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: 811-04474
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, 2012 – May 31, 2013
Item 1: Reports to Shareholders
Semiannual Report | May 31, 2013
Vanguard California Tax-Exempt Funds
Vanguard California Tax-Exempt Money Market Fund
Vanguard California Intermediate-Term Tax-Exempt Fund
Vanguard California Long-Term Tax-Exempt Fund
> After generally strong performance since early 2011, municipal bonds lost ground in the six months ended May 31, 2013. Vanguard California Intermediate-Term Tax-Exempt Fund returned –0.93% for Investor Shares, ahead of its benchmark index and the average result of peer funds.
> Vanguard California Long-Term Tax-Exempt Fund returned –1.35% for Investor Shares, lagging its benchmark and the average return of peers.
> With short-term interest rates still anchored near zero by Federal Reserve policy, Vanguard California Tax-Exempt Money Market Fund returned 0.01%.
| 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. | 31 |
| California Long-Term Tax-Exempt Fund. | 76 |
| About Your Fund’s Expenses. | 105 |
| Trustees Approve Advisory Arrangement. | 107 |
| Glossary. | 108 |
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: Our cover photograph shows rigging on the HMSSurprise, a replica of an 18th-century Royal Navy frigate. It was featured in the 2003 movie Master and Commander: The Far Side of the World, which was based on Patrick O’Brian’s sea novels, set amid the Napoleonic Wars. Vanguard was named for another ship of that era, the HMSVanguard, which was the flagship of British Admiral Horatio Nelson at the Battle of the Nile.
Your Fund’s Total Returns
| Six Months Ended May 31, 2013 | |||||
| Taxable- | |||||
| SEC | Equivalent | Income | Capital | Total | |
| Yield | Yield | Returns | Returns | Returns | |
| Vanguard California Tax-Exempt Money Market Fund | 0.01% | 0.02% | 0.01% | 0.00% | 0.01% |
| California Tax-Exempt Money Market Funds Average | 0.00 | ||||
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | |||||
| Vanguard California Intermediate-Term Tax-Exempt Fund | |||||
| Investor Shares | 1.56% | 3.07% | 1.59% | -2.52% | -0.93% |
| Admiral™ Shares | 1.64 | 3.23 | 1.63 | -2.52 | -0.89 |
| Barclays Municipal California Intermediate Bond Index | -0.97 | ||||
| California Intermediate Municipal Debt Funds Average | -1.25 | ||||
| California Intermediate Municipal Debt Funds Average: Derived from data provided by Lipper Inc. | |||||
| Vanguard California Long-Term Tax-Exempt Fund | |||||
| Investor Shares | 2.33% | 4.59% | 1.84% | -3.19% | -1.35% |
| Admiral Shares | 2.41 | 4.75 | 1.88 | -3.19 | -1.31 |
| Barclays CA Municipal Bond Index | -1.03 | ||||
| California Municipal Debt Funds Average | -1.02 | ||||
| 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 43.4% 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.
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Chairman’s Letter
Dear Shareholder,
Bond market returns were disappointing in the six months ended May 31. Gains early in 2013 were bookended by sell-offs in December and in May. Questions about when the Federal Reserve might scale back its stimulative bond-buying led interest rates to climb in the period’s closing weeks, making it the worst May for municipal bonds in more than two decades.
Against this backdrop, Vanguard California Intermediate-Term Tax-Exempt Fund returned –0.93% for Investor Shares and –0.89% for Admiral Shares for the six months. Vanguard California Long-Term Tax-Exempt Fund returned –1.35% for Investor Shares and –1.31% for Admiral Shares. In both funds, rising interest rates pushed bond prices down, producing negative capital returns that were only partly offset by interest income.
The Intermediate-Term Fund outperformed both its benchmark and the average return of peer funds, thanks in part to favorable security selection. The Long-Term Fund, however, lagged its comparative standards, held back in part by its lighter holdings of some of the best-performing bonds.
The California Tax-Exempt Money Market Fund, meanwhile, returned 0.01% for the period, reflecting the Fed’s four-year-old policy of holding the shortest-term interest rates near zero.
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As municipal bond prices fell, yields rose. (Bond yields and prices move in opposite directions.) The 30-day SEC yield for Investor Shares of the Intermediate-Term Fund rose modestly, from 1.46% on November 30, 2012, to 1.56% on May 31. For the Long-Term Fund, the yield climbed a bit more, from 2.10% on November 30 to 2.33% on May 31. The Money Market Fund’s 7-day SEC yield was almost unchanged at 0.01%.
Please note: The funds are permitted to invest in securities whose income is subject to the alternative minimum tax (AMT). As of May 31, neither the Intermediate-Term Fund nor the Long- Term Fund owned securities that would generate income distributions subject to the AMT, but the Money Market Fund did.
Bond returns retreated as yields jumped in May
Bonds, which had clung to a modestly positive return over the previous few months, dipped into negative territory in May. Rising home prices contributed to the sell-off. Comments by Fed Chairman Ben Bernanke also disconcerted investors; he told Congress that the central bank might decide in coming months to curtail its massive bond-buying program.
Both the broad U.S. taxable bond market and the broad municipal market returned –1.1% for the six months ended May 31.
| Market Barometer | |||
| Total Returns | |||
| Periods Ended May 31, 2013 | |||
| Six | One | Five Years | |
| Months | Year | (Annualized) | |
| Bonds | |||
| Barclays U.S. Aggregate Bond Index (Broad taxable | |||
| market) | -1.05% | 0.91% | 5.50% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | -1.09 | 3.05 | 5.70 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.05 | 0.08 | 0.25 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 16.68% | 27.62% | 5.57% |
| Russell 2000 Index (Small-caps) | 20.60 | 31.07 | 7.15 |
| Russell 3000 Index (Broad U.S. market) | 16.97 | 27.88 | 5.69 |
| MSCI All Country World Index ex USA (International) | 8.11 | 25.79 | -1.62 |
| CPI | |||
| Consumer Price Index | 1.18% | 1.36% | 1.46% |
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The yield on the 10-year Treasury note closed the period at 2.11%, low by historical measures but considerably higher than the 1.67% yield at which it finished in April.
Stocks were strong globally, but Japan’s market turned volatile
Stocks worldwide performed robustly over the half year despite giving back some gains in the period’s final weeks. The overall return was about 12%. U.S. stocks, spared some of the international turbulence, increased nearly 17% as the economy kept slowly improving.
Developed markets stocks in the Pacific region returned about 14% and those in Europe about 10%, while emerging markets stocks crept up about 1%.
Although Japanese stocks climbed more than 20% for the period, they sank by more than 5% in May as Prime Minister Shinzo Abe’s economic recovery plan hit some unexpected bumps.
Joe Davis, Vanguard’s chief economist, recently noted that stimulative central bank policies in the United States, Japan, and Europe have affected financial markets substantially and “boosted investor psychology and business psychology to some extent.” Central banks have engaged in bond-buying on a massive scale to hold down long-term interest rates and thus encourage business and consumer borrowing. Joe did voice concern that “the sheer size” of central bank actions may be distorting investors’ decisions and leading some to take undue risk.
Expense Ratios
Your Fund Compared With Its Peer Group
| Investor | Admiral | Peer Group | |
| Shares | Shares | Average | |
| California Tax-Exempt Money Market | |||
| Fund | 0.16% | — | 0.20% |
| California Intermediate-Term | |||
| Tax-Exempt Fund | 0.20 | 0.12% | 0.78 |
| California Long-Term Tax-Exempt Fund | 0.20 | 0.12 | 0.97 |
The fund expense ratios shown are from the prospectus dated March 28, 2013, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2013, the funds’ annualized expense ratios were: for the California Tax-Exempt Money Market Fund, 0.14%; 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 six-month 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 this reduction, the fund’s annualized six-month expense ratio was 0.16%. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2012.
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
Although challenges continue, state and local finances improved
The finances of many local and state governments have continued to improve, despite some well-publicized exceptions— including Detroit and, closer to home, San Bernardino and Stockton. At the state level, Illinois, beset with mounting pension funding challenges, replaced California as the state with the lowest credit rating on its general obligation bonds.
California also grabbed headlines for another unaccustomed reason: After many years of red ink, a budget surplus is projected for the state’s new fiscal year that begins on July 1. This dramatic turnabout results from spending cuts, a rising economic tide, and the temporary increases in certain income and sales tax rates that were approved by voters last November.
Those tax-rate hikes—plus taxes paid on capital gains taken in 2012 by some investors anticipating higher tax rates this year—boosted California’s state tax collections almost 35% in the first calendar quarter of 2013 compared with the same period in 2012 (based on preliminary estimates from the Nelson A. Rockefeller Institute of Government).
Technology-related businesses and real estate continue to be the main engines of California’s economic recovery. With jobs increasing at a faster pace than the national average, the state’s unemployment rate—which had climbed above 12% during the Great Recession—dropped from nearly 10% last November to a still-high 8.6% in May, according to preliminary figures. And as the battered housing market showed further recovery, home prices in Los Angeles and San Francisco rose about 17% and 22%, respectively, in the first three months of 2013 compared with 2012, according to the S&P/Case-Shiller Home Price Index.
Good news notwithstanding, challenges remain and California lawmakers—like those in many other states—appear cautious about budgeting for increased spending and hiring given uncertainty about federal fiscal policy and the federal sequester’s effect on the state. For example, some funds from the anticipated surplus will be reserved for a “rainy day.”
And borrowers have been reducing debt-service burdens by taking advantage of low interest rates to refinance municipal bonds. For the first five months of 2013, the total dollar volume of tax-exempt bonds sold in California increased almost 20% above year-ago levels. Strong investor demand, thanks in part to California’s improving financial picture, helped the state to buck the national trend toward slightly lower supply.
California municipal bonds, much like those nationwide, generally performed well after Congress addressed some of the “fiscal cliff” uncertainty at the turn of the new year. Even as new highs in the stock market lured some investors away, demand for municipal bonds was healthy. Many investors showed a willingness to take on more risk for higher potential return, a bias that was especially beneficial
5
for longer-maturity and lower-rated bonds. But municipals were affected like other bonds when investors began selling in May.
In this environment, the California Intermediate-Term Fund outperformed its benchmark and the average return of peer funds. In contrast to the benchmark, which is composed of 5- to 10-year bonds, your fund holds a wider range of maturities, including some longer-term bonds that held back performance when their yields rose. This was more than offset by some astute credit selections.
The Long-Term Fund, however, trailed its benchmark and the average return of peers. The fund was relatively less concentrated in California state general
| Investment insight |
| What might tax-exempt bonds return in the future? |
| It’s often said that a bond’s current yield to maturity—its rate of return if held until |
| the bond matures—is a good indicator of the total return you will realize on the bond. |
| The chart below compares the historical yields of municipal bonds nationwide (the |
| dotted line) with their average total return over the succeeding ten years (the solid |
| line) to show how closely they’ve tracked each other in the past. (In other words, the |
| data point on the solid line for December 31, 2002, represents the average annual |
| return for the ten years ended December 31, 2012.) At the close of the period, |
| municipal bond yields hovered near historical lows, suggesting that future returns |
| will be much more modest than those earned in recent years. |
 |
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obligation bonds, which performed very well during the period as the state’s outlook improved. The advisor’s portfolio positioning favors greater diversification.
Bonds remain a key element of a diversified portfolio
The bond market enjoyed decades of robust returns against a backdrop of falling interest rates, tame inflation, and, at times, investors’ search for a safe harbor from stock market volatility.
But those hoping to see this happen again are likely to be disappointed. Although yields have ticked up of late, they are still not far off historical lows. This doesn’t just mean that bonds are generating modest income; it also means that there’s little room for them to appreciate in price, given that yields and prices move in opposite directions. And if interest rates rise substantially, bonds may well deliver more negative returns—as many did in the last six months.
Although reducing your bond allocation and waiting in the wings might seem prudent, there are good reasons to think twice before making any abrupt shifts in your portfolio. Research has shown that trying to time the markets—in this case, to make the right calls on when to get out of bonds and when to get back into them—doesn’t often work out well.
Keep in mind, too, that reducing the amount of bonds in an otherwise well-balanced portfolio inevitably increases your volatility risk. That’s because the bond component of a portfolio plays an essential role in helping to cushion the impact of volatility in the stock component, especially during steep downturns in the equity market.
That point was made in a recent Vanguard research paper examining the impact of low bond returns on a balanced portfolio. “The diversification benefits of bonds in a stock/bond portfolio will likely persist,” authors Francis Kinniry and Brian Scott wrote. “This feature, more than projected returns, justifies a strategic allocation to bonds.” (You can find the full report, Reducing Bonds? Proceed With Caution, at vanguard.com/research.)
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
June 18, 2013
7
Your Fund’s Performance at a Glance
November 30, 2012, Through May 31, 2013
| Distributions Per Share | ||||
| Starting | Ending | Income | Capital | |
| Share Price | Share Price | Dividends | Gains | |
| Vanguard California Tax-Exempt Money Market | ||||
| Fund | $1.00 | $1.00 | $0.000 | $0.000 |
| Vanguard California Intermediate-Term | ||||
| Tax-Exempt Fund | ||||
| Investor Shares | $11.92 | $11.62 | $0.190 | $0.000 |
| Admiral Shares | 11.92 | 11.62 | 0.195 | 0.000 |
| Vanguard California Long-Term Tax-Exempt | ||||
| Fund | ||||
| Investor Shares | $12.24 | $11.85 | $0.226 | $0.000 |
| Admiral Shares | 12.24 | 11.85 | 0.231 | 0.000 |
8
Advisor’s Report
For the six months ended May 31, 2013, Vanguard California Tax-Exempt Money Market Fund returned 0.01%, compared with an average return of 0.00% for California peer funds. Vanguard California Intermediate-Term Tax-Exempt Fund returned –0.93% for Investor Shares and –0.89% for Admiral Shares, outpacing the –0.97% return of its benchmark, the Barclays Municipal California Intermediate Bond Index, and the –1.25% average return of California peer funds. Vanguard California Long-Term Tax-Exempt Fund returned –1.35% for Investor Shares and –1.31% for Admiral Shares, lagging the –1.03% return of the Barclays California Municipal Bond Index and the –1.02% average return of its peers.
The investment environment
The fiscal half year was difficult for the municipal bond market, primarily because of investor skittishness at the start and end of the period. In late May, Federal Reserve Chairman Ben Bernanke told Congress that the Fed might decide in the coming months to scale back its stimulative program of buying $85 billion a month of U.S. Treasury bonds and mortgage-backed securities.
Although the chairman’s brief remark was ambiguous—no specific timetable, amounts, targets, or economic trigger points were mentioned—Treasury and other taxable bond markets reacted negatively, and municipal bonds followed
Yields of Tax-Exempt Municipal Securities
(AAA-Rated General-Obligation Issues)
| November 30, | May 31, | |
| Maturity | 2012 | 2013 |
| 2 years | 0.30% | 0.29% |
| 5 years | 0.64 | 0.94 |
| 10 years | 1.47 | 2.09 |
| 30 years | 2.47 | 3.24 |
| Source: Vanguard. | ||
9
suit. Yields, especially those of longer-term bonds, rose sharply. Bond prices, which move inversely to changes in yields, fell substantially. The downdraft was surprising because May has historically been a good month for municipal bonds given seasonal supply-and-demand factors. (Shortly after our reporting period ended, Mr. Bernanke was more expansive. He said that the Fed could start scaling back bond purchases later in 2013, possibly ending the program by mid-2014.)
This time, May mirrored December, when investors were unnerved by the potential economic consequences associated with the “fiscal cliff” negotiations and by a proposal to curb the federal tax exemption on municipal bond income. Municipal bond returns recovered somewhat, despite some March volatility, only to run into the May jitters.
The Fed’s bond actions have aimed to reduce the yields of longer- and intermediate-term bonds. Its parallel policy for short-term interest rates, in place since December 2008, has maintained a target for the federal funds rate between 0% and 0.25%. This, of course, is why the yields of Vanguard California Tax-Exempt Money Market Fund and other money market funds remain suppressed. The central bank is expected to keep short-term rates at ultra-low levels until the stubbornly high unemployment rate falls significantly.
In light of those Fed policies, yield-starved investors had been willing to take on more risk. That included buying bonds with longer maturities, especially those with call features, and bonds of lower credit quality. May’s plummet in prices, and increases in yield, affected longer-maturity bonds the most because of their greater sensitivity to rate increases. Bonds of lower credit quality continued to outperform higher-quality ones, producing positive—though not stellar—returns during the half year.
For bond issuers, low interest rates are a different story. Such rates have enabled state and local governments to refinance outstanding higher-cost debt and reduce the debt-service burden on stressed budgets, though there are signs that this strategy may be running its course. Low interest rates also make it less costly to finance new projects. However, many borrowers have been taking extra care in issuing these “new money” bonds because they are still shoring up their finances in the wake of the Great Recession. State and local governments typically lag in the recovery from recessions, and this latest slump was unusually severe.
California residents, of course, are well aware of the severity of the downturn, and recall headlines that compared the state to Greece. But that comparison was overstated, and the state’s outlook has brightened considerably since then. One gauge of this is the Philadelphia Federal Reserve Bank’s index of coincident
10
economic indicators. For each state, this index incorporates payroll employment, the jobless rate, average hours worked in manufacturing, and inflation-adjusted wage and salary disbursements. From the recession’s trough, California has grown slightly faster than the nation as a whole. Recognizing the improvement in California’s finances, one of the major rating agencies upgraded the state’s general obligation (GO) bond rating in early 2013.
Nationwide, tax-exempt bond issuance in the first five months of 2013 was modestly lower than year-ago levels. Not so in California, where the total dollar volume of bonds—including new-money issues, refinancings, and refundings—increased nearly 20% from year-ago levels.
Management of the funds
In managing the California Intermediate- Term Tax-Exempt Fund, we continued to underweight short-term bonds in favor of those with somewhat longer maturities (but still within the intermediate range) to capture some additional interest income. This modestly detracted from our six- month results compared with those of the benchmark and peers as interest rates began to rise. We also maintained a slight bias toward lower-quality bonds, which enhanced our results: The prices of these bonds rose as credit spreads generally tightened during the period amid improving investor confidence about California state and local finances. Also contributing to the fund’s outperformance were our selective sales of tobacco bonds.
We increased our holdings of local GO bonds, especially those of school districts, a strategy that worked well as credit spreads narrowed. We also added exposure to bonds that are backed by special taxes, as we believe these securities offered good value for their credit quality.
For the California Long-Term Tax-Exempt Fund, our continued emphasis on bonds with maturities in the 10- to 20-year range has been successful for some time, while interest rates were still falling. However, this worked against the fund during the six months when the yield curve steepened, affecting the more rate-sensitive bonds. The overweighting of longer-term bonds was accompanied by an underweighting of bonds with maturities under 5 years. Some of these shorter-term bonds experienced smaller yield increases (and smaller price declines), while yields of the shortest maturities actually fell slightly (and lifted prices).
Relative to its benchmark, the Long-Term Fund’s performance suffered a bit because the fund is more diversified than the index, where California GO bonds have a much larger weighting. These bonds delivered strong returns during the half year as California’s outlook improved. Selective selling of tobacco bonds helped to offset some of the missed opportunity in GO bonds. As in the Intermediate-Term Fund, we added exposure to bonds that are backed by special taxes.
11
A look ahead
As the economy improves and the Fed eventually tapers off its bond-buying program, we expect interest rates to become more volatile. Investors are likely to keep reaching for yield, especially if short-term rates remain near zero. We expect lower-quality bonds to continue to outperform but ultimately to become overvalued; accordingly, we plan to gradually reduce our exposure to them.
We still favor sectors, such as health care, that provide relative value opportunities. Even if today’s low yields persist, we are confident that our deep bench of analysts, traders, and portfolio managers can keep adding value to the funds.
James M. 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
June 20, 2013
12
California Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2013
| Financial Attributes | |
| Ticker Symbol | VCTXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.01% |
| Average Weighted | |
| Maturity | 26 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 28, 2013, and represents estimated costs for the current fiscal year. For the six months ended May 31, 2013, the annualized expense ratio was 0.14%, reflecting a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the expense ratio was 0.16%.
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.
| Fiscal-Year Total Returns (%): November 30, 2002, Through May 31, 2013 | ||
| CA Tax-Exempt | ||
| Money Mkt | ||
| Funds Avg | ||
| Fiscal Year | Total Returns | Total Returns |
| 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 |
| 2012 | 0.03 | 0.00 |
| 2013 | 0.01 | 0.00 |
7-day SEC yield (5/31/2013): 0.01%
California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc.
Note: For 2013, performance data reflect the six months ended May 31, 2013.
Average Annual Total Returns: Periods Ended March 31, 2013
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 | 0.03% | 0.37% | 1.33% |
See Financial Highlights for dividend information.
