 |
| Long Beach CA Finance Authority Natural | | | | |
| Gas Purchase Revenue | 1.713% | 2/15/12 | 16,845 | 11,819 |
| Long Beach CA Finance Authority Natural | | | | |
| Gas Purchase Revenue | 1.733% | 2/15/12 | 10,025 | 7,470 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/21 (4) | 10,000 | 11,062 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/24 | 6,500 | 7,145 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/25 | 5,000 | 5,428 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/25 | 5,000 | 5,640 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 4,250 | 4,548 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 6,960 | 7,449 |
| Los Angeles CA COP | 5.000% | 4/1/14 (2) | 1,435 | 1,451 |
| Los Angeles CA COP | 5.000% | 4/1/15 (2) | 1,560 | 1,575 |
| Los Angeles CA COP | 5.000% | 4/1/16 (2) | 1,725 | 1,741 |
| Los Angeles CA COP | 5.000% | 4/1/18 (2) | 1,950 | 1,965 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/13 (14) | 10,500 | 11,157 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/24 | 4,000 | 4,321 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.250% | 5/15/25 | 3,000 | 3,249 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/26 | 4,000 | 4,369 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.250% | 5/15/28 | 10,000 | 10,942 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/29 | 4,385 | 4,626 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.250% | 5/15/29 | 10,000 | 10,867 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/30 | 1,835 | 1,924 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/22 | 10,000 | 11,861 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/23 | 1,335 | 1,497 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/23 (4) | 20,605 | 22,824 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/24 | 2,770 | 3,093 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/26 | 2,350 | 2,549 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/26 | 2,000 | 2,166 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/27 | 5,000 | 5,377 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/27 | 1,655 | 1,788 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/28 | 2,000 | 2,145 |
48
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/29 | 1,670 | 1,777 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/32 (2) | 1,940 | 2,024 |
| Los Angeles CA GO | 5.000% | 9/1/19 (14) | 4,055 | 4,441 |
| Los Angeles CA GO | 5.000% | 9/1/28 | 5,850 | 6,407 |
| Los Angeles CA GO | 5.000% | 9/1/29 | 5,850 | 6,343 |
| Los Angeles CA GO | 5.000% | 9/1/30 | 5,850 | 6,294 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/23 | 2,250 | 2,629 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/25 | 3,795 | 4,316 |
| Los Angeles CA Municipal Improvement Corp. | | | | |
| Lease Revenue | 5.000% | 8/1/28 (14) | 8,980 | 9,102 |
| Los Angeles CA Municipal Improvement Corp. | | | | |
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/21 (14) | 10,830 | 11,492 |
| Los Angeles CA Municipal Improvement Corp. | | | | |
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/22 (14) | 6,500 | 6,842 |
| Los Angeles CA Municipal Improvement Corp. | | | | |
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/23 (14) | 14,700 | 15,363 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (4) | 4,650 | 4,970 |
| Los Angeles CA Unified School District GO | 6.000% | 7/1/13 (3) | 3,745 | 4,054 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/14 (ETM) | 5,000 | 5,568 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/14 | 5,000 | 5,517 |
| Los Angeles CA Unified School District GO | 6.000% | 7/1/14 (3) | 1,440 | 1,623 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/15 | 6,350 | 7,173 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 3,000 | 3,219 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (3) | 2,000 | 2,302 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 5,000 | 5,365 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (4) | 3,515 | 4,104 |
| Los Angeles CA Unified School District GO | 5.500% | 7/1/17 (3) | 2,800 | 3,337 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/18 (2) | 5,000 | 5,792 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/18 | 8,360 | 9,828 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/18 (2) | 4,000 | 4,531 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 (3) | 5,000 | 5,647 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 (3) | 5,000 | 5,422 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 10,000 | 11,026 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 5,000 | 5,631 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (2) | 14,135 | 15,918 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/21 (2) | 15,940 | 17,879 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 3,900 | 4,185 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/22 (2) | 16,760 | 18,484 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/23 (4) | 30,825 | 32,496 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/23 (2) | 6,000 | 6,595 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/23 (4) | 12,975 | 14,276 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (4) | 17,210 | 18,723 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/25 (2) | 10,235 | 10,944 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 1,600 | 1,787 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/26 (2) | 10,000 | 10,158 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 5,710 | 6,150 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 1,595 | 1,706 |
| Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 7,725 | 7,736 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 (2) | 7,845 | 8,234 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 5,000 | 5,523 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 (2) | 6,485 | 6,713 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/26 (14) | 20,000 | 21,003 |
49
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Los Angeles County CA Capital Asset | | | | |
| Leasing Corp. Revenue | 6.000% | 12/1/11 (2) | 2,360 | 2,360 |
| Los Angeles County CA Capital Asset | | | | |
| Leasing Corp. Revenue | 6.000% | 12/1/13 (2) | 2,760 | 2,908 |
| Los Angeles County CA Metropolitan | | | | |
| Transportation Authority Sales Tax Revenue | 4.000% | 7/1/13 | 3,910 | 4,130 |
| Los Angeles County CA Metropolitan | | | | |
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/17 (4) | 10,000 | 10,667 |
| Los Angeles County CA Metropolitan | | | | |
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/20 | 4,000 | 4,797 |
| Los Angeles County CA Metropolitan | | | | |
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 10,000 | 12,001 |
| Los Angeles County CA Metropolitan | | | | |
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 10,000 | 11,824 |
| Los Angeles County CA Metropolitan | | | | |
| Transportation Authority Sales Tax Revenue | | | | |
| VRDO | 0.110% | 12/1/11 | 10,960 | 10,960 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Lease Revenue | 5.000% | 12/1/14 (14) | 24,180 | 26,218 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Lease Revenue | 5.000% | 12/1/15 (14) | 8,940 | 9,694 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Lease Revenue | 5.000% | 12/1/19 (14) | 4,860 | 5,060 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Lease Revenue | 5.000% | 12/1/20 (14) | 6,155 | 6,335 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Lease Revenue | 5.000% | 12/1/21 (14) | 6,460 | 6,568 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Lease Revenue | 5.000% | 12/1/22 (14) | 6,790 | 6,851 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Lease Revenue | 5.000% | 12/1/23 (14) | 2,175 | 2,181 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Lease Revenue | 5.000% | 12/1/24 (14) | 3,095 | 3,077 |
| Los Angeles County CA Public Works | | | | |
| Financing Authority Revenue | | | | |
| (Regional Park & Open Space District) | 5.250% | 10/1/17 (4) | 1,000 | 1,196 |
| Los Angeles County CA Schools Regionalized | | | | |
| Business Services Corp. COP | 0.000% | 8/1/13 (ETM) | 2,010 | 1,890 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 7,000 | 8,107 |
| Metropolitan Water District of Southern | | | | |
| California Revenue | 5.000% | 10/1/26 | 6,000 | 6,905 |
| Metropolitan Water District of Southern | | | | |
| California Revenue | 5.000% | 1/1/31 | 1,150 | 1,237 |
| Metropolitan Water District of Southern | | | | |
| California Revenue | 5.000% | 7/1/31 | 2,930 | 3,186 |
| Modesto CA Irrigation District COP | 5.000% | 7/1/13 (Prere.) | 3,165 | 3,396 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/21 (2) | 2,030 | 2,170 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/22 (2) | 2,515 | 2,664 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/23 (2) | 2,645 | 2,787 |
| Modesto CA Irrigation District COP | 5.000% | 7/1/27 | 3,855 | 3,981 |
| Modesto CA Irrigation District Financing | | | | |
| Authority Revenue (Domestic Water Project) | 5.125% | 9/1/15 (2) | 4,365 | 4,377 |
| New Haven CA Unified School District GO | 12.000% | 8/1/12 (ETM) | 600 | 646 |
| New Haven CA Unified School District GO | 12.000% | 8/1/15 (4) | 2,905 | 3,993 |
50
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Newport Beach CA Revenue | | | | |
| (Hoag Memorial Hospital Presbyterian) | 5.875% | 12/1/30 | 5,150 | 5,755 |
| Newport Beach CA Revenue | | | | |
| (Hoag Memorial Hospital Presbyterian) PUT | 5.000% | 2/7/13 | 5,000 | 5,258 |
| Newport Beach CA Revenue | | | | |
| (Hoag Memorial Hospital Presbyterian) VRDO | 0.100% | 12/7/11 LOC | 8,000 | 8,000 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/29 | 4,000 | 1,505 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 3,000 | 1,052 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/31 | 1,500 | 495 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/32 | 14,000 | 4,346 |
| Northern California Gas Authority No. 1 Revenue | 0.699% | 1/1/12 | 19,770 | 19,195 |
| Northern California Gas Authority No. 1 Revenue | 0.849% | 1/1/12 | 23,385 | 20,692 |
| Northern California Power Agency Capital | | | | |
| Facilities Revenue | 5.000% | 8/1/20 | 1,000 | 1,140 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 5.000% | 7/1/16 | 1,745 | 2,008 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 5.000% | 7/1/17 | 3,290 | 3,844 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 5.000% | 7/1/19 | 1,500 | 1,777 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 5.000% | 7/1/20 | 3,500 | 4,053 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 5.000% | 7/1/21 | 2,500 | 2,857 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 5.000% | 7/1/22 | 3,395 | 3,830 |
| Oakland CA Joint Powers Financing Authority | | | | |
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/23 (12) | 5,000 | 5,276 |
| Oakland CA Joint Powers Financing Authority | | | | |
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/24 (12) | 3,695 | 3,882 |
| Oakland CA Joint Powers Financing Authority | | | | |
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/25 (12) | 5,405 | 5,635 |
| Oakland CA Joint Powers Financing Authority | | | | |
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/26 (12) | 4,190 | 4,351 |
| Oakland CA Joint Powers Financing Authority | | | | |
| Lease Revenue (Convention Center) | 5.500% | 10/1/12 (2) | 3,000 | 3,064 |
| Oakland CA Joint Powers Financing Authority | | | | |
| Lease Revenue (Convention Center) | 5.500% | 10/1/13 (2) | 1,500 | 1,561 |
| Oakland CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Central District Project) | 5.500% | 9/1/13 (14) | 3,990 | 4,101 |
| Oakland CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Central District Project) | 5.500% | 9/1/15 (14) | 3,790 | 3,880 |
| Oakland CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Central District Project) | 5.500% | 9/1/16 (14) | 6,210 | 6,350 |
| Oakland CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Central District Project) | 5.000% | 9/1/20 (2) | 12,870 | 12,601 |
| Oakland CA Unified School District GO | 5.000% | 8/1/19 (4) | 13,425 | 14,516 |
| Ohlone CA Community College District GO | 5.000% | 8/1/31 | 1,770 | 1,871 |
| Orange County CA Airport Revenue | 5.000% | 7/1/17 (4) | 1,725 | 1,817 |
| Orange County CA Development Agency Tax | | | | |
| Allocation Revenue | 5.250% | 9/1/14 (14) | 1,415 | 1,431 |
| Orange County CA Development Agency Tax | | | | |
| Allocation Revenue | 5.250% | 9/1/15 (14) | 1,485 | 1,502 |
51
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Orange County CA Development Agency | | | | |
| Tax Allocation Revenue | 5.375% | 9/1/16 (14) | 1,570 | 1,588 |
| Orange County CA Water District COP | 5.000% | 8/15/29 | 6,925 | 7,525 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/28 | 1,000 | 1,089 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/29 | 1,500 | 1,620 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/30 | 1,500 | 1,613 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/31 | 1,500 | 1,603 |
| Palo Alto CA Unified School District GO | 0.000% | 8/1/24 | 15,890 | 9,172 |
| Palomar Pomerado Health System | | | | |
| California Revenue | 5.375% | 11/1/12 (14) | 7,080 | 7,091 |
| Palomar Pomerado Health System | | | | |
| California Revenue COP | 6.625% | 11/1/29 | 5,000 | 5,163 |
| Pasadena CA Electric Revenue | 5.000% | 6/1/12 (Prere.) | 2,320 | 2,375 |
| Pasadena CA Electric Revenue | 5.000% | 6/1/12 (Prere.) | 2,535 | 2,596 |
| Pittsburg CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Los Medanos | | | | |
| Community Development Project) VRDO | 0.150% | 12/1/11 LOC | 14,700 | 14,700 |
| Pomona CA Single Family Mortgage Revenue | 7.600% | 5/1/23 (ETM) | 10,265 | 13,628 |
| Port of Oakland CA Revenue | 5.000% | 11/1/20 (14) | 4,825 | 5,208 |
| Port of Oakland CA Revenue | 5.000% | 11/1/26 (14) | 9,700 | 10,010 |
| Poway CA Unified School District GO | 0.000% | 8/1/17 | 2,000 | 1,723 |
| Poway CA Unified School District GO | 0.000% | 8/1/18 | 4,565 | 3,669 |
| Poway CA Unified School District GO | 0.000% | 8/1/19 | 5,425 | 4,067 |
| Poway CA Unified School District GO | 0.000% | 8/1/20 | 3,280 | 2,270 |
| Poway CA Unified School District GO | 5.000% | 8/1/26 | 5,125 | 5,580 |
| Poway CA Unified School District GO | 0.000% | 8/1/28 | 9,070 | 3,452 |
| Rancho Cucamonga CA Redevelopment | | | | |
| Agency Tax Allocation Revenue | | | | |
| (Rancho Redevelopment Project) | 5.000% | 9/1/15 (2) | 2,835 | 2,961 |
| Rancho Cucamonga CA Redevelopment | | | | |
| Agency Tax Allocation Revenue | | | | |
| (Rancho Redevelopment Project) | 5.000% | 9/1/16 (2) | 5,100 | 5,277 |
| Rancho Mirage CA Joint Powers Financing | | | | |
| Authority Revenue (Eisenhower Medical Center) | 5.000% | 7/1/27 | 12,000 | 11,571 |
| Riverside CA Electric Revenue | 5.000% | 10/1/24 (4) | 1,000 | 1,087 |
| Riverside CA Electric Revenue | 5.000% | 10/1/25 (4) | 2,000 | 2,148 |
| Riverside CA Electric Revenue | 5.000% | 10/1/26 (4) | 2,500 | 2,665 |
| Riverside CA Electric Revenue | 5.000% | 10/1/27 (4) | 3,570 | 3,781 |
| 1 Riverside CA Electric Revenue TOB VRDO | 0.110% | 12/1/11 | 2,945 | 2,945 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/23 (14) | 7,030 | 3,853 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/24 (14) | 2,965 | 1,512 |
| Roseville CA Electric System Revenue | 5.000% | 2/1/30 | 6,120 | 6,425 |
