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, 2013 – May 31, 2014
Item 1: Reports to Shareholders
|
| Semiannual Report | May 31, 2014 |
| Vanguard California Tax-Exempt Funds |
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| 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. | 32 |
| California Long-Term Tax-Exempt Fund. | 86 |
| About Your Fund’s Expenses. | 115 |
| Trustees Approve Advisory Arrangements. | 117 |
| Glossary. | 118 |
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: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas.
This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the
flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns
| Six Months Ended May 31, 2014 | |||||
| Taxable- | |||||
| SEC | Equivalent | Income | Capital | Total | |
| Yield | Yield | Returns | Returns | Returns | |
| Vanguard California Tax-Exempt Money Market Fund | 0.01% | 0.02% | 0.00% | 0.00% | 0.00% |
| California Tax-Exempt Money Market Funds Average | 0.00 | ||||
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |||||
| Vanguard California Intermediate-Term Tax-Exempt Fund | |||||
| Investor Shares | 1.68% | 3.38% | 1.65% | 3.53% | 5.18% |
| Admiral™ Shares | 1.76 | 3.55 | 1.70 | 3.53 | 5.23 |
| Barclays Municipal California Intermediate Bond Index | 4.28 | ||||
| California Intermediate Municipal Debt Funds Average | 4.11 | ||||
| California Intermediate Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |||||
| Vanguard California Long-Term Tax-Exempt Fund | |||||
| Investor Shares | 2.44% | 4.92% | 2.04% | 5.31% | 7.35% |
| Admiral Shares | 2.52 | 5.08 | 2.08 | 5.31 | 7.39 |
| Barclays CA Municipal Bond Index | 6.48 | ||||
| California Municipal Debt Funds Average | 7.51 | ||||
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.
1
Chairman’s Letter
Dear Shareholder,
Municipal bonds rebounded during the six months ended May 31, 2014, seeming to leave many of 2013’s challenges in the rearview mirror. The broad tax-exempt market’s return was almost twice that of the broad U.S. taxable bond market—and not far behind the return of the broad U.S. stock market.
In this favorable environment, Vanguard California Intermediate-Term Tax-Exempt Fund returned more than 5%—almost 1 percentage point ahead of the results of its state-specific benchmark index and the average return of peer funds. Vanguard California Long-Term Tax-Exempt Fund returned more than 7%—also almost 1 percentage point ahead of its state-specific index but just behind its peer average.
With short-term interest rates still near zero, Vanguard California Tax-Exempt Money Market Fund returned 0.00%.
Amid robust demand and limited supply, tax-exempt bond prices rose: For both the Intermediate- and Long-Term Funds, capital return (from price appreciation) was more than double the return from interest income. This helped the Long-Term Fund notch its best fiscal-first-half return since 2009, and one of its highest ever. The Intermediate-Term Fund’s return was also one of its highest ever. But we shouldn’t expect such exceptionally strong performance of municipal bonds to continue, especially given current low bond yields.
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As bond prices rose during the period, yields fell. (Bond prices and yields move in opposite directions.) The 30-day SEC yield for Investor Shares of the Intermediate-Term Fund dropped from 2.24% as of November 30, 2013, to 1.68% at the end of May. For the Long-Term Fund, the 30-day SEC yield for Investor Shares fell from 3.29% to 2.44%. The 7-day SEC yield for the Money Market Fund closed the half year unchanged at 0.01%.
Please note that 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.
Taxable bond yields retreated, and stocks continued to rise
Over the six months, the broad U.S. taxable bond market returned 3.28%. The yield of the benchmark 10-year Treasury note ended the period at 2.47%, down from 2.74% on November 30 and almost 3% on December 31.
It’s worth remembering that these low yields imply lower future returns: As yields tumble, the scope for further declines—and increases in prices—diminishes. This, of course, is true of both taxable and tax-exempt bonds. The Fed’s target of 0%–0.25% for short-term interest rates continued to restrict returns for savings accounts as well as money market funds.
| Market Barometer | |||
| Total Returns | |||
| Periods Ended May 31, 2014 | |||
| Six | One | Five Years | |
| Months | Year | (Annualized) | |
| Bonds | |||
| Barclays U.S. Aggregate Bond Index (Broad taxable | |||
| market) | 3.28% | 2.71% | 4.96% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 5.63 | 3.05 | 5.59 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.07 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 7.71% | 20.90% | 18.77% |
| Russell 2000 Index (Small-caps) | -0.10 | 16.79 | 19.32 |
| Russell 3000 Index (Broad U.S. market) | 7.08 | 20.57 | 18.82 |
| FTSE All-World ex US Index (International) | 4.79 | 14.65 | 10.79 |
| CPI | |||
| Consumer Price Index | 2.07% | 2.13% | 2.15% |
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International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 3.69%.
U.S. stocks, meanwhile, returned about 7% for the half year. Results were positive in five of the six months, declining in January as investors focused on China’s slow growth but then resuming their spirited advance. The Standard & Poor’s 500 Index closed the period at a record high.
International stocks, in aggregate, advanced about 5%. Emerging markets and the developed markets of the Pacific region showed some improvement after declines related to the slowdown in China. But they still lagged the robust performance of European stocks.
Maturity and sector selections boosted the bond funds’ returns
The recent performance of municipal bonds serves as an example of how holding steady with your investments can work out better than trying to time the markets. May 2013 was the worst May for munis in more than two decades, in part because the Fed began bracing investors for a trimming of its stimulative bond-buying program. Investors who headed for the exits as munis ended the 2013 fiscal year in negative territory probably missed out on 2014’s powerful rally, especially among longer-maturity and lower-rated bonds.
Supply and demand factors worked together to lift tax-exempt bond returns for the first half of the new fiscal year. Nationwide, muni issuance for the first
| Expense Ratios | |||
| Your Fund Compared With Its Peer Group | |||
| Investor | Admiral | Peer Group | |
| Shares | Shares | Average | |
| California Tax-Exempt Money Market | |||
| Fund | 0.16% | — | 0.17% |
| California Intermediate-Term | |||
| Tax-Exempt Fund | 0.20 | 0.12% | 0.76 |
| California Long-Term Tax-Exempt Fund | 0.20 | 0.12 | 0.94 |
the six months ended May 31, 2014, the funds’ annualized expense ratios were: for the California Tax-Exempt Money Market Fund, 0.08%; 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, a
Thomson Reuters Company, and capture information through year-end 2013.
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.
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five months of 2014 was about 25% below a year earlier (according to The Bond Buyer, an industry newspaper). Many borrowers still shied away from initiating capital
projects that would add to debt, while opportunities to cut borrowing costs by refinancing have largely run their course.
| Despite the headlines, muni credit quality remains strong |
| News reports tracking Detroit’s bankruptcy proceedings and Puerto Rico’s continuing fiscal |
| struggles have added to investors’ concerns about the financial strength of state and local |
| governments across the country. But it would be a mistake to paint the more than 55,000 |
| issuers in the $3.7 trillion municipal bond market with the same brush.1 |
| To be sure, some muni issuers face challenges because of unfunded pensions and health |
| care costs. That’s why we believe that in-depth credit research and monitoring are particularly |
| important when investing in this segment of the bond market. That said, U.S. investment-grade |
| muni bonds have a high credit-quality profile overall, especially compared with corporate |
| bonds. As the chart below illustrates, more than 60% of bonds in the Barclays Municipal Bond |
| Index fall into the two highest credit-rating categories (Aaa and Aa) as measured by Moody’s |
| Investors Service. The comparable figure for bonds in the Barclays U.S. Corporate Investment |
| Grade Bond Index is about 11%. |
| Municipal and corporate investment-grade bonds compared by credit rating |
| Note: Data as of May 30, 2014. |
| Sources: Moody’s Investors Service, Barclays, and Vanguard. |
| 1 Number of issuers is from the Municipal Securities Rulemaking Board; size of the municipal bond market is from |
| the Securities Industry and Financial Markets Association. |
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On the demand side, concerns about Detroit’s bankruptcy and Puerto Rico’s continuing financial troubles hung over the market as this fiscal year began. But as muni yields reached attractive levels (both on an absolute basis and relative to Treasuries and corporate bonds), banks, insurance companies, and hedge funds were enticed to buy. Individuals in high income-tax brackets—the traditional buyer base for munis—also stepped back in, given the added allure of tax-exempt securities in light of those buyers’ increased tax rates. Economic factors such as winter-related weakness in the U.S. economy and slowing growth in China also supported demand. And munis benefited from their safe-haven status amid geopolitical turmoil between Russia and Ukraine.
Many of the drivers that played out across the nation also applied in California. Tax-exempt bond issuance in the state during the first five months of 2014 dropped off much more steeply than the national average, and demand was strong. At both the state and local levels, California has generally performed well this fiscal year (which ends June 30) as revenues have been rising. A sign of increasing investor confidence: The Barclays California Municipal Bond Index returned nearly 1 percentage point more for the six months than the nationwide Barclays Municipal Bond Index.
With investors searching for yield, the decisions made by Vanguard Fixed Income Group, the funds’ advisor, were generally well-rewarded in both bond funds and helped boost their returns. For example, the advisor favored some higher-yielding bonds with longer maturities, which were among the best performers. The advisor also found pockets of value among some lower-rated bonds—such as in health care—that performed well. These strategies also helped the funds either outpace or keep pace with their peers. For more about the funds’ strategy and performance during the fiscal half year, please see the Advisor’s Report that follows this letter.
For better results later, pull the savings lever now
Given the nature of my job, I’m often asked for investment advice—whether I’m at an industry conference or a family gathering. The best guidance I can give? Develop good savings habits. Being a dedicated saver is the first and most important step to becoming a successful investor.
Jack Brennan, my friend and predecessor as Vanguard CEO, devoted an entire chapter to the topic of savings in his 2002 book, Straight Talk on Investing. I think it’s the most valuable chapter in a very valuable book.
As Jack noted, saving is integral to investing. Vanguard’s deeply held investment principles––goals, balance, cost, and discipline––mean nothing if you have no savings to invest in the first place.
We can’t control how the financial markets perform, but we can control how much we save. And it’s those savings that can
6
most affect how much wealth we build. A Vanguard research paper noted that “increasing the savings rate can have substantially more positive impact on wealth accumulation than shifting to a more aggressive portfolio.” (You can read the full paper, Penny Saved, Penny Earned, at vanguard.com/research.)
Small shifts from spending to savings can make a meaningful difference. Here’s an example, similar to one Jack cites in his book: A $3 latte each business day adds up to about $750 per year. If instead of buying lattes, you invested that $750 annually and earned a 3% return including reinvested dividends, you’d end up with about $20,100 after 20 years.
There are a variety of ways to save effectively. First and foremost, if at all possible, contribute to a 401(k), IRA, or similar plan to maximize any tax-advantaged opportunities. Whatever you do, pay yourself first. As Warren Buffett said, “Don’t save what is left after spending; spend what is left after saving.”
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
June 13, 2014
7
| Your Fund’s Performance at a Glance | ||||
| November 30, 2013, Through May 31, 2014 | ||||
| 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 | $11.32 | $11.72 | $0.182 | $0.000 |
| Admiral Shares | 11.32 | 11.72 | 0.187 | 0.000 |
| Vanguard California Long-Term Tax-Exempt | ||||
| Fund | ||||
| Investor Shares | $11.31 | $11.91 | $0.223 | $0.000 |
| Admiral Shares | 11.31 | 11.91 | 0.228 | 0.000 |
8
Advisor’s Report
For the six months ended May 31, 2014, Vanguard California Tax-Exempt Money Market Fund returned 0.00%, on par with the average return of peer-group funds, as short-term interest rates remained near zero. Vanguard California Intermediate-Term Tax-Exempt Fund returned 5.18% for Investor Shares and 5.23% for Admiral Shares. Vanguard California Long-Term Tax-Exempt Fund returned 7.35% for Investor Shares and 7.39% for Admiral Shares. Each bond fund outperformed its state-specific benchmark by almost 1 percentage point.
The investment environment
Municipal bonds performed strongly at the national level and in California over the half year, despite challenges, as investors were drawn back into the market and supply was relatively light.
As the period began, muni valuations were cheap after the sharp slump last year that was precipitated by talk of the Federal Reserve’s tapering its bond-buying program. But the Fed eventually persuaded the markets that dialing back its purchases of about $85 billion per month of U.S. Treasuries and mortgage-backed securities did not mean it would soon raise interest rates. Starting in January, even as the Fed gradually reduced its purchases (to $45 billion per month by the end of the period), bond prices rose and yields moved lower—confounding expectations.
The tax advantages of munis made them more attractive to higher-income individuals, who faced increased tax rates beginning in 2013. Nontraditional buyers such as financial firms also bought in as muni yields became more attractive relative to taxable bonds, further pulling up muni prices.
| Yields of Tax-Exempt Municipal Securities | ||
| (AAA-Rated General-Obligation Issues) | ||
| November 30, | May 31, | |
| Maturity | 2013 | 2014 |
| 2 years | 0.33% | 0.15% |
| 5 years | 1.16 | 0.86 |
| 10 years | 2.65 | 2.05 |
| 30 years | 4.10 | 3.26 |
| Source: Vanguard. | ||
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At times, media attention to the fiscal woes of Puerto Rico and Detroit also weighed on investor sentiment. In February, Puerto Rico, the third-largest bond issuer after California and New York, saw its general obligation bonds downgraded to junk status (below investment-grade) by major credit-rating agencies as it struggled with a weak economy, a budget deficit, and a large debt load. Detroit’s bankruptcy proceedings took some sharp turns amid wrangling over how much pension funds and bondholders would receive in a final settlement.
Muni investors, however, began to look past such outliers to see that many muni issuers have made further progress in putting their fiscal houses in order following the Great Recession. For states as a whole, tax revenues have been rising for four years. And many local governments are in better shape now that property taxes, which make up a substantial part of their total revenues, have started to pick up with the recovery in the housing market.
As for muni bond supply, many state and local governments across the United States remained in austerity mode, trying to contain costs where possible and taking steps to reform employee pensions and benefits. This belt-tightening meant a further decline in the volume of muni bonds issued. For the first five months of 2014, total issuance by California borrowers was down about 40% from a year earlier, compared with a 25% decrease nationally (as reported by The Bond Buyer).
California’s fiscal condition has continued to improve. (Recognizing this, one of the major credit rating agencies upgraded the state’s general obligation bonds in June.) For the first ten months of the current fiscal year (which ends June 30), state revenue collections were higher than a year earlier. Although a dip in May meant the opposite was true after 11 months, total revenues at that point were still higher than budgeted.
In our report to you last December, we noted that the state’s future fiscal health would depend on whether a projected budget surplus actually materialized, and if so, how such surplus funds would be used. The first question has been answered: In May, a surplus of $5 billion was estimated.
As to the second question, Governor Jerry Brown proposed that the surplus be used in the coming fiscal year to help pay down the state’s “Wall of Debt”—several years of accumulated budgetary borrowings. He also proposed using some surplus funds for health care and education costs. (The budget for the new fiscal year passed in June and the governor signed it.) From a credit perspective, it is positive that the budget directs part of the surplus to pay down debt, but using some of it to fund various programs could stress future budgets.
Of course, California and its municipalities still face challenges, including pension funding, the bankruptcies of San Bernardino and Stockton, and a severe drought. Many bonds from water agencies are in our portfolios, and we believe that these
10
agencies will be able to adjust their deliveries and prices so they can keep servicing their bonds. We will continue to closely monitor the budget process and the potential impact of the drought.
Management of the funds
Over the six months, in both the Intermediate-Term and Long-Term Funds, we focused on opportunities where we believed we would be well-compensated for holding more risk than the benchmark. That proved to be the case in both funds with our purchases of long-maturity bonds. These securities, which had fallen out of favor in 2013 as investors expected interest rates to keep rising, contributed to our performance this year as rates actually moved lower.
Both funds also benefited from our selections among bonds with lower credit ratings, especially those rated single-A and BBB; these included some in the health care sector, which performed well as investors continued to reach for yield. Our analysis identified relative value in certain premium callable bonds with intermediate- and longer-term maturities; we added these to the portfolios in the belief that they have a better total return profile than par bonds and longer noncall-able bonds. The benefit of this strategy was partly offset, in both funds, by our underweight allocation to shorter-call bonds.
Even though bond issuance was light, we were able to find attractive opportunities in both the primary and secondary markets.
For example, both funds purchased bonds that were part of a $1.5 billion offering in December by the Foothill/Eastern Transportation Corridor Agency that refunded and restructured some existing debt. For the Money Market Fund, the Fed’s policy of anchoring short-term rates near zero remained a challenge. Nevertheless, we were able to support returns using several relative value and income strategies involving credit sectors, security selection, and structural opportunities—such as holding floating-rate notes.
Credit analysis, an increasingly important tool for navigating the muni market, was a positive as well for all three funds. The original, in-depth research conducted by our in-house credit analysts helped to identify securities that appeared to offer the most value. It also helped us largely avoid bonds that might not adequately compensate investors for the risk assumed, as well as those, such as Puerto Rican issues, that might contribute excessive volatility. Our conservative stance toward Puerto Rico did hold back performance compared with some of our peers, as Puerto Rican bonds performed strongly during the period.
A word about Puerto Rico: Although the commonwealth’s financial challenges persist, its government marketed $3.5 billion of general obligation bonds in March—an oversubscribed offering that was the muni market’s largest-ever sale of junk bonds. Because Puerto Rican bonds are triple-tax-exempt in all states,
11
they are held in many state-specific funds. We reduced our holdings of Puerto Rican bonds long before the headlines in 2013. Importantly, our only remaining holding is one Puerto Rican bond in the Long-Term Fund, and it is not exposed to Puerto Rico credit risk (because it has been prerefunded with U.S. Treasury bonds).
A look ahead
Given munis’ strong six-month performance that put them at much fuller valuations, returns may be more modest for the rest of 2014, with income—rather than price appreciation—the likely primary driver of performance.
We expect economic growth to accelerate, allowing the Fed to wrap up its bond purchases by year-end and to begin slowly tightening the federal funds target rate in the second half of 2015. The tightening is likely to end, however, at a level below the historical average.
After the strong rally that left yields relatively low, we are entering the second half of the fiscal year in a more defensive stance: The Intermediate-Term Fund’s duration aligns with its benchmark, while the Long-Term Fund’s duration is shorter than its benchmark.
We are comfortable with the credit-rating mix of the bonds we hold, including those rated single-A and below. However, we will also remain selective; we will rotate out of issues that have become rich relative to their credit profile and look for
securities that we feel are cheap for the credit risk incurred. And we will maintain our overweight allocation to longer-callable bonds because we believe the yield curve will eventually flatten, with yields of shorter maturities rising more, if the Fed starts raising interest rates next year.
As an eventual tightening of monetary policy is likely to mean more market volatility, we will continue to maintain above-average liquidity to take advantage of any pricing dislocations that may occur.
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to seek opportunities to add to the funds’ performance through security selection.
Christopher W. Alwine, CFA, Principal,
Head of Municipal Bond Funds
Pamela Wisehaupt Tynan, Principal,
Head of Municipal Money Market Funds
James M. D’Arcy, CFA, Portfolio Manager
Adam M. Ferguson, CFA,
Portfolio Manager
John M. Carbone, Principal,
Portfolio Manager
Vanguard Fixed Income Group
June 25, 2014
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California Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2014
| Financial Attributes | |
| Ticker Symbol | VCTXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.01% |
| Average Weighted | |
| Maturity | 24 days |
| Distribution by Credit Quality (% of portfolio) | |
| First Tier | 100.0% |
| For information about these ratings, see the Glossary entry for Credit Quality. | |
months ended May 31, 2014, the annualized expense ratio was 0.08%, 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%.
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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, 2003, Through May 31, 2014 | ||
| CA Tax-Exempt | ||
| Money Mkt | ||
| Funds Avg | ||
| Fiscal Year | Total Returns | Total Returns |
| 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 |
| 2014 | 0.00 | 0.00 |
California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Note: For 2014, performance data reflect the six months ended May 31, 2014.