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California Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2013
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 (100.2%) | ||||
| California (100.1%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Branson School) VRDO | 0.110% | 6/7/13 LOC | 6,750 | 6,750 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Institute for Defense | ||||
| Analyses) VRDO | 0.100% | 6/7/13 LOC | 11,945 | 11,945 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Lakeside Village | ||||
| Apartments) VRDO | 0.110% | 6/7/13 LOC | 55,000 | 55,000 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Marin Country Day | ||||
| School) VRDO | 0.100% | 6/7/13 LOC | 22,175 | 22,175 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Public Policy Institute) VRDO | 0.120% | 6/7/13 LOC | 12,705 | 12,705 |
| Anaheim CA Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.140% | 6/7/13 LOC | 5,485 | 5,485 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) TOB VRDO | 0.130% | 6/7/13 | 9,865 | 9,865 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) TOB VRDO | 0.140% | 6/7/13 | 21,140 | 21,140 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) TOB VRDO | 0.150% | 6/7/13 | 5,000 | 5,000 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) TOB VRDO | 0.150% | 6/7/13 | 9,320 | 9,320 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) VRDO | 0.080% | 6/7/13 LOC | 10,000 | 10,000 |
| 2 Beverly Hills CA Public Financing Authority | ||||
| Lease Revenue | 3.000% | 6/2/14 | 2,500 | 2,566 |
| California Community College Financing | ||||
| Authority TRAN | 2.000% | 12/31/13 | 30,000 | 30,312 |
| California Community College Financing | ||||
| Authority TRAN | 2.000% | 12/31/13 | 14,000 | 14,142 |
| California Community College Financing | ||||
| Authority TRAN | 2.000% | 12/31/13 | 7,500 | 7,574 |
15
California Tax-Exempt Money Market Fund
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| 1 | California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | |||||
| TOB VRDO | 0.120% | 6/7/13 | 4,100 | 4,100 | |
| California Economic Recovery GO | 5.250% | 7/1/13 (ETM) | 3,130 | 3,143 | |
| California Educational Facilities Authority Revenue | |||||
| (California Institute of Technology) VRDO | 0.090% | 6/7/13 | 55,800 | 55,800 | |
| California Educational Facilities Authority Revenue | |||||
| (Stanford Hospital) CP | 0.150% | 7/16/13 | 15,000 | 15,000 | |
| 1 | California Educational Facilities Authority Revenue | ||||
| (Stanford Hospital) TOB VRDO | 0.120% | 6/7/13 | 14,000 | 14,000 | |
| California Educational Facilities Authority Revenue | |||||
| (Stanford University) CP | 0.140% | 8/8/13 | 11,175 | 11,175 | |
| 1 | California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB PUT | 0.300% | 8/8/13 | 37,090 | 37,090 | |
| 1 | California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.120% | 6/7/13 | 4,440 | 4,440 | |
| 1 | California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.120% | 6/7/13 | 4,000 | 4,000 | |
| 1 | California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB PUT | 0.180% | 11/7/13 | 15,030 | 15,030 | |
| 1 | California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.120% | 6/7/13 | 14,800 | 14,800 | |
| 1 | California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.140% | 6/7/13 | 4,135 | 4,135 | |
| California GO | 5.000% | 8/1/13 (Prere.) | 5,650 | 5,695 | |
| California GO | 5.000% | 8/1/13 (Prere.) | 1,625 | 1,638 | |
| California GO | 5.250% | 8/1/13 (Prere.) | 3,440 | 3,469 | |
| California GO | 5.500% | 4/1/14 (Prere.) | 2,900 | 3,027 | |
| California GO | 5.250% | 6/1/14 (Prere.) | 4,800 | 5,041 | |
| California GO VRDO | 0.050% | 6/3/13 LOC | 18,125 | 18,125 | |
| California GO VRDO | 0.100% | 6/7/13 LOC | 19,400 | 19,400 | |
| California Health Facilities Financing Authority | |||||
| Revenue (Adventist Health System/West) VRDO | 0.070% | 6/3/13 LOC | 6,000 | 6,000 | |
| California Health Facilities Financing Authority | |||||
| Revenue (Catholic Healthcare West) VRDO | 0.110% | 6/7/13 LOC | 6,725 | 6,725 | |
| California Health Facilities Financing Authority | |||||
| Revenue (Children’s Hospital of Orange County) | |||||
| VRDO | 0.100% | 6/7/13 LOC | 5,100 | 5,100 | |
| California Health Facilities Financing Authority | |||||
| Revenue (Children’s Hospital of Orange County) | |||||
| VRDO | 0.100% | 6/7/13 LOC | 18,800 | 18,800 | |
| 1,3 | California Health Facilities Financing Authority | ||||
| Revenue (Kaiser Foundation Hospitals) TOB PUT | 0.160% | 9/3/13 LOC | 35,000 | 35,000 | |
| California Health Facilities Financing Authority | |||||
| Revenue (Memorial Health Services) VRDO | 0.100% | 6/7/13 | 60,500 | 60,500 | |
| California Health Facilities Financing Authority | |||||
| Revenue (Scripps Health) VRDO | 0.090% | 6/7/13 LOC | 8,000 | 8,000 | |
| California Health Facilities Financing Authority | |||||
| Revenue (Scripps Health) VRDO | 0.090% | 6/7/13 LOC | 12,020 | 12,020 | |
| California Health Facilities Financing Authority | |||||
| Revenue (Scripps Health) VRDO | 0.130% | 6/7/13 LOC | 10,820 | 10,820 | |
| 1 | California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) TOB VRDO | 0.120% | 6/7/13 | 15,000 | 15,000 | |
| 1 | California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.120% | 6/7/13 (13) | 12,210 | 12,210 |
16
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.120% | 6/7/13 | 6,700 | 6,700 |
| California Housing Finance Agency | ||||
| Home Mortgage Revenue VRDO | 0.110% | 6/7/13 LOC | 21,600 | 21,600 |
| California Housing Finance Agency | ||||
| Home Mortgage Revenue VRDO | 0.110% | 6/7/13 LOC | 30,310 | 30,310 |
| California Housing Finance Agency | ||||
| Home Mortgage Revenue VRDO | 0.120% | 6/7/13 LOC | 8,700 | 8,700 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Motion Picture Arts | ||||
| & Sciences Obligated Group) VRDO | 0.110% | 6/7/13 LOC | 35,000 | 35,000 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Sciences) VRDO | 0.050% | 6/3/13 LOC | 10,325 | 10,325 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (American National Red Cross) | ||||
| VRDO | 0.090% | 6/7/13 LOC | 14,020 | 14,020 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (Bay Area Toll Bridges Seismic | ||||
| Retrofit) TOB VRDO | 0.080% | 6/3/13 (ETM) | 80,860 | 80,860 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Buck Institute for Age Research) | ||||
| VRDO | 0.100% | 6/7/13 LOC | 23,300 | 23,300 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Clean Water Revolving Fund) | 3.000% | 10/1/13 | 13,000 | 13,122 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (JSerra Catholic High School | ||||
| Project) VRDO | 0.080% | 6/7/13 LOC | 11,405 | 11,405 |
| California Municipal Finance Authority Revenue | ||||
| (Notre Dame High School, San Jose) VRDO | 0.150% | 6/7/13 LOC | 5,125 | 5,125 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.050% | 6/3/13 LOC | 1,100 | 1,100 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/3/13 LOC | 27,850 | 27,850 |
| 1 California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | ||||
| TOB VRDO | 0.090% | 6/7/13 | 6,655 | 6,655 |
| California RAN | 2.500% | 6/20/13 | 58,000 | 58,062 |
| California School Cash Reserve Program | ||||
| Authority Pool TRAN | 2.000% | 10/1/13 | 10,000 | 10,060 |
| California School Cash Reserve Program | ||||
| Authority Pool TRAN | 2.000% | 10/1/13 | 21,190 | 21,317 |
| California School Cash Reserve Program | ||||
| Authority Pool TRAN | 2.000% | 12/31/13 | 2,500 | 2,526 |
| California Statewide Communities Development | ||||
| Authority Gas Supply Revenue VRDO | 0.110% | 6/7/13 | 125,230 | 125,230 |
| California Statewide Communities Development | ||||
| Authority Health Facility Revenue (Community | ||||
| Hospital of the Monterey Peninsula) | 5.250% | 6/1/13 (Prere.) | 7,500 | 7,500 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Canyon Springs Apartments Project) VRDO | 0.160% | 6/7/13 LOC | 10,105 | 10,105 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Ridgeway Apartments) VRDO | 0.110% | 6/7/13 LOC | 8,505 | 8,505 |
17
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Village Green Apartments) VRDO | 0.120% | 6/7/13 LOC | 5,800 | 5,800 |
| California Statewide Communities Development | ||||
| Authority Revenue (Community Hospital of the | ||||
| Monterey Peninsula) VRDO | 0.100% | 6/7/13 LOC | 9,150 | 9,150 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.100% | 6/7/13 | 15,800 | 15,800 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.100% | 6/7/13 | 72,650 | 72,650 |
| California Statewide Communities Development | ||||
| Authority Revenue (Los Angeles County | ||||
| Museum of Art Project) VRDO | 0.100% | 6/7/13 LOC | 47,100 | 47,100 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) VRDO | 0.100% | 6/7/13 LOC | 25,000 | 25,000 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) VRDO | 0.100% | 6/7/13 LOC | 25,000 | 25,000 |
| 1 California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) TOB VRDO | 0.120% | 6/7/13 | 39,313 | 39,313 |
| 1 California Statewide Communities Development | ||||
| Authority Revenue (Trinity Health) TOB VRDO | 0.120% | 6/7/13 | 2,175 | 2,175 |
| California Statewide Communities Development | ||||
| Authority Revenue (University of San Diego) | ||||
| VRDO | 0.120% | 6/7/13 LOC | 23,280 | 23,280 |
| 1 Cerritos CA Community College District GO | ||||
| TOB VRDO | 0.140% | 6/7/13 | 7,845 | 7,845 |
| Chula Vista CA Multifamily Housing Revenue | ||||
| (Teresina Apartments) VRDO | 0.110% | 6/7/13 LOC | 18,970 | 18,970 |
| Contra Costa CA Municipal Water District | ||||
| Revenue (Extendible) CP | 0.180% | 11/30/13 | 15,000 | 15,000 |
| Contra Costa County CA Multifamily Housing | ||||
| Revenue (Park Regency) VRDO | 0.110% | 6/7/13 LOC | 47,200 | 47,200 |
| Contra Costa County CA Public Financing | ||||
| Authority Tax Allocation Revenue | 5.625% | 8/1/13 (Prere.) | 2,115 | 2,134 |
| 1 Desert CA Community College District GO | ||||
| TOB VRDO | 0.120% | 6/7/13 | 22,000 | 22,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 2.000% | 6/1/13 | 18,625 | 18,625 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.180% | 11/4/13 | 20,800 | 20,800 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.180% | 11/9/13 | 16,600 | 16,600 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.180% | 11/9/13 | 12,200 | 12,200 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.180% | 11/16/13 | 13,500 | 13,500 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.180% | 11/22/13 | 26,300 | 26,300 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.190% | 12/27/13 | 5,000 | 5,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.200% | 1/4/14 | 26,000 | 26,000 |
| 3 East Bay CA Municipal Utility District Water | ||||
| System Revenue PUT | 0.120% | 12/3/13 | 11,000 | 11,000 |
18
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 3 East Bay CA Municipal Utility District Water | ||||
| System Revenue PUT | 0.120% | 2/28/14 | 13,000 | 13,000 |
| 1 East Bay CA Municipal Utility District Water | ||||
| System Revenue TOB VRDO | 0.120% | 6/7/13 | 9,260 | 9,260 |
| 1 Eastern California Municipal Water District | ||||
| Water & Sewer COP TOB VRDO | 0.140% | 6/7/13 | 1,590 | 1,590 |
| 3 Eastern Municipal Water District CA | ||||
| Water & Sewer Revenue PUT | 0.140% | 7/19/13 | 14,000 | 14,000 |
| 3 Eastern Municipal Water District CA | ||||
| Water & Sewer Revenue PUT | 0.140% | 12/20/13 | 8,300 | 8,300 |
| Escondido CA Community Development | ||||
| (Escondido Promenade Project) COP VRDO | 0.150% | 6/7/13 LOC | 9,400 | 9,400 |
| Escondido CA Community Development | ||||
| Multifamily Revenue (Heritage Park Apartments) | ||||
| VRDO | 0.140% | 6/7/13 LOC | 4,250 | 4,250 |
| Freemont CA Union High School District TRAN | 1.500% | 6/28/13 | 10,500 | 10,510 |
| Fremont CA COP VRDO | 0.100% | 6/7/13 LOC | 25,670 | 25,670 |
| Fremont CA COP VRDO | 0.100% | 6/7/13 LOC | 8,945 | 8,945 |
| Fremont CA COP VRDO | 0.110% | 6/7/13 LOC | 5,000 | 5,000 |
| Garden Grove CA Housing Authority Multifamily | ||||
| Housing Revenue (Valley View Senior Villas | ||||
| Project) VRDO | 0.130% | 6/7/13 LOC | 9,100 | 9,100 |
| Irvine CA Assessment District No. 89-10 | ||||
| Improvement Revenue (Northwest Irvine) VRDO | 0.070% | 6/3/13 LOC | 4,016 | 4,016 |
| Irvine CA Assessment District No. 97-17 | ||||
| Improvement Revenue VRDO | 0.070% | 6/3/13 LOC | 14,554 | 14,554 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.070% | 6/3/13 LOC | 12,057 | 12,057 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.070% | 6/3/13 LOC | 12,922 | 12,922 |
| 3 Irvine CA Ranch Water District Revenue PUT | 0.120% | 3/4/14 | 8,520 | 8,520 |
| 3 Irvine CA Ranch Water District Revenue PUT | 0.120% | 3/4/14 | 8,570 | 8,570 |
| Irvine CA Ranch Water District Revenue VRDO | 0.090% | 6/7/13 LOC | 18,455 | 18,455 |
| Irvine CA Reassessment District No. 05-21 | ||||
| Improvement Revenue VRDO | 0.070% | 6/3/13 LOC | 17,420 | 17,420 |
| Irvine CA Reassessment District No. 85-7A | ||||
| Improvement Revenue VRDO | 0.070% | 6/3/13 LOC | 23,640 | 23,640 |
| Kern County CA TRAN | 2.500% | 6/28/13 | 25,000 | 25,042 |
| Livermore CA COP VRDO | 0.110% | 6/7/13 LOC | 13,515 | 13,515 |
| Livermore CA Redevelopment Agency | ||||
| Multi-Family Housing Revenue | ||||
| (Richards Manor) VRDO | 0.140% | 6/7/13 LOC | 4,770 | 4,770 |
| 1 Long Beach CA Harbor Revenue TOB VRDO | 0.370% | 6/7/13 | 15,690 | 15,690 |
| Los Altos CA Union High School District TRAN | 1.500% | 6/28/13 | 5,500 | 5,505 |
| 1 Los Angeles CA Community College District GO | ||||
| TOB VRDO | 0.090% | 6/7/13 | 9,575 | 9,575 |
| 1 Los Angeles CA Community College District GO | ||||
| TOB VRDO | 0.120% | 6/7/13 | 3,500 | 3,500 |
| 1 Los Angeles CA Community College District GO | ||||
| TOB VRDO | 0.120% | 6/7/13 | 15,940 | 15,940 |
| Los Angeles CA Community Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Academy Village Apartments) VRDO | 0.110% | 6/7/13 LOC | 11,300 | 11,300 |
| Los Angeles CA Community Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Hollywood & Vine Apartments) VRDO | 0.110% | 6/7/13 LOC | 19,200 | 19,200 |
19
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.120% | 6/7/13 | 8,750 | 8,750 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.130% | 6/7/13 | 6,400 | 6,400 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.140% | 6/7/13 | 5,000 | 5,000 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.170% | 6/7/13 | 7,975 | 7,975 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.170% | 6/7/13 | 18,880 | 18,880 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.070% | 6/3/13 | 37,900 | 37,900 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.090% | 6/7/13 | 5,450 | 5,450 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.090% | 6/7/13 | 4,360 | 4,360 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.120% | 6/7/13 LOC | 10,355 | 10,355 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.140% | 6/7/13 | 7,495 | 7,495 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.040% | 6/3/13 | 1,400 | 1,400 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.060% | 6/3/13 | 13,500 | 13,500 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/7/13 | 14,900 | 14,900 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/7/13 | 7,300 | 7,300 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.090% | 6/7/13 | 8,650 | 8,650 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.090% | 6/7/13 | 32,400 | 32,400 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.100% | 6/7/13 | 21,175 | 21,175 |
| Los Angeles CA Harbor Department Revenue CP | 0.170% | 6/6/13 | 20,000 | 20,000 |
| Los Angeles CA Harbor Department Revenue CP | 0.180% | 8/20/13 | 25,000 | 25,000 |
| 1 Los Angeles CA Harbor Department Revenue | ||||
| TOB VRDO | 0.130% | 6/7/13 | 3,895 | 3,895 |
| 1 Los Angeles CA Harbor Department Revenue | ||||
| TOB VRDO | 0.140% | 6/7/13 | 2,680 | 2,680 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Beverly Park Apartments) VRDO | 0.160% | 6/7/13 LOC | 15,500 | 15,500 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Fountain Park Project) VRDO | 0.110% | 6/7/13 LOC | 40,000 | 40,000 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Queen Portfolio Apartments Project) VRDO | 0.140% | 6/7/13 LOC | 6,595 | 6,595 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (San Regis Project) VRDO | 0.140% | 6/7/13 LOC | 23,600 | 23,600 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 2,450 | 2,460 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 4,575 | 4,593 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 1,000 | 1,004 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/13 (Prere.) | 3,205 | 3,218 |
| Los Angeles CA Unified School District GO | ||||
| TOB VRDO | 0.080% | 6/3/13 | 23,800 | 23,800 |
| 1 Los Angeles CA Unified School District GO | ||||
| TOB VRDO | 0.120% | 6/7/13 | 9,080 | 9,080 |
20
| California Tax-Exempt Money Market Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| 1 | Los Angeles CA Unified School District GO | ||||
| TOB VRDO | 0.140% | 6/7/13 | 6,660 | 6,660 | |
| 1 | Los Angeles CA Unified School District GO | ||||
| TOB VRDO | 0.140% | 6/7/13 | 9,995 | 9,995 | |
| Los Angeles CA Wastewater System Revenue CP | 0.190% | 6/20/13 LOC | 20,000 | 20,000 | |
| 1 | Los Angeles CA Wastewater System Revenue | ||||
| TOB VRDO | 0.140% | 6/7/13 | 7,500 | 7,500 | |
| 1,3 | Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | |||||
| TOB PUT | 0.160% | 8/1/13 LOC | 29,800 | 29,800 | |
| Los Angeles County CA Multifamily Housing | |||||
| Revenue (Valencia Village Project) VRDO | 0.150% | 6/7/13 | 6,325 | 6,325 | |
| Los Angeles County CA Schools | |||||
| Pooled Financing Program TRAN | 2.000% | 9/30/13 | 3,000 | 3,018 | |
| Los Angeles County CA Schools | |||||
| Pooled Financing Program TRAN | 2.000% | 11/29/13 | 1,500 | 1,513 | |
| Los Angeles County CA Schools | |||||
| Pooled Financing Program TRAN | 2.000% | 12/31/13 | 3,500 | 3,536 | |
| Los Angeles County CA Schools | |||||
| Pooled Financing Program TRAN | 2.000% | 1/31/14 | 5,000 | 5,060 | |
| Los Angeles County CA TRAN | 2.000% | 6/28/13 | 75,000 | 75,100 | |
| 1 | Los Angeles County CA Unified School District GO | ||||
| TOB VRDO | 0.140% | 6/7/13 | 5,000 | 5,000 | |
| Manteca CA Redevelopment Agency Tax | |||||
| Allocation Revenue VRDO | 0.120% | 6/3/13 LOC | 13,050 | 13,050 | |
| 3 | Metropolitan Water District of Southern California | ||||
| Revenue PUT | 0.120% | 8/30/13 | 6,440 | 6,440 | |
| 1 | Metropolitan Water District of Southern California | ||||
| Revenue TOB VRDO | 0.140% | 6/7/13 | 5,000 | 5,000 | |
| 1 | Metropolitan Water District of Southern California | ||||
| Revenue TOB VRDO | 0.140% | 6/7/13 | 6,435 | 6,435 | |
| Metropolitan Water District of Southern California | |||||
| Revenue VRDO | 0.100% | 6/3/13 | 13,500 | 13,500 | |
| Metropolitan Water District of Southern California | |||||
| Revenue VRDO | 0.110% | 6/7/13 | 19,955 | 19,955 | |
| Mission Viejo CA Community Development | |||||
| Financing Authority Revenue (Mission Viejo Mall | |||||
| Improvement) VRDO | 0.110% | 6/7/13 LOC | 22,900 | 22,900 | |
| 1 | Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) TOB VRDO | 0.150% | 6/1/13 | 7,200 | 7,200 | |
| Newport Beach CA Revenue (Hoag Memorial | |||||
| Hospital Presbyterian) VRDO | 0.110% | 6/7/13 LOC | 12,300 | 12,300 | |
| 1 | Nuveen California Investment Quality | ||||
| Municipal Fund VRDP VRDO | 0.200% | 6/7/13 LOC | 18,000 | 18,000 | |
| 1 | Nuveen California Performance Plus | ||||
| Municipal Fund VRDP VRDO | 0.200% | 6/7/13 LOC | 15,000 | 15,000 | |
| 1 | Nuveen California Quality Income | ||||
| Municipal Fund VRDP VRDO | 0.200% | 6/7/13 LOC | 26,000 | 26,000 | |
| Nuveen Insured California AMT-Free Municipal | |||||
| Income Fund VRDP VRDO | 0.200% | 6/7/13 LOC | 32,000 | 32,000 | |
| Orange County CA Apartment Development | |||||
| Revenue VRDO | 0.090% | 6/7/13 LOC | 41,300 | 41,300 | |
| Orange County CA Apartment Development | |||||
| Revenue VRDO | 0.120% | 6/7/13 LOC | 9,550 | 9,550 | |
| Orange County CA Sanitation District COP | 5.250% | 8/1/13 (Prere.) | 8,000 | 8,068 | |
21
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Orange County CA Sanitation District | ||||
| Wastewater Revenue | 3.000% | 8/1/13 | 3,000 | 3,014 |
| 1 Orange County CA Water District Revenue | ||||
| TOB VRDO | 0.160% | 6/7/13 | 9,000 | 9,000 |
| Otay CA Water District (Capital Project) | ||||
| COP VRDO | 0.110% | 6/7/13 LOC | 8,010 | 8,010 |
| 1 Peralta CA Community College District Revenue | ||||
| TOB VRDO | 0.120% | 6/7/13 | 19,645 | 19,645 |
| Riverside County CA Industrial Development | ||||
| Authority Empowerment Zone Facility Revenue | ||||
| (Guy Evans Inc. Project) VRDO | 0.160% | 6/7/13 LOC | 5,030 | 5,030 |
| Riverside County CA Public Facility Project | ||||
| COP VRDO | 0.130% | 6/7/13 LOC | 7,500 | 7,500 |
| Riverside County CA Teeter Notes | 2.000% | 10/16/13 | 40,000 | 40,262 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/13 (Prere.) | 12,140 | 12,257 |
| Sacramento CA Municipal Utility District Revenue | ||||
| VRDO | 0.100% | 6/7/13 LOC | 33,000 | 33,000 |
| Sacramento County CA Multifamily Housing | ||||
| Revenue (River Pointe Apartments) VRDO | 0.130% | 6/7/13 LOC | 10,200 | 10,200 |
| Sacramento County CA Multifamily Housing | ||||
| Revenue (River Pointe Apartments) VRDO | 0.130% | 6/7/13 LOC | 12,300 | 12,300 |
| 1 Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue TOB VRDO | 0.110% | 6/7/13 LOC | 6,250 | 6,250 |
| 1 San Bernardino Community College District | ||||
| (San Bernardino and Riverside Counties) | ||||
| TOB VRDO | 0.130% | 6/7/13 | 4,620 | 4,620 |
| San Bernardino County CA TRAN | 2.000% | 6/28/13 | 28,000 | 28,037 |
| 1 San Diego CA Community College District GO | ||||
| TOB PUT | 0.220% | 8/1/13 | 4,100 | 4,100 |
| 1 San Diego CA Community College District GO | ||||
| TOB VRDO | 0.120% | 6/7/13 | 5,710 | 5,710 |
| 1 San Diego CA Community College District GO | ||||
| TOB VRDO | 0.120% | 6/7/13 | 5,000 | 5,000 |
| 1 San Diego CA Community College District GO | ||||
| TOB VRDO | 0.140% | 6/7/13 | 5,000 | 5,000 |
| San Diego CA County TRAN | 2.000% | 6/28/13 | 13,000 | 13,017 |
| San Diego CA Housing Authority Multifamily | ||||
| Housing Revenue (Bay Vista Apartments Project) | ||||
| VRDO | 0.110% | 6/7/13 LOC | 9,690 | 9,690 |
| San Diego CA Housing Authority Multifamily | ||||
| Housing Revenue (Canyon Rim Apartments) | ||||
| VRDO | 0.110% | 6/7/13 LOC | 32,440 | 32,440 |
| 1 San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue TOB VRDO | 0.110% | 6/7/13 | 8,280 | 8,280 |
| 1 San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue TOB VRDO | 0.140% | 6/7/13 | 7,495 | 7,495 |
| 1 San Diego CA Unified School District GO TOB PUT | 0.180% | 11/7/13 | 27,955 | 27,955 |
| 1 San Diego County CA Regional Transportation | ||||
| Commission Sales Tax Revenue TOB PUT | 0.220% | 8/1/13 | 2,675 | 2,675 |
| San Diego County CA Regional Transportation | ||||
| Commission Sales Tax Revenue VRDO | 0.110% | 6/7/13 | 8,925 | 8,925 |
| 1 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.140% | 6/7/13 | 9,800 | 9,800 |
| 1 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.140% | 6/7/13 | 6,100 | 6,100 |
22
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 1 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.140% | 6/7/13 | 6,500 | 6,500 |
| 1 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.140% | 6/7/13 | 6,840 | 6,840 |
| 1 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.140% | 6/7/13 | 9,500 | 9,500 |
| 1 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.140% | 6/7/13 | 4,825 | 4,825 |
| 1 San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue TOB VRDO | 0.140% | 6/7/13 | 9,500 | 9,500 |
| 1 San Francisco CA City & County (Laguna Honda | ||||
| Hospital) GO TOB VRDO | 0.090% | 6/7/13 | 1,800 | 1,800 |
| San Francisco CA City & County Finance Corp. | ||||
| Lease Revenue (Moscone Center Expansion) | ||||
| VRDO | 0.110% | 6/7/13 LOC | 43,250 | 43,250 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.110% | 6/7/13 LOC | 18,310 | 18,310 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.110% | 6/7/13 LOC | 8,000 | 8,000 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.110% | 6/7/13 LOC | 26,300 | 26,300 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Wastewater Revenue | 1.000% | 10/1/13 | 32,805 | 32,897 |
| 1 San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue TOB VRDO | 0.140% | 6/7/13 | 6,800 | 6,800 |
| San Francisco CA City & County Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Third & Mission Streets) VRDO | 0.120% | 6/7/13 LOC | 40,000 | 40,000 |
| San Jose CA Financing Authority Lease | ||||
| Revenue CP | 0.160% | 6/3/13 LOC | 13,128 | 13,128 |
| San Jose CA Financing Authority Lease | ||||
| Revenue CP | 0.160% | 6/3/13 LOC | 13,127 | 13,127 |
| San Jose CA Multifamily Housing Revenue | ||||
| (Cinnabar Commons) VRDO | 0.110% | 6/7/13 LOC | 16,200 | 16,200 |
| San Jose CA Multifamily Housing Revenue | ||||
| (Raintree Apartments) VRDO | 0.140% | 6/7/13 LOC | 10,000 | 10,000 |
| 1 San Jose CA Unified School District Santa Clara | ||||
| County GO TOB VRDO | 0.150% | 6/7/13 | 7,310 | 7,310 |
| 1 San Mateo County CA Community College | ||||
| District GO TOB PUT | 0.220% | 8/1/13 | 10,860 | 10,860 |
| 1 San Mateo County CA Community College | ||||
| District GO TOB VRDO | 0.140% | 6/7/13 | 4,315 | 4,315 |
| San Ramon Valley CA Unified School District GO | 5.000% | 8/1/13 (Prere.) | 6,865 | 6,920 |
| Santa Barbara County CA TRAN | 2.000% | 6/28/13 | 10,000 | 10,013 |
| 1 Sequoia CA Unified School District GO TOB VRDO | 0.150% | 6/7/13 | 5,860 | 5,860 |
| 1 Sonoma County CA Junior College District GO | ||||
| TOB VRDO | 0.120% | 6/7/13 LOC | 30,490 | 30,490 |
| 1 Sunnyvale CA Wastewater Revenue TOB VRDO | 0.130% | 6/7/13 | 8,720 | 8,720 |
| 1 University of California Revenue TOB VRDO | 0.070% | 6/3/13 | 2,600 | 2,600 |
| 1 University of California Revenue TOB VRDO | 0.090% | 6/7/13 | 6,655 | 6,655 |
| 1 University of California Revenue TOB VRDO | 0.110% | 6/7/13 | 7,300 | 7,300 |
| 1 University of California Revenue TOB VRDO | 0.120% | 6/7/13 | 16,695 | 16,695 |
| 1 University of California Revenue TOB VRDO | 0.120% | 6/7/13 | 8,800 | 8,800 |
| 1 University of California Revenue TOB VRDO | 0.140% | 6/7/13 | 2,190 | 2,190 |
| 1 University of California Revenue TOB VRDO | 0.140% | 6/7/13 | 3,495 | 3,495 |
| 1 University of California Revenue TOB VRDO | 0.140% | 6/7/13 | 6,000 | 6,000 |
23
| California Tax-Exempt Money Market Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| 1 | University of California Revenue TOB VRDO | 0.140% | 6/7/13 | 3,470 | 3,470 |
| 1 | University of California Revenue TOB VRDO | 0.150% | 6/7/13 | 9,579 | 9,579 |
| Western Municipal Water District Facilities | |||||
| Authority California Water Revenue VRDO | 0.090% | 6/7/13 LOC | 19,275 | 19,275 | |
| Westlands CA Water District COP VRDO | 0.100% | 6/7/13 LOC | 24,530 | 24,530 | |
| 3,715,183 | |||||
| Puerto Rico (0.1%) | |||||
| 1 | Puerto Rico Sales Tax Financing Corp. Revenue | ||||
| TOB VRDO | 0.140% | 6/7/13 | 4,625 | 4,625 | |
| Total Tax-Exempt Municipal Bonds (Cost $3,719,808) | 3,719,808 | ||||
| Other Assets and Liabilities (-0.2%) | |||||
| Other Assets | 28,246 | ||||
| Liabilities | (36,142) | ||||
| (7,896) | |||||
| Net Assets (100%) | |||||
| Applicable to 3,711,288,026 outstanding $.001 par value shares of | |||||
| beneficial interest (unlimited authorization) | 3,711,912 | ||||
| Net Asset Value Per Share | $1.00 | ||||
| At May 31, 2013, net assets consisted of: | |||||
| Amount | |||||
| ($000) | |||||
| Paid-in Capital | 3,711,834 | ||||
| Undistributed Net Investment Income | — | ||||
| Accumulated Net Realized Gains | 78 | ||||
| Net Assets | 3,711,912 | ||||
See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2013, the aggregate value of these securities was $997,402,000, representing 26.9% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2013.
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.
24
California Tax-Exempt Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
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.
(15) Build America Mutual Assurance Company.
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
25
California Tax-Exempt Money Market Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2013 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 2,960 |
| Total Income | 2,960 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 458 |
| Management and Administrative | 1,994 |
| Marketing and Distribution | 560 |
| Custodian Fees | 23 |
| Shareholders’ Reports | 14 |
| Trustees’ Fees and Expenses | 3 |
| Total Expenses | 3,052 |
| Expense Reduction—Note B | (419) |
| Net Expenses | 2,633 |
| Net Investment Income | 327 |
| Realized Net Gain (Loss) on Investment Securities Sold | 74 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 401 |
See accompanying Notes, which are an integral part of the Financial Statements.