| Roseville CA Natural Gas Financing Authority | | | | |
| Gas Revenue | 5.000% | 2/15/18 | 4,180 | 4,236 |
| Roseville CA Natural Gas Financing Authority | | | | |
| Gas Revenue | 5.000% | 2/15/19 | 10,000 | 10,060 |
| Roseville CA Natural Gas Financing Authority | | | | |
| Gas Revenue | 5.000% | 2/15/20 | 2,000 | 1,993 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/17 | 1,250 | 1,446 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/18 | 725 | 847 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/19 | 900 | 1,053 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/20 | 1,250 | 1,481 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/21 | 1,000 | 1,184 |
52
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Sacramento CA Financing Authority | | | | |
| Lease Revenue | 5.000% | 11/1/14 (14) | 2,235 | 2,312 |
| Sacramento CA Financing Authority | | | | |
| Lease Revenue | 5.375% | 12/1/12 (Prere.) | 4,395 | 4,619 |
| Sacramento CA Financing Authority | | | | |
| Lease Revenue | 5.375% | 12/1/14 (4) | 1,630 | 1,704 |
| Sacramento CA Financing Authority | | | | |
| Lease Revenue | 5.000% | 12/1/19 (14) | 12,860 | 13,731 |
| Sacramento CA Financing Authority | | | | |
| Lease Revenue | 5.000% | 12/1/20 (14) | 13,670 | 14,479 |
| Sacramento CA Municipal Utility District | | | | |
| Financing Authority Revenue | 5.000% | 7/1/21 (14) | 7,710 | 8,004 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 7/1/17 (14) | 4,000 | 4,309 |
| Sacramento CA Municipal Utility District Revenue | 5.250% | 7/1/24 (2) | 10,000 | 11,461 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/24 (4) | 7,550 | 8,302 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 (4) | 15,275 | 16,587 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/26 (4) | 5,000 | 5,386 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/23 (4) | 2,000 | 2,136 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 2,500 | 2,692 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 1,785 | 1,934 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/26 | 2,650 | 2,796 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/28 | 1,250 | 1,307 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/30 | 3,615 | 3,729 |
| Sacramento County CA Sanitation Districts | | | | |
| Financing Authority Revenue | 5.000% | 12/1/21 (14) | 1,850 | 2,098 |
| Sacramento County CA Sanitation Districts | | | | |
| Financing Authority Revenue | 5.000% | 12/1/22 (14) | 5,495 | 6,162 |
| Sacramento County CA Sanitation Districts | | | | |
| Financing Authority Revenue | 5.000% | 12/1/23 (14) | 7,030 | 7,837 |
| Sacramento County CA Water Financing | | | | |
| Authority Revenue (Agency Zones 40 & 41) | 5.000% | 6/1/13 (Prere.) | 1,235 | 1,321 |
| San Bernardino County CA Justice Center & | | | | |
| Airport COP | 5.000% | 7/1/14 (14) | 5,585 | 5,835 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/17 (14) | 4,140 | 4,311 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 4,420 | 4,733 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/22 (14) | 8,940 | 9,647 |
| San Diego CA Community College District GO | 5.000% | 8/1/29 | 5,000 | 5,439 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 8,670 | 9,381 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 9,830 | 10,636 |
| San Diego CA Community College District GO | 5.000% | 8/1/31 | 3,380 | 3,640 |
| San Diego CA Community College District GO | 5.000% | 8/1/32 | 2,000 | 2,144 |
| 1 San Diego CA Community College District GO | | | | |
| TOB VRDO | 0.140% | 12/7/11 | 3,290 | 3,290 |
| San Diego CA Financing Authority Lease Revenue | 5.250% | 4/1/12 (2) | 3,000 | 3,010 |
| San Diego CA Financing Authority Lease Revenue | 5.250% | 4/1/14 (2) | 5,680 | 5,694 |
| San Diego CA Public Facilities Financing Authority | | | | |
| Sewer Revenue | 5.000% | 5/15/24 | 3,000 | 3,348 |
| San Diego CA Public Facilities Financing Authority | | | | |
| Sewer Revenue | 5.250% | 5/15/25 | 2,000 | 2,232 |
| San Diego CA Public Facilities Financing Authority | | | | |
| Sewer Revenue | 5.250% | 5/15/26 | 5,000 | 5,593 |
| San Diego CA Public Facilities Financing Authority | | | | |
| Sewer Revenue | 5.000% | 5/15/27 | 6,000 | 6,484 |
53
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| San Diego CA Public Facilities Financing | | | | |
| Authority Sewer Revenue | 5.250% | 5/15/27 | 5,000 | 5,547 |
| San Diego CA Public Facilities Financing | | | | |
| Authority Sewer Revenue | 5.000% | 5/15/28 | 1,825 | 1,961 |
| San Diego CA Public Facilities Financing | | | | |
| Authority Water Revenue | 5.000% | 8/1/27 | 4,215 | 4,569 |
| San Diego CA Public Facilities Financing | | | | |
| Authority Water Revenue | 5.125% | 8/1/28 | 5,000 | 5,433 |
| San Diego CA Public Facilities Financing | | | | |
| Authority Water Revenue | 5.250% | 8/1/28 | 5,355 | 5,924 |
| San Diego CA Unified School District GO | 0.000% | 7/1/14 (14) | 3,400 | 3,294 |
| San Diego CA Unified School District GO | 0.000% | 7/1/18 (14) | 9,500 | 7,545 |
| San Diego CA Unified School District GO | 5.500% | 7/1/20 (4) | 9,490 | 11,616 |
| San Diego CA Unified School District GO | 5.500% | 7/1/22 (4) | 12,790 | 15,548 |
| San Diego CA Unified School District GO | 5.500% | 7/1/23 (4) | 4,210 | 5,089 |
| San Diego CA Unified School District GO | 0.000% | 7/1/26 | 8,425 | 3,824 |
| San Diego CA Unified School District GO | 5.500% | 7/1/26 (4) | 7,490 | 8,795 |
| San Diego CA Unified School District GO | 0.000% | 7/1/27 | 8,500 | 3,610 |
| San Diego CA Unified School District GO | 0.000% | 7/1/28 | 8,000 | 3,165 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 9,985 | 3,395 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 2,500 | 850 |
| San Diego County CA COP | 5.000% | 2/1/22 (2) | 2,000 | 2,113 |
| San Diego County CA COP | 5.000% | 2/1/26 (2) | 1,000 | 1,032 |
| San Diego County CA COP VRDO | 0.150% | 12/7/11 LOC | 14,970 | 14,970 |
| San Diego County CA Regional Airport | | | | |
| Authority Revenue | 5.000% | 7/1/25 | 9,000 | 9,628 |
| San Diego County CA Regional Airport | | | | |
| Authority Revenue | 5.000% | 7/1/26 | 3,000 | 3,187 |
| San Diego County CA Regional Airport | | | | |
| Authority Revenue | 5.000% | 7/1/28 | 3,000 | 3,132 |
| San Diego County CA Regional Building | | | | |
| Authority Lease Revenue (County Operations | | | | |
| Center & Annex Redevelopment Project) | 5.000% | 2/1/23 | 4,285 | 4,713 |
| San Diego County CA Regional Building | | | | |
| Authority Lease Revenue (County Operations | | | | |
| Center & Annex Redevelopment Project) | 5.000% | 2/1/25 | 4,820 | 5,177 |
| San Diego County CA Regional Building Authority | | | | |
| Lease Revenue (County Operations Center & | | | | |
| Annex Redevelopment Project) | 5.250% | 2/1/26 | 1,140 | 1,234 |
| San Diego County CA Regional Building Authority | | | | |
| Lease Revenue (County Operations Center & | | | | |
| Annex Redevelopment Project) | 5.000% | 2/1/27 | 2,420 | 2,565 |
| San Diego County CA Regional Building Authority | | | | |
| Lease Revenue (County Operations Center & | | | | |
| Annex Redevelopment Project) | 5.500% | 2/1/28 | 5,780 | 6,278 |
| San Diego County CA Water Authority Financing | | | | |
| Agency Water Revenue | 5.000% | 5/1/27 | 2,000 | 2,196 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/30 | 5,000 | 5,426 |
| San Diego County CA Water Authority | | | | |
| Revenue COP | 5.250% | 5/1/15 (14) | 6,215 | 7,029 |
| San Diego County CA Water Authority | | | | |
| Revenue COP | 5.250% | 5/1/16 (14) | 7,880 | 9,159 |
| San Diego County CA Water Authority | | | | |
| Revenue COP | 5.250% | 5/1/21 (14) | 6,725 | 8,110 |
54
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| San Diego County CA Water Authority | | | | |
| Revenue COP | 5.250% | 5/1/22 (14) | 7,075 | 8,476 |
| 1 San Diego County CA Water Authority | | | | |
| Revenue COP TOB VRDO | 0.150% | 12/7/11 | 17,395 | 17,395 |
| San Francisco CA Bay Area Rapid Transit | | | | |
| District Sales Tax Revenue | 5.000% | 7/1/23 | 9,560 | 11,096 |
| San Francisco CA City & County | | | | |
| (Laguna Honda Hospital) GO | 5.000% | 6/15/12 (Prere.) | 8,000 | 8,365 |
| San Francisco CA City & County GO | 5.000% | 6/15/21 | 7,450 | 9,005 |
| San Francisco CA City & County GO | 5.000% | 6/15/23 | 4,000 | 4,711 |
| San Francisco CA City & County | | | | |
| International Airport Revenue | 5.250% | 5/1/12 (Prere.) | 2,430 | 2,481 |
| San Francisco CA City & County | | | | |
| International Airport Revenue | 5.250% | 5/1/12 (Prere.) | 3,185 | 3,252 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.250% | 5/1/12 (Prere.) | 4,015 | 4,099 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.250% | 5/1/20 (14) | 5,000 | 5,931 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/21 | 5,000 | 5,722 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/22 | 5,000 | 5,649 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/24 (14) | 10,000 | 10,698 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/25 (14) | 2,000 | 2,123 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.250% | 5/1/26 | 25,000 | 26,753 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/27 (14) | 13,075 | 13,766 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/30 | 5,940 | 6,273 |
| San Francisco CA City & County International | | | | |
| Airport Revenue VRDO | 0.090% | 12/7/11 LOC | 2,500 | 2,500 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/26 | 2,995 | 3,288 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/28 | 1,000 | 1,080 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/29 | 10,000 | 10,736 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/29 | 2,960 | 3,209 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/30 | 2,705 | 2,916 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/31 (4) | 8,600 | 8,605 |
| San Francisco CA City & County Redevelopment | | | | |
| Agency Lease Revenue (Moscone Center) | 5.000% | 7/1/16 (4) | 3,270 | 3,304 |
| San Francisco CA City & County Water Revenue | 5.000% | 11/1/12 (Prere.) | 4,865 | 5,076 |
| San Joaquin County CA Delta Community | | | | |
| College District Election GO | 0.000% | 8/1/26 (4) | 15,500 | 6,806 |
| San Joaquin County CA Delta Community | | | | |
| College District Election GO | 0.000% | 8/1/27 (4) | 15,500 | 6,138 |
55
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/15/14 (14) | 5,500 | 4,839 |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/1/23 (ETM) | 16,000 | 11,679 |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 7,000 | 2,673 |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/1/25 (ETM) | 17,750 | 11,641 |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/1/26 (ETM) | 14,350 | 8,925 |
| San Jose CA Airport Revenue | 5.375% | 3/1/13 (4) | 4,945 | 5,111 |
| San Jose CA Airport Revenue | 5.375% | 3/1/14 (4) | 7,550 | 7,802 |
| San Jose CA Airport Revenue | 5.375% | 3/1/15 (4) | 7,950 | 8,202 |
| San Jose CA Airport Revenue | 5.000% | 3/1/24 (2) | 2,035 | 2,119 |
| San Jose CA Airport Revenue | 5.000% | 3/1/25 (2) | 3,385 | 3,481 |
| San Jose CA Airport Revenue | 5.000% | 3/1/26 (2) | 3,850 | 3,933 |
| San Jose CA Financing Authority Lease Revenue | 5.000% | 9/1/13 (14) | 9,570 | 9,602 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.250% | 8/1/13 (14) | 5,000 | 5,148 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.250% | 8/1/14 (14) | 5,000 | 5,186 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 8/1/21 | 1,270 | 1,241 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 8/1/23 | 1,140 | 1,088 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 8/1/24 (14) | 16,360 | 15,378 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 8/1/25 (14) | 11,505 | 10,695 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.125% | 8/1/25 | 570 | 537 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.250% | 8/1/26 | 800 | 755 |
| San Jose CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.375% | 8/1/29 | 1,355 | 1,299 |
| San Mateo CA Union High School District GO | 0.000% | 9/1/13 (14) | 1,715 | 1,693 |
| San Mateo CA Union High School District GO | 0.000% | 9/1/14 (14) | 1,500 | 1,449 |
| San Mateo County CA Community | | | | |
| College District GO | 5.375% | 9/1/15 (14) | 1,300 | 1,344 |
| San Mateo County CA Community | | | | |
| College District GO | 0.000% | 9/1/21 (14) | 4,645 | 3,169 |
| San Mateo County CA Community | | | | |
| College District GO | 0.000% | 9/1/22 (14) | 5,675 | 3,592 |
| San Mateo County CA Community | | | | |
| College District GO | 0.000% | 9/1/24 (14) | 2,825 | 1,539 |
| San Mateo County CA Community | | | | |
| College District GO | 0.000% | 9/1/25 (14) | 4,000 | 2,021 |
| San Mateo County CA Community | | | | |
| College District GO | 5.000% | 9/1/26 | 3,170 | 3,461 |
| 1 San Mateo County CA Community | | | | |
| College District GO TOB VRDO | 0.200% | 12/7/11 | 10,280 | 10,280 |
| San Mateo County CA Joint Powers Financing | | | | |
| Authority Lease Revenue | | | | |
| (Youth Services Campus) | 4.625% | 7/15/25 | 2,455 | 2,539 |
56
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| San Mateo County CA Joint Powers Financing | | | | |
| Authority Lease Revenue | | | | |
| (Youth Services Campus) | 5.250% | 7/15/28 | 2,000 | 2,123 |
| Santa Ana CA Community Redevelopment | | | | |
| Agency Tax Allocation Revenue | | | | |
| (South Main Street) | 5.000% | 9/1/18 (14) | 2,685 | 2,730 |
| Santa Barbara County CA COP | 5.250% | 12/1/12 (2) | 1,000 | 1,020 |
| Santa Barbara County CA COP | 5.250% | 12/1/13 (2) | 2,355 | 2,402 |
| Santa Barbara County CA COP | 5.250% | 12/1/15 (2) | 1,065 | 1,086 |
| Santa Barbara County CA COP | 5.250% | 12/1/16 (2) | 1,760 | 1,795 |
| Santa Clara CA Electric Revenue | 5.250% | 7/1/18 (14) | 1,720 | 1,810 |
| Santa Clara CA Electric Revenue | 5.000% | 7/1/30 | 1,000 | 1,038 |
| Santa Clara CA Electric Revenue | 5.250% | 7/1/32 | 2,500 | 2,623 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/28 | 3,775 | 4,061 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/29 | 4,115 | 4,408 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/30 | 4,405 | 4,696 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/31 | 4,715 | 4,998 |
| Santa Clara County CA Financing Authority | | | | |
| Lease Revenue (Multiple Facilities Projects) | 5.000% | 11/15/17 | 11,540 | 13,311 |
| Santa Clara County CA Financing Authority | | | | |
| Lease Revenue (Multiple Facilities Projects) | 5.000% | 11/15/18 | 7,920 | 9,199 |
| Santa Clara County CA Financing Authority | | | | |
| Lease Revenue (Multiple Facilities Projects) | 5.000% | 5/15/28 | 10,000 | 10,517 |
| Santa Clara County CA Financing Authority | | | | |
| Lease Revenue (VMC Facility Replacement | | | | |
| Project) VRDO | 0.090% | 12/7/11 | 15,600 | 15,600 |
| Santa Clara Valley CA Transportation Authority | | | | |
| Sales Tax Revenue | 5.000% | 4/1/32 (2) | 4,000 | 4,157 |
| Santa Clara Valley CA Transportation Authority | | | | |
| Sales Tax Revenue VRDO | 0.080% | 12/7/11 | 5,600 | 5,600 |
| Santa Monica CA Community College District GO | 0.000% | 8/1/26 | 11,025 | 5,155 |
| Santa Rosa CA Wastewater Revenue | 0.000% | 9/1/28 (4) | 11,095 | 4,134 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/26 (4) | 3,030 | 1,318 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/27 (4) | 2,900 | 1,171 |
| Solano County CA COP | 5.000% | 11/1/17 (14) | 4,110 | 4,626 |
