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, 2014 – November 30, 2015
Item 1: Reports to Shareholders
Annual Report | November 30, 2015
Vanguard California Tax-Exempt Funds
Vanguard California Tax-Exempt Money Market Fund
Vanguard California Intermediate-Term Tax-Exempt Fund
Vanguard California Long-Term Tax-Exempt Fund
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. | 117 |
| About Your Fund’s Expenses. | 153 |
| Glossary. | 155 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows us to help millions of clients around the world reach their financial goals.
| Your Fund’s Total Returns | |||||
| Fiscal Year Ended November 30, 2015 | |||||
| Taxable- | |||||
| SEC | Equivalent | Income | Capital | Total | |
| Yield | Yield | Returns | Returns | Returns | |
| Vanguard California Tax-Exempt Money Market | |||||
| Fund | 0.01% | 0.02% | 0.01% | 0.00% | 0.01% |
| California Tax-Exempt Money Market Funds | |||||
| Average | 0.00 | ||||
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |||||
| Vanguard California Intermediate-Term Tax-Exempt Fund | |||||
| Investor Shares | 1.57% | 3.20% | 2.85% | 0.08% | 2.93% |
| Admiral™ Shares | 1.67 | 3.40 | 2.93 | 0.08 | 3.01 |
| Barclays Municipal California Intermediate Bond | |||||
| Index | 2.85 | ||||
| California Intermediate Municipal Debt Funds | |||||
| Average | 2.12 | ||||
| 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 | 2.13% | 4.34% | 3.62% | 0.41% | 4.03% |
| Admiral Shares | 2.21 | 4.50 | 3.71 | 0.41 | 4.12 |
| Barclays CA Municipal Bond Index | 3.30 | ||||
| California Municipal Debt Funds Average | 3.47 | ||||
California Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
7-day SEC yield for the California Tax-Exempt Money Market Fund; 30-day SEC yield for the California Intermediate-Term Tax-Exempt Fund and California Long-Term Tax-Exempt Fund.
The calculation of taxable-equivalent yield assumes a typical itemized tax return and is based on the maximum federal tax rate of 43.4% and the maximum income tax rate for the state. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements.
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Chairman’s Letter
Dear Shareholder,
Bond market returns for the 12 months ended November 30, 2015, were more modest than those of a year ago, echoing the cautionary note we sounded then. Still, the broad U.S. municipal bond market performed relatively well in a period less turbulent than some recent years have been. Its 3.10% return was about 2 percentage points ahead of the broad U.S. taxable bond market.
Vanguard California Intermediate-Term Tax-Exempt Fund returned 2.93% for Investor Shares and 3.01% for Admiral Shares for the fiscal year. Vanguard California Long-Term Tax-Exempt Fund returned about one percentage point more—4.03% for Investor Shares and 4.12% for Admiral Shares. Both funds’ results were ahead of their benchmark indexes and the average return of their peers.
The lion’s share of each fund’s total return came from interest income. Negative capital returns in the first half of the period, when interest rates inched up, were more than offset in the second half, when rates slipped and prices rebounded. (Bond prices and yields move in opposite directions.) Accordingly, after rising earlier in the year, the 30-day SEC yield for Investor Shares of the Intermediate-Term Fund was 1.57% on November 30, barely higher than 12 months ago. The yield of 2.13% for the Long-Term Fund’s Investor Shares was unchanged.
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Vanguard California Tax-Exempt Money Market Fund returned 0.01%, just ahead of its peer average, as the Federal Reserve kept short-term interest rates at 0% to 0.25%. The fund’s 7-day SEC yield was 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 November 30, 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.
On a separate note, as I’ve previously reported, we’re making some changes to Vanguard’s taxable and tax-exempt money market funds in response to the SEC’s new rules. Before the October 2016 compliance date, we plan to designate all of our tax-exempt money market funds—including California’s—as retail funds. This will enable individual investors to continue to access these very liquid, high-quality funds at a stable net asset value of $1 per share.
Bonds managed slight gains as investors waited for the Fed
Bond returns were muted for the 12 months overall. Prices rose and fell while investors digested the Fed’s latest statements about when it might begin to raise short-term interest rates. (In mid-December, after the close of the reporting period, the target for short-term
| Market Barometer | |||
| Average Annual Total Returns | |||
| Periods Ended November 30, 2015 | |||
| One | Three | Five | |
| Year | Years | Years | |
| Bonds | |||
| Barclays U.S. Aggregate Bond Index (Broad taxable | |||
| market) | 0.97% | 1.50% | 3.09% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 3.10 | 2.49 | 4.79 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.02 | 0.02 | 0.04 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 2.53% | 16.10% | 14.32% |
| Russell 2000 Index (Small-caps) | 3.51 | 14.92 | 12.02 |
| Russell 3000 Index (Broad U.S. market) | 2.58 | 16.00 | 14.13 |
| FTSE All-World ex US Index (International) | -6.43 | 3.85 | 3.41 |
| CPI | |||
| Consumer Price Index | 0.50% | 1.02% | 1.64% |
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rates was raised to 0.25%–0.50%.) At times, bonds benefited from demand for a safe haven amid concerns including Greece’s fiscal crisis.
The broad U.S. taxable bond market returned 0.97%. Interest income more than offset bond price declines. Although the yield of the 10-year Treasury note ended November at 2.22%, almost unchanged from 2.25% a year earlier, the yields on shorter-term bonds rose, especially in the second half of the year. For example, the 1-year Treasury yield climbed from 0.12% a year ago to 0.48% as investors anticipated a rate increase.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned about –8%, held back by the dollar’s strength against many foreign currencies. Without this currency effect, results were positive.
The Fed’s target for short-term rates continued to limit returns for money market funds and savings accounts.
The broad U.S. stock market produced modest returns
U.S. stocks traveled a bumpy route on their way to returns that approached 3% for the period. Amid fears about the ripple effects of China’s slowing economic
| Expense Ratios | |||
| Your Fund Compared With Its Peer Group | |||
| Investor | Admiral | Peer Group | |
| Shares | Shares | Average | |
| California Tax-Exempt Money Market Fund | 0.16% | — | 0.10% |
| California Intermediate-Term Tax-Exempt | |||
| Fund | 0.20 | 0.12% | 0.75 |
| California Long-Term Tax-Exempt Fund | 0.20 | 0.12 | 0.95 |
The fund expense ratios shown are from the prospectus dated March 26, 2015, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2015, the funds’ expense ratios were: for the California Tax-Exempt Money Market Fund, 0.06%; for the California Intermediate-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares; and for the California Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. The expense ratio for the California Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before the reduction, the expense ratio was 0.16%. Peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2014.
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. In most, if not all, cases, the expense ratios for funds in the peer groups are based on net operating expenses after reimbursement and/or fee waivers by fund sponsors. In contrast, the Vanguard money market funds’ expense ratios in the table above do not reflect expense reductions.
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growth, stocks dropped sharply in August, slid further in September, then rebounded strongly in October.
International stocks returned about –6%, held back, like bonds, by the dollar’s strength. Returns for emerging markets, which were especially affected by the concerns about China, trailed those of developed Pacific and European markets.
California’s financial health continued to gain strength
During the fiscal year, most investors looked beyond headline-making fiscal challenges such as those faced by Illinois and Puerto Rico to the vast majority of stable-to-improving municipal borrowers. California is in the “improving” category.
Two major credit rating agencies upgraded the state’s general obligation bonds during the period. Of course, hurdles remain—such as the severe drought and a revenue base that is very dependent on high-income earners—but fiscal discipline is stronger.
Nationwide, demand for municipal bonds was solid, not only from traditional buyers in higher income tax brackets but also from nontraditional buyers such as banks and insurance companies. Municipals also benefited from some of the safe-haven demand that helped Treasury bonds. California’s high state tax rates and robust economy bolstered demand for its bonds and helped absorb a significant volume of issues.
| Total Returns | |
| Ten Years Ended November 30, 2015 | |
| Average | |
| Annual Return | |
| California Tax-Exempt Money Market Fund | 0.95% |
| California Tax-Exempt Money Market Funds Average | 0.78 |
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| California Intermediate-Term Tax-Exempt Fund Investor Shares | 4.39% |
| Barclays Municipal California Intermediate Bond Index | 4.99 |
| California Intermediate Municipal Debt Funds Average | 3.60 |
| California Intermediate Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| California Long-Term Tax-Exempt Fund Investor Shares | 4.69% |
| Barclays CA Municipal Bond Index | 4.99 |
| California Municipal Debt Funds Average | 4.33 |
| California Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
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This favorable environment and investors’ continued pursuit of higher yields made longer-maturity and lower-quality bonds some of the best performers both nationally and in California. That helped the Long-Term Fund return about one percentage point more than the Intermediate-Term Fund, although the latter also tilts toward longer-term bonds.
The funds’ advisor, Vanguard Fixed Income Group, pursued a similar strategy for both of them. It underweighted the shorter end of the maturity spectrum, where interest rates were expected to rise, and favored bonds with somewhat lower (but still investment-grade) credit ratings. This strategy was successful, as it was in the previous fiscal year.
For more about the funds’ strategy and performance, please see the Advisor’s Report that follows this letter.
Long-term results were supported by credit research and low costs
Although the most recent fiscal year was relatively calm for the broad municipal bond market, that hasn’t been the case over much of the past decade. Consider the dire punditry some years ago comparing California to Greece, and a small number of widely publicized bankruptcies—including those in your state, Detroit, and Jefferson County, Alabama.
Through it all, the Vanguard California funds have benefited from the expertise and experience of our team of independent
Credit research: A key part of Vanguard’s investment process
When our funds buy a municipal bond, fund shareholders are lending money to a school district, turnpike authority, hospital, university, or other tax-exempt borrower. We expect those loans to be repaid. That’s why credit research is a pillar of our investment process and why our credit analysts work closely with our portfolio managers and traders.
Our credit team conducts an objective, thorough, and independent analysis of each issuer’s overall creditworthiness. This quantitative and qualitative approach may include testing the sensitivity of projected cash flows, analyzing demographic and economic drivers, negotiating legal covenants, meeting with the issuer’s officials, and, of course, digging into financial statements.
Credit analysts look to identify opportunities or problems among any bonds we own or are considering. Their informed opinions help us understand and manage risk, sidestep troubled issuers, and uncover value.
Our senior municipal credit analysts average more than 23 years of industry experience and more than 10 years at Vanguard. This experience, along with stability in our team structure, helps ensure consistency in credit exposure and risk management across funds with similar objectives.
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credit analysts, who work closely with the portfolio management team. (For more on the credit team, see the insight box on page 6.)
The advisor’s disciplined approach and Vanguard’s low costs helped all three funds outpace the average annual return of their peers for the ten years ended November 30, 2015. Both of the bond funds lagged the returns of their benchmark indexes.
A final note about a key member of our municipal bond fund management team: Pamela Wisehaupt Tynan, who joined Vanguard in 1982 and has been a longtime muni bond fund manager with us, has announced her retirement effective at the end of February 2016. We are grateful for her dedication in successfully managing a number of our funds for more than two decades. Pam also developed a deep and talented team of portfolio managers and traders to oversee Vanguard’s tax-exempt money market funds. I know that our short-term muni bond team is in good hands, as we’ve appointed Justin Schwartz to succeed Pam. Justin joined Vanguard in 2004 and has worked closely with Pam since 2005.
A dose of discipline is crucial when markets become volatile
The developments over the past few months remind us that nobody can control the direction of the markets or reliably predict where they’ll go in the short term. However, investors can control how they react to unstable and turbulent markets.
During periods of market adversity, it’s more important than ever to keep sight of one of Vanguard’s key principles: Maintain perspective and long-term discipline. Whether you’re investing for yourself or on behalf of clients, your success is affected greatly by how you respond—or don’t respond—during turbulent markets. (You can read Vanguard’s Principles for Investing Success at vanguard.com/research.)