26
California Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2013 | 2012 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 327 | 1,167 |
| Realized Net Gain (Loss) | 74 | 5 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 401 | 1,172 |
| Distributions | ||
| Net Investment Income | (327) | (1,167) |
| Realized Capital Gain | — | — |
| Total Distributions | (327) | (1,167) |
| Capital Share Transactions (at $1.00) | ||
| Issued | 1,546,238 | 2,456,850 |
| Issued in Lieu of Cash Distributions | 311 | 1,111 |
| Redeemed | (1,647,235) | (2,776,686) |
| Net Increase (Decrease) from Capital Share Transactions | (100,686) | (318,725) |
| Total Increase (Decrease) | (100,612) | (318,720) |
| Net Assets | ||
| Beginning of Period | 3,812,524 | 4,131,244 |
| End of Period | 3,711,912 | 3,812,524 |
See accompanying Notes, which are an integral part of the Financial Statements.
27
California Tax-Exempt Money Market Fund
Financial Highlights
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | ||||||
| Net Investment Income | . 0001 | . 0003 | . 001 | . 001 | . 004 | . 022 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | — | — | — | — | — | — |
| Total from Investment Operations | . 0001 | . 0003 | . 001 | . 001 | . 004 | . 022 |
| Distributions | ||||||
| Dividends from Net Investment Income | (. 0001) | (. 0003) | (. 001) | (. 001) | (. 004) | (. 022) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (. 0001) | (. 0003) | (. 001) | (. 001) | (. 004) | (. 022) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.01% | 0.03% | 0.07% | 0.11% | 0.37% | 2.21% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $3,712 | $3,813 | $4,131 | $4,610 | $5,355 | $7,506 |
| Ratio of Expenses to | ||||||
| Average Net Assets | 0.14%2 | 0.15%2 | 0.16%2 | 0.17% | 0.17%3 | 0.11%3 |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 0.02% | 0.03% | 0.07% | 0.11% | 0.39% | 2.19% |
The expense ratio and net income ratio for the current period have been annualized.
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 0.16% for 2013, 0.16% for 2012, and 0.17% for 2011. See Note B in Notes to Financial Statements.
3 Includes fees to participate in the Treasury Temporary Guarantee Program for 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.
28
California Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard California Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
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, 2009–2012), and for the period ended May 31, 2013, 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 May 31, 2013, the fund had contributed capital of $455,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.18% 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 period ended May 31, 2013, Vanguard’s expenses were reduced by $419,000 (an effective annual rate of 0.02% 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).
29
California Tax-Exempt Money Market Fund
At May 31, 2013, 100% of the market value of the fund’s investments was determined 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 May 31, 2013, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
30
California Intermediate-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2013
| Share-Class Characteristics | |||
| Investor | Admiral | ||
| Shares | Shares | ||
| Ticker Symbol | VCAIX | VCADX | |
| Expense Ratio1 | 0.20% | 0.12% | |
| 30-Day SEC Yield | 1.56% | 1.64% | |
| Financial Attributes | |||
| Barclays | |||
| Muni | Barclays | ||
| CA IT | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 1,106 | 1,542 | 46,973 |
| Yield to Maturity | |||
| (before expenses) | 1.9% | 1.8% | 2.3% |
| Average Coupon | 4.3% | 4.7% | 4.9% |
| Average Duration | 5.2 years | 4.9 years | 7.1 years |
| Average Effective | |||
| Maturity | 5.4 years | 5.5 years | 6.0 years |
| Short-Term | |||
| Reserves | 6.5% | — | — |
| Volatility Measures | ||
| Barclays | ||
| Barclays Muni | Municipal | |
| CA IT | Bond | |
| Bond Index | Index | |
| R-Squared | 0.89 | 0.98 |
| Beta | 0.95 | 0.98 |
| These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. | ||
| Distribution by Effective Maturity | ||
| (% of portfolio) | ||
| Under 1 Year | 11.8% | |
| 1 - 3 Years | 16.7 | |
| 3 - 5 Years | 19.3 | |
| 5 - 10 Years | 45.0 | |
| 10 - 20 Years | 6.9 | |
| 20 - 30 Years | 0.3 | |
| Distribution by Credit Quality (% of portfolio) | ||
| AAA | 6.0% | |
| AA | 54.2 | |
| A | 35.5 | |
| BBB | 2.9 | |
| B | 0.9 | |
| Not Rated | 0.5 | |
| 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 28, 2013, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2013, the annualized expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
31
California Intermediate-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
| Fiscal-Year Total Returns (%): November 30, 2002, Through May 31, 2013 | ||||
| Barclays Muni | ||||
| CA IT | ||||
| Investor Shares | ||||
| Bond Index | ||||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2003 | 4.12% | 1.66% | 5.78% | 5.62% |
| 2004 | 3.93 | -1.52 | 2.41 | 4.05 |
| 2005 | 3.90 | -1.79 | 2.11 | 2.37 |
| 2006 | 4.12 | 1.28 | 5.40 | 5.07 |
| 2007 | 3.99 | -1.53 | 2.46 | 3.84 |
| 2008 | 3.79 | -6.50 | -2.71 | 1.84 |
| 2009 | 4.19 | 6.37 | 10.56 | 9.03 |
| 2010 | 3.79 | 0.64 | 4.43 | 6.89 |
| 2011 | 3.88 | 2.29 | 6.17 | 6.79 |
| 2012 | 3.52 | 6.62 | 10.14 | 9.08 |
| 2013 | 1.59 | -2.52 | -0.93 | -0.97 |
| Note: For 2013, performance data reflect the six months ended May 31, 2013. | ||||
Average Annual Total Returns: Periods Ended March 31, 2013
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 | 5.40% | 5.47% | 3.89% | 0.36% | 4.25% |
| Admiral Shares | 11/12/2001 | 5.49 | 5.55 | 3.97 | 0.36 | 4.33 |
See Financial Highlights for dividend and capital gains information.
32
California Intermediate-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2013
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 (101.3%) | ||||
| California (101.2%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (899 Charleston Project) | ||||
| VRDO | 0.160% | 6/3/13 LOC | 8,010 | 8,010 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 2.150% | 7/1/19 | 7,500 | 7,504 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 2.500% | 7/1/19 | 2,140 | 2,142 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 3.000% | 7/1/19 | 2,000 | 2,007 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 6.000% | 7/1/31 | 2,750 | 3,176 |
| 1 ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 2.000% | 11/15/13 | 425 | 428 |
| 1 ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 3.000% | 11/15/16 | 1,220 | 1,273 |
| 1 ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.000% | 11/15/35 | 3,250 | 3,406 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/20 | 850 | 1,001 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/22 | 555 | 656 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/23 | 1,000 | 1,175 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/24 | 1,265 | 1,463 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Odd Fellows Home) | 5.000% | 4/1/32 | 7,250 | 7,927 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/24 | 960 | 1,102 |
33
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/26 | 1,400 | 1,580 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/28 | 400 | 446 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 6.000% | 8/1/30 | 1,120 | 1,346 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 6.375% | 8/1/34 | 2,500 | 2,651 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/14 (2) | 325 | 320 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/15 (2) | 910 | 877 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/16 (2) | 4,305 | 4,026 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/20 (2) | 12,695 | 9,923 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 5.000% | 10/1/22 | 2,190 | 2,629 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 5.000% | 10/1/23 | 2,160 | 2,607 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 5.400% | 10/1/24 (2) | 1,625 | 1,789 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/29 (2) | 30,000 | 13,285 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/30 (2) | 9,110 | 3,799 |
| Alameda County CA (Medical Center Project) COP | 5.250% | 6/1/13 (ETM) | 1,785 | 1,785 |
| Alameda County CA (Medical Center Project) COP | 5.375% | 6/1/14 (ETM) | 1,880 | 1,898 |
| Alameda County CA (Medical Center Project) COP | 5.375% | 6/1/15 (ETM) | 3,960 | 4,031 |
| Alvord CA Unified School District GO | 5.900% | 2/1/21 (14) | 2,230 | 2,697 |
| Alvord CA Unified School District GO | 5.900% | 2/1/24 (4) | 3,865 | 4,699 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/21 (14) | 4,425 | 4,912 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/22 (14) | 4,660 | 5,137 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/24 (14) | 5,175 | 5,636 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/25 (14) | 5,450 | 5,912 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.250% | 10/1/30 | 5,585 | 6,414 |
| Antioch CA Public Financing Authority | ||||
| Reassessment Revenue | 5.000% | 9/2/13 (2) | 2,275 | 2,280 |
| Bakersfield CA Wastewater Revenue | 5.000% | 9/15/24 (4) | 7,600 | 8,603 |
| Bakersfield CA Wastewater Revenue VRDO | 0.130% | 6/7/13 | 4,500 | 4,500 |
| Bay Area CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 8/1/17 (10) | 5,000 | 5,035 |
| Bay Area CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 8/1/17 (14) | 6,910 | 6,934 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 11,625 | 13,079 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 300 | 338 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 2,455 | 2,762 |
34
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 3,100 | 3,488 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 10,000 | 11,251 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/17 (Prere.) | 3,055 | 3,549 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/17 (Prere.) | 3,000 | 3,485 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/18 | 2,610 | 2,993 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 6,250 | 7,394 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/28 | 15,000 | 17,337 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/29 | 7,000 | 8,044 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.250% | 4/1/29 | 11,280 | 13,336 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/30 | 15,000 | 17,149 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 15,945 | 18,125 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.990% | 8/1/17 | 25,000 | 25,087 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.450% | 8/1/17 | 12,500 | 12,665 |
| 2 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.820% | 10/1/19 | 5,000 | 5,039 |
| 2 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.820% | 10/1/19 | 5,500 | 5,530 |
| 2 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.020% | 5/1/23 | 7,000 | 7,067 |
| 2 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.220% | 4/1/24 | 5,000 | 5,064 |
| 3 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) TOB VRDO | 0.140% | 6/7/13 | 16,300 | 16,300 |
| Burbank CA Public Financing Authority Revenue | ||||
| (Golden State Redevelopment Project) | 5.250% | 12/1/13 (2) | 4,615 | 4,718 |
| Cabrillo CA Community College District Revenue | 0.000% | 8/1/13 (14) | 2,590 | 2,589 |
| Cabrillo CA Community College District Revenue | 0.000% | 8/1/14 (14) | 2,655 | 2,636 |
| California Community College Financing Authority | ||||
| TRAN | 2.000% | 6/28/13 | 8,000 | 8,008 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.250% | 6/1/21 | 10,765 | 10,885 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/15 | 26,850 | 29,242 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/16 | 5,000 | 5,649 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/16 | 19,625 | 22,171 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/17 | 14,600 | 16,976 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/17 | 25,000 | 29,069 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 | 5,475 | 6,505 |
35
| 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% | 5/1/18 | 2,525 | 3,000 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 | 17,950 | 21,326 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/19 | 1,215 | 1,467 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/19 | 19,590 | 23,656 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 18,000 | 21,966 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 3,660 | 4,466 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 22,890 | 27,933 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 6,500 | 7,984 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 50,000 | 58,324 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 20,000 | 23,330 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 5,000 | 6,054 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 14,675 | 17,088 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 10,825 | 13,068 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/13 | 7,000 | 7,169 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/14 (Prere.) | 180 | 193 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/14 (Prere.) | 3,355 | 3,592 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/20 | 1,250 | 1,543 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/21 | 5,645 | 7,018 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/22 | 6,000 | 7,497 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/24 | 5,000 | 5,843 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/26 | 8,565 | 9,991 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/27 | 8,800 | 10,324 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.250% | 12/1/27 | 3,900 | 4,711 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/28 | 3,350 | 3,960 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.250% | 12/1/28 | 4,505 | 5,424 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 3,530 | 4,152 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 8,255 | 9,746 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.250% | 12/1/29 | 4,640 | 5,567 |
36
| 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% | 12/1/30 | 2,720 | 3,188 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.250% | 12/1/30 | 1,850 | 2,212 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/31 | 3,910 | 4,560 |
| California Economic Recovery GO | 5.250% | 7/1/13 | 20,000 | 20,084 |
| 4 California Economic Recovery GO | 5.250% | 7/1/14 (ETM) | 3,385 | 3,568 |
| California Economic Recovery GO | 5.250% | 7/1/14 | 11,615 | 12,242 |
| California Economic Recovery GO | 5.000% | 7/1/18 | 29,770 | 35,341 |
| California Economic Recovery GO | 5.000% | 7/1/19 | 32,330 | 38,917 |
| California Economic Recovery GO | 5.000% | 7/1/20 | 43,810 | 51,979 |
| California Economic Recovery GO | 5.250% | 7/1/21 | 45,385 | 53,852 |
| California Economic Recovery GO | 5.000% | 7/1/22 | 16,280 | 18,229 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/14 | 360 | 376 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/15 | 380 | 412 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/16 | 400 | 447 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/20 | 790 | 866 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/23 | 1,195 | 1,284 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/24 | 380 | 406 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.250% | 6/1/30 | 1,125 | 1,215 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.000% | 3/15/26 | 10,000 | 12,375 |
| 3 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.160% | 6/3/13 | 1,155 | 1,155 |
| California GO | 5.000% | 10/1/14 | 2,000 | 2,124 |
| California GO | 5.000% | 11/1/14 | 1,390 | 1,482 |
| California GO | 5.000% | 3/1/15 | 1,000 | 1,079 |
| California GO | 5.000% | 4/1/15 | 15,400 | 16,663 |
| California GO | 5.000% | 12/1/15 | 1,470 | 1,537 |
| California GO | 5.000% | 4/1/17 | 11,000 | 12,662 |
| California GO | 5.250% | 2/1/18 (14) | 8,000 | 9,455 |
| California GO | 6.000% | 2/1/18 (2) | 6,240 | 7,599 |
| California GO | 5.000% | 3/1/18 | 1,850 | 2,170 |
| California GO | 5.500% | 4/1/18 | 20,000 | 23,980 |
| 2 California GO | 1.020% | 5/1/18 | 9,000 | 9,059 |
| California GO | 5.000% | 8/1/18 | 1,895 | 2,159 |
| California GO | 5.000% | 10/1/18 | 14,095 | 16,778 |
| California GO | 5.000% | 10/1/18 | 20,000 | 23,806 |
| California GO | 5.500% | 4/1/19 | 11,245 | 13,682 |
| California GO | 5.000% | 5/1/19 | 10,000 | 10,834 |
| California GO | 5.000% | 8/1/19 | 30,000 | 32,812 |
| California GO | 5.000% | 10/1/19 | 21,000 | 25,221 |
| California GO | 5.000% | 10/1/19 (14) | 14,800 | 16,787 |
| California GO | 5.000% | 2/1/20 | 2,950 | 3,532 |
| California GO | 5.250% | 2/1/20 | 7,500 | 9,096 |
| California GO | 5.000% | 3/1/20 | 55,285 | 59,470 |
| California GO | 5.000% | 8/1/20 | 14,890 | 16,930 |
| California GO | 5.000% | 9/1/20 | 26,810 | 32,339 |
37
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.000% | 9/1/20 | 9,970 | 12,026 |
| California GO | 5.000% | 10/1/20 | 10,555 | 12,745 |
| California GO | 5.000% | 3/1/21 | 2,250 | 2,666 |
| California GO | 5.000% | 4/1/21 | 2,240 | 2,698 |
| California GO | 5.500% | 4/1/21 | 2,000 | 2,386 |
| California GO | 5.000% | 9/1/21 | 13,700 | 16,579 |
| California GO | 5.000% | 9/1/21 | 1,310 | 1,585 |
| California GO | 5.000% | 10/1/21 | 2,575 | 3,119 |
| California GO | 5.000% | 2/1/22 | 8,125 | 9,770 |
| California GO | 5.000% | 6/1/22 | 12,000 | 13,003 |
| California GO | 5.000% | 9/1/22 | 12,710 | 15,370 |
| California GO | 5.250% | 9/1/22 | 17,400 | 21,399 |
| California GO | 5.000% | 2/1/23 | 23,000 | 27,738 |
| California GO | 5.000% | 9/1/23 | 7,000 | 8,350 |
| California GO | 5.000% | 9/1/23 | 12,120 | 13,599 |
| California GO | 5.250% | 9/1/23 | 2,455 | 2,947 |
| California GO | 5.000% | 10/1/23 | 12,500 | 14,060 |
| California GO | 5.000% | 10/1/23 | 10,000 | 12,117 |
| California GO | 5.000% | 12/1/23 | 7,500 | 8,652 |
| California GO | 5.000% | 3/1/24 | 3,000 | 3,476 |
| California GO | 5.000% | 8/1/24 (4) | 31,275 | 34,035 |
| California GO | 5.000% | 8/1/24 | 10,100 | 11,383 |
| California GO | 5.000% | 9/1/24 | 10,000 | 11,823 |
| California GO | 5.000% | 10/1/24 | 13,440 | 15,070 |
| California GO | 5.000% | 10/1/24 | 9,790 | 11,127 |
| California GO | 5.000% | 11/1/24 | 5,000 | 5,840 |
| California GO | 5.000% | 11/1/24 | 6,000 | 6,884 |
| California GO | 5.000% | 12/1/24 | 2,000 | 2,299 |
| California GO | 5.000% | 2/1/25 | 12,940 | 15,034 |
| California GO | 5.125% | 3/1/25 | 2,000 | 2,283 |
| California GO | 5.000% | 8/1/25 | 10,000 | 11,236 |
| California GO | 5.000% | 9/1/25 | 1,500 | 1,712 |
| California GO | 5.000% | 9/1/25 | 2,185 | 2,550 |
| California GO | 5.000% | 10/1/25 | 6,000 | 6,790 |
| California GO | 5.000% | 11/1/25 | 1,500 | 1,736 |
| California GO | 5.000% | 12/1/25 | 21,015 | 24,066 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,469 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,708 |
| California GO | 5.000% | 4/1/26 | 27,480 | 30,908 |
| California GO | 5.000% | 9/1/26 | 2,500 | 2,817 |
| California GO | 5.000% | 10/1/26 | 5,000 | 5,805 |
| California GO | 5.000% | 11/1/26 | 7,500 | 8,658 |
| California GO | 5.000% | 4/1/27 | 24,285 | 27,119 |
| California GO | 5.750% | 4/1/27 | 31,455 | 36,901 |
| California GO | 4.500% | 8/1/27 | 6,000 | 6,419 |
| California GO | 5.000% | 9/1/27 | 5,500 | 6,195 |
| California GO | 5.000% | 10/1/27 | 11,250 | 12,949 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,846 |
| California GO | 5.000% | 3/1/28 | 10,855 | 11,379 |
| California GO | 5.750% | 4/1/28 | 30,000 | 35,065 |
| California GO | 5.000% | 6/1/28 | 10,005 | 10,724 |
| California GO | 5.000% | 9/1/28 | 17,500 | 19,589 |
| California GO | 5.250% | 9/1/28 | 6,000 | 6,966 |
| California GO | 5.250% | 2/1/29 | 2,790 | 3,204 |
| California GO | 5.000% | 9/1/29 | 6,000 | 6,805 |
| California GO | 5.000% | 9/1/29 | 16,000 | 17,836 |
38
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.250% | 3/1/30 | 20,000 | 22,994 |
| California GO | 4.500% | 8/1/30 | 12,790 | 13,547 |
| California GO | 5.000% | 9/1/30 | 10,000 | 11,296 |
| California GO | 5.000% | 9/1/30 | 10,180 | 11,345 |
| California GO | 5.000% | 3/1/31 | 5,535 | 5,954 |
| California GO | 5.750% | 4/1/31 | 30,000 | 34,871 |
| California GO | 5.000% | 2/1/32 | 2,540 | 2,833 |
| California GO | 6.000% | 3/1/33 | 12,000 | 14,660 |
| California GO | 5.125% | 4/1/33 | 6,550 | 7,243 |
| California GO | 6.500% | 4/1/33 | 20,000 | 24,622 |
| 3 California GO TOB VRDO | 0.080% | 6/3/13 | 5,100 | 5,100 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/25 | 5,700 | 6,531 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/26 | 2,000 | 2,278 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) VRDO | 0.070% | 6/3/13 LOC | 7,000 | 7,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (California-Nevada Methodist Homes) | 5.000% | 7/1/26 | 1,740 | 1,857 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 7/1/19 | 1,000 | 1,174 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/20 | 4,750 | 5,604 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/21 | 3,810 | 4,534 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/22 | 8,000 | 9,535 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.500% | 7/1/25 | 5,000 | 5,670 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 19,820 | 22,812 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/27 | 7,500 | 8,474 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/29 | 4,250 | 5,077 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) PUT | 5.000% | 7/1/14 | 49,000 | 51,450 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) PUT | 5.000% | 7/1/14 | 9,000 | 9,432 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/14 | 4,000 | 4,257 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/16 | 2,000 | 2,205 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/17 | 4,585 | 5,006 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/19 | 1,000 | 1,200 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/20 | 2,100 | 2,547 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/21 | 2,000 | 2,436 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/22 | 2,000 | 2,283 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,370 | 1,539 |
39
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/24 | 2,910 | 3,240 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/29 | 2,890 | 3,113 |
| 2 California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | ||||
| PUT | 1.920% | 7/1/17 | 5,255 | 5,297 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 6.250% | 11/1/29 | 5,000 | 5,977 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 5.000% | 11/1/31 | 2,000 | 2,202 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | ||||
| VRDO | 0.100% | 6/7/13 LOC | 10,900 | 10,900 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | ||||
| VRDO | 0.100% | 6/7/13 LOC | 2,900 | 2,900 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 4.000% | 6/1/16 | 735 | 800 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/19 | 300 | 352 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/21 | 450 | 531 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/22 | 875 | 1,025 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/23 | 760 | 879 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/25 | 310 | 352 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/26 | 805 | 912 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/14 | 730 | 777 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/19 | 800 | 965 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 4.000% | 11/15/20 | 750 | 855 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/21 | 1,400 | 1,696 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/23 | 1,500 | 1,770 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/24 | 1,700 | 1,985 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/25 | 2,250 | 2,599 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/32 | 12,500 | 14,138 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalet Stanford) | 5.000% | 8/15/13 (Prere.) | 2,280 | 2,302 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalet Stanford) | 5.000% | 8/15/13 (Prere.) | 2,245 | 2,267 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalet Stanford) | 5.000% | 8/15/13 (Prere.) | 2,515 | 2,540 |
40
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalet Stanford) | 5.000% | 8/15/13 (Prere.) | 2,630 | 2,656 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalet Stanford) | 4.000% | 8/15/19 | 500 | 571 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalet Stanford) | 5.000% | 8/15/21 | 800 | 977 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalet Stanford) | 5.000% | 8/15/22 | 500 | 610 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 3.000% | 10/1/14 | 550 | 570 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/18 | 1,320 | 1,577 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/19 | 1,500 | 1,725 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/19 | 1,000 | 1,210 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/20 | 1,800 | 2,067 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/20 | 1,000 | 1,217 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/21 | 1,000 | 1,150 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/21 | 1,000 | 1,229 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/22 | 2,250 | 2,535 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/22 | 2,400 | 2,921 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/24 | 5,000 | 5,936 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/25 | 5,000 | 5,872 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.250% | 10/1/24 | 3,000 | 3,637 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.250% | 10/1/28 | 4,000 | 4,794 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/20 | 500 | 594 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/26 | 6,000 | 6,977 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 2,115 | 2,292 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 10/1/17 | 2,515 | 2,942 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 10/1/18 | 3,000 | 3,568 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/25 | 750 | 872 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/27 | 850 | 974 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/28 | 1,175 | 1,339 |
41
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/32 | 1,000 | 1,120 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.500% | 7/1/29 | 10,000 | 11,585 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) PUT | 5.000% | 10/16/14 | 15,000 | 15,872 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 11/15/13 (Prere.) | 2,715 | 2,774 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 11/15/13 (Prere.) | 3,000 | 3,065 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 11/15/13 (Prere.) | 6,275 | 6,411 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/19 | 2,000 | 2,424 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 4.000% | 8/15/21 | 2,250 | 2,599 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/23 | 1,830 | 2,218 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/20 | 2,200 | 2,681 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/21 | 1,275 | 1,569 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/22 | 1,090 | 1,314 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.500% | 8/15/26 | 4,750 | 5,568 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 8/15/31 | 4,500 | 5,150 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 5,000 | 5,917 |