| Solano County CA COP | 5.000% | 11/1/18 (14) | 3,810 | 4,236 |
| Solano County CA COP | 5.000% | 11/1/19 (14) | 3,995 | 4,376 |
| Solano County CA COP | 5.000% | 11/1/20 (14) | 4,195 | 4,540 |
| Solano County CA COP | 5.000% | 11/1/21 (14) | 4,405 | 4,723 |
| South Orange County CA Public Financing | | | | |
| Authority Special Tax Revenue | 5.375% | 8/15/12 (4) | 5,605 | 5,627 |
| South Orange County CA Public Financing | | | | |
| Authority Special Tax Revenue | | | | |
| (Portola Hills/Lomas Laguna) | 5.250% | 8/15/13 (2) | 2,290 | 2,294 |
| South San Francisco CA Redevelopment | | | | |
| Agency Tax Allocation Revenue | 5.000% | 9/1/31 (14) | 7,255 | 6,609 |
| Southern California Public Power | | | | |
| Authority Revenue | 5.000% | 7/1/28 | 10,000 | 10,773 |
| Southern California Public Power | | | | |
| Authority Revenue | 5.000% | 7/1/29 | 5,000 | 5,349 |
| Southern California Public Power | | | | |
| Authority Revenue | 5.000% | 7/1/30 | 10,750 | 11,436 |
| Southern California Public Power | | | | |
| Authority Revenue (Canyon Power Project) | 5.250% | 7/1/27 | 6,950 | 7,702 |
57
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Southern California Public Power Authority | | | | |
| Revenue (Linden Windenergy Project) | 5.000% | 7/1/28 | 3,500 | 3,771 |
| Southern California Public Power Authority | | | | |
| Revenue (Linden Windenergy Project) | 5.000% | 7/1/29 | 2,500 | 2,674 |
| Southern California Public Power Authority | | | | |
| Revenue (Linden Windenergy Project) | 5.000% | 7/1/30 | 2,500 | 2,660 |
| Southern California Public Power Authority | | | | |
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/28 | 5,000 | 5,367 |
| Southern California Public Power Authority | | | | |
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/29 | 5,000 | 5,332 |
| Southern California Public Power Authority | | | | |
| Revenue (Natural Gas Project) | 5.000% | 11/1/18 | 1,040 | 1,043 |
| Southern California Public Power Authority | | | | |
| Revenue (Natural Gas Project) | 5.250% | 11/1/23 | 5,250 | 5,181 |
| Southern California Public Power Authority | | | | |
| Revenue (Natural Gas Project) | 5.250% | 11/1/24 | 5,000 | 4,908 |
| Southern California Public Power Authority | | | | |
| Revenue (Natural Gas Project) | 5.250% | 11/1/25 | 10,280 | 10,032 |
| Southern California Public Power Authority | | | | |
| Revenue (Natural Gas Project) | 5.250% | 11/1/26 | 2,500 | 2,437 |
| Southern California Public Power Authority | | | | |
| Revenue (San Juan Unit 3) | 5.500% | 1/1/13 (4) | 3,500 | 3,679 |
| Southern California Public Power Authority | | | | |
| Revenue (Transmission Project) | 5.000% | 7/1/23 | 5,000 | 5,600 |
| Tobacco Securitization Authority Revenue | | | | |
| (Southern California Tobacco Settlement) | 4.750% | 6/1/25 | 8,490 | 7,168 |
| Tulare County CA COP | 5.000% | 8/15/15 (14) | 6,460 | 7,100 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/21 | 3,805 | 4,357 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/22 | 5,415 | 6,072 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/28 | 7,020 | 7,295 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/29 | 6,400 | 6,627 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/30 | 7,770 | 7,998 |
| University of California Regents | | | | |
| Medical Center Revenue | 5.000% | 5/15/19 (14) | 5,075 | 5,609 |
| University of California Regents | | | | |
| Medical Center Revenue | 5.000% | 5/15/20 (14) | 5,065 | 5,598 |
| University of California Regents | | | | |
| Medical Center Revenue | 5.000% | 5/15/25 | 19,385 | 20,822 |
| University of California Regents | | | | |
| Medical Center Revenue | 5.000% | 5/15/26 | 14,095 | 15,055 |
| University of California Revenue | 5.000% | 5/15/17 (4) | 20,620 | 23,359 |
| University of California Revenue | 5.000% | 5/15/18 (4) | 10,000 | 11,281 |
| University of California Revenue | 5.000% | 5/15/19 (4) | 4,275 | 4,801 |
| University of California Revenue | 5.000% | 5/15/20 (4) | 30,900 | 34,624 |
| University of California Revenue | 5.000% | 5/15/21 (4) | 14,915 | 16,675 |
| University of California Revenue | 5.000% | 5/15/22 | 5,420 | 6,393 |
| University of California Revenue | 4.750% | 5/15/23 (14) | 11,185 | 11,387 |
| University of California Revenue | 5.750% | 5/15/25 | 3,000 | 3,550 |
| University of California Revenue | 4.750% | 5/15/26 | 21,320 | 21,849 |
| University of California Revenue | 5.000% | 5/15/26 (14) | 10,000 | 10,670 |
| University of California Revenue | 5.000% | 5/15/27 | 10,900 | 12,022 |
| University of California Revenue | 5.000% | 5/15/28 | 11,680 | 12,765 |
| Ventura County CA Community | | | | |
| College District GO | 5.000% | 8/1/12 (Prere.) | 2,740 | 2,854 |
58
California Intermediate-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Ventura County CA Community | | | | |
| College District GO | 5.000% | 8/1/16 (14) | 360 | 373 |
| Ventura County CA Community | | | | |
| College District GO | 5.000% | 8/1/12 (Prere.) | 2,030 | 2,115 |
| Ventura County CA Community | | | | |
| College District GO | 5.000% | 8/1/17 (14) | 270 | 280 |
| Ventura County CA Community | | | | |
| College District GO | 5.000% | 8/1/24 | 1,210 | 1,393 |
| Ventura County CA Community | | | | |
| College District GO | 5.000% | 8/1/25 | 1,915 | 2,168 |
| Ventura County CA Community | | | | |
| College District GO | 5.000% | 8/1/27 | 2,205 | 2,446 |
| Ventura County CA Community | | | | |
| College District GO | 0.000% | 8/1/28 | 15,000 | 5,906 |
| Vista CA Unified School District GO | 5.375% | 8/1/15 (4) | 150 | 155 |
| Vista CA Unified School District GO | 5.375% | 8/1/16 (Prere.) | 1,695 | 1,753 |
| Vista CA Unified School District GO | 5.375% | 8/1/16 (4) | 190 | 196 |
| Vista CA Unified School District GO | 5.375% | 8/1/17 (Prere.) | 1,455 | 1,505 |
| Vista CA Unified School District GO | 5.375% | 8/1/17 (4) | 160 | 165 |
| Washington Township CA Health Care | | | | |
| District Revenue | 6.000% | 7/1/29 | 1,000 | 1,058 |
| West Contra Costa CA Unified School | | | | |
| District GO | 6.000% | 8/1/26 | 5,000 | 5,729 |
| | | | | 5,514,956 |
| Puerto Rico (0.7%) | | | | |
| Puerto Rico Aqueduct & Sewer | | | | |
| Authority Revenue | 6.250% | 7/1/12 (ETM) | 1,000 | 1,035 |
| Puerto Rico Highway & Transportation | | | | |
| Authority Revenue | 5.500% | 7/1/13 (ETM) | 1,475 | 1,549 |
| 1 Puerto Rico Housing Finance | | | | |
| Authority Revenue TOB VRDO | 0.140% | 12/7/11 | 2,800 | 2,800 |
| Puerto Rico Infrastructure Financing | | | | |
| Authority Special Tax Revenue | 5.500% | 7/1/21 (3) | 5,000 | 5,451 |
| Puerto Rico Infrastructure Financing | | | | |
| Authority Special Tax Revenue | 5.500% | 7/1/23 (3) | 1,585 | 1,683 |
| Puerto Rico Municipal Finance Agency GO | 5.000% | 7/1/14 (11) | 1,360 | 1,452 |
| Puerto Rico Municipal Finance Agency GO | 5.250% | 7/1/16 (11) | 1,400 | 1,524 |
| Puerto Rico Municipal Finance Agency GO | 5.250% | 7/1/18 (11) | 1,000 | 1,086 |
| Puerto Rico Public Finance Corp. Revenue PUT | 5.750% | 8/1/27 LOC | 20,000 | 20,139 |
| | | | | 36,719 |
| Virgin Islands (0.0%) | | | | |
| Virgin Islands Public Finance Authority Revenue | 5.250% | 10/1/15 | 2,200 | 2,346 |
| Total Tax-Exempt Municipal Bonds (Cost $5,353,215) | | | | 5,554,021 |
| Other Assets and Liabilities (0.2%) | | | | |
| Other Assets | | | | 82,677 |
| Liabilities | | | | (69,295) |
| | | | | 13,382 |
| Net Assets (100%) | | | | 5,567,403 |
59
California Intermediate-Term Tax-Exempt Fund
| |
| At November 30, 2011, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 5,472,246 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (105,649) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 200,806 |
| Futures | — |
| Net Assets | 5,567,403 |
| |
| Investor Shares—Net Assets | |
| Applicable to 106,685,920 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,192,671 |
| Net Asset Value Per Share—Investor Shares | $11.18 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 391,325,809 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,374,732 |
| Net Asset Value Per Share—Admiral Shares | $11.18 |
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 November 30, 2011, the aggregate value of these securities was $169,228,000, representing 3.0% of net assets.
2 Securities with a value of $56,000 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 November 30, 2011.
4 Adjustable-rate security.
5 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
60
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.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(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 Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
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.
61
California Intermediate-Term Tax-Exempt Fund
| |
| Statement of Operations | |
| |
| | Year Ended |
| | November 30, 2011 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 207,336 |
| Total Income | 207,336 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 591 |
| Management and Administrative—Investor Shares | 1,793 |
| Management and Administrative—Admiral Shares | 3,374 |
| Marketing and Distribution—Investor Shares | 372 |
| Marketing and Distribution—Admiral Shares | 988 |
| Custodian Fees | 68 |
| Auditing Fees | 29 |
| Shareholders’ Reports—Investor Shares | 31 |
| Shareholders’ Reports—Admiral Shares | 15 |
| Trustees’ Fees and Expenses | 5 |
| Total Expenses | 7,266 |
| Net Investment Income | 200,070 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 1,361 |
| Futures Contracts | (8,822) |
| Realized Net Gain (Loss) | (7,461) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 120,333 |
| Futures Contracts | 13 |
| Change in Unrealized Appreciation (Depreciation) | 120,346 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 312,955 |
See accompanying Notes, which are an integral part of the Financial Statements.
62
California Intermediate-Term Tax-Exempt Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended November 30, |
| | 2011 | 2010 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 200,070 | 203,317 |
| Realized Net Gain (Loss) | (7,461) | (608) |
| Change in Unrealized Appreciation (Depreciation) | 120,346 | 31,695 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 312,955 | 234,404 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (43,985) | (54,632) |
| Admiral Shares | (156,085) | (148,685) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (200,070) | (203,317) |
| Capital Share Transactions | | |
| Investor Shares | (144,605) | (133,336) |
| Admiral Shares | 126,168 | 514,047 |
| Net Increase (Decrease) from Capital Share Transactions | (18,437) | 380,711 |
| Total Increase (Decrease) | 94,448 | 411,798 |
| Net Assets | | |
| Beginning of Period | 5,472,955 | 5,061,157 |
| End of Period | 5,567,403 | 5,472,955 |
See accompanying Notes, which are an integral part of the Financial Statements.
63
California Intermediate-Term Tax-Exempt Fund
Financial Highlights
| | | | | |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended November 30, |
| Throughout Each Period | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $10.93 | $10.86 | $10.21 | $10.92 | $11.09 |
| Investment Operations | | | | | |
| Net Investment Income | .408 | .408 | .412 | .425 | .435 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | .250 | .070 | .650 | (.710) | (.170) |
| Total from Investment Operations | .658 | .478 | 1.062 | (.285) | .265 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.408) | (.408) | (.412) | (.425) | (.435) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.408) | (.408) | (.412) | (.425) | (.435) |
| Net Asset Value, End of Period | $11.18 | $10.93 | $10.86 | $10.21 | $10.92 |
| |
| Total Return1 | 6.17% | 4.43% | 10.56% | -2.71% | 2.46% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,193 | $1,314 | $1,435 | $1,320 | $1,243 |
| Ratio of Total Expenses to | | | | | |
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.15% | 0.15% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.73% | 3.70% | 3.88% | 3.96% | 3.97% |
| Portfolio Turnover Rate | 13% | 10% | 17% | 25% | 11% |
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
64
California Intermediate-Term Tax-Exempt Fund
Financial Highlights
| | | | | |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended November 30, |
| Throughout Each Period | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $10.93 | $10.86 | $10.21 | $10.92 | $11.09 |
| Investment Operations | | | | | |
| Net Investment Income | .417 | .417 | .421 | .432 | .443 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | .250 | .070 | .650 | (.710) | (.170) |
| Total from Investment Operations | .667 | .487 | 1.071 | (.278) | .273 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.417) | (.417) | (.421) | (.432) | (.443) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.417) | (.417) | (.421) | (.432) | (.443) |
| Net Asset Value, End of Period | $11.18 | $10.93 | $10.86 | $10.21 | $10.92 |
| |
| Total Return | 6.26% | 4.52% | 10.65% | -2.64% | 2.53% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $4,375 | $4,159 | $3,626 | $3,210 | $3,116 |
| Ratio of Total Expenses to | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.08% | 0.08% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.81% | 3.78% | 3.96% | 4.03% | 4.04% |
| Portfolio Turnover Rate | 13% | 10% | 17% | 25% | 11% |
See accompanying Notes, which are an integral part of the Financial Statements.
65
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. 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, 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 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 for all open federal income tax years (November 30, 2008–2011), 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.
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
66
California Intermediate-Term Tax-Exempt Fund
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 November 30, 2011, the fund had contributed capital of $894,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.36% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value 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 market value of the fund’s investments as of November 30, 2011, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 5,554,021 | — |
| Futures Contracts—Liabilities1 | (58) | — | — |
| Total | (58) | 5,554,021 | — |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At November 30, 2011, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| 10-Year United States Treasury Note | March 2012 | (1) | (129) | — |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
67
California Intermediate-Term Tax-Exempt Fund
E. 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.
For tax purposes, at November 30, 2011, the fund had available capital loss carryforwards totaling $101,222,000 to offset future net capital gains of $4,253,000 through November 30, 2012, $2,524,000 through November 30, 2013, $6,523,000 through November 30, 2014, $3,936,000 through November 30, 2015, $38,506,000 through November 30, 2016, $38,406,000 through November 30, 2017, $990,000 through November 30, 2018, and $6,084,000 through November 30, 2019.
The fund had realized losses totaling $4,428,000 through November 30, 2011, which are deferred for tax purposes and reduce the amount of tax-basis unrealized appreciation on investment securities.