As I’ve written in the past, the best course for long-term investors is generally to ignore daily market moves and not make decisions based on emotion. This is also a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals, and risk tolerance.
The markets are unpredictable and often confounding. Keeping your long-term plans clearly in focus can help you weather these periodic storms.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 7, 2016
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| Your Fund’s Performance at a Glance | ||||
| November 30, 2014, Through November 30, 2015 | ||||
| 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 | $11.78 | $11.79 | $0.331 | $0.000 |
| Admiral Shares | 11.78 | 11.79 | 0.340 | 0.000 |
| Vanguard California Long-Term Tax-Exempt | ||||
| Fund | ||||
| Investor Shares | $12.07 | $12.12 | $0.428 | $0.000 |
| Admiral Shares | 12.07 | 12.12 | 0.438 | 0.000 |
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Advisor’s Report
For the fiscal year ended November 30, 2015, Vanguard California Tax-Exempt Money Market Fund returned 0.01%. The average return of peer funds was 0.00%.
Vanguard California Intermediate-Term Tax-Exempt Fund returned 2.93% for Investor Shares and 3.01% for Admiral Shares; Vanguard California Long-Term Tax-Exempt Fund returned 4.03% for Investor Shares and 4.12% for Admiral Shares. Both funds outperformed their state-specific benchmarks and the average return of their peers.
The investment environment
In our report a year ago, when returns were exceptionally robust, we observed that it was “a remarkable year for municipal bonds as a whole.” If we had to characterize the 12 months just ended, we’d call them “remarkably normal”—especially given the uncertainties about when the Federal Reserve would begin to raise interest rates.
The California funds’ fiscal year began a month after the Fed wrapped up its multiyear stimulative bond-buying program. Throughout the period, investors in stock and bond markets worldwide remained focused on when rates might rise for the first time in nearly a decade.
| Yields of Tax-Exempt Municipal Bonds | ||
| (AAA-Rated General-Obligation Issues) | ||
| November 30, | November 30, | |
| Maturity | 2014 | 2015 |
| 2 years | 0.38% | 0.72% |
| 5 years | 1.15 | 1.26 |
| 10 years | 2.08 | 2.02 |
| 30 years | 3.01 | 2.96 |
| Source: Vanguard. |
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Because the Fed made clear that its decision would depend on the health of the economy, investors closely followed reports on job growth, unemployment, gross domestic product (GDP), inflation, and other indicators. Interest rates, especially for shorter-maturity bonds, rose and fell in response to the relative strength of the data.
The trend in GDP was mostly positive. Growth was anemic in the first calendar quarter of 2015, in part because of another harsh winter, a West Coast port strike, lower oil prices, and a stronger dollar. In the second quarter, it accelerated at a rate approaching 4%, only to cool off again in the third quarter. Job growth was generally strong, and the national unemployment rate fell from 5.8% to 5.0%—a level not seen since April 2008.
But outside the United States, improvement was spotty. The euro zone as a whole seemed to be gaining traction, apart from some well-publicized challenges such as those in Greece. China, meanwhile, has been resetting expectations for lower growth, and that has had ripple effects across the globe, especially among other emerging markets. This contributed to the Fed’s decision to hold the line through the end of the reporting period. In mid-December, however, the target for the federal funds rate was raised to 0.25%–0.5%.
In California, the economy strengthened a bit more than in the United States as a whole, according to a gauge of current economic conditions published monthly by
the Federal Reserve Bank of Philadelphia. The bank’s California index climbed by a little more than 4% from November 2014 through October 2015 (the latest data available), compared with a bit less than 3% for the national index. (Each state’s index incorporates data on nonfarm payroll employment, the jobless rate, average hours worked in manufacturing, and inflation-adjusted wage and salary payments.)
California continued to make strides in fiscal discipline and budget stability, thanks in part to an improved economy and temporary tax increases. Its total tax collections in the third calendar quarter increased more than 4% above year-ago levels, in line with the national average (according to estimates by the Nelson A. Rockefeller Institute of Government).
The budget for the fiscal year that began July 1 was passed on time for the fifth consecutive year—a welcome change from the era when lateness was routine. The budget incorporated new voter-approved initiatives requiring stricter provisions for reserves. These reserves, which are expected to grow over time, are a plus for the state’s credit rating.
In recent years, municipal bond issuance nationwide has been relatively light as borrowers focused more on imposing budget austerity than on undertaking major new projects. However, from January through November 2015, tax-exempt offerings increased more than 20% both nationally and in-state, mostly
10
from refundings to take advantage of favorable interest rates. Because total new issuance in California was relatively flat, overall debt levels fell. We participated in some of the state’s general obligation bond issues.
Strong demand for bonds was supported by higher tax rates and California’s improving creditworthiness, which two major credit rating agencies acknowledged by upgrading its general obligation bonds.
For the first time in the state’s history, Governor Jerry Brown in April ordered mandatory restrictions on water use because of the severe drought that has lasted more than four years. As we’ve noted in recent reports, we continue to monitor the drought’s impact and expect it to have localized effects.
From a valuation perspective, the municipal bond market overall began the fiscal year at what we felt were appropriate levels. Some minor shifts occurred in the relationship between the 10-year Treasury bond and its tax-exempt counterpart as both taxable and tax-exempt yields drifted up and down. For example, the yield of the 10-year U.S. Treasury began the period at 2.25%, closed below 2% in some early months, then ended about flat, at 2.22%. In November, municipal bonds capped the year by outperforming Treasuries, and the yield on AAA-rated municipal bonds ended about where it started—a bit above 90% of the Treasury yield.
Management of the funds
At Vanguard, we strive to add value through a diversified mix of strategies—primarily, duration and yield-curve positioning, credit-quality decisions, and security selection. We don’t try to hit home runs, preferring to consistently hit singles and doubles. Risk management is key to our investment processes, along with close collaboration with Vanguard’s experienced team of credit analysts. The team performs an objective, thorough, and independent analysis of the overall creditworthiness of every issuer whose bonds we own or are considering buying.
We made no significant shifts during the period in the funds’ portfolio strategy or positioning. In a relatively range-bound environment for bond yields and credit spreads, we knew that picking up additional yield could boost outperformance. Accordingly, we started and ended with a tilt toward lower-quality (for example, A-rated) bonds and bonds with longer maturities than those in the funds’ benchmarks.
This strategy was also part of our defensive posture while awaiting the Fed’s first move. For example, the Intermediate-Term Fund invests primarily in bonds with stated maturities of 1 to 20 years, whereas its benchmark stops at 10 years. This decision served us well. We also added value in both bond funds by holding premium callable bonds, which performed nicely. Because these bonds may be redeemed before maturity, exposing investors to
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reinvestment risk, they offer attractive yields and favorable total return potential across many interest rate scenarios.
A look ahead
Although the U.S. economy’s growth rate slowed in the third calendar quarter, we believe it is on track to average about 2.5% or a bit higher in the coming year. Inflation should continue to be tempered by oil prices, which seem to have settled into a range far below their summer 2014 peak.
Apart from Fed policy, interest rates are likely to remain range-bound. We expect their floor to be set, at least in part, by the strength of the U.S. economy. The cap will be determined by global conditions, including the relative strength of the dollar, slower growth overseas, and central bank policies—which have driven down bond yields abroad.
We believe that the Fed will be slow and deliberate in its subsequent moves to tighten and that rates over the next few years will be lower than historical levels. These expectations are already largely built into bond market prices.
On the money market front, the coming year is likely to be an interesting one. In addition to rising interest rates, a shifting of assets is expected before the October 2016 date for compliance with new SEC rules. As mentioned previously, we plan to designate the California Tax-Exempt Money Market Fund, along with all of our national and state-specific tax-exempt money market funds, as retail funds—giving investors continued access to stable-value offerings.
As interest rates fell in recent years, we captured many opportunities for price appreciation. And we don’t see much scope for credit spreads to tighten significantly, nor do we expect them to widen back out. As a result, we plan to keep seeking to add value through duration and maturity positioning, credit-quality profiles, and security selection.
We expect to continue holding above-average levels of liquidity in our California funds so that we can take advantage of any dislocations in pricing as interest rates rise.
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 December 18, 2015
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California Tax-Exempt Money Market Fund
| Fund Profile | |
| As of November 30, 2015 | |
| Financial Attributes | |
| Ticker Symbol | VCTXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.01% |
| Average Weighted | |
| Maturity | 38 days |
| Distribution by Credit Quality (% of portfolio) | |
| First Tier | 100.0% |
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 nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody's, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. 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. For more information about these ratings, see the Glossary entry for Credit Quality.
1 The expense ratio shown is from the prospectus dated March 26, 2015, and represents estimated costs for the current fiscal year. For the fiscal year ended November 30, 2015, the expense ratio was 0.06%, 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.
Cumulative Performance: November 30, 2005, Through November 30, 2015
Initial Investment of $10,000
| Average Annual Total Returns | ||||
| Periods Ended November 30, 2015 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| California Tax-Exempt Money Market | ||||
| Fund | 0.01% | 0.03% | 0.95% | $10,994 |
| California Tax-Exempt Money Market | ||||
| •••••••• Funds Average | 0.00 | 0.00 | 0.78 | 10,806 |
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | ||||
See Financial Highlights for dividend information.