| 3 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.140% | 6/7/13 | 1,160 | 1,160 |
| 3 California Infrastructure & Economic Development | ||||
| Bank Revenue (Bay Area Toll Bridges Seismic | ||||
| Retrofit) TOB VRDO | 0.080% | 6/3/13 (ETM) | 15,310 | 15,310 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) | 4.000% | 10/1/15 | 1,400 | 1,519 |
| 2 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.620% | 4/1/14 | 5,000 | 5,015 |
| 2 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.420% | 4/1/15 | 5,050 | 5,055 |
| 2 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.400% | 4/1/16 | 3,190 | 3,190 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (JSerra Catholic High School | ||||
| Project) VRDO | 0.080% | 6/7/13 LOC | 3,425 | 3,425 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.050% | 6/3/13 LOC | 4,600 | 4,600 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/18 (14) | 1,785 | 1,913 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/19 (14) | 1,040 | 1,108 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/21 (14) | 1,145 | 1,204 |
42
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (SRI International) VRDO | 0.130% | 6/7/13 LOC | 4,700 | 4,700 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (State Revolving Fund) | 5.000% | 10/1/29 | 7,000 | 7,348 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Workers’ Compensation Relief) | 5.250% | 10/1/13 (2) | 18,000 | 18,290 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Workers’ Compensation Relief) | 5.250% | 10/1/14 (2) | 25,815 | 26,239 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.375% | 2/1/29 | 16,600 | 17,737 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/16 | 1,000 | 1,102 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 4.750% | 6/1/18 | 2,325 | 2,606 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/19 | 2,375 | 2,708 |
| California Municipal Finance Authority Solid Waste | ||||
| Revenue (Republic Services Inc. Project) PUT | 0.450% | 7/1/13 | 15,000 | 15,000 |
| California Pollution Control Financing Authority | ||||
| Environmental Improvement Revenue | ||||
| (BP West Coast Products LLC Project) PUT | 2.600% | 9/2/14 | 13,550 | 13,902 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.050% | 6/3/13 LOC | 13,800 | 13,800 |
| California Pollution Control Financing Authority | ||||
| Revenue (San Diego Gas & Electric Co.) | 5.900% | 6/1/14 (14) | 18,150 | 19,174 |
| California Public Works Board Lease Revenue | ||||
| (Butterfield State Office Complex) | 5.000% | 6/1/20 | 3,895 | 4,205 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.500% | 12/1/13 (Prere.) | 10,000 | 10,263 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.500% | 12/1/13 (Prere.) | 10,000 | 10,263 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/15 | 1,250 | 1,360 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/16 | 7,160 | 8,040 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/16 | 3,785 | 4,297 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/18 (2) | 27,790 | 30,670 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/21 | 3,975 | 4,348 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/21 | 5,000 | 5,923 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/22 | 5,210 | 6,172 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.750% | 10/1/31 | 6,000 | 6,907 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.000% | 4/1/27 | 5,000 | 5,983 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 8,000 | 8,418 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 5,000 | 5,261 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 1,500 | 1,578 |
43
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/27 | 5,000 | 5,626 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/28 | 5,825 | 6,510 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/29 | 5,000 | 5,561 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/25 | 1,500 | 1,715 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/26 | 1,500 | 1,697 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/27 | 7,000 | 7,761 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/28 | 2,860 | 3,189 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/28 | 4,980 | 5,490 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/29 | 2,500 | 2,775 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/29 | 5,000 | 5,490 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/32 | 1,350 | 1,481 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/33 | 1,650 | 1,803 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.500% | 6/1/14 | 2,635 | 2,691 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 6/1/18 (14) | 10,310 | 12,199 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 6/1/20 (14) | 7,670 | 9,256 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 10/1/20 | 2,015 | 2,443 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 10/1/21 | 1,650 | 2,001 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 4/1/25 | 5,765 | 6,176 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.250% | 11/1/26 (14) | 9,010 | 9,878 |
| California Public Works Board Lease Revenue | ||||
| (Trustees of The California State University) | 5.300% | 10/1/15 (2) | 6,655 | 6,681 |
| California Public Works Board Lease Revenue | ||||
| (Trustees of The California State University) | 5.375% | 10/1/16 (14) | 4,750 | 4,769 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/13 | 2,000 | 2,039 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/14 | 4,745 | 5,055 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 4.000% | 11/1/15 | 1,500 | 1,620 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/16 | 6,395 | 7,279 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/18 | 4,000 | 4,732 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.250% | 11/1/20 | 5,000 | 5,924 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 | 5,400 | 6,562 |
44
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/22 | 1,500 | 1,783 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/22 | 2,645 | 3,209 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/23 | 4,180 | 4,879 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/23 | 1,000 | 1,174 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/24 | 2,000 | 2,307 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/25 | 3,560 | 4,043 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/30 | 3,000 | 3,302 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/31 | 3,000 | 3,292 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/31 | 5,000 | 5,770 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/32 | 11,465 | 12,545 |
| California RAN | 2.500% | 6/20/13 | 39,000 | 39,048 |
| California State University Revenue Systemwide | 5.000% | 11/1/15 | 1,040 | 1,154 |
| California State University Revenue Systemwide | 5.000% | 11/1/20 | 5,000 | 6,083 |
| California State University Revenue Systemwide | 5.250% | 11/1/20 | 3,515 | 4,202 |
| California State University Revenue Systemwide | 5.000% | 11/1/22 (2) | 18,440 | 19,978 |
| California State University Revenue Systemwide | 5.000% | 11/1/23 | 3,960 | 4,748 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 2,915 | 3,460 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 8,690 | 9,990 |
| California State University Revenue Systemwide | 5.000% | 11/1/25 | 11,820 | 13,499 |
| California State University Revenue Systemwide | 5.000% | 11/1/26 | 12,530 | 14,231 |
| California State University Revenue Systemwide | 5.000% | 11/1/27 | 5,740 | 6,562 |
| California State University Revenue Systemwide | 5.000% | 11/1/27 | 5,000 | 5,579 |
| California State University Revenue Systemwide | 4.000% | 11/1/29 | 4,000 | 4,133 |
| 3 California State University Revenue Systemwide | ||||
| TOB VRDO | 0.200% | 6/7/13 (12) | 5,000 | 5,000 |
| California Statewide Communities Development | ||||
| Authority Health Facility Revenue | ||||
| (Adventist Health System/West) | 5.000% | 3/1/25 | 14,975 | 15,900 |
| California Statewide Communities Development | ||||
| Authority Pollution Control Revenue | ||||
| (Southern California Edison Co.) | 4.500% | 9/1/29 | 1,825 | 1,931 |
| California Statewide Communities Development | ||||
| Authority Pollution Control Revenue | ||||
| (Southern California Edison Co.) PUT | 4.250% | 11/1/16 (3) | 15,000 | 16,623 |
| California Statewide Communities Development | ||||
| Authority Pollution Control Revenue | ||||
| (Southern California Edison Co.) PUT | 4.250% | 11/1/16 (3) | 26,070 | 28,890 |
| California Statewide Communities Development | ||||
| Authority Revenue (American Baptist Homes) | 2.100% | 10/1/19 | 2,250 | 2,257 |
| California Statewide Communities Development | ||||
| Authority Revenue (American Baptist Homes) | 2.400% | 10/1/20 | 1,250 | 1,251 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.250% | 11/1/30 | 10,000 | 11,323 |
45
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.250% | 7/1/13 | 1,400 | 1,406 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.000% | 7/1/22 | 5,155 | 5,466 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.250% | 7/1/25 | 1,890 | 2,008 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/27 | 500 | 546 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/32 | 680 | 731 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial | ||||
| Hospital) | 5.000% | 7/1/18 | 6,190 | 6,689 |
| California Statewide Communities Development | ||||
| Authority Revenue (Institute for Defense | ||||
| Analyses) VRDO | 0.120% | 6/7/13 (2)LOC | 3,265 | 3,265 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.000% | 4/1/14 | 14,890 | 15,465 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.250% | 8/1/31 | 3,200 | 3,526 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) PUT | 5.000% | 5/1/17 | 6,000 | 6,920 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.100% | 6/7/13 | 25,900 | 25,900 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.100% | 6/7/13 | 7,400 | 7,400 |
| California Statewide Communities Development | ||||
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/22 | 8,000 | 8,894 |
| California Statewide Communities Development | ||||
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/27 | 7,500 | 8,155 |
| California Statewide Communities Development | ||||
| Authority Revenue (Proposition 1A Receivables | ||||
| Program) | 5.000% | 6/15/13 | 28,000 | 28,052 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) | 5.000% | 8/15/20 (14) | 2,440 | 2,692 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) | 5.000% | 8/15/23 (14) | 5,285 | 5,791 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sherman Oaks Project) | 5.500% | 8/1/15 (2) | 4,685 | 5,139 |
| California Statewide Communities Development | ||||
| Authority Revenue (St. Joseph Health System) | 4.500% | 7/1/18 (4) | 10,615 | 11,296 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/19 | 530 | 632 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/20 | 500 | 600 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/22 | 1,050 | 1,264 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.250% | 8/15/31 | 7,500 | 8,584 |
46
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/32 | 11,820 | 13,038 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue | ||||
| (Southern California Presbyterian Homes) | 7.000% | 11/15/29 | 2,000 | 2,320 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.500% | 5/15/26 | 5,000 | 5,437 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.125% | 5/15/31 | 7,000 | 7,592 |
| 3 Central Basin Municipal Water District California | ||||
| COP TOB VRDO | 0.150% | 6/7/13 (4) | 7,500 | 7,500 |
| Central CA Unified School District GO | 5.500% | 8/1/29 (12) | 3,000 | 3,385 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.000% | 7/1/17 | 1,000 | 1,153 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.000% | 7/1/19 | 765 | 910 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.250% | 7/1/20 | 1,025 | 1,247 |
| Cerritos CA Community College District GO | 0.000% | 8/1/20 | 500 | 419 |
| Cerritos CA Community College District GO | 0.000% | 8/1/22 | 500 | 370 |
| Cerritos CA Community College District GO | 0.000% | 8/1/23 | 500 | 347 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/23 | 2,225 | 2,692 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/25 | 5,000 | 5,912 |
| Chula Vista CA Industrial Development Revenue | ||||
| (San Diego Gas & Electric Co.) | 1.650% | 7/1/18 | 1,000 | 1,010 |
| Clovis CA Unified School District GO | 0.000% | 8/1/18 (14) | 3,645 | 3,305 |
| Coast CA Community College District GO | 5.000% | 8/1/24 | 7,565 | 9,186 |
| Coast CA Community College District GO | 5.000% | 8/1/26 | 5,255 | 6,230 |
| Coast CA Community College District GO | 5.000% | 8/1/28 | 6,595 | 7,718 |
| Colton CA Joint Unified School District GO | 4.000% | 8/1/16 (4) | 1,000 | 1,095 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/23 (4) | 765 | 907 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/24 (4) | 1,050 | 1,228 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/25 (4) | 1,000 | 1,156 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/26 (4) | 1,120 | 1,274 |
| Colton CA Public Financing Authority | ||||
| Electric Revenue | 5.000% | 4/1/23 | 2,065 | 2,366 |
| Colton CA Public Financing Authority | ||||
| Electric Revenue | 5.000% | 4/1/24 | 1,665 | 1,891 |
| Compton CA Unified School District GO | 5.250% | 9/1/13 (Prere.) | 1,295 | 1,311 |
| Compton CA Unified School District GO | 5.250% | 9/1/13 (Prere.) | 1,460 | 1,478 |
| Compton CA Unified School District GO | 5.250% | 9/1/13 (Prere.) | 1,645 | 1,666 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/24 | 4,140 | 5,029 |
| 3 Contra Costa CA Community College District GO | ||||
| TOB VRDO | 0.130% | 6/7/13 | 6,000 | 6,000 |
| Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/14 | 2,000 | 2,125 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/24 | 1,080 | 1,287 |
| 2 Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue PUT | 0.503% | 12/15/15 | 12,000 | 12,035 |
| Contra Costa County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 6/1/22 (14) | 15,300 | 17,088 |
47
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Corona-Norco CA School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/21 | 500 | 574 |
| Corona-Norco CA School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/23 | 500 | 573 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/20 (12) | 1,825 | 1,530 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/21 (12) | 2,010 | 1,590 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/22 (12) | 1,700 | 1,268 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/23 (12) | 1,000 | 702 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/25 (12) | 1,325 | 831 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/26 (12) | 1,530 | 910 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/27 (12) | 1,500 | 838 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/28 (12) | 1,290 | 684 |
| Covina-Valley CA Unified School District GO | 5.000% | 8/1/27 | 2,000 | 2,295 |
| Covina-Valley CA Unified School District GO | 5.000% | 8/1/28 | 2,000 | 2,280 |
| Covina-Valley CA Unified School District GO | 5.000% | 8/1/29 | 2,080 | 2,366 |
| Culver City CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.375% | 11/1/16 (4) | 3,260 | 3,273 |
| 1 Cupertino CA Union School District GO | 5.000% | 8/1/25 | 3,235 | 3,882 |
| 1 Cupertino CA Union School District GO | 5.000% | 8/1/26 | 3,500 | 4,163 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/14 | 2,000 | 2,095 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 2,005 | 2,312 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/31 | 16,020 | 18,419 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/28 | 4,415 | 5,002 |
| Eastern California Municipal Water District | ||||
| Water & Sewer COP | 5.000% | 7/1/26 | 5,245 | 5,947 |
| Eastern California Municipal Water District | ||||
| Water & Sewer COP | 5.000% | 7/1/27 | 6,220 | 6,999 |
| Eastern California Municipal Water District | ||||
| Water & Sewer COP | 5.000% | 7/1/28 | 1,000 | 1,122 |
| El Camino CA Community College District GO | 0.000% | 8/1/29 | 8,065 | 4,278 |
| El Camino CA Community College District GO | 0.000% | 8/1/32 | 10,000 | 4,483 |
| El Camino CA Community College District GO | 0.000% | 8/1/33 | 3,500 | 1,487 |
| El Dorado CA Irrigation District Revenue | 4.500% | 3/1/19 (4) | 2,000 | 2,280 |
| El Dorado CA Irrigation District Revenue | 4.750% | 3/1/20 (4) | 1,500 | 1,735 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/21 (4) | 2,280 | 2,665 |
| El Dorado County CA Community Facilities | ||||
| District No. 92-1 Special Tax Revenue | 5.000% | 9/1/21 | 2,000 | 2,292 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/28 | 1,000 | 1,103 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/29 | 800 | 876 |
| Fontana CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 10/1/21 (2) | 3,335 | 3,571 |
| Fontana CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 10/1/23 (2) | 2,875 | 3,078 |
| Fontana CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 10/1/24 (2) | 3,475 | 3,708 |
| Fontana CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 10/1/26 (2) | 4,480 | 4,664 |
| Fontana CA Unified School District GO | 5.250% | 8/1/26 (4) | 4,350 | 5,049 |
| Foothill/Eastern Corridor Agency California | ||||
| Toll Road Revenue | 5.375% | 1/15/15 (14) | 5,000 | 5,009 |
| Fresno CA Sewer Revenue | 5.000% | 9/1/24 (12) | 830 | 964 |
48
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 3 Fresno CA Sewer Revenue TOB VRDO | 0.140% | 6/7/13 (12) | 5,170 | 5,170 |
| Fullerton CA Community Facilities District No. 1 | ||||
| Special Tax Revenue (Amerige Heights) | 5.000% | 9/1/26 | 1,000 | 1,089 |
| Fullerton CA Community Facilities District No. 1 | ||||
| Special Tax Revenue (Amerige Heights) | 5.000% | 9/1/32 | 1,600 | 1,703 |
| Gilroy CA School Facilities Finance | ||||
| Authority Revenue | 5.000% | 8/1/33 | 2,400 | 2,637 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 5.000% | 6/1/13 (Prere.) | 1,930 | 1,930 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 5.500% | 6/1/13 (Prere.) | 5,000 | 5,000 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 6.250% | 6/1/13 (Prere.) | 53,600 | 53,600 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 4.500% | 6/1/27 | 27,790 | 27,224 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 5.000% | 6/1/30 (2) | 5,865 | 5,865 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 5.300% | 6/1/37 | 10,000 | 9,332 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/28 | 3,210 | 1,701 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/29 | 6,965 | 3,446 |
| Grossmont-Cuyamaca CA | ||||
| Community College District GO | 0.000% | 8/1/25 (12) | 14,010 | 8,886 |
| Grossmont-Cuyamaca CA | ||||
| Community College District GO | 0.000% | 8/1/28 (12) | 21,875 | 11,457 |
| Huntington Beach CA | ||||
| Union High School District GO | 5.000% | 8/1/14 (Prere.) | 3,530 | 3,724 |
| Imperial CA Irrigation District Electric Revenue | 5.000% | 11/1/26 | 1,500 | 1,692 |
| Inland Empire Tobacco Securitization Authority | ||||
| California Revenue | 4.625% | 6/1/21 | 7,245 | 7,173 |
| Intermodal Container Transfer Facility | ||||
| Joint Power Authority California Revenue | ||||
| (Union Pacific Railroad Co.) | 5.125% | 11/1/13 (2) | 1,870 | 1,906 |
| Irvine CA Assessment District No. 97-17 | ||||
| Improvement Revenue VRDO | 0.070% | 6/3/13 LOC | 9,700 | 9,700 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.070% | 6/3/13 LOC | 2,426 | 2,426 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.070% | 6/3/13 LOC | 4,035 | 4,035 |
| Irvine CA Ranch Water District Revenue VRDO | 0.090% | 6/7/13 LOC | 2,300 | 2,300 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/18 | 1,350 | 1,504 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/19 | 2,000 | 2,225 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/20 | 1,000 | 1,109 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/21 | 1,750 | 1,934 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 5.000% | 9/2/23 | 400 | 463 |
| Irvine CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/25 (2) | 8,645 | 9,206 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/14 | 2,000 | 2,065 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/15 | 1,750 | 1,851 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/16 | 2,500 | 2,712 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/17 | 1,110 | 1,255 |
49
| California Intermediate-Term Tax-Exempt Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/18 | 3,255 | 3,733 | |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/19 | 3,415 | 3,945 | |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/20 | 1,585 | 1,839 | |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/21 | 1,755 | 2,034 | |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/22 | 3,950 | 4,551 | |
| Kings River Conservation District California COP | 5.000% | 5/1/14 | 3,500 | 3,637 | |
| Kings River Conservation District California COP | 5.000% | 5/1/15 (ETM) | 2,590 | 2,817 | |
| Kings River Conservation District California COP | 5.000% | 5/1/15 | 1,755 | 1,889 | |
| Loma Linda CA Hospital Revenue | |||||
| (Loma Linda University) | 5.000% | 12/1/18 | 8,665 | 9,030 | |
| Long Beach CA Community College District GO | 0.000% | 6/1/29 (4) | 6,380 | 3,180 | |
| Long Beach CA Finance Authority Lease Revenue | 6.000% | 11/1/17 (2) | 2,775 | 2,918 | |
| Long Beach CA Finance Authority Natural Gas | |||||
| Purchase Revenue | 5.250% | 11/15/20 | 3,060 | 3,559 | |
| Long Beach CA Finance Authority Natural Gas | |||||
| Purchase Revenue | 1.594% | 11/15/25 | 16,845 | 15,056 | |
| Long Beach CA Finance Authority Natural Gas | |||||
| Purchase Revenue | 1.614% | 11/15/26 | 10,025 | 8,904 | |
| Long Beach CA Unified School District GO | 5.000% | 8/1/29 | 7,760 | 8,895 | |
| Long Beach CA Unified School District GO | 5.000% | 8/1/30 | 5,000 | 5,697 | |
| 1 | Los Angeles CA Community College District GO | 4.000% | 8/1/14 | 3,500 | 3,653 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/21 (4) | 10,000 | 10,946 | |
| Los Angeles CA Community College District GO | 5.000% | 8/1/24 | 6,500 | 7,507 | |
| Los Angeles CA Community College District GO | 5.000% | 8/1/25 | 5,000 | 5,752 | |
| Los Angeles CA Community College District GO | 5.500% | 8/1/25 | 5,000 | 6,017 | |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 6,960 | 8,076 | |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 4,250 | 4,825 | |
| Los Angeles CA Community College District GO | 5.000% | 8/1/31 (4) | 5,000 | 5,489 | |
| Los Angeles CA Community College District GO | 5.000% | 8/1/32 (4) | 5,000 | 5,560 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.000% | 5/15/22 | 1,000 | 1,236 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.000% | 5/15/23 | 1,420 | 1,738 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.000% | 5/15/24 | 1,700 | 2,056 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.000% | 5/15/24 | 4,000 | 4,550 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.000% | 5/15/25 | 1,500 | 1,800 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.250% | 5/15/25 | 3,000 | 3,445 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.000% | 5/15/26 | 4,000 | 4,568 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.250% | 5/15/28 | 10,000 | 11,630 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.000% | 5/15/29 | 4,385 | 4,917 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.250% | 5/15/29 | 10,000 | 11,592 | |
| Los Angeles CA Department of Airports | |||||
| International Airport Revenue | 5.000% | 5/15/30 | 1,835 | 2,050 | |
| Los Angeles CA Department of Water & | |||||
| Power Revenue | 4.000% | 1/1/16 | 9,075 | 9,798 | |
| Los Angeles CA Department of Water & | |||||
| Power Revenue | 5.000% | 1/1/16 | 8,300 | 9,169 | |
50
| 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% | 7/1/22 | 10,000 | 12,146 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/22 | 1,000 | 1,232 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 | 1,335 | 1,556 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 | 5,605 | 6,808 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 (4) | 20,605 | 22,506 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/24 | 2,770 | 3,229 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 10,000 | 11,903 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 5,000 | 5,947 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 2,350 | 2,707 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 2,000 | 2,286 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 1,500 | 1,770 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 1,655 | 1,886 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 5,000 | 5,720 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/28 | 2,000 | 2,254 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 1,670 | 1,890 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 | 5,000 | 5,769 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 15,000 | 17,199 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 (2) | 1,940 | 2,154 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 6,055 | 6,915 |
| 3 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.070% | 6/3/13 | 47,910 | 47,910 |
| 3 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.130% | 6/7/13 | 5,000 | 5,000 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/7/13 | 8,300 | 8,300 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/7/13 | 3,200 | 3,200 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.090% | 6/7/13 | 4,100 | 4,100 |
| Los Angeles CA GO | 5.000% | 9/1/14 (Prere.) | 4,055 | 4,295 |
| Los Angeles CA GO | 5.000% | 9/1/22 | 10,000 | 12,085 |
| Los Angeles CA GO | 5.000% | 9/1/28 | 5,850 | 6,676 |
| Los Angeles CA GO | 5.000% | 9/1/29 | 5,850 | 6,640 |
| Los Angeles CA GO | 5.000% | 9/1/30 | 5,850 | 6,608 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/23 | 2,250 | 2,675 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/25 | 3,795 | 4,439 |
51
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Figueroa Plaza) | 5.000% | 8/1/14 (Prere.) | 345 | 364 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Figueroa Plaza) | 5.000% | 8/1/28 (14)(3) | 8,635 | 8,996 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/21 (14) | 10,830 | 11,992 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/22 (14) | 6,500 | 7,183 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/23 (14) | 14,700 | 16,191 |
| Los Angeles CA TRAN | 2.000% | 6/27/13 | 34,000 | 34,045 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 3,900 | 3,915 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 3,000 | 3,012 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 5,000 | 5,020 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (4) | 4,650 | 4,669 |
| Los Angeles CA Unified School District GO | 6.000% | 7/1/13 (3) | 3,745 | 3,763 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/14 | 5,000 | 5,256 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/14 (ETM) | 5,000 | 5,257 |
| Los Angeles CA Unified School District GO | 6.000% | 7/1/14 (3) | 1,440 | 1,528 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/15 | 6,350 | 6,954 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (3) | 2,000 | 2,267 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (4) | 3,515 | 4,098 |