At November 30, 2011, the cost of investment securities for tax purposes was $5,357,643,000. Net unrealized appreciation of investment securities for tax purposes was $196,378,000, consisting of unrealized gains of $235,611,000 on securities that had risen in value since their purchase and $39,233,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended November 30, 2011, the fund purchased $666,152,000 of investment securities and sold $792,849,000 of investment securities, other than temporary cash investments.
G. Capital share transactions for each class of shares were:
| | | | |
| | | | Year Ended November 30, |
| | | 2011 | | 2010 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 340,985 | 31,243 | 502,321 | 45,661 |
| Issued in Lieu of Cash Distributions | 39,355 | 3,602 | 48,290 | 4,382 |
| Redeemed | (524,945) | (48,403) | (683,947) | (62,030) |
| Net Increase (Decrease)—Investor Shares | (144,605) | (13,558) | (133,336) | (11,987) |
| Admiral Shares | | | | |
| Issued | 1,028,223 | 94,169 | 1,327,526 | 120,454 |
| Issued in Lieu of Cash Distributions | 119,408 | 10,923 | 114,894 | 10,422 |
| Redeemed | (1,021,463) | (94,270) | (928,373) | (84,379) |
| Net Increase (Decrease)—Admiral Shares | 126,168 | 10,822 | 514,047 | 46,497 |
H. In preparing the financial statements as of November 30, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
68
California Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2011
| | |
| Share-Class Characteristics | |
| | Investor | Admiral |
| | Shares | Shares |
| Ticker Symbol | VCITX | VCLAX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 3.42% | 3.50% |
| | | |
| Financial Attributes | | | |
| | | Barclays | Barclays |
| | | 10 Year | Municipal |
| | | Municipal | Bond |
| | Fund | Index | Index |
| Number of Bonds | 465 | 8,836 | 45,906 |
| Yield to Maturity | | | |
| (before expenses) | 3.6% | 2.8% | 3.1% |
| Average Coupon | 4.5% | 4.8% | 4.9% |
| Average Duration | 6.9 years | 6.6 years | 8.2 years |
| Average Effective | | | |
| Maturity | 8.2 years | 10.0 years | 13.5 years |
| Short-Term | | | |
| Reserves | 5.3% | — | — |
| | |
| Volatility Measures | | |
| | Barclays | Barclays |
| | 10 Year | Municipal |
| | Municipal | Bond |
| | Index | Index |
| R-Squared | 0.77 | 0.94 |
| Beta | 0.96 | 1.23 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
| |
| Distribution by Maturity (% of portfolio) | |
| Under 1 Year | 12.7% |
| 1 - 3 Years | 10.1 |
| 3 - 5 Years | 10.8 |
| 5 - 10 Years | 48.5 |
| 10 - 20 Years | 8.0 |
| 20 - 30 Years | 7.6 |
| Over 30 Years | 2.3 |
| |
| Distribution by Credit Quality (% of portfolio) |
| AAA | 6.3% |
| AA | 44.5 |
| A | 36.2 |
| BBB | 10.5 |
| BB | 0.6 |
| B | 0.4 |
| Not Rated | 1.5 |
For information about these ratings, see the Glossary entry for Credit Quality.
Investment Focus
1 The expense ratios shown are from the prospectus dated March 29, 2011, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2011, the expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
69
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 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.
Cumulative Performance: November 30, 2001, Through November 30, 2011
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended November 30, 2011 | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| California Long-Term Tax-Exempt Fund | | | | |
| Investor Shares | 6.60% | 3.42% | 4.36% | $15,318 |
| Barclays Capital Municipal Bond Index | 6.53 | 4.75 | 5.08 | 16,411 |
| |
| Barclays Capital 10 Year Municipal | | | | |
| Bond Index | 7.68 | 5.70 | 5.52 | 17,113 |
| California Municipal Debt Funds | | | | |
| Average | 6.44 | 2.95 | 3.83 | 14,564 |
| California Municipal Debt Funds Average: Derived from data provided by Lipper Inc. | | |
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $50,000 |
| | Year | Years | Years | Investment |
| California Long-Term Tax-Exempt Fund | | | | |
| Admiral Shares | 6.68% | 3.50% | 4.43% | $77,123 |
| Barclays Capital Municipal Bond Index | 6.53 | 4.75 | 5.08 | 82,057 |
| Barclays Capital 10 Year Municipal Bond | | | | |
| Index | 7.68 | 5.70 | 5.52 | 85,567 |
See Financial Highlights for dividend and capital gains information.
70
California Long-Term Tax-Exempt Fund
| | | | |
| Fiscal-Year Total Returns (%): November 30, 2001, Through November 30, 2011 | |
| | | | | Barclays |
| | | | | 10 Year |
| | | | | Municipal |
| | | | Investor Shares | Index |
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2002 | 4.85% | 0.51% | 5.36% | 6.67% |
| 2003 | 4.73 | 2.22 | 6.95 | 6.88 |
| 2004 | 4.65 | -1.33 | 3.32 | 4.03 |
| 2005 | 4.54 | -0.32 | 4.22 | 3.01 |
| 2006 | 4.71 | 1.99 | 6.70 | 6.17 |
| 2007 | 4.52 | -3.37 | 1.15 | 3.51 |
| 2008 | 4.13 | -11.08 | -6.95 | -0.42 |
| 2009 | 4.96 | 7.75 | 12.71 | 12.67 |
| 2010 | 4.36 | 0.27 | 4.63 | 5.51 |
| 2011 | 4.51 | 2.09 | 6.60 | 7.68 |
Average Annual Total Returns: Periods Ended September 30, 2011
This table presents 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 | Income | Capital | Total |
| Investor Shares | 4/7/1986 | 3.25% | 3.72% | 4.60% | -0.26% | 4.34% |
| Admiral Shares | 11/12/2001 | 3.33 | 3.80 | 4.661 | -0.431 | 4.231 |
| 1 Return since inception. | | | | | | |
71
California Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2011
The fund reports a complete list of its holdings in regulatory filings 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 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) |
| Tax-Exempt Municipal Bonds (100.1%) | | | | |
| California (99.0%) | | | | |
| ABAG Finance Authority for Nonprofit Corps. | | | | |
| California Revenue (899 Charleston Project) | | | | |
| VRDO | 0.160% | 12/1/11 LOC | 2,875 | 2,875 |
| ABAG Finance Authority for Nonprofit Corps. | | | | |
| California Revenue (School of the Mechanical | | | | |
| Arts-Lick-Wilmerding High School) | 5.250% | 10/1/26 | 1,000 | 1,008 |
| ABAG Finance Authority for Nonprofit Corps. | | | | |
| California Revenue (School of the Mechanical | | | | |
| Arts-Lick-Wilmerding High School) | 5.300% | 10/1/32 | 3,180 | 3,183 |
| Alameda CA Corridor Transportation | | | | |
| Authority Revenue | 5.125% | 10/1/17 (14) | 5,000 | 5,013 |
| Alameda CA Corridor Transportation | | | | |
| Authority Revenue | 5.125% | 10/1/18 (14) | 2,000 | 2,005 |
| Alameda CA Corridor Transportation | | | | |
| Authority Revenue | 0.000% | 10/1/30 (2) | 30,375 | 9,005 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/24 (4) | 3,510 | 1,768 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/29 (4) | 5,000 | 1,744 |
| Anaheim CA Public Financing Authority Revenue | | | | |
| (Distribution System) | 5.000% | 10/1/21 (14) | 3,390 | 3,593 |
| Bay Area CA Infrastructure Financing | | | | |
| Authority Revenue | 5.000% | 8/1/17 (14) | 4,750 | 5,027 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/34 | 1,500 | 1,564 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/39 | 15,050 | 15,544 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.000% | 10/1/42 | 5,000 | 5,021 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) | 5.625% | 4/1/44 | 10,000 | 10,812 |
| Bay Area Toll Authority California Toll Bridge | | | | |
| Revenue (San Francisco Bay Area) VRDO | 0.080% | 12/7/11 LOC | 7,400 | 7,400 |
| Cabrillo CA Community College District Revenue | 0.000% | 5/1/26 (2) | 9,000 | 4,284 |
| California County CA Tobacco Securitization | | | | |
| Agency Revenue | 0.000% | 6/1/28 | 7,500 | 6,257 |
| California County CA Tobacco Securitization | | | | |
| Agency Revenue | 0.000% | 6/1/36 | 7,500 | 5,417 |
72
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 6.000% | 5/1/12 (Prere.) | 13,000 | 13,443 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/18 | 8,000 | 9,503 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/18 | 3,500 | 4,158 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/20 | 10,000 | 11,996 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/20 | 9,500 | 11,397 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/21 | 5,000 | 5,900 |
| California Department of Water Resources | | | | |
| Power Supply Revenue | 5.000% | 5/1/22 | 30,000 | 33,860 |
| California Department of Water Resources | | | | |
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/25 | 8,810 | 9,893 |
| California Economic Recovery Bonds GO | 5.000% | 7/1/18 | 15,850 | 18,532 |
| California Economic Recovery Bonds GO | 5.000% | 7/1/19 | 6,000 | 7,060 |
| California Economic Recovery Bonds GO | 5.000% | 7/1/20 | 19,855 | 23,035 |
| California Economic Recovery Bonds GO | 5.250% | 7/1/21 | 16,985 | 19,805 |
| California Economic Recovery Bonds GO | 5.000% | 7/1/22 | 5,000 | 5,444 |
| California Educational Facilities Authority | | | | |
| Revenue (California Institute of Technology) | 5.000% | 10/1/39 | 7,730 | 8,108 |
| California Educational Facilities Authority | | | | |
| Revenue (California Institute of Technology) | 5.000% | 11/1/39 | 3,000 | 3,227 |
| California Educational Facilities Authority | | | | |
| Revenue (College of Arts & Crafts) | 6.875% | 6/1/19 | 1,615 | 1,805 |
| California Educational Facilities Authority | | | | |
| Revenue (College of Arts & Crafts) | 5.750% | 6/1/25 | 2,000 | 1,996 |
| California Educational Facilities Authority | | | | |
| Revenue (Pomona College) | 0.000% | 7/1/34 | 3,155 | 901 |
| California Educational Facilities Authority | | | | |
| Revenue (Pomona College) | 0.000% | 7/1/35 | 3,155 | 830 |
| California Educational Facilities Authority | | | | |
| Revenue (Pomona College) | 0.000% | 7/1/36 | 3,155 | 783 |
| California Educational Facilities Authority | | | | |
| Revenue (Pomona College) | 0.000% | 7/1/37 | 3,155 | 738 |
| California Educational Facilities Authority | | | | |
| Revenue (Pomona College) | 0.000% | 7/1/39 | 2,805 | 583 |
| California Educational Facilities Authority | | | | |
| Revenue (Pomona College) | 0.000% | 7/1/40 | 1,580 | 310 |
| California Educational Facilities Authority | | | | |
| Revenue (Stanford University) | 5.000% | 3/15/26 | 5,330 | 6,478 |
| California Educational Facilities Authority | | | | |
| Revenue (University of San Francisco) | 6.125% | 10/1/36 | 1,250 | 1,381 |
| California Educational Facilities Authority | | | | |
| Revenue (University of Southern California) | 4.750% | 10/1/37 | 1,650 | 1,674 |
| California Educational Facilities Authority | | | | |
| Revenue (University of Southern California) | 5.000% | 10/1/38 | 5,445 | 5,731 |
| California Educational Facilities Authority | | | | |
| Revenue (University of Southern California) | 5.250% | 10/1/38 | 3,420 | 3,671 |
| 1 California Educational Facilities Authority | | | | |
| Revenue (University of Southern California) | | | | |
| TOB VRDO | 0.110% | 12/1/11 | 3,005 | 3,005 |
73
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Educational Facilities Authority | | | | |
| Revenue (University of the Pacific) | 5.000% | 11/1/25 | 2,000 | 2,073 |
| California GO | 6.250% | 9/1/12 (3) | 2,940 | 3,030 |
| California GO | 7.000% | 11/1/13 (14) | 65 | 67 |
| California GO | 5.000% | 10/1/14 | 1,900 | 2,099 |
| California GO | 5.250% | 10/1/14 (14) | 1,955 | 1,985 |
| California GO | 5.000% | 11/1/14 | 22,840 | 25,299 |
| California GO | 5.000% | 11/1/15 | 1,520 | 1,708 |
| California GO | 5.000% | 10/1/18 | 9,000 | 10,367 |
| California GO | 5.000% | 3/1/19 | 1,250 | 1,440 |
| California GO | 6.000% | 4/1/19 | 1,690 | 2,055 |
| California GO | 6.000% | 8/1/19 (3) | 210 | 212 |
| California GO | 5.000% | 10/1/19 | 10,070 | 11,639 |
| California GO | 5.000% | 4/1/20 | 1,460 | 1,659 |
| California GO | 5.000% | 11/1/22 | 1,000 | 1,110 |
| California GO | 5.250% | 9/1/23 | 10,100 | 11,525 |
| California GO | 5.000% | 3/1/25 | 7,000 | 7,523 |
| California GO | 5.125% | 2/1/26 | 15,325 | 15,922 |
| California GO | 5.000% | 6/1/26 (14) | 20,000 | 20,949 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,449 |
| California GO | 5.100% | 11/1/27 | 1,475 | 1,581 |
| California GO | 5.000% | 9/1/28 | 10,650 | 11,106 |
| California GO | 5.000% | 9/1/29 | 6,000 | 6,292 |
| California GO | 5.000% | 10/1/29 | 1,400 | 1,457 |
| California GO | 5.250% | 10/1/29 | 4,700 | 4,968 |
| California GO | 5.250% | 3/1/30 | 10,000 | 10,533 |
| California GO | 4.500% | 8/1/30 | 5,000 | 4,968 |
| California GO | 5.250% | 9/1/30 | 6,000 | 6,366 |
| California GO | 5.750% | 4/1/31 | 15,875 | 17,456 |
| California GO | 5.000% | 6/1/32 | 30,000 | 30,417 |
| California GO | 5.000% | 9/1/32 | 1,045 | 1,068 |
| California GO | 6.000% | 3/1/33 | 7,000 | 7,845 |
| California GO | 6.500% | 4/1/33 | 33,000 | 38,449 |
| California GO | 5.000% | 6/1/34 | 8,500 | 8,523 |
| California GO | 4.500% | 3/1/35 (2) | 2,320 | 2,229 |
| California GO | 6.000% | 11/1/35 | 10,000 | 11,145 |
| California GO | 5.250% | 3/1/38 | 13,565 | 13,795 |
| California GO | 6.000% | 4/1/38 | 21,190 | 23,420 |
| California GO | 5.250% | 8/1/38 | 10,000 | 10,179 |
| California GO | 5.500% | 11/1/39 | 3,690 | 3,851 |
| California GO | 6.000% | 11/1/39 | 2,700 | 3,001 |
| California GO | 5.500% | 3/1/40 | 9,000 | 9,400 |
| California GO | 5.250% | 11/1/40 | 11,000 | 11,219 |
| California GO | 5.000% | 10/1/41 | 10,000 | 9,938 |
| California GO VRDO | 0.070% | 12/1/11 LOC | 17,625 | 17,625 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Adventist Health System/West) | 5.000% | 3/1/33 | 5,000 | 4,897 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Casa Colina) | 6.125% | 4/1/32 | 10,000 | 10,010 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 5,000 | 5,358 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/39 | 5,000 | 5,358 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/41 | 9,000 | 8,880 |
74
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Health Facilities Financing Authority | | | | |