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| California Tax-Exempt Money Market Fund | ||
| Fiscal-Year Total Returns (%): November 30, 2005, Through November 30, 2015 | ||
| CA Tax-Exempt | ||
| Money Mkt | ||
| Funds Avg | ||
| Fiscal Year | Total Returns | Total Returns |
| 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 | 0.01 | 0.00 |
| 2015 | 0.01 | 0.00 |
| 7-day SEC yield (11/30/2015): 0.01% | ||
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | ||
Average Annual Total Returns: Periods Ended September 30, 2015
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% | 0.03% | 1.00% |
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California Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2015
The fund reports a complete list of its holdings in various monthly and quarterly regulatory filings. The fund publishes its holdings on a monthly basis at vanguard.com and files them with the Securities and Exchange Commission on Form N-MFP. The fund’s Form N-MFP filings become public 60 days after the relevant month-end, and may be viewed at sec.gov or via a link on the “Portfolio Holdings” page on vanguard.com. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (100.6%) | ||||
| California (100.6%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Branson School) VRDO | 0.020% | 12/7/15 LOC | 21,700 | 21,700 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Institute for Defense | ||||
| Analyses) VRDO | 0.010% | 12/7/15 LOC | 6,945 | 6,945 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Lakeside Village | ||||
| Apartments) VRDO | 0.010% | 12/7/15 LOC | 20,000 | 20,000 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Public Policy Institute) VRDO | 0.030% | 12/7/15 LOC | 12,705 | 12,705 |
| Anaheim CA Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.030% | 12/7/15 LOC | 5,485 | 5,485 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 3,540 | 3,597 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 1,075 | 1,092 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) VRDO | 0.010% | 12/7/15 LOC | 8,300 | 8,300 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/16 | 12,175 | 12,421 |
| 1 California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | ||||
| TOB VRDO | 0.010% | 12/7/15 | 4,100 | 4,100 |
| California Economic Recovery GO | 5.000% | 7/1/16 (Prere.) | 9,895 | 10,173 |
| 1 California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) TOB VRDO | 0.020% | 12/7/15 | 3,365 | 3,365 |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) VRDO | 0.010% | 12/7/15 | 55,800 | 55,800 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) CP | 0.070% | 3/30/16 | 15,000 | 15,000 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) CP | 0.210% | 7/6/16 | 15,000 | 15,000 |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.010% | 12/7/15 | 4,000 | 4,000 |
16
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.010% | 12/7/15 | 4,425 | 4,425 |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.100% | 12/7/15 | 3,000 | 3,000 |
| California Educational Facilities Authority Revenue | ||||
| (University of San Francisco) VRDO | 0.010% | 12/7/15 LOC | 11,215 | 11,215 |
| 1 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.010% | 12/7/15 | 14,800 | 14,800 |
| California GO CP | 0.050% | 1/29/16 | 6,200 | 6,200 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 3,000 | 3,000 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 4,200 | 4,200 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 1,270 | 1,270 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 11,000 | 11,000 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 2,200 | 2,200 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 7,605 | 7,605 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 20,200 | 20,200 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 9,600 | 9,600 |
| California GO VRDO | 0.010% | 12/7/15 LOC | 25,000 | 25,000 |
| California GO VRDO | 0.010% | 12/7/15 LOC | 4,000 | 4,000 |
| California GO VRDO | 0.010% | 12/7/15 LOC | 4,600 | 4,600 |
| California GO VRDO | 0.010% | 12/7/15 LOC | 15,000 | 15,000 |
| California GO VRDO | 0.010% | 12/7/15 LOC | 5,000 | 5,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) VRDO | 0.010% | 12/1/15 LOC | 15,850 | 15,850 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) VRDO | 0.010% | 12/7/15 LOC | 6,725 | 6,725 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) VRDO | 0.010% | 12/7/15 LOC | 800 | 800 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | ||||
| VRDO | 0.010% | 12/7/15 LOC | 8,325 | 8,325 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | ||||
| VRDO | 0.010% | 12/7/15 LOC | 16,445 | 16,445 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Kaiser Foundation Hospitals) | ||||
| TOB VRDO | 0.010% | 12/7/15 LOC | 45,615 | 45,615 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) TOB VRDO | 0.020% | 12/7/15 | 5,000 | 5,000 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) TOB VRDO | 0.040% | 12/7/15 | 4,475 | 4,475 |
| 2 California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) PUT | 0.210% | 6/27/16 | 36,000 | 36,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) VRDO | 0.010% | 12/7/15 | 12,000 | 12,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) VRDO | 0.010% | 12/7/15 | 47,000 | 47,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.010% | 12/7/15 LOC | 3,250 | 3,250 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.010% | 12/7/15 LOC | 3,400 | 3,400 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.010% | 12/7/15 LOC | 12,020 | 12,020 |
17
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.010% | 12/7/15 LOC | 8,000 | 8,000 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 3,750 | 3,750 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 12,400 | 12,400 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 17,110 | 17,110 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 5,000 | 5,000 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 5,000 | 5,000 |
| California Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.010% | 12/7/15 LOC | 5,600 | 5,600 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Sciences) VRDO | 0.010% | 12/1/15 LOC | 8,425 | 8,425 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (American National Red Cross) | ||||
| VRDO | 0.010% | 12/7/15 LOC | 29,060 | 29,060 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.010% | 12/1/15 LOC | 12,700 | 12,700 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.010% | 12/1/15 LOC | 17,950 | 17,950 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (SRI International) VRDO | 0.020% | 12/7/15 LOC | 4,100 | 4,100 |
| California Municipal Finance Authority Recovery | ||||
| Zone Revenue (Chevron USA Inc. Project) VRDO | 0.010% | 12/1/15 | 8,600 | 8,600 |
| California Municipal Finance Authority Revenue | ||||
| (Notre Dame High School, San Jose) VRDO | 0.050% | 12/7/15 LOC | 4,275 | 4,275 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.010% | 12/1/15 LOC | 17,700 | 17,700 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.010% | 12/1/15 LOC | 7,100 | 7,100 |
| California School Cash Reserve Program Authority | ||||
| Revenue | 2.000% | 6/30/16 | 6,650 | 6,715 |
| California School Cash Reserve Program Authority | ||||
| Revenue | 2.000% | 6/30/16 | 13,725 | 13,858 |
| 1 California State University Systemwide Revenue | ||||
| TOB VRDO | 0.020% | 12/7/15 | 5,180 | 5,180 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Canyon Springs Apartments Project) VRDO | 0.020% | 12/7/15 LOC | 11,205 | 11,205 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Ridgeway Apartments) VRDO | 0.010% | 12/7/15 LOC | 20,840 | 20,840 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Village Green Apartments) VRDO | 0.030% | 12/7/15 LOC | 5,800 | 5,800 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Wilshire Court Project) VRDO | 0.030% | 12/7/15 LOC | 11,900 | 11,900 |
| California Statewide Communities Development | ||||
| Authority Pollution Control Revenue | ||||
| (Chevron USA Inc. Project) VRDO | 0.010% | 12/1/15 | 3,650 | 3,650 |
18
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Community Hospital of the | ||||
| Monterey Peninsula) VRDO | 0.010% | 12/7/15 LOC | 34,300 | 34,300 |
| California Statewide Communities Development | ||||
| Authority Revenue (John Muir Health) VRDO | 0.010% | 12/1/15 LOC | 4,000 | 4,000 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) CP | 0.100% | 12/3/15 | 12,500 | 12,500 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) CP | 0.210% | 1/6/16 | 1,500 | 1,500 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.010% | 12/7/15 | 4,010 | 4,010 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.010% | 12/7/15 | 37,760 | 37,760 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.010% | 12/7/15 | 9,885 | 9,885 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.010% | 12/7/15 | 10,000 | 10,000 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.010% | 12/7/15 | 1,000 | 1,000 |
| 1 California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) TOB VRDO | 0.010% | 12/7/15 | 6,230 | 6,230 |
| 1 California Statewide Communities Development | ||||
| Authority Revenue (Trinity Health) TOB VRDO | 0.010% | 12/7/15 | 2,175 | 2,175 |
| 1 Cerritos CA Community College District | ||||
| GO TOB VRDO | 0.030% | 12/7/15 | 7,845 | 7,845 |
| Chula Vista CA Multifamily Housing Revenue | ||||
| (Teresina Apartments) VRDO | 0.010% | 12/7/15 LOC | 32,940 | 32,940 |
| Contra Costa CA Municipal Water District Revenue | ||||
| (Extendible) CP | 0.100% | 7/3/16 | 11,000 | 11,000 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 4.000% | 3/1/16 | 1,700 | 1,716 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.080% | 6/5/16 | 17,000 | 17,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.050% | 6/17/16 | 10,400 | 10,400 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.080% | 6/20/16 | 33,000 | 33,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.050% | 6/27/16 | 23,000 | 23,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.040% | 7/2/16 | 30,000 | 30,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.050% | 7/9/16 | 27,500 | 27,500 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.030% | 8/14/16 | 5,000 | 5,000 |
| 1 East Bay CA Municipal Utility District Water | ||||
| System Revenue TOB VRDO | 0.010% | 12/7/15 | 9,260 | 9,260 |
| 1 Eastern California Municipal Water District Water | ||||
| & Sewer COP TOB VRDO | 0.020% | 12/7/15 | 1,595 | 1,595 |
| 2 Eastern California Municipal Water District Water | ||||
| & Sewer Revenue PUT | 0.050% | 5/5/16 | 8,750 | 8,750 |
| 2 Eastern California Municipal Water District Water | ||||
| & Sewer Revenue PUT | 0.060% | 7/11/16 | 15,700 | 15,700 |
| Eastern California Municipal Water District Water | ||||
| & Wastewater Revenue VRDO | 0.010% | 12/1/15 | 20,275 | 20,275 |
19
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Eastern California Municipal Water District Water | ||||
| & Wastewater Revenue VRDO | 0.010% | 12/7/15 | 10,000 | 10,000 |
| Elsinore Valley CA Municipal Water District | ||||
| COP VRDO | 0.030% | 12/7/15 LOC | 7,700 | 7,700 |
| Escondido CA Community Development | ||||
| (Escondido Promenade Project) COP VRDO | 0.030% | 12/7/15 LOC | 9,300 | 9,300 |
| Escondido CA Community Development Multifamily | ||||
| Revenue (Heritage Park Apartments) VRDO | 0.030% | 12/7/15 LOC | 4,250 | 4,250 |
| Fremont CA COP VRDO | 0.010% | 12/7/15 LOC | 26,165 | 26,165 |
| Fremont CA COP VRDO | 0.010% | 12/7/15 LOC | 13,980 | 13,980 |
| Fremont CA COP VRDO | 0.010% | 12/7/15 LOC | 7,740 | 7,740 |
| Fresno CA Unified School District GO | 2.000% | 8/1/16 | 1,145 | 1,158 |
| Irvine CA Assessment District No. 00-18 | ||||
| Improvement Revenue VRDO | 0.010% | 12/1/15 LOC | 2,300 | 2,300 |
| Irvine CA Assessment District No. 94-13 | ||||
| Improvement Revenue (Oak Creek) VRDO | 0.010% | 12/1/15 LOC | 8,435 | 8,435 |
| Irvine CA Assessment District No. 97-16 | ||||
| Improvement Revenue VRDO | 0.010% | 12/1/15 LOC | 4,285 | 4,285 |
| Irvine CA Assessment District No. 97-17 | ||||
| Improvement Revenue VRDO | 0.010% | 12/1/15 LOC | 9,700 | 9,700 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.010% | 12/1/15 LOC | 2,550 | 2,550 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.010% | 12/1/15 LOC | 4,992 | 4,992 |
| 2 Irvine CA Ranch Water District Revenue PUT | 0.040% | 3/15/16 | 8,300 | 8,300 |
| 2 Irvine CA Ranch Water District Revenue PUT | 0.040% | 3/15/16 | 4,400 | 4,400 |
| Irvine CA Ranch Water District Revenue VRDO | 0.010% | 12/1/15 LOC | 20,550 | 20,550 |
| Irvine CA Reassessment District No. 05-21 | ||||
| Improvement Revenue VRDO | 0.010% | 12/1/15 LOC | 1,800 | 1,800 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax Revenue | ||||
| VRDO | 0.010% | 12/1/15 LOC | 15,816 | 15,816 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax Revenue | ||||
| VRDO | 0.010% | 12/1/15 LOC | 12,500 | 12,500 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-A Special Tax Revenue | ||||
| VRDO | 0.010% | 12/1/15 LOC | 7,700 | 7,700 |
| Livermore CA Redevelopment Agency Multi-Family | ||||
| Housing Revenue (Richards Manor) VRDO | 0.030% | 12/7/15 LOC | 4,770 | 4,770 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 3,000 | 3,000 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 6,000 | 6,000 |
| 1 Long Beach CA Harbor Revenue TOB VRDO | 0.010% | 12/7/15 | 2,000 | 2,000 |
| 1 Los Angeles CA Community College District | ||||
| GO TOB VRDO | 0.010% | 12/7/15 | 15,940 | 15,940 |
| Los Angeles CA Community Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Academy Village Apartments) VRDO | 0.010% | 12/7/15 LOC | 6,000 | 6,000 |
| Los Angeles CA Community Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Hollywood & Vine Apartments) VRDO | 0.020% | 12/7/15 LOC | 19,200 | 19,200 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.020% | 12/7/15 | 2,500 | 2,500 |
20