| Los Angeles CA Unified School District GO | 5.500% | 7/1/17 (3) | 2,800 | 3,321 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/18 | 8,360 | 9,979 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/18 (2) | 5,000 | 5,811 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/18 (2) | 4,000 | 4,513 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 (3) | 5,000 | 5,244 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 (3) | 5,000 | 5,638 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 9,000 | 10,145 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 5,000 | 5,636 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (2) | 14,135 | 15,933 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/21 (2) | 15,940 | 17,936 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/22 (2) | 16,760 | 18,826 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/23 (4) | 30,825 | 34,311 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/23 (2) | 6,000 | 6,763 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/23 (4) | 12,975 | 14,673 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (4) | 17,210 | 19,397 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/25 | 7,000 | 8,302 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/25 (2) | 10,235 | 11,427 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 1,600 | 1,896 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/26 (2) | 10,000 | 10,781 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 5,710 | 6,622 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 8,375 | 9,756 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 1,595 | 1,810 |
| Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 21,405 | 22,872 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/28 | 8,395 | 9,714 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 (2) | 7,845 | 8,653 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 5,000 | 5,858 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 (2) | 6,485 | 7,118 |
| Los Angeles CA Unified School District GO | ||||
| TOB VRDO | 0.080% | 6/3/13 | 28,800 | 28,800 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/15 | 2,000 | 2,184 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/16 | 2,500 | 2,826 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/20 | 3,000 | 3,644 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/26 | 13,045 | 15,294 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/33 | 12,500 | 14,240 |
52
| 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% | 12/1/13 (2) | 2,760 | 2,825 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 4.000% | 7/1/13 | 4,230 | 4,244 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/13 (Prere.) | 10,000 | 10,040 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/15 | 3,300 | 3,621 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/16 | 3,250 | 3,695 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/20 | 4,000 | 4,809 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/20 | 6,000 | 7,347 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/21 | 3,000 | 3,701 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 10,000 | 12,162 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 5,075 | 6,277 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 10,000 | 12,039 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 12/1/14 (14) | 24,180 | 25,702 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 12/1/15 (14) | 8,940 | 9,809 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 12/1/19 (14) | 4,860 | 5,301 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 12/1/20 (14) | 5,000 | 5,432 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 8/1/21 | 1,000 | 1,202 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 12/1/21 (14) | 6,460 | 7,019 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 8/1/22 | 1,000 | 1,203 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 12/1/22 (14) | 6,790 | 7,377 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 8/1/23 | 1,500 | 1,782 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 12/1/23 (14) | 2,175 | 2,356 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 8/1/24 | 1,515 | 1,778 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 12/1/24 (14) | 3,095 | 3,352 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Lease Revenue | 5.000% | 8/1/25 | 1,325 | 1,538 |
| Los Angeles County CA Public Works | ||||
| Financing Authority Revenue (Regional Park & | ||||
| Open Space District) | 5.250% | 10/1/17 (4) | 1,000 | 1,184 |
| Los Angeles County CA Schools Regionalized | ||||
| Business Services Corp. COP | 0.000% | 8/1/13 (2) | 2,010 | 2,001 |
| Los Angeles County CA TRAN | 2.000% | 6/28/13 | 10,000 | 10,014 |
| Los Angeles County CA Unified School District GO | 5.000% | 7/1/21 | 12,500 | 15,391 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 7,000 | 9,703 |
53
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Marysville CA Revenue | ||||
| (Fremont-Rideout Health Group) | 5.250% | 1/1/23 | 1,035 | 1,187 |
| Marysville CA Revenue | ||||
| (Fremont-Rideout Health Group) | 5.250% | 1/1/25 | 2,630 | 2,953 |
| Marysville CA Revenue | ||||
| (Fremont-Rideout Health Group) | 5.250% | 1/1/28 | 1,500 | 1,659 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 7/1/17 | 15,000 | 17,566 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 7/1/18 | 20,000 | 23,967 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 7/1/20 | 4,000 | 4,913 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 7/1/21 | 2,700 | 3,345 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 7/1/30 | 2,000 | 2,338 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 10/1/30 | 8,585 | 10,003 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 1/1/31 | 1,150 | 1,321 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 7/1/31 | 2,930 | 3,402 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 7/1/31 | 2,250 | 2,619 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 10/1/31 | 11,065 | 12,836 |
| Metropolitan Water District of | ||||
| Southern California Revenue | 5.000% | 10/1/32 | 9,965 | 11,509 |
| Metropolitan Water District of | ||||
| Southern California Revenue PUT | 2.500% | 10/1/14 | 5,000 | 5,112 |
| 2 Metropolitan Water District of | ||||
| Southern California Revenue PUT | 0.270% | 5/1/15 | 5,000 | 5,000 |
| 2 Metropolitan Water District of | ||||
| Southern California Revenue PUT | 0.270% | 5/1/15 | 5,000 | 5,000 |
| 2 Metropolitan Water District of | ||||
| Southern California Revenue PUT | 0.470% | 5/1/15 | 10,000 | 10,001 |
| Metropolitan Water District of | ||||
| Southern California Revenue VRDO | 0.110% | 6/7/13 | 1,500 | 1,500 |
| Modesto CA Irrigation District COP | 5.000% | 7/1/13 (Prere.) | 3,165 | 3,178 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/21 (2) | 2,030 | 2,216 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/22 (2) | 2,515 | 2,728 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/23 (2) | 2,645 | 2,861 |
| Modesto CA Irrigation District COP | 5.000% | 7/1/27 | 3,855 | 4,210 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/21 | 1,000 | 1,202 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/22 | 1,000 | 1,204 |
| Modesto CA Irrigation District Financing | ||||
| Authority Revenue (Domestic Water Project) | 5.125% | 9/1/15 (2) | 4,365 | 4,382 |
| Mount Diablo CA Unified School District GO | 5.000% | 8/1/24 | 1,555 | 1,837 |
| New Haven CA Unified School District GO | 12.000% | 8/1/15 (4) | 2,905 | 3,612 |
| Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) | 5.875% | 12/1/30 | 5,150 | 6,284 |
| Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) VRDO | 0.110% | 6/7/13 LOC | 17,735 | 17,735 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/29 | 4,000 | 2,149 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 3,000 | 1,533 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/31 | 1,500 | 707 |
54
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/32 | 14,000 | 6,276 |
| Northern California Gas Authority No. 1 Revenue | 0.640% | 7/1/13 | 9,845 | 9,842 |
| Northern California Gas Authority No. 1 Revenue | 0.790% | 7/1/17 | 23,385 | 22,674 |
| Northern California Power Agency Capital | ||||
| Facilities Revenue | 5.000% | 8/1/20 | 1,000 | 1,164 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/16 | 1,745 | 1,971 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/17 | 3,290 | 3,804 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/19 | 1,500 | 1,785 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/20 | 3,500 | 4,101 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/21 | 2,500 | 2,889 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/22 | 3,395 | 3,876 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/28 | 5,000 | 5,726 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/29 | 3,000 | 3,423 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/30 | 1,605 | 1,828 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/31 | 1,600 | 1,812 |
| Oakland CA GO | 5.000% | 1/15/31 | 3,000 | 3,301 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/23 (12) | 5,000 | 5,585 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/24 (12) | 3,695 | 4,074 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/25 (12) | 5,405 | 5,918 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/26 (12) | 4,190 | 4,559 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Convention Center) | 5.500% | 10/1/13 (2) | 1,500 | 1,520 |
| Oakland CA Redevelopment Agency | ||||
| Tax Allocation Revenue (Central District Project) | 5.500% | 9/1/13 (14) | 3,990 | 4,003 |
| Oakland CA Redevelopment Agency | ||||
| Tax Allocation Revenue (Central District Project) | 5.500% | 9/1/15 (14) | 3,790 | 3,803 |
| Oakland CA Redevelopment Agency | ||||
| Tax Allocation Revenue (Central District Project) | 5.500% | 9/1/16 (14) | 6,210 | 6,230 |
| Oakland CA Redevelopment Agency | ||||
| Tax Allocation Revenue (Central District Project) | 5.000% | 9/1/20 (2) | 12,870 | 13,210 |
| Oakland CA Unified School District GO | 5.000% | 8/1/19 (4) | 13,425 | 14,880 |
| Ohlone CA Community College District GO | 5.000% | 8/1/22 | 750 | 926 |
| Ohlone CA Community College District GO | 5.000% | 8/1/23 | 1,500 | 1,830 |
| Ohlone CA Community College District GO | 5.000% | 8/1/31 | 1,770 | 2,003 |
| Orange County CA Airport Revenue | 5.000% | 7/1/17 (4) | 1,725 | 1,732 |
| Orange County CA Development Agency | ||||
| Tax Allocation Revenue | 5.250% | 9/1/14 (14) | 1,415 | 1,420 |
| Orange County CA Development Agency | ||||
| Tax Allocation Revenue | 5.250% | 9/1/15 (14) | 1,485 | 1,489 |
| Orange County CA Development Agency | ||||
| Tax Allocation Revenue | 5.375% | 9/1/16 (14) | 1,570 | 1,574 |
| Orange County CA Water District COP | 5.000% | 8/15/29 | 6,925 | 7,960 |
55
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 1 Orange County CA Water District Revenue | 5.000% | 8/15/33 | 8,000 | 9,321 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/28 | 1,000 | 1,148 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/29 | 1,500 | 1,715 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/30 | 1,500 | 1,709 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/31 | 1,500 | 1,704 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.000% | 9/2/19 | 1,000 | 1,102 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.000% | 9/2/20 | 250 | 274 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.000% | 9/2/21 | 400 | 436 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 5.000% | 9/2/27 | 1,000 | 1,114 |
| Palo Alto CA Unified School District GO | 0.000% | 8/1/24 | 15,890 | 11,212 |
| Palomar Pomerado Health California COP | 6.625% | 11/1/29 | 5,000 | 5,598 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 3,000 | 2,200 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/30 | 3,695 | 4,198 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/31 | 1,500 | 1,699 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/32 | 2,000 | 2,249 |
| Pittsburg CA Redevelopment Agency | ||||
| Tax Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 0.000% | 8/1/20 (2) | 2,460 | 1,901 |
| Pittsburg CA Redevelopment Agency | ||||
| Tax Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 0.000% | 8/1/25 (2) | 2,930 | 1,665 |
| Pomona CA Single Family Mortgage Revenue | 7.600% | 5/1/23 (ETM) | 9,370 | 12,335 |
| Port of Oakland CA Revenue | 5.000% | 11/1/20 (14) | 4,825 | 5,400 |
| Port of Oakland CA Revenue | 5.000% | 11/1/26 (14) | 9,800 | 10,527 |
| Poway CA Unified School District GO | 4.000% | 9/1/16 | 250 | 270 |
| Poway CA Unified School District GO | 0.000% | 8/1/17 | 2,000 | 1,879 |
| Poway CA Unified School District GO | 4.000% | 9/1/17 | 250 | 272 |
| Poway CA Unified School District GO | 0.000% | 8/1/18 | 4,565 | 4,140 |
| Poway CA Unified School District GO | 4.000% | 9/1/18 | 450 | 491 |
| Poway CA Unified School District GO | 0.000% | 8/1/19 | 5,425 | 4,723 |
| Poway CA Unified School District GO | 5.000% | 9/1/19 | 1,000 | 1,158 |
| Poway CA Unified School District GO | 0.000% | 8/1/20 | 3,280 | 2,750 |
| Poway CA Unified School District GO | 5.000% | 9/1/20 | 620 | 725 |
| Poway CA Unified School District GO | 5.000% | 9/1/21 | 325 | 381 |
| Poway CA Unified School District GO | 5.000% | 9/1/22 | 460 | 538 |
| Poway CA Unified School District GO | 5.000% | 9/1/23 | 1,575 | 1,830 |
| Poway CA Unified School District GO | 5.000% | 8/1/26 | 5,125 | 5,979 |
| Poway CA Unified School District GO | 5.000% | 9/1/26 | 1,000 | 1,121 |
| Poway CA Unified School District GO | 0.000% | 8/1/28 | 9,070 | 4,850 |
| Poway CA Unified School District GO | 5.000% | 9/1/29 | 1,210 | 1,330 |
| Poway CA Unified School District GO | 5.000% | 9/1/30 | 2,570 | 2,786 |
| Poway CA Unified School District Public | ||||
| Financing Authority Special Tax Revenue | 4.000% | 9/15/22 | 435 | 468 |
| Poway CA Unified School District Public | ||||
| Financing Authority Special Tax Revenue | 5.000% | 9/15/30 | 1,000 | 1,095 |
| Poway CA Unified School District Public | ||||
| Financing Authority Special Tax Revenue | 5.000% | 9/15/32 | 1,000 | 1,090 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/15 (2) | 2,835 | 2,990 |
56
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/16 (2) | 5,100 | 5,360 |
| Rancho Mirage CA Joint Powers Financing | ||||
| Authority Revenue (Eisenhower Medical Center) | 5.000% | 7/1/27 | 12,000 | 12,411 |
| Redwood City CA Redevelopment Agency | ||||
| Redevelopment Project Area No. 2 | ||||
| Tax Allocation Revenue | 0.000% | 7/15/25 (2) | 3,350 | 1,936 |
| Rio Hondo CA Community College District GO | 0.000% | 8/1/31 | 2,000 | 877 |
| Riverside CA Electric Revenue | 5.000% | 10/1/24 (4) | 1,000 | 1,123 |
| Riverside CA Electric Revenue | 5.000% | 10/1/25 (4) | 2,000 | 2,233 |
| Riverside CA Electric Revenue | 5.000% | 10/1/26 (4) | 2,500 | 2,774 |
| Riverside CA Electric Revenue | 5.000% | 10/1/27 (4) | 3,570 | 3,943 |
| 3 Riverside CA Electric Revenue TOB VRDO | 0.080% | 6/3/13 | 4,595 | 4,595 |
| Riverside CA Electric Revenue VRDO | 0.100% | 6/7/13 LOC | 12,200 | 12,200 |
| Riverside CA Unified School District | ||||
| Financing Authority Revenue | 5.000% | 9/1/19 | 1,220 | 1,388 |
| Riverside CA Unified School District | ||||
| Financing Authority Revenue | 5.000% | 9/1/20 | 1,280 | 1,466 |
| Riverside CA Unified School District | ||||
| Financing Authority Revenue | 5.000% | 9/1/23 | 1,410 | 1,600 |
| Riverside CA Unified School District | ||||
| Financing Authority Revenue | 5.000% | 9/1/25 | 1,555 | 1,721 |
| Riverside CA Unified School District | ||||
| Financing Authority Revenue | 5.000% | 9/1/26 | 1,615 | 1,771 |
| Riverside CA Unified School District | ||||
| Financing Authority Revenue | 5.000% | 9/1/27 | 1,710 | 1,868 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 5.000% | 6/1/15 | 3,000 | 3,248 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 5.000% | 6/1/19 | 3,660 | 4,236 |
| Riverside County CA Teeter Notes | 2.000% | 10/16/13 | 10,000 | 10,067 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.100% | 6/7/13 | 9,810 | 9,810 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.120% | 6/7/13 | 7,375 | 7,375 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/23 (14) | 7,030 | 4,934 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/24 (14) | 2,965 | 1,961 |
| Roseville CA Electric System Revenue | 5.000% | 2/1/30 | 6,120 | 6,730 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/18 | 4,180 | 4,719 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/19 | 10,000 | 11,375 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/20 | 2,000 | 2,273 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/17 | 1,250 | 1,441 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/18 | 725 | 852 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/19 | 1,155 | 1,374 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/20 | 1,250 | 1,521 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/21 | 1,000 | 1,221 |
| Sacramento CA Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/14 (14) | 1,520 | 1,567 |
| Sacramento CA Financing Authority | ||||
| Lease Revenue | 5.375% | 12/1/14 (4) | 1,630 | 1,637 |
57
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Sacramento CA Financing Authority | ||||
| Lease Revenue | 5.000% | 12/1/19 (14) | 12,860 | 13,877 |
| Sacramento CA Financing Authority | ||||
| Lease Revenue | 5.000% | 12/1/20 (14) | 13,670 | 14,655 |
| Sacramento CA Municipal Utility District | ||||
| Financing Authority Revenue | 5.000% | 7/1/21 (14) | 7,710 | 8,485 |
| Sacramento CA Municipal Utility District | ||||
| Financing Authority Revenue (Cosumnes Project) | 4.750% | 7/1/23 (14) | 1,500 | 1,629 |
| 1 Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/14 | 2,810 | 2,938 |
| 1 Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/15 | 2,640 | 2,873 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 7/1/17 (14) | 4,000 | 4,466 |
| Sacramento CA Municipal Utility District Revenue | 5.250% | 7/1/24 (2) | 10,085 | 12,279 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/24 | 2,660 | 3,187 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/24 (4) | 7,550 | 8,693 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 | 5,455 | 6,479 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 (4) | 15,275 | 17,331 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/26 (4) | 5,000 | 5,595 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/27 | 3,500 | 4,104 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/28 | 2,000 | 2,326 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/30 | 6,435 | 7,341 |
| Sacramento CA Municipal Utility District Revenue | ||||
| VRDO | 0.130% | 6/7/13 LOC | 3,000 | 3,000 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/22 | 1,000 | 1,147 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/28 | 2,500 | 2,762 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/29 | 2,635 | 2,897 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/30 | 2,975 | 3,264 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/31 | 3,125 | 3,412 |
| Sacramento CA Transportation Authority | ||||
| Sales Tax Revenue | 5.000% | 10/1/21 | 2,300 | 2,816 |
| Sacramento CA Transportation Authority | ||||
| Sales Tax Revenue VRDO | 0.130% | 6/7/13 | 65,600 | 65,600 |
| Sacramento CA Water Revenue | 5.000% | 9/1/27 | 3,210 | 3,802 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/23 (4) | 2,000 | 2,298 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 2,500 | 2,846 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 1,785 | 1,981 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/28 | 1,250 | 1,390 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/30 | 3,615 | 4,000 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/21 (14) | 1,850 | 2,080 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/22 (14) | 5,495 | 6,182 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/23 (14) | 7,030 | 7,909 |
| Sacramento County CA Water Financing | ||||
| Authority Revenue (Agency Zones 40 & 41) | 5.000% | 6/1/13 (Prere.) | 1,235 | 1,235 |
| Saddleback Valley CA Unified School District GO | 5.000% | 8/1/23 | 1,525 | 1,855 |
| 1 San Bernardino CA City Unified School District GO | 5.000% | 8/1/20 (4) | 765 | 904 |
| 1 San Bernardino CA City Unified School District GO | 5.000% | 8/1/21 (4) | 1,230 | 1,450 |
| 1 San Bernardino CA City Unified School District GO | 5.000% | 8/1/22 (4) | 1,500 | 1,760 |
| 1 San Bernardino CA City Unified School District GO | 5.000% | 8/1/23 (4) | 1,100 | 1,290 |
| 1 San Bernardino CA City Unified School District GO | 5.000% | 8/1/24 (4) | 1,400 | 1,619 |
58
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Bernardino CA Community College District GO | 5.000% | 8/1/24 | 4,375 | 5,295 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/25 | 4,550 | 5,451 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/26 | 4,150 | 4,916 |
| San Bernardino County CA Justice Center & | ||||
| Airport COP | 5.000% | 7/1/14 (14) | 5,585 | 5,776 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/17 (14) | 3,540 | 3,693 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 3,800 | 4,020 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/22 (14) | 8,940 | 10,320 |
| San Bernardino County CA Transportation | ||||
| Authority Revenue | 5.000% | 3/1/31 | 3,355 | 3,826 |
| San Diego CA Community College District GO | 5.000% | 8/1/23 | 10,000 | 12,376 |
| San Diego CA Community College District GO | 5.000% | 8/1/28 | 4,000 | 4,693 |
| San Diego CA Community College District GO | 5.000% | 8/1/29 | 5,000 | 5,727 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 8,670 | 9,890 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 9,830 | 11,214 |
| San Diego CA Community College District GO | 5.000% | 8/1/31 | 3,380 | 3,853 |
| San Diego CA Community College District GO | 5.000% | 8/1/32 | 2,000 | 2,269 |
| 3 San Diego CA Community College District GO | ||||
| TOB VRDO | 0.140% | 6/7/13 | 3,290 | 3,290 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 4.000% | 9/1/17 | 500 | 551 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 4.000% | 9/1/18 | 3,260 | 3,618 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 5.000% | 9/1/20 | 3,470 | 4,081 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/24 | 3,000 | 3,518 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/25 | 2,000 | 2,358 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/27 | 6,000 | 6,858 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/27 | 5,000 | 5,832 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/28 | 1,825 | 2,082 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/27 | 4,215 | 4,785 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.125% | 8/1/28 | 5,000 | 5,708 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.250% | 8/1/28 | 5,355 | 6,251 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/32 | 4,190 | 4,785 |
| San Diego CA Unified School District GO | 0.000% | 7/1/14 (14) | 3,400 | 3,382 |
| San Diego CA Unified School District GO | 0.500% | 7/1/15 | 3,500 | 3,498 |
| San Diego CA Unified School District GO | 2.000% | 7/1/15 | 7,500 | 7,742 |
| San Diego CA Unified School District GO | 0.000% | 7/1/18 (14) | 9,500 | 8,634 |
| San Diego CA Unified School District GO | 5.500% | 7/1/20 (4) | 9,490 | 11,858 |
| San Diego CA Unified School District GO | 5.500% | 7/1/22 (4) | 12,790 | 16,158 |
| San Diego CA Unified School District GO | 5.500% | 7/1/23 (4) | 4,210 | 5,364 |
| San Diego CA Unified School District GO | 5.500% | 7/1/25 (14) | 4,800 | 5,945 |
| San Diego CA Unified School District GO | 0.000% | 7/1/26 | 8,425 | 5,028 |
| San Diego CA Unified School District GO | 5.500% | 7/1/26 (4) | 7,490 | 9,279 |
| San Diego CA Unified School District GO | 0.000% | 7/1/27 | 8,500 | 4,806 |
| San Diego CA Unified School District GO | 0.000% | 7/1/28 | 8,000 | 4,255 |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 3,250 | 1,634 |
59
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 9,985 | 4,747 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 2,500 | 1,189 |
| San Diego County CA COP | 5.000% | 2/1/22 (2) | 2,000 | 2,133 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/25 | 9,000 | 10,184 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/26 | 3,000 | 3,367 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/28 | 3,000 | 3,328 |
| San Diego County CA Regional Building | ||||
| Authority Lease Revenue (County Operations | ||||
| Center & Annex Redevelopment Project) | 5.000% | 2/1/23 | 4,285 | 4,931 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.000% | 2/1/25 | 4,820 | 5,486 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.250% | 2/1/26 | 1,140 | 1,313 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.000% | 2/1/27 | 2,420 | 2,716 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.500% | 2/1/28 | 5,780 | 6,742 |
| San Diego County CA Water Authority Financing | ||||
| Agency Water Revenue | 5.000% | 5/1/27 | 2,000 | 2,335 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/30 | 5,000 | 5,715 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.250% | 5/1/15 (14) | 6,215 | 6,776 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.250% | 5/1/16 (14) | 7,880 | 8,904 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.250% | 5/1/21 (14) | 6,725 | 8,300 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.250% | 5/1/22 (14) | 7,075 | 8,781 |
| 3 San Diego County CA Water Authority | ||||
| Revenue COP TOB VRDO | 0.120% | 6/7/13 | 6,100 | 6,100 |
| San Francisco CA Bay Area Rapid Transit | ||||
| District GO | 5.000% | 8/1/35 | 15,500 | 17,375 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/23 | 9,560 | 11,407 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/23 | 1,070 | 1,297 |
| 3 San Francisco CA City & County (Laguna Honda | ||||
| Hospital) GO TOB VRDO | 0.090% | 6/7/13 | 2,700 | 2,700 |
| San Francisco CA City & County GO | 5.000% | 6/15/21 | 7,450 | 9,143 |
| San Francisco CA City & County GO | 5.000% | 6/15/22 | 2,595 | 3,170 |
| San Francisco CA City & County GO | 5.000% | 6/15/23 | 4,000 | 4,851 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.250% | 5/1/20 (14) | 5,000 | 6,107 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/21 | 5,000 | 5,954 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/22 | 5,000 | 5,874 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/24 (14) | 10,000 | 10,987 |
60
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/25 (14) | 2,000 | 2,242 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.250% | 5/1/26 | 22,000 | 25,672 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/27 (14) | 13,075 | 14,295 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/28 | 2,855 | 3,216 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/28 | 7,500 | 8,634 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/30 | 5,940 | 6,634 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Wastewater Revenue | 5.000% | 10/1/30 | 6,670 | 7,708 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/26 | 2,995 | 3,481 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/28 | 10,235 | 11,926 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/28 | 1,000 | 1,154 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 10,000 | 11,508 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 2,960 | 3,406 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 6,530 | 7,539 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 11,000 | 12,723 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/30 | 2,705 | 3,131 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/30 | 10,335 | 11,904 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/31 | 14,015 | 16,097 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 5,730 | 6,520 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 5,000 | 5,594 |