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/27 | 7,000 | 7,020 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/39 | 7,000 | 6,845 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Children’s Hospital of Orange County) | 6.500% | 11/1/38 | 3,000 | 3,232 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Children’s Hospital of Orange County) | 5.250% | 11/1/41 | 4,025 | 3,971 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Providence Health & Services) | 6.500% | 10/1/33 | 2,000 | 2,277 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Providence Health & Services) | 5.500% | 10/1/39 | 6,500 | 6,824 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/33 | 3,520 | 3,594 |
| California Health Facilities Financing Authority | | | | |
| Revenue (St. Joseph Health System) | 5.750% | 7/1/39 | 7,000 | 7,301 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Sutter Health) | 5.250% | 8/15/22 | 5,000 | 5,467 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 4,000 | 4,323 |
| California Health Facilities Financing Authority | | | | |
| Revenue (Sutter Health) | 5.250% | 11/15/46 | 20,500 | 20,292 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue (Bay Area Toll | | | | |
| Bridges Seismic Retrofit) | 5.000% | 1/1/28 (Prere.) | 6,500 | 8,074 |
| 1 California Infrastructure & Economic | | | | |
| Development Bank Revenue (Bay Area Toll | | | | |
| Bridges Seismic Retrofit) TOB VRDO | 0.110% | 12/1/11 (ETM) | 820 | 820 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue | | | | |
| (J. Paul Getty Trust) VRDO | 0.050% | 12/7/11 | 5,000 | 5,000 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue (Los Angeles | | | | |
| County Museum of Natural History | | | | |
| Foundation) VRDO | 0.070% | 12/1/11 LOC | 5,500 | 5,500 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue (Science | | | | |
| Center Phase II Project) | 5.000% | 5/1/31 (14) | 4,135 | 3,961 |
| California Infrastructure & Economic | | | | |
| Development Bank Revenue (YMCA of | | | | |
| Metropolitan Los Angeles Project) | 5.250% | 2/1/26 (2) | 4,750 | 4,802 |
| California Municipal Finance Authority | | | | |
| (Community Hospitals of Central California | | | | |
| Obligated Group) COP | 5.500% | 2/1/39 | 11,000 | 9,847 |
| California Municipal Finance Authority Revenue | | | | |
| (University of La Verne) | 5.250% | 6/1/20 | 2,420 | 2,502 |
| California Public Works Board Lease Revenue | | | | |
| (Community Colleges) | 5.000% | 3/1/27 (14) | 2,970 | 2,989 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.000% | 1/1/15 (2) | 3,900 | 4,248 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.000% | 1/1/17 | 6,000 | 6,526 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 6.500% | 9/1/17 (2) | 22,280 | 24,740 |
75
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.000% | 12/1/17 (14) | 13,835 | 14,656 |
| California Public Works Board Lease Revenue | | | | |
| (Department of Corrections) | 5.000% | 12/1/19 (14) | 15,230 | 15,878 |
| California Public Works Board Lease Revenue | | | | |
| (Department of General Services) | 6.000% | 4/1/25 | 6,000 | 6,588 |
| California Public Works Board Lease Revenue | | | | |
| (Department of General Services) | 6.250% | 4/1/34 | 8,250 | 8,845 |
| California Public Works Board Lease Revenue | | | | |
| (Office of Emergency Services) | 5.000% | 3/1/27 (14) | 8,950 | 9,007 |
| California Public Works Board Lease Revenue | | | | |
| (Regents of The University of California) | 5.250% | 11/1/27 (14) | 9,045 | 9,774 |
| California Public Works Board Lease Revenue | | | | |
| (Regents of The University of California) | 5.000% | 5/1/30 | 17,000 | 17,602 |
| California Public Works Board Lease Revenue | | | | |
| (Various Capital Projects) | 6.250% | 11/1/24 | 5,000 | 5,681 |
| California RAN | 2.000% | 5/24/12 | 12,500 | 12,599 |
| California State University Revenue Systemwide | 5.250% | 11/1/19 (4) | 5,000 | 5,454 |
| California State University Revenue Systemwide | 5.250% | 11/1/20 (4) | 4,745 | 5,167 |
| California State University Revenue Systemwide | 5.000% | 11/1/21 (2) | 17,215 | 18,982 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 2,000 | 2,246 |
| California State University Revenue Systemwide | 5.750% | 11/1/27 | 4,500 | 5,041 |
| California State University Revenue Systemwide | 5.250% | 11/1/34 | 5,000 | 5,228 |
| California State University Revenue Systemwide | 5.000% | 11/1/35 (14) | 5,000 | 5,080 |
| California State University Revenue Systemwide | 5.000% | 11/1/37 | 10,000 | 10,323 |
| California State University Revenue Systemwide | 5.250% | 11/1/38 | 3,280 | 3,408 |
| California Statewide Communities Development | | | | |
| Authority Health Facility Revenue | | | | |
| (Adventist Health System/West) | 5.000% | 3/1/35 | 8,000 | 7,817 |
| California Statewide Communities Development | | | | |
| Authority Health Facility Revenue | | | | |
| (Henry Mayo Newhall Memorial Hospital) | 5.000% | 10/1/18 | 5,260 | 5,267 |
| California Statewide Communities Development | | | | |
| Authority Health Facility Revenue | | | | |
| (Memorial Health Services) | 6.000% | 10/1/23 | 8,500 | 8,848 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Concordia | | | | |
| University Irvine Project) VRDO | 0.140% | 12/1/11 LOC | 5,300 | 5,300 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Cottage Health System | | | | |
| Obligated Group) | 5.000% | 11/1/40 | 7,000 | 6,957 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Daughters of Charity | | | | |
| Health System) | 5.250% | 7/1/30 | 5,000 | 4,414 |
| California Statewide Communities Development | | | | |
| Authority Revenue (John Muir Health) | 5.000% | 8/15/34 | 5,390 | 5,318 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Kaiser Permanente) | 5.500% | 11/1/32 | 16,250 | 16,326 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Kaiser Permanente) | 4.750% | 4/1/33 | 4,185 | 4,001 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Kaiser Permanente) | 5.000% | 3/1/41 | 4,925 | 4,785 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Kaiser Permanente) | 5.250% | 3/1/45 | 10,250 | 10,280 |
76
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| California Statewide Communities Development | | | | |
| Authority Revenue (Los Angeles Orthopaedic | | | | |
| Hospital Foundation & Orthopaedic Hospital) | 5.750% | 6/1/30 (2) | 6,680 | 6,657 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Proposition 1A | | | | |
| Receivables Program) | 5.000% | 6/15/13 | 9,000 | 9,557 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Sutter Health) | 5.500% | 8/15/34 | 10,885 | 10,925 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Sutter Health) | 5.000% | 11/15/38 | 4,250 | 4,188 |
| 1 California Statewide Communities Development | | | | |
| Authority Revenue (Sutter Health) TOB VRDO | 0.170% | 12/7/11 | 6,773 | 6,773 |
| California Statewide Communities Development | | | | |
| Authority Revenue (Trinity Health) | 5.000% | 12/1/41 | 7,500 | 7,477 |
| California Statewide Communities Development | | | | |
| Authority Senior Living Revenue | | | | |
| (Southern California Presbyterian Homes) | 4.875% | 11/15/36 | 7,230 | 5,974 |
| California Statewide Communities Development | | | | |
| Authority Senior Living Revenue | | | | |
| (Southern California Presbyterian Homes) | 7.250% | 11/15/41 | 3,000 | 3,211 |
| California Statewide Communities Development | | | | |
| Authority Student Housing Revenue | | | | |
| (CHF-Irvine LLC–UCI East Campus | | | | |
| Apartments Phase II) | 5.000% | 5/15/38 | 18,000 | 15,975 |
| 1 Chabot-Las Positas CA Community College | | | | |
| District GO TOB VRDO | 0.150% | 12/7/11 | 3,000 | 3,000 |
| Clovis CA Unified School District GO | 0.000% | 8/1/13 (14) | 4,935 | 4,872 |
| Clovis CA Unified School District GO | 0.000% | 8/1/15 (14) | 2,770 | 2,610 |
| Clovis CA Unified School District GO | 0.000% | 8/1/16 (14) | 2,865 | 2,555 |
| East Bay CA Municipal Utility District Water | | | | |
| System Revenue | 5.000% | 6/1/32 (14) | 15,765 | 16,809 |
| East Bay CA Municipal Utility District Water | | | | |
| System Revenue | 5.000% | 6/1/36 | 10,000 | 10,648 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/25 | 2,000 | 2,280 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/27 | 4,070 | 4,563 |
| Eastern California Municipal Water District | | | | |
| Water & Sewer Revenue | 6.750% | 7/1/12 (14) | 2,340 | 2,405 |
| Escondido CA Union High School District GO | 0.000% | 11/1/20 (14) | 4,000 | 2,538 |
| Fontana CA Public Financing Authority | | | | |
| Subordinate Lien Tax Allocation Revenue | 5.000% | 10/1/29 (2) | 9,450 | 9,093 |
| Fontana CA Public Financing Authority | | | | |
| Subordinate Lien Tax Allocation Revenue | 5.000% | 10/1/32 (2) | 5,000 | 4,824 |
| Fontana CA Unified School District GO | 5.250% | 8/1/31 (4) | 6,115 | 6,249 |
| Foothill-De Anza CA Community College | | | | |
| District GO | 0.000% | 8/1/17 (14) | 3,000 | 2,584 |
| Foothill-De Anza CA Community College | | | | |
| District GO | 0.000% | 8/1/22 (14) | 3,850 | 2,447 |
| Foothill-De Anza CA Community | | | | |
| College District GO | 0.000% | 8/1/23 (14) | 3,590 | 2,111 |
| Foothill-De Anza CA Community | | | | |
| College District GO | 0.000% | 8/1/25 (14) | 2,390 | 1,228 |
| Foothill-De Anza CA Community | | | | |
| College District GO | 5.000% | 8/1/40 | 10,000 | 10,532 |
| Foothill/Eastern Corridor Agency California | | | | |
| Toll Road Revenue | 5.875% | 1/15/26 | 10,000 | 9,895 |
77
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Foothill/Eastern Corridor Agency California | | | | |
| Toll Road Revenue | 0.000% | 1/1/29 (ETM) | 7,460 | 3,994 |
| Foothill/Eastern Corridor Agency California | | | | |
| Toll Road Revenue | 0.000% | 1/15/33 | 10,000 | 2,458 |
| Foothill/Eastern Corridor Agency California | | | | |
| Toll Road Revenue | 0.000% | 1/15/34 | 10,000 | 2,273 |
| Fresno CA Airport Revenue | 5.500% | 7/1/30 (4) | 1,500 | 1,501 |
| Fresno County CA TRAN | 3.000% | 6/29/12 | 20,000 | 20,333 |
| Galivan CA Joint Community College District GO | 5.500% | 8/1/28 (2) | 3,405 | 3,533 |
| Golden State Tobacco Securitization Corp. | | | | |
| California | 4.500% | 6/1/27 | 24,280 | 19,297 |
| Golden State Tobacco Securitization Corp. | | | | |
| California | 5.500% | 6/1/13 (Prere.) | 4,000 | 4,295 |
| 2 Golden State Tobacco Securitization Corp. | | | | |
| California | 6.250% | 6/1/12 (Prere.) | 29,730 | 31,883 |
| Golden State Tobacco Securitization Corp. | | | | |
| California | 5.125% | 6/1/47 | 12,785 | 8,108 |
| Golden State Tobacco Securitization Corp. | | | | |
| California | 5.750% | 6/1/47 | 8,500 | 5,991 |
| Grossmont CA Healthcare District GO | 6.125% | 7/15/40 | 2,500 | 2,805 |
| 1 Grossmont CA Healthcare District Revenue | | | | |
| TOB VRDO | 0.150% | 12/7/11 | 5,200 | 5,200 |
| Hartnell CA Community College District GO | 5.000% | 8/1/13 (Prere.) | 1,550 | 1,669 |
| Hartnell CA Community College District GO | 5.000% | 8/1/13 (Prere.) | 1,735 | 1,868 |
| Hartnell CA Community College District GO | 5.000% | 8/1/13 (Prere.) | 2,370 | 2,551 |
| Irvine CA Assessment District No. 05-21 | | | | |
| Improvement Revenue (Northwest Irvine) VRDO | 0.140% | 12/1/11 LOC | 1,900 | 1,900 |
| Irvine CA Unified School District Financing | | | | |
| Authority Special Tax Revenue | 5.000% | 9/1/30 (2) | 5,500 | 5,535 |
| Kern CA High School District GO | 6.400% | 8/1/14 (ETM) | 1,490 | 1,719 |
| Kern CA High School District GO | 6.400% | 8/1/15 (ETM) | 1,645 | 1,978 |
| Kern CA High School District GO | 6.400% | 8/1/16 (ETM) | 1,815 | 2,267 |
| Kern County CA GO | 5.750% | 8/1/35 (12) | 2,000 | 2,128 |
| La Mesa-Spring Valley CA School District GO | 5.375% | 8/1/12 (Prere.) | 1,570 | 1,624 |
| La Mesa-Spring Valley CA School District GO | 5.375% | 8/1/12 (Prere.) | 1,775 | 1,836 |
| La Mesa-Spring Valley CA School District GO | 5.375% | 8/1/12 (Prere.) | 2,000 | 2,068 |
| La Mesa-Spring Valley CA School District GO | 5.375% | 8/1/12 (Prere.) | 1,890 | 1,955 |
| Loma Linda CA Hospital Revenue | | | | |
| (Loma Linda University) | 5.000% | 12/1/20 | 6,155 | 6,024 |
| Loma Linda CA Hospital Revenue | | | | |
| (Loma Linda University) | 5.000% | 12/1/21 | 2,500 | 2,405 |
| Long Beach CA Finance Authority Lease | | | | |
| Revenue (Aquarium of the South Pacific) | 5.500% | 11/1/13 (2) | 3,680 | 3,689 |
| Long Beach CA Finance Authority Lease | | | | |
| Revenue (Aquarium of the South Pacific) | 5.500% | 11/1/18 (2) | 4,675 | 4,682 |
| Long Beach CA Finance Authority Lease Revenue | | | | |
| (Temple & Willow Facility) | 5.500% | 10/1/18 (14) | 5,030 | 5,079 |
| Long Beach CA Finance Authority Natural | | | | |
| Gas Purchase Revenue | 5.500% | 11/15/37 | 5,500 | 5,230 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/26 (2) | 7,570 | 7,105 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/31 (2) | 4,015 | 3,601 |
| Long Beach CA Harbor Revenue | 5.000% | 5/15/17 (14) | 3,655 | 3,975 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/25 | 3,980 | 4,489 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/32 (14) | 7,340 | 7,652 |
| Los Angeles CA Community College District GO | 6.000% | 8/1/33 | 5,000 | 5,665 |
| Los Angeles CA Community College District GO | 5.250% | 8/1/39 | 5,000 | 5,438 |
78
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.250% | 5/15/17 (14) | 6,800 | 6,942 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/22 | 2,000 | 2,307 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.250% | 5/15/27 | 5,000 | 5,513 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/29 | 5,000 | 5,345 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/30 | 14,590 | 15,510 |
| Los Angeles CA Department of Airports | | | | |
| International Airport Revenue | 5.000% | 5/15/30 | 3,195 | 3,350 |
| 1 Los Angeles CA Department of Airports | | | | |