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.020% | 12/7/15 | 5,000 | 5,000 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.050% | 12/7/15 | 18,885 | 18,885 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.050% | 12/7/15 | 7,980 | 7,980 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.060% | 12/7/15 | 5,020 | 5,020 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.060% | 12/7/15 | 6,665 | 6,665 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.060% | 12/7/15 | 3,645 | 3,645 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 4.000% | 7/1/16 | 7,050 | 7,203 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.010% | 12/7/15 | 1,150 | 1,150 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.020% | 12/7/15 | 10,900 | 10,900 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.020% | 12/7/15 | 6,200 | 6,200 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.020% | 12/7/15 | 7,495 | 7,495 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.010% | 12/1/15 | 14,300 | 14,300 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.010% | 12/7/15 | 9,250 | 9,250 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.010% | 12/7/15 | 9,500 | 9,500 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.010% | 12/7/15 | 18,950 | 18,950 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.010% | 12/7/15 | 6,000 | 6,000 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.010% | 12/7/15 | 32,400 | 32,400 |
| 1 Los Angeles CA Harbor Department Revenue | ||||
| TOB VRDO | 0.020% | 12/7/15 | 8,150 | 8,150 |
| 1 Los Angeles CA Harbor Department Revenue | ||||
| TOB VRDO | 0.050% | 12/7/15 | 2,220 | 2,220 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Fountain Park Project) VRDO | 0.010% | 12/7/15 LOC | 30,000 | 30,000 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Queen Portfolio Apartments Project) VRDO | 0.030% | 12/7/15 LOC | 6,595 | 6,595 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (San Regis Project) VRDO | 0.030% | 12/7/15 LOC | 23,600 | 23,600 |
| Los Angeles CA Solid Waste Resources Revenue | 5.000% | 2/1/16 | 6,540 | 6,593 |
| Los Angeles CA TRAN | 2.000% | 6/30/16 | 50,000 | 50,486 |
| Los Angeles CA Unified School District GO | 3.000% | 7/1/16 | 24,415 | 24,802 |
| Los Angeles CA Unified School District GO | 3.000% | 7/1/16 | 2,000 | 2,032 |
| Los Angeles CA Unified School District GO | 4.000% | 7/1/16 | 3,750 | 3,831 |
| Los Angeles CA Unified School District GO | 4.750% | 7/1/16 (Prere.) | 6,340 | 6,503 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 1,000 | 1,027 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 1,000 | 1,028 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 2,205 | 2,267 |
| 1 Los Angeles CA Unified School District | ||||
| GO TOB VRDO | 0.020% | 12/7/15 | 6,660 | 6,660 |
21
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 | 0.020% | 12/7/15 | 9,995 | 9,995 |
| 1 Los Angeles CA Unified School District | ||||
| GO TOB VRDO | 0.020% | 12/7/15 | 9,195 | 9,195 |
| 1 Los Angeles CA Wastewater System Revenue | ||||
| TOB VRDO | 0.020% | 12/7/15 | 7,500 | 7,500 |
| Los Angeles County CA Capital Asset Leasing | ||||
| Corp. Lease Revenue CP | 0.060% | 12/1/15 LOC | 8,000 | 8,000 |
| Los Angeles County CA Capital Asset Leasing | ||||
| Corp. Lease Revenue CP | 0.040% | 1/4/16 LOC | 1,875 | 1,875 |
| Los Angeles County CA Multifamily Housing | ||||
| Revenue (Valencia Village Project) VRDO | 0.010% | 12/7/15 LOC | 6,325 | 6,325 |
| Los Angeles County CA Schools Pooled Financing | ||||
| Program TRAN | 2.000% | 6/1/16 | 7,500 | 7,563 |
| Los Angeles County CA Schools Pooled Financing | ||||
| Program TRAN | 2.000% | 6/1/16 | 5,500 | 5,546 |
| Los Angeles County CA TRAN | 5.000% | 6/30/16 | 50,000 | 51,361 |
| 1 Los Angeles County CA Unified School District | ||||
| GO TOB VRDO | 0.020% | 12/7/15 | 5,000 | 5,000 |
| Manteca CA Redevelopment Agency Tax Allocation | ||||
| Revenue VRDO | 0.010% | 12/1/15 LOC | 12,515 | 12,515 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.010% | 12/1/15 | 11,900 | 11,900 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.010% | 12/7/15 | 2,500 | 2,500 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.010% | 12/7/15 | 25,800 | 25,800 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.010% | 12/7/15 | 4,100 | 4,100 |
| 1 Nuveen California AMT-Free Municipal Income | ||||
| Fund VRDP VRDO | 0.090% | 12/7/15 LOC | 16,200 | 16,200 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund 2 VRDP VRDO | 0.110% | 12/7/15 LOC | 30,000 | 30,000 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund 3 VRDP VRDO | 0.100% | 12/7/15 LOC | 78,900 | 78,900 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.080% | 12/7/15 LOC | 24,000 | 24,000 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.080% | 12/7/15 LOC | 41,600 | 41,600 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.080% | 12/7/15 LOC | 40,900 | 40,900 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.090% | 12/7/15 LOC | 14,800 | 14,800 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.090% | 12/7/15 LOC | 18,000 | 18,000 |
| Nuveen Insured California AMT-Free Municipal | ||||
| Income Fund VRDP VRDO | 0.070% | 12/7/15 LOC | 39,500 | 39,500 |
| Orange County CA Apartment Development | ||||
| Revenue VRDO | 0.010% | 12/7/15 LOC | 9,550 | 9,550 |
| Orange County CA Water District COP VRDO | 0.010% | 12/7/15 LOC | 8,600 | 8,600 |
| Otay CA Water District (Capital Project) COP VRDO | 0.020% | 12/7/15 LOC | 8,110 | 8,110 |
| 1 Peralta CA Community College District Revenue | ||||
| TOB VRDO | 0.010% | 12/7/15 | 19,645 | 19,645 |
| 1 Regents of the University of California Revenue | ||||
| TOB VRDO | 0.020% | 12/7/15 | 3,495 | 3,495 |
22
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 Regents of the University of California Revenue | ||||
| TOB VRDO | 0.020% | 12/7/15 | 6,000 | 6,000 |
| 1 Regents of the University of California Revenue | ||||
| TOB VRDO | 0.020% | 12/7/15 | 4,377 | 4,377 |
| 1 Riverside CA Electric Revenue TOB VRDO | 0.010% | 12/1/15 | 12,195 | 12,195 |
| Riverside CA Electric Revenue VRDO | 0.010% | 12/7/15 LOC | 32,625 | 32,625 |
| Riverside County CA TRAN | 2.000% | 6/30/16 | 63,400 | 64,026 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.010% | 12/7/15 | 38,365 | 38,365 |
| Sacramento CA Municipal Utility District | ||||
| Revenue CP | 0.030% | 1/5/16 LOC | 20,000 | 20,000 |
| Sacramento CA Municipal Utility District | ||||
| Revenue VRDO | 0.010% | 12/7/15 LOC | 7,250 | 7,250 |
| Sacramento CA Transportation Authority Sales Tax | ||||
| Revenue VRDO | 0.010% | 12/7/15 | 88,200 | 88,200 |
| Sacramento County CA Multifamily Housing | ||||
| Revenue (River Pointe Apartments) VRDO | 0.020% | 12/7/15 LOC | 12,300 | 12,300 |
| Sacramento County CA Multifamily Housing | ||||
| Revenue (River Pointe Apartments) VRDO | 0.020% | 12/7/15 LOC | 9,900 | 9,900 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/15 (Prere.) | 1,425 | 1,425 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 5,000 | 5,120 |
| 1 Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue TOB VRDO | 0.010% | 12/7/15 LOC | 20,050 | 20,050 |
| 1 San Bernardino CA Community College District | ||||
| GO TOB VRDO | 0.020% | 12/7/15 | 4,620 | 4,620 |
| San Bernardino County CA TRAN | 2.000% | 6/30/16 | 67,925 | 68,601 |
| 1 San Bernardino County CA Transportation | ||||
| Authority Revenue TOB VRDO | 0.020% | 12/7/15 | 12,100 | 12,100 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.010% | 12/7/15 | 5,710 | 5,710 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.030% | 12/7/15 | 3,290 | 3,290 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.030% | 12/7/15 | 5,000 | 5,000 |
| San Diego CA Housing Authority Multifamily | ||||
| Housing Revenue (Bay Vista Apartments Project) | ||||
| VRDO | 0.030% | 12/7/15 LOC | 9,690 | 9,690 |
| San Diego CA Housing Authority Multifamily | ||||
| Housing Revenue (Canyon Rim Apartments) | ||||
| VRDO | 0.030% | 12/7/15 LOC | 32,440 | 32,440 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 2.000% | 5/15/16 | 5,185 | 5,229 |
| 1 San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue TOB VRDO | 0.010% | 12/7/15 | 8,280 | 8,280 |
| 1 San Diego County CA Regional Transportation | ||||
| Commission Sales Tax Revenue TOB VRDO | 0.020% | 12/7/15 | 2,220 | 2,220 |
| San Diego County CA Regional Transportation | ||||
| Commission Sales Tax Revenue VRDO | 0.010% | 12/7/15 | 65,330 | 65,330 |
| San Diego County CA School District TRAN | 2.000% | 6/30/16 | 10,000 | 10,103 |
| San Diego County CA Water Authority Revenue | 5.000% | 7/1/16 | 13,265 | 13,580 |
| San Diego County CA Water Authority Revenue | ||||
| (Extendible) CP | 0.060% | 7/2/16 | 12,500 | 12,500 |
| San Diego County CA Water Authority Revenue | ||||
| (Extendible) CP | 0.040% | 8/12/16 | 7,500 | 7,500 |
23
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.010% | 12/7/15 | 4,000 | 4,000 |
| San Diego County CA Water Authority Revenue | ||||
| CP | 0.030% | 1/4/16 | 2,500 | 2,500 |
| San Diego County CA Water Authority Revenue | ||||
| CP | 0.050% | 1/6/16 | 5,000 | 5,000 |
| San Diego County CA Water Authority Revenue | ||||
| CP | 0.050% | 2/1/16 | 2,000 | 2,000 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 2.000% | 7/1/16 | 15,400 | 15,563 |
| 1 San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue TOB VRDO | 0.020% | 12/7/15 | 3,335 | 3,335 |
| 1 San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue TOB VRDO | 0.020% | 12/7/15 | 9,900 | 9,900 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/16 | 3,700 | 3,796 |
| San Francisco CA City & County Finance Corp. | ||||
| Lease Revenue (Moscone Center Expansion) | ||||
| VRDO | 0.010% | 12/7/15 LOC | 37,650 | 37,650 |
| San Francisco CA City & County Finance Corp. | ||||
| Lease Revenue (Moscone Center Expansion) | ||||
| VRDO | 0.010% | 12/7/15 LOC | 10,740 | 10,740 |
| San Francisco CA City & County GO | 2.000% | 6/15/16 | 10,000 | 10,092 |
| San Francisco CA City & County International | ||||
| Airport Revenue CP | 0.080% | 2/16/16 LOC | 10,000 | 10,000 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.010% | 12/7/15 LOC | 12,700 | 12,700 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.010% | 12/7/15 LOC | 21,500 | 21,500 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Sewer Revenue CP | 0.040% | 12/9/15 LOC | 12,500 | 12,500 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Sewer Revenue CP | 0.050% | 1/12/16 | 10,000 | 10,000 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 4.500% | 5/1/16 (Prere.) | 25,000 | 25,446 |
| 1 San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue TOB VRDO | 0.020% | 12/7/15 | 8,800 | 8,800 |
| San Francisco CA City & County Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Third & Mission Streets) VRDO | 0.020% | 12/7/15 LOC | 52,100 | 52,100 |
| 1 San Joaquin Delta CA Community College District | ||||
| GO TOB VRDO | 0.110% | 12/7/15 | 4,835 | 4,835 |
| San Jose CA Multifamily Housing Revenue | ||||
| (Cinnabar Commons) VRDO | 0.030% | 12/7/15 LOC | 15,600 | 15,600 |
| San Jose CA Multifamily Housing Revenue | ||||
| (Raintree Apartments) VRDO | 0.030% | 12/7/15 LOC | 10,000 | 10,000 |
| 1 San Jose CA Unified School District | ||||
| Santa Clara County GO TOB VRDO | 0.040% | 12/7/15 | 7,310 | 7,310 |
| 1 Santa Monica CA Community College District | ||||
| GO TOB VRDO | 0.010% | 12/7/15 | 1,200 | 1,200 |
| Santa Monica-Malibu CA Unified School District GO | 2.000% | 7/1/16 | 3,860 | 3,898 |
| Southern California Public Power Authority | ||||
| Revenue VRDO | 0.010% | 12/7/15 LOC | 14,500 | 14,500 |
| 1 Sweetwater CA Unified School District | ||||
| GO TOB VRDO | 0.030% | 12/7/15 (13) | 2,845 | 2,845 |
24
| California Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Turlock CA Irrigation District Revenue CP | 0.030% | 12/10/15 LOC | 9,656 | 9,656 |
| University of California Regents Medical Center | ||||
| Pooled Revenue VRDO | 0.010% | 12/1/15 | 11,085 | 11,085 |
| University of California Regents Medical Center | ||||
| Pooled Revenue VRDO | 0.010% | 12/1/15 | 10,180 | 10,180 |
| University of California Revenue | 3.000% | 5/15/16 | 3,800 | 3,849 |
| University of California Revenue | 5.000% | 5/15/16 (Prere.) | 15,005 | 15,481 |
| University of California Revenue | 5.000% | 5/15/16 (Prere.) | 15,765 | 16,265 |
| 1 University of California Revenue TOB VRDO | 0.020% | 12/7/15 | 3,400 | 3,400 |
| University of California Revenue VRDO | 0.010% | 12/7/15 | 20,000 | 20,000 |
| University of California Revenue VRDO | 0.010% | 12/7/15 | 5,600 | 5,600 |
| University of California Revenue VRDO | 0.020% | 12/7/15 | 73,500 | 73,500 |
| Western Municipal Water District Facilities | ||||
| Authority California Water Revenue VRDO | 0.010% | 12/7/15 LOC | 10,475 | 10,475 |
| Westlands CA Water District COP VRDO | 0.010% | 12/7/15 LOC | 22,080 | 22,080 |
| Total Tax-Exempt Municipal Bonds (Cost $3,412,412) | 3,412,412 | |||
| Amount | ||||
| ($000) | ||||
| Other Assets and Liabilities (-0.6%) | ||||
| Other Assets | ||||
| Investment in Vanguard | 298 | |||
| Receivables for Investment Securities Sold | 5,000 | |||
| Receivables for Accrued Income | 5,165 | |||
| Receivables for Capital Shares Issued | 10,256 | |||
| Other Assets | 6,923 | |||
| Total Other Assets | 27,642 | |||
| Liabilities | ||||
| Payables for Investment Securities Purchased | (37,500) | |||
| Payables for Capital Shares Redeemed | (5,107) | |||
| Payables for Distributions | (1) | |||
| Payables to Vanguard | (6,822) | |||
| Total Liabilities | (49,430) | |||
| Net Assets (100%) | ||||
| Applicable to 3,389,991,137 outstanding $.001 par value shares of | ||||
| beneficial interest (unlimited authorization) | 3,390,624 | |||
| Net Asset Value Per Share | $1.00 | |||
| At November 30, 2015, net assets consisted of: | ||||
| Amount | ||||
| ($000) | ||||
| Paid-in Capital | 3,390,628 | |||
| Undistributed Net Investment Income | — | |||
| Accumulated Net Realized Losses | (4) | |||
| Net Assets | 3,390,624 | |||
- See Note A in Notes to Financial Statements.
- Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2015, the aggregate value of these securities was $723,432,000, representing 21.3% of net assets.
- 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 | |
| Year Ended | |
| November 30, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 2,353 |
| Total Income | 2,353 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 718 |
| Management and Administrative | 3,879 |
| Marketing and Distribution | 852 |
| Custodian Fees | 38 |
| Auditing Fees | 29 |
| Shareholders’ Reports | 32 |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 5,550 |
| Expense Reduction—Note B | (3,543) |
| Net Expenses | 2,007 |
| Net Investment Income | 346 |
| Realized Net Gain (Loss) on Investment Securities Sold | (6) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 340 |
See accompanying Notes, which are an integral part of the Financial Statements.
27
| California Tax-Exempt Money Market Fund | ||
| Statement of Changes in Net Assets | ||
| Year Ended November 30, | ||
| 2015 | 2014 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 346 | 368 |
| Realized Net Gain (Loss) | (6) | (23) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 340 | 345 |
| Distributions | ||
| Net Investment Income | (346) | (368) |
| Realized Capital Gain | — | — |
| Total Distributions | (346) | (368) |
| Capital Share Transactions (at $1.00 per share) | ||
| Issued | 2,229,455 | 2,392,394 |
| Issued in Lieu of Cash Distributions | 331 | 352 |
| Redeemed | (2,424,734) | (2,679,172) |
| Net Increase (Decrease) from Capital Share Transactions | (194,948) | (286,426) |
| Total Increase (Decrease) | (194,954) | (286,449) |
| Net Assets | ||
| Beginning of Period | 3,585,578 | 3,872,027 |
| End of Period1 | 3,390,624 | 3,585,578 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $0 and $0. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
28
| California Tax-Exempt Money Market Fund | |||||
| Financial Highlights | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | |||||
| Net Investment Income | .0001 | .0001 | .0001 | .0003 | .001 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | — | — | — | — | — |
| Total from Investment Operations | .0001 | .0001 | .0001 | .0003 | .001 |
| Distributions | |||||
| Dividends from Net Investment Income | (.0001) | (.0001) | (.0001) | (.0003) | (.001) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.0001) | (.0001) | (.0001) | (.0003) | (.001) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.01% | 0.01% | 0.01% | 0.03% | 0.07% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $3,391 | $3,586 | $3,872 | $3,813 | $4,131 |
| Ratio of Expenses to Average Net Assets2 | 0.06% | 0.07% | 0.11% | 0.15% | 0.16% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 0.01% | 0.01% | 0.01% | 0.03% | 0.07% |
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 expense to average net assets before an expense reduction was 0.16%, 0.16%, 0.16%, 0.16%, and 0.17%. See Note B in Notes to Financial Statements.
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, 2012–2015), 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 (“Vanguard”) participate in a $3 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 November 30, 2015, 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. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
30
California Tax-Exempt Money Market Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2015, the fund had contributed to Vanguard capital in the amount of $298,000, 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 employees, respectively, 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 in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the year ended November 30, 2015, Vanguard’s expenses were reduced by $3,543,000 (an effective annual rate of 0.10% of the fund’s average net assets); the fund is not obligated to repay this amount to Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At November 30, 2015, 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 November 30, 2015, that would require recognition or disclosure in these financial statements.
31
California Intermediate-Term Tax-Exempt Fund
| Fund Profile | |||
| As of November 30, 2015 | |||
| Share-Class Characteristics | |||
| Investor | Admiral | ||
| Shares | Shares | ||
| Ticker Symbol | VCAIX | VCADX | |
| Expense Ratio1 | 0.20% | 0.12% | |
| 30-Day SEC Yield | 1.57% | 1.67% | |
| Financial Attributes | |||
| Barclays | |||
| Muni | Barclays | ||
| CA IT | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 2,257 | 1,620 | 47,840 |
| Yield to Maturity | |||
| (before expenses) | 1.8% | 1.6% | 2.2% |
| Average Coupon | 4.3% | 4.7% | 4.8% |
| Average Duration | 5.0 years | 4.9 years | 6.4 years |
| Average Stated | |||
| Maturity | 9.3 years | 7.5 years | 13.1 years |
| Short-Term | |||
| Reserves | 3.1% | — | — |
| Volatility Measures | ||
| Barclays Muni | Barclays | |
| CA IT | Municipal | |
| Bond Index | Bond Index | |
| R-Squared | 0.95 | 0.97 |
| Beta | 1.07 | 0.93 |
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 | 7.0% |
| 1 - 3 Years | 9.3 |
| 3 - 5 Years | 12.4 |
| 5 - 10 Years | 26.5 |
| 10 - 20 Years | 44.7 |
| 20 - 30 Years | 0.1 |
Distribution by Credit Quality (% of portfolio)
| AAA | 8.4% |
| AA | 71.3 |
| A | 13.6 |
| BBB | 4.2 |
| BB | 0.4 |
| B | 0.3 |
| Not Rated | 1.8 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to classify securities for which a rating is not available. Not rated securities include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. For more information about these ratings, see the Glossary entry for Credit Quality.
1 The expense ratios shown are from the prospectus dated March 26, 2015, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2015, the 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.
Cumulative Performance: November 30, 2005, Through November 30, 2015
Initial Investment of $10,000
See Financial Highlights for dividend and capital gains information.