Average Annual Total Returns: Periods Ended March 31, 2014
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 | 0.01% | 0.08% | 1.24% |
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California Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2014
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 (101.4%) | ||||
| California (101.4%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Branson School) VRDO | 0.050% | 6/6/14 LOC | 6,750 | 6,750 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Institute for Defense | ||||
| Analyses) VRDO | 0.070% | 6/6/14 LOC | 6,945 | 6,945 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Lakeside Village | ||||
| Apartments) VRDO | 0.060% | 6/6/14 LOC | 55,000 | 55,000 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Public Policy | ||||
| Institute) VRDO | 0.070% | 6/6/14 LOC | 12,705 | 12,705 |
| Anaheim CA Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.070% | 6/6/14 LOC | 5,485 | 5,485 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/15 | 5,000 | 5,203 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/15 | 1,000 | 1,040 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) TOB VRDO | 0.080% | 6/6/14 | 5,000 | 5,000 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) TOB VRDO | 0.090% | 6/6/14 | 9,865 | 9,865 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) VRDO | 0.030% | 6/6/14 LOC | 8,940 | 8,940 |
| Berkeley CA TRAN | 1.000% | 7/10/14 | 12,500 | 12,511 |
| Beverly Hills CA Public Financing Authority | ||||
| Lease Revenue | 3.000% | 6/1/14 | 2,500 | 2,500 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/15 | 7,335 | 7,660 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/15 | 1,000 | 1,044 |
| 1 California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | ||||
| TOB VRDO | 0.060% | 6/6/14 | 4,100 | 4,100 |
15
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) VRDO | 0.050% | 6/6/14 | 55,800 | 55,800 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) CP | 0.130% | 10/16/14 | 15,000 | 15,000 |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.060% | 6/6/14 | 4,000 | 4,000 |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.060% | 6/6/14 | 4,435 | 4,435 |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.080% | 6/6/14 | 3,000 | 3,000 |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.080% | 6/6/14 | 4,000 | 4,000 |
| 1 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.060% | 6/6/14 | 14,800 | 14,800 |
| California GO | 5.250% | 6/1/14 (Prere.) | 4,800 | 4,800 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 16,000 | 16,000 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 7,300 | 7,300 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 18,425 | 18,425 |
| California GO VRDO | 0.050% | 6/2/14 LOC | 400 | 400 |
| California GO VRDO | 0.060% | 6/2/14 LOC | 13,125 | 13,125 |
| California GO VRDO | 0.030% | 6/6/14 LOC | 5,000 | 5,000 |
| California GO VRDO | 0.030% | 6/6/14 LOC | 20,000 | 20,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) VRDO | 0.040% | 6/6/14 LOC | 6,725 | 6,725 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) VRDO | 0.060% | 6/6/14 LOC | 800 | 800 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange | ||||
| County) VRDO | 0.050% | 6/6/14 LOC | 3,900 | 3,900 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange | ||||
| County) VRDO | 0.050% | 6/6/14 LOC | 5,000 | 5,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange | ||||
| County) VRDO | 0.050% | 6/6/14 LOC | 13,495 | 13,495 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Kaiser Foundation Hospitals) | ||||
| TOB VRDO | 0.060% | 6/6/14 LOC | 35,000 | 35,000 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) TOB VRDO | 0.080% | 6/6/14 | 5,000 | 5,000 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) TOB VRDO | 0.090% | 6/6/14 | 4,475 | 4,475 |
| 2 California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) PUT | 0.130% | 12/26/14 | 15,000 | 15,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) VRDO | 0.050% | 6/6/14 | 12,000 | 12,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) VRDO | 0.050% | 6/6/14 | 56,100 | 56,100 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.040% | 6/6/14 LOC | 8,000 | 8,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.050% | 6/6/14 LOC | 12,020 | 12,020 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.060% | 6/6/14 LOC | 14,225 | 14,225 |
16
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | ||||
| TOB VRDO | 0.060% | 6/6/14 | 15,000 | 15,000 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.060% | 6/6/14 | 6,700 | 6,700 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.070% | 6/6/14 | 17,105 | 17,105 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.080% | 6/6/14 | 3,750 | 3,750 |
| California Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.050% | 6/6/14 LOC | 6,900 | 6,900 |
| California Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.070% | 6/6/14 LOC | 21,600 | 21,600 |
| California Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.070% | 6/6/14 LOC | 19,900 | 19,900 |
| California Housing Finance Agency Multifamily | ||||
| Housing Revenue VRDO | 0.060% | 6/6/14 LOC | 8,500 | 8,500 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Motion Picture Arts | ||||
| & Sciences Obligated Group) VRDO | 0.050% | 6/6/14 LOC | 35,000 | 35,000 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Sciences) VRDO | 0.040% | 6/2/14 LOC | 10,325 | 10,325 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Buck Institute for Age | ||||
| Research) VRDO | 0.050% | 6/6/14 LOC | 23,300 | 23,300 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (CA Independent System | ||||
| Operator Project) | 5.625% | 2/1/15 (Prere.) | 7,000 | 7,255 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (State Clean Water | ||||
| Revolving Fund) | 2.000% | 10/1/14 | 2,825 | 2,843 |
| California Municipal Finance Authority Recovery | ||||
| Zone Revenue (Chevron USA Inc. Project) VRDO | 0.040% | 6/2/14 | 28,990 | 28,990 |
| California Municipal Finance Authority Revenue | ||||
| (Notre Dame High School, San Jose) VRDO | 0.070% | 6/6/14 LOC | 4,725 | 4,725 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.090% | 6/2/14 LOC | 11,000 | 11,000 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.000% | 6/1/14 (Prere.) | 3,000 | 3,000 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.125% | 6/1/14 (Prere.) | 5,000 | 5,000 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 3,080 | 3,080 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 9,980 | 9,980 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 2,000 | 2,000 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 4/1/15 (Prere.) | 1,500 | 1,560 |
| California RAN | 2.000% | 6/23/14 | 71,400 | 71,476 |
| California School Cash Reserve Program Authority | ||||
| Pool TRAN | 2.000% | 6/2/14 | 5,300 | 5,300 |
| California School Cash Reserve Program Authority | ||||
| Pool TRAN | 2.000% | 6/2/14 | 7,650 | 7,650 |
| California School Cash Reserve Program Authority | ||||
| Pool TRAN | 2.000% | 6/2/14 | 5,600 | 5,600 |
17
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California State Department of Water Resources | ||||
| Power Supply Revenue | 4.000% | 5/1/15 | 2,140 | 2,215 |
| California State University CP | 0.090% | 6/3/14 LOC | 5,000 | 5,000 |
| California State University CP | 0.090% | 6/3/14 LOC | 3,530 | 3,530 |
| California State University Revenue Systemwide | 0.390% | 11/1/14 | 4,415 | 4,419 |
| 1 California State University Revenue Systemwide | ||||
| TOB VRDO | 0.070% | 6/6/14 | 10,000 | 10,000 |
| California Statewide Communities Development | ||||
| Authority Gas Supply Revenue VRDO | 0.060% | 6/6/14 | 123,690 | 123,690 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Canyon Springs Apartments Project) VRDO | 0.080% | 6/6/14 LOC | 10,105 | 10,105 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Ridgeway Apartments) VRDO | 0.060% | 6/6/14 LOC | 8,495 | 8,495 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Village Green Apartments) VRDO | 0.070% | 6/6/14 LOC | 5,800 | 5,800 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Wilshire Court Project) VRDO | 0.070% | 6/6/14 LOC | 11,900 | 11,900 |
| California Statewide Communities Development | ||||
| Authority Revenue (Community Hospital of the | ||||
| Monterey Peninsula) VRDO | 0.050% | 6/6/14 LOC | 23,600 | 23,600 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) CP | 0.140% | 8/5/14 | 23,750 | 23,750 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) CP | 0.140% | 8/5/14 | 1,500 | 1,500 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) CP | 0.140% | 8/6/14 | 35,000 | 35,000 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) CP | 0.130% | 12/3/14 | 12,500 | 12,500 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.040% | 6/6/14 | 31,500 | 31,500 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.040% | 6/6/14 | 19,950 | 19,950 |
| 1 California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) TOB VRDO | 0.060% | 6/6/14 | 37,803 | 37,803 |
| 1 California Statewide Communities Development | ||||
| Authority Revenue (Trinity Health) TOB VRDO | 0.060% | 6/6/14 | 2,175 | 2,175 |
| California Statewide Communities Development | ||||
| Authority Revenue (University of | ||||
| San Diego) VRDO | 0.050% | 6/6/14 LOC | 23,125 | 23,125 |
| Calleguas-Las Virgenes CA Public Financing | ||||
| Authority Revenue (Municipal Water District | ||||
| Project) VRDO | 0.030% | 6/6/14 LOC | 8,000 | 8,000 |
| 1 Cerritos CA Community College District GO | ||||
| TOB VRDO | 0.080% | 6/6/14 | 7,845 | 7,845 |
| Chula Vista CA Multifamily Housing Revenue | ||||
| (Teresina Apartments) VRDO | 0.060% | 6/6/14 LOC | 37,940 | 37,940 |
| Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/14 | 3,000 | 3,049 |
| Contra Costa CA Municipal Water District Revenue | ||||
| (Extendible) CP | 0.090% | 12/27/14 | 9,000 | 9,000 |
| Desert Sands CA Unified School District GO | 5.000% | 6/1/14 (Prere.) | 4,290 | 4,290 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 11/3/14 | 17,000 | 17,000 |
18
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 11/15/14 | 13,500 | 13,500 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 11/28/14 | 5,000 | 5,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 12/13/14 | 27,500 | 27,500 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 12/29/14 | 15,000 | 15,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 1/30/15 | 20,800 | 20,800 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.110% | 2/6/15 | 12,200 | 12,200 |
| 1 East Bay CA Municipal Utility District Water | ||||
| System Revenue TOB VRDO | 0.060% | 6/6/14 | 9,260 | 9,260 |
| 1 Eastern California Municipal Water District | ||||
| Water & Sewer COP TOB VRDO | 0.070% | 6/6/14 | 1,590 | 1,590 |
| Eastern California Municipal Water District | ||||
| Water & Sewer Revenue VRDO | 0.060% | 6/6/14 | 8,600 | 8,600 |
| 2 Eastern Municipal Water District CA Water | ||||
| & Sewer Revenue PUT | 0.080% | 7/3/14 | 17,000 | 16,999 |
| 2 Eastern Municipal Water District CA Water | ||||
| & Sewer Revenue PUT | 0.070% | 5/22/15 | 10,000 | 10,000 |
| Elsinore Valley CA Municipal Water District | ||||
| COP VRDO | 0.060% | 6/6/14 LOC | 8,000 | 8,000 |
| Escondido CA Community Development | ||||
| Multifamily Revenue (Heritage Park | ||||
| Apartments) VRDO | 0.070% | 6/6/14 LOC | 4,250 | 4,250 |
| Fairfield-Suisun CA Unified School District GO | 5.000% | 8/1/14 (Prere.) | 2,135 | 2,152 |
| Fremont CA COP VRDO | 0.050% | 6/6/14 LOC | 29,190 | 29,190 |
| Fremont CA COP VRDO | 0.050% | 6/6/14 LOC | 14,900 | 14,900 |
| Fremont CA COP VRDO | 0.050% | 6/6/14 LOC | 8,565 | 8,565 |
| Fremont CA Union High School District TRAN | 1.000% | 6/30/14 | 7,000 | 7,005 |
| Fresno CA Unified School District GO | 2.000% | 8/1/14 | 4,990 | 5,005 |
| Fresno County CA TRAN | 1.250% | 6/30/14 | 50,000 | 50,042 |
| Garden Grove CA Housing Authority Multifamily | ||||
| Housing Revenue (Valley View Senior Villas | ||||
| Project) VRDO | 0.080% | 6/6/14 LOC | 9,100 | 9,100 |
| Hemet CA Multifamily Housing Revenue | ||||
| (Sunwest Retirement Village) VRDO | 0.060% | 6/6/14 | 1,000 | 1,000 |
| 2 Irvine CA Ranch Water District Revenue PUT | 0.070% | 3/12/15 | 8,750 | 8,750 |
| 2 Irvine CA Ranch Water District Revenue PUT | 0.070% | 3/12/15 | 5,840 | 5,840 |
| Irvine CA Ranch Water District Revenue VRDO | 0.050% | 6/2/14 LOC | 1,675 | 1,675 |
| Irvine CA Reassessment District No. 85-7A | ||||
| Improvement Revenue VRDO | 0.040% | 6/2/14 LOC | 18,993 | 18,993 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax | ||||
| Revenue VRDO | 0.050% | 6/2/14 LOC | 1,000 | 1,000 |
| Livermore CA COP VRDO | 0.050% | 6/6/14 LOC | 12,995 | 12,995 |
| Livermore CA Redevelopment Agency Multi-Family | ||||
| Housing Revenue (Richards Manor) VRDO | 0.070% | 6/6/14 LOC | 4,770 | 4,770 |
| 1 Los Angeles CA Community College District | ||||
| GO TOB VRDO | 0.060% | 6/6/14 | 15,940 | 15,940 |
| Los Angeles CA Community Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Academy Village Apartments) VRDO | 0.060% | 6/6/14 LOC | 11,300 | 11,300 |
19
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Community Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Hollywood & Vine Apartments) VRDO | 0.070% | 6/6/14 LOC | 19,200 | 19,200 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB PUT | 0.130% | 8/28/14 | 6,400 | 6,400 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.060% | 6/6/14 | 5,100 | 5,100 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.070% | 6/6/14 | 5,000 | 5,000 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.080% | 6/6/14 | 2,500 | 2,500 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.090% | 6/6/14 | 9,995 | 9,995 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.110% | 6/6/14 | 7,975 | 7,975 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.110% | 6/6/14 | 18,880 | 18,880 |
| Los Angeles CA Department of Water & Power | ||||
| Revenue | 5.000% | 7/1/14 | 2,500 | 2,510 |
| 1 Los Angeles CA Department of Water & Power | ||||
| Revenue TOB VRDO | 0.090% | 6/2/14 | 13,110 | 13,110 |
| 1 Los Angeles CA Department of Water & Power | ||||
| Revenue TOB VRDO | 0.070% | 6/6/14 | 7,495 | 7,495 |
| Los Angeles CA Department of Water & Power | ||||
| Revenue VRDO | 0.040% | 6/2/14 | 29,800 | 29,800 |
| Los Angeles CA Department of Water & Power | ||||
| Revenue VRDO | 0.040% | 6/6/14 | 18,950 | 18,950 |
| Los Angeles CA Department of Water & Power | ||||
| Revenue VRDO | 0.040% | 6/6/14 | 400 | 400 |
| Los Angeles CA Department of Water & Power | ||||
| Revenue VRDO | 0.040% | 6/6/14 | 21,175 | 21,175 |
| Los Angeles CA Department of Water & Power | ||||
| Revenue VRDO | 0.040% | 6/6/14 | 2,200 | 2,200 |
| Los Angeles CA Department of Water & Power | ||||
| Revenue VRDO | 0.040% | 6/6/14 | 26,900 | 26,900 |
| Los Angeles CA Department of Water & Power | ||||
| Revenue VRDO | 0.050% | 6/6/14 | 33,900 | 33,900 |
| Los Angeles CA GO | 4.000% | 9/1/14 | 5,000 | 5,049 |
| Los Angeles CA GO | 5.000% | 9/1/14 (Prere.) | 2,000 | 2,024 |
| Los Angeles CA Harbor Department Revenue CP | 0.110% | 7/17/14 | 25,000 | 25,000 |
| Los Angeles CA Harbor Department Revenue CP | 0.100% | 8/1/14 | 20,000 | 20,000 |
| 1 Los Angeles CA Harbor Department Revenue | ||||
| TOB VRDO | 0.070% | 6/6/14 | 2,680 | 2,680 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Beverly Park Apartments) VRDO | 0.090% | 6/6/14 LOC | 15,500 | 15,500 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Fountain Park Project) VRDO | 0.060% | 6/6/14 LOC | 40,000 | 40,000 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Queen Portfolio Apartments Project) VRDO | 0.060% | 6/6/14 LOC | 6,595 | 6,595 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (San Regis Project) VRDO | 0.070% | 6/6/14 LOC | 23,600 | 23,600 |
| Los Angeles CA TRAN | 2.000% | 6/26/14 | 20,000 | 20,025 |
| 1 Los Angeles CA Unified School District | ||||
| GO TOB VRDO | 0.070% | 6/6/14 | 6,660 | 6,660 |
| 1 Los Angeles CA Unified School District | ||||
| GO TOB VRDO | 0.070% | 6/6/14 | 9,995 | 9,995 |
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 | 0.070% | 6/6/14 | 9,125 | 9,125 |
| 1 Los Angeles CA Wastewater System Revenue | ||||
| TOB VRDO | 0.070% | 6/6/14 | 7,500 | 7,500 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 2.000% | 7/1/14 | 11,070 | 11,087 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/14 (Prere.) | 2,500 | 2,510 |
| 1 Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | ||||
| TOB VRDO | 0.060% | 6/6/14 LOC | 29,600 | 29,600 |
| Los Angeles County CA Multifamily Housing | ||||
| Revenue (Valencia Village Project) VRDO | 0.080% | 6/6/14 | 6,325 | 6,325 |
| Los Angeles County CA Schools Pooled Financing | ||||
| Program TRAN | 2.000% | 12/31/14 | 4,200 | 4,246 |
| Los Angeles County CA Schools Pooled Financing | ||||
| Program TRAN | 2.000% | 1/30/15 | 3,000 | 3,036 |
| Los Angeles County CA TRAN | 2.000% | 6/30/14 | 13,500 | 13,520 |
| 1 Los Angeles County CA Unified School District | ||||
| GO TOB VRDO | 0.070% | 6/6/14 | 5,000 | 5,000 |
| Manteca CA Redevelopment Agency Tax Allocation | ||||
| Revenue VRDO | 0.080% | 6/2/14 LOC | 12,840 | 12,840 |
| 2 Metropolitan Water District of Southern California | ||||
| Revenue PUT | 0.070% | 2/9/15 | 13,180 | 13,180 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.040% | 6/6/14 | 13,900 | 13,900 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.040% | 6/6/14 | 19,365 | 19,365 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.050% | 6/6/14 | 16,945 | 16,945 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.060% | 6/6/14 | 5,000 | 5,000 |
| Mount Diablo CA Unified School District GO | 5.000% | 6/1/14 (Prere.) | 12,000 | 12,120 |
| Mountain View Whisman CA School District GO | 1.000% | 9/1/14 | 4,200 | 4,209 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund 2 VRDP VRDO | 0.160% | 6/6/14 LOC | 25,000 | 25,000 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund 3 VRDP VRDO | 0.140% | 6/6/14 LOC | 35,000 | 35,000 |
| 1 Nuveen California Investment Quality Municipal | ||||
| Fund VRDP VRDO | 0.140% | 6/6/14 LOC | 18,000 | 18,000 |
| 1 Nuveen California Performance Plus Municipal | ||||
| Fund VRDP VRDO | 0.130% | 6/6/14 LOC | 24,000 | 24,000 |
| 1 Nuveen California Quality Income Municipal | ||||
| Fund VRDP VRDO | 0.130% | 6/6/14 LOC | 38,300 | 38,300 |
| 1 Nuveen California Select Quality Municipal | ||||
| Fund VRDP VRDO | 0.130% | 6/6/14 LOC | 14,900 | 14,900 |
| Nuveen Insured California AMT-Free Municipal | ||||
| Income Fund VRDP VRDO | 0.120% | 6/6/14 LOC | 39,500 | 39,500 |
| Nuveen Insured California Tax-Free Advantage | ||||
| Municipal Fund VRDP VRDO | 0.140% | 6/6/14 LOC | 5,900 | 5,900 |
| Orange County CA Apartment Development | ||||
| Revenue VRDO | 0.040% | 6/6/14 LOC | 9,550 | 9,550 |
| Orange County CA Apartment Development | ||||
| Revenue VRDO | 0.040% | 6/6/14 LOC | 41,300 | 41,300 |
| Orange County CA Sanitation District COP BAN | 2.000% | 10/16/14 | 15,250 | 15,354 |
21
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Orange County CA Sanitation District Wastewater | ||||
| Refunding Revenue | 4.000% | 8/1/14 | 3,575 | 3,598 |
| Orange County CA Water District COP VRDO | 0.060% | 6/6/14 | 8,600 | 8,600 |
| Orange County CA Water District CP | 0.110% | 7/1/14 LOC | 20,400 | 20,400 |
| Otay CA Water District (Capital Project) COP VRDO | 0.040% | 6/6/14 LOC | 7,710 | 7,710 |
| Pasadena CA Water Revenue | 4.000% | 6/1/15 | 1,760 | 1,827 |
| 1 Peralta CA Community College District Revenue | ||||
| TOB VRDO | 0.060% | 6/6/14 | 19,645 | 19,645 |
| Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.500% | 8/1/14 (Prere.) | 1,500 | 1,513 |
| 1 Riverside CA Electric Revenue TOB VRDO | 0.070% | 6/2/14 | 5,400 | 5,400 |
| Riverside CA Electric Revenue VRDO | 0.030% | 6/6/14 LOC | 10,000 | 10,000 |
| 2 Riverside CA Water Revenue PUT | 0.080% | 4/1/15 | 14,200 | 14,200 |
| Riverside County CA Industrial Development | ||||
| Authority Empowerment Zone Facility Revenue | ||||
| (Guy Evans Inc. Project) VRDO | 0.060% | 6/6/14 LOC | 4,715 | 4,715 |
| Riverside County CA Public Facility Project | ||||
| COP VRDO | 0.070% | 6/6/14 LOC | 5,600 | 5,600 |
| Riverside County CA Teeter Notes | 2.000% | 10/15/14 | 20,000 | 20,134 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.040% | 6/6/14 | 16,300 | 16,300 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.050% | 6/6/14 | 6,605 | 6,605 |
| Sacramento CA Municipal Utility District | ||||
| Revenue VRDO | 0.040% | 6/6/14 LOC | 28,000 | 28,000 |
| Sacramento CA Municipal Utility District | ||||
| Revenue VRDO | 0.050% | 6/6/14 LOC | 10,500 | 10,500 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue VRDO | 0.030% | 6/6/14 | 15,000 | 15,000 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue VRDO | 0.050% | 6/6/14 | 12,000 | 12,000 |
| Sacramento County CA Multifamily Housing | ||||
| Revenue (River Pointe Apartments) VRDO | 0.060% | 6/6/14 LOC | 10,200 | 10,200 |
| Sacramento County CA Multifamily Housing | ||||
| Revenue (River Pointe Apartments) VRDO | 0.060% | 6/6/14 LOC | 12,300 | 12,300 |
| 1 Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue TOB VRDO | 0.060% | 6/6/14 LOC | 7,550 | 7,550 |
| 1 San Bernardino CA Community College District | ||||
| GO TOB VRDO | 0.070% | 6/6/14 | 4,620 | 4,620 |
| San Bernardino County CA TRAN | 2.000% | 6/30/14 | 26,700 | 26,739 |
| 1 San Bernardino County CA Transportation | ||||
| Authority Revenue TOB VRDO | 0.070% | 6/6/14 | 12,100 | 12,100 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.060% | 6/6/14 | 5,710 | 5,710 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.060% | 6/6/14 | 5,000 | 5,000 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.080% | 6/6/14 | 5,000 | 5,000 |
| San Diego CA County TRAN | 2.000% | 6/30/14 | 20,000 | 20,029 |
| San Diego CA Housing Authority Multifamily | ||||
| Housing Revenue (Bay Vista Apartments | ||||
| Project) VRDO | 0.070% | 6/6/14 LOC | 9,690 | 9,690 |
| San Diego CA Housing Authority Multifamily | ||||
| Housing Revenue (Canyon Rim | ||||
| Apartments) VRDO | 0.070% | 6/6/14 LOC | 32,440 | 32,440 |
22
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 1 San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue TOB VRDO | 0.060% | 6/6/14 | 8,280 | 8,280 |
| 1 San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue TOB VRDO | 0.070% | 6/6/14 | 7,495 | 7,495 |
| San Diego CA Unified School District TRAN | 2.000% | 6/30/14 | 10,000 | 10,014 |
| San Diego County CA Regional Transportation | ||||
| Authority Sales Tax Revenue VRDO | 0.060% | 6/6/14 | 1,745 | 1,745 |
| San Diego County CA Regional Transportation | ||||
| Commission Sales Tax Revenue VRDO | 0.050% | 6/6/14 | 45,845 | 45,845 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.000% | 5/1/15 (Prere.) | 2,000 | 2,089 |
| 1 San Diego County CA Water Authority | ||||
| Revenue COP TOB VRDO | 0.110% | 6/6/14 | 6,100 | 6,100 |
| 1 San Diego County CA Water Authority | ||||
| Revenue COP TOB VRDO | 0.110% | 6/6/14 | 6,500 | 6,500 |
| San Diego County CA Water Authority | ||||
| Revenue CP | 0.080% | 8/1/14 | 10,000 | 10,000 |
| 1 San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue TOB VRDO | 0.070% | 6/6/14 | 9,900 | 9,900 |
| 1 San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue TOB VRDO | 0.070% | 6/6/14 | 3,335 | 3,335 |
| San Francisco CA City & County (Clean & Safe | ||||
| Neighborhood Parks) GO | 4.000% | 6/15/14 | 4,395 | 4,401 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 4.000% | 6/15/14 | 1,895 | 1,898 |
| San Francisco CA City & County (Road Repaving | ||||
| & Street Safety) GO | 4.000% | 6/15/14 | 7,915 | 7,927 |
| 1 San Francisco CA City & County COP TOB VRDO | 0.080% | 6/6/14 | 3,325 | 3,325 |
| San Francisco CA City & County Finance Corp. | ||||
| Lease Revenue (Moscone Center | ||||
| Expansion) VRDO | 0.030% | 6/6/14 LOC | 41,550 | 41,550 |
| San Francisco CA City & County International | ||||
| Airport Revenue CP | 0.150% | 6/10/14 LOC | 2,200 | 2,200 |
| San Francisco CA City & County International | ||||
| Airport Revenue CP | 0.090% | 6/26/14 LOC | 3,000 | 3,000 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.040% | 6/6/14 LOC | 19,900 | 19,900 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.040% | 6/6/14 LOC | 26,100 | 26,100 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.040% | 6/6/14 LOC | 13,310 | 13,310 |
| 1 San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue TOB VRDO | 0.070% | 6/6/14 | 6,800 | 6,800 |
| San Francisco CA City & County Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Third & Mission Streets) VRDO | 0.060% | 6/6/14 LOC | 60,100 | 60,100 |
| 1 San Francisco CA City & County Unified School | ||||
| District GO TOB VRDO | 0.070% | 6/6/14 | 14,720 | 14,720 |
| San Francisco CA City & County Unified School | ||||
| District TRAN | 2.000% | 8/14/14 | 20,000 | 20,074 |
| San Jose CA Financing Authority Lease | ||||
| Revenue CP | 0.100% | 6/25/14 LOC | 14,004 | 14,004 |
| San Jose CA Financing Authority Lease | ||||
| Revenue CP | 0.100% | 6/25/14 LOC | 14,005 | 14,005 |
23
California Tax-Exempt Money Market Fund
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| San Jose CA Multifamily Housing Revenue | |||||
| (Cinnabar Commons) VRDO | 0.070% | 6/6/14 LOC | 15,800 | 15,800 | |
| San Jose CA Multifamily Housing Revenue | |||||
| (Raintree Apartments) VRDO | 0.070% | 6/6/14 LOC | 10,000 | 10,000 | |
| 1 | San Jose CA Unified School District Santa Clara | ||||
| County GO TOB VRDO | 0.090% | 6/6/14 | 7,310 | 7,310 | |
| San Juan CA Unified School District GO | 5.000% | 8/1/14 (Prere.) | 1,785 | 1,799 | |
| 1 | San Mateo County CA Community College District | ||||
| GO TOB PUT | 0.110% | 10/2/14 | 10,710 | 10,710 | |
| 1 | San Mateo County CA Community College District | ||||
| GO TOB VRDO | 0.080% | 6/6/14 | 4,315 | 4,315 | |
| Santa Barbara County CA TRAN | 2.000% | 6/30/14 | 13,850 | 13,870 | |
| 1 | Sequoia CA Unified School District GO TOB VRDO | 0.090% | 6/6/14 | 5,860 | 5,860 |
| 1 | Sonoma County CA Junior College District | ||||
| GO TOB VRDO | 0.060% | 6/6/14 LOC | 30,290 | 30,290 | |
| Southern California Public Power Authority | |||||
| Revenue VRDO | 0.050% | 6/6/14 LOC | 17,485 | 17,485 | |
| 1 | Sunnyvale CA Wastewater Revenue TOB PUT | 0.120% | 9/25/14 | 8,720 | 8,720 |
| University of California Regents Medical Center | |||||
| Pooled Revenue VRDO | 0.040% | 6/6/14 | 5,000 | 5,000 | |
| 1 | University of California Regents Medical Center | ||||
| Revenue TOB VRDO | 0.060% | 6/6/14 | 4,100 | 4,100 | |
| 1 | University of California Revenue TOB VRDO | 0.080% | 6/2/14 | 11,400 | 11,400 |
| 1 | University of California Revenue TOB VRDO | 0.080% | 6/2/14 | 25,100 | 25,100 |
| 1 | University of California Revenue TOB VRDO | 0.060% | 6/6/14 | 5,125 | 5,125 |
| 1 | University of California Revenue TOB VRDO | 0.060% | 6/6/14 | 29,195 | 29,195 |
| 1 | University of California Revenue TOB VRDO | 0.070% | 6/6/14 | 3,400 | 3,400 |
| 1 | University of California Revenue TOB VRDO | 0.070% | 6/6/14 | 22,200 | 22,200 |
| 1 | University of California Revenue TOB VRDO | 0.070% | 6/6/14 | 2,190 | 2,190 |
| 1 | University of California Revenue TOB VRDO | 0.070% | 6/6/14 | 3,495 | 3,495 |
| 1 | University of California Revenue TOB VRDO | 0.070% | 6/6/14 | 6,000 | 6,000 |
| 1 | University of California Revenue TOB VRDO | 0.080% | 6/6/14 | 19,577 | 19,577 |
| University of California Revenue VRDO | 0.030% | 6/6/14 | 20,000 | 20,000 | |
| University of California Revenue VRDO | 0.040% | 6/6/14 | 23,200 | 23,200 | |
| University of California Revenue VRDO | 0.050% | 6/6/14 | 20,000 | 20,000 | |
| University of California Revenue VRDO | 0.050% | 6/6/14 | 8,000 | 8,000 | |
| Val Verde CA Unified School District TRAN | 1.500% | 9/1/14 | 3,150 | 3,161 | |
| West Valley-Mission CA Community College | |||||
| District GO | 2.000% | 8/1/14 | 10,970 | 11,004 | |
| Western Municipal Water District Facilities | |||||
| Authority California Water Revenue VRDO | 0.030% | 6/6/14 LOC | 20,475 | 20,475 | |
| Westlands CA Water District COP VRDO | 0.050% | 6/6/14 LOC | 23,325 | 23,325 | |
| 3,688,992 | |||||
| Total Tax-Exempt Municipal Bonds (Cost $3,688,992) | 3,688,992 | ||||
| Other Assets and Liabilities (-1.4%) | |||||
| Other Assets | 25,812 | ||||
| Liabilities | (75,446) | ||||
| (49,634) | |||||
| Net Assets (100%) | |||||
| Applicable to 3,638,695,996 outstanding $.001 par value shares of | |||||
| beneficial interest (unlimited authorization) | 3,639,358 | ||||
| Net Asset Value Per Share | $1.00 | ||||
24
California Tax-Exempt Money Market Fund
| At May 31, 2014, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 3,639,325 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Gains | 33 |
| Net Assets | 3,639,358 |
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, 2014, the aggregate value of these securities was $853,525,000,
representing 23.5% of net assets.