| International Airport Revenue TOB VRDO | 0.150% | 12/7/11 | 7,440 | 7,440 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/25 | 4,070 | 4,470 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/29 (2) | 10,000 | 10,521 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/30 (2) | 16,000 | 16,696 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/32 (2) | 5,000 | 5,217 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.250% | 7/1/32 | 7,000 | 7,544 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/34 (14) | 5,995 | 6,102 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.375% | 7/1/34 | 3,000 | 3,256 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/36 (14) | 2,000 | 2,025 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.000% | 7/1/36 | 5,000 | 5,253 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.250% | 7/1/38 | 1,890 | 2,006 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue | 5.250% | 7/1/39 | 2,000 | 2,162 |
| Los Angeles CA Department of Water & | | | | |
| Power Revenue VRDO | 0.140% | 12/1/11 | 1,300 | 1,300 |
| Los Angeles CA GO | 5.000% | 9/1/31 | 5,785 | 6,181 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 | 3,950 | 4,671 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 6,655 | 7,338 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/21 | 3,500 | 4,031 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 10,000 | 10,730 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (2) | 9,745 | 10,501 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (2) | 7,500 | 8,082 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/24 | 6,275 | 7,106 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 5,000 | 5,584 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 7,000 | 7,732 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 (3) | 7,500 | 7,767 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 8,000 | 8,283 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 5,000 | 5,201 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/34 | 10,000 | 10,690 |
| Los Angeles County CA Metropolitan | | | | |
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 5,000 | 5,912 |
79
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Los Angeles County CA Metropolitan | | | | |
| Transportation Authority Sales Tax | | | | |
| Revenue VRDO | 0.110% | 12/1/11 | 10,200 | 10,200 |
| Los Angeles County CA Public Works Financing | | | | |
| Authority Lease Revenue | 5.000% | 12/1/23 (14) | 4,000 | 4,011 |
| Los Angeles County CA Public Works Financing | | | | |
| Authority Lease Revenue | 5.000% | 12/1/24 (14) | 4,000 | 3,977 |
| Los Angeles County CA Public Works Financing | | | | |
| Authority Lease Revenue | 5.000% | 12/1/25 (14) | 1,265 | 1,241 |
| Los Angeles County CA Public Works Financing | | | | |
| Authority Revenue | 5.500% | 10/1/18 (4) | 1,890 | 2,138 |
| Los Angeles County CA Sanitation Districts | | | | |
| Financing Authority Capital Projects Revenue | 4.500% | 10/1/42 (2) | 5,000 | 4,514 |
| Los Angeles County CA Schools Regionalized | | | | |
| Business Services Corp. COP | 0.000% | 8/1/14 (ETM) | 1,000 | 898 |
| Los Angeles County CA Schools Regionalized | | | | |
| Business Services Corp. COP | 0.000% | 8/1/20 (2) | 2,095 | 1,300 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 7,000 | 8,107 |
| M-S-R California Energy Authority Revenue | 6.500% | 11/1/39 | 7,000 | 7,673 |
| M-S-R California Public Power Agency Revenue | | | | |
| (San Juan Project) | 6.125% | 7/1/13 (2) | 3,485 | 3,608 |
| M-S-R California Public Power Agency Revenue | | | | |
| (San Juan Project) | 6.750% | 7/1/20 (ETM) | 12,255 | 15,355 |
| Manteca CA Redevelopment Agency | | | | |
| Tax Allocation Revenue VRDO | 0.150% | 12/1/11 LOC | 3,800 | 3,800 |
| Metropolitan Water District of Southern | | | | |
| California Revenue | 5.000% | 7/1/25 | 3,410 | 3,747 |
| Metropolitan Water District of Southern | | | | |
| California Revenue | 5.000% | 10/1/26 | 4,000 | 4,603 |
| Metropolitan Water District of Southern | | | | |
| California Revenue | 5.000% | 7/1/28 | 4,235 | 4,621 |
| Metropolitan Water District of Southern | | | | |
| California Revenue | 5.000% | 7/1/31 | 3,000 | 3,262 |
| Modesto CA High School District GO | 0.000% | 8/1/15 (14) | 5,000 | 4,677 |
| Modesto CA High School District GO | 0.000% | 8/1/17 (14) | 3,000 | 2,459 |
| Modesto CA High School District GO | 0.000% | 8/1/18 (14) | 3,225 | 2,510 |
| Modesto CA Irrigation District COP | 5.500% | 7/1/35 | 1,000 | 1,030 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/36 (2) | 4,795 | 4,741 |
| Modesto CA Irrigation District Financing | | | | |
| Authority Revenue (Woodland Project) | 6.500% | 10/1/22 (ETM) | 9,750 | 12,223 |
| Monterey Park CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 9/1/16 (4) | 1,010 | 1,027 |
| Monterey Park CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 9/1/17 (4) | 1,060 | 1,076 |
| Monterey Park CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 9/1/18 (4) | 1,115 | 1,129 |
| Monterey Park CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 9/1/19 (4) | 1,120 | 1,133 |
| Monterey Park CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.000% | 9/1/20 (4) | 1,180 | 1,191 |
| Mount San Antonio CA Community College | | | | |
| District GO | 5.250% | 8/1/14 (Prere.) | 3,010 | 3,382 |
| Mount San Antonio CA Community College | | | | |
| District GO | 5.250% | 8/1/14 (Prere.) | 3,170 | 3,562 |
| Mount San Antonio CA Community College | | | | |
| District GO | 5.250% | 8/1/14 (Prere.) | 3,335 | 3,747 |
80
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| New Haven CA Unified School District GO | 12.000% | 8/1/16 (4) | 2,480 | 3,637 |
| New Haven CA Unified School District GO | 12.000% | 8/1/17 (4) | 1,500 | 2,316 |
| Newark CA Unified School District GO | 0.000% | 8/1/13 (4) | 2,050 | 2,021 |
| Newport Beach CA Revenue (Hoag Memorial | | | | |
| Hospital Presbyterian) | 6.000% | 12/1/40 | 3,500 | 3,925 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/35 | 4,000 | 1,017 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/36 | 1,000 | 240 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/37 | 2,000 | 441 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/38 | 1,000 | 208 |
| North Orange County CA Community College | | | | |
| District GO | 5.375% | 8/1/12 (Prere.) | 5,080 | 5,304 |
| 3 Northern California Gas Authority No. 1 Revenue | 0.699% | 7/1/13 | 14,000 | 13,593 |
| 3 Northern California Gas Authority No. 1 Revenue | 0.849% | 7/1/17 | 17,000 | 15,042 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 6.300% | 7/1/18 (14) | 10,000 | 11,412 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 7.500% | 7/1/21 (Prere.) | 1,810 | 2,486 |
| Northern California Power Agency Revenue | | | | |
| (Hydroelectric Project) | 5.000% | 7/1/28 (14) | 11,140 | 11,143 |
| Oakland CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Central District Project) | 5.500% | 2/1/14 (2) | 2,890 | 2,978 |
| Oceanside CA Unified School District GO | 0.000% | 8/1/25 (12) | 6,865 | 3,247 |
| Ohlone CA Community College District GO | 5.250% | 8/1/41 | 5,000 | 5,299 |
| Orange County CA Water District Revenue | 5.000% | 8/15/41 | 6,855 | 7,205 |
| Palmdale CA COP | 5.250% | 9/1/19 (14) | 1,310 | 1,352 |
| Palmdale CA COP | 5.250% | 9/1/20 (14) | 1,450 | 1,494 |
| Palmdale CA COP | 5.250% | 9/1/21 (14) | 1,605 | 1,651 |
| Palmdale CA COP | 5.250% | 9/1/22 (14) | 1,765 | 1,813 |
| Palo Alto CA Improvement Revenue | | | | |
| (University Avenue Area Parking) | 5.700% | 9/2/18 | 890 | 911 |
| Palo Alto CA Improvement Revenue | | | | |
| (University Avenue Area Parking) | 5.700% | 9/2/19 | 895 | 915 |
| Palo Alto CA Improvement Revenue | | | | |
| (University Avenue Area Parking) | 5.750% | 9/2/20 | 890 | 907 |
| Palo Alto CA Improvement Revenue | | | | |
| (University Avenue Area Parking) | 5.750% | 9/2/26 | 4,460 | 4,494 |
| Palomar Pomerado Health System | | | | |
| California Revenue | 5.375% | 11/1/13 (14) | 6,730 | 6,740 |
| Palomar Pomerado Health System | | | | |
| California Revenue COP | 6.000% | 11/1/41 | 3,000 | 2,837 |
| Palomar Pomerado Health System | | | | |
| California Revenue GO | 4.500% | 8/1/32 (14) | 12,500 | 11,355 |
| 1 Palomar Pomerado Health System | | | | |
| California Revenue GO TOB VRDO | 0.150% | 12/7/11 (12) | 9,600 | 9,600 |
| Peralta CA Community College District Revenue | 5.000% | 8/1/39 | 4,000 | 4,043 |
| Pittsburg CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Los Medanos Community | | | | |
| Development Project) | 0.000% | 8/1/19 (2) | 1,150 | 775 |
| Pittsburg CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Los Medanos Community | | | | |
| Development Project) | 0.000% | 8/1/21 (2) | 2,575 | 1,507 |
| Pittsburg CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Los Medanos Community | | | | |
| Development Project) | 0.000% | 8/1/22 (2) | 3,755 | 2,008 |
81
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Pittsburg CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Los Medanos Community | | | | |
| Development Project) | 0.000% | 8/1/24 (2) | 1,000 | 443 |
| Pittsburg CA Redevelopment Agency Tax | | | | |
| Allocation Revenue (Los Medanos Community | | | | |
| Development Project) | 5.700% | 8/1/13 (Prere.) | 7,000 | 7,756 |
| Pomona CA Unified School District GO | 5.600% | 8/1/14 (ETM) | 1,585 | 1,796 |
| Pomona CA Unified School District GO | 5.600% | 8/1/15 (ETM) | 2,000 | 2,347 |
| Pomona CA Unified School District GO | 5.600% | 8/1/16 (ETM) | 1,000 | 1,208 |
| Pomona CA Unified School District GO | 7.500% | 8/1/17 (ETM) | 2,540 | 3,404 |
| Port of Oakland CA Revenue | 5.000% | 11/1/16 (14) | 8,160 | 9,106 |
| Port of Oakland CA Revenue | 5.000% | 11/1/17 (14) | 5,000 | 5,609 |
| Poway CA Unified School District GO | 5.000% | 8/1/27 | 5,575 | 6,018 |
| Rancho Mirage CA Joint Powers Financing | | | | |
| Authority Revenue (Eisenhower Medical Center) | 5.000% | 7/1/47 | 15,900 | 13,751 |
| Rancho Mirage CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.125% | 4/1/21 (14) | 2,650 | 2,654 |
| Rancho Mirage CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.250% | 4/1/26 (14) | 2,905 | 2,887 |
| Rancho Mirage CA Redevelopment Agency | | | | |
| Tax Allocation Revenue | 5.250% | 4/1/33 (14) | 3,000 | 2,849 |
| Rio Hondo CA Community College District GO | 5.000% | 8/1/30 | 6,655 | 7,005 |
| Riverside CA Unified School District Community | | | | |
| Facilities District No. 7 (Victoria Grove) Special | | | | |
| Tax Revenue | 5.000% | 9/1/31 (2) | 4,000 | 3,897 |
| Riverside County CA Asset Leasing Corp. | | | | |
| Leasehold Revenue (Riverside County | | | | |
| Hospital Project) | 0.000% | 6/1/13 (14) | 5,000 | 4,774 |
| Riverside County CA Asset Leasing Corp. | | | | |
| Leasehold Revenue (Riverside County | | | | |
| Hospital Project) | 0.000% | 6/1/14 (14) | 2,000 | 1,843 |
| Riverside County CA Asset Leasing Corp. | | | | |
| Leasehold Revenue (Riverside County | | | | |
| Hospital Project) | 0.000% | 6/1/15 (14) | 2,000 | 1,768 |
| Roseville CA Electric System Revenue | 5.000% | 2/1/37 | 4,500 | 4,634 |
| Roseville CA Natural Gas Financing Authority | | | | |
| Gas Revenue | 5.000% | 2/15/22 | 1,440 | 1,412 |
| Roseville CA Natural Gas Financing Authority | | | | |
| Gas Revenue | 5.000% | 2/15/28 | 2,450 | 2,250 |
| Sacramento CA Financing Authority | | | | |
| Lease Revenue | 5.375% | 11/1/14 (2) | 5,255 | 5,474 |
| Sacramento CA Financing Authority | | | | |
| Lease Revenue | 5.400% | 11/1/20 (2) | 6,785 | 7,408 |
| Sacramento CA Municipal Utility | | | | |
| District Revenue | 5.900% | 7/1/20 (2) | 15,850 | 19,472 |
| Sacramento CA Municipal Utility | | | | |
| District Revenue VRDO | 0.150% | 12/7/11 LOC | 6,200 | 6,200 |
| Sacramento CA Transportation Authority | | | | |
| Sales Tax Revenue VRDO | 0.070% | 12/7/11 | 12,000 | 12,000 |
| Sacramento County CA Airport Revenue | 5.250% | 7/1/12 (Prere.) | 2,305 | 2,372 |
| Sacramento County CA Sanitation Districts | | | | |
| Financing Authority Revenue | 5.000% | 12/1/26 (14) | 5,000 | 5,321 |
| Sacramento County CA Sanitation Districts | | | | |
| Financing Authority Revenue | 5.000% | 12/1/30 (14) | 5,650 | 6,001 |
82
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 15,830 | 16,953 |
| San Diego CA Community College District GO | 5.250% | 8/1/33 | 2,500 | 2,708 |
| San Diego CA Community College District GO | 0.000% | 8/1/36 | 8,000 | 1,817 |
| San Diego CA Community College District GO | 5.000% | 8/1/36 | 2,500 | 2,645 |
| San Diego CA Community College District GO | 0.000% | 8/1/38 | 3,510 | 707 |
| San Diego CA Community College District GO | 5.000% | 8/1/41 | 3,000 | 3,172 |
| San Diego CA Public Facilities Financing Authority | | | | |
| Sewer Revenue | 5.250% | 5/15/34 | 6,000 | 6,368 |
| San Diego CA Public Facilities Financing Authority | | | | |
| Sewer Revenue | 5.250% | 5/15/39 | 7,000 | 7,379 |
| 1 San Diego CA Public Facilities Financing Authority | | | | |
| Sewer Revenue TOB VRDO | 0.200% | 12/7/11 | 8,280 | 8,280 |
| San Diego CA Public Facilities Financing Authority | | | | |
| Water Revenue | 5.750% | 8/1/35 | 2,500 | 2,779 |
| San Diego CA Public Facilities Financing Authority | | | | |
| Water Revenue | 5.500% | 8/1/39 | 5,000 | 5,419 |
| San Diego CA Unified School District GO | 0.000% | 7/1/15 (14) | 2,770 | 2,616 |
| San Diego CA Unified School District GO | 5.500% | 7/1/24 (14) | 10,000 | 11,759 |
| San Diego CA Unified School District GO | 5.500% | 7/1/24 (4) | 4,015 | 4,820 |
| San Diego CA Unified School District GO | 5.500% | 7/1/25 (14) | 9,000 | 10,518 |
| San Diego County CA COP | 5.000% | 2/1/28 (2) | 2,000 | 2,052 |
| San Diego County CA COP | 5.000% | 2/1/30 (2) | 2,345 | 2,393 |
| San Diego County CA Regional Airport | | | | |
| Authority Revenue | 5.000% | 7/1/26 | 4,000 | 4,249 |
| San Diego County CA Regional Airport | | | | |