33
| California Intermediate-Term Tax-Exempt Fund | ||||
| Fiscal-Year Total Returns (%): November 30, 2005, Through November 30, 2015 | ||||
| Barclays Muni | ||||
| CA IT | ||||
| Investor Shares | Bond Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 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 | 3.23 | 4.06 | 7.29 | 6.12 |
| 2015 | 2.85 | 0.08 | 2.93 | 2.85 |
Average Annual Total Returns: Periods Ended September 30, 2015
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 | 2.96% | 4.20% | 3.67% | 0.64% | 4.31% |
| Admiral Shares | 11/12/2001 | 3.04 | 4.28 | 3.75 | 0.64 | 4.39 |
34
California Intermediate-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2015
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 (99.6%) | ||||
| California (99.3%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Computer History Museum) | ||||
| VRDO | 0.010% | 12/3/15 LOC | 1,000 | 1,000 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 3.000% | 7/1/19 | 215 | 215 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/23 | 700 | 798 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/24 | 1,195 | 1,352 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 6.000% | 7/1/31 | 2,750 | 3,111 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/32 | 1,060 | 1,157 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 3.000% | 11/15/16 | 1,220 | 1,238 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.000% | 11/15/35 | 3,250 | 3,422 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/20 | 850 | 972 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/22 | 555 | 651 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/23 | 1,000 | 1,162 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/24 | 1,265 | 1,456 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Odd Fellows Home) | 5.000% | 4/1/32 | 7,250 | 8,332 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.250% | 8/1/23 | 1,000 | 1,176 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/24 | 960 | 1,116 |
35
| 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% | 8/1/25 | 950 | 1,097 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/26 | 2,490 | 2,853 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/28 | 900 | 1,019 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 6.000% | 8/1/30 | 18,120 | 21,899 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/31 | 1,000 | 1,151 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/32 | 1,000 | 1,145 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/34 | 1,780 | 2,027 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/21 | 275 | 324 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/22 | 355 | 422 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/23 | 375 | 450 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/24 | 400 | 482 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/25 | 510 | 608 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/26 | 685 | 807 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/28 | 1,165 | 1,353 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/29 | 1,000 | 1,155 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/30 | 1,425 | 1,634 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/31 | 500 | 571 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/32 | 525 | 597 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/27 (15) | 750 | 881 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/28 (15) | 1,000 | 1,163 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/30 (15) | 1,680 | 1,934 |
36
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/31 (15) | 1,640 | 1,883 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/32 (15) | 3,000 | 3,431 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/33 (15) | 2,375 | 2,705 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/16 (2) | 4,655 | 4,629 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/18 (2) | 300 | 287 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/19 (2) | 14,290 | 13,399 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/20 (2) | 13,215 | 12,067 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 4.000% | 3/1/22 | 5,500 | 6,333 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 5.000% | 10/1/22 | 2,190 | 2,644 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 5.000% | 10/1/23 | 2,160 | 2,629 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 5.400% | 10/1/24 (2) | 3,805 | 4,080 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/29 (2) | 30,240 | 16,877 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/30 (2) | 9,110 | 4,797 |
| Alameda County CA Joint Powers Authority Lease | ||||
| Revenue | 5.000% | 12/1/32 | 7,000 | 8,076 |
| Alameda County CA Joint Powers Authority Lease | ||||
| Revenue | 5.000% | 12/1/33 | 8,415 | 9,682 |
| Alameda County CA Joint Powers Authority Lease | ||||
| Revenue | 5.000% | 12/1/34 | 4,640 | 5,317 |
| Alameda County CA Unified School District GO | 5.000% | 8/1/34 | 2,890 | 3,385 |
| Alum Rock CA Union Elementary School District | ||||
| GO | 5.000% | 8/1/22 (15) | 500 | 603 |
| Alum Rock CA Union Elementary School District | ||||
| GO | 5.000% | 8/1/23 (15) | 800 | 974 |
| Alum Rock CA Union Elementary School District | ||||
| GO | 5.000% | 8/1/24 (15) | 1,000 | 1,224 |
| Alum Rock CA Union Elementary School District | ||||
| GO | 5.000% | 8/1/25 (15) | 1,000 | 1,233 |
| Alvord CA Unified School District GO | 5.900% | 2/1/21 (14) | 2,230 | 2,695 |
| Alvord CA Unified School District GO | 5.900% | 2/1/24 (4) | 3,865 | 4,602 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 4/1/17 (Prere.) | 2,765 | 2,927 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 4/1/17 (Prere.) | 2,910 | 3,081 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 4/1/17 (Prere.) | 3,235 | 3,425 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 4/1/17 (Prere.) | 3,405 | 3,605 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/21 (14) | 1,660 | 1,753 |
37
| 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% | 10/1/22 (14) | 1,750 | 1,842 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/24 (14) | 1,940 | 2,040 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/25 (14) | 2,045 | 2,150 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.250% | 10/1/30 | 5,585 | 6,515 |
| Bakersfield CA Wastewater Revenue | 5.000% | 9/15/17 (Prere.) | 7,600 | 8,185 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 11,625 | 11,812 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 300 | 305 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 2,455 | 2,494 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 3,100 | 3,150 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 10,000 | 10,160 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/17 (Prere.) | 3,055 | 3,234 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/17 (Prere.) | 3,000 | 3,175 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/18 | 2,610 | 2,764 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.500% | 4/1/18 (Prere.) | 3,875 | 4,288 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/19 (Prere.) | 75 | 85 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.250% | 4/1/19 (Prere.) | 11,355 | 12,924 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 6,250 | 7,483 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/28 | 5,000 | 5,854 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/28 | 5,000 | 5,859 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/29 | 7,000 | 8,185 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/29 | 8,000 | 9,309 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/30 | 16,700 | 19,526 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 4.000% | 4/1/31 | 4,000 | 4,295 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 16,125 | 18,854 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 7,645 | 8,824 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.018% | 8/1/17 | 37,550 | 37,660 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.450% | 8/1/17 | 12,500 | 12,603 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.500% | 4/2/18 | 9,225 | 9,293 |
38
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/19 | 2,250 | 2,286 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/20 | 25,000 | 25,341 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.710% | 4/1/21 | 20,500 | 20,320 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 2.000% | 4/1/21 | 34,000 | 34,488 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.910% | 5/1/23 | 19,000 | 18,682 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.910% | 5/1/23 | 4,350 | 4,277 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.110% | 4/1/24 | 6,100 | 6,033 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/21 | 5,500 | 6,482 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/24 | 5,110 | 6,098 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 9/2/24 (4) | 1,000 | 1,212 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 9/2/25 (4) | 1,430 | 1,714 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 9/2/26 (4) | 2,000 | 2,364 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 9/2/27 (4) | 2,375 | 2,782 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 9/2/29 (4) | 1,240 | 1,431 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 9/2/30 (4) | 750 | 859 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 9/2/32 (4) | 3,790 | 3,917 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Water Revenue | 5.000% | 7/1/23 | 400 | 490 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Water Revenue | 5.000% | 7/1/24 | 500 | 619 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Water Revenue | 5.000% | 7/1/25 | 500 | 611 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Water Revenue | 4.000% | 7/1/30 | 1,700 | 1,813 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Water Revenue | 4.000% | 7/1/31 | 1,980 | 2,101 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Water Revenue | 4.000% | 7/1/32 | 2,085 | 2,198 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Water Revenue | 4.000% | 7/1/33 | 2,165 | 2,279 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Water Revenue | 4.000% | 7/1/34 | 2,210 | 2,323 |
| Burbank CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 12/1/20 (15) | 1,610 | 1,885 |
| Burbank CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 12/1/21 (15) | 1,255 | 1,495 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.250% | 6/1/21 | 10,275 | 10,364 |
39
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.000% | 6/1/22 | 1,000 | 1,161 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.000% | 6/1/23 | 1,200 | 1,407 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.000% | 6/1/24 | 3,840 | 4,523 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/17 | 25,000 | 26,575 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/17 | 9,600 | 10,205 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 4.000% | 5/1/18 | 1,380 | 1,486 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/18 | 1,810 | 1,992 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/18 (Prere.) | 28,585 | 31,401 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/18 (Prere.) | 2,720 | 2,993 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/18 (Prere.) | 10,485 | 11,518 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/18 | 18,385 | 20,238 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/19 | 1,215 | 1,380 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/19 | 19,590 | 22,253 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/20 | 18,250 | 21,323 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/20 (Prere.) | 3,100 | 3,616 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/20 (Prere.) | 6,715 | 7,833 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/20 | 23,890 | 27,913 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/21 | 6,500 | 7,743 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/21 | 20,000 | 21,964 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/21 | 15,000 | 17,869 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/21 | 11,415 | 12,536 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/21 | 1,900 | 2,198 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/22 | 24,720 | 30,025 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/22 (4) | 1,090 | 1,196 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/22 | 4,190 | 4,599 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/22 | 4,110 | 4,742 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/22 (4) | 1,000 | 1,098 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/22 | 5,395 | 5,925 |
40
| 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% | 6/1/18 (Prere.) | 4,905 | 5,402 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 6/1/18 (Prere.) | 8,280 | 9,120 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/19 (Prere.) | 7,960 | 9,182 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/19 | 4,350 | 5,022 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/20 | 1,250 | 1,479 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/20 (Prere.) | 1,850 | 2,212 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/20 (Prere.) | 2,905 | 3,473 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/20 (Prere.) | 3,355 | 4,011 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/20 (Prere.) | 3,455 | 4,131 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/21 | 5,645 | 6,816 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/22 | 6,000 | 7,357 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/23 | 10,000 | 12,419 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/24 | 95 | 105 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/24 | 9,500 | 11,923 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/26 | 285 | 313 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/26 | 1,950 | 2,411 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/27 | 840 | 962 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/27 | 4,060 | 4,986 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/27 | 995 | 1,176 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/28 | 3,350 | 3,915 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/28 | 1,150 | 1,369 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 8,255 | 9,800 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 3,530 | 4,102 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/29 | 1,185 | 1,396 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/30 | 2,720 | 3,148 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/31 | 3,910 | 4,511 |
| 1 California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) PUT | 0.630% | 9/1/17 | 10,000 | 10,001 |
| 1 California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) PUT | 0.310% | 12/1/17 | 17,000 | 16,945 |
41
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Economic Recovery GO | 5.000% | 7/1/16 (Prere.) | 16,280 | 16,731 |
| California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 23,110 | 25,520 |
| California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 6,660 | 7,355 |
| 2 California Economic Recovery GO | 5.000% | 7/1/19 (Prere.) | 43,745 | 49,810 |
| California Economic Recovery GO | 5.000% | 7/1/19 (ETM) | 32,330 | 36,813 |
| 2 California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 28,845 | 33,120 |