2 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.
25
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.
PILOT—Payments in Lieu of Taxes.
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) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc).
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.
26
California Tax-Exempt Money Market Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2014 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 1,646 |
| Total Income | 1,646 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 354 |
| Management and Administrative | 2,102 |
| Marketing and Distribution | 514 |
| Custodian Fees | 23 |
| Shareholders’ Reports | 15 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 3,009 |
| Expense Reduction—Note B | (1,551) |
| Net Expenses | 1,458 |
| Net Investment Income | 188 |
| Realized Net Gain (Loss) on Investment Securities Sold | 1 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 189 |
27
California Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2014 | 2013 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 188 | 518 |
| Realized Net Gain (Loss) | 1 | 111 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 189 | 629 |
| Distributions | ||
| Net Investment Income | (188) | (518) |
| Realized Capital Gain | — | — |
| Total Distributions | (188) | (518) |
| Capital Share Transactions (at $1.00 per share) | ||
| Issued | 1,292,060 | 2,993,616 |
| Issued in Lieu of Cash Distributions | 179 | 493 |
| Redeemed | (1,524,909) | (2,934,717) |
| Net Increase (Decrease) from Capital Share Transactions | (232,670) | 59,392 |
| Total Increase (Decrease) | (232,669) | 59,503 |
| Net Assets | ||
| Beginning of Period | 3,872,027 | 3,812,524 |
| End of Period | 3,639,358 | 3,872,027 |
28
California Tax-Exempt Money Market Fund
Financial Highlights
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | ||||||
| Net Investment Income | .00005 | .0001 | .0003 | .001 | .001 | .004 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | — | — | — | — | — | — |
| Total from Investment Operations | .00005 | .0001 | .0003 | .001 | .001 | .004 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.00005) | (.0001) | (.0003) | (.001) | (.001) | (.004) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.00005) | (.0001) | (.0003) | (.001) | (.001) | (.004) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.00% | 0.01% | 0.03% | 0.07% | 0.11% | 0.37% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $3,639 | $3,872 | $3,813 | $4,131 | $4,610 | $5,355 |
| Ratio of Expenses to | ||||||
| Average Net Assets | 0.08%2 | 0.11%2 | 0.15%2 | 0.16%2 | 0.17% | 0.17%3 |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 0.01% | 0.01% | 0.03% | 0.07% | 0.11% | 0.39% |
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 2014, 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.
See accompanying Notes, which are an integral part of the Financial Statements.
29
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. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. 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, 2010–2013), and for the period ended May 31, 2014, 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. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2014, or at any time during the period then ended.
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.
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 based on 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, 2014, the fund had contributed capital of $385,000 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. 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, 2014, Vanguard’s expenses were reduced by $1,551,000 (an effective annual rate of 0.08% of the fund’s average net assets).
30
California Tax-Exempt Money Market Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At May 31, 2014, 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. Management has determined that no material events or transactions occurred subsequent to May 31, 2014, that would require recognition or disclosure in these financial statements.
31
California Intermediate-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2014
| Share-Class Characteristics | ||
| Investor | Admiral | |
| Shares | Shares | |
| Ticker Symbol | VCAIX | VCADX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 1.68% | 1.76% |
| Financial Attributes | |||
| Barclays | |||
| Muni | Barclays | ||
| CA IT | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 1,309 | 1,627 | 46,274 |
| Yield to Maturity | |||
| (before expenses) | 1.8% | 1.6% | 2.3% |
| Average Coupon | 4.2% | 4.7% | 4.8% |
| Average Duration | 4.8 years | 4.8 years | 7.2 years |
| Average Stated | |||
| Maturity | 9.5 years | 7.4 years | 13.4 years |
| Short-Term | |||
| Reserves | 7.5% | — | — |
| Volatility Measures | ||
| Barclays | ||
| Muni | Barclays | |
| CA IT | Municipal | |
| Bond Index | Bond Index | |
| R-Squared | 0.89 | 0.97 |
| Beta | 0.98 | 0.94 |
| These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. | ||
| Distribution by Stated Maturity | |
| (% of portfolio) | |
| Under 1 Year | 11.0% |
| 1 - 3 Years | 5.0 |
| 3 - 5 Years | 7.0 |
| 5 - 10 Years | 27.8 |
| 10 - 20 Years | 48.4 |
| 20 - 30 Years | 0.8 |
| Distribution by Credit Quality (% of portfolio) | |
| AAA | 8.6% |
| AA | 57.6 |
| A | 28.3 |
| BBB | 4.4 |
| BB | 0.1 |
| B | 0.5 |
| 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 27, 2014, and represent estimated costs for the current fiscal year. For the six
months ended May 31, 2014, the annualized expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
32
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, 2003, Through May 31, 2014 | ||||
| Barclays Muni | ||||
| CA IT | ||||
| Investor Shares | Bond Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 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 | 3.12 | -5.03 | -1.91 | -1.15 |
| 2014 | 1.65 | 3.53 | 5.18 | 4.28 |
| Note: For 2014, performance data reflect the six months ended May 31, 2014. | ||||
Average Annual Total Returns: Periods Ended March 31, 2014
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 | 1.52% | 5.65% | 3.81% | 0.14% | 3.95% |
| Admiral Shares | 11/12/2001 | 1.60 | 5.73 | 3.88 | 0.14 | 4.02 |
33
California Intermediate-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2014
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (100.6%) | ||||
| California (100.5%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (899 Charleston | ||||
| Project) VRDO | 0.060% | 6/2/14 LOC | 15,220 | 15,220 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 2.150% | 7/1/19 | 7,500 | 7,407 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 2.500% | 7/1/19 | 2,140 | 2,141 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 3.000% | 7/1/19 | 2,000 | 2,004 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/24 | 1,195 | 1,280 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 6.000% | 7/1/31 | 2,750 | 3,074 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 3.000% | 11/15/16 | 1,220 | 1,263 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.000% | 11/15/35 | 3,250 | 3,364 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/20 | 850 | 993 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/22 | 555 | 655 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/23 | 1,000 | 1,166 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/24 | 1,265 | 1,457 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Odd Fellows Home) | 5.000% | 4/1/32 | 7,250 | 8,053 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 6.375% | 8/1/14 (Prere.) | 2,500 | 2,526 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.250% | 8/1/23 | 1,000 | 1,171 |
34
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% | 8/1/24 | 960 | 1,104 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/25 | 950 | 1,085 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/26 | 2,490 | 2,822 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/28 | 900 | 1,002 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 6.000% | 8/1/30 | 1,120 | 1,364 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/31 | 1,000 | 1,121 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/32 | 1,000 | 1,111 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/33 | 1,300 | 1,441 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/34 | 1,780 | 1,969 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/14 (2) | 540 | 539 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/15 (2) | 1,180 | 1,166 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/16 (2) | 4,655 | 4,507 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/19 (2) | 4,270 | 3,762 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/20 (2) | 12,965 | 10,966 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 4.000% | 3/1/22 | 5,500 | 6,358 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 5.000% | 10/1/22 | 2,190 | 2,628 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 5.000% | 10/1/23 | 2,160 | 2,599 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 5.400% | 10/1/24 (2) | 3,805 | 4,137 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/29 (2) | 30,240 | 14,329 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/30 (2) | 9,110 | 4,027 |
| Alameda County CA (Medical Center Project) COP | 5.375% | 6/1/14 (ETM) | 1,880 | 1,880 |
| Alameda County CA (Medical Center Project) COP | 5.375% | 6/1/15 (ETM) | 3,960 | 4,009 |
| Alameda County CA Joint Powers Authority | ||||
| Lease Revenue | 5.000% | 12/1/31 | 5,415 | 6,132 |
| Alameda County CA Joint Powers Authority | ||||
| Lease Revenue | 5.000% | 12/1/32 | 7,000 | 7,891 |
| Alameda County CA Joint Powers Authority | ||||
| Lease Revenue | 5.000% | 12/1/33 | 8,415 | 9,421 |
| Alameda County CA Joint Powers Authority | ||||
| Lease Revenue | 5.000% | 12/1/34 | 4,640 | 5,167 |
| Alvord CA Unified School District GO | 5.900% | 2/1/21 (14) | 2,230 | 2,741 |
| Alvord CA Unified School District GO | 5.900% | 2/1/24 (4) | 3,865 | 4,624 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/21 (14) | 4,425 | 4,928 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/22 (14) | 4,660 | 5,160 |
35
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/24 (14) | 5,175 | 5,710 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/25 (14) | 5,450 | 6,013 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.250% | 10/1/30 | 5,585 | 6,364 |
| Bakersfield CA Wastewater Revenue | 5.000% | 9/15/24 (4) | 7,600 | 8,552 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 10,000 | 10,869 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 11,625 | 12,635 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 300 | 326 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 2,455 | 2,668 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 3,100 | 3,369 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/17 (Prere.) | 3,055 | 3,439 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/17 (Prere.) | 3,000 | 3,377 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/18 | 2,610 | 2,920 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 6,250 | 7,498 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/27 | 3,750 | 4,377 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/28 | 5,000 | 5,784 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/28 | 5,000 | 5,852 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/29 | 8,000 | 9,193 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/29 | 7,000 | 8,082 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.250% | 4/1/29 | 11,280 | 13,184 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/30 | 16,700 | 19,240 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 7,645 | 8,634 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 16,125 | 18,471 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.956% | 8/1/17 | 32,550 | 32,881 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.450% | 8/1/17 | 12,500 | 12,672 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.760% | 10/1/19 | 5,000 | 4,998 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.760% | 10/1/19 | 5,825 | 5,823 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.960% | 5/1/23 | 7,000 | 6,975 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.160% | 4/1/24 | 5,000 | 5,032 |
36
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/21 | 5,500 | 6,618 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/22 | 7,295 | 8,884 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/23 | 6,150 | 7,545 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/24 | 5,110 | 6,179 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/25 | 4,020 | 4,791 |
| Cabrillo CA Community College District Revenue | 0.000% | 8/1/14 (14) | 2,655 | 2,654 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.250% | 6/1/21 | 10,275 | 10,317 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/15 | 26,850 | 28,048 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/16 | 19,625 | 21,401 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/16 | 5,000 | 5,452 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/17 | 14,600 | 16,481 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/17 | 25,000 | 28,220 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 | 17,950 | 20,791 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 | 1,810 | 2,096 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/19 | 1,215 | 1,441 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/19 | 19,590 | 23,236 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 3,660 | 4,415 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 22,890 | 27,613 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 18,000 | 21,714 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 5,000 | 5,995 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 40,000 | 46,486 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 20,000 | 23,243 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 6,500 | 8,001 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 14,675 | 17,055 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 10,825 | 12,885 |
37
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% | 12/1/14 (Prere.) | 180 | 184 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/14 (Prere.) | 3,355 | 3,436 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/20 | 1,250 | 1,520 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/21 | 5,645 | 6,932 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/22 | 6,000 | 7,434 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/24 | 5,000 | 5,778 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/26 | 8,565 | 9,847 |
| 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 | 4,649 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/28 | 3,350 | 3,910 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.250% | 12/1/28 | 4,505 | 5,415 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 3,530 | 4,096 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 8,255 | 9,703 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.250% | 12/1/29 | 4,640 | 5,574 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/30 | 2,720 | 3,140 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.250% | 12/1/30 | 1,850 | 2,215 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/31 | 3,910 | 4,491 |
| 2 California Economic Recovery GO | 5.250% | 7/1/14 (ETM) | 3,385 | 3,400 |
| California Economic Recovery GO | 5.250% | 7/1/14 | 11,615 | 11,666 |
| California Economic Recovery GO | 5.000% | 7/1/18 | 29,770 | 34,695 |
| California Economic Recovery GO | 5.000% | 7/1/19 | 32,330 | 38,532 |
| California Economic Recovery GO | 5.000% | 7/1/20 | 43,745 | 51,994 |
| California Economic Recovery GO | 5.250% | 7/1/21 | 45,385 | 54,304 |
| California Economic Recovery GO | 5.000% | 7/1/22 | 16,280 | 17,834 |
| California Economic Recovery GO PUT | 5.000% | 7/1/14 | 49,000 | 49,204 |
| California Economic Recovery GO VRDO | 0.040% | 6/2/14 LOC | 1,400 | 1,400 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/14 | 360 | 360 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/15 | 380 | 400 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/16 | 400 | 440 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/20 | 790 | 882 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/23 | 1,195 | 1,321 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/24 | 380 | 419 |
38
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.250% | 6/1/30 | 1,125 | 1,216 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.000% | 3/15/26 | 10,000 | 12,786 |
| California Educational Facilities Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/29 | 3,705 | 3,752 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 4.500% | 10/1/33 | 2,225 | 2,361 |
| 3 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.070% | 6/2/14 | 614 | 614 |
| 3 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.070% | 6/6/14 | 1,215 | 1,215 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/25 | 5,865 | 6,210 |
| California GO | 5.000% | 6/1/14 (Prere.) | 1,470 | 1,470 |
| California GO | 5.000% | 9/1/14 (Prere.) | 10,855 | 10,988 |
| California GO | 5.000% | 10/1/14 | 2,000 | 2,033 |
| California GO | 5.000% | 11/1/14 | 1,390 | 1,419 |
| California GO | 5.000% | 3/1/15 | 1,000 | 1,036 |
| California GO | 5.000% | 4/1/15 | 15,400 | 16,021 |
| California GO | 5.000% | 4/1/17 | 11,000 | 12,362 |
| California GO | 5.250% | 2/1/18 (14) | 8,000 | 9,272 |
| California GO | 6.000% | 2/1/18 (2) | 6,240 | 7,411 |
| California GO | 5.000% | 3/1/18 | 1,850 | 2,133 |
| California GO | 5.500% | 4/1/18 | 20,000 | 23,482 |
| 1 California GO | 0.960% | 5/1/18 | 9,000 | 9,128 |
| California GO | 5.000% | 8/1/18 | 1,895 | 2,123 |
| California GO | 5.000% | 10/1/18 | 14,095 | 16,491 |
| California GO | 5.000% | 10/1/18 | 20,000 | 23,400 |
| California GO | 5.500% | 4/1/19 | 11,245 | 13,496 |
| California GO | 5.000% | 5/1/19 | 10,000 | 10,442 |
| California GO | 5.000% | 8/1/19 | 30,000 | 31,679 |
| California GO | 5.000% | 10/1/19 | 21,000 | 24,945 |
| California GO | 5.000% | 10/1/19 (14) | 14,800 | 16,395 |
| California GO | 5.000% | 2/1/20 | 2,950 | 3,507 |
| California GO | 5.250% | 2/1/20 | 7,500 | 9,018 |
| California GO | 5.000% | 3/1/20 | 55,285 | 57,266 |
| California GO | 5.000% | 8/1/20 | 14,890 | 16,644 |
| California GO | 5.000% | 9/1/20 | 9,970 | 11,946 |
| California GO | 5.000% | 10/1/20 | 5,555 | 6,663 |
| California GO | 5.000% | 3/1/21 | 2,250 | 2,699 |
| California GO | 5.000% | 4/1/21 | 2,240 | 2,688 |
| California GO | 5.500% | 4/1/21 | 2,000 | 2,398 |
| California GO | 5.000% | 9/1/21 | 13,700 | 16,516 |
| California GO | 5.000% | 9/1/21 | 1,310 | 1,579 |
| California GO | 5.000% | 10/1/21 | 2,575 | 3,107 |
| California GO | 5.000% | 2/1/22 | 8,125 | 9,798 |
| California GO | 5.000% | 4/1/22 | 4,550 | 5,498 |
| California GO | 5.000% | 6/1/22 | 12,000 | 12,556 |
| California GO | 5.000% | 9/1/22 | 12,710 | 15,428 |
| California GO | 5.250% | 9/1/22 | 17,400 | 21,448 |
| California GO | 5.000% | 2/1/23 | 9,610 | 11,454 |
| California GO | 5.000% | 2/1/23 | 23,000 | 27,935 |
| California GO | 5.000% | 9/1/23 | 10,000 | 12,210 |
| California GO | 5.000% | 9/1/23 | 7,000 | 8,396 |
39
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.000% | 9/1/23 | 12,120 | 13,333 |
| California GO | 5.250% | 9/1/23 | 2,455 | 2,987 |
| California GO | 5.000% | 10/1/23 | 12,500 | 13,793 |
| California GO | 5.000% | 10/1/23 | 10,000 | 12,219 |
| California GO | 5.000% | 12/1/23 | 7,500 | 8,566 |
| California GO | 5.000% | 3/1/24 | 3,000 | 3,539 |
| California GO | 5.000% | 8/1/24 (4) | 31,275 | 33,002 |
| California GO | 5.000% | 8/1/24 | 10,100 | 11,238 |
| California GO | 5.000% | 9/1/24 | 10,000 | 11,878 |
| California GO | 5.000% | 10/1/24 | 13,440 | 14,811 |
| California GO | 5.000% | 10/1/24 | 11,420 | 13,116 |
| California GO | 5.000% | 11/1/24 | 5,000 | 5,963 |
| California GO | 5.000% | 11/1/24 | 6,000 | 6,826 |
| California GO | 5.000% | 12/1/24 | 15,500 | 18,759 |
| California GO | 5.000% | 12/1/24 | 2,000 | 2,281 |
| California GO | 5.000% | 2/1/25 | 12,940 | 15,129 |
| California GO | 5.125% | 3/1/25 | 2,100 | 2,404 |
| California GO | 5.000% | 8/1/25 | 18,525 | 20,555 |
| California GO | 5.000% | 9/1/25 | 1,500 | 1,734 |
| California GO | 5.000% | 9/1/25 | 2,185 | 2,573 |
| California GO | 5.000% | 10/1/25 | 13,865 | 16,473 |
| California GO | 5.000% | 10/1/25 | 8,490 | 9,689 |
| California GO | 5.000% | 11/1/25 | 1,500 | 1,773 |
| California GO | 5.000% | 12/1/25 | 21,015 | 23,878 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,385 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,787 |
| California GO | 5.000% | 4/1/26 | 27,480 | 31,261 |
| California GO | 5.000% | 9/1/26 | 2,500 | 2,864 |
| California GO | 5.000% | 11/1/26 | 7,500 | 8,786 |
| California GO | 5.000% | 4/1/27 | 24,285 | 27,403 |
| California GO | 5.750% | 4/1/27 | 31,455 | 37,570 |
| California GO | 4.500% | 8/1/27 | 7,875 | 8,478 |
| California GO | 5.000% | 9/1/27 | 5,500 | 6,263 |
| California GO | 5.000% | 10/1/27 | 13,875 | 16,190 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,916 |
| California GO | 5.750% | 4/1/28 | 30,000 | 35,833 |
| California GO | 5.000% | 6/1/28 | 10,005 | 10,429 |
| California GO | 5.000% | 9/1/28 | 17,500 | 19,875 |
| California GO | 5.250% | 9/1/28 | 6,000 | 7,033 |
| California GO | 5.250% | 2/1/29 | 2,790 | 3,232 |
| California GO | 5.000% | 9/1/29 | 16,000 | 18,094 |
| California GO | 5.000% | 9/1/29 | 6,000 | 6,827 |
| California GO | 5.000% | 10/1/29 | 10,245 | 11,459 |
| California GO | 5.250% | 3/1/30 | 20,000 | 23,138 |
| California GO | 5.000% | 5/1/30 | 13,870 | 16,092 |
| California GO | 4.500% | 8/1/30 | 3,100 | 3,293 |
| California GO | 5.000% | 9/1/30 | 10,180 | 11,477 |
| California GO | 5.000% | 9/1/30 | 10,000 | 11,308 |
| California GO | 5.250% | 9/1/30 | 5,000 | 5,894 |
| California GO | 5.000% | 3/1/31 | 5,535 | 5,874 |
| California GO | 5.750% | 4/1/31 | 30,000 | 35,525 |
| California GO | 5.000% | 5/1/31 | 15,000 | 17,293 |
| California GO | 5.000% | 12/1/31 (14) | 75 | 75 |
| California GO | 5.000% | 12/1/31 | 6,000 | 6,884 |
| California GO | 5.000% | 2/1/32 | 2,540 | 2,839 |
40
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.000% | 9/1/32 | 1,000 | 1,062 |
| California GO | 6.000% | 3/1/33 | 12,000 | 14,509 |
| California GO | 5.125% | 4/1/33 | 6,550 | 7,284 |
| California GO | 6.500% | 4/1/33 | 22,715 | 27,815 |
| California GO | 4.750% | 6/1/35 | 3,000 | 3,101 |
| 1 California GO PUT | 0.936% | 12/3/18 | 1,000 | 1,012 |
| California GO VRDO | 0.030% | 6/2/14 LOC | 6,200 | 6,200 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 1,600 | 1,600 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 5,000 | 5,000 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 9,900 | 9,900 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 3,000 | 3,000 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 14,500 | 14,500 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 2,600 | 2,600 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 16,600 | 16,600 |
| California GO VRDO | 0.050% | 6/2/14 LOC | 9,700 | 9,700 |
| California GO VRDO | 0.060% | 6/2/14 LOC | 5,700 | 5,700 |
| California GO VRDO | 0.020% | 6/6/14 LOC | 40,000 | 40,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/25 | 5,700 | 6,518 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/26 | 2,000 | 2,271 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) VRDO | 0.050% | 6/2/14 LOC | 7,600 | 7,600 |
| California Health Facilities Financing Authority | ||||
| Revenue (California-Nevada Methodist Homes) | 5.000% | 7/1/26 | 1,740 | 1,881 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 7/1/19 | 1,000 | 1,153 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/20 | 4,750 | 5,502 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/21 | 3,810 | 4,441 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/22 | 8,000 | 9,503 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.500% | 7/1/25 | 5,300 | 6,052 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 19,820 | 22,346 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/27 | 7,500 | 8,407 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/29 | 4,250 | 4,903 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) PUT | 5.000% | 7/1/14 | 9,000 | 9,037 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/14 | 4,000 | 4,089 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/16 | 2,000 | 2,134 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/17 | 4,585 | 4,886 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/19 | 1,000 | 1,181 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/20 | 2,100 | 2,508 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/21 | 2,000 | 2,402 |
41
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% | 11/15/22 | 3,500 | 3,962 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,370 | 1,540 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/24 | 2,910 | 3,218 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/29 | 2,890 | 3,093 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los | ||||
| Angeles) PUT | 1.860% | 7/1/17 | 5,255 | 5,291 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 6.250% | 11/1/29 | 5,000 | 5,851 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 5.000% | 11/1/31 | 2,000 | 2,154 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange | ||||
| County) VRDO | 0.050% | 6/6/14 LOC | 9,000 | 9,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 4.000% | 6/1/16 | 735 | 784 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/19 | 300 | 348 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/21 | 450 | 523 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/22 | 875 | 1,017 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/23 | 760 | 870 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/25 | 310 | 347 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/26 | 805 | 895 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/14 | 730 | 746 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/19 | 800 | 943 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 4.000% | 11/15/20 | 750 | 843 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/21 | 1,400 | 1,675 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/23 | 1,500 | 1,769 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/24 | 1,700 | 1,991 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/25 | 2,250 | 2,619 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/32 | 12,500 | 13,642 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/35 | 3,500 | 3,791 |
| 3 California Health Facilities Financing Authority | ||||
| Revenue (Kaiser Foundation Hospitals) | ||||
| TOB VRDO | 0.060% | 6/6/14 LOC | 6,900 | 6,900 |
42
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 | ||||
| Hospital at Stanford) | 4.000% | 8/15/19 | 500 | 569 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) | 5.000% | 8/15/21 | 800 | 967 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) | 5.000% | 8/15/22 | 500 | 604 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 3.000% | 10/1/14 | 550 | 556 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/18 | 1,320 | 1,539 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/19 | 1,500 | 1,702 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/19 | 1,000 | 1,186 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/20 | 1,800 | 2,047 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/20 | 1,000 | 1,197 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/21 | 1,000 | 1,136 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/21 | 1,000 | 1,205 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/22 | 2,250 | 2,513 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/22 | 2,400 | 2,863 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/24 | 5,000 | 5,847 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/25 | 5,000 | 5,810 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.250% | 10/1/24 | 3,000 | 3,580 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.250% | 10/1/28 | 4,000 | 4,809 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/20 | 500 | 585 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/26 | 6,000 | 7,007 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 2,520 | 2,767 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 10/1/17 | 2,515 | 2,859 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 10/1/18 | 3,000 | 3,494 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/25 | 750 | 862 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/27 | 850 | 964 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/28 | 1,175 | 1,326 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/32 | 1,000 | 1,111 |
43
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.000% | 7/1/29 | 4,970 | 5,696 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.500% | 7/1/29 | 10,000 | 11,637 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.000% | 7/1/33 | 6,250 | 7,026 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) PUT | 5.000% | 10/16/14 | 15,000 | 15,273 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) PUT | 5.000% | 10/15/20 | 12,500 | 14,816 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/19 | 2,000 | 2,383 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 4.000% | 8/15/21 | 2,250 | 2,581 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/23 | 1,830 | 2,194 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.250% | 11/15/31 | 2,000 | 2,230 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/20 | 2,200 | 2,643 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/21 | 1,275 | 1,542 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/22 | 1,090 | 1,298 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.500% | 8/15/26 | 4,750 | 5,525 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 8/15/31 | 4,500 | 5,108 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 5,000 | 6,018 |
| California Housing Finance Agency Multifamily | ||||
| Housing Revenue | 0.850% | 8/1/16 | 750 | 751 |
| 3 California Infrastructure & Economic Development | ||||
| Bank Revenue (Bay Area Toll Bridges Seismic | ||||
| Retrofit) TOB VRDO | 0.080% | 6/2/14 (ETM) | 43,020 | 43,020 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Independent System Operator | ||||