| Authority Revenue | 5.000% | 7/1/28 | 3,200 | 3,341 |
| San Diego County CA Regional Airport | | | | |
| Authority Revenue | 5.000% | 7/1/34 | 2,715 | 2,751 |
| San Diego County CA Regional Airport | | | | |
| Authority Revenue | 5.000% | 7/1/40 | 3,000 | 3,002 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/31 | 4,700 | 5,066 |
| San Diego County CA Water Authority | | | | |
| Revenue COP | 5.000% | 5/1/26 (4) | 7,275 | 7,867 |
| San Francisco CA Bay Area Rapid Transit | | | | |
| District GO | 5.000% | 8/1/35 | 10,000 | 10,471 |
| San Francisco CA City & County GO | 5.000% | 6/15/23 | 6,000 | 7,067 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.250% | 5/1/12 (Prere.) | 4,305 | 4,395 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/18 | 6,300 | 7,347 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.250% | 5/1/12 (Prere.) | 4,770 | 4,870 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/19 | 7,500 | 8,788 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.250% | 5/1/12 (Prere.) | 5,020 | 5,125 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/20 | 5,315 | 6,206 |
| San Francisco CA City & County International | | | | |
| Airport Revenue | 5.000% | 5/1/25 | 5,220 | 5,734 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/31 | 1,100 | 1,176 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/31 | 1,205 | 1,289 |
83
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/34 | 1,275 | 1,341 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 5.000% | 11/1/35 | 2,605 | 2,719 |
| San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue | 4.750% | 11/1/36 (4) | 4,500 | 4,512 |
| 1 San Francisco CA City & County Public Utilities | | | | |
| Commission Water Revenue TOB VRDO | 0.140% | 12/7/11 | 11,500 | 11,500 |
| San Francisco CA City & County Redevelopment | | | | |
| Financing Authority Tax Allocation Revenue | | | | |
| (Mission Bay North) | 6.500% | 8/1/39 | 2,000 | 2,113 |
| San Francisco CA City & County Redevelopment | | | | |
| Financing Authority Tax Allocation Revenue | | | | |
| (Mission Bay North) | 6.750% | 8/1/41 | 1,000 | 1,070 |
| San Francisco CA City & County Unified School | | | | |
| District GO | 5.250% | 6/15/24 | 4,000 | 4,575 |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 6,000 | 2,291 |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/15/25 (14) | 6,000 | 2,116 |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/15/30 (14) | 7,000 | 1,584 |
| San Joaquin Hills CA Transportation Corridor | | | | |
| Agency Toll Road Revenue | 0.000% | 1/15/31 (14) | 11,950 | 2,477 |
| San Jose CA Airport Revenue | 5.000% | 3/1/33 (2) | 4,000 | 3,994 |
| San Jose CA Redevelopment Agency Tax | | | | |
| Allocation Revenue | 5.500% | 8/1/30 | 850 | 823 |
| San Jose CA Redevelopment Agency Tax | | | | |
| Allocation Revenue | 5.500% | 8/1/35 | 2,750 | 2,658 |
| San Jose CA Special Hotel Tax Revenue | | | | |
| (Convention Center Expansion & | | | | |
| Renovation Project) | 6.500% | 5/1/42 | 5,000 | 5,326 |
| San Juan CA Unified School District GO | 0.000% | 8/1/13 (4) | 2,220 | 2,186 |
| San Juan CA Unified School District GO | 0.000% | 8/1/14 (4) | 2,610 | 2,504 |
| San Juan CA Unified School District GO | 0.000% | 8/1/16 (4) | 2,000 | 1,762 |
| San Juan CA Unified School District GO | 0.000% | 8/1/18 (4) | 1,785 | 1,400 |
| San Juan CA Unified School District GO | 0.000% | 8/1/19 (4) | 2,210 | 1,653 |
| San Juan CA Unified School District GO | 0.000% | 8/1/20 (4) | 4,930 | 3,412 |
| San Juan CA Unified School District GO | 0.000% | 8/1/23 (4) | 4,540 | 2,516 |
| San Mateo County CA Community | | | | |
| College District GO | 5.000% | 9/1/31 | 5,000 | 5,256 |
| San Mateo County CA Joint Powers Financing | | | | |
| Authority Lease Revenue | | | | |
| (Capital Project Program) | 6.500% | 7/1/13 (14) | 6,375 | 6,735 |
| San Mateo County CA Joint Powers Financing | | | | |
| Authority Lease Revenue | | | | |
| (Capital Project Program) | 5.000% | 7/1/21 (14) | 3,500 | 3,832 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/13 (14) | 3,680 | 3,622 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/14 (14) | 8,290 | 8,031 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/15 (14) | 2,005 | 1,893 |
| Santa Ana CA Financing Authority Police | | | | |
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/16 (14) | 5,345 | 5,910 |
| Santa Ana CA Financing Authority Police | | | | |
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/17 (14) | 2,000 | 2,214 |
84
California Long-Term Tax-Exempt Fund
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value |
| | Coupon | Date | ($000) | ($000) |
| Santa Clara CA Electric Revenue | 5.000% | 7/1/21 (14) | 2,000 | 2,100 |
| Santa Clara CA Electric Revenue | 6.000% | 7/1/31 | 3,000 | 3,330 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/34 | 4,000 | 4,112 |
| Santa Clara County CA Financing Authority Lease | | | | |
| Revenue (Multiple Facilities Projects) | 5.250% | 5/15/36 | 5,000 | 5,254 |
| Santa Rosa CA Wastewater Revenue | 6.000% | 7/2/15 (2) | 4,935 | 5,283 |
| Santa Rosa CA Wastewater Revenue | 6.000% | 9/1/15 (4) | 3,930 | 4,252 |
| Solano County CA COP | 5.250% | 11/1/12 (Prere.) | 3,785 | 3,958 |
| Solano County CA COP | 5.250% | 11/1/12 (Prere.) | 3,770 | 3,942 |
| South San Francisco CA Redevelopment | | | | |
| Agency Tax Allocation Revenue | 5.000% | 9/1/35 (14) | 8,610 | 7,727 |
| Southern California Public Power | | | | |
| Authority Revenue | 5.000% | 7/1/29 | 5,000 | 5,349 |
| Southern California Public Power Authority | | | | |
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/30 | 5,000 | 5,303 |
| Southern California Public Power Authority | | | | |
| Revenue (Natural Gas Project) | 5.000% | 11/1/17 | 1,865 | 1,872 |
| Southern California Public Power Authority | | | | |
| Revenue (Natural Gas Project) | 5.000% | 11/1/33 | 5,400 | 5,013 |
| Southern California Public Power Authority | | | | |
| Revenue (Transmission Project) | 5.750% | 7/1/21 (14) | 220 | 221 |
| Southern California Public Power Authority | | | | |
| Revenue (Transmission Project) | 5.000% | 7/1/23 | 5,000 | 5,600 |
| Tobacco Securitization Authority Revenue | | | | |
| (Northern California Tobacco Settlement) | 5.375% | 6/1/38 | 4,500 | 3,073 |
| Tobacco Securitization Authority Revenue | | | | |
| (Southern California Tobacco Settlement) | 4.750% | 6/1/25 | 9,455 | 7,983 |
| Tobacco Securitization Authority Revenue | | | | |
| (Southern California Tobacco Settlement) | 5.000% | 6/1/37 | 2,155 | 1,499 |
| Torrance CA Hospital Revenue (Torrance | | | | |
| Memorial Medical Center) | 5.000% | 9/1/40 | 3,000 | 2,919 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/31 | 2,000 | 2,047 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/35 | 3,000 | 3,056 |
| Turlock CA Irrigation District Revenue | 5.500% | 1/1/41 | 3,000 | 3,208 |
| Ukiah CA Electric Revenue | 6.250% | 6/1/18 (14) | 4,585 | 4,966 |
| Union CA Elementary School District GO | 0.000% | 9/1/15 (14) | 3,860 | 3,628 |
| Union CA Elementary School District GO | 0.000% | 9/1/16 (14) | 1,500 | 1,334 |
| Union CA Elementary School District GO | 0.000% | 9/1/17 (14) | 2,295 | 1,940 |
| Union CA Elementary School District GO | 0.000% | 9/1/18 (14) | 1,630 | 1,285 |
| Union CA Elementary School District GO | 0.000% | 9/1/19 (14) | 1,750 | 1,306 |
| Union CA Elementary School District GO | 0.000% | 9/1/20 (14) | 2,300 | 1,601 |
| Union CA Elementary School District GO | 0.000% | 9/1/21 (14) | 2,000 | 1,291 |
| University of California Revenue | 5.750% | 5/15/25 | 7,000 | 8,282 |
| University of California Revenue | 4.750% | 5/15/33 | 12,425 | 12,431 |
| University of California Revenue | 5.000% | 5/15/33 (2) | 20,790 | 21,091 |
| University of California Revenue | 5.000% | 5/15/34 | 3,220 | 3,337 |
| University of California Revenue | 5.000% | 5/15/34 | 5,205 | 5,444 |
| University of California Revenue | 5.000% | 5/15/35 | 3,640 | 3,799 |
| University of California Revenue | 5.250% | 5/15/39 | 7,000 | 7,443 |
| University of California Revenue | 5.000% | 5/15/40 | 1,905 | 1,963 |
| Vallejo CA Sanitation & Flood Control COP | 5.000% | 7/1/19 (14) | 3,892 | 3,984 |
| Ventura County CA Community College | | | | |
| District GO | 5.500% | 8/1/33 | 8,500 | 9,245 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/35 | 2,000 | 2,025 |
85
California Long-Term Tax-Exempt Fund
| | | | | |
| | | | | Face | Market |
| | | | Maturity | Amount | Value |
| | | Coupon | Date | ($000) | ($000) |
| | Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/40 | 5,000 | 5,036 |
| | Walnut Valley CA Unified School District GO | 6.000% | 8/1/14 (ETM) | 2,205 | 2,521 |
| | Walnut Valley CA Unified School District GO | 6.000% | 8/1/15 (ETM) | 2,470 | 2,918 |
| | Walnut Valley CA Unified School District GO | 6.000% | 8/1/16 (ETM) | 2,690 | 3,269 |
| | Washington Township CA Health Care | | | | |
| | District Revenue | 5.000% | 7/1/32 | 3,000 | 2,903 |
| | Washington Township CA Health Care | | | | |
| | District Revenue | 5.000% | 7/1/37 | 3,500 | 3,302 |
| | West Contra Costa CA Unified School District GO | 5.250% | 8/1/35 (4) | 7,000 | 7,214 |
| | Yuba City CA Unified School District GO | 0.000% | 9/1/15 (14) | 1,870 | 1,673 |
| | Yuba City CA Unified School District GO | 0.000% | 9/1/17 (14) | 2,060 | 1,630 |
| | Yuba City CA Unified School District GO | 0.000% | 9/1/19 (14) | 2,270 | 1,579 |
| | | | | | 2,647,002 |
| Puerto Rico (1.1%) | | | | |
| 1 | Puerto Rico Housing Finance Authority | | | | |
| | Revenue TOB VRDO | 0.140% | 12/7/11 | 6,460 | 6,460 |
| | Puerto Rico Municipal Finance Agency GO | 5.250% | 7/1/19 (11) | 2,250 | 2,430 |
| | Puerto Rico Municipal Finance Agency GO | 5.250% | 7/1/20 (11) | 1,300 | 1,388 |
| | Puerto Rico Municipal Finance Agency GO | 5.250% | 8/1/20 (11) | 2,255 | 2,407 |
| | Puerto Rico Public Buildings Authority | | | | |
| | Government Facilities Revenue | 5.250% | 7/1/14 (Prere.) | 75 | 84 |
| | Puerto Rico Public Finance Corp. Revenue PUT | 5.750% | 2/1/12 LOC | 16,000 | 16,112 |
| 1 | Puerto Rico Sales Tax Financing Corp. | | | | |
| | Revenue TOB VRDO | 0.200% | 12/7/11 LOC | 1,510 | 1,510 |
| | | | | | 30,391 |
| Total Tax-Exempt Municipal Bonds (Cost $2,594,385) | | | | 2,677,393 |
| Other Assets and Liabilities (-0.1%) | | | | |
| Other Assets | | | | 39,885 |
| Liabilities | | | | (43,020) |
| | | | | | (3,135) |
| Net Assets (100%) | | | | 2,674,258 |
86
California Long-Term Tax-Exempt Fund
| |
| At November 30, 2011, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 2,709,928 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (118,678) |
| Unrealized Appreciation (Depreciation) | 83,008 |
| Net Assets | 2,674,258 |
| |
| Investor Shares—Net Assets | |
| Applicable to 39,191,353 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 440,643 |
| Net Asset Value Per Share—Investor Shares | $11.24 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 198,660,415 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,233,615 |
| Net Asset Value Per Share—Admiral Shares | $11.24 |
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 November 30, 2011, the aggregate value of these securities was $63,588,000, representing 2.4% of net assets.
2 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.
3 Adjustable-rate security.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
87
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.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(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 Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
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.
88
California Long-Term Tax-Exempt Fund
| |
| Statement of Operations | |
| |
| | Year Ended |
| | November 30, 2011 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 118,758 |
| Total Income | 118,758 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 297 |
| Management and Administrative—Investor Shares | 664 |
| Management and Administrative—Admiral Shares | 1,812 |
| Marketing and Distribution—Investor Shares | 148 |
| Marketing and Distribution—Admiral Shares | 486 |
| Custodian Fees | 39 |
| Auditing Fees | 29 |
| Shareholders’ Reports—Investor Shares | 16 |
| Shareholders’ Reports—Admiral Shares | 9 |
| Trustees’ Fees and Expenses | 3 |
| Total Expenses | 3,503 |
| Net Investment Income | 115,255 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | (12,598) |
| Futures Contracts | (4,432) |
| Realized Net Gain (Loss) | (17,030) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 66,015 |
| Futures Contracts | 7 |
| Change in Unrealized Appreciation (Depreciation) | 66,022 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 164,247 |
See accompanying Notes, which are an integral part of the Financial Statements.
89
California Long-Term Tax-Exempt Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended November 30, |
| | 2011 | 2010 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 115,255 | 127,238 |
| Realized Net Gain (Loss) | (17,030) | (10,367) |
| Change in Unrealized Appreciation (Depreciation) | 66,022 | 16,820 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 164,247 | 133,691 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (19,336) | (28,895) |
| Admiral Shares | (95,919) | (98,343) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (115,255) | (127,238) |
| Capital Share Transactions | | |
| Investor Shares | (95,102) | (166,988) |
| Admiral Shares | (129,177) | 136,419 |
| Net Increase (Decrease) from Capital Share Transactions | (224,279) | (30,569) |
| Total Increase (Decrease) | (175,287) | (24,116) |
| Net Assets | | |
| Beginning of Period | 2,849,545 | 2,873,661 |
| End of Period | 2,674,258 | 2,849,545 |
See accompanying Notes, which are an integral part of the Financial Statements.