| 3 San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue TOB VRDO | 0.140% | 6/7/13 | 2,700 | 2,700 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/15 | 1,200 | 1,312 |
| San Francisco CA City & County Unified School | ||||
| District GO | 4.000% | 6/15/30 | 2,470 | 2,559 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/31 | 7,965 | 9,048 |
| San Joaquin County CA Delta Community College | ||||
| District Election GO | 0.000% | 8/1/26 (4) | 15,500 | 8,504 |
| San Joaquin County CA Delta Community College | ||||
| District Election GO | 0.000% | 8/1/27 (4) | 15,500 | 8,081 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/14 (14) | 5,500 | 5,411 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/15 (14) | 1,920 | 1,837 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/1/23 (ETM) | 16,000 | 12,778 |
61
| 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% | 1/15/24 (14) | 7,000 | 4,212 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/1/25 (ETM) | 14,750 | 10,824 |
| San Jose CA Airport Revenue | 5.000% | 3/1/24 (2) | 2,035 | 2,185 |
| San Jose CA Airport Revenue | 5.000% | 3/1/25 (2) | 3,385 | 3,613 |
| San Jose CA Airport Revenue | 5.000% | 3/1/26 (2) | 3,850 | 4,094 |
| San Jose CA Financing Authority Lease Revenue | 5.000% | 9/1/13 (14) | 9,570 | 9,608 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.250% | 8/1/13 (14) | 5,000 | 5,018 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.250% | 8/1/14 (14) | 5,000 | 5,108 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 8/1/21 | 1,270 | 1,386 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 8/1/23 | 1,140 | 1,225 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 8/1/24 (14) | 16,360 | 16,899 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 8/1/25 (14) | 11,505 | 11,857 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.125% | 8/1/25 | 570 | 615 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.250% | 8/1/26 | 800 | 874 |
| San Jose CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.375% | 8/1/29 | 1,355 | 1,476 |
| San Jose CA Special Hotel Tax Revenue | ||||
| (Convention Center Expansion & | ||||
| Renovation Project) | 6.125% | 5/1/31 | 4,000 | 4,751 |
| San Juan CA Unified School District GO | 0.000% | 8/1/25 (4) | 10,000 | 6,275 |
| San Juan CA Unified School District GO | 0.000% | 8/1/26 (4) | 12,215 | 7,265 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/30 | 2,000 | 927 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/31 | 2,000 | 877 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/32 | 2,500 | 1,038 |
| San Mateo CA Union High School District GO | 0.000% | 9/1/13 (14) | 1,715 | 1,714 |
| San Mateo CA Union High School District GO | 0.000% | 9/1/14 (14) | 1,500 | 1,493 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/21 (14) | 4,645 | 3,824 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/22 (14) | 5,675 | 4,436 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/24 (14) | 2,825 | 1,988 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/25 (14) | 4,000 | 2,688 |
| San Mateo County CA Community College | ||||
| District GO | 5.000% | 9/1/26 | 3,170 | 3,546 |
| 3 San Mateo County CA Community College | ||||
| District GO TOB VRDO | 0.090% | 6/7/13 | 10,280 | 10,280 |
| San Mateo County CA Joint Powers | ||||
| Financing Authority Lease Revenue | ||||
| (Youth Services Campus) | 4.625% | 7/15/25 | 2,455 | 2,655 |
| San Mateo County CA Joint Powers | ||||
| Financing Authority Lease Revenue | ||||
| (Youth Services Campus) | 5.250% | 7/15/28 | 2,000 | 2,260 |
| San Ramon Valley CA Unified School District GO | 4.000% | 8/1/19 | 10,050 | 11,671 |
| San Ramon Valley CA Unified School District GO | 4.000% | 8/1/21 | 10,000 | 11,661 |
62
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Santa Ana CA Community Redevelopment Agency | ||||
| Tax Allocation Revenue (South Main Street) | 5.000% | 9/1/18 (14) | 2,685 | 2,700 |
| Santa Clara CA Electric Revenue | 5.250% | 7/1/13 (Prere.) | 1,720 | 1,727 |
| Santa Clara CA Electric Revenue | 5.000% | 7/1/30 | 1,000 | 1,121 |
| Santa Clara CA Electric Revenue | 5.250% | 7/1/32 | 2,500 | 2,819 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/28 | 3,775 | 4,295 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/29 | 4,115 | 4,659 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/30 | 4,405 | 4,969 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/31 | 4,715 | 5,306 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 11/15/17 | 11,540 | 13,293 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 11/15/18 | 7,920 | 9,280 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/28 | 10,000 | 11,177 |
| Santa Clara County CA GO | 5.000% | 8/1/28 | 8,830 | 10,328 |
| Santa Clara Valley CA Transportation Authority | ||||
| Sales Tax Revenue | 5.000% | 4/1/32 (2) | 4,000 | 4,451 |
| Santa Clarita CA Community College District GO | 5.000% | 8/1/32 | 5,450 | 6,164 |
| Santa Monica CA Community College District GO | 0.000% | 8/1/26 | 11,025 | 6,932 |
| Santa Rosa CA Wastewater Revenue | 0.000% | 9/1/28 (4) | 11,095 | 5,671 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/29 | 2,870 | 3,259 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/30 | 3,055 | 3,453 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/26 (4) | 3,030 | 1,802 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/27 (4) | 2,900 | 1,621 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/29 | 2,125 | 2,269 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/32 | 2,665 | 2,796 |
| Solano County CA COP | 5.000% | 11/1/17 (14) | 4,110 | 4,710 |
| Solano County CA COP | 5.000% | 11/1/18 (14) | 3,810 | 4,371 |
| Solano County CA COP | 5.000% | 11/1/19 (14) | 3,995 | 4,567 |
| Solano County CA COP | 5.000% | 11/1/20 (14) | 4,195 | 4,761 |
| Solano County CA COP | 5.000% | 11/1/21 (14) | 4,405 | 4,959 |
| Sonoma County CA Junior College District GO | 5.000% | 8/1/28 | 3,000 | 3,514 |
| Sonoma-Marin Area Rail Transportation District | ||||
| California Sales & Use Tax Revenue | 5.000% | 3/1/21 | 1,750 | 2,145 |
| Sonoma-Marin Area Rail Transportation District | ||||
| California Sales & Use Tax Revenue | 5.000% | 3/1/22 | 3,000 | 3,695 |
| South Orange County CA Public Financing | ||||
| Authority Special Tax Revenue (Portola Hills/ | ||||
| Lomas Laguna) | 5.250% | 8/15/13 (2) | 2,290 | 2,296 |
| South San Francisco CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/31 (14) | 13,255 | 13,573 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/28 | 10,000 | 11,417 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/29 | 5,000 | 5,672 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/30 | 10,750 | 12,114 |
| Southern California Public Power Authority | ||||
| Revenue (Canyon Power Project) | 5.000% | 7/1/23 | 4,175 | 4,944 |
| Southern California Public Power Authority | ||||
| Revenue (Canyon Power Project) | 5.250% | 7/1/27 | 6,950 | 8,214 |
| Southern California Public Power Authority | ||||
| Revenue (Linden Wind Energy Project) | 5.000% | 7/1/28 | 3,500 | 3,996 |
63
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Southern California Public Power Authority | ||||
| Revenue (Linden Wind Energy Project) | 5.000% | 7/1/29 | 2,500 | 2,836 |
| Southern California Public Power Authority | ||||
| Revenue (Linden Wind Energy Project) | 5.000% | 7/1/30 | 2,500 | 2,817 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/28 | 5,000 | 5,709 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/29 | 5,000 | 5,672 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/18 | 1,040 | 1,172 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/23 | 5,270 | 6,125 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/24 | 5,000 | 5,798 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/25 | 7,000 | 8,134 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/26 | 2,500 | 2,910 |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) | 5.000% | 7/1/23 | 5,000 | 5,829 |
| 3 Sweetwater CA Unified School District GO | ||||
| TOB VRDO | 0.140% | 6/7/13 (13) | 3,300 | 3,300 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/32 | 2,000 | 1,467 |
| Tulare County CA COP | 5.000% | 8/15/15 (14) | 6,460 | 7,022 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/21 | 3,805 | 4,427 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/22 | 5,415 | 6,193 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/28 | 7,020 | 7,810 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/29 | 6,400 | 7,084 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/30 | 7,770 | 8,567 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/19 (14) | 5,075 | 5,563 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/20 (14) | 5,065 | 5,536 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/25 | 19,385 | 21,747 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/26 | 10,095 | 11,231 |
| University of California Regents Medical Center | ||||
| Revenue | 4.750% | 5/15/31 (14) | 2,300 | 2,450 |
| University of California Regents Medical Center | ||||
| Revenue VRDO | 0.060% | 6/3/13 | 3,100 | 3,100 |
| University of California Regents Medical Center | ||||
| Revenue VRDO | 0.060% | 6/3/13 | 5,210 | 5,210 |
| University of California Revenue | 5.000% | 5/15/15 (Prere.) | 1,185 | 1,303 |
| University of California Revenue | 5.000% | 5/15/15 (Prere.) | 555 | 610 |
| University of California Revenue | 5.000% | 5/15/15 (Prere.) | 240 | 264 |
| University of California Revenue | 5.000% | 5/15/16 | 12,405 | 14,013 |
| University of California Revenue | 5.000% | 5/15/17 (4) | 19,435 | 21,315 |
| University of California Revenue | 5.000% | 5/15/18 (4) | 9,445 | 10,355 |
| University of California Revenue | 5.000% | 5/15/19 (4) | 4,035 | 4,423 |
| University of California Revenue | 5.000% | 5/15/20 (4) | 30,900 | 33,858 |
| University of California Revenue | 5.000% | 5/15/21 (4) | 14,915 | 16,330 |
| University of California Revenue | 5.000% | 5/15/22 | 5,420 | 6,573 |
| University of California Revenue | 5.000% | 5/15/22 | 9,000 | 11,076 |
| University of California Revenue | 5.000% | 5/15/23 | 6,465 | 7,998 |
| University of California Revenue | 5.750% | 5/15/25 | 3,000 | 3,656 |
64
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| University of California Revenue | 5.000% | 5/15/26 (14) | 10,000 | 11,125 |
| University of California Revenue | 5.000% | 5/15/27 | 10,900 | 12,698 |
| University of California Revenue | 5.000% | 5/15/28 | 11,680 | 13,528 |
| University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,181 |
| University of California Revenue | 5.000% | 5/15/32 | 14,020 | 16,018 |
| University of California Revenue | 5.000% | 5/15/33 | 10,110 | 11,632 |
| 3 University of California Revenue TOB VRDO | 0.070% | 6/3/13 | 16,200 | 16,200 |
| 3 University of California Revenue TOB VRDO | 0.120% | 6/7/13 | 12,500 | 12,500 |
| 3 University of California Revenue TOB VRDO | 0.150% | 6/7/13 | 7,299 | 7,299 |
| Upland CA Community Facilities District | ||||
| No. 2003-2 Improvement Area No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/31 | 1,110 | 1,194 |
| Ventura County CA Community College | ||||
| District GO | 5.000% | 8/1/16 (14) | 360 | 363 |
| Ventura County CA Community College | ||||
| District GO | 5.000% | 8/1/17 (14) | 270 | 272 |
| Ventura County CA Community College | ||||
| District GO | 5.000% | 8/1/24 | 1,210 | 1,444 |
| Ventura County CA Community College | ||||
| District GO | 5.000% | 8/1/25 | 1,915 | 2,266 |
| Ventura County CA Community College | ||||
| District GO | 5.000% | 8/1/27 | 2,205 | 2,567 |
| Ventura County CA Community College | ||||
| District GO | 0.000% | 8/1/28 | 15,000 | 7,950 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/24 | 1,200 | 1,403 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/32 | 2,000 | 2,232 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/33 | 1,250 | 1,381 |
| Vista CA Unified School District GO | 5.000% | 8/1/23 | 2,500 | 2,997 |
| Vista CA Unified School District GO | 5.000% | 8/1/24 | 5,000 | 5,924 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/30 | 2,000 | 2,181 |
| Washington Township CA Health Care | ||||
| District Revenue | 6.000% | 7/1/29 | 1,000 | 1,134 |
| West Basin CA Municipal Water District Revenue | 4.000% | 8/1/15 | 4,060 | 4,378 |
| West Basin CA Municipal Water District Revenue | 5.000% | 8/1/22 | 2,000 | 2,417 |
| West Basin CA Municipal Water District Revenue | 5.000% | 8/1/23 | 1,500 | 1,779 |
| West Contra Costa CA Unified School District GO | 6.000% | 8/1/26 | 5,000 | 6,372 |
| Westlands CA Water District Revenue | 5.000% | 9/1/21 (4) | 750 | 899 |
| Westlands CA Water District Revenue | 5.000% | 9/1/22 (4) | 750 | 900 |
| Westlands CA Water District Revenue | 5.000% | 9/1/23 (4) | 1,705 | 2,044 |
| Westlands CA Water District Revenue | 5.000% | 9/1/24 (4) | 1,000 | 1,185 |
| Westlands CA Water District Revenue | 5.000% | 9/1/25 (4) | 1,250 | 1,466 |
| Whittier CA Health Facility Revenue | ||||
| (Presbyterian Intercommunity Hospital) VRDO | 0.110% | 6/7/13 LOC | 4,900 | 4,900 |
| William S. Hart CA Union High School District GO | 5.000% | 9/1/24 | 1,425 | 1,709 |
| William S. Hart CA Union High School District GO | 5.000% | 9/1/25 | 1,735 | 2,062 |
| William S. Hart CA Union High School District GO | 5.000% | 9/1/26 | 1,085 | 1,276 |
| William S. Hart CA Union High School District GO | 5.000% | 9/1/27 | 1,500 | 1,751 |
| 7,247,760 | ||||
| Puerto Rico (0.1%) | ||||
| Puerto Rico Highway & Transportation Authority | ||||
| Revenue | 5.500% | 7/1/13 (ETM) | 660 | 663 |
65
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Puerto Rico Infrastructure Financing Authority | ||||
| Special Tax Revenue | 5.500% | 7/1/21 (3) | 5,000 | 5,246 |
| Puerto Rico Municipal Finance Agency GO | 5.000% | 7/1/14 (11) | 1,360 | 1,407 |
| Puerto Rico Municipal Finance Agency GO | 5.250% | 7/1/16 (11) | 1,400 | 1,512 |
| 8,828 | ||||
| Virgin Islands (0.0%) | ||||
| Virgin Islands Public Finance Authority Revenue | 5.250% | 10/1/15 | 2,200 | 2,311 |
| Total Tax-Exempt Municipal Bonds (Cost $6,850,409) | 7,258,899 | |||
| Other Assets and Liabilities (-1.3%) | ||||
| Other Assets | 98,186 | |||
| Liabilities | (194,731) | |||
| (96,545) | ||||
| Net Assets (100%) | 7,162,354 | |||
| At May 31, 2013, net assets consisted of: | ||||
| Amount | ||||
| ($000) | ||||
| Paid-in Capital | 6,853,400 | |||
| Undistributed Net Investment Income | — | |||
| Accumulated Net Realized Losses | (99,355) | |||
| Unrealized Appreciation (Depreciation) | ||||
| Investment Securities | 408,490 | |||
| Futures Contracts | (181) | |||
| Net Assets | 7,162,354 | |||
| Investor Shares—Net Assets | ||||
| Applicable to 121,173,422 outstanding $.001 par value shares of | ||||
| beneficial interest (unlimited authorization) | 1,408,196 | |||
| Net Asset Value Per Share—Investor Shares | $11.62 | |||
| Admiral Shares—Net Assets | ||||
| Applicable to 495,137,930 outstanding $.001 par value shares of | ||||
| beneficial interest (unlimited authorization) | 5,754,158 | |||
| Net Asset Value Per Share—Admiral Shares | $11.62 | |||
See Note A in Notes to Financial Statements.
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2013.
2 Adjustable-rate security.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2013, the aggregate value of these securities was $184,569,000, representing 2.6% of net assets.
4 Securities with a value of $2,846,000 have been segregated as initial margin for open futures contracts.
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.
66
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.
(15) Build America Mutual Assurance Company.
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.
67
California Intermediate-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2013 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 119,865 |
| Total Income | 119,865 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 233 |
| Management and Administrative—Investor Shares | 1,122 |
| Management and Administrative—Admiral Shares | 2,552 |
| Marketing and Distribution—Investor Shares | 198 |
| Marketing and Distribution—Admiral Shares | 564 |
| Custodian Fees | 39 |
| Shareholders’ Reports—Investor Shares | 14 |
| Shareholders’ Reports—Admiral Shares | 10 |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 4,736 |
| Net Investment Income | 115,129 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 442 |
| Futures Contracts | (1,386) |
| Options on Futures Contracts | (31) |
| Realized Net Gain (Loss) | (975) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (178,871) |
| Futures Contracts | (161) |
| Change in Unrealized Appreciation (Depreciation) | (179,032) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (64,878) |
See accompanying Notes, which are an integral part of the Financial Statements.
68
California Intermediate-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2013 | 2012 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 115,129 | 207,220 |
| Realized Net Gain (Loss) | (975) | 7,269 |
| Change in Unrealized Appreciation (Depreciation) | (179,032) | 386,535 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (64,878) | 601,024 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (22,525) | (42,464) |
| Admiral Shares | (92,604) | (164,756) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (115,129) | (207,220) |
| Capital Share Transactions | ||
| Investor Shares | 69,006 | 100,368 |
| Admiral Shares | 391,754 | 820,026 |
| Net Increase (Decrease) from Capital Share Transactions | 460,760 | 920,394 |
| Total Increase (Decrease) | 280,753 | 1,314,198 |
| Net Assets | ||
| Beginning of Period | 6,881,601 | 5,567,403 |
| End of Period | 7,162,354 | 6,881,601 |
See accompanying Notes, which are an integral part of the Financial Statements.
69
California Intermediate-Term Tax-Exempt Fund
Financial Highlights
| Investor Shares | ||||||
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Net Asset Value, Beginning of Period | $11.92 | $11.18 | $10.93 | $10.86 | $10.21 | $10.92 |
| Investment Operations | ||||||
| Net Investment Income | .190 | . 379 | . 408 | . 408 | . 412 | . 425 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (. 300) | .740 | . 250 | . 070 | . 650 | (.710) |
| Total from Investment Operations | (.110) | 1.119 | . 658 | . 478 | 1.062 | (. 285) |
| Distributions | ||||||
| Dividends from Net Investment Income | (.190) | (. 379) | (. 408) | (. 408) | (. 412) | (. 425) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.190) | (. 379) | (. 408) | (. 408) | (. 412) | (. 425) |
| Net Asset Value, End of Period | $11.62 | $11.92 | $11.18 | $10.93 | $10.86 | $10.21 |
| Total Return1 | -0.93% | 10.14% | 6.17% | 4.43% | 10.56% | -2.71% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $1,408 | $1,375 | $1,193 | $1,314 | $1,435 | $1,320 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.15% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.24% | 3.26% | 3.73% | 3.70% | 3.88% | 3.96% |
| Portfolio Turnover Rate | 6% | 9% | 13% | 10% | 17% | 25% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
70
California Intermediate-Term Tax-Exempt Fund
Financial Highlights
| Admiral Shares | ||||||
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Net Asset Value, Beginning of Period | $11.92 | $11.18 | $10.93 | $10.86 | $10.21 | $10.92 |
| Investment Operations | ||||||
| Net Investment Income | .195 | . 388 | . 417 | . 417 | . 421 | . 432 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (. 300) | .740 | . 250 | . 070 | . 650 | (.710) |
| Total from Investment Operations | (.105) | 1.128 | . 667 | . 487 | 1.071 | (. 278) |
| Distributions | ||||||
| Dividends from Net Investment Income | (.195) | (. 388) | (. 417) | (. 417) | (. 421) | (. 432) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.195) | (. 388) | (. 417) | (. 417) | (. 421) | (. 432) |
| Net Asset Value, End of Period | $11.62 | $11.92 | $11.18 | $10.93 | $10.86 | $10.21 |
| Total Return1 | -0.89% | 10.23% | 6.26% | 4.52% | 10.65% | -2.64% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $5,754 | $5,507 | $4,375 | $4,159 | $3,626 | $3,210 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.08% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.32% | 3.34% | 3.81% | 3.78% | 3.96% | 4.03% |
| Portfolio Turnover Rate | 6% | 9% | 13% | 10% | 17% | 25% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
71
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 and Options: The fund uses futures contracts and options on 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. The primary risk associated with purchasing options is that interest rates move in such a way that the option is out-of-the-money, the position is worthless at expiration, and the fund loses the premium paid. The primary risk associated with writing options is that interest rates move in such a way that the option is in-the-money, the counterparty exercises the option, and the fund loses an amount equal to the market value of the option written less the premium received.
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).
During the six months ended May 31, 2013, the fund’s average investments in long and short futures contracts represented 2% and less than 1% of net assets, respectively, based on quarterly average aggregate settlement values.
Options on futures contracts are also valued based upon their quoted daily settlement prices. The premium paid for a purchased option is recorded as an asset that is subsequently adjusted daily to the current market value of the option purchased. The premium received for a written option is recorded as an asset with an equal liability that is subsequently adjusted daily to the current market value of the option written. Fluctuations in the value of the options are recorded as unrealized appreciation (depreciation) until expired, closed, or exercised, at which time realized gains (losses) are recognized.
72
California Intermediate-Term Tax-Exempt Fund
During the six months ended May 31, 2013, the fund’s average value of options written and options purchased represented 0% and less than 1% of net assets, respectively, based on quarterly average market values. The fund had no open options on futures contracts at May 31, 2013.
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, 2009–2012), and for the period ended May 31, 2013, 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 expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2013, the fund had contributed capital of $884,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.35% 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).
73
California Intermediate-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments as of May 31, 2013, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 7,258,899 | — |
| Futures Contracts—Assets1 | 462 | — | — |
| Futures Contracts—Liabilities1 | (926) | — | — |
| Total | (464) | 7,258,899 | — |
| 1 Represents variation margin on the last day of the reporting period. | |||
D. At May 31, 2013, 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 U.S. Treasury Note | September 2013 | 2,991 | 386,493 | (427) |
| 30-Year U.S. Treasury Bond | September 2013 | (861) | (120,567) | 246 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2012, the fund had available capital losses totaling $95,229,000 to offset future net capital gains of $784,000 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 will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2013; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At May 31, 2013, the cost of investment securities for tax purposes was $6,853,580,000. Net unrealized appreciation of investment securities for tax purposes was $405,319,000, consisting of unrealized gains of $423,524,000 on securities that had risen in value since their purchase and $18,205,000 in unrealized losses on securities that had fallen in value since their purchase.
74
California Intermediate-Term Tax-Exempt Fund
F. During the six months ended May 31, 2013, the fund purchased $666,988,000 of investment securities and sold $200,084,000 of investment securities, other than temporary cash investments.
G. Capital share transactions for each class of shares were:
| Six Months Ended | Year Ended | |||
| May 31, 2013 | November 30, 2013 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 293,713 | 24,953 | 472,315 | 40,682 |
| Issued in Lieu of Cash Distributions | 19,286 | 1,642 | 37,178 | 3,195 |
| Redeemed | (243,993) | (20,742) | (409,125) | (35,242) |
| Net Increase (Decrease) —Investor Shares | 69,006 | 5,853 | 100,368 | 8,635 |
| Admiral Shares | ||||
| Issued | 933,583 | 79,314 | 1,336,171 | 115,038 |
| Issued in Lieu of Cash Distributions | 69,495 | 5,919 | 125,251 | 10,761 |
| Redeemed | (611,324) | (51,968) | (641,396) | (55,252) |
| Net Increase (Decrease) —Admiral Shares | 391,754 | 33,265 | 820,026 | 70,547 |
H. In preparing the financial statements as of May 31, 2013, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
75
California Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2013
| Share-Class Characteristics | |||
| Investor | Admiral | ||
| Shares | Shares | ||
| Ticker Symbol | VCITX | VCLAX | |
| Expense Ratio1 | 0.20% | 0.12% | |
| 30-Day SEC Yield | 2.33% | 2.41% | |
| Financial Attributes | |||
| Barclays | CA Barclays | ||
| Muni | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 557 | 6,297 | 46,973 |
| Yield to Maturity | |||
| (before expenses) | 2.7% | 2.4% | 2.3% |
| Average Coupon | 4.4% | 4.8% | 4.9% |
| Average Duration | 6.8 years | 7.4 years | 7.1 years |
| Average Effective | |||
| Maturity | 6.5 years | 5.9 years | 6.0 years |
| Short-Term | |||
| Reserves | 3.7% | — | — |
| Volatility Measures | ||
| Barclays | ||
| Barclays CA | Municipal | |
| Muni Bond | Bond | |
| Index | Index | |
| R-Squared | 0.98 | 0.97 |
| Beta | 1.03 | 1.20 |
| These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. | ||
| Distribution by Effective Maturity | ||
| (% of portfolio) | ||
| Under 1 Year | 8.3% | |
| 1 - 3 Years | 9.7 | |
| 3 - 5 Years | 18.7 | |
| 5 - 10 Years | 54.6 | |
| 10 - 20 Years | 5.8 | |
| 20 - 30 Years | 2.5 | |
| Over 30 Years | 0.4 | |
| Distribution by Credit Quality (% of portfolio) | ||
| AAA | 5.4% | |
| AA | 49.5 | |
| A | 38.0 | |
| BBB | 4.9 | |
| BB | 0.1 | |
| B | 0.8 | |
| Not Rated | 1.3 | |
| 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 28, 2013, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2013, the annualized expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
76
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.
| Fiscal-Year Total Returns (%): November 30, 2002, Through May 31, 2013 | ||||
| Barclays CA | ||||
| Investor Shares | Muni Bond | |||
| Index | ||||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2003 | 4.73% | 2.22% | 6.95% | 5.91% |
| 2004 | 4.65 | -1.33 | 3.32 | 4.99 |
| 2005 | 4.54 | -0.32 | 4.22 | 4.59 |
| 2006 | 4.71 | 1.99 | 6.70 | 6.44 |
| 2007 | 4.52 | -3.37 | 1.15 | 2.17 |
| 2008 | 4.13 | -11.08 | -6.95 | -5.18 |
| 2009 | 4.96 | 7.75 | 12.71 | 13.21 |
| 2010 | 4.36 | 0.27 | 4.63 | 5.80 |
| 2011 | 4.51 | 2.09 | 6.60 | 7.49 |
| 2012 | 4.30 | 8.90 | 13.20 | 11.80 |
| 2013 | 1.84 | -3.19 | -1.35 | -1.03 |
| Note: For 2013, performance data reflect the six months ended May 31, 2013. | ||||
Average Annual Total Returns: Periods Ended March 31, 2013
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 | 6.82% | 5.88% | 4.50% | 0.16% | 4.66% |
| Admiral Shares | 11/12/2001 | 6.90 | 5.97 | 4.58 | 0.16 | 4.74 |
See Financial Highlights for dividend and capital gains information.