| Corp. Project) | 5.000% | 2/1/34 | 10,000 | 10,933 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (Index-Museum Art Project) PUT | 1.855% | 8/1/18 | 6,000 | 5,996 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) | 4.000% | 10/1/15 | 1,400 | 1,472 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.360% | 4/1/15 | 10,050 | 10,053 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.340% | 4/1/16 | 3,190 | 3,189 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.340% | 4/3/17 | 6,100 | 6,100 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.040% | 6/2/14 LOC | 9,200 | 9,200 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.040% | 6/2/14 LOC | 11,645 | 11,645 |
44
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/18 (14) | 1,785 | 1,889 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/19 (14) | 1,040 | 1,095 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/21 (14) | 1,145 | 1,189 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (SRI International) VRDO | 0.070% | 6/6/14 LOC | 4,500 | 4,500 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (State Revolving Fund) | 5.000% | 10/1/14 (Prere.) | 7,000 | 7,114 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated | ||||
| Group) COP | 5.375% | 2/1/29 | 16,610 | 17,617 |
| 4 California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/21 | 565 | 647 |
| 4 California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/23 | 400 | 456 |
| 4 California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/30 | 1,000 | 1,087 |
| California Municipal Finance Authority Recovery | ||||
| Zone Revenue (Chevron USA Inc. Project) VRDO | 0.040% | 6/2/14 | 17,640 | 17,640 |
| 1 California Municipal Finance Authority Revenue | ||||
| (NorthBay Healthcare Group) PUT | 2.160% | 11/1/16 | 5,000 | 5,015 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/16 | 1,000 | 1,074 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 4.750% | 6/1/18 | 2,325 | 2,569 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/19 | 2,375 | 2,681 |
| California Pollution Control Financing Authority | ||||
| Environmental Improvement Revenue (BP West | ||||
| Coast Products LLC Project) PUT | 2.600% | 9/2/14 | 13,550 | 13,625 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.040% | 6/2/14 LOC | 36,100 | 36,100 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.050% | 6/2/14 LOC | 11,000 | 11,000 |
| California Pollution Control Financing Authority | ||||
| Revenue (San Diego Gas & Electric Co.) | 5.900% | 6/1/14 (14) | 2,025 | 2,025 |
| California Public Works Board Lease Revenue | ||||
| (Butterfield State Office Complex) | 5.000% | 6/1/20 | 3,895 | 4,078 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/15 | 1,250 | 1,310 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/16 | 7,160 | 7,815 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/16 | 3,785 | 4,183 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/18 (2) | 27,790 | 29,864 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/21 | 3,975 | 4,258 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/21 | 5,000 | 5,977 |
45
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/21 | 1,375 | 1,654 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/22 | 9,425 | 11,330 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/22 | 1,500 | 1,807 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/23 | 2,350 | 2,829 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/24 | 4,250 | 5,124 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/24 | 1,925 | 2,322 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/31 | 5,000 | 5,697 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.750% | 10/1/31 | 6,000 | 7,044 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/32 | 5,000 | 5,669 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.250% | 10/1/32 | 5,000 | 5,829 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/33 | 5,000 | 5,637 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.250% | 10/1/33 | 3,000 | 3,477 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.000% | 4/1/27 | 5,000 | 5,909 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 1,500 | 1,500 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 8,000 | 8,001 |
| California Public Works Board Lease Revenue | ||||
| (Department of Mental Health) | 5.500% | 6/1/14 (Prere.) | 5,000 | 5,001 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/27 | 5,000 | 5,777 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/28 | 5,825 | 6,679 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/29 | 5,000 | 5,695 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/25 | 1,500 | 1,760 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/26 | 1,500 | 1,746 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/27 | 7,000 | 7,992 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/28 | 2,860 | 3,269 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/28 | 4,980 | 5,666 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/29 | 2,500 | 2,839 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/29 | 5,000 | 5,642 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/33 | 1,650 | 1,834 |
46
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.500% | 6/1/14 (ETM) | 2,635 | 2,635 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 4/1/15 (Prere.) | 5,765 | 5,997 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.250% | 11/1/15 (Prere.) | 9,010 | 9,652 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 6/1/20 (ETM) | 7,670 | 9,290 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 10/1/20 (ETM) | 2,015 | 2,454 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 10/1/21 (ETM) | 1,650 | 2,028 |
| California Public Works Board Lease Revenue | ||||
| (Trustees of The California State University) | 5.300% | 10/1/15 (2) | 6,655 | 6,682 |
| California Public Works Board Lease Revenue | ||||
| (Trustees of The California State University) | 5.375% | 10/1/16 (14) | 4,750 | 4,770 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/14 | 4,745 | 4,842 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 4.000% | 11/1/15 | 1,500 | 1,580 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/16 | 6,395 | 7,088 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/18 | 4,000 | 4,656 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.250% | 11/1/20 | 5,000 | 5,949 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 5,000 | 6,160 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (ETM) | 5,400 | 6,652 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 2,645 | 3,258 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/22 | 1,500 | 1,807 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.375% | 3/1/23 | 9,065 | 10,490 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/23 | 4,180 | 4,927 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/23 | 1,000 | 1,185 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/24 | 2,000 | 2,343 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/25 | 3,560 | 4,146 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/30 | 3,000 | 3,350 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/30 | 5,545 | 6,620 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/31 | 3,000 | 3,336 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/31 | 1,650 | 1,844 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/31 | 7,000 | 8,313 |
47
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% | 11/1/32 | 11,465 | 12,762 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/33 | 4,670 | 5,546 |
| California State University Revenue Systemwide | 5.000% | 5/1/15 (Prere.) | 11,955 | 12,488 |
| California State University Revenue Systemwide | 5.000% | 11/1/15 | 1,040 | 1,111 |
| California State University Revenue Systemwide | 5.250% | 11/1/20 | 3,515 | 4,125 |
| California State University Revenue Systemwide | 5.000% | 11/1/22 (2) | 6,485 | 6,767 |
| California State University Revenue Systemwide | 5.000% | 11/1/23 | 5,605 | 6,896 |
| California State University Revenue Systemwide | 5.000% | 11/1/23 | 3,960 | 4,732 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 2,915 | 3,446 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 8,690 | 9,882 |
| California State University Revenue Systemwide | 5.000% | 11/1/25 | 11,820 | 13,374 |
| California State University Revenue Systemwide | 5.000% | 11/1/26 | 12,530 | 14,178 |
| California State University Revenue Systemwide | 5.000% | 11/1/27 | 5,740 | 6,707 |
| California State University Revenue Systemwide | 5.000% | 11/1/27 | 5,000 | 5,643 |
| California State University Revenue Systemwide | 4.000% | 11/1/29 | 3,900 | 4,123 |
| California State University Revenue Systemwide | 5.000% | 11/1/30 (4) | 7,660 | 8,644 |
| 3 California State University Revenue Systemwide | ||||
| TOB VRDO | 0.140% | 6/6/14 (4) | 5,000 | 5,000 |
| California Statewide Communities Development | ||||
| Authority Health Facility Revenue (Adventist | ||||
| Health System/West) | 5.000% | 3/1/25 | 14,975 | 15,453 |
| California Statewide Communities Development | ||||
| Authority Revenue (American Baptist Homes) | 2.100% | 10/1/19 | 5,455 | 5,459 |
| California Statewide Communities Development | ||||
| Authority Revenue (American Baptist Homes) | 2.400% | 10/1/20 | 1,450 | 1,450 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.250% | 11/1/30 | 11,500 | 12,558 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.000% | 7/1/22 | 5,155 | 4,911 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.250% | 7/1/25 | 1,775 | 1,683 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System) | 5.250% | 7/1/24 | 1,730 | 1,649 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/18 | 610 | 683 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/27 | 500 | 541 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/32 | 680 | 723 |
| California Statewide Communities Development | ||||
| Authority Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.250% | 11/15/34 | 4,350 | 4,571 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial | ||||
| Hospital) | 5.000% | 7/1/18 | 6,190 | 6,496 |
48
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Institute for Defense | ||||
| Analyses) VRDO | 0.070% | 6/6/14 (2)LOC | 3,155 | 3,155 |
| California Statewide Communities Development | ||||
| Authority Revenue (John Muir Health) VRDO | 0.060% | 6/2/14 LOC | 2,750 | 2,750 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.250% | 8/1/31 | 3,200 | 3,360 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) PUT | 5.000% | 5/1/17 | 6,000 | 6,748 |
| California Statewide Communities Development | ||||
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/22 | 8,000 | 8,972 |
| California Statewide Communities Development | ||||
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/27 | 8,975 | 10,033 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) | 5.000% | 8/15/20 (14) | 2,440 | 2,654 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) | 5.000% | 8/15/23 (14) | 5,285 | 5,735 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sherman Oaks Project) | 5.500% | 8/1/15 (2) | 4,685 | 4,944 |
| California Statewide Communities Development | ||||
| Authority Revenue (St. Joseph Health System) | 4.500% | 7/1/18 (4) | 9,100 | 9,741 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/19 | 530 | 631 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/20 | 500 | 603 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/22 | 1,050 | 1,276 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.250% | 8/15/31 | 7,500 | 8,345 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/32 | 11,820 | 13,061 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue (Southern | ||||
| California Presbyterian Homes) | 7.000% | 11/15/29 | 2,000 | 2,312 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.000% | 5/15/17 | 200 | 223 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.500% | 5/15/26 | 5,000 | 5,476 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.125% | 5/15/31 | 7,000 | 7,509 |
| Calleguas-Las Virgenes CA Public Financing | ||||
| Authority Revenue (Municipal Water District | ||||
| Project) VRDO | 0.030% | 6/6/14 LOC | 7,100 | 7,100 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Carson Merged & Amended | ||||
| Project Area) | 5.000% | 10/1/22 | 1,130 | 1,348 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Carson Merged & Amended | ||||
| Project Area) | 5.000% | 10/1/23 | 1,170 | 1,403 |
49
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/19 (4) | 800 | 929 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/20 (4) | 785 | 919 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/21 (4) | 850 | 1,002 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/22 (4) | 600 | 714 |
| 3 Central Basin Municipal Water District California | ||||
| COP TOB VRDO | 0.080% | 6/6/14 (4) | 7,500 | 7,500 |
| Central CA Unified School District GO | 5.500% | 8/1/29 (12) | 3,000 | 3,384 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.000% | 7/1/17 | 1,000 | 1,128 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.000% | 7/1/19 | 765 | 898 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.250% | 7/1/20 | 1,025 | 1,226 |
| Cerritos CA Community College District GO | 0.000% | 8/1/20 | 500 | 435 |
| Cerritos CA Community College District GO | 0.000% | 8/1/22 | 500 | 391 |
| Cerritos CA Community College District GO | 0.000% | 8/1/23 | 500 | 369 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/23 | 2,225 | 2,682 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/25 | 5,000 | 5,963 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/27 | 3,000 | 3,513 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/30 | 7,500 | 8,604 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/31 | 7,500 | 8,552 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/32 | 13,000 | 14,758 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.000% | 9/1/23 | 2,700 | 3,156 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.250% | 9/1/24 | 3,330 | 3,908 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/25 | 3,605 | 4,239 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/26 | 3,800 | 4,413 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/27 | 1,000 | 1,155 |
| 4 Citrus CA Community College District GO | 0.000% | 8/1/33 | 1,000 | 691 |
| 4 Citrus CA Community College District GO | 0.000% | 8/1/35 | 2,150 | 1,457 |
| Clovis CA Unified School District GO | 0.000% | 8/1/18 (14) | 3,645 | 3,401 |
| Coast CA Community College District GO | 5.000% | 8/1/26 | 5,255 | 6,289 |
| Coast CA Community College District GO | 5.000% | 8/1/28 | 2,595 | 3,063 |
| Colton CA Joint Unified School District GO | 4.000% | 8/1/16 (4) | 1,000 | 1,077 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/23 (4) | 765 | 919 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/24 (4) | 1,050 | 1,260 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/25 (4) | 1,000 | 1,187 |
| Colton CA Public Financing Authority Electric | ||||
| Revenue | 5.000% | 4/1/23 | 2,065 | 2,375 |
| Colton CA Public Financing Authority Electric | ||||
| Revenue | 5.000% | 4/1/24 | 1,665 | 1,902 |
50
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Contra Costa CA Community College District GO | 5.000% | 8/1/24 | 4,140 | 4,995 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/32 | 3,000 | 3,447 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/33 | 4,000 | 4,578 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/24 | 1,080 | 1,265 |
| 1 Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue PUT | 0.472% | 12/15/15 | 12,000 | 12,005 |
| Contra Costa County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 6/1/22 (14) | 15,300 | 17,017 |
| Corona-Norco CA School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/21 | 500 | 572 |
| Corona-Norco CA School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/23 | 500 | 577 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/20 (12) | 1,825 | 1,593 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/21 (12) | 2,010 | 1,663 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/22 (12) | 1,700 | 1,336 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/23 (12) | 1,000 | 742 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/25 (12) | 1,325 | 903 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/26 (12) | 1,530 | 973 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/27 (12) | 1,500 | 888 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/28 (12) | 1,290 | 723 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/23 | 1,145 | 1,339 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/24 | 1,325 | 1,528 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/25 | 2,525 | 2,869 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/27 | 1,000 | 1,115 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/28 | 1,590 | 1,765 |
| Covina-Valley CA Unified School District GO | 5.000% | 8/1/28 | 2,000 | 2,324 |
| Covina-Valley CA Unified School District GO | 5.000% | 8/1/29 | 2,080 | 2,400 |
| Culver City CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.375% | 11/1/16 (4) | 3,260 | 3,274 |
| Cupertino CA Union School District GO | 5.000% | 8/1/25 | 3,235 | 3,933 |
| Cupertino CA Union School District GO | 5.000% | 8/1/26 | 3,500 | 4,199 |
| Cupertino CA Union School District GO | 5.000% | 8/1/31 | 2,000 | 2,348 |
| Cupertino CA Union School District GO | 5.000% | 8/1/32 | 2,000 | 2,331 |
| 1 East Bay CA Municipal Utility District Waste | ||||
| Water System Revenue PUT | 0.260% | 12/1/15 | 11,000 | 11,000 |
| 1 East Bay CA Municipal Utility District Waste | ||||
| Water System Revenue PUT | 0.260% | 12/1/15 | 9,000 | 9,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/14 | 2,000 | 2,000 |
| 4 East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/29 | 2,500 | 3,006 |
| 4 East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 3,250 | 3,886 |
51
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 2,005 | 2,307 |
| 4 East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/31 | 4,700 | 5,588 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/31 | 16,020 | 18,190 |
| 4 East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/32 | 4,825 | 5,704 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/28 | 4,415 | 5,089 |
| East Side CA Union High School District Santa | ||||
| Clara County GO | 5.000% | 8/1/29 | 6,000 | 6,847 |
| Eastern California Municipal Water District | ||||
| Water & Sewer COP | 5.000% | 7/1/26 | 5,245 | 5,957 |
| Eastern California Municipal Water District | ||||
| Water & Sewer COP | 5.000% | 7/1/27 | 6,220 | 7,077 |
| Eastern California Municipal Water District | ||||
| Water & Sewer COP | 5.000% | 7/1/28 | 1,000 | 1,138 |
| El Camino CA Community College District GO | 0.000% | 8/1/29 | 8,065 | 4,436 |
| El Camino CA Community College District GO | 0.000% | 8/1/32 | 10,000 | 4,699 |
| El Camino CA Community College District GO | 0.000% | 8/1/33 | 3,500 | 1,551 |
| El Dorado CA Irrigation District Revenue | 4.500% | 3/1/19 (4) | 2,000 | 2,284 |
| El Dorado CA Irrigation District Revenue | 4.750% | 3/1/20 (4) | 1,500 | 1,741 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/21 (4) | 2,280 | 2,699 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/28 (4) | 1,500 | 1,741 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/29 (4) | 2,000 | 2,305 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/34 (4) | 5,460 | 6,122 |
| El Dorado County CA Community Facilities | ||||
| District No. 92-1 Special Tax Revenue | 5.000% | 9/1/21 | 2,000 | 2,320 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/28 | 1,000 | 1,100 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/29 | 800 | 874 |
| 4 Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/26 | 1,725 | 1,929 |
| 4 Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/27 | 1,810 | 2,018 |
| 4 Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/28 | 1,900 | 2,100 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/21 (2) | 3,335 | 3,520 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/23 (2) | 2,875 | 3,034 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/24 (2) | 3,575 | 3,773 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/26 (2) | 4,480 | 4,728 |
| Fontana CA Unified School District GO | 5.250% | 8/1/26 (4) | 4,350 | 4,994 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/23 (4) | 4,735 | 3,436 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/25 | 2,130 | 1,335 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/26 | 3,000 | 1,882 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/27 | 5,000 | 3,150 |
52
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/31 (4) | 1,000 | 661 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.250% | 1/15/33 | 5,000 | 5,804 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue PUT | 5.000% | 1/15/20 | 21,385 | 23,966 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue PUT | 5.500% | 1/15/23 | 20,250 | 23,402 |
| Fresno CA Sewer Revenue | 5.000% | 9/1/24 (12) | 830 | 954 |
| Fullerton CA Community Facilities District No. 1 | ||||
| Special Tax Revenue (Amerige Heights) | 5.000% | 9/1/26 | 1,000 | 1,111 |
| Fullerton CA Community Facilities District No. 1 | ||||
| Special Tax Revenue (Amerige Heights) | 5.000% | 9/1/32 | 1,600 | 1,717 |
| Gilroy CA School Facilities Finance Authority | ||||
| Revenue | 5.000% | 8/1/33 | 2,400 | 2,635 |
| Glendale CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue (Central Glendale | ||||
| Redevelopment Project) | 2.000% | 12/1/14 (4) | 1,750 | 1,764 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/16 | 3,000 | 3,211 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 4.500% | 6/1/27 | 17,185 | 15,618 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/28 | 3,210 | 1,819 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/29 | 6,965 | 3,697 |
| Grossmont-Cuyamaca CA Community College | ||||
| District GO | 0.000% | 8/1/25 (12) | 14,010 | 9,550 |
| Grossmont-Cuyamaca CA Community College | ||||
| District GO | 0.000% | 8/1/28 (12) | 21,875 | 12,673 |
| Hemet CA Multifamily Housing Revenue | ||||
| (Sunwest Retirement Village) VRDO | 0.060% | 6/6/14 | 800 | 800 |
| Huntington Beach CA Union High School | ||||
| District GO | 5.000% | 8/1/14 (Prere.) | 3,530 | 3,559 |
| Imperial CA Irrigation District Electric Revenue | 5.000% | 11/1/26 | 1,500 | 1,680 |
| Inland Empire Tobacco Securitization Authority | ||||
| California Revenue | 4.625% | 6/1/21 | 6,950 | 6,491 |
| Irvine CA Assessment District No. 89-10 | ||||
| Improvement Revenue (Northwest Irvine) VRDO | 0.040% | 6/2/14 LOC | 3,559 | 3,559 |
| Irvine CA Assessment District No. 97-17 | ||||
| Improvement Revenue VRDO | 0.040% | 6/2/14 LOC | 19,400 | 19,400 |
| Irvine CA Ranch Water District Revenue VRDO | 0.050% | 6/2/14 LOC | 7,300 | 7,300 |
| Irvine CA Reassessment District No. 05-21 | ||||
| Improvement Revenue VRDO | 0.040% | 6/2/14 LOC | 11,200 | 11,200 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/18 | 1,350 | 1,488 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/19 | 2,000 | 2,200 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/20 | 2,425 | 2,639 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/21 | 1,750 | 1,898 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 5.000% | 9/2/23 | 400 | 463 |
| Irvine CA Reassessment District No. 13-1 | ||||
| Improvement Revenue | 5.000% | 9/2/20 | 350 | 404 |
53
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Irvine CA Reassessment District No. 13-1 | ||||
| Improvement Revenue | 5.000% | 9/2/22 | 1,125 | 1,304 |
| Irvine CA Reassessment District No. 85-7A | ||||
| Improvement Revenue VRDO | 0.040% | 6/2/14 LOC | 2,300 | 2,300 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax | ||||
| Revenue VRDO | 0.050% | 6/2/14 LOC | 5,550 | 5,550 |
| Irvine CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/25 (2) | 8,645 | 9,096 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/14 | 2,000 | 2,000 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/15 | 1,750 | 1,804 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/16 | 2,500 | 2,654 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/17 | 1,110 | 1,226 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/18 | 3,255 | 3,638 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/19 | 3,415 | 3,843 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/20 | 1,585 | 1,788 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/21 | 3,755 | 4,241 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/22 | 3,950 | 4,469 |
| Kings River Conservation District California COP | 5.000% | 5/1/15 (ETM) | 2,590 | 2,706 |
| Kings River Conservation District California COP | 5.000% | 5/1/15 | 1,755 | 1,831 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/23 | 750 | 889 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/24 | 1,250 | 1,451 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/25 | 1,250 | 1,430 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/30 | 1,500 | 1,640 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/31 | 2,095 | 2,274 |
| Lee Lake CA Public Financing Authority Revenue | 5.000% | 9/1/21 | 1,810 | 2,094 |
| Lee Lake CA Public Financing Authority Revenue | 5.000% | 9/1/23 | 2,190 | 2,560 |
| Loma Linda CA Hospital Revenue (Loma Linda | ||||
| University) | 5.000% | 12/1/18 | 8,665 | 8,889 |
| Long Beach CA Community College District GO | 0.000% | 6/1/29 (ETM) | 960 | 604 |
| Long Beach CA Community College District GO | 0.000% | 6/1/29 (4) | 5,420 | 3,109 |
| Long Beach CA Finance Authority Lease Revenue | 6.000% | 11/1/17 (2) | 2,285 | 2,409 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.250% | 11/15/20 | 3,195 | 3,631 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.250% | 11/15/22 | 260 | 297 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.000% | 11/15/24 | 7,905 | 8,914 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.560% | 11/15/25 | 16,845 | 15,519 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.580% | 11/15/26 | 10,025 | 9,179 |
| Long Beach CA Unified School District GO | 5.000% | 8/1/30 | 5,000 | 5,739 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/14 | 3,500 | 3,523 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/21 (4) | 10,000 | 10,552 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/24 | 6,500 | 7,533 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/25 | 5,000 | 5,773 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/25 | 5,000 | 5,961 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 6,960 | 8,028 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 4,250 | 4,875 |
54
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Community College District GO | 4.000% | 8/1/31 | 6,145 | 6,433 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/31 (4) | 5,000 | 5,374 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/32 (4) | 5,000 | 5,542 |
| 3 Los Angeles CA Community College District GO | ||||
| TOB VRDO | 0.060% | 6/6/14 | 2,800 | 2,800 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/22 | 1,000 | 1,204 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/23 | 1,420 | 1,692 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/24 | 1,700 | 2,009 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/24 | 4,000 | 4,568 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/25 | 1,500 | 1,756 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/25 | 3,000 | 3,452 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/26 | 5,500 | 6,371 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/28 | 10,000 | 11,702 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 4,385 | 4,965 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 1,115 | 1,279 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/29 | 10,000 | 11,539 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 1,200 | 1,368 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 1,835 | 2,068 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/31 | 1,190 | 1,347 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/32 | 1,700 | 1,916 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/33 | 1,510 | 1,693 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/34 | 4,135 | 4,602 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 4.000% | 1/1/16 | 9,075 | 9,542 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 1/1/16 | 8,300 | 8,838 |
| 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% | 7/1/22 | 10,000 | 12,050 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 (4) | 20,605 | 21,670 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 | 1,335 | 1,563 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 | 5,605 | 6,817 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/24 | 2,770 | 3,184 |
55
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% | 7/1/25 | 10,000 | 11,929 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 2,350 | 2,674 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 2,000 | 2,291 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 1,500 | 1,772 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 5,000 | 5,694 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 1,655 | 1,920 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/28 | 2,000 | 2,315 |
| 4 Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 1,500 | 1,758 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 1,670 | 1,901 |
| 4 Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 | 10,000 | 11,637 |
| 4 Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 7,000 | 8,095 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 (2) | 3,755 | 4,071 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 (4) | 7,305 | 7,630 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 15,000 | 17,306 |
| 4 Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 6,730 | 7,729 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 7,000 | 8,088 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 (2) | 1,940 | 2,145 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 6,055 | 6,939 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/33 | 5,000 | 5,747 |
| 3 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.090% | 6/2/14 | 23,000 | 23,000 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.040% | 6/2/14 | 16,000 | 16,000 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.050% | 6/2/14 | 9,500 | 9,500 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.040% | 6/6/14 | 9,500 | 9,500 |
| Los Angeles CA GO | 5.000% | 9/1/14 (Prere.) | 4,055 | 4,105 |
| Los Angeles CA GO | 5.000% | 9/1/22 | 10,000 | 12,293 |
| Los Angeles CA GO | 5.000% | 9/1/28 | 5,850 | 6,994 |
| Los Angeles CA GO | 5.000% | 9/1/29 | 5,850 | 6,947 |