| California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 16,540 | 18,991 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/19 | 1,085 | 1,184 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/20 | 1,040 | 1,157 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/21 | 800 | 903 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/22 | 1,190 | 1,358 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/23 | 1,800 | 2,071 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/24 | 1,900 | 2,191 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/25 | 1,035 | 1,200 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/26 | 1,000 | 1,251 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/27 | 700 | 866 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/30 | 1,750 | 2,103 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/31 | 1,875 | 2,242 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/32 | 2,000 | 2,386 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/33 | 3,590 | 3,817 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/34 | 3,350 | 3,541 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/16 | 400 | 410 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/20 | 790 | 873 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/23 | 1,195 | 1,339 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/24 | 380 | 425 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.250% | 6/1/30 | 1,125 | 1,234 |
| California Educational Facilities Authority Revenue | ||||
| (Santa Clara University) | 5.000% | 4/1/31 | 1,000 | 1,183 |
| California Educational Facilities Authority Revenue | ||||
| (Santa Clara University) | 5.000% | 4/1/32 | 1,000 | 1,181 |
| California Educational Facilities Authority Revenue | ||||
| (Santa Clara University) | 5.000% | 4/1/33 | 1,545 | 1,818 |
| California Educational Facilities Authority Revenue | ||||
| (Santa Clara University) | 5.000% | 4/1/34 | 2,625 | 3,080 |
| California Educational Facilities Authority Revenue | ||||
| (Santa Clara University) | 5.000% | 4/1/35 | 3,100 | 3,618 |
42
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.000% | 10/1/25 | 5,000 | 6,351 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 4.500% | 10/1/33 | 6,115 | 6,455 |
| 4 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.010% | 12/1/15 | 614 | 614 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/20 | 1,770 | 2,047 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/21 | 2,100 | 2,459 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/22 | 2,130 | 2,517 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/23 | 1,870 | 2,225 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/24 | 2,500 | 2,998 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/25 | 2,315 | 2,779 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/31 | 1,005 | 1,154 |
| California GO | 4.500% | 3/1/16 (Prere.) | 6,410 | 6,479 |
| California GO | 4.500% | 3/1/16 (Prere.) | 4,975 | 5,028 |
| California GO | 5.000% | 3/1/16 (Prere.) | 5,535 | 5,602 |
| California GO | 5.000% | 3/1/16 (Prere.) | 1,000 | 1,012 |
| California GO | 4.000% | 4/1/16 | 525 | 532 |
| California GO | 5.000% | 9/1/16 (Prere.) | 12,120 | 12,545 |
| California GO | 5.000% | 10/1/16 (Prere.) | 14,800 | 15,373 |
| California GO | 5.000% | 10/1/16 (Prere.) | 12,500 | 12,984 |
| California GO | 5.000% | 10/1/16 | 11,875 | 12,339 |
| California GO | 5.000% | 12/1/16 | 1,200 | 1,256 |
| California GO | 5.000% | 4/1/17 | 11,000 | 11,651 |
| California GO | 6.000% | 4/1/17 (2) | 680 | 730 |
| 1 California GO | 0.760% | 5/1/17 | 1,000 | 1,004 |
| California GO | 5.250% | 2/1/18 (14) | 8,000 | 8,751 |
| California GO | 6.000% | 2/1/18 (2) | 6,240 | 6,932 |
| California GO | 5.000% | 3/1/18 | 1,850 | 2,019 |
| California GO | 5.500% | 4/1/18 | 29,250 | 32,353 |
| 1 California GO | 0.910% | 5/1/18 | 9,230 | 9,307 |
| California GO | 5.000% | 8/1/18 | 1,895 | 1,993 |
| California GO | 5.000% | 10/1/18 | 20,000 | 22,249 |
| California GO | 5.000% | 10/1/18 | 14,095 | 15,680 |
| California GO | 2.000% | 11/1/18 | 16,545 | 17,029 |
| California GO | 5.000% | 2/1/19 | 4,715 | 5,298 |
| California GO | 5.500% | 4/1/19 | 11,245 | 12,877 |
| California GO | 5.000% | 8/1/19 | 25,000 | 28,498 |
| California GO | 5.000% | 8/1/19 | 35,445 | 40,405 |
| California GO | 5.000% | 10/1/19 | 21,000 | 24,055 |
| California GO | 2.000% | 11/1/19 | 6,695 | 6,919 |
| California GO | 5.000% | 2/1/20 | 2,950 | 3,402 |
| California GO | 5.250% | 2/1/20 | 7,500 | 8,724 |
| California GO | 5.000% | 3/1/20 | 19,535 | 22,574 |
| California GO | 5.000% | 8/1/20 | 14,890 | 15,653 |
| California GO | 5.000% | 9/1/20 | 9,970 | 11,663 |
| California GO | 5.000% | 10/1/20 | 5,555 | 6,511 |
| California GO | 5.000% | 11/1/20 | 47,795 | 56,128 |
43
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.000% | 2/1/21 | 2,000 | 2,354 |
| California GO | 5.000% | 3/1/21 | 2,250 | 2,596 |
| California GO | 5.000% | 4/1/21 | 2,240 | 2,647 |
| California GO | 5.500% | 4/1/21 | 2,000 | 2,294 |
| California GO | 5.000% | 9/1/21 | 13,700 | 16,341 |
| California GO | 5.000% | 9/1/21 | 9,800 | 11,689 |
| California GO | 5.000% | 9/1/21 | 1,310 | 1,563 |
| California GO | 5.000% | 10/1/21 | 2,575 | 3,077 |
| California GO | 5.000% | 11/1/21 | 2,820 | 3,376 |
| California GO | 5.000% | 2/1/22 | 8,125 | 9,749 |
| California GO | 5.000% | 4/1/22 | 4,550 | 5,474 |
| California GO | 5.000% | 9/1/22 | 12,710 | 15,384 |
| California GO | 5.250% | 9/1/22 | 17,400 | 21,337 |
| California GO | 5.000% | 10/1/22 | 15,000 | 18,176 |
| California GO | 5.000% | 11/1/22 | 26,570 | 32,231 |
| California GO | 5.000% | 2/1/23 | 15,000 | 18,181 |
| California GO | 5.000% | 2/1/23 | 15,880 | 18,990 |
| California GO | 5.000% | 9/1/23 | 7,000 | 8,605 |
| California GO | 5.000% | 9/1/23 | 10,000 | 12,225 |
| California GO | 5.250% | 9/1/23 | 2,455 | 2,980 |
| California GO | 5.000% | 10/1/23 | 12,450 | 15,237 |
| California GO | 5.000% | 10/1/23 | 3,135 | 3,837 |
| California GO | 5.000% | 11/1/23 | 20,000 | 24,505 |
| California GO | 5.000% | 12/1/23 | 7,500 | 8,109 |
| California GO | 5.000% | 3/1/24 | 3,000 | 3,460 |
| California GO | 5.000% | 8/1/24 | 10,100 | 10,603 |
| California GO | 5.000% | 9/1/24 | 10,000 | 12,061 |
| California GO | 5.000% | 10/1/24 | 11,420 | 12,528 |
| California GO | 5.000% | 10/1/24 | 13,440 | 13,941 |
| California GO | 5.000% | 10/1/24 | 8,725 | 10,754 |
| California GO | 5.000% | 11/1/24 | 5,000 | 5,884 |
| California GO | 5.000% | 12/1/24 | 2,000 | 2,162 |
| California GO | 5.000% | 12/1/24 | 15,500 | 18,769 |
| California GO | 5.000% | 2/1/25 | 12,940 | 15,345 |
| California GO | 5.125% | 3/1/25 | 2,100 | 2,299 |
| California GO | 5.000% | 8/1/25 | 18,525 | 19,448 |
| California GO | 5.000% | 9/1/25 | 2,185 | 2,624 |
| California GO | 5.000% | 9/1/25 | 1,500 | 1,669 |
| California GO | 5.000% | 9/1/25 | 2,110 | 2,579 |
| California GO | 5.000% | 10/1/25 | 8,490 | 9,301 |
| California GO | 5.000% | 10/1/25 | 13,865 | 16,787 |
| California GO | 5.000% | 11/1/25 | 1,500 | 1,764 |
| California GO | 5.000% | 11/1/25 | 14,125 | 17,258 |
| California GO | 5.000% | 12/1/25 | 21,015 | 22,612 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,058 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,761 |
| California GO | 5.000% | 4/1/26 | 27,480 | 30,092 |
| California GO | 5.000% | 9/1/26 | 2,500 | 2,779 |
| California GO | 5.000% | 11/1/26 | 7,500 | 8,806 |
| California GO | 5.000% | 4/1/27 | 24,285 | 26,593 |
| California GO | 5.750% | 4/1/27 | 31,455 | 36,221 |
| California GO | 4.500% | 8/1/27 | 8,145 | 8,509 |
| California GO | 5.000% | 9/1/27 | 5,500 | 6,115 |
| California GO | 5.000% | 10/1/27 | 13,875 | 16,537 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,961 |
44
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.750% | 4/1/28 | 30,000 | 34,546 |
| California GO | 4.500% | 8/1/28 (11) | 3,375 | 3,522 |
| California GO | 5.000% | 9/1/28 | 17,500 | 19,446 |
| California GO | 5.250% | 9/1/28 | 6,000 | 7,101 |
| California GO | 5.250% | 2/1/29 | 2,790 | 3,287 |
| California GO | 5.000% | 9/1/29 | 6,000 | 6,984 |
| California GO | 5.000% | 9/1/29 | 16,000 | 17,752 |
| California GO | 5.000% | 10/1/29 | 10,245 | 11,199 |
| California GO | 4.500% | 12/1/29 | 2,525 | 2,835 |
| California GO | 5.250% | 3/1/30 | 20,000 | 23,141 |
| California GO | 5.000% | 5/1/30 | 13,870 | 16,224 |
| California GO | 4.500% | 8/1/30 | 3,100 | 3,232 |
| California GO | 5.000% | 9/1/30 | 10,000 | 11,581 |
| California GO | 5.000% | 9/1/30 | 9,100 | 10,858 |
| California GO | 5.000% | 9/1/30 | 10,180 | 11,289 |
| California GO | 5.250% | 9/1/30 | 5,000 | 6,022 |
| California GO | 5.000% | 10/1/30 | 5,800 | 6,827 |
| California GO | 5.750% | 4/1/31 | 37,030 | 42,720 |
| California GO | 5.000% | 5/1/31 | 13,000 | 15,142 |
| California GO | 5.000% | 8/1/31 | 10,000 | 11,777 |
| California GO | 5.250% | 8/1/31 | 5,755 | 7,002 |
| California GO | 5.000% | 10/1/31 | 5,500 | 6,446 |
| California GO | 5.000% | 12/1/31 | 6,000 | 7,082 |
| California GO | 5.000% | 12/1/31 | 6,500 | 7,519 |
| California GO | 5.000% | 2/1/32 | 2,540 | 2,906 |
| California GO | 5.000% | 8/1/32 | 5,000 | 5,907 |
| California GO | 5.250% | 8/1/32 | 2,000 | 2,424 |
| California GO | 5.000% | 10/1/32 | 23,500 | 27,441 |
| California GO | 5.000% | 12/1/32 | 7,000 | 7,568 |
| California GO | 5.000% | 3/1/33 | 3,395 | 3,973 |
| California GO | 6.000% | 3/1/33 | 12,000 | 14,403 |
| California GO | 5.125% | 4/1/33 | 6,550 | 7,169 |
| California GO | 6.500% | 4/1/33 | 22,715 | 26,911 |
| California GO | 5.000% | 9/1/33 | 3,830 | 4,471 |
| California GO | 5.000% | 12/1/33 | 3,120 | 3,585 |
| California GO | 5.000% | 10/1/34 | 9,200 | 10,673 |
| California GO | 5.000% | 8/1/35 | 10,000 | 11,686 |
| California GO PUT | 4.000% | 12/1/16 | 22,925 | 23,333 |
| 1 California GO PUT | 0.964% | 12/3/18 | 1,000 | 1,007 |
| California GO PUT | 3.000% | 12/1/19 | 52,000 | 55,314 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 2,060 | 2,060 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 1,640 | 1,640 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 4,150 | 4,150 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 4,300 | 4,300 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 4,400 | 4,400 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 6,300 | 6,300 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 8,300 | 8,300 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 3,700 | 3,700 |
| California GO VRDO | 0.010% | 12/7/15 LOC | 25,000 | 25,000 |
| California GO VRDO | 0.010% | 12/7/15 LOC | 17,950 | 17,950 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/25 | 5,700 | 6,718 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/26 | 2,000 | 2,342 |
| California Health Facilities Financing Authority | ||||
| Revenue (California-Nevada Methodist Homes) | 5.000% | 7/1/16 (Prere.) | 1,740 | 1,788 |
45
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/19 | 215 | 241 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 7/1/19 | 1,000 | 1,131 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/20 | 4,750 | 5,469 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/21 | 3,810 | 4,459 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/22 | 8,000 | 9,464 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.500% | 7/1/25 | 5,300 | 5,828 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 19,820 | 22,706 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/27 | 7,500 | 8,462 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/29 | 4,260 | 4,908 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) VRDO | 0.100% | 12/7/15 LOC | 14,000 | 14,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/16 | 2,000 | 2,005 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/17 | 4,585 | 4,595 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/19 | 1,000 | 1,139 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/20 | 2,100 | 2,451 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/21 | 2,000 | 2,378 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/26 | 6,905 | 8,487 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/28 | 7,500 | 9,078 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/29 | 7,250 | 8,718 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/31 | 1,600 | 1,898 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/34 | 3,315 | 3,323 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/22 | 3,500 | 3,975 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,370 | 1,545 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/24 | 2,910 | 3,263 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/29 | 2,890 | 3,165 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) PUT | 1.810% | 7/1/17 | 5,255 | 5,318 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 6.250% | 11/1/29 | 5,000 | 5,892 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 5.000% | 11/1/31 | 2,000 | 2,219 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 4.000% | 6/1/16 | 735 | 748 |
46
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/19 | 300 | 337 |
| 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 | 1,028 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/23 | 760 | 898 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/25 | 310 | 365 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/26 | 805 | 925 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/19 | 800 | 914 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 4.000% | 11/15/20 | 750 | 835 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/21 | 1,400 | 1,654 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/23 | 1,500 | 1,765 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/24 | 1,700 | 1,985 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/25 | 2,250 | 2,612 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/32 | 12,500 | 14,001 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/35 | 3,500 | 3,895 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 3.000% | 2/1/19 | 1,235 | 1,309 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 4.000% | 2/1/20 | 1,715 | 1,906 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/28 | 3,000 | 3,470 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/29 | 1,000 | 1,150 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/30 | 2,205 | 2,511 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/31 | 5,930 | 6,722 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/32 | 2,610 | 2,947 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/33 | 3,295 | 3,696 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/34 | 2,390 | 2,679 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/35 | 4,020 | 4,496 |
| 4 California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) TOB VRDO | 0.020% | 12/7/15 | 1,665 | 1,665 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) | 4.000% | 8/15/19 | 500 | 554 |
47
| 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) | 5.000% | 8/15/21 | 800 | 956 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) | 5.000% | 8/15/22 | 500 | 607 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospital at Stanford) PUT | 1.450% | 3/15/17 | 80 | 81 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/24 | 850 | 1,013 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/25 | 425 | 503 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/26 | 775 | 909 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/18 | 1,320 | 1,474 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/19 | 1,500 | 1,663 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/19 | 1,000 | 1,149 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/20 | 1,800 | 2,033 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/21 | 1,020 | 1,164 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/21 | 1,000 | 1,198 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/22 | 2,250 | 2,583 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/22 | 2,400 | 2,919 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/24 | 5,000 | 5,873 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/25 | 5,000 | 5,830 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/17 | 380 | 405 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/18 | 335 | 368 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/20 | 300 | 344 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/21 | 465 | 543 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/22 | 175 | 206 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/24 | 370 | 443 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/25 | 500 | 604 |
48