77
California Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2013
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 (101.0%) | ||||
| California (100.9%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (899 Charleston Project) | ||||
| VRDO | 0.160% | 6/3/13 LOC | 2,425 | 2,425 |
| 1 ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.000% | 11/15/35 | 3,250 | 3,406 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/37 | 4,565 | 4,964 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Odd Fellows Home) | 5.000% | 4/1/42 | 1,000 | 1,064 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 4.000% | 8/1/21 | 500 | 558 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/23 | 650 | 748 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/30 (2) | 30,375 | 12,667 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/24 (4) | 3,510 | 2,321 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/29 (4) | 5,000 | 2,474 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Distribution System) | 5.000% | 10/1/21 (14) | 3,390 | 3,438 |
| Bay Area CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 8/1/17 (14) | 2,250 | 2,355 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/24 | 5,500 | 6,573 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 6,250 | 7,394 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/34 | 5,000 | 5,522 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/34 | 1,500 | 1,690 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/39 | 15,050 | 16,459 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 10/1/42 | 5,000 | 5,461 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.625% | 4/1/44 | 10,000 | 11,298 |
| Cabrillo CA Community College District Revenue | 0.000% | 5/1/26 (2) | 9,000 | 4,838 |
78
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.450% | 6/1/28 | 7,500 | 7,436 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 | 8,000 | 9,505 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 10,000 | 12,203 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 4,500 | 5,491 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 5,000 | 6,054 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 30,000 | 34,933 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/25 | 8,810 | 10,330 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/35 | 4,000 | 4,563 |
| California Economic Recovery GO | 5.000% | 7/1/18 | 12,000 | 14,246 |
| California Economic Recovery GO | 5.000% | 7/1/19 | 6,000 | 7,222 |
| California Economic Recovery GO | 5.000% | 7/1/20 | 10,000 | 11,865 |
| California Economic Recovery GO | 5.250% | 7/1/21 | 16,985 | 20,154 |
| California Economic Recovery GO | 5.000% | 7/1/22 | 5,000 | 5,599 |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) | 5.000% | 10/1/39 | 7,730 | 8,722 |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) | 5.000% | 11/1/39 | 3,000 | 3,311 |
| California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/42 | 4,000 | 4,440 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/19 | 1,615 | 1,932 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.250% | 6/1/30 | 1,125 | 1,215 |
| California Educational Facilities Authority Revenue | ||||
| (Pepperdine College) | 5.000% | 9/1/33 | 3,000 | 3,422 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/34 | 3,155 | 1,276 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/35 | 3,155 | 1,194 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/36 | 3,155 | 1,135 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/37 | 3,155 | 1,085 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/39 | 2,805 | 874 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/40 | 1,580 | 468 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.000% | 3/15/26 | 5,330 | 6,596 |
| California Educational Facilities Authority Revenue | ||||
| (University of San Francisco) | 6.125% | 10/1/36 | 1,250 | 1,508 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 4.750% | 10/1/37 | 1,650 | 1,777 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.000% | 10/1/38 | 5,445 | 6,157 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.250% | 10/1/38 | 3,420 | 3,965 |
79
| 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 | 2,146 |
| California GO | 5.250% | 10/1/13 (Prere.) | 75 | 76 |
| California GO | 7.000% | 11/1/13 (14) | 65 | 67 |
| California GO | 5.250% | 10/1/14 (14) | 1,880 | 1,911 |
| California GO | 5.000% | 10/1/18 | 9,000 | 10,713 |
| California GO | 5.000% | 3/1/19 | 1,250 | 1,484 |
| California GO | 6.000% | 4/1/19 | 1,690 | 2,106 |
| California GO | 6.000% | 8/1/19 (3) | 210 | 212 |
| California GO | 5.000% | 10/1/19 | 10,070 | 12,094 |
| California GO | 5.000% | 4/1/20 | 1,460 | 1,715 |
| California GO | 5.000% | 9/1/21 | 11,000 | 13,312 |
| California GO | 5.250% | 9/1/22 | 3,000 | 3,689 |
| California GO | 5.000% | 11/1/22 | 1,000 | 1,154 |
| California GO | 5.250% | 9/1/23 | 10,100 | 12,122 |
| California GO | 5.000% | 3/1/25 | 7,000 | 8,025 |
| California GO | 5.125% | 2/1/26 | 15,325 | 15,755 |
| California GO | 5.000% | 6/1/26 (14) | 20,000 | 22,502 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,846 |
| California GO | 5.100% | 11/1/27 | 1,475 | 1,707 |
| California GO | 5.000% | 9/1/28 | 10,650 | 11,514 |
| California GO | 5.000% | 9/1/28 | 2,500 | 2,798 |
| California GO | 5.250% | 2/1/29 | 5,000 | 5,742 |
| California GO | 5.000% | 9/1/29 | 5,125 | 5,713 |
| California GO | 5.000% | 10/1/29 | 1,400 | 1,581 |
| California GO | 5.250% | 10/1/29 | 4,700 | 5,390 |
| California GO | 5.250% | 3/1/30 | 10,000 | 11,497 |
| California GO | 4.500% | 8/1/30 | 5,000 | 5,296 |
| California GO | 5.250% | 9/1/30 | 6,000 | 6,909 |
| California GO | 5.750% | 4/1/31 | 15,875 | 18,453 |
| California GO | 5.000% | 6/1/32 | 25,000 | 26,884 |
| California GO | 5.000% | 9/1/32 | 1,045 | 1,172 |
| California GO | 6.000% | 3/1/33 | 7,000 | 8,552 |
| California GO | 5.125% | 4/1/33 | 8,500 | 9,399 |
| California GO | 6.500% | 4/1/33 | 33,000 | 40,626 |
| California GO | 5.000% | 6/1/34 | 7,000 | 7,348 |
| California GO | 5.250% | 4/1/35 | 5,000 | 5,656 |
| California GO | 6.000% | 11/1/35 | 10,000 | 12,050 |
| California GO | 5.000% | 9/1/36 | 8,500 | 9,408 |
| California GO | 5.000% | 4/1/37 | 5,000 | 5,540 |
| California GO | 5.250% | 3/1/38 | 13,565 | 14,938 |
| California GO | 6.000% | 4/1/38 | 21,190 | 25,078 |
| California GO | 5.250% | 8/1/38 | 10,000 | 11,094 |
| California GO | 5.500% | 11/1/39 | 3,690 | 4,248 |
| California GO | 6.000% | 11/1/39 | 2,700 | 3,239 |
| California GO | 5.500% | 3/1/40 | 11,500 | 13,146 |
| California GO | 5.250% | 11/1/40 | 11,000 | 12,501 |
| California GO | 5.000% | 10/1/41 | 10,000 | 10,835 |
| California GO | 5.000% | 4/1/42 | 2,000 | 2,172 |
| California GO | 5.000% | 2/1/43 | 5,000 | 5,460 |
| California GO | 5.000% | 4/1/43 | 10,000 | 10,933 |
| 2 California GO TOB VRDO | 0.080% | 6/3/13 | 3,895 | 3,895 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/25 | 3,000 | 3,437 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) VRDO | 0.070% | 6/3/13 LOC | 2,180 | 2,180 |
80
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Casa Colina) | 6.125% | 4/1/32 | 5,200 | 5,207 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 5,000 | 5,755 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/27 | 2,500 | 2,825 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/39 | 5,000 | 5,938 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/41 | 9,000 | 9,887 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/27 | 7,000 | 7,469 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/34 | 2,415 | 2,625 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/39 | 10,245 | 11,036 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/29 | 3,500 | 3,770 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/34 | 2,475 | 2,642 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 6.500% | 11/1/38 | 3,000 | 3,616 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 5.250% | 11/1/41 | 4,025 | 4,409 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/37 | 2,000 | 2,169 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/42 | 5,000 | 5,442 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/35 | 6,250 | 7,026 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/39 | 4,465 | 4,939 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalet Stanford) | 5.000% | 8/15/51 | 12,000 | 13,099 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/25 | 2,750 | 3,230 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/26 | 5,000 | 5,816 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/33 | 2,500 | 2,815 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.500% | 10/1/33 | 2,000 | 2,397 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.500% | 10/1/39 | 6,500 | 7,464 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/33 | 3,920 | 4,421 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/40 | 6,000 | 6,544 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.750% | 7/1/39 | 7,000 | 8,156 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/51 | 16,675 | 18,203 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 8/15/22 | 5,000 | 5,846 |
81
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 4,000 | 4,733 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 11/15/46 | 20,500 | 21,608 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/52 | 8,000 | 8,513 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.050% | 6/3/13 LOC | 9,000 | 9,000 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/31 (14) | 4,135 | 4,261 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.500% | 2/1/39 | 11,000 | 11,702 |
| California Municipal Finance Authority Revenue | ||||
| (Biola University) | 5.000% | 10/1/38 | 1,255 | 1,336 |
| California Municipal Finance Authority Revenue | ||||
| (Biola University) | 5.000% | 10/1/42 | 1,500 | 1,585 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.250% | 6/1/20 | 2,420 | 2,811 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.050% | 6/3/13 LOC | 8,800 | 8,800 |
| California Public Works Board Lease Revenue | ||||
| (Community Colleges) | 5.000% | 3/1/27 (14) | 2,970 | 3,182 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/17 | 6,000 | 6,630 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 6.500% | 9/1/17 (2) | 18,995 | 20,764 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 12/1/17 (14) | 8,000 | 8,542 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 12/1/19 (14) | 15,230 | 16,254 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.000% | 4/1/25 | 6,000 | 7,221 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.250% | 4/1/34 | 8,250 | 9,906 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/29 | 2,500 | 2,775 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/34 | 1,300 | 1,412 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/38 | 3,375 | 3,611 |
| California Public Works Board Lease Revenue | ||||
| (Office of Emergency Services) | 5.000% | 3/1/27 (14) | 8,950 | 9,588 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.250% | 11/1/27 (14) | 9,045 | 9,873 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 5/1/30 | 17,000 | 18,085 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/23 | 4,180 | 4,879 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/23 | 2,000 | 2,347 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 6.250% | 11/1/24 | 5,000 | 6,101 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/26 | 5,000 | 5,633 |
82
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/37 | 5,000 | 5,352 |
| California State University Revenue Systemwide | 5.250% | 5/1/14 (Prere.) | 3,510 | 3,669 |
| California State University Revenue Systemwide | 5.250% | 5/1/14 (Prere.) | 3,045 | 3,183 |
| California State University Revenue Systemwide | 5.000% | 11/1/21 (2) | 17,215 | 18,664 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 2,000 | 2,374 |
| California State University Revenue Systemwide | 5.750% | 11/1/27 | 4,500 | 5,330 |
| California State University Revenue Systemwide | 5.250% | 11/1/34 | 5,000 | 5,615 |
| California State University Revenue Systemwide | 5.000% | 11/1/35 (14) | 5,000 | 5,366 |
| California State University Revenue Systemwide | 5.000% | 11/1/37 | 10,000 | 11,031 |
| California State University Revenue Systemwide | 5.250% | 11/1/38 | 3,280 | 3,677 |
| California Statewide Communities Development | ||||
| Authority Health Facility Revenue | ||||
| (Adventist Health System/West) | 5.000% | 3/1/35 | 8,000 | 8,423 |
| California Statewide Communities Development | ||||
| Authority Health Facility Revenue (Henry Mayo | ||||
| Newhall Memorial Hospital) | 5.000% | 10/1/18 | 4,615 | 4,627 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/40 | 7,000 | 7,609 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity | ||||
| Health System) | 5.250% | 7/1/30 | 5,000 | 5,225 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities & | ||||
| Services) | 5.000% | 5/15/42 | 1,500 | 1,591 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities & | ||||
| Services) | 5.000% | 5/15/47 | 2,000 | 2,110 |
| California Statewide Communities Development | ||||
| Authority Revenue (John Muir Health) | 5.000% | 8/15/34 | 5,390 | 5,794 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 4.750% | 4/1/33 | 4,185 | 4,394 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.000% | 3/1/41 | 4,925 | 5,256 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.000% | 4/1/42 | 18,500 | 20,050 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.250% | 3/1/45 | 10,250 | 11,050 |
| California Statewide Communities Development | ||||
| Authority Revenue (Los Angeles County Museum | ||||
| of Art Project) VRDO | 0.100% | 6/7/13 LOC | 4,400 | 4,400 |
| California Statewide Communities Development | ||||
| Authority Revenue (Proposition 1A Receivables | ||||
| Program) | 5.000% | 6/15/13 | 9,000 | 9,017 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.250% | 8/15/31 | 2,500 | 2,861 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/32 | 11,000 | 12,134 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/38 (2) | 2,900 | 3,103 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/38 (2) | 3,490 | 3,735 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 11/15/38 | 4,250 | 4,577 |
83
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Trinity Health) | 5.000% | 12/1/41 | 7,500 | 8,269 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue | ||||
| (Southern California Presbyterian Homes) | 4.875% | 11/15/36 | 3,730 | 3,681 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue | ||||
| (Southern California Presbyterian Homes) | 7.250% | 11/15/41 | 3,000 | 3,460 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.000% | 5/15/38 | 13,000 | 13,253 |
| Cerritos CA Community College District GO | 0.000% | 8/1/34 | 4,000 | 1,487 |
| Cerritos CA Community College District GO | 0.000% | 8/1/35 | 1,730 | 608 |
| Cerritos CA Community College District GO | 5.000% | 8/1/38 | 7,000 | 7,736 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/25 | 5,000 | 5,912 |
| Clovis CA Unified School District GO | 0.000% | 8/1/13 (14) | 4,935 | 4,933 |
| Clovis CA Unified School District GO | 0.000% | 8/1/16 (14) | 2,865 | 2,766 |
| Coast CA Community College District GO | 5.000% | 8/1/27 | 5,700 | 6,703 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/27 (4) | 2,535 | 2,869 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/24 | 1,085 | 1,293 |
| East Bay CA Municipal Utility District Waste | ||||
| Water System Revenue | 5.000% | 6/1/33 (2) | 1,350 | 1,518 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/32 (14) | 15,765 | 17,601 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/36 | 10,000 | 11,521 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/25 | 2,000 | 2,344 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/27 | 4,070 | 4,661 |
| East Side CA Union High School District GO | 5.000% | 8/1/37 | 5,655 | 6,180 |
| Encinitas CA Community Facilities District | ||||
| No. 1 Special Tax Revenue | 5.000% | 9/1/27 | 1,000 | 1,108 |
| Escondido CA Union High School District GO | 0.000% | 11/1/20 (14) | 4,000 | 3,136 |
| Fontana CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 10/1/29 (2) | 9,450 | 9,628 |
| Fontana CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 10/1/32 (2) | 5,000 | 5,078 |
| Fontana CA Unified School District GO | 5.250% | 8/1/14 (Prere.) | 5,875 | 6,208 |
| Fontana CA Unified School District GO | 5.250% | 8/1/31 (4) | 240 | 251 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/17 (14) | 3,000 | 2,847 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/22 (14) | 3,850 | 3,000 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/23 (14) | 3,590 | 2,644 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/25 (14) | 2,390 | 1,596 |
| Foothill-De Anza CA Community College | ||||
| District GO | 5.000% | 8/1/40 | 10,000 | 11,170 |
| Foothill/Eastern Corridor Agency California | ||||
| Toll Road Revenue | 5.875% | 1/15/26 | 10,000 | 10,238 |
| Fresno CA Airport Revenue | 5.500% | 7/1/30 (4) | 1,500 | 1,502 |
| Gavilan CA Joint Community College District GO | 5.500% | 8/1/14 (Prere.) | 3,315 | 3,517 |
| Gavilan CA Joint Community College District GO | 5.500% | 8/1/28 (2) | 90 | 95 |
84
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Gilroy CA School Facilities Finance Authority | ||||
| Revenue | 5.000% | 8/1/46 | 5,000 | 5,339 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 5.500% | 6/1/13 (Prere.) | 4,000 | 4,000 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 6.250% | 6/1/13 (Prere.) | 24,000 | 24,000 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 5.125% | 6/1/47 | 7,785 | 6,802 |
| Golden State Tobacco Securitization Corp. | ||||
| California | 5.750% | 6/1/47 | 5,000 | 4,683 |
| Grossmont CA Healthcare District GO | 6.125% | 7/15/40 | 2,500 | 3,012 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/30 | 6,600 | 3,059 |
| Hartnell CA Community College District GO | 5.000% | 8/1/13 (Prere.) | 2,370 | 2,389 |
| Hartnell CA Community College District GO | 5.000% | 8/1/13 (Prere.) | 1,550 | 1,562 |
| Hartnell CA Community College District GO | 5.000% | 8/1/13 (Prere.) | 1,735 | 1,749 |
| Huntington Beach CA Union High School | ||||
| District GO | 0.000% | 8/1/30 (4) | 8,340 | 3,905 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.070% | 6/3/13 LOC | 2,300 | 2,300 |
| Irvine CA Reassessment District No. 05-21 | ||||
| Improvement Revenue VRDO | 0.070% | 6/3/13 LOC | 5,600 | 5,600 |
| Irvine CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/30 (2) | 5,500 | 5,688 |
| Kern CA High School District GO | 6.400% | 8/1/14 (ETM) | 1,490 | 1,597 |
| Kern CA High School District GO | 6.400% | 8/1/15 (ETM) | 1,645 | 1,860 |
| Kern CA High School District GO | 6.400% | 8/1/16 (ETM) | 1,815 | 2,155 |
| Kern County CA GO | 5.750% | 8/1/35 (12) | 2,000 | 2,309 |
| Las Virgenes CA Unified School District GO | 0.000% | 9/1/26 (14) | 6,140 | 3,639 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/20 | 6,155 | 6,338 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/21 | 2,500 | 2,561 |
| Long Beach CA Community College District GO | 0.000% | 8/1/34 | 2,520 | 922 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.614% | 11/15/26 | 1,800 | 1,599 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.500% | 11/15/37 | 2,500 | 3,016 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/26 (2) | 7,570 | 8,136 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/31 (2) | 4,015 | 4,218 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/25 | 3,980 | 4,790 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/31 (4) | 5,000 | 5,489 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/32 (14) | 7,340 | 8,163 |
| Los Angeles CA Community College District GO | 6.000% | 8/1/33 | 5,160 | 6,315 |
| Los Angeles CA Community College District GO | 5.250% | 8/1/39 | 5,000 | 5,873 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/22 | 2,000 | 2,384 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/27 | 5,000 | 5,845 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 5,000 | 5,655 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 3,195 | 3,570 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 14,590 | 16,393 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 12,250 | 13,863 |
85
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 4,070 | 4,710 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 2,500 | 2,974 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 10,000 | 11,714 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 (2) | 10,000 | 11,208 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 (2) | 16,000 | 17,787 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 | 3,125 | 3,606 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 (2) | 5,000 | 5,558 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/32 | 7,000 | 7,980 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.375% | 7/1/34 | 3,000 | 3,474 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/36 | 10,000 | 11,191 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/36 | 5,000 | 5,534 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/37 | 1,545 | 1,724 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/38 | 7,365 | 8,194 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/38 | 1,890 | 2,117 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/39 | 2,000 | 2,261 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.040% | 6/3/13 | 2,500 | 2,500 |
| Los Angeles CA GO | 5.000% | 9/1/22 | 11,155 | 13,481 |
| Los Angeles CA GO | 5.000% | 9/1/31 | 5,785 | 6,499 |
| Los Angeles CA TRAN | 2.000% | 6/27/13 | 16,000 | 16,021 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/13 (Prere.) | 10,000 | 10,039 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 2,655 | 2,993 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/21 | 3,500 | 4,163 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (2) | 9,745 | 10,912 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (2) | 7,500 | 8,398 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/24 | 6,275 | 7,471 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 5,000 | 5,924 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 7,000 | 8,201 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 (3) | 7,675 | 8,424 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 8,000 | 8,883 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 5,000 | 5,547 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/34 | 10,000 | 11,385 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/27 | 7,000 | 8,242 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/21 | 4,000 | 4,935 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 5,000 | 6,019 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/23 (14) | 4,000 | 4,332 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/24 (14) | 4,000 | 4,332 |
86
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/25 (14) | 1,265 | 1,365 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/37 | 2,750 | 2,990 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/42 | 3,400 | 3,669 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Revenue | 5.500% | 10/1/18 (4) | 1,660 | 1,848 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Capital Projects Revenue | 4.500% | 10/1/42 (2) | 2,500 | 2,545 |
| Los Angeles County CA Schools Regionalized | ||||
| Business Services Corp. COP | 0.000% | 8/1/14 (2) | 1,000 | 963 |
| Los Angeles County CA Schools Regionalized | ||||
| Business Services Corp. COP | 0.000% | 8/1/20 (2) | 2,095 | 1,550 |
| Los Angeles County CA TRAN | 2.000% | 6/28/13 | 5,000 | 5,007 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 7,000 | 9,703 |
| M-S-R California Energy Authority Revenue | 6.500% | 11/1/39 | 7,000 | 9,269 |
| M-S-R California Public Power Agency Revenue | ||||
| (San Juan Project) | 6.125% | 7/1/13 (2) | 1,795 | 1,803 |
| M-S-R California Public Power Agency Revenue | ||||
| (San Juan Project) | 6.750% | 7/1/20 (ETM) | 11,220 | 13,724 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/21 | 2,500 | 3,097 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/25 | 3,410 | 3,920 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 10/1/26 | 4,000 | 4,746 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/28 | 4,000 | 4,719 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/28 | 4,235 | 4,677 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/31 | 3,000 | 3,483 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 10/1/33 | 7,535 | 8,671 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 10/1/35 | 2,855 | 3,276 |
| Modesto CA High School District GO | 0.000% | 8/1/17 (14) | 3,000 | 2,791 |
| Modesto CA High School District GO | 0.000% | 8/1/18 (14) | 3,225 | 2,897 |
| Modesto CA Irrigation District COP | 5.500% | 7/1/35 | 1,000 | 1,103 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/36 (2) | 4,795 | 5,015 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/23 | 2,050 | 2,451 |
| Modesto CA Irrigation District Financing Authority | ||||
| Revenue (Woodland Project) | 6.500% | 10/1/22 (ETM) | 9,115 | 11,404 |
| Monterey Park CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/16 (4) | 1,010 | 1,013 |
| Monterey Park CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/17 (4) | 1,060 | 1,063 |
| Monterey Park CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/18 (4) | 1,115 | 1,118 |
| Monterey Park CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/19 (4) | 1,120 | 1,122 |
| Monterey Park CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/20 (4) | 1,180 | 1,182 |
| Mount Diablo CA Unified School District GO | 5.000% | 6/1/37 | 1,915 | 2,112 |
87
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Mount San Antonio CA Community College | ||||
| District GO | 5.250% | 8/1/14 (Prere.) | 3,010 | 3,185 |
| Mount San Antonio CA Community College | ||||
| District GO | 5.250% | 8/1/14 (Prere.) | 3,170 | 3,355 |
| Mount San Antonio CA Community College | ||||
| District GO | 5.250% | 8/1/14 (Prere.) | 3,335 | 3,529 |
| New Haven CA Unified School District GO | 12.000% | 8/1/17 (4) | 1,500 | 2,150 |
| Newark CA Unified School District GO | 0.000% | 8/1/13 (4) | 2,050 | 2,049 |
| Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) | 6.000% | 12/1/40 | 3,500 | 4,221 |
| 2 Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) TOB VRDO | 0.150% | 6/7/13 | 1,450 | 1,450 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/35 | 4,000 | 1,508 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/36 | 1,000 | 358 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/37 | 2,000 | 686 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/38 | 1,000 | 326 |
| Northern California Gas Authority No. 1 Revenue | 0.790% | 7/1/17 | 17,000 | 16,483 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 6.300% | 7/1/18 (14) | 10,000 | 11,193 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 7.500% | 7/1/21 (Prere.) | 1,810 | 2,470 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/27 | 3,255 | 3,733 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/32 | 1,155 | 1,300 |
| Oakland CA GO | 5.000% | 1/15/31 | 3,550 | 3,906 |
| Oakland CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Central District Project) | 5.500% | 2/1/14 (2) | 1,020 | 1,039 |
| Oceanside CA Unified School District GO | 0.000% | 8/1/25 (12) | 6,865 | 4,308 |
| Ohlone CA Community College District GO | 5.250% | 8/1/41 | 5,000 | 5,700 |
| Orange County CA Water District Revenue | 5.000% | 8/15/41 | 6,855 | 7,646 |
| Palmdale CA COP | 5.250% | 9/1/19 (14) | 1,310 | 1,340 |
| Palmdale CA COP | 5.250% | 9/1/20 (14) | 1,450 | 1,483 |
| Palmdale CA COP | 5.250% | 9/1/21 (14) | 1,605 | 1,641 |
| Palmdale CA COP | 5.250% | 9/1/22 (14) | 1,765 | 1,804 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.250% | 9/2/22 | 200 | 219 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 5.000% | 9/2/26 | 1,000 | 1,123 |
| Palomar CA Community College District GO | 0.000% | 8/1/24 | 5,125 | 3,389 |
| Palomar Pomerado Health California COP | 6.000% | 11/1/41 | 3,000 | 3,226 |
| Palomar Pomerado Health California GO | 4.500% | 8/1/32 (14) | 12,500 | 12,939 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/33 (12) | 4,000 | 1,574 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/35 | 10,330 | 3,427 |
| Palomar Pomerado Health System California | ||||
| Revenue | 5.375% | 11/1/13 (14) | 6,730 | 6,746 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/34 | 4,000 | 4,489 |
| Peralta CA Community College District Revenue | 5.000% | 8/1/39 | 4,000 | 4,344 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 5.700% | 8/1/13 (Prere.) | 7,000 | 7,204 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/19 (2) | 1,800 | 1,459 |
88
| 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% | 8/1/21 (2) | 2,920 | 2,125 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/22 (2) | 4,125 | 2,821 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/24 (2) | 1,000 | 607 |
| Pomona CA Unified School District GO | 5.600% | 8/1/14 (ETM) | 1,585 | 1,684 |
| Pomona CA Unified School District GO | 5.600% | 8/1/15 (ETM) | 2,000 | 2,225 |
| Pomona CA Unified School District GO | 5.600% | 8/1/16 (ETM) | 1,000 | 1,159 |
| Pomona CA Unified School District GO | 7.500% | 8/1/17 (ETM) | 2,540 | 3,246 |
| Poway CA Unified School District GO | 5.000% | 9/1/25 | 1,840 | 2,082 |
| Poway CA Unified School District GO | 5.000% | 8/1/27 | 5,575 | 6,460 |
| Poway CA Unified School District GO | 5.000% | 9/1/27 | 2,060 | 2,293 |
| Poway CA Unified School District GO | 5.000% | 9/1/31 | 1,375 | 1,480 |
| Poway CA Unified School District GO | 0.000% | 8/1/33 | 5,010 | 1,971 |
| Poway CA Unified School District GO | 5.000% | 9/1/33 | 1,000 | 1,067 |
| Poway CA Unified School District GO | 0.000% | 8/1/34 | 8,130 | 3,022 |
| Poway CA Unified School District GO | 5.000% | 9/1/36 | 700 | 740 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/24 | 785 | 892 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/27 | 1,035 | 1,151 |
| Rancho Mirage CA Joint Powers Financing | ||||
| Authority Revenue (Eisenhower Medical Center) | 5.000% | 7/1/47 | 12,000 | 12,159 |
| Rancho Mirage CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.125% | 4/1/21 (14) | 2,650 | 2,656 |
| Rancho Mirage CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.250% | 4/1/26 (14) | 2,905 | 2,909 |
| Rancho Mirage CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.250% | 4/1/33 (14) | 3,000 | 3,002 |
| Redwood City CA Redevelopment Agency | ||||
| Redevelopment Project Area No. 2 Tax | ||||
| Allocation Revenue | 0.000% | 7/15/26 (2) | 3,445 | 1,862 |
| Rio Hondo CA Community College District GO | 5.000% | 8/1/30 | 6,655 | 7,617 |
| Rio Hondo CA Community College District GO | 0.000% | 8/1/36 | 16,650 | 5,555 |
| 2 Riverside CA Electric Revenue TOB VRDO | 0.080% | 6/3/13 | 5,400 | 5,400 |
| Riverside CA Unified School District Community | ||||
| Facilities District No. 7 (Victoria Grove) Special | ||||
| Tax Revenue | 5.000% | 9/1/31 (2) | 4,000 | 4,096 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/21 | 1,280 | 1,467 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/22 | 1,335 | 1,527 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/24 | 1,440 | 1,609 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/28 | 1,795 | 1,956 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/29 | 1,880 | 2,047 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/32 | 1,375 | 1,470 |
89
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 0.000% | 6/1/13 (14) | 5,000 | 5,000 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 0.000% | 6/1/14 (14) | 2,000 | 1,957 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 0.000% | 6/1/15 (14) | 2,000 | 1,902 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.120% | 6/7/13 | 3,890 | 3,890 |
| Roseville CA Electric System Revenue | 5.000% | 2/1/37 | 4,500 | 4,867 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/18 | 620 | 700 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/22 | 1,565 | 1,805 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/28 | 2,450 | 2,864 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 5.375% | 11/1/14 (2) | 3,595 | 3,720 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 5.400% | 11/1/20 (2) | 6,785 | 7,752 |
| Sacramento CA Municipal Utility District Revenue | 5.900% | 7/1/20 (2) | 15,850 | 19,710 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/28 | 2,000 | 2,326 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/31 | 1,175 | 1,336 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/32 | 1,195 | 1,352 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/33 | 1,450 | 1,636 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/36 | 3,000 | 3,230 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/42 | 5,000 | 5,357 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue VRDO | 0.130% | 6/7/13 | 40,000 | 40,000 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/26 (14) | 5,000 | 5,611 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/30 (14) | 5,650 | 6,188 |
| 1 San Bernardino CA City Unified School District GO | 5.000% | 8/1/27 (4) | 1,060 | 1,197 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 13,610 | 14,397 |
| San Bernardino County CA Transportation | ||||
| Authority Revenue | 5.000% | 3/1/32 | 4,035 | 4,585 |
| San Diego CA Community College District GO | 5.250% | 8/1/33 | 2,500 | 2,963 |
| San Diego CA Community College District GO | 0.000% | 8/1/36 | 8,000 | 2,796 |
| San Diego CA Community College District GO | 5.000% | 8/1/36 | 2,500 | 2,811 |