| Los Angeles CA GO | 5.000% | 9/1/30 | 5,850 | 6,917 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/23 | 2,250 | 2,674 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/25 | 3,795 | 4,434 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Figueroa Plaza) | 5.000% | 8/1/14 (Prere.) | 345 | 348 |
56
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% | 8/1/28 (14)(3) | 8,635 | 8,700 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/21 (14) | 10,830 | 11,986 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/22 (14) | 6,500 | 7,185 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/23 (14) | 14,700 | 16,229 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 4.750% | 1/1/31 (14) | 10,000 | 10,517 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/14 | 5,000 | 5,021 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/14 (ETM) | 5,000 | 5,021 |
| Los Angeles CA Unified School District GO | 6.000% | 7/1/14 (3) | 1,440 | 1,447 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/15 | 6,350 | 6,684 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (3) | 2,000 | 2,196 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (4) | 3,515 | 3,986 |
| Los Angeles CA Unified School District GO | 5.500% | 7/1/17 (3) | 2,800 | 3,218 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/18 (2) | 4,000 | 4,396 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/18 (2) | 5,000 | 5,664 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 (3) | 5,000 | 5,021 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 (3) | 5,000 | 5,491 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (2) | 14,135 | 15,516 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 9,000 | 9,879 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 5,000 | 5,488 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/21 (2) | 15,940 | 17,451 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/22 (2) | 16,760 | 18,338 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/23 (4) | 30,825 | 34,082 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/23 (2) | 6,000 | 6,756 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/23 (4) | 12,975 | 14,610 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/24 (4) | 6,600 | 7,291 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (4) | 17,210 | 19,334 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/25 (14) | 2,450 | 2,700 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/25 (2) | 10,235 | 11,162 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 1,600 | 1,890 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/26 (2) | 10,005 | 11,011 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 5,710 | 6,625 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 1,595 | 1,844 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 8,375 | 9,729 |
| Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 21,900 | 23,684 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/28 | 8,395 | 9,703 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 (4) | 5,365 | 6,023 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 (2) | 7,845 | 8,521 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 5,000 | 5,935 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 (2) | 6,485 | 6,976 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/31 (2) | 7,015 | 7,491 |
| Los Angeles CA Unified School District GO | 4.750% | 7/1/32 (4) | 8,000 | 8,724 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 3,515 | 3,878 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/15 | 2,650 | 2,779 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/16 | 2,500 | 2,735 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/26 | 13,045 | 15,415 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/29 | 10,000 | 11,560 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/30 (14) | 1,305 | 1,359 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/32 | 10,880 | 12,521 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/33 | 16,925 | 19,391 |
57
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/16 | 3,250 | 3,577 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/20 | 4,000 | 4,735 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/20 | 6,000 | 7,254 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/21 | 3,000 | 3,676 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 10,000 | 12,258 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 5,075 | 6,226 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 10,000 | 12,157 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/14 (14) | 24,180 | 24,767 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (14) | 8,940 | 9,550 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/19 (14) | 4,860 | 5,189 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/20 (14) | 5,000 | 5,333 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/21 | 1,000 | 1,192 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/21 (14) | 6,460 | 6,890 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/22 | 1,000 | 1,198 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 9/1/22 (14) | 1,940 | 2,126 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/22 (14) | 6,790 | 7,239 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/23 | 1,500 | 1,767 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/23 (14) | 2,175 | 2,319 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/24 | 1,515 | 1,771 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/24 (14) | 3,095 | 3,295 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/25 | 1,325 | 1,534 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 9/1/31 (14) | 17,000 | 18,181 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Revenue (Regional Park & Open | ||||
| Space District) | 5.250% | 10/1/17 (4) | 1,000 | 1,149 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/21 | 1,670 | 1,974 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/22 | 4,555 | 5,417 |
58
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/23 | 2,105 | 2,510 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/24 | 2,215 | 2,616 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Various Project Areas) | 3.000% | 9/1/14 | 3,110 | 3,130 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Various Project Areas) | 4.000% | 9/1/15 | 1,000 | 1,042 |
| Los Angeles County CA Unified School District GO | 5.000% | 7/1/21 | 12,500 | 15,248 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 7,000 | 9,493 |
| Marina Coast Water District California Enterprise | ||||
| Revenue COP | 5.000% | 6/1/31 (14) | 3,005 | 3,220 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/23 | 1,035 | 1,162 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/25 | 2,630 | 2,903 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/28 | 1,500 | 1,627 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/17 | 15,000 | 17,059 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/18 | 20,000 | 23,352 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/20 | 4,000 | 4,841 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/21 | 2,700 | 3,299 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/30 (4) | 6,825 | 7,141 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/30 | 2,120 | 2,470 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/30 | 3,585 | 4,161 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 1/1/31 | 1,150 | 1,309 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/31 | 2,250 | 2,608 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/31 | 2,930 | 3,360 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/31 | 11,065 | 12,775 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/32 | 9,965 | 11,452 |
| Metropolitan Water District of Southern | ||||
| California Revenue PUT | 2.500% | 10/1/14 | 5,000 | 5,010 |
| 1 Metropolitan Water District of Southern | ||||
| California Revenue PUT | 0.210% | 5/1/15 | 7,350 | 7,352 |
| 1 Metropolitan Water District of Southern | ||||
| California Revenue PUT | 0.210% | 5/1/15 | 5,000 | 5,001 |
| 1 Metropolitan Water District of Southern | ||||
| California Revenue PUT | 0.410% | 5/1/15 | 10,000 | 10,016 |
| Metropolitan Water District of Southern | ||||
| California Revenue VRDO | 0.050% | 6/6/14 | 10,000 | 10,000 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/21 (2) | 2,030 | 2,212 |
59
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Modesto CA Irrigation District COP | 5.000% | 10/1/22 (2) | 2,515 | 2,740 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/23 (2) | 2,645 | 2,882 |
| Modesto CA Irrigation District COP | 5.000% | 7/1/27 | 3,855 | 4,166 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/21 | 1,000 | 1,197 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/22 | 1,000 | 1,203 |
| Morgan Hill CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/28 | 5,075 | 5,859 |
| Morgan Hill CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/29 | 5,430 | 6,217 |
| Morgan Hill CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/30 | 5,705 | 6,482 |
| Morgan Hill CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 2,990 | 3,377 |
| Morgan Hill CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/32 | 4,315 | 4,852 |
| Morgan Hill CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/33 | 2,000 | 2,237 |
| Mount San Antonio CA Community College | ||||
| District GO | 0.000% | 8/1/28 | 3,000 | 2,281 |
| New Haven CA Unified School District GO | 12.000% | 8/1/15 (4) | 2,905 | 3,296 |
| Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) | 5.875% | 12/1/21 (Prere.) | 5,150 | 6,661 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/29 | 4,000 | 2,280 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 3,000 | 1,622 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/31 | 1,500 | 750 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/32 | 14,000 | 6,673 |
| Northern California Gas Authority No. 1 Revenue | 0.756% | 7/1/17 | 23,385 | 23,092 |
| Northern California Power Agency Capital | ||||
| Facilities Revenue | 5.000% | 8/1/20 | 1,000 | 1,160 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/16 | 1,745 | 1,917 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/17 | 3,290 | 3,734 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/20 | 3,500 | 4,075 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/21 | 2,500 | 2,873 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/22 | 3,395 | 3,866 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/28 | 5,000 | 5,717 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/29 | 3,000 | 3,409 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/30 | 1,605 | 1,812 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/31 | 1,600 | 1,796 |
| Oakland CA GO | 5.000% | 1/15/31 | 3,000 | 3,288 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/23 (12) | 5,000 | 5,520 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/24 (12) | 3,695 | 4,044 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/25 (12) | 5,405 | 5,868 |
60
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/26 (12) | 4,190 | 4,523 |
| Oakland CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Central District Project) | 5.000% | 9/1/15 (Prere.) | 12,870 | 13,603 |
| Oakland CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Central District Project) | 5.000% | 9/1/21 | 3,000 | 3,551 |
| Oakland CA Unified School District GO | 5.000% | 8/1/19 (4) | 13,425 | 14,671 |
| Oakland CA Unified School District GO | 5.500% | 8/1/23 | 1,000 | 1,162 |
| Oakland CA Unified School District GO | 6.250% | 8/1/28 | 2,000 | 2,392 |
| Ohlone CA Community College District GO | 5.000% | 8/1/22 | 750 | 917 |
| Ohlone CA Community College District GO | 5.000% | 8/1/23 | 1,500 | 1,819 |
| Ohlone CA Community College District GO | 5.000% | 8/1/31 | 1,770 | 1,982 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/27 | 1,285 | 1,525 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/28 | 1,765 | 2,085 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/29 | 2,280 | 2,679 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/30 | 1,400 | 1,634 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/31 | 2,525 | 2,930 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/32 | 2,660 | 3,071 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/33 | 2,165 | 2,490 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Neighborhood Development | ||||
| & Preservation Project) | 5.250% | 9/1/14 (14) | 1,415 | 1,421 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Neighborhood Development | ||||
| & Preservation Project) | 5.250% | 9/1/15 (14) | 1,485 | 1,491 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Neighborhood Development | ||||
| & Preservation Project) | 5.375% | 9/1/16 (14) | 1,570 | 1,576 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/21 | 1,200 | 1,413 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/22 | 1,230 | 1,454 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/22 | 1,260 | 1,498 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/23 | 1,290 | 1,524 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/23 | 1,320 | 1,565 |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/22 | 1,000 | 1,197 |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/27 | 2,500 | 2,889 |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/28 | 2,545 | 2,916 |
| Orange County CA Water District COP | 5.000% | 8/15/29 | 6,925 | 7,956 |
| Orange County CA Water District Revenue | 5.000% | 8/15/33 | 8,000 | 9,279 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/28 | 1,000 | 1,146 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/29 | 1,500 | 1,710 |
61
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/30 | 1,500 | 1,699 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/31 | 1,500 | 1,691 |
| Palo Alto CA Improvement Revenue (University | ||||
| Avenue Area Parking) | 4.000% | 9/2/19 | 1,000 | 1,098 |
| 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 | 438 |
| Palo Alto CA Improvement Revenue (University | ||||
| Avenue Area Parking) | 5.000% | 9/2/27 | 1,000 | 1,096 |
| Palo Alto CA Unified School District GO | 0.000% | 8/1/24 | 15,890 | 11,693 |
| Palomar Pomerado Health California COP | 6.625% | 11/1/29 | 5,000 | 5,275 |
| Palomar Pomerado Health California GO | 5.000% | 8/1/20 (2) | 710 | 746 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 7,055 | 5,476 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/24 (12) | 5,130 | 3,538 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/27 (12) | 3,095 | 1,785 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/27 (14) | 1,585 | 914 |
| Paramount CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Redevelopment Project | ||||
| Area No. 1) | 0.000% | 8/1/26 (14) | 6,050 | 3,590 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/30 | 3,695 | 4,207 |
| 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 | 2,256 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/20 (2) | 2,460 | 1,994 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 4.750% | 8/1/24 (14) | 3,050 | 3,058 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/25 (2) | 2,930 | 1,757 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/29 (2) | 355 | 167 |
| Pomona CA Single Family Mortgage Revenue | 7.600% | 5/1/23 (ETM) | 8,715 | 11,201 |
| Port of Oakland CA Revenue | 5.000% | 11/1/20 (14) | 4,825 | 5,384 |
| Port of Oakland CA Revenue | 5.000% | 11/1/26 (14) | 9,800 | 10,935 |
| Poway CA Unified School District GO | 4.000% | 9/1/16 | 250 | 266 |
| Poway CA Unified School District GO | 0.000% | 8/1/17 | 2,000 | 1,917 |
| Poway CA Unified School District GO | 4.000% | 9/1/17 | 250 | 270 |
| Poway CA Unified School District GO | 0.000% | 8/1/18 | 4,565 | 4,260 |
| 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 | 4,901 |
| Poway CA Unified School District GO | 5.000% | 9/1/19 | 990 | 1,141 |
| Poway CA Unified School District GO | 0.000% | 8/1/20 | 3,280 | 2,863 |
| Poway CA Unified School District GO | 5.000% | 9/1/20 | 610 | 707 |
| Poway CA Unified School District GO | 5.000% | 9/1/21 | 325 | 379 |
| Poway CA Unified School District GO | 5.000% | 9/1/22 | 460 | 541 |
| Poway CA Unified School District GO | 5.000% | 9/1/23 | 1,575 | 1,834 |
| Poway CA Unified School District GO | 5.000% | 8/1/26 | 5,125 | 5,911 |
| Poway CA Unified School District GO | 5.000% | 9/1/26 | 1,000 | 1,123 |
| Poway CA Unified School District GO | 0.000% | 8/1/28 | 9,070 | 5,082 |
| Poway CA Unified School District GO | 5.000% | 9/1/29 | 1,210 | 1,333 |
| Poway CA Unified School District GO | 5.000% | 9/1/30 | 2,570 | 2,813 |
62
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Poway CA Unified School District GO | 0.000% | 8/1/31 | 1,095 | 514 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/15/22 | 435 | 475 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/30 | 1,000 | 1,082 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/32 | 1,000 | 1,075 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Tax Allocation Revenue (Rancho Redevelopment | ||||
| Project) | 5.000% | 9/1/15 (2) | 2,835 | 2,868 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Tax Allocation Revenue (Rancho Redevelopment | ||||
| Project) | 5.000% | 9/1/16 (2) | 5,100 | 5,158 |
| Rancho Mirage CA Joint Powers Financing | ||||
| Authority Revenue (Eisenhower Medical Center) | 5.000% | 7/1/27 | 12,000 | 12,376 |
| Redwood City CA Redevelopment Agency | ||||
| Redevelopment Project Area No. 2 Tax | ||||
| Allocation Revenue | 0.000% | 7/15/25 (2) | 3,350 | 2,027 |
| Rio Hondo CA Community College District GO | 0.000% | 8/1/31 | 2,000 | 939 |
| Riverside CA Electric Revenue | 5.000% | 10/1/24 (4) | 1,000 | 1,142 |
| Riverside CA Electric Revenue | 5.000% | 10/1/25 (4) | 2,000 | 2,284 |
| Riverside CA Electric Revenue | 5.000% | 10/1/26 (4) | 2,500 | 2,847 |
| Riverside CA Electric Revenue | 5.000% | 10/1/27 (4) | 3,570 | 4,066 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/19 | 1,220 | 1,402 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/20 | 1,280 | 1,478 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/23 | 1,410 | 1,631 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/25 | 1,555 | 1,752 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/26 | 1,615 | 1,794 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/27 | 1,710 | 1,889 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 5.000% | 6/1/15 | 3,000 | 3,137 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 5.000% | 6/1/19 | 3,660 | 4,265 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/30 | 3,000 | 3,576 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/31 | 4,000 | 4,737 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/32 | 3,000 | 3,529 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/33 | 2,000 | 2,341 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/22 | 2,500 | 1,784 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/23 | 3,630 | 2,446 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/24 | 6,985 | 4,444 |
63
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/31 | 5,000 | 2,048 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/32 | 4,000 | 1,549 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/33 | 5,500 | 1,966 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/34 | 3,500 | 1,174 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/23 (14) | 7,030 | 5,324 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/24 (14) | 2,965 | 2,154 |
| Roseville CA Electric System Revenue | 5.000% | 2/1/30 | 6,120 | 6,657 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/18 | 4,205 | 4,642 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/19 | 10,000 | 11,158 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/20 | 2,000 | 2,236 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/27 | 200 | 227 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/22 (15) | 445 | 530 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/24 (15) | 300 | 360 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/26 (15) | 280 | 327 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/27 (15) | 425 | 490 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/28 (15) | 250 | 286 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/29 (15) | 500 | 568 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/31 (15) | 1,160 | 1,298 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/33 (15) | 1,280 | 1,417 |
| 4 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/34 (15) | 1,340 | 1,476 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/17 | 1,250 | 1,411 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/18 | 725 | 838 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/19 | 1,155 | 1,355 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/20 | 1,250 | 1,495 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/21 | 1,000 | 1,203 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 5.000% | 11/1/14 (14) | 780 | 792 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 5.375% | 12/1/14 (4) | 1,630 | 1,637 |
64
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 | 13,716 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 5.000% | 12/1/20 (14) | 13,670 | 14,574 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue | 5.000% | 7/1/21 (14) | 7,710 | 8,352 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue (Cosumnes Project) | 4.750% | 7/1/23 (14) | 1,500 | 1,612 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/14 | 2,810 | 2,839 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/15 | 2,640 | 2,797 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 7/1/17 (14) | 4,000 | 4,362 |
| Sacramento CA Municipal Utility District Revenue | 5.250% | 7/1/24 (2) | 10,085 | 12,076 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/24 | 2,660 | 3,165 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/24 (4) | 7,550 | 8,669 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 | 5,455 | 6,428 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 (4) | 15,275 | 17,491 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/26 (4) | 5,000 | 5,710 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/27 | 4,905 | 5,777 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/28 | 2,000 | 2,337 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/30 | 6,435 | 7,330 |
| Sacramento CA Municipal Utility District | ||||
| Revenue VRDO | 0.050% | 6/6/14 LOC | 34,500 | 34,500 |
| 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 | 2,755 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/29 | 2,635 | 2,888 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/30 | 2,975 | 3,244 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/31 | 3,125 | 3,392 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 10/1/21 | 2,300 | 2,794 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue VRDO | 0.030% | 6/6/14 | 11,300 | 11,300 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue VRDO | 0.050% | 6/6/14 | 15,000 | 15,000 |
| Sacramento CA Water Revenue | 5.000% | 9/1/27 | 3,210 | 3,798 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/23 (4) | 2,000 | 2,278 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 2,500 | 2,832 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 1,785 | 1,960 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/28 | 1,250 | 1,384 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/30 | 3,615 | 3,964 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/21 (14) | 1,850 | 2,018 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/22 (14) | 5,495 | 5,988 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/23 (14) | 7,030 | 7,652 |
| Saddleback Valley CA Unified School District GO | 5.000% | 8/1/29 | 3,000 | 3,486 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/20 (4) | 765 | 898 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/21 (4) | 1,230 | 1,448 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/22 (4) | 1,500 | 1,772 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/23 (4) | 1,100 | 1,303 |
65
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/24 (4) | 1,400 | 1,640 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/24 | 4,375 | 5,278 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/25 | 4,550 | 5,411 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/26 | 4,150 | 4,889 |
| San Bernardino County CA Justice Center & | ||||
| Airport COP | 5.000% | 7/1/14 (14) | 5,585 | 5,604 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/17 (14) | 2,905 | 3,095 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 3,135 | 3,394 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/22 (14) | 8,940 | 10,282 |
| San Bernardino County CA Transportation | ||||
| Authority Revenue | 5.000% | 3/1/31 | 3,355 | 3,831 |
| San Diego CA Community College District GO | 5.000% | 8/1/28 | 4,000 | 4,677 |
| San Diego CA Community College District GO | 5.000% | 8/1/29 | 5,000 | 5,724 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 1,250 | 1,464 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 8,670 | 9,865 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 9,830 | 11,184 |
| San Diego CA Community College District GO | 5.000% | 8/1/31 | 1,000 | 1,164 |
| San Diego CA Community College District GO | 5.000% | 8/1/31 | 3,380 | 3,827 |
| San Diego CA Community College District GO | 5.000% | 8/1/32 | 2,150 | 2,492 |
| San Diego CA Community College District GO | 5.000% | 8/1/32 | 2,000 | 2,256 |
| 3 San Diego CA Community College District GO | ||||
| TOB VRDO | 0.080% | 6/6/14 | 3,290 | 3,290 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 4.000% | 9/1/17 | 500 | 547 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 4.000% | 9/1/18 | 3,260 | 3,598 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 5.000% | 9/1/20 | 3,470 | 4,042 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/24 | 3,000 | 3,507 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/25 | 2,000 | 2,348 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/27 | 6,000 | 6,921 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/27 | 5,000 | 5,872 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/28 | 1,825 | 2,103 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/27 | 4,215 | 4,862 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.125% | 8/1/28 | 5,000 | 5,840 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.250% | 8/1/28 | 5,355 | 6,355 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/30 | 2,000 | 2,302 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/32 | 4,190 | 4,777 |
| San Diego CA Unified School District GO | 0.000% | 7/1/14 (14) | 3,400 | 3,399 |
| San Diego CA Unified School District GO | 0.500% | 7/1/15 | 3,500 | 3,510 |
| San Diego CA Unified School District GO | 0.000% | 7/1/18 (14) | 9,500 | 8,887 |
| San Diego CA Unified School District GO | 5.500% | 7/1/20 (4) | 9,490 | 11,690 |
| San Diego CA Unified School District GO | 5.000% | 7/1/21 | 15,000 | 18,253 |
| San Diego CA Unified School District GO | 5.500% | 7/1/22 (4) | 12,790 | 16,172 |
| San Diego CA Unified School District GO | 5.500% | 7/1/25 (14) | 1,000 | 1,276 |
66
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego CA Unified School District GO | 0.000% | 7/1/26 | 8,425 | 5,529 |
| San Diego CA Unified School District GO | 5.500% | 7/1/26 (4) | 7,490 | 9,446 |
| San Diego CA Unified School District GO | 0.000% | 7/1/27 | 8,500 | 5,302 |
| San Diego CA Unified School District GO | 0.000% | 7/1/28 | 8,000 | 4,701 |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 3,250 | 1,793 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 9,985 | 5,125 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 2,500 | 1,283 |
| San Diego County CA COP | 5.000% | 2/1/22 (2) | 2,000 | 2,062 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/23 | 3,900 | 4,515 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/25 | 9,000 | 10,326 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/26 | 6,000 | 6,884 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/28 | 3,000 | 3,298 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.000% | 2/1/23 | 4,285 | 4,867 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.000% | 2/1/25 | 4,820 | 5,456 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.250% | 2/1/26 | 1,140 | 1,301 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.000% | 2/1/27 | 2,420 | 2,786 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.500% | 2/1/28 | 5,780 | 6,795 |
| San Diego County CA Water Authority Financing | ||||
| Agency Water Revenue | 5.000% | 5/1/27 | 2,000 | 2,316 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/30 | 5,000 | 5,691 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.250% | 5/1/15 (14) | 6,215 | 6,496 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.250% | 5/1/16 (14) | 7,880 | 8,603 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.250% | 5/1/21 (14) | 6,725 | 8,181 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.250% | 5/1/22 (14) | 7,075 | 8,678 |
| 3 San Diego County CA Water Authority | ||||
| Revenue COP TOB VRDO | 0.060% | 6/6/14 | 6,100 | 6,100 |
| San Francisco CA Bay Area Rapid Transit | ||||
| District GO | 5.000% | 8/1/35 | 15,500 | 17,199 |
| San Francisco CA Bay Area Rapid Transit | ||||
| District Sales Tax Revenue | 5.000% | 7/1/23 | 9,560 | 11,112 |
| San Francisco CA Bay Area Rapid Transit | ||||
| District Sales Tax Revenue | 5.000% | 7/1/23 | 1,070 | 1,296 |
| San Francisco CA Bay Area Rapid Transit | ||||
| District Sales Tax Revenue | 5.000% | 7/1/29 | 2,555 | 2,961 |
| San Francisco CA Bay Area Rapid Transit | ||||
| District Sales Tax Revenue | 5.000% | 7/1/30 | 2,800 | 3,223 |
67
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County (Laguna | ||||
| Honda Hospital) GO | 5.000% | 6/15/28 (12) | 12,355 | 12,896 |
| San Francisco CA City & County GO | 5.000% | 6/15/21 | 7,450 | 9,069 |
| San Francisco CA City & County GO | 5.000% | 6/15/22 | 2,595 | 3,174 |