90
California Long-Term Tax-Exempt Fund
Financial Highlights
| | | | | |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended November 30, |
| Throughout Each Period | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $11.01 | $10.98 | $10.19 | $11.46 | $11.86 |
| Investment Operations | | | | | |
| Net Investment Income | .473 | .476 | .481 | .499 | .531 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | .230 | .030 | .790 | (1.270) | (.400) |
| Total from Investment Operations | .703 | .506 | 1.271 | (.771) | .131 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.473) | (.476) | (.481) | (.499) | (.531) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.473) | (.476) | (.481) | (.499) | (.531) |
| Net Asset Value, End of Period | $11.24 | $11.01 | $10.98 | $10.19 | $11.46 |
| |
| Total Return1 | 6.60% | 4.63% | 12.71% | -6.95% | 1.15% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $441 | $529 | $691 | $670 | $732 |
| Ratio of Total Expenses to | | | | | |
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.15% | 0.15% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 4.33% | 4.26% | 4.51% | 4.51% | 4.58% |
| Portfolio Turnover Rate | 14% | 18% | 18% | 27% | 23% |
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
91
California Long-Term Tax-Exempt Fund
Financial Highlights
| | | | | |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended November 30, |
| Throughout Each Period | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $11.01 | $10.98 | $10.19 | $11.46 | $11.86 |
| Investment Operations | | | | | |
| Net Investment Income | .482 | .485 | .490 | .507 | .540 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | .230 | .030 | .790 | (1.270) | (.400) |
| Total from Investment Operations | .712 | .515 | 1.280 | (.763) | .140 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.482) | (.485) | (.490) | (.507) | (.540) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.482) | (.485) | (.490) | (.507) | (.540) |
| Net Asset Value, End of Period | $11.24 | $11.01 | $10.98 | $10.19 | $11.46 |
| |
| Total Return | 6.68% | 4.72% | 12.80% | -6.88% | 1.22% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $2,234 | $2,321 | $2,183 | $2,078 | $2,251 |
| Ratio of Total Expenses to | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.08% | 0.08% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 4.41% | 4.34% | 4.59% | 4.58% | 4.65% |
| Portfolio Turnover Rate | 14% | 18% | 18% | 27% | 23% |
See accompanying Notes, which are an integral part of the Financial Statements.
92
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. 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, 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 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).
The fund had no open futures contracts at November 30, 2011.
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 for all open federal income tax years (November 30, 2008–2011), 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.
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
93
California Long-Term Tax-Exempt Fund
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 November 30, 2011, the fund had contributed capital of $435,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.17% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value 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 November 30, 2011, 100% of the market value of the fund’s investments were valued based on Level 2 inputs.
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.
For tax purposes, at November 30, 2011, the fund had available capital loss carryforwards totaling $111,993,000 to offset future net capital gains of $971,000 through November 30, 2014, $18,323,000 through November 30, 2015, $22,521,000 through November 30, 2016, $40,669,000 through November 30, 2017, $12,572,000 through November 30, 2018, and $16,937,000 through November 30, 2019.
The fund had realized losses totaling $6,386,000 through November 30, 2011, which are deferred for tax purposes and reduce the amount of tax-basis unrealized appreciation on investment securities.
At November 30, 2011, the cost of investment securities for tax purposes was $2,601,070,000. Net unrealized appreciation of investment securities for tax purposes was $76,323,000, consisting of unrealized gains of $110,591,000 on securities that had risen in value since their purchase and $34,268,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended November 30, 2011, the fund purchased $350,561,000 of investment securities and sold $612,086,000 of investment securities, other than temporary cash investments.
94
California Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
| | | | |
| | | | Year Ended November 30, |
| | | 2011 | | 2010 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 74,491 | 6,831 | 142,311 | 12,760 |
| Issued in Lieu of Cash Distributions | 15,333 | 1,404 | 22,678 | 2,031 |
| Redeemed | (184,926) | (17,063) | (331,977) | (29,690) |
| Net Increase (Decrease)—Investor Shares | (95,102) | (8,828) | (166,988) | (14,899) |
| Admiral Shares | | | | |
| Issued | 381,777 | 35,101 | 540,819 | 48,360 |
| Issued in Lieu of Cash Distributions | 62,988 | 5,765 | 65,497 | 5,863 |
| Redeemed | (573,942) | (52,971) | (469,897) | (42,160) |
| Net Increase (Decrease)—Admiral Shares | (129,177) | (12,105) | 136,419 | 12,063 |
G. In preparing the financial statements as of November 30, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
95
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard California Tax-Free Funds and the Shareholders of Vanguard California Tax-Exempt Money Market Fund, Vanguard California Intermediate-Term Tax-Exempt Fund and Vanguard California Long-Term Tax-Exempt Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard California Tax-Exempt Money Market Fund, Vanguard California Intermediate-Term Tax-Exempt Fund and Vanguard California Long-Term Tax-Exempt Fund (constituting three separate portfolios of Vanguard California Tax-Free Funds, hereafter referred to as the “Funds”) at November 30, 2011, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at November 30, 2011 by correspondence with the custodian and broker, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 11, 2012
|
| Special 2011 tax information (unaudited) for Vanguard California Tax-Exempt Funds |
This information for the fiscal year ended November 30, 2011, is included pursuant to provisions of the Internal Revenue Code.
Each fund designates 100% of its income dividends as exempt-interest dividends.
96
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 accompanying table 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.
Note that the expenses shown in the table 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 any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not 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.
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| | | |
| Six Months Ended November 30, 2011 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 5/31/2011 | 11/30/2011 | Period |
| Based on Actual Fund Return | | | |
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,000.08 | $0.75 |
| California Intermediate-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,039.69 | $1.02 |
| Admiral Shares | 1,000.00 | 1,040.11 | 0.61 |
| California Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,049.22 | $1.03 |
| Admiral Shares | 1,000.00 | 1,049.64 | 0.62 |
| Based on Hypothetical 5% Yearly Return | | | |
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,024.32 | $0.76 |
| California Intermediate-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,024.07 | $1.01 |
| Admiral Shares | 1,000.00 | 1,024.47 | 0.61 |
| California Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,024.07 | $1.01 |
| Admiral Shares | 1,000.00 | 1,024.47 | 0.61 |
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, 0.15%; for the California Intermediate-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares; and for the California Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. 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.
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Glossary
7-Day SEC Yield and 30-Day SEC 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 (for bonds), its actual income (for asset-backed securities), 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.
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 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). 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.
99
Credit Quality. For Vanguard money market funds, the Distribution by Credit Quality table includes tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. A Second Tier security is one that is eligible for money market funds and is not a First Tier security. For Vanguard tax-exempt bond funds, credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “Not Rated” is used to classify securities for which a rating is not available. Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
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.
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.
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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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 180 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
| |
| Interested Trustee1 | and President (2006–2008) of Rohm and Haas Co. |
| | (chemicals); Director of Tyco International, Ltd. |
| F. William McNabb III | (diversified manufacturing and services) and Hewlett- |
| Born 1957. Trustee Since July 2009. Chairman of the | Packard Co. (electronic computer manufacturing); |
| Board. Principal Occupation(s) During the Past Five | Senior Advisor at New Mountain Capital; Trustee |
| Years: Chairman of the Board of The Vanguard Group, | of The Conference Board; Member of the Board of |
| Inc., and of each of the investment companies served | Managers of Delphi Automotive LLP (automotive |
| by The Vanguard Group, since January 2010; Director | components). |
| of The Vanguard Group since 2008; Chief Executive | |
| Officer and President of The Vanguard Group and of | Amy Gutmann |
| each of the investment companies served by The | Born 1949. Trustee Since June 2006. Principal |
| Vanguard Group since 2008; Director of Vanguard | Occupation(s) During the Past Five Years: President |
| Marketing Corporation; Managing Director of The | of the University of Pennsylvania; Christopher H. |
| Vanguard Group (1995–2008). | Browne Distinguished Professor of Political Science |
| | in the School of Arts and Sciences with secondary |
| | appointments at the Annenberg School for Commu- |
| Independent Trustees | nication and the Graduate School of Education |
| | of the University of Pennsylvania; Director of |
| Emerson U. Fullwood | Carnegie Corporation of New York, Schuylkill River |
| Born 1948. Trustee Since January 2008. Principal | Development Corporation, and Greater Philadelphia |
| Occupation(s) During the Past Five Years: Executive | Chamber of Commerce; Trustee of the National |
| Chief Staff and Marketing Officer for North America | Constitution Center; Chair of the Presidential |
| and Corporate Vice President (retired 2008) of Xerox | Commission for the Study of Bioethical Issues. |
| Corporation (document management products and | |
| services); Executive in Residence and 2010 | JoAnn Heffernan Heisen |
| Distinguished Minett Professor at the Rochester | Born 1950. Trustee Since July 1998. Principal |
| Institute of Technology; Director of SPX Corporation | Occupation(s) During the Past Five Years: Corporate |
| (multi-industry manufacturing), the United Way of | Vice President and Chief Global Diversity Officer |
| Rochester, Amerigroup Corporation (managed health | (retired 2008) and Member of the Executive |
| care), the University of Rochester Medical Center, | Committee (1997–2008) of Johnson & Johnson |
| Monroe Community College Foundation, and North | (pharmaceuticals/consumer products); Director of |
| Carolina A&T University. | Skytop Lodge Corporation (hotels), the University |
| | Medical Center at Princeton, the Robert Wood |
| Rajiv L. Gupta | Johnson Foundation, and the Center for Work Life |
| Born 1945. Trustee Since December 2001.2 | Policy; Member of the Advisory Board of the |
| Principal Occupation(s) During the Past Five Years: | Maxwell School of Citizenship and Public Affairs |
| Chairman and Chief Executive Officer (retired 2009) | at Syracuse University. |
| | |
| F. Joseph Loughrey | Thomas J. Higgins | |
| Born 1949. Trustee Since October 2009. Principal | Born 1957. Chief Financial Officer Since September |
| Occupation(s) During the Past Five Years: President | 2008. Principal Occupation(s) During the Past Five |
| and Chief Operating Officer (retired 2009) and Vice | Years: Principal of The Vanguard Group, Inc.; Chief |
| Chairman of the Board (2008–2009) of Cummins Inc. | Financial Officer of each of the investment companies |
| (industrial machinery); Director of SKF AB (industrial | served by The Vanguard Group since 2008; Treasurer |
| machinery), Hillenbrand, Inc. (specialized consumer | of each of the investment companies served by The |
| services), the Lumina Foundation for Education, and | Vanguard Group (1998–2008). |
| Oxfam America; Chairman of the Advisory Council | | |
| for the College of Arts and Letters and Member | Kathryn J. Hyatt | |
| of the Advisory Board to the Kellogg Institute for | Born 1955. Treasurer Since November 2008. Principal |
| International Studies at the University of Notre Dame. | Occupation(s) During the Past Five Years: Principal |
| | of The Vanguard Group, Inc.; Treasurer of each of |
| André F. Perold | the investment companies served by The Vanguard |
| Born 1952. Trustee Since December 2004. Principal | Group since 2008; Assistant Treasurer of each of the |
| Occupation(s) During the Past Five Years: George | investment companies served by The Vanguard Group |
| Gund Professor of Finance and Banking at the Harvard | (1988–2008). | |
| Business School (retired July 2011); Chief Investment | | |
| Officer and co-Managing Partner of HighVista | Heidi Stam | |
| Strategies LLC (private investment firm); Director of | Born 1956. Secretary Since July 2005. Principal |
| Rand Merchant Bank; Overseer of the Museum of | Occupation(s) During the Past Five Years: Managing |
| Fine Arts Boston. | Director of The Vanguard Group, Inc., since 2006; |
| | General Counsel of The Vanguard Group since 2005; |
| Alfred M. Rankin, Jr. | Secretary of The Vanguard Group and of each of the |
| Born 1941. Trustee Since January 1993. Principal | investment companies served by The Vanguard Group |
| Occupation(s) During the Past Five Years: Chairman, | since 2005; Director and Senior Vice President of |
| President, and Chief Executive Officer of NACCO | Vanguard Marketing Corporation since 2005; |
| Industries, Inc. (forklift trucks/housewares/lignite); | Principal of The Vanguard Group (1997–2006). |
| Director of Goodrich Corporation (industrial products/ | | |
| aircraft systems and services) and the National | | |
| Association of Manufacturers; Chairman of the | Vanguard Senior Management Team |
| Federal Reserve Bank of Cleveland; Vice Chairman | | |
| of University Hospitals of Cleveland; President of | R. Gregory Barton | Chris D. McIsaac |
| the Board of The Cleveland Museum of Art. | Mortimer J. Buckley | Michael S. Miller |
| | Kathleen C. Gubanich | James M. Norris |
| Peter F. Volanakis | Paul A. Heller | Glenn W. Reed |
| Born 1955. Trustee Since July 2009. Principal | Martha G. King | George U. Sauter |
| Occupation(s) During the Past Five Years: President | | |
| and Chief Operating Officer (retired 2010) of Corning | | |
| Incorporated (communications equipment); Director of | Chairman Emeritus and Senior Advisor |
| Corning Incorporated (2000–2010) and Dow Corning | | |
| (2001–2010); Overseer of the Amos Tuck School of | John J. Brennan | |
| Business Administration at Dartmouth College. | Chairman, 1996–2009 | |
| | Chief Executive Officer and President, 1996–2008 |
| |
| Executive Officers | | |
| | Founder | |
| Glenn Booraem | | |
| Born 1967. Controller Since July 2010. Principal | John C. Bogle | |
| Occupation(s) During the Past Five Years: Principal | Chairman and Chief Executive Officer, 1974–1996 |
| of The Vanguard Group, Inc.; Controller of each of | | |
| the investment companies served by The Vanguard | | |
| Group since 2010; Assistant Controller of each of | | |
| the investment companies served by The Vanguard | | |
| Group (2001–2010). | | |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
|  |
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
| |
| Fund Information > 800-662-7447 | CFA® is a trademark owned by CFA Institute. |
| Direct Investor Account Services > 800-662-2739 | |
| Institutional Investor Services > 800-523-1036 | |
| Text Telephone for People | |
| With Hearing Impairment > 800-749-7273 | |
| |
| This material may be used in conjunction | |
| with the offering of shares of any Vanguard | |
| fund only if preceded or accompanied by | |
| the fund’s current prospectus. | |
| |
| 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 | |
| guidelines by visiting vanguard.com/proxyreporting or by | |
| calling Vanguard at 800-662-2739. The guidelines are | |
| also available from the SEC’s website, 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 | |
| vanguard.com/proxyreporting or 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 20549-1520. | |
| | © 2012 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q750 012012 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, André F. Perold, and Alfred M. Rankin, Jr.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended November 30, 2011: $81,000
Fiscal Year Ended November 30, 2010: $75,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2011: $3,978,540
Fiscal Year Ended November 30, 2010: $3,607,060
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2011: $1,341,750
Fiscal Year Ended November 30, 2010: $791,350
Includes fees billed in connection with assurance and related services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(c) Tax Fees.
Fiscal Year Ended November 30, 2011: $373,830
Fiscal Year Ended November 30, 2010: $336,090
Includes fees billed in connection with tax compliance, planning and advice services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group and related to income and excise taxes.
(d) All Other Fees.
Fiscal Year Ended November 30, 2011: $16,000
Fiscal Year Ended November 30, 2010: $16,000
Includes fees billed for services related to risk management and privacy matters. Services were provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; and (4) other registered investment companies in the Vanguard Group. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; or (4) other registered investment companies in the Vanguard Group.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2011: $389,830
Fiscal Year Ended November 30, 2010: $352,090
Includes fees billed for non-audit services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
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) Code of Ethics.
(b) 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: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: January 20, 2012 |
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: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: January 20, 2012 |
| |
| | VANGUARD CALIFORNIA TAX-FREE FUNDS |
| |
| By: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
| |
| Date: January 20, 2012 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on November 28, 2011 see file Number 33-23444,
Incorporated by Reference.