| San Diego CA Community College District GO | 0.000% | 8/1/38 | 3,510 | 1,104 |
| San Diego CA Community College District GO | 5.000% | 8/1/41 | 3,000 | 3,362 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/34 | 6,000 | 6,965 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/39 | 7,000 | 7,974 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.750% | 8/1/35 | 2,500 | 2,948 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.250% | 8/1/38 | 1,500 | 1,688 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.500% | 8/1/39 | 5,000 | 5,705 |
90
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego CA Unified School District GO | 5.500% | 7/1/24 (14) | 5,000 | 6,208 |
| San Diego CA Unified School District GO | 5.500% | 7/1/25 (14) | 4,000 | 4,954 |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 8,150 | 4,098 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 1,500 | 713 |
| San Diego CA Unified School District GO | 0.000% | 7/1/38 | 4,890 | 1,463 |
| San Diego County CA COP | 5.000% | 2/1/28 (2) | 2,000 | 2,123 |
| San Diego County CA COP | 5.000% | 2/1/30 (2) | 2,345 | 2,476 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/26 | 4,000 | 4,489 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/28 | 3,200 | 3,550 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/34 | 2,715 | 2,937 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 4/1/37 | 1,500 | 1,688 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 4/1/38 | 2,000 | 2,244 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/40 | 3,000 | 3,224 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 4/1/48 | 3,000 | 3,331 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/31 | 4,700 | 5,358 |
| San Diego County CA Water Authority Revenue | ||||
| COP | 5.000% | 5/1/26 (4) | 7,275 | 8,186 |
| San Francisco CA Bay Area Rapid Transit | ||||
| District GO | 5.000% | 8/1/35 | 15,000 | 16,815 |
| 2 San Francisco CA City & County (Laguna Honda | ||||
| Hospital) GO TOB VRDO | 0.090% | 6/7/13 | 2,200 | 2,200 |
| San Francisco CA City & County GO | 5.000% | 6/15/23 | 6,000 | 7,277 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/20 | 5,315 | 6,406 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/25 | 5,220 | 5,985 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/29 | 2,065 | 2,365 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/29 | 12,680 | 14,719 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 8,430 | 9,750 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,100 | 1,260 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,205 | 1,380 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 1,275 | 1,442 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 5,000 | 5,594 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/35 | 2,605 | 2,930 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 4.750% | 11/1/36 (4) | 4,500 | 4,811 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/43 | 10,000 | 11,035 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bay North) | 6.500% | 8/1/39 | 2,000 | 2,311 |
91
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bay North) | 6.750% | 8/1/41 | 1,000 | 1,184 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.250% | 6/15/24 | 4,000 | 4,759 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/32 | 8,365 | 9,472 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 6,000 | 3,610 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/25 (14) | 6,000 | 3,403 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/31 (14) | 11,950 | 4,697 |
| San Jose CA Airport Revenue | 5.000% | 3/1/33 (2) | 4,000 | 4,177 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/19 (14) | 1,270 | 1,342 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.500% | 8/1/30 | 850 | 929 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.500% | 8/1/35 | 2,750 | 2,989 |
| San Jose CA Special Hotel Tax Revenue | ||||
| (Convention Center Expansion & | ||||
| Renovation Project) | 6.500% | 5/1/42 | 5,000 | 5,923 |
| San Juan CA Unified School District GO | 0.000% | 8/1/13 (4) | 2,220 | 2,219 |
| San Juan CA Unified School District GO | 0.000% | 8/1/14 (4) | 2,610 | 2,592 |
| San Juan CA Unified School District GO | 0.000% | 8/1/16 (4) | 2,000 | 1,912 |
| San Juan CA Unified School District GO | 0.000% | 8/1/18 (4) | 1,785 | 1,603 |
| San Juan CA Unified School District GO | 0.000% | 8/1/19 (4) | 2,210 | 1,912 |
| San Juan CA Unified School District GO | 0.000% | 8/1/20 (4) | 4,930 | 4,133 |
| San Juan CA Unified School District GO | 0.000% | 8/1/23 (4) | 4,540 | 3,187 |
| San Marcos CA Public Facilities Authority | ||||
| Tax Allocation Revenue (Project Areas No. 2 & | ||||
| No. 3 Financing Project) | 5.000% | 8/1/35 (2) | 5,000 | 5,046 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/32 | 2,600 | 1,079 |
| San Marcos CA Unified School District GO | 5.000% | 8/1/34 | 5,620 | 6,193 |
| San Marcos CA Unified School District GO | 5.000% | 8/1/38 | 2,835 | 3,101 |
| 3 San Mateo County CA Community College | ||||
| District GO | 5.000% | 9/1/31 | 5,000 | 5,512 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Capital Project | ||||
| Program) | 6.500% | 7/1/13 (14) | 3,290 | 3,305 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Capital Project | ||||
| Program) | 5.000% | 7/1/21 (14) | 3,500 | 4,032 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/13 (14) | 3,680 | 3,679 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/14 (14) | 8,290 | 8,258 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/15 (14) | 2,005 | 1,981 |
| San Ramon Valley CA Unified School District GO | 5.000% | 8/1/22 | 4,000 | 4,989 |
| Santa Ana CA Financing Authority Police | �� | |||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/16 (14) | 5,345 | 6,000 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/17 (14) | 2,000 | 2,296 |
| Santa Clara CA Electric Revenue | 5.000% | 7/1/13 (Prere.) | 2,000 | 2,008 |
| Santa Clara CA Electric Revenue | 6.000% | 7/1/31 | 3,000 | 3,580 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/34 | 4,000 | 4,450 |
92
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.250% | 5/15/36 | 5,000 | 5,673 |
| Santa Clara County CA GO | 5.000% | 8/1/28 | 9,000 | 10,527 |
| Santa Rosa CA Wastewater Revenue | 6.000% | 7/2/15 (2) | 3,805 | 3,991 |
| Santa Rosa CA Wastewater Revenue | 6.000% | 9/1/15 (4) | 3,030 | 3,193 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/28 | 4,845 | 5,530 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/33 | 1,000 | 1,105 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/32 | 1,000 | 1,049 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/35 | 2,500 | 2,619 |
| Sonoma County CA Junior College District GO | 5.000% | 8/1/27 | 2,000 | 2,360 |
| Sonoma-Marin Area Rail Transportation District | ||||
| California Sales & Use Tax Revenue | 5.000% | 3/1/28 | 3,500 | 4,009 |
| South San Francisco CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/35 (14) | 16,110 | 16,389 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/29 | 5,000 | 5,672 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/30 | 5,000 | 5,634 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/17 | 1,865 | 2,087 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/33 | 3,000 | 3,362 |
| 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 | 5,829 |
| 2 Sweetwater CA Unified School District GO | ||||
| TOB VRDO | 0.140% | 6/7/13 (13) | 700 | 700 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/35 | 3,000 | 2,183 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/37 | 3,785 | 2,746 |
| Tobacco Securitization Authority Revenue | ||||
| (Northern California Tobacco Settlement) | 5.375% | 6/1/38 | 4,500 | 4,127 |
| Tobacco Securitization Authority Revenue | ||||
| (Southern California Tobacco Settlement) | 5.000% | 6/1/37 | 2,155 | 1,991 |
| Torrance CA Hospital Revenue (Torrance | ||||
| Memorial Medical Center) | 5.000% | 9/1/40 | 3,000 | 3,224 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/31 | 2,000 | 2,194 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/35 | 3,000 | 3,217 |
| Turlock CA Irrigation District Revenue | 5.500% | 1/1/41 | 3,445 | 3,876 |
| Ukiah CA Electric Revenue | 6.250% | 6/1/18 (14) | 3,480 | 3,742 |
| Ukiah CA Unified School District GO | 0.000% | 8/1/32 (10) | 6,425 | 2,470 |
| Union CA Elementary School District GO | 0.000% | 9/1/15 (14) | 3,860 | 3,808 |
| Union CA Elementary School District GO | 0.000% | 9/1/16 (14) | 1,500 | 1,457 |
| Union CA Elementary School District GO | 0.000% | 9/1/17 (14) | 2,295 | 2,174 |
| Union CA Elementary School District GO | 0.000% | 9/1/18 (14) | 1,630 | 1,505 |
| Union CA Elementary School District GO | 0.000% | 9/1/19 (14) | 1,750 | 1,556 |
| Union CA Elementary School District GO | 0.000% | 9/1/20 (14) | 2,300 | 1,966 |
| Union CA Elementary School District GO | 0.000% | 9/1/21 (14) | 2,000 | 1,619 |
| University of California Revenue | 5.750% | 5/15/25 | 7,000 | 8,530 |
| University of California Revenue | 5.000% | 5/15/28 | 5,000 | 5,907 |
| University of California Revenue | 4.750% | 5/15/33 | 9,425 | 10,227 |
| University of California Revenue | 5.000% | 5/15/33 | 5,000 | 5,753 |
| University of California Revenue | 5.000% | 5/15/34 | 3,220 | 3,630 |
| University of California Revenue | 5.000% | 5/15/34 | 5,205 | 5,835 |
93
| California Long-Term Tax-Exempt Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| University of California Revenue | 5.000% | 5/15/35 | 3,640 | 4,064 | |
| University of California Revenue | 5.000% | 5/15/37 (13) | 6,000 | 6,613 | |
| University of California Revenue | 5.250% | 5/15/39 | 7,000 | 8,022 | |
| University of California Revenue | 5.000% | 5/15/40 | 2,395 | 2,686 | |
| 2 | University of California Revenue TOB VRDO | 0.070% | 6/3/13 | 7,495 | 7,495 |
| 2 | University of California Revenue TOB VRDO | 0.070% | 6/3/13 | 3,765 | 3,765 |
| 2 | University of California Revenue TOB VRDO | 0.150% | 6/7/13 | 2,699 | 2,699 |
| Vallejo CA Sanitation & Flood Control COP | 5.000% | 7/1/19 (14) | 3,484 | 3,618 | |
| Ventura County CA Community College District GO 5.500% | 8/1/33 | 8,500 | 9,908 | ||
| Ventura County CA Public Financing Authority | |||||
| Lease Revenue | 5.000% | 11/1/38 | 3,000 | 3,278 | |
| Vista CA Unified School District GO | 0.000% | 8/1/28 (14) | 7,425 | 3,770 | |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/35 | 2,000 | 2,136 | |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/40 | 10,000 | 10,627 | |
| Walnut Valley CA Unified School District GO | 6.000% | 8/1/14 (ETM) | 2,205 | 2,353 | |
| Walnut Valley CA Unified School District GO | 6.000% | 8/1/15 (ETM) | 2,470 | 2,761 | |
| Walnut Valley CA Unified School District GO | 6.000% | 8/1/16 (ETM) | 2,690 | 3,130 | |
| Washington Township CA Health Care District | |||||
| Revenue | 5.000% | 7/1/32 | 3,000 | 3,103 | |
| Washington Township CA Health Care District | |||||
| Revenue | 5.000% | 7/1/37 | 3,500 | 3,603 | |
| West Contra Costa CA Unified School District GO | 5.250% | 8/1/35 (4) | 7,000 | 7,981 | |
| Westlands CA Water District Revenue | 5.000% | 9/1/34 (4) | 2,000 | 2,234 | |
| Yuba City CA Unified School District GO | 0.000% | 9/1/15 (14) | 1,870 | 1,830 | |
| Yuba City CA Unified School District GO | 0.000% | 9/1/17 (14) | 2,060 | 1,899 | |
| Yuba City CA Unified School District GO | 0.000% | 9/1/19 (14) | 2,270 | 1,916 | |
| 2,981,497 | |||||
| Puerto Rico (0.1%) | |||||
| Puerto Rico Public Buildings Authority | |||||
| Government Facilities Revenue | 5.250% | 7/1/14 (Prere.) | 75 | 79 | |
| 2 | Puerto Rico Sales Tax Financing Corp. Revenue | ||||
| TOB VRDO | 0.170% | 6/7/13 LOC | 1,510 | 1,510 | |
| 1,589 | |||||
| Total Tax-Exempt Municipal Bonds (Cost $2,774,323) | 2,983,086 | ||||
| Other Assets and Liabilities (-1.0%) | |||||
| Other Assets | 38,766 | ||||
| Liabilities | (66,951) | ||||
| (28,185) | |||||
| Net Assets (100%) | 2,954,901 | ||||
94
| California Long-Term Tax-Exempt Fund | |
| At May 31, 2013, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 2,845,273 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (99,060) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 208,763 |
| Futures Contracts | (75) |
| Net Assets | 2,954,901 |
| Investor Shares—Net Assets | |
| Applicable to 37,695,654 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 446,782 |
| Net Asset Value Per Share—Investor Shares | $11.85 |
| Admiral Shares—Net Assets | |
| Applicable to 211,614,574 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,508,119 |
| Net Asset Value Per Share—Admiral Shares | $11.85 |
See Note A in Notes to Financial Statements.
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2013.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2013, the aggregate value of these securities was $29,114,000, representing 1.0% of net assets.
3 Securities with a value of $1,213,000 have been segregated as initial margin for open futures contracts.
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.
95
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.
(15) Build America Mutual Assurance Company.
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.
96
California Long-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2013 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 59,360 |
| Total Income | 59,360 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 102 |
| Management and Administrative—Investor Shares | 387 |
| Management and Administrative—Admiral Shares | 1,178 |
| Marketing and Distribution—Investor Shares | 55 |
| Marketing and Distribution—Admiral Shares | 231 |
| Custodian Fees | 19 |
| Shareholders’ Reports—Investor Shares | 6 |
| Shareholders’ Reports—Admiral Shares | 5 |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 1,985 |
| Net Investment Income | 57,375 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 9,641 |
| Futures Contracts | (567) |
| Options on Futures Contracts | (14) |
| Realized Net Gain (Loss) | 9,060 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (106,386) |
| Futures Contracts | (66) |
| Change in Unrealized Appreciation (Depreciation) | (106,452) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (40,017) |
See accompanying Notes, which are an integral part of the Financial Statements.
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California Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2013 | 2012 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 57,375 | 114,067 |
| Realized Net Gain (Loss) | 9,060 | 10,558 |
| Change in Unrealized Appreciation (Depreciation) | (106,452) | 232,132 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (40,017) | 356,757 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (8,793) | (18,335) |
| Admiral Shares | (48,582) | (95,732) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (57,375) | (114,067) |
| Capital Share Transactions | ||
| Investor Shares | (25,096) | 7,143 |
| Admiral Shares | 915 | 152,383 |
| Net Increase (Decrease) from Capital Share Transactions | (24,181) | 159,526 |
| Total Increase (Decrease) | (121,573) | 402,216 |
| Net Assets | ||
| Beginning of Period | 3,076,474 | 2,674,258 |
| End of Period | 2,954,901 | 3,076,474 |
See accompanying Notes, which are an integral part of the Financial Statements.
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California Long-Term Tax-Exempt Fund
Financial Highlights
| Investor Shares | ||||||
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Net Asset Value, Beginning of Period | $12.24 | $11.24 | $11.01 | $10.98 | $10.19 | $11.46 |
| Investment Operations | ||||||
| Net Investment Income | . 226 | . 459 | . 473 | . 476 | . 481 | . 499 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (. 390) | 1.000 | . 230 | . 030 | .790 | (1.270) |
| Total from Investment Operations | (.164) | 1.459 | .703 | . 506 | 1.271 | (.771) |
| Distributions | ||||||
| Dividends from Net Investment Income | (. 226) | (. 459) | (. 473) | (. 476) | (. 481) | (. 499) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (. 226) | (. 459) | (. 473) | (. 476) | (. 481) | (. 499) |
| Net Asset Value, End of Period | $11.85 | $12.24 | $11.24 | $11.01 | $10.98 | $10.19 |
| Total Return1 | -1.35% | 13.20% | 6.60% | 4.63% | 12.71% | -6.95% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $447 | $487 | $441 | $529 | $691 | $670 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.15% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.76% | 3.89% | 4.33% | 4.26% | 4.51% | 4.51% |
| Portfolio Turnover Rate | 12% | 16% | 14% | 18% | 18% | 27% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
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California Long-Term Tax-Exempt Fund
Financial Highlights
| Admiral Shares | ||||||
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Net Asset Value, Beginning of Period | $12.24 | $11.24 | $11.01 | $10.98 | $10.19 | $11.46 |
| Investment Operations | ||||||
| Net Investment Income | . 231 | . 468 | . 482 | . 485 | . 490 | . 507 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (. 390) | 1.000 | . 230 | . 030 | .790 | (1.270) |
| Total from Investment Operations | (.159) | 1.468 | .712 | . 515 | 1.280 | (.763) |
| Distributions | ||||||
| Dividends from Net Investment Income | (. 231) | (. 468) | (. 482) | (. 485) | (. 490) | (. 507) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (. 231) | (. 468) | (. 482) | (. 485) | (. 490) | (. 507) |
| Net Asset Value, End of Period | $11.85 | $12.24 | $11.24 | $11.01 | $10.98 | $10.19 |
| Total Return1 | -1.31% | 13.29% | 6.68% | 4.72% | 12.80% | -6.88% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $2,508 | $2,589 | $2,234 | $2,321 | $2,183 | $2,078 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.08% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.84% | 3.97% | 4.41% | 4.34% | 4.59% | 4.58% |
| Portfolio Turnover Rate | 12% | 16% | 14% | 18% | 18% | 27% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
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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 and Options: The fund uses futures contracts and options on 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. The primary risk associated with purchasing options is that interest rates move in such a way that the option is out-of-the-money, the position is worthless at expiration, and the fund loses the premium paid. The primary risk associated with writing options is that interest rates move in such a way that the option is in-the-money, the counterparty exercises the option, and the fund loses an amount equal to the market value of the option written less the premium received.
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).
During the six months ended May 31, 2013, the fund’s average investments in long and short futures contracts represented 2% and less than 1% of net assets, respectively, based on quarterly average aggregate settlement values.
Options on futures contracts are also valued based upon their quoted daily settlement prices. The premium paid for a purchased option is recorded as an asset that is subsequently adjusted daily to the current market value of the option purchased. The premium received for a written option is recorded as an asset with an equal liability that is subsequently adjusted daily to the current market value of the option written. Fluctuations in the value of the options are recorded as unrealized appreciation (depreciation) until expired, closed, or exercised, at which time realized gains (losses) are recognized.
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California Long-Term Tax-Exempt Fund
During the six months ended May 31, 2013, the fund’s average value of options written and options purchased represented 0% and less than 1% of net assets, respectively, based on quarterly average market values. The fund had no open options on futures contracts at May 31, 2013.
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, 2009–2012), and for the period ended May 31, 2013, 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 expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2013, the fund had contributed capital of $370,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.15% 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).
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California Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments as of May 31, 2013, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 2,983,086 | — |
| Futures Contracts—Assets1 | 193 | — | — |
| Futures Contracts—Liabilities1 | (385) | — | — |
| Total | (192) | 2,983,086 | — |
| 1 Represents variation margin on the last day of the reporting period. | |||
D. At May 31, 2013, 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 U.S. Treasury Note | September 2013 | 1,247 | 161,136 | (178) |
| 30-Year U.S. Treasury Bond | September 2013 | (360) | (50,411) | 103 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2012, the fund had available capital losses totaling $102,792,000 to offset future net capital gains of $10,093,000 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 will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2013; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
The fund had realized losses totaling $5,337,000 through November 30, 2012, which are deferred for tax purposes and reduce the amount of tax-basis unrealized appreciation on investment securities.
At May 31, 2013, the cost of investment securities for tax purposes was $2,779,660,000. Net unrealized appreciation of investment securities for tax purposes was $203,426,000, consisting of unrealized gains of $211,368,000 on securities that had risen in value since their purchase and $7,942,000 in unrealized losses on securities that had fallen in value since their purchase.
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California Long-Term Tax-Exempt Fund
F. During the six months ended May 31, 2013, the fund purchased $200,962,000 of investment securities and sold $174,912,000 of investment securities, other than temporary cash investments.
G. Capital share transactions for each class of shares were:
| Six Months Ended | Year Ended | |||
| May 31, 2013 | November 30, 2013 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 47,457 | 3,943 | 114,182 | 9,668 |
| Issued in Lieu of Cash Distributions | 6,901 | 575 | 14,280 | 1,207 |
| Redeemed | (79,454) | (6,606) | (121,319) | (10,283) |
| Net Increase (Decrease) —Investor Shares | (25,096) | (2,088) | 7,143 | 592 |
| Admiral Shares | ||||
| Issued | 215,428 | 17,899 | 387,105 | 32,846 |
| Issued in Lieu of Cash Distributions | 31,182 | 2,598 | 62,043 | 5,243 |
| Redeemed | (245,695) | (20,431) | (296,765) | (25,201) |
| Net Increase (Decrease) —Admiral Shares | 915 | 66 | 152,383 | 12,888 |
H. In preparing the financial statements as of May 31, 2013, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
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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 May 31, 2013 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 11/30/2012 | 5/31/2013 | Period | |
| Based on Actual Fund Return | |||
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,000.09 | $0.70 |
| California Intermediate-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $990.72 | $0.99 |
| Admiral Shares | 1,000.00 | 991.12 | 0.60 |
| California Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $986.50 | $0.99 |
| Admiral Shares | 1,000.00 | 986.89 | 0.59 |
| Based on Hypothetical 5% Yearly Return | |||
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,024.23 | $0.71 |
| California Intermediate-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,023.93 | $1.01 |
| Admiral Shares | 1,000.00 | 1,024.33 | 0.61 |
| California Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,023.93 | $1.01 |
| Admiral Shares | 1,000.00 | 1,024.33 | 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, 0.14%; 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 six-month 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 this reduction, the fund’s annualized six-month expense ratio was 0.16%.) 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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Trustees Approve Advisory Arrangement
The board of trustees of Vanguard California Tax-Exempt Money Market Fund, Vanguard California Intermediate-Term Tax-Exempt Fund, and Vanguard California Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard—through its Fixed Income Group—serves as the investment advisor for the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the funds’ investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the funds, including any periods of outperformance or underperformance relative to a benchmark index (as applicable) and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the funds’ advisory fee rates were also well below their peer-group averages. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds’ at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
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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.
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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 182 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.
| InterestedTrustee1 | and Delphi Automotive LLP (automotive components); |
| Senior Advisor at New Mountain Capital; Trustee of | |
| F. William McNabb III | The Conference Board. |
| Born 1957. Trustee Since July 2009. Chairman of the | |
| Board. Principal Occupation(s) During the Past Five | Amy Gutmann |
| Years: Chairman of the Board of The Vanguard Group, | Born 1949. Trustee Since June 2006. Principal |
| Inc., and of each of the investment companies served | Occupation(s) During the Past Five Years: President |
| by The Vanguard Group, since January 2010; Director | of the University of Pennsylvania; Christopher H. |
| of The Vanguard Group since 2008; Chief Executive | Browne Distinguished Professor of Political Science |
| Officer and President of The Vanguard Group and of | in the School of Arts and Sciences with secondary |
| each of the investment companies served by The | appointments at the Annenberg School for |
| Vanguard Group since 2008; Director of Vanguard | Communication and the Graduate School of Education |
| Marketing Corporation; Managing Director of The | of the University of Pennsylvania; Member of the |
| Vanguard Group (1995–2008). | National Commission on the Humanities and Social |
| Sciences; Trustee of Carnegie Corporation of New | |
| York and of the National Constitution Center; Chair | |
| IndependentTrustees | of the U. S. Presidential Commission for the Study |
| of Bioethical Issues. | |
| Emerson U. Fullwood | |
| Born 1948. Trustee Since January 2008. Principal | JoAnn Heffernan Heisen |
| Occupation(s) During the Past Five Years: Executive | Born 1950. Trustee Since July 1998. Principal |
| Chief Staff and Marketing Officer for North America | Occupation(s) During the Past Five Years: Corporate |
| and Corporate Vice President (retired 2008) of Xerox | Vice President and Chief Global Diversity Officer |
| Corporation (document management products and | (retired 2008) and Member of the Executive |
| services); Executive in Residence and 2010 | Committee (1997–2008) of Johnson & Johnson |
| Distinguished Minett Professor at the Rochester | (pharmaceuticals/medical devices/consumer |
| Institute of Technology; Director of SPX Corporation | products); Director of Skytop Lodge Corporation |
| (multi-industry manufacturing), the United Way of | (hotels), the University Medical Center at Princeton, |
| Rochester, Amerigroup Corporation (managed health | the Robert Wood Johnson Foundation, and the Center |
| care), the University of Rochester Medical Center, | for Talent Innovation; Member of the Advisory Board |
| Monroe Community College Foundation, and North | of the Maxwell School of Citizenship and Public Affairs |
| Carolina A&T University. | at Syracuse University. |
| Rajiv L. Gupta | |
| Born 1945. Trustee Since December 2001.2 | F. Joseph Loughrey |
| Principal Occupation(s) During the Past Five Years: | Born 1949. Trustee Since October 2009. Principal |
| Chairman and Chief Executive Officer (retired 2009) | Occupation(s) During the Past Five Years: President |
| and President (2006–2008) of Rohm and Haas Co. | and Chief Operating Officer (retired 2009) of Cummins |
| (chemicals); Director of Tyco International, Ltd. | Inc. (industrial machinery); Chairman of the Board of |
| (diversified manufacturing and services), Hewlett- | Hillenbrand, Inc. (specialized consumer services) and |
| Packard Co. (electronic computer manufacturing), | of Oxfam America; Director of SKF AB (industrial |
| machinery) and the Lumina Foundation for Education; | Executive Officers | |
| Member of the Advisory Council for the College of | ||
| Arts and Letters and of the Advisory Board to the | Glenn Booraem | |
| Kellogg Institute for International Studies, both at | Born 1967. Controller Since July 2010. Principal | |
| the University of Notre Dame. | Occupation(s) During the Past Five Years: Principal | |
| of The Vanguard Group, Inc.; Controller of each of | ||
| Mark Loughridge | the investment companies served by The Vanguard | |
| Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment | |
| Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). | |
| President and Chief Financial Officer at IBM (information | ||
| technology services); Fiduciary Member of IBM’s | Thomas J. Higgins | |
| Retirement Plan Committee. | Born 1957. Chief Financial Officer Since September | |
| 2008. Principal Occupation(s) During the Past Five | ||
| Scott C. Malpass | Years: Principal of The Vanguard Group, Inc.; Chief | |
| Born 1962. Trustee Since March 2012. Principal | Financial Officer of each of the investment companies | |
| Occupation(s) During the Past Five Years: Chief | served by The Vanguard Group; Treasurer of each of | |
| Investment Officer and Vice President at the University | the investment companies served by The Vanguard | |
| of Notre Dame; Assistant Professor of Finance at the | Group (1998–2008). | |
| Mendoza College of Business at Notre Dame; Member | ||
| of the Notre Dame 403(b) Investment Committee; | Kathryn J. Hyatt | |
| Director of TIFF Advisory Services, Inc. (investment | Born 1955. Treasurer Since November 2008. Principal | |
| advisor); Member of the Investment Advisory | Occupation(s) During the Past Five Years: Principal of | |
| Committees of the Financial Industry Regulatory | The Vanguard Group, Inc.; Treasurer of each of the | |
| Authority (FINRA) and of Major League Baseball. | investment companies served by The Vanguard | |
| Group; Assistant Treasurer of each of the investment | ||
| André F. Perold | companies served by The Vanguard Group (1988–2008). | |
| Born 1952. Trustee Since December 2004. Principal | ||
| Occupation(s) During the Past Five Years: George | Heidi Stam | |
| Gund Professor of Finance and Banking at the Harvard | Born 1956. Secretary Since July 2005. Principal | |
| Business School (retired 2011); Chief Investment | Occupation(s) During the Past Five Years: Managing | |
| Officer and Managing Partner of HighVista Strategies | Director of The Vanguard Group, Inc.; General Counsel | |
| LLC (private investment firm); Director of Rand | of The Vanguard Group; Secretary of The Vanguard | |
| Merchant Bank; Overseer of the Museum of Fine | Group and of each of the investment companies | |
| Arts Boston. | served by The Vanguard Group; Director and Senior | |
| Vice President of Vanguard Marketing Corporation. | ||
| Alfred M. Rankin, Jr. | ||
| Born 1941. Trustee Since January 1993. Principal | Vanguard Senior ManagementTeam | |
| Occupation(s) During the Past Five Years: Chairman, | ||
| President, and Chief Executive Officer of NACCO | Mortimer J. Buckley | Chris D. McIsaac |
| Industries, Inc. (housewares/lignite) and of Hyster-Yale | Kathleen C. Gubanich | Michael S. Miller |
| Materials Handling, Inc. (forklift trucks); Director of | Paul A. Heller | James M. Norris |
| the National Association of Manufacturers; Chairman | Martha G. King | Glenn W. Reed |
| of the Board of University Hospitals of Cleveland; | John T. Marcante | |
| Advisory Chairman of the Board of The Cleveland | ||
| Museum of Art. | ||
| Chairman Emeritus and Senior Advisor | ||
| Peter F. Volanakis | ||
| John J. Brennan | ||
| Born 1955. Trustee Since July 2009. Principal | Chairman, 1996–2009 | |
| Occupation(s) During the Past Five Years: President | Chief Executive Officer and President, 1996–2008 | |
| and Chief Operating Officer (retired 2010) of Corning | ||
| Incorporated (communications equipment); Director | ||
| of SPX Corporation (multi-industry manufacturing); | Founder | |
| Overseer of the Amos Tuck School of Business | John C. Bogle | |
| Administration at Dartmouth College; Advisor to the | Chairman and Chief Executive Officer, 1974–1996 | |
| Norris Cotton Cancer Center. | ||
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. | |
| © 2013 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| Q752 072013 | |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
Not Applicable.
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) 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: July 19, 2013 | |
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: July 19, 2013 | |
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
| By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: July 19, 2013 | |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012 see file Number 2-11444, Incorporated by Reference.