| San Francisco CA City & County GO | 5.000% | 6/15/23 | 4,000 | 4,835 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.250% | 5/1/20 (14) | 5,000 | 6,032 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/21 | 5,000 | 5,869 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/22 | 5,000 | 5,818 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/24 (14) | 10,000 | 10,827 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/25 (14) | 2,000 | 2,165 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.250% | 5/1/26 | 22,000 | 25,291 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/27 (14) | 13,075 | 14,188 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/28 | 2,855 | 3,209 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/28 | 7,500 | 8,550 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/30 | 5,940 | 6,614 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/31 | 840 | 931 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Wastewater Revenue | 5.000% | 10/1/30 | 13,170 | 15,183 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/26 | 2,995 | 3,482 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/28 | 10,235 | 12,075 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/28 | 1,000 | 1,160 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 2,960 | 3,417 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 10,000 | 11,504 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 6,530 | 7,599 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 11,000 | 12,838 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/30 | 2,705 | 3,099 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/30 | 10,335 | 11,908 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/31 | 14,015 | 16,013 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 5,730 | 6,511 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/33 | 9,000 | 10,118 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 5,000 | 5,595 |
68
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 3 San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue TOB VRDO | 0.070% | 6/6/14 | 2,700 | 2,700 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/17 | 100 | 112 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/19 | 220 | 253 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/20 | 130 | 151 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/21 | 160 | 185 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/22 | 125 | 144 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/23 | 120 | 138 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/24 | 135 | 155 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/25 | 240 | 272 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/27 | 140 | 155 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/29 | 460 | 506 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/31 | 400 | 432 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/32 | 525 | 565 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/34 | 225 | 240 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/15 | 1,200 | 1,261 |
| San Francisco CA City & County Unified School | ||||
| District GO | 4.000% | 6/15/30 | 2,470 | 2,568 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/31 | 7,965 | 9,080 |
| San Francisco CA City & County Unified School | ||||
| District GO | 4.000% | 6/15/32 | 5,300 | 5,458 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/27 | 1,425 | 1,675 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/29 | 1,585 | 1,841 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/32 | 2,170 | 2,478 |
69
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/33 | 3,025 | 3,443 |
| San Joaquin County CA Delta Community College | ||||
| District Election GO | 0.000% | 8/1/26 (4) | 15,500 | 8,920 |
| San Joaquin County CA Delta Community College | ||||
| District Election GO | 0.000% | 8/1/27 (4) | 15,500 | 8,407 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/15 (14) | 1,925 | 1,913 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/1/23 (ETM) | 16,000 | 13,170 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 7,000 | 4,327 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/1/25 (ETM) | 14,750 | 11,303 |
| San Jose CA Airport Revenue | 5.000% | 3/1/24 (2) | 2,035 | 2,162 |
| San Jose CA Airport Revenue | 5.000% | 3/1/25 (2) | 3,385 | 3,577 |
| San Jose CA Airport Revenue | 5.000% | 3/1/26 (2) | 3,850 | 4,053 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/20 (2) | 8,000 | 8,631 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 (2) | 2,495 | 2,703 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 | 1,270 | 1,450 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/22 (2) | 5,100 | 5,419 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/23 | 1,140 | 1,261 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/24 (14) | 16,360 | 17,204 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/25 (14) | 11,505 | 12,055 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.125% | 8/1/25 | 570 | 618 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.250% | 8/1/26 | 800 | 866 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.375% | 8/1/29 | 1,355 | 1,447 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 5.000% | 8/1/14 (2) | 3,590 | 3,617 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 5.250% | 8/1/14 (14) | 6,175 | 6,224 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 5.000% | 8/1/15 (14) | 3,220 | 3,377 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 5.000% | 8/1/16 (2) | 700 | 760 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 5.000% | 8/1/17 (14) | 600 | 626 |
| San Jose CA Special Hotel Tax Revenue | ||||
| (Convention Center Expansion & | ||||
| Renovation Project) | 6.125% | 5/1/31 | 4,000 | 4,702 |
70
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 3 San Jose CA Unified School District Santa Clara | ||||
| County GO TOB VRDO | 0.110% | 6/6/14 | 3,600 | 3,600 |
| San Juan CA Unified School District GO | 0.000% | 8/1/25 (4) | 10,000 | 6,794 |
| San Juan CA Unified School District GO | 0.000% | 8/1/26 (4) | 12,215 | 7,707 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/24 (15) | 855 | 987 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/25 (15) | 970 | 1,103 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/26 (15) | 500 | 560 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/27 (15) | 1,070 | 1,189 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/28 (15) | 600 | 663 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/33 (15) | 2,790 | 3,037 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/30 | 2,000 | 1,004 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/31 | 2,000 | 939 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/32 | 2,500 | 1,116 |
| San Mateo CA Union High School District GO | 0.000% | 9/1/14 (14) | 1,500 | 1,499 |
| San Mateo CA Union High School District GO | 0.000% | 2/15/15 (ETM) | 1,675 | 1,672 |
| San Mateo CA Union High School District GO | 0.000% | 9/1/24 | 5,390 | 3,873 |
| San Mateo CA Union High School District GO | 5.000% | 9/1/30 | 2,600 | 3,061 |
| San Mateo CA Union High School District GO | 5.000% | 9/1/31 | 1,440 | 1,680 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/21 (14) | 4,645 | 3,941 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/22 (14) | 5,675 | 4,587 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/24 (14) | 2,825 | 2,072 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/25 (14) | 4,000 | 2,854 |
| San Mateo County CA Community College | ||||
| District GO | 5.000% | 9/1/26 | 3,170 | 3,478 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Maple Street | ||||
| Correctional Center) | 5.000% | 6/15/23 | 1,000 | 1,217 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Maple Street | ||||
| Correctional Center) | 5.000% | 6/15/26 | 2,000 | 2,393 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Maple Street | ||||
| Correctional Center) | 5.000% | 6/15/30 | 1,755 | 2,028 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Maple Street | ||||
| Correctional Center) | 5.000% | 6/15/31 | 1,000 | 1,148 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Youth | ||||
| Services Campus) | 4.625% | 7/15/25 | 2,455 | 2,738 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Youth | ||||
| Services Campus) | 5.250% | 7/15/28 | 2,000 | 2,303 |
| Santa Ana CA Community Redevelopment | ||||
| Agency Tax Allocation Revenue | ||||
| (South Main Street) | 5.000% | 9/1/18 (14) | 2,685 | 2,693 |
71
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Santa Ana CA Unified School District GO | 0.000% | 8/1/31 (14) | 3,775 | 1,791 |
| Santa Clara CA Electric Revenue | 5.000% | 7/1/30 | 1,000 | 1,107 |
| Santa Clara CA Electric Revenue | 5.250% | 7/1/32 | 2,500 | 2,791 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/28 | 3,775 | 4,255 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/29 | 4,115 | 4,606 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/30 | 4,405 | 4,905 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/31 | 4,715 | 5,228 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 11/15/17 | 11,540 | 13,206 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/28 | 10,000 | 11,266 |
| Santa Clara County CA GO | 5.000% | 8/1/28 | 8,830 | 10,362 |
| Santa Clara Valley CA Transportation Authority | ||||
| Sales Tax Revenue | 5.000% | 4/1/32 (2) | 4,000 | 4,393 |
| Santa Clarita CA Community College District GO | 0.000% | 8/1/29 (4) | 2,480 | 1,332 |
| Santa Clarita CA Community College District GO | 5.000% | 8/1/32 | 5,450 | 6,121 |
| Santa Monica CA Community College District GO | 0.000% | 8/1/24 | 4,500 | 3,312 |
| Santa Monica CA Community College District GO | 0.000% | 8/1/26 | 11,025 | 7,384 |
| Santa Rosa CA Wastewater Revenue | 0.000% | 9/1/28 (4) | 11,095 | 6,084 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/29 | 2,870 | 3,300 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/30 | 3,055 | 3,489 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/26 (4) | 3,030 | 1,912 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/27 (4) | 2,900 | 1,716 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/29 | 2,125 | 2,321 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/32 | 2,665 | 2,860 |
| Solano County CA COP | 5.000% | 11/1/17 (14) | 4,110 | 4,635 |
| Solano County CA COP | 5.000% | 11/1/18 (14) | 3,810 | 4,306 |
| Solano County CA COP | 5.000% | 11/1/19 (14) | 3,995 | 4,511 |
| Solano County CA COP | 5.000% | 11/1/20 (14) | 4,195 | 4,736 |
| Solano County CA COP | 5.000% | 11/1/21 (14) | 4,405 | 4,951 |
| Sonoma County CA Junior College District GO | 5.000% | 8/1/28 | 3,000 | 3,552 |
| Sonoma County CA Junior College District GO | 5.000% | 8/1/29 | 2,000 | 2,352 |
| Sonoma County CA Sales Tax Revenue | 5.000% | 9/1/27 (14) | 6,365 | 7,155 |
| South Orange County CA Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 8/15/23 | 1,000 | 1,165 |
| South Orange County CA Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 8/15/25 | 1,250 | 1,419 |
| South San Francisco CA Redevelopment | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/31 (14) | 9,255 | 9,520 |
| Southern California Public Power | ||||
| Authority Revenue | 5.000% | 7/1/28 | 10,000 | 11,620 |
| Southern California Public Power | ||||
| Authority Revenue | 5.000% | 7/1/29 | 5,000 | 5,784 |
| Southern California Public Power | ||||
| Authority Revenue | 5.000% | 7/1/30 | 10,750 | 12,376 |
| Southern California Public Power Authority | ||||
| Revenue (Canyon Power Project) | 5.000% | 7/1/23 | 4,175 | 4,877 |
| Southern California Public Power Authority | ||||
| Revenue (Canyon Power Project) | 5.250% | 7/1/27 | 6,950 | 8,098 |
| Southern California Public Power Authority | ||||
| Revenue (Linden Wind Energy Project) | 5.000% | 7/1/28 | 3,500 | 4,067 |
| Southern California Public Power Authority | ||||
| Revenue (Linden Wind Energy Project) | 5.000% | 7/1/29 | 2,500 | 2,892 |
72
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% | 7/1/30 | 2,500 | 2,878 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/28 | 5,000 | 5,768 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/29 | 5,000 | 5,740 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/18 | 1,040 | 1,171 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/23 | 5,270 | 6,068 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/24 | 5,000 | 5,711 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/25 | 7,000 | 8,059 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/26 | 3,500 | 4,017 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/28 | 2,000 | 2,217 |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) | 5.000% | 7/1/23 | 5,000 | 5,819 |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) VRDO | 0.060% | 6/6/14 (4) | 18,500 | 18,500 |
| St. Helena CA Unified School District GO | 0.000% | 8/1/27 | 4,550 | 3,199 |
| State Center California Community College | ||||
| District GO | 5.000% | 8/1/31 (4) | 5,880 | 6,454 |
| Stockton CA Public Financing Authority Water | ||||
| Revenue (Delta Water Supply Project) | 6.125% | 10/1/35 | 1,000 | 1,131 |
| Stockton CA Unified School District GO | 4.000% | 8/1/30 (4) | 1,960 | 2,017 |
| 3 Sweetwater CA Unified School District GO | ||||
| TOB VRDO | 0.080% | 6/6/14 (13) | 3,300 | 3,300 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/32 | 2,000 | 1,605 |
| Tulare County CA COP | 5.000% | 8/15/15 (14) | 6,460 | 6,783 |
| Tuolumne CA Wind Project Authority Revenue | 5.250% | 1/1/24 | 5,115 | 5,840 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/21 | 3,805 | 4,379 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/22 | 5,415 | 6,165 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/28 | 7,020 | 7,800 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/29 | 6,400 | 7,075 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/30 | 7,770 | 8,551 |
| University of California Regents Medical | ||||
| Center Revenue | 5.000% | 5/15/19 (14) | 5,075 | 5,357 |
| University of California Regents Medical | ||||
| Center Revenue | 5.000% | 5/15/20 (14) | 5,065 | 5,346 |
| University of California Regents Medical | ||||
| Center Revenue | 5.000% | 5/15/25 | 19,385 | 21,234 |
| University of California Regents Medical | ||||
| Center Revenue | 5.000% | 5/15/26 | 10,095 | 11,058 |
| University of California Regents Medical | ||||
| Center Revenue | 5.000% | 5/15/32 | 14,940 | 16,638 |
| University of California Regents Medical | ||||
| Center Revenue | 5.000% | 5/15/33 | 5,000 | 5,532 |
| University of California Regents Medical | ||||
| Center Revenue VRDO | 0.040% | 6/2/14 | 14,330 | 14,330 |
| University of California Regents Medical | ||||
| Center Revenue VRDO | 0.040% | 6/2/14 | 16,025 | 16,025 |
| University of California Revenue | 5.000% | 5/15/15 (Prere.) | 1,185 | 1,252 |
73
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| University of California Revenue | 5.000% | 5/15/15 (Prere.) | 555 | 586 |
| University of California Revenue | 5.000% | 5/15/15 (Prere.) | 240 | 254 |
| University of California Revenue | 5.000% | 5/15/17 (4) | 19,435 | 20,522 |
| University of California Revenue | 5.000% | 5/15/18 (4) | 9,445 | 9,970 |
| University of California Revenue | 5.000% | 5/15/19 (4) | 4,035 | 4,259 |
| University of California Revenue | 5.000% | 5/15/20 (4) | 30,900 | 32,612 |
| University of California Revenue | 5.000% | 5/15/21 (4) | 14,915 | 15,737 |
| University of California Revenue | 5.000% | 5/15/22 | 5,420 | 6,546 |
| University of California Revenue | 5.000% | 5/15/22 | 9,000 | 10,981 |
| University of California Revenue | 5.000% | 5/15/23 | 6,465 | 7,933 |
| University of California Revenue | 5.750% | 5/15/25 | 3,000 | 3,645 |
| University of California Revenue | 5.000% | 5/15/26 (14) | 10,000 | 10,916 |
| University of California Revenue | 5.000% | 5/15/27 | 10,900 | 12,751 |
| University of California Revenue | 5.000% | 5/15/28 | 11,680 | 13,644 |
| University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,178 |
| University of California Revenue | 4.500% | 5/15/31 (4) | 10,260 | 10,676 |
| University of California Revenue | 5.000% | 5/15/32 | 14,020 | 15,875 |
| University of California Revenue | 5.250% | 5/15/32 | 5,000 | 5,957 |
| University of California Revenue | 5.000% | 5/15/33 | 15,240 | 17,336 |
| University of California Revenue | 5.000% | 5/15/33 | 10,110 | 11,501 |
| University of California Revenue | 5.000% | 5/15/34 | 15,900 | 18,021 |
| University of California Revenue | 4.500% | 5/15/35 (4) | 2,835 | 2,945 |
| University of California Revenue PUT | 5.000% | 5/15/23 | 15,000 | 18,365 |
| 3 University of California Revenue TOB VRDO | 0.080% | 6/2/14 | 9,650 | 9,650 |
| University of California Revenue VRDO | 0.040% | 6/6/14 | 5,300 | 5,300 |
| University of California Revenue VRDO | 0.050% | 6/6/14 | 6,700 | 6,700 |
| Upland CA Community Facilities District | ||||
| No. 2003-2 Improvement Area No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/31 | 1,110 | 1,196 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/22 | 600 | 713 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/23 | 575 | 682 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/24 | 1,325 | 1,557 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/25 | 1,390 | 1,608 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/26 | 1,460 | 1,663 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/27 | 1,200 | 1,351 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/28 | 1,200 | 1,344 |
| Ventura County CA Community College District GO | 5.000% | 8/1/24 | 1,210 | 1,432 |
| Ventura County CA Community College District GO | 5.000% | 8/1/25 | 1,915 | 2,240 |
| Ventura County CA Community College District GO | 5.000% | 8/1/27 | 2,205 | 2,542 |
| Ventura County CA Community College District GO | 0.000% | 8/1/28 | 15,000 | 8,405 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/24 | 1,200 | 1,411 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/29 | 1,000 | 1,131 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/32 | 2,000 | 2,228 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/33 | 1,250 | 1,390 |
74
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Vista CA Unified School District GO | 5.000% | 8/1/24 | 5,000 | 5,951 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/30 | 2,000 | 2,173 |
| Washington Township CA Health Care | ||||
| District Revenue | 6.000% | 7/1/29 | 1,000 | 1,100 |
| West Basin CA Municipal Water District Revenue | 4.000% | 8/1/15 | 4,810 | 5,028 |
| West Basin CA Municipal Water District Revenue | 5.000% | 8/1/22 | 2,000 | 2,421 |
| West Contra Costa CA Unified School District GO | 6.000% | 8/1/26 | 5,000 | 6,546 |
| West Contra Costa CA Unified School District GO | 0.000% | 8/1/33 (12) | 2,650 | 1,114 |
| Westlands CA Water District Revenue | 5.000% | 9/1/21 (4) | 750 | 889 |
| Westlands CA Water District Revenue | 5.000% | 9/1/22 (4) | 750 | 894 |
| Westlands CA Water District Revenue | 5.000% | 9/1/24 (4) | 1,000 | 1,183 |
| Westlands CA Water District Revenue | 5.000% | 9/1/25 (4) | 1,250 | 1,457 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/25 | 1,735 | 2,044 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/26 | 1,085 | 1,267 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/27 | 1,500 | 1,736 |
| 7,795,773 | ||||
| Guam (0.1%) | ||||
| Guam Government Waterworks Authority Water | ||||
| & Waste Water System Revenue | 5.000% | 7/1/28 | 1,250 | 1,335 |
| Guam Government Waterworks Authority Water | ||||
| & Waste Water System Revenue | 5.250% | 7/1/33 | 4,000 | 4,252 |
| 5,587 | ||||
| Virgin Islands (0.0%) | ||||
| Virgin Islands Public Finance Authority Revenue | 5.250% | 10/1/14 (Prere.) | 2,200 | 2,237 |
| Total Tax-Exempt Municipal Bonds (Cost $7,334,904) | 7,803,597 | |||
| Other Assets and Liabilities (-0.6%) | ||||
| Other Assets | 98,196 | |||
| Liabilities | (141,343) | |||
| (43,147) | ||||
| Net Assets (100%) | 7,760,450 | |||
75
California Intermediate-Term Tax-Exempt Fund
| At May 31, 2014, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 7,387,992 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (95,963) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 468,693 |
| Futures Contracts | (272) |
| Net Assets | 7,760,450 |
| Investor Shares—Net Assets | |
| Applicable to 113,960,482 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,335,047 |
| Net Asset Value Per Share—Investor Shares | $11.72 |
| Admiral Shares—Net Assets | |
| Applicable to 548,475,953 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 6,425,403 |
| Net Asset Value Per Share—Admiral Shares | $11.72 |
1 Adjustable-rate security.
2 Securities with a value of $1,908,000 have been segregated as initial margin for open futures contracts.
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, 2014, the aggregate value of these securities was $118,689,000,
representing 1.5% of net assets.
4 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2014.
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.
76
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.
PILOT—Payments in Lieu of Taxes.
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) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc).
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.
77
California Intermediate-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2014 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 121,668 |
| Total Income | 121,668 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 327 |
| Management and Administrative—Investor Shares | 1,000 |
| Management and Administrative—Admiral Shares | 2,618 |
| Marketing and Distribution—Investor Shares | 165 |
| Marketing and Distribution—Admiral Shares | 633 |
| Custodian Fees | 40 |
| Shareholders’ Reports—Investor Shares | 19 |
| Shareholders’ Reports—Admiral Shares | 15 |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 4,819 |
| Net Investment Income | 116,849 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 4,091 |
| Futures Contracts | (1,597) |
| Realized Net Gain (Loss) | 2,494 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 243,669 |
| Futures Contracts | (272) |
| Change in Unrealized Appreciation (Depreciation) | 243,397 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 362,740 |
78
California Intermediate-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2014 | 2013 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 116,849 | 227,302 |
| Realized Net Gain (Loss) | 2,494 | (861) |
| Change in Unrealized Appreciation (Depreciation) | 243,397 | (362,317) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 362,740 | (135,876) |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (19,856) | (43,005) |
| Admiral Shares | (96,993) | (184,297) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (116,849) | (227,302) |
| Capital Share Transactions | ||
| Investor Shares | 65,756 | (75,625) |
| Admiral Shares | 569,892 | 436,113 |
| Net Increase (Decrease) from Capital Share Transactions | 635,648 | 360,488 |
| Total Increase (Decrease) | 881,539 | (2,690) |
| Net Assets | ||
| Beginning of Period | 6,878,911 | 6,881,601 |
| End of Period | 7,760,450 | 6,878,911 |
79
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 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $11.32 | $11.92 | $11.18 | $10.93 | $10.86 | $10.21 |
| Investment Operations | ||||||
| Net Investment Income | .182 | . 373 | . 379 | .408 | .408 | .412 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | .400 | (.600) | .740 | .250 | .070 | .650 |
| Total from Investment Operations | .582 | (.227) | 1.119 | .658 | .478 | 1.062 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.182) | (.373) | (.379) | (.408) | (.408) | (.412) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.182) | (. 373) | (. 379) | (. 408) | (. 408) | (. 412) |
| Net Asset Value, End of Period | $11.72 | $11.32 | $11.92 | $11.18 | $10.93 | $10.86 |
| Total Return1 | 5.18% | -1.91% | 10.14% | 6.17% | 4.43% | 10.56% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $1,335 | $1,227 | $1,375 | $1,193 | $1,314 | $1,435 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.18% | 3.24% | 3.26% | 3.73% | 3.70% | 3.88% |
| Portfolio Turnover Rate | 7% | 12% | 9% | 13% | 10% | 17% |
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.
80
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 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $11.32 | $11.92 | $11.18 | $10.93 | $10.86 | $10.21 |
| Investment Operations | ||||||
| Net Investment Income | .187 | . 382 | . 388 | .417 | .417 | .421 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | .400 | (.600) | .740 | .250 | .070 | .650 |
| Total from Investment Operations | .587 | (.218) | 1.128 | .667 | .487 | 1.071 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.187) | (.382) | (.388) | (.417) | (.417) | (.421) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.187) | (. 382) | (. 388) | (. 417) | (. 417) | (. 421) |
| Net Asset Value, End of Period | $11.72 | $11.32 | $11.92 | $11.18 | $10.93 | $10.86 |
| Total Return | 5.23% | -1.83% | 10.23% | 6.26% | 4.52% | 10.65% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $6,425 | $5,652 | $5,507 | $4,375 | $4,159 | $3,626 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.26% | 3.32% | 3.34% | 3.81% | 3.78% | 3.96% |
| Portfolio Turnover Rate | 7% | 12% | 9% | 13% | 10% | 17% |
| The expense ratio, net income ratio, and turnover rate for the current period have been annualized. | ||||||
See accompanying Notes, which are an integral part of the Financial Statements.
81
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. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate notional 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, 2014, the fund’s average investments in long and short futures contracts each represented less than 1% of net assets, based on quarterly average aggregate settlement values.
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, 2010–2013), and for the period ended May 31, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
82
California Intermediate-Term Tax-Exempt Fund
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. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2014, or at any time during the period then ended.
6. 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 based on 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, 2014, the fund had contributed capital of $795,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.32% 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).
83
California Intermediate-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments as of May 31, 2014, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 7,803,597 | — |
| Futures Contracts—Assets1 | 101 | — | — |
| Total | 101 | 7,803,597 | — |
| 1 Represents variation margin on the last day of the reporting period. | |||
D. At May 31, 2014, 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 2014 | (922) | (115,725) | (272) |
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, 2013, the fund had available capital losses totaling $96,051,000 to offset future net capital gains. Of this amount, $94,445,000 is subject to expiration dates: $6,523,000 may be used to offset future net capital gains 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 20, 2019. Capital losses of $1,606,000 realized beginning in fiscal 2012 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At May 31, 2014, the cost of investment securities for tax purposes was $7,337,311,000. Net unrealized appreciation of investment securities for tax purposes was $466,286,000, consisting of unrealized gains of $473,340,000 on securities that had risen in value since their purchase and $7,054,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended May 31, 2014, the fund purchased $639,021,000 of investment securities and sold $249,684,000 of investment securities, other than temporary cash investments.
84
California Intermediate-Term Tax-Exempt Fund
| G. Capital share transactions for each class of shares were: | ||||
| Six Months Ended | Year Ended | |||
| May 31, 2014 | November 30, 2013 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 250,689 | 21,765 | 448,231 | 38,640 |
| Issued in Lieu of Cash Distributions | 17,053 | 1,481 | 36,801 | 3,197 |
| Redeemed | (201,986) | (17,633) | (560,657) | (48,810) |
| Net Increase (Decrease)—Investor Shares | 65,756 | 5,613 | (75,625) | (6,973) |
| Admiral Shares | ||||
| Issued | 992,670 | 86,394 | 1,726,707 | 149,761 |
| Issued in Lieu of Cash Distributions | 72,165 | 6,264 | 137,664 | 11,969 |
| Redeemed | (494,943) | (43,269) | (1,428,258) | (124,516) |
| Net Increase (Decrease)—Admiral Shares | 569,892 | 49,389 | 436,113 | 37,214 |
H. Management has determined that no material events or transactions occurred subsequent to May 31, 2014, that would require recognition or disclosure in these financial statements.
85
California Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2014
| Share-Class Characteristics | ||
| Investor | Admiral | |
| Shares | Shares | |
| Ticker Symbol | VCITX | VCLAX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 2.44% | 2.52% |
| Financial Attributes | |||
| Barclays | |||
| CA Barclays | |||
| Muni | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 563 | 6,517 | 46,274 |
| Yield to Maturity | |||
| (before expenses) | 2.5% | 2.3% | 2.3% |
| Average Coupon | 4.2% | 4.8% | 4.8% |
| Average Duration | 6.4 years | 7.3 years | 7.2 years |
| Average Stated | |||
| Maturity | 16.2 years | 14.7 years | 13.4 years |
| Short-Term | |||
| Reserves | 6.2% | — | — |
| Volatility Measures | ||
| Barclays CA | Barclays | |
| Muni Bond | Municipal | |
| Index | Bond Index | |
| R-Squared | 0.99 | 0.98 |
| Beta | 1.14 | 1.22 |
| These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. | ||
| Distribution by Stated Maturity | |
| (% of portfolio) | |
| Under 1 Year | 7.6% |
| 1 - 3 Years | 1.4 |
| 3 - 5 Years | 3.7 |
| 5 - 10 Years | 12.3 |
| 10 - 20 Years | 36.7 |
| 20 - 30 Years | 35.9 |
| Over 30 Years | 2.4 |
| Distribution by Credit Quality (% of portfolio) | |
| AAA | 8.4% |
| AA | 56.9 |
| A | 27.8 |
| BBB | 4.9 |
| BB | 0.3 |
| B | 0.6 |
| Not Rated | 1.1 |
| 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 27, 2014, and represent estimated costs for the current fiscal year. For the six
months ended May 31, 2014, the annualized expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
86
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, 2003, Through May 31, 2014 | ||||
| Barclays CA | ||||
| Muni Bond | ||||
| Investor Shares | Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 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 | 3.64 | -7.60 | -3.96 | -2.92 |
| 2014 | 2.04 | 5.31 | 7.35 | 6.48 |
| Note: For 2014, performance data reflect the six months ended May 31, 2014. | ||||
Average Annual Total Returns: Periods Ended March 31, 2014
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 | 1.12% | 6.55% | 4.41% | -0.19% | 4.22% |
| Admiral Shares | 11/12/2001 | 1.20 | 6.64 | 4.49 | -0.19 | 4.30 |
See Financial Highlights for dividend and capital gains information.
87
California Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2014
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (99.8%) | ||||
| California (99.8%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (899 Charleston | ||||
| Project) VRDO | 0.060% | 6/2/14 LOC | 4,420 | 4,420 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/42 | 1,000 | 1,023 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.000% | 11/15/35 | 3,250 | 3,364 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/37 | 7,565 | 8,024 |
| 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 | 757 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/43 | 15,830 | 17,288 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/30 (2) | 30,375 | 13,427 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/24 (4) | 3,510 | 2,512 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/29 (4) | 5,000 | 2,634 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Distribution System) | 5.000% | 10/1/21 (14) | 3,390 | 3,403 |
| Bakersfield CA Wastewater Revenue VRDO | 0.070% | 6/6/14 | 3,300 | 3,300 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/24 | 5,500 | 6,607 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 6,250 | 7,498 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 4,000 | 4,517 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/34 | 1,500 | 1,693 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/34 | 5,000 | 5,571 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/39 | 15,050 | 16,623 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 10/1/42 | 5,000 | 5,415 |
88
California Long-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% | 4/1/43 | 4,000 | 4,379 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.625% | 4/1/44 | 10,000 | 11,387 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.250% | 4/1/53 | 3,350 | 3,674 |
| Cabrillo CA Community College District Revenue | 0.000% | 5/1/26 (2) | 9,000 | 5,065 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.450% | 6/1/28 | 7,500 | 7,019 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 | 8,000 | 9,266 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 10,000 | 12,063 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 4,500 | 5,429 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 5,000 | 5,995 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 30,000 | 34,864 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/25 | 8,810 | 10,277 |
| California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | 5.000% | 12/1/35 | 4,000 | 4,511 |
| California Economic Recovery GO | 5.000% | 7/1/18 | 12,000 | 13,985 |
| California Economic Recovery GO | 5.000% | 7/1/19 | 6,000 | 7,151 |
| California Economic Recovery GO | 5.000% | 7/1/20 | 10,000 | 11,886 |
| California Economic Recovery GO | 5.250% | 7/1/21 | 11,985 | 14,340 |
| California Economic Recovery GO | 5.000% | 7/1/22 | 5,000 | 5,477 |
| California Economic Recovery GO VRDO | 0.040% | 6/2/14 LOC | 5,755 | 5,755 |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) | 5.000% | 10/1/39 | 7,730 | 8,611 |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) | 5.000% | 11/1/39 | 10,000 | 11,209 |
| California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/42 | 8,940 | 9,809 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/19 | 1,615 | 1,920 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.250% | 6/1/30 | 1,125 | 1,216 |
| California Educational Facilities Authority Revenue | ||||
| (Pepperdine College) | 5.000% | 9/1/33 | 3,000 | 3,419 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/34 | 3,155 | 1,364 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/35 | 3,155 | 1,284 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/36 | 3,155 | 1,214 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/37 | 3,155 | 1,160 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/39 | 2,805 | 941 |
| California Educational Facilities Authority Revenue | ||||
| (Pomona College) | 0.000% | 7/1/40 | 1,580 | 506 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.000% | 3/15/26 | 5,330 | 6,815 |
89
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Educational Facilities Authority Revenue | ||||
| (University of San Francisco) | 6.125% | 10/1/36 | 1,250 | 1,496 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.000% | 10/1/38 | 3,445 | 3,845 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.250% | 10/1/38 | 3,420 | 3,894 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/25 | 2,000 | 2,117 |
| California GO | 5.250% | 10/1/14 (14) | 1,880 | 1,912 |
| California GO | 5.000% | 3/1/19 | 1,250 | 1,469 |
| California GO | 6.000% | 4/1/19 | 1,690 | 2,071 |
| California GO | 6.000% | 8/1/19 (3) | 210 | 212 |
| California GO | 5.000% | 10/1/19 | 10,070 | 11,962 |
| California GO | 5.000% | 4/1/20 | 1,460 | 1,711 |
| California GO | 5.000% | 9/1/21 | 11,000 | 13,261 |
| California GO | 5.250% | 9/1/22 | 3,000 | 3,698 |
| California GO | 5.000% | 11/1/22 | 1,000 | 1,141 |
| California GO | 5.250% | 9/1/23 | 10,100 | 12,290 |
| California GO | 5.000% | 5/1/24 | 3,000 | 3,676 |
| California GO | 5.000% | 3/1/25 | 7,000 | 8,162 |
| California GO | 5.000% | 6/1/26 (14) | 20,000 | 22,383 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,916 |
| California GO | 5.100% | 11/1/27 | 1,475 | 1,727 |
| California GO | 5.000% | 9/1/28 | 10,650 | 11,611 |
| California GO | 5.000% | 9/1/28 | 2,500 | 2,839 |
| California GO | 5.000% | 9/1/29 | 5,125 | 5,796 |
| California GO | 5.000% | 10/1/29 | 1,400 | 1,599 |
| California GO | 5.250% | 10/1/29 | 4,700 | 5,451 |
| California GO | 5.250% | 3/1/30 | 10,000 | 11,569 |
| California GO | 4.500% | 8/1/30 | 1,440 | 1,530 |
| California GO | 5.250% | 9/1/30 | 6,000 | 6,924 |
| California GO | 5.750% | 4/1/31 | 15,875 | 18,799 |
| California GO | 5.000% | 6/1/32 | 25,000 | 27,267 |
| California GO | 5.000% | 9/1/32 | 1,045 | 1,170 |
| California GO | 6.000% | 3/1/33 | 7,000 | 8,463 |
| California GO | 5.125% | 4/1/33 | 8,500 | 9,453 |
| California GO | 6.500% | 4/1/33 | 33,000 | 40,409 |
| California GO | 5.000% | 6/1/34 | 7,000 | 7,147 |
| California GO | 5.250% | 4/1/35 | 5,000 | 5,687 |
| California GO | 6.000% | 11/1/35 | 10,000 | 12,090 |
| California GO | 5.000% | 9/1/36 | 8,500 | 9,439 |
| California GO | 5.000% | 4/1/37 | 5,000 | 5,554 |
| California GO | 5.250% | 3/1/38 | 8,000 | 8,747 |
| California GO | 6.000% | 4/1/38 | 21,190 | 25,014 |
| California GO | 5.250% | 8/1/38 | 10,000 | 11,011 |
| California GO | 5.500% | 11/1/39 | 3,690 | 4,234 |
| California GO | 6.000% | 11/1/39 | 2,700 | 3,243 |
| California GO | 5.500% | 3/1/40 | 11,500 | 13,264 |
| California GO | 5.000% | 10/1/41 | 5,000 | 5,434 |
| California GO | 5.000% | 4/1/42 | 2,000 | 2,181 |
| California GO | 5.000% | 9/1/42 | 6,015 | 6,584 |
| California GO | 5.000% | 2/1/43 | 6,265 | 6,879 |
| California GO | 5.000% | 4/1/43 | 5,000 | 5,498 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 8,200 | 8,200 |
| California GO VRDO | 0.040% | 6/2/14 LOC | 2,400 | 2,400 |
90
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California GO VRDO | 0.050% | 6/2/14 LOC | 2,905 | 2,905 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/25 | 3,000 | 3,431 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 5,000 | 5,637 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/27 | 2,500 | 2,802 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/39 | 5,000 | 5,590 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/41 | 9,000 | 9,659 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/27 | 7,000 | 7,386 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/34 | 2,415 | 2,632 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/39 | 4,995 | 5,366 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/29 | 3,500 | 3,746 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 6.500% | 11/1/38 | 3,000 | 3,513 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 5.250% | 11/1/41 | 4,025 | 4,375 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange | ||||
| County) VRDO | 0.050% | 6/6/14 LOC | 4,755 | 4,755 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/37 | 2,000 | 2,136 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/42 | 5,000 | 5,276 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/35 | 7,750 | 8,394 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/39 | 4,465 | 4,773 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) | 5.000% | 8/15/43 | 5,300 | 5,810 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) | 5.000% | 8/15/51 | 5,000 | 5,405 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/25 | 2,750 | 3,195 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/26 | 5,000 | 5,742 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/33 | 2,500 | 2,735 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.500% | 10/1/33 | 2,000 | 2,369 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.500% | 10/1/39 | 6,500 | 7,499 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/33 | 3,920 | 4,474 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/40 | 8,000 | 8,683 |
91
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.000% | 7/1/37 | 4,500 | 4,992 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.750% | 7/1/39 | 7,000 | 8,100 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/42 | 5,000 | 5,460 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 8/15/22 | 5,000 | 5,830 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 4,000 | 4,815 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 11/15/46 | 10,000 | 10,398 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (Bay Area Toll Bridges Seismic | ||||
| Retrofit) TOB VRDO | 0.080% | 6/2/14 (ETM) | 20,860 | 20,860 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Independent System Operator | ||||
| Corp. Project) | 5.000% | 2/1/39 | 5,000 | 5,390 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.040% | 6/2/14 LOC | 1,900 | 1,900 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/31 (14) | 4,135 | 4,207 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated | ||||
| Group) COP | 5.500% | 2/1/39 | 11,000 | 11,486 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated | ||||
| Group) COP | 5.250% | 2/1/46 | 3,650 | 3,706 |
| 2 California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.250% | 8/15/39 | 1,200 | 1,254 |
| 2 California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.250% | 8/15/49 | 3,500 | 3,640 |
| California Municipal Finance Authority Revenue | ||||
| (Biola University) | 5.000% | 10/1/38 | 1,255 | 1,332 |
| California Municipal Finance Authority Revenue | ||||
| (Biola University) | 5.000% | 10/1/42 | 2,500 | 2,643 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.250% | 6/1/20 | 2,420 | 2,777 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.040% | 6/2/14 LOC | 5,500 | 5,500 |
| California Public Works Board Lease Revenue | ||||
| (Community Colleges) | 5.000% | 3/1/27 (14) | 2,970 | 3,173 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 6.500% | 9/1/17 (2) | 15,645 | 16,844 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.000% | 4/1/25 | 6,000 | 7,115 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.250% | 4/1/34 | 8,250 | 9,747 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/29 | 2,500 | 2,839 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/34 | 1,300 | 1,440 |
92
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/38 | 3,375 | 3,690 |
| California Public Works Board Lease Revenue | ||||
| (Office of Emergency Services) | 5.000% | 3/1/27 (14) | 8,950 | 9,561 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 5/1/15 (Prere.) | 17,000 | 17,752 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.250% | 11/1/15 (Prere.) | 9,045 | 9,689 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/23 | 4,180 | 4,927 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/23 | 2,000 | 2,370 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 6.250% | 11/1/24 | 5,000 | 5,978 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/26 | 5,000 | 5,775 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/33 | 2,330 | 2,767 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/37 | 5,000 | 5,459 |
| California State University Revenue Systemwide | 5.000% | 11/1/24 | 2,000 | 2,364 |
| California State University Revenue Systemwide | 5.750% | 11/1/27 | 4,500 | 5,388 |
| California State University Revenue Systemwide | 5.250% | 11/1/34 | 5,000 | 5,726 |
| California State University Revenue Systemwide | 5.000% | 11/1/35 (14) | 5,000 | 5,272 |
| California State University Revenue Systemwide | 5.000% | 11/1/37 | 10,000 | 10,945 |
| California State University Revenue Systemwide | 5.000% | 11/1/37 | 3,750 | 4,154 |
| California State University Revenue Systemwide | 5.250% | 11/1/38 | 3,280 | 3,756 |
| California State University Revenue Systemwide | 5.000% | 11/1/42 | 1,355 | 1,470 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/40 | 7,000 | 7,368 |
| California Statewide Communities Development | ||||
| Authority Revenue (Covenant Retirement | ||||
| Communities Inc.) | 5.625% | 12/1/36 | 4,000 | 4,256 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity | ||||
| Health System) | 5.250% | 7/1/30 | 5,000 | 4,720 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/42 | 2,500 | 2,566 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/47 | 2,000 | 2,050 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 4.750% | 4/1/33 | 4,185 | 4,299 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.000% | 4/1/42 | 31,425 | 33,980 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.250% | 3/1/45 | 5,000 | 5,131 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.040% | 6/6/14 | 2,200 | 2,200 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.250% | 8/15/31 | 2,500 | 2,782 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/32 | 11,000 | 12,154 |
93
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/38 (2) | 2,900 | 2,998 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 11/15/38 | 4,250 | 4,464 |
| California Statewide Communities Development | ||||
| Authority Revenue (Trinity Health) | 5.000% | 12/1/41 | 11,000 | 11,818 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue (Southern | ||||
| California Presbyterian Homes) | 7.250% | 11/15/41 | 3,000 | 3,466 |
| Centinela Valley CA Union High School District GO | 6.000% | 8/1/36 | 3,000 | 3,634 |
| Cerritos CA Community College District GO | 0.000% | 8/1/34 | 4,000 | 1,602 |
| Cerritos CA Community College District GO | 0.000% | 8/1/35 | 1,730 | 659 |
| Cerritos CA Community College District GO | 5.000% | 8/1/38 | 7,000 | 7,709 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/25 | 5,000 | 5,963 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/30 | 3,500 | 4,015 |
| 2 Citrus CA Community College District GO | 0.000% | 8/1/36 | 1,810 | 1,221 |
| 2 Citrus CA Community College District GO | 0.000% | 8/1/37 | 1,475 | 990 |
| 2 Citrus CA Community College District GO | 0.000% | 8/1/38 | 1,000 | 668 |
| Coast CA Community College District GO | 5.000% | 8/1/27 | 5,700 | 6,766 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/27 (4) | 2,535 | 2,960 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/38 | 3,600 | 4,044 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/24 | 1,085 | 1,271 |
| Cupertino CA Union School District GO | 5.000% | 8/1/36 | 3,000 | 3,432 |
| East Bay CA Municipal Utility District Waste | ||||
| Water System Revenue | 5.000% | 6/1/33 (2) | 1,350 | 1,491 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/32 (14) | 15,765 | 17,393 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/36 | 10,000 | 11,391 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/25 | 2,000 | 2,319 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/27 | 4,070 | 4,717 |
| East Side CA Union High School District | ||||
| Santa Clara County GO | 5.000% | 8/1/37 | 5,655 | 6,219 |
| El Dorado CA Irrigation District Revenue | 5.250% | 3/1/39 (4) | 7,500 | 8,563 |
| Encinitas CA Community Facilities District | ||||
| No. 1 Special Tax Revenue | 5.000% | 9/1/27 | 1,000 | 1,105 |
| Escondido CA Union High School District GO | 0.000% | 11/1/20 (14) | 4,000 | 3,314 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/29 (2) | 9,450 | 9,644 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/32 (2) | 5,000 | 5,086 |
| Fontana CA Unified School District GO | 5.250% | 8/1/14 (Prere.) | 5,875 | 5,926 |
| Fontana CA Unified School District GO | 5.250% | 8/1/14 (Prere.) | 240 | 242 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/17 (14) | 3,000 | 2,902 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/22 (14) | 3,850 | 3,106 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/23 (14) | 3,590 | 2,753 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/25 (14) | 2,390 | 1,667 |
94
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Foothill-De Anza CA Community College | ||||
| District GO | 5.000% | 8/1/40 | 10,000 | 11,070 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/42 | 9,000 | 5,411 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.500% | 1/15/43 | 2,200 | 2,559 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 5.750% | 1/15/46 | 13,500 | 15,199 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.000% | 1/15/53 | 6,500 | 7,418 |
| Gavilan CA Joint Community College District GO | 5.500% | 8/1/14 (Prere.) | 3,315 | 3,345 |
| Gavilan CA Joint Community College District GO | 5.500% | 8/1/28 (2) | 90 | 91 |
| Gilroy CA School Facilities Finance | ||||
| Authority Revenue | 5.000% | 8/1/46 | 5,000 | 5,396 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.125% | 6/1/47 | 7,785 | 6,020 |
| Grossmont CA Healthcare District GO | 6.125% | 7/15/40 | 2,500 | 2,954 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/30 | 6,500 | 3,201 |
| Huntington Beach CA Union High School | ||||
| District GO | 0.000% | 8/1/30 (4) | 8,340 | 4,146 |
| Irvine CA Assessment District No. 97-17 | ||||
| Improvement Revenue VRDO | 0.040% | 6/2/14 LOC | 2,154 | 2,154 |
| Irvine CA Ranch Water District Revenue VRDO | 0.050% | 6/2/14 LOC | 2,740 | 2,740 |
| Irvine CA Reassessment District No. 05-21 | ||||
| Improvement Revenue VRDO | 0.040% | 6/2/14 LOC | 13,700 | 13,700 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax | ||||
| Revenue VRDO | 0.050% | 6/2/14 LOC | 1,800 | 1,800 |
| Irvine CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/30 (2) | 5,500 | 5,612 |
| Kern CA High School District GO | 6.400% | 8/1/14 (ETM) | 1,490 | 1,506 |
| Kern CA High School District GO | 6.400% | 8/1/15 (ETM) | 1,645 | 1,765 |
| Kern CA High School District GO | 6.400% | 8/1/16 (ETM) | 1,815 | 2,058 |
| Kern County CA GO | 5.750% | 8/1/35 (12) | 2,000 | 2,297 |
| Las Virgenes CA Unified School District GO | 0.000% | 9/1/26 (14) | 6,140 | 3,958 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/20 | 6,155 | 6,268 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/21 | 2,500 | 2,538 |
| Long Beach CA Airport Revenue | 5.000% | 6/1/40 | 4,440 | 4,763 |
| Long Beach CA Community College District GO | 0.000% | 8/1/34 | 2,520 | 1,002 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.580% | 11/15/26 | 1,800 | 1,648 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/26 (2) | 7,570 | 7,861 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/31 (2) | 4,015 | 4,137 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/25 | 3,980 | 4,745 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/31 (4) | 5,000 | 5,374 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/32 (14) | 7,340 | 8,135 |
| Los Angeles CA Community College District GO | 6.000% | 8/1/33 | 5,160 | 6,162 |
| Los Angeles CA Community College District GO | 5.250% | 8/1/39 | 5,000 | 5,776 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/22 | 2,000 | 2,367 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/27 | 5,000 | 5,822 |
95
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 5,000 | 5,735 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 14,590 | 16,595 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 3,195 | 3,601 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 16,000 | 17,831 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 7,745 | 8,591 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/38 | 4,000 | 4,393 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/40 | 3,795 | 4,164 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 4,070 | 4,647 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 10,000 | 11,748 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 (2) | 10,000 | 11,141 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 (2) | 16,000 | 17,693 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 (2) | 5,000 | 5,529 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/32 | 7,000 | 7,975 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.375% | 7/1/34 | 3,000 | 3,430 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/36 | 10,000 | 11,183 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/36 | 5,000 | 5,484 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/37 | 1,545 | 1,723 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/38 | 12,365 | 13,762 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/38 | 1,890 | 2,135 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/39 | 2,000 | 2,227 |
| 2 Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 5,000 | 5,580 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 5,000 | 5,532 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 2,000 | 2,208 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.090% | 6/2/14 | 5,200 | 5,200 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.040% | 6/2/14 | 5,200 | 5,200 |
| Los Angeles CA GO | 5.000% | 9/1/22 | 6,155 | 7,567 |
| Los Angeles CA GO | 5.000% | 9/1/31 | 5,785 | 6,772 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 2,655 | 2,914 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/21 | 3,500 | 4,144 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (2) | 9,745 | 10,641 |
96
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (2) | 7,500 | 8,190 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/24 | 6,275 | 7,434 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 5,000 | 5,908 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 5,500 | 6,528 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 (3) | 7,675 | 8,281 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/31 (2) | 2,225 | 2,376 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 8,000 | 8,826 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 5,000 | 5,638 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/34 | 10,000 | 11,477 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/27 | 7,000 | 8,313 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/43 | 2,840 | 3,169 |
| 1 Los Angeles CA Wastewater System Revenue | ||||
| TOB VRDO | 0.070% | 6/6/14 | 4,500 | 4,500 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/21 | 4,000 | 4,902 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 5,000 | 6,079 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/23 (14) | 4,000 | 4,264 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/24 (14) | 4,000 | 4,259 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/25 (14) | 1,265 | 1,345 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/37 | 2,750 | 2,980 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/42 | 5,940 | 6,380 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Revenue | 5.500% | 10/1/18 (4) | 1,420 | 1,560 |
| Los Angeles County CA Schools Regionalized | ||||
| Business Services Corp. COP | 0.000% | 8/1/14 (2) | 1,000 | 998 |
| Los Angeles County CA Schools Regionalized | ||||
| Business Services Corp. COP | 0.000% | 8/1/20 (2) | 2,095 | 1,720 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 7,000 | 9,493 |
| M-S-R California Energy Authority Revenue | 6.500% | 11/1/39 | 3,500 | 4,631 |
| M-S-R California Public Power Agency Revenue | ||||
| (San Juan Project) | 6.750% | 7/1/20 (ETM) | 8,940 | 10,663 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/21 | 2,500 | 3,054 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/25 | 3,410 | 3,849 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/26 | 4,000 | 4,770 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/28 | 4,235 | 4,597 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/28 | 4,000 | 4,723 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/31 | 3,000 | 3,440 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/33 | 7,535 | 8,620 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/35 | 2,855 | 3,236 |
| Metropolitan Water District of Southern | ||||
| California Revenue VRDO | 0.050% | 6/6/14 | 5,000 | 5,000 |
97
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Modesto CA High School District GO | 0.000% | 8/1/18 (14) | 3,225 | 2,992 |
| Modesto CA Irrigation District COP | 5.500% | 7/1/35 | 1,000 | 1,079 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/36 (2) | 4,795 | 5,047 |
| Modesto CA Irrigation District Financing Authority | ||||
| Revenue (Woodland Project) | 6.500% | 10/1/22 (ETM) | 8,440 | 10,295 |
| Mount San Antonio CA Community College | ||||
| District GO | 5.250% | 8/1/14 (Prere.) | 3,010 | 3,036 |
| Mount San Antonio CA Community College | ||||
| District GO | 5.250% | 8/1/14 (Prere.) | 3,170 | 3,197 |
| Mount San Antonio CA Community College | ||||
| District GO | 5.250% | 8/1/14 (Prere.) | 3,335 | 3,364 |
| Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) | 6.000% | 12/1/21 (Prere.) | 3,500 | 4,557 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/35 | 4,000 | 1,622 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/36 | 1,000 | 384 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/37 | 2,000 | 733 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/38 | 1,000 | 351 |
| Northern California Gas Authority No. 1 Revenue | 0.756% | 7/1/17 | 17,000 | 16,787 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 6.300% | 7/1/18 (14) | 7,200 | 8,104 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 7.500% | 7/1/21 (Prere.) | 1,810 | 2,379 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/27 | 3,255 | 3,760 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/32 | 1,155 | 1,292 |
| Oakland CA GO | 5.000% | 1/15/31 | 3,550 | 3,891 |
| Oakland CA Unified School District GO | 6.625% | 8/1/38 | 1,000 | 1,195 |
| Oceanside CA Unified School District GO | 0.000% | 8/1/25 (12) | 6,865 | 4,573 |
| Ohlone CA Community College District GO | 5.250% | 8/1/41 | 5,000 | 5,581 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.000% | 7/1/43 | 2,325 | 2,562 |
| Orange County CA Water District Revenue | 5.000% | 8/15/41 | 6,855 | 7,655 |
| Palmdale CA COP | 5.250% | 9/1/19 (14) | 1,310 | 1,322 |
| Palmdale CA COP | 5.250% | 9/1/20 (14) | 1,450 | 1,462 |
| Palmdale CA COP | 5.250% | 9/1/21 (14) | 1,605 | 1,617 |
| Palmdale CA COP | 5.250% | 9/1/22 (14) | 1,765 | 1,777 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.250% | 9/2/22 | 200 | 223 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 5.000% | 9/2/26 | 1,000 | 1,101 |
| Palomar CA Community College District GO | 0.000% | 8/1/24 | 5,125 | 3,749 |
| Palomar Pomerado Health California COP | 6.000% | 11/1/41 | 3,000 | 3,056 |
| Palomar Pomerado Health California GO | 4.500% | 8/1/32 (14) | 12,000 | 12,280 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/33 (12) | 4,000 | 1,596 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/35 | 10,330 | 3,617 |
| Paramount CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Redevelopment Project | ||||
| Area No. 1) | 0.000% | 8/1/26 (14) | 3,000 | 1,780 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/34 | 4,000 | 4,479 |
| Peralta CA Community College District Revenue | 5.000% | 8/1/39 | 4,000 | 4,402 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/19 (2) | 1,800 | 1,529 |
98
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 | 2,236 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/22 (2) | 4,125 | 2,967 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/24 (2) | 1,000 | 639 |
| Pomona CA Unified School District GO | 5.600% | 8/1/14 (ETM) | 1,585 | 1,600 |
| Pomona CA Unified School District GO | 5.600% | 8/1/15 (ETM) | 2,000 | 2,127 |
| Pomona CA Unified School District GO | 5.600% | 8/1/16 (ETM) | 1,000 | 1,115 |
| Pomona CA Unified School District GO | 7.500% | 8/1/17 (ETM) | 2,540 | 3,089 |
| Poway CA Unified School District GO | 5.000% | 9/1/25 | 1,840 | 2,087 |
| Poway CA Unified School District GO | 5.000% | 8/1/27 | 5,575 | 6,384 |
| Poway CA Unified School District GO | 5.000% | 9/1/27 | 2,060 | 2,302 |
| Poway CA Unified School District GO | 5.000% | 9/1/31 | 1,375 | 1,486 |
| Poway CA Unified School District GO | 0.000% | 8/1/33 | 5,010 | 2,103 |
| Poway CA Unified School District GO | 5.000% | 9/1/33 | 1,000 | 1,070 |
| Poway CA Unified School District GO | 0.000% | 8/1/34 | 8,130 | 3,255 |
| 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 | 906 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/27 | 1,035 | 1,142 |
| Redwood City CA Redevelopment Agency | ||||
| Redevelopment Project Area No. 2 Tax | ||||
| Allocation Revenue | 0.000% | 7/15/26 (2) | 3,445 | 1,933 |
| Rio Hondo CA Community College District GO | 5.000% | 8/1/30 | 6,655 | 7,549 |
| Rio Hondo CA Community College District GO | 0.000% | 8/1/36 | 16,650 | 5,916 |
| 1 Riverside CA Electric Revenue TOB VRDO | 0.070% | 6/2/14 | 3,000 | 3,000 |
| Riverside CA Unified School District Community | ||||
| Facilities District No. 7 (Victoria Grove) Special | ||||
| Tax Revenue | 5.000% | 9/1/31 (2) | 4,000 | 4,095 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/21 | 1,280 | 1,485 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/22 | 1,335 | 1,560 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/24 | 1,440 | 1,644 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/28 | 1,795 | 1,974 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/29 | 1,880 | 2,054 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/32 | 1,375 | 1,485 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 0.000% | 6/1/14 (14) | 2,000 | 2,000 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 0.000% | 6/1/15 (14) | 2,000 | 1,975 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.050% | 6/6/14 | 1,420 | 1,420 |
99
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/41 | 6,710 | 1,441 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/42 | 2,975 | 601 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/43 | 7,500 | 1,426 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 5.750% | 6/1/48 | 2,000 | 2,202 |
| Roseville CA Electric System Revenue | 5.000% | 2/1/37 | 4,500 | 4,808 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/18 | 620 | 684 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/22 | 1,610 | 1,795 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/28 | 2,450 | 2,781 |
| 2 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/39 (15) | 1,900 | 2,081 |
| 2 Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas Basin | ||||
| Local Assessment) | 5.000% | 10/1/44 (15) | 2,000 | 2,182 |
| Sacramento CA Financing Authority | ||||
| Lease Revenue | 5.375% | 11/1/14 (2) | 1,845 | 1,875 |
| Sacramento CA Financing Authority | ||||
| Lease Revenue | 5.400% | 11/1/20 (2) | 6,785 | 7,664 |
| Sacramento CA Municipal Utility District Revenue | 5.900% | 7/1/20 (2) | 10,000 | 12,489 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/28 | 2,000 | 2,337 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/31 | 1,175 | 1,331 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/32 | 1,195 | 1,348 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/33 | 1,450 | 1,628 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/36 | 3,000 | 3,211 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/42 | 5,000 | 5,331 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue VRDO | 0.030% | 6/6/14 | 19,500 | 19,500 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue VRDO | 0.050% | 6/6/14 | 21,000 | 21,000 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/26 (14) | 5,000 | 5,430 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/30 (14) | 5,650 | 6,055 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/27 (4) | 1,060 | 1,202 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 11,235 | 12,163 |
| San Bernardino County CA Transportation | ||||
| Authority Revenue | 5.000% | 3/1/32 | 4,035 | 4,580 |
| San Diego CA Community College District GO | 5.250% | 8/1/33 | 2,500 | 2,889 |
| San Diego CA Community College District GO | 0.000% | 8/1/36 | 8,000 | 2,875 |
| San Diego CA Community College District GO | 5.000% | 8/1/36 | 2,500 | 2,774 |
| San Diego CA Community College District GO | 0.000% | 8/1/38 | 3,510 | 1,147 |
| San Diego CA Community College District GO | 5.000% | 8/1/41 | 3,000 | 3,301 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/34 | 6,000 | 6,875 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/39 | 7,000 | 7,968 |
100
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.750% | 8/1/35 | 2,500 | 2,956 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.250% | 8/1/38 | 1,500 | 1,687 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.500% | 8/1/39 | 5,000 | 5,825 |
| San Diego CA Unified School District GO | 5.500% | 7/1/24 (14) | 5,000 | 6,340 |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 8,150 | 4,497 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 1,500 | 764 |
| San Diego CA Unified School District GO | 5.000% | 7/1/35 | 5,000 | 5,621 |
| San Diego CA Unified School District GO | 0.000% | 7/1/38 | 4,890 | 1,605 |
| San Diego County CA COP | 5.000% | 2/1/28 (2) | 2,000 | 2,056 |
| San Diego County CA COP | 5.000% | 2/1/30 (2) | 2,345 | 2,409 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/26 | 4,000 | 4,589 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/28 | 3,200 | 3,518 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/34 | 2,715 | 2,910 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 4/1/37 | 1,500 | 1,680 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 4/1/38 | 2,000 | 2,239 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/40 | 3,000 | 3,221 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/43 | 3,540 | 3,805 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/31 | 4,700 | 5,324 |
| San Diego County CA Water Authority | ||||
| Revenue COP | 5.000% | 5/1/26 (4) | 7,275 | 8,232 |
| 1 San Diego County CA Water Authority | ||||
| Revenue COP TOB VRDO | 0.070% | 6/6/14 | 2,510 | 2,510 |
| 3 San Francisco CA Bay Area Rapid Transit | ||||
| District GO | 5.000% | 8/1/35 | 15,000 | 16,644 |
| San Francisco CA Bay Area Rapid Transit | ||||
| District Sales Tax Revenue | 5.000% | 7/1/30 | 2,120 | 2,440 |
| San Francisco CA City & County GO | 5.000% | 6/15/23 | 6,000 | 7,252 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/25 | 5,220 | 6,055 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/29 | 2,065 | 2,342 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/43 | 10,000 | 10,892 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/29 | 12,680 | 14,854 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 8,430 | 9,839 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,100 | 1,259 |
| 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% | 11/1/33 | 4,000 | 4,497 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 5,000 | 5,595 |
101
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 1,275 | 1,440 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/35 | 2,810 | 3,132 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/35 | 2,605 | 2,905 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/43 | 10,000 | 11,000 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bay North) | 6.500% | 8/1/39 | 2,000 | 2,278 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bay North) | 6.750% | 8/1/41 | 1,000 | 1,198 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/43 | 3,500 | 3,712 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.250% | 6/15/24 | 4,000 | 4,688 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/32 | 8,365 | 9,491 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 6,000 | 3,709 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/25 (14) | 6,000 | 3,492 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/31 (14) | 11,950 | 4,706 |
| San Jose CA Airport Revenue | 5.000% | 3/1/33 (2) | 4,000 | 4,145 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/19 (14) | 1,270 | 1,314 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/20 (2) | 3,415 | 3,684 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 (2) | 2,300 | 2,492 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/22 (2) | 3,375 | 3,586 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.500% | 8/1/30 | 850 | 910 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.500% | 8/1/35 | 2,750 | 2,936 |
| San Jose CA Special Hotel Tax Revenue | ||||
| (Convention Center Expansion & | ||||
| Renovation Project) | 6.500% | 5/1/42 | 5,000 | 5,942 |
| San Jose-Evergreen CA Community College | ||||
| District GO | 5.000% | 9/1/40 | 3,850 | 4,361 |
| San Juan CA Unified School District GO | 0.000% | 8/1/14 (4) | 2,610 | 2,609 |
| San Juan CA Unified School District GO | 0.000% | 8/1/16 (4) | 2,000 | 1,958 |
| San Juan CA Unified School District GO | 0.000% | 8/1/18 (4) | 1,785 | 1,666 |
| San Juan CA Unified School District GO | 0.000% | 8/1/19 (4) | 2,210 | 1,996 |
| San Juan CA Unified School District GO | 0.000% | 8/1/20 (4) | 4,930 | 4,304 |
| San Juan CA Unified School District GO | 0.000% | 8/1/23 (4) | 4,540 | 3,347 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/38 (15) | 3,500 | 3,759 |
102
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 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 | 1,160 |
| San Marcos CA Unified School District GO | 5.000% | 8/1/34 | 5,620 | 6,225 |
| San Marcos CA Unified School District GO | 5.000% | 8/1/38 | 2,835 | 3,108 |
| San Mateo County CA Community College | ||||
| District GO | 5.000% | 9/1/31 | 5,000 | 5,406 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Capital | ||||
| Project Program) | 5.000% | 7/1/21 (14) | 3,500 | 4,099 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/14 (14) | 8,290 | 8,289 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/15 (14) | 2,005 | 1,999 |
| San Ramon Valley CA Unified School District GO | 5.000% | 8/1/22 | 4,000 | 4,927 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/16 (14) | 5,345 | 5,918 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/17 (14) | 2,000 | 2,295 |
| Santa Ana CA Unified School District GO | 0.000% | 8/1/32 (14) | 3,680 | 1,642 |
| Santa Barbara CA Secondary/High School | ||||
| District GO | 0.000% | 8/1/40 | 2,050 | 598 |
| Santa Clara CA Electric Revenue | 6.000% | 7/1/31 | 3,000 | 3,548 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/34 | 4,000 | 4,395 |
| Santa Clara County CA Financing Authority | ||||
| Lease Revenue (Multiple Facilities Projects) | 5.250% | 5/15/36 | 5,000 | 5,591 |
| Santa Clara County CA GO | 5.000% | 8/1/28 | 9,000 | 10,562 |
| Santa Monica-Malibu CA Unified School | ||||
| District GO | 4.500% | 7/1/36 | 7,990 | 8,543 |
| Santa Rosa CA Wastewater Revenue | 6.000% | 7/2/15 (2) | 1,340 | 1,377 |
| Santa Rosa CA Wastewater Revenue | 6.000% | 9/1/15 (4) | 2,080 | 2,150 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/28 | 4,845 | 5,618 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/33 | 1,000 | 1,123 |
| Silicon Valley CA Clean Water | ||||
| Wastewater Revenue | 5.000% | 2/1/39 | 3,090 | 3,492 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/32 | 1,000 | 1,073 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/35 | 2,500 | 2,651 |
| Sonoma County CA Junior College District GO | 5.000% | 8/1/27 | 2,000 | 2,381 |
| Sonoma-Marin Area Rail Transportation District | ||||
| California Sales & Use Tax Revenue | 5.000% | 3/1/28 | 3,500 | 4,002 |
| South San Francisco CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/35 (14) | 16,110 | 16,477 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/29 | 5,000 | 5,784 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/30 | 5,000 | 5,730 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/17 | 1,865 | 2,065 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/28 | 3,580 | 3,969 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/33 | 3,000 | 3,275 |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) | 5.750% | 7/1/21 (14) | 220 | 221 |
103
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) | 5.000% | 7/1/23 | 5,000 | 5,819 |
| Stockton CA Public Financing Authority Water | ||||
| Revenue (Delta Water Supply Project) | 6.250% | 10/1/38 | 2,150 | 2,443 |
| Stockton CA Unified School District GO | 5.000% | 8/1/38 (4) | 2,500 | 2,692 |
| 1 Sweetwater CA Unified School District | ||||
| GO TOB VRDO | 0.080% | 6/6/14 (13) | 700 | 700 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/35 | 3,000 | 2,393 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/37 | 3,785 | 3,010 |
| Tobacco Securitization Authority Revenue | ||||
| (Southern California Tobacco Settlement) | 5.000% | 6/1/37 | 2,155 | 1,770 |
| Torrance CA Hospital Revenue (Torrance | ||||
| Memorial Medical Center) | 5.000% | 9/1/40 | 3,000 | 3,146 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/31 | 2,000 | 2,191 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/35 | 3,000 | 3,214 |
| Turlock CA Irrigation District Revenue | 5.500% | 1/1/41 | 3,445 | 3,834 |
| Ukiah CA Electric Revenue | 6.250% | 6/1/18 (14) | 2,875 | 3,144 |
| Ukiah CA Unified School District GO | 0.000% | 8/1/32 (10) | 6,425 | 2,633 |
| Union CA Elementary School District GO | 0.000% | 9/1/15 (14) | 3,860 | 3,844 |
| Union CA Elementary School District GO | 0.000% | 9/1/16 (14) | 1,500 | 1,481 |
| Union CA Elementary School District GO | 0.000% | 9/1/17 (14) | 2,295 | 2,217 |
| Union CA Elementary School District GO | 0.000% | 9/1/18 (14) | 1,630 | 1,548 |
| Union CA Elementary School District GO | 0.000% | 9/1/19 (14) | 1,750 | 1,602 |
| Union CA Elementary School District GO | 0.000% | 9/1/20 (14) | 2,300 | 2,033 |
| Union CA Elementary School District GO | 0.000% | 9/1/21 (14) | 2,000 | 1,674 |
| University of California Regents Medical | ||||
| Center Revenue | 5.250% | 5/15/38 | 5,000 | 5,635 |
| University of California Revenue | 5.750% | 5/15/25 | 7,000 | 8,505 |
| University of California Revenue | 5.000% | 5/15/28 | 5,000 | 5,891 |
| University of California Revenue | 4.750% | 5/15/33 | 9,425 | 10,104 |
| University of California Revenue | 5.000% | 5/15/33 | 5,000 | 5,688 |
| University of California Revenue | 5.000% | 5/15/34 | 3,220 | 3,568 |
| University of California Revenue | 5.000% | 5/15/34 | 5,205 | 5,916 |
| University of California Revenue | 5.000% | 5/15/35 | 3,640 | 4,131 |
| University of California Revenue | 5.000% | 5/15/37 (13) | 6,000 | 6,536 |
| University of California Revenue | 5.250% | 5/15/37 | 7,000 | 8,144 |
| University of California Revenue | 5.000% | 5/15/38 | 12,000 | 13,442 |
| University of California Revenue | 5.250% | 5/15/39 | 7,000 | 8,021 |
| University of California Revenue | 5.000% | 5/15/40 | 2,395 | 2,656 |
| 1 University of California Revenue TOB VRDO | 0.080% | 6/2/14 | 5,565 | 5,565 |
| 1 University of California Revenue TOB VRDO | 0.080% | 6/2/14 | 11,195 | 11,195 |
| 1 University of California Revenue TOB VRDO | 0.070% | 6/6/14 | 1,600 | 1,600 |
| University of California Revenue VRDO | 0.040% | 6/6/14 | 11,200 | 11,200 |
| Vallejo CA Sanitation & Flood Control COP | 5.000% | 7/1/19 (14) | 3,057 | 3,290 |
| Ventura County CA Community College | ||||
| District GO | 5.500% | 8/1/33 | 8,500 | 9,841 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/38 | 3,000 | 3,300 |
| Vista CA Unified School District GO | 0.000% | 8/1/28 (14) | 7,425 | 4,120 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/35 | 2,000 | 2,143 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/40 | 5,000 | 5,317 |
| Washington Township CA Health Care District GO | 5.500% | 8/1/40 | 5,000 | 5,859 |
| Washington Township CA Health Care | ||||
| District Revenue | 5.000% | 7/1/32 | 3,000 | 3,078 |
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California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Washington Township CA Health Care | ||||
| District Revenue | 5.000% | 7/1/37 | 1,750 | 1,792 |
| West Contra Costa CA Unified School District GO | 5.250% | 8/1/35 (4) | 7,000 | 7,918 |
| Westlands CA Water District Revenue | 5.000% | 9/1/34 (4) | 2,000 | 2,198 |
| Yuba City CA Unified School District GO | 0.000% | 9/1/15 (14) | 1,870 | 1,855 |
| Yuba City CA Unified School District GO | 0.000% | 9/1/17 (14) | 2,060 | 1,950 |
| Yuba City CA Unified School District GO | 0.000% | 9/1/19 (14) | 2,270 | 1,998 |
| 2,905,321 | ||||
| Puerto Rico (0.0%) | ||||
| Puerto Rico Public Buildings Authority | ||||
| Government Facilities Revenue | 5.250% | 7/1/14 (Prere.) | 75 | 75 |
| Total Tax-Exempt Municipal Bonds (Cost $2,693,956) | 2,905,396 | |||
| Other Assets and Liabilities (0.2%) | ||||
| Other Assets | 35,961 | |||
| Liabilities | (29,253) | |||
| 6,708 | ||||
| Net Assets (100%) | 2,912,104 | |||
| At May 31, 2014, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 2,794,416 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (93,648) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 211,440 |
| Futures Contracts | (104) |
| Net Assets | 2,912,104 |
| Investor Shares—Net Assets | |
| Applicable to 32,842,491 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 391,030 |
| Net Asset Value Per Share—Investor Shares | $11.91 |
| Admiral Shares—Net Assets | |
| Applicable to 211,744,180 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,521,074 |
| Net Asset Value Per Share—Admiral Shares | $11.91 |
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, 2014, the aggregate value of these securities was $55,130,000,
representing 1.9% 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, 2014.
3 Securities with a value of $777,000 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.
105
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.
PILOT—Payments in Lieu of Taxes.
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) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
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.
106
California Long-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2014 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 56,477 |
| Total Income | 56,477 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 127 |
| Management and Administrative—Investor Shares | 309 |
| Management and Administrative—Admiral Shares | 1,093 |
| Marketing and Distribution—Investor Shares | 49 |
| Marketing and Distribution—Admiral Shares | 210 |
| Custodian Fees | 17 |
| Shareholders’ Reports—Investor Shares | 7 |
| Shareholders’ Reports—Admiral Shares | 5 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 1,818 |
| Net Investment Income | 54,659 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 3,021 |
| Futures Contracts | (611) |
| Realized Net Gain (Loss) | 2,410 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 139,628 |
| Futures Contracts | (104) |
| Change in Unrealized Appreciation (Depreciation) | 139,524 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 196,593 |
107
California Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2014 | 2013 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 54,659 | 112,337 |
| Realized Net Gain (Loss) | 2,410 | 12,062 |
| Change in Unrealized Appreciation (Depreciation) | 139,524 | (243,328) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 196,593 | (118,929) |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (7,456) | (16,753) |
| Admiral Shares | (47,203) | (95,584) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (54,659) | (112,337) |
| Capital Share Transactions | ||
| Investor Shares | (18,337) | (61,475) |
| Admiral Shares | 84,815 | (80,041) |
| Net Increase (Decrease) from Capital Share Transactions | 66,478 | (141,516) |
| Total Increase (Decrease) | 208,412 | (372,782) |
| Net Assets | ||
| Beginning of Period | 2,703,692 | 3,076,474 |
| End of Period | 2,912,104 | 2,703,692 |
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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 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $11.31 | $12.24 | $11.24 | $11.01 | $10.98 | $10.19 |
| Investment Operations | ||||||
| Net Investment Income | . 223 | .450 | .459 | .473 | .476 | .481 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | .600 | (.930) | 1.000 | .230 | .030 | .790 |
| Total from Investment Operations | .823 | (.480) | 1.459 | .703 | .506 | 1.271 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.223) | (.450) | (.459) | (.473) | (.476) | (.481) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (. 223) | (. 450) | (. 459) | (. 473) | (. 476) | (. 481) |
| Net Asset Value, End of Period | $11.91 | $11.31 | $12.24 | $11.24 | $11.01 | $10.98 |
| Total Return1 | 7.35% | -3.96% | 13.20% | 6.60% | 4.63% | 12.71% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $391 | $390 | $487 | $441 | $529 | $691 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.89% | 3.86% | 3.89% | 4.33% | 4.26% | 4.51% |
| Portfolio Turnover Rate | 11% | 14% | 16% | 14% | 18% | 18% |
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 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $11.31 | $12.24 | $11.24 | $11.01 | $10.98 | $10.19 |
| Investment Operations | ||||||
| Net Investment Income | . 228 | .459 | .468 | .482 | .485 | .490 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | .600 | (.930) | 1.000 | .230 | .030 | .790 |
| Total from Investment Operations | .828 | (.471) | 1.468 | .712 | .515 | 1.280 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.228) | (.459) | (.468) | (.482) | (.485) | (.490) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (. 228) | (. 459) | (. 468) | (. 482) | (. 485) | (. 490) |
| Net Asset Value, End of Period | $11.91 | $11.31 | $12.24 | $11.24 | $11.01 | $10.98 |
| Total Return | 7.39% | -3.88% | 13.29% | 6.68% | 4.72% | 12.80% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $2,521 | $2,314 | $2,589 | $2,234 | $2,321 | $2,183 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.97% | 3.94% | 3.97% | 4.41% | 4.34% | 4.59% |
| Portfolio Turnover Rate | 11% | 14% | 16% | 14% | 18% | 18% |
| The expense ratio, net income ratio, and turnover rate for the current period have been annualized. | ||||||
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. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate notional 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, 2014, the fund’s average investments in long and short futures contracts each represented less than 1% of net assets, based on quarterly average aggregate settlement values.
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, 2010–2013), and for the period ended May 31, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
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California Long-Term Tax-Exempt Fund
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. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2014, or at any time during the period then ended.
6. 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 based on 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, 2014, the fund had contributed capital of $302,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.12% 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).
112
California Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments as of May 31, 2014, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 2,905,396 | — |
| Futures Contracts—Assets1 | 38 | — | — |
| Total | 38 | 2,905,396 | — |
| 1 Represents variation margin on the last day of the reporting period. | |||
D. At May 31, 2014, 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 2014 | (351) | (44,056) | (104) |
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, 2013, the fund had available capital losses totaling $92,230,000 to offset future net capital gains of $22,052,000 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, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At May 31, 2014, the cost of investment securities for tax purposes was $2,697,784,000. Net unrealized appreciation of investment securities for tax purposes was $207,612,000, consisting of unrealized gains of $211,502,000 on securities that had risen in value since their purchase and $3,890,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended May 31, 2014, the fund purchased $164,665,000 of investment securities and sold $140,390,000 of investment securities, other than temporary cash investments.
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California Long-Term Tax-Exempt Fund
| G. Capital share transactions for each class of shares were: | ||||
| Six Months Ended | Year Ended | |||
| May 31, 2014 | November 30, 2013 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 44,600 | 3,833 | 87,345 | 7,476 |
| Issued in Lieu of Cash Distributions | 6,015 | 518 | 13,162 | 1,131 |
| Redeemed | (68,952) | (5,972) | (161,982) | (13,928) |
| Net Increase (Decrease)—Investor Shares | (18,337) | (1,621) | (61,475) | (5,321) |
| Admiral Shares | ||||
| Issued | 213,102 | 18,455 | 405,689 | 34,787 |
| Issued in Lieu of Cash Distributions | 29,718 | 2,558 | 60,908 | 5,238 |
| Redeemed | (158,005) | (13,754) | (546,638) | (47,088) |
| Net Increase (Decrease) —Admiral Shares | 84,815 | 7,259 | (80,041) | (7,063) |
H. Management has determined that no material events or transactions occurred subsequent to May 31, 2014, that would require recognition or disclosure in these financial statements.
114
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.
115
| Six Months Ended May 31, 2014 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 11/30/2013 | 5/31/2014 | Period | |
| Based on Actual Fund Return | |||
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,000.05 | $0.40 |
| California Intermediate-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,051.83 | $1.02 |
| Admiral Shares | 1,000.00 | 1,052.25 | 0.61 |
| California Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,073.47 | $1.03 |
| Admiral Shares | 1,000.00 | 1,073.90 | 0.62 |
| Based on Hypothetical 5% Yearly Return | |||
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,024.53 | $0.40 |
| 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 |
period are: for the California Tax-Exempt Money Market Fund, 0.08%; 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.
116
Trustees Approve Advisory Arrangements
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 each of the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of each fund and its 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 arrangements. 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 each fund’s 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 each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, 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 each 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 each fund’s advisory fee rate was also well below its peer-group average. 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 each fund’s 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 arrangements again after a one-year period.
117
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 Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. 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 stated 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.
118
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.
119
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 177 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. | |
| F. William McNabb III | |
| Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
| Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
| Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
| Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
| by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
| of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
| Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
| each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
| Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
| Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
| Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
| of the Presidential Commission for the Study of | |
| Bioethical Issues. | |
| IndependentTrustees | |
| JoAnn Heffernan Heisen | |
| Emerson U. Fullwood | Born 1950. Trustee Since July 1998. Principal |
| Born 1948. Trustee Since January 2008. Principal | Occupation(s) During the Past Five Years: Corporate |
| Occupation(s) During the Past Five Years: Executive | Vice President and Chief Global Diversity Officer |
| Chief Staff and Marketing Officer for North America | (retired 2008) and Member of the Executive |
| and Corporate Vice President (retired 2008) of Xerox | Committee (1997–2008) of Johnson & Johnson |
| Corporation (document management products and | (pharmaceuticals/medical devices/consumer |
| services); Executive in Residence and 2009–2010 | products); Director of Skytop Lodge Corporation |
| Distinguished Minett Professor at the Rochester | (hotels), the University Medical Center at Princeton, |
| Institute of Technology; Director of SPX Corporation | the Robert Wood Johnson Foundation, and the Center |
| (multi-industry manufacturing), the United Way of | for Talent Innovation; Member of the Advisory Board |
| Rochester, Amerigroup Corporation (managed health | of the Maxwell School of Citizenship and Public Affairs |
| care), the University of Rochester Medical Center, | at Syracuse University. |
| Monroe Community College Foundation, and North | |
| Carolina A&T University. | F. Joseph Loughrey |
| Born 1949. Trustee Since October 2009. Principal | |
| Rajiv L. Gupta | Occupation(s) During the Past Five Years: President |
| Born 1945. Trustee Since December 2001.2 | and Chief Operating Officer (retired 2009) of Cummins |
| Principal Occupation(s) During the Past Five Years: | Inc. (industrial machinery); Chairman of the Board |
| Chairman and Chief Executive Officer (retired 2009) | of Hillenbrand, Inc. (specialized consumer services), |
| and President (2006–2008) of Rohm and Haas Co. | and of Oxfam America; Director of SKF AB (industrial |
| (chemicals); Director of Tyco International, Ltd. | machinery), Hyster-Yale Materials Handling, Inc. |
| (diversified manufacturing and services), Hewlett- | (forklift trucks), the Lumina Foundation for Education, |
| Packard Co. (electronic computer manufacturing), |
| and the V Foundation for Cancer Research; Member | Executive Officers | |
| of the Advisory Council for the College of Arts and | ||
| Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
| Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal | |
| 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 (retired 2013) | ||
| at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
| Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September | |
| 2013); Member of the Council on Chicago Booth. | 2008. Principal Occupation(s) During the Past Five | |
| Years: Principal of The Vanguard Group, Inc.; Chief | ||
| Scott C. Malpass | Financial Officer of each of the investment companies | |
| Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
| Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
| Investment Officer and Vice President at the University | Group (1998–2008). | |
| of Notre Dame; Assistant Professor of Finance at the | ||
| Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
| of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
| Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of | |
| (investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the | |
| Advisory Committees of the Financial Industry | investment companies served by The Vanguard | |
| Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment | |
| Baseball. | companies served by The Vanguard Group (1988–2008). | |
| André F. Perold | Heidi Stam | |
| Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal | |
| Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing | |
| Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel | |
| at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard | |
| Chief Investment Officer and Managing Partner of | Group and of each of the investment companies | |
| HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior | |
| Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. | |
| Museum of Fine Arts Boston. | ||
| Vanguard Senior ManagementTeam | ||
| Alfred M. Rankin, Jr. | ||
| Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
| Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
| President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
| Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
| Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
| of the Board of University Hospitals of Cleveland. | ||
| Peter F. Volanakis | Chairman Emeritus and Senior Advisor | |
| Born 1955. Trustee Since July 2009. Principal | ||
| Occupation(s) During the Past Five Years: President | John J. Brennan | |
| and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
| Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 | |
| Colby-Sawyer College; Member of the Advisory Board | ||
| of the Norris Cotton Cancer Center and of the Advisory | Founder | |
| Board of the Parthenon Group (strategy consulting). | ||
| John C. Bogle | ||
| Chairman and Chief Executive Officer, 1974–1996 | ||
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, 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, a | ||
| Thomson Reuters Company, 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. | ||
| © 2014 The Vanguard Group, Inc. | ||
| All rights reserved. | ||
| Vanguard Marketing Corporation, Distributor. | ||
| Q752 072014 | ||
Item 2: Code of Ethics.
Not Applicable.
Item 3:
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 17, 2014 | |
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 17, 2014 | |
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
| BY: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: July 17, 2014 | |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.