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/26 | 750 | 894 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/28 | 880 | 1,032 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/29 | 855 | 996 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/31 | 870 | 1,002 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.250% | 10/1/18 (Prere.) | 3,030 | 3,481 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.250% | 10/1/18 (Prere.) | 4,000 | 4,595 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/25 | 2,610 | 3,174 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/26 | 2,700 | 3,249 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/28 | 1,840 | 2,177 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/30 | 4,000 | 4,681 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/31 | 5,000 | 5,817 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 5,000 | 5,756 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/34 | 5,650 | 6,493 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/20 | 500 | 574 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/26 | 6,000 | 7,221 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 2,865 | 3,286 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 10/1/17 | 2,515 | 2,711 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 10/1/18 | 3,000 | 3,340 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/25 | 750 | 874 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/27 | 850 | 978 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/28 | 1,175 | 1,346 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/32 | 1,000 | 1,132 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.000% | 7/1/29 | 4,970 | 5,812 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.500% | 7/1/29 | 10,000 | 11,354 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.000% | 7/1/33 | 6,250 | 7,207 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) PUT | 5.000% | 10/17/17 | 1,250 | 1,345 |
49
| 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) PUT | 5.000% | 10/15/20 | 12,500 | 14,549 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/19 | 2,000 | 2,289 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 4.000% | 8/15/21 | 2,250 | 2,564 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/23 | 1,830 | 2,190 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.250% | 11/15/31 | 2,000 | 2,281 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/19 | 2,000 | 2,289 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/20 | 2,200 | 2,578 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/21 | 1,275 | 1,522 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/22 | 1,090 | 1,309 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.500% | 8/15/26 | 4,750 | 5,630 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 8/15/31 | 4,500 | 5,235 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 5,000 | 6,003 |
| 4 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 1,300 | 1,300 |
| 4 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 3,500 | 3,500 |
| California Housing Finance Agency Multifamily | ||||
| Housing Revenue | 0.850% | 8/1/16 | 25 | 25 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue | 5.000% | 10/1/22 | 1,400 | 1,712 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue | 5.000% | 10/1/23 | 1,800 | 2,223 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue | 5.000% | 10/1/24 | 1,175 | 1,466 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Motion Picture Arts | ||||
| & Sciences Obligated Group) | 5.000% | 11/1/20 | 1,000 | 1,169 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Motion Picture Arts | ||||
| & Sciences Obligated Group) | 5.000% | 11/1/21 | 800 | 951 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Motion Picture Arts | ||||
| & Sciences Obligated Group) | 5.000% | 11/1/29 | 1,500 | 1,742 |
| 4 California Infrastructure & Economic Development | ||||
| Bank Revenue (Bay Area Toll Bridges Seismic | ||||
| Retrofit) TOB VRDO | 0.050% | 12/1/15 (ETM) | 35,585 | 35,585 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Independent System Operator | ||||
| Corp. Project) | 5.000% | 2/1/34 | 10,000 | 11,261 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (Index-Museum Art Project) PUT | 1.912% | 8/1/18 | 6,000 | 6,162 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.290% | 4/1/16 | 3,190 | 3,190 |
50
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.290% | 4/3/17 | 6,100 | 6,095 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.290% | 4/1/18 | 1,500 | 1,488 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.290% | 4/2/18 | 32,470 | 32,203 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.010% | 12/1/15 LOC | 3,300 | 3,300 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Pacific Gas & Electric Co.) VRDO | 0.010% | 12/1/15 LOC | 2,800 | 2,800 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/18 (14) | 1,785 | 1,819 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/19 (14) | 1,040 | 1,060 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/21 (14) | 1,145 | 1,166 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.000% | 2/1/16 | 1,000 | 1,007 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.375% | 2/1/29 | 16,610 | 18,442 |
| California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/21 | 565 | 654 |
| California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/23 | 400 | 475 |
| California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/30 | 1,000 | 1,133 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/24 | 1,500 | 1,856 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/26 | 5,360 | 6,586 |
| 1 California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | ||||
| PUT | 0.510% | 4/2/18 | 6,000 | 5,964 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Water System Project Revenue) | 4.000% | 10/1/31 | 3,955 | 4,258 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Water System Project Revenue) | 4.000% | 10/1/32 | 4,220 | 4,519 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Water System Project Revenue) | 4.000% | 10/1/33 | 4,390 | 4,693 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/19 | 1,450 | 1,585 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/20 | 1,760 | 1,953 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/21 | 1,300 | 1,460 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/22 | 1,000 | 1,133 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/23 | 1,285 | 1,467 |
51
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/24 | 1,325 | 1,516 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/25 | 1,180 | 1,355 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/20 | 2,005 | 2,263 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/21 | 1,000 | 1,143 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/22 | 1,000 | 1,154 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/23 | 1,000 | 1,158 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/24 | 500 | 583 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/25 | 650 | 760 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/26 | 700 | 809 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/27 | 600 | 686 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/28 | 750 | 846 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/29 | 1,895 | 2,119 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/30 | 3,305 | 3,674 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/31 | 3,470 | 3,841 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/32 | 3,655 | 4,042 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/33 | 3,835 | 4,226 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/34 | 4,035 | 4,440 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/35 | 4,000 | 4,372 |
| California Municipal Finance Authority Revenue | ||||
| (Eisenhower Medical Center) | 5.125% | 7/1/23 | 1,000 | 1,114 |
52
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 California Municipal Finance Authority Revenue | ||||
| (NorthBay Healthcare Group) PUT | 2.110% | 11/1/16 | 5,000 | 5,005 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/16 | 1,905 | 1,942 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 4.750% | 6/1/18 | 2,325 | 2,483 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/19 | 2,375 | 2,609 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.010% | 12/1/15 LOC | 6,800 | 6,800 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.010% | 12/1/15 LOC | 1,400 | 1,400 |
| California Public Works Board Lease Revenue | ||||
| (Butterfield State Office Complex) | 5.000% | 12/1/15 (Prere.) | 3,895 | 3,896 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/16 (Prere.) | 3,975 | 3,991 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/16 (Prere.) | 27,790 | 27,905 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/16 | 3,785 | 3,931 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/18 | 11,625 | 12,795 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/19 | 12,200 | 13,825 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/20 | 4,180 | 4,840 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/20 | 13,000 | 15,140 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/21 | 7,375 | 8,705 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/21 | 1,375 | 1,634 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/22 | 9,425 | 11,289 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/22 | 1,500 | 1,805 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/23 | 2,350 | 2,853 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/24 | 4,250 | 5,195 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/24 | 1,925 | 2,355 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/25 | 2,925 | 3,588 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/31 | 5,000 | 5,819 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.750% | 10/1/31 | 6,000 | 7,322 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/32 | 5,000 | 5,806 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.250% | 10/1/32 | 5,000 | 5,953 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/33 | 5,000 | 5,790 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.250% | 10/1/33 | 3,000 | 3,561 |
53
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.000% | 4/1/27 | 5,000 | 5,795 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/28 | 5,825 | 6,855 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/29 | 5,000 | 5,843 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/25 | 1,500 | 1,768 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/26 | 1,500 | 1,778 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/27 | 7,000 | 8,250 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/28 | 2,860 | 3,354 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/28 | 4,980 | 5,833 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/29 | 2,500 | 2,909 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/29 | 5,000 | 5,835 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/33 | 1,650 | 1,891 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 6/1/20 (ETM) | 7,670 | 8,966 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 10/1/20 (ETM) | 2,015 | 2,373 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 10/1/21 (ETM) | 1,650 | 1,984 |
| 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% | 11/1/16 | 6,395 | 6,664 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/18 | 4,000 | 4,462 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/18 | 1,080 | 1,208 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 1/1/20 | 10,000 | 11,459 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/20 | 4,160 | 4,797 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 5/1/20 | 5,850 | 6,759 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.250% | 11/1/20 | 5,000 | 5,856 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/20 | 1,600 | 1,874 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 5,000 | 6,028 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (ETM) | 5,400 | 6,511 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 2,645 | 3,189 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 | 2,965 | 3,536 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 | 1,110 | 1,324 |
54
| 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% | 5/1/22 | 2,670 | 3,194 |
| 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) | 5.000% | 12/1/22 | 1,195 | 1,441 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.375% | 3/1/23 | 9,065 | 10,587 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/23 | 4,180 | 4,931 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/23 | 1,000 | 1,190 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/24 | 2,000 | 2,439 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/25 | 3,560 | 4,299 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 5/1/28 | 4,250 | 5,087 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 5/1/29 | 1,140 | 1,356 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 5/1/30 | 1,250 | 1,474 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/30 | 3,000 | 3,483 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/30 | 5,545 | 6,782 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/31 | 3,000 | 3,469 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/31 | 1,650 | 1,914 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/31 | 7,000 | 8,528 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/32 | 11,465 | 13,252 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/33 | 4,670 | 5,690 |
| California State University Systemwide Revenue | 5.000% | 11/1/18 | 2,200 | 2,462 |
| California State University Systemwide Revenue | 5.000% | 11/1/19 | 2,300 | 2,648 |
| California State University Systemwide Revenue | 5.000% | 11/1/20 | 1,670 | 1,971 |
| California State University Systemwide Revenue | 5.250% | 11/1/20 | 3,515 | 4,006 |
| California State University Systemwide Revenue | 5.000% | 11/1/22 | 1,500 | 1,841 |
| California State University Systemwide Revenue | 5.000% | 11/1/23 | 3,960 | 4,707 |
| California State University Systemwide Revenue | 5.000% | 11/1/23 | 5,605 | 6,943 |
| California State University Systemwide Revenue | 5.000% | 11/1/23 | 3,705 | 4,589 |
| California State University Systemwide Revenue | 5.000% | 11/1/24 | 8,690 | 9,470 |
| California State University Systemwide Revenue | 5.000% | 11/1/24 | 2,915 | 3,425 |
| California State University Systemwide Revenue | 5.000% | 11/1/24 | 4,505 | 5,639 |
| California State University Systemwide Revenue | 5.000% | 11/1/25 | 11,820 | 12,881 |
| California State University Systemwide Revenue | 5.000% | 11/1/26 | 12,530 | 13,655 |
| California State University Systemwide Revenue | 5.000% | 11/1/27 | 5,000 | 5,449 |
| California State University Systemwide Revenue | 5.000% | 11/1/27 | 5,740 | 6,684 |
| California State University Systemwide Revenue | 5.000% | 11/1/27 | 2,000 | 2,476 |
| California State University Systemwide Revenue | 5.000% | 11/1/28 | 5,000 | 6,046 |
| California State University Systemwide Revenue | 5.000% | 11/1/28 | 2,610 | 3,211 |
| California State University Systemwide Revenue | 4.000% | 11/1/29 | 3,900 | 4,231 |
55
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California State University Systemwide Revenue | 5.000% | 11/1/30 (4) | 7,660 | 8,357 |
| California State University Systemwide Revenue | 5.000% | 11/1/30 | 2,920 | 3,541 |
| California State University Systemwide Revenue | 5.000% | 11/1/31 | 10,080 | 12,086 |
| California State University Systemwide Revenue | 5.000% | 11/1/31 | 8,900 | 10,513 |
| California State University Systemwide Revenue | 5.000% | 11/1/32 | 11,055 | 13,180 |
| California State University Systemwide Revenue | 5.000% | 11/1/33 | 5,775 | 6,858 |
| California State University Systemwide Revenue | 5.000% | 11/1/34 | 5,000 | 5,833 |
| California State University Systemwide Revenue | 5.250% | 11/1/34 | 5,000 | 5,630 |
| California State University Systemwide Revenue | 5.000% | 11/1/35 | 5,975 | 6,929 |
| California State University Systemwide Revenue | 5.000% | 11/1/35 | 13,205 | 15,530 |
| 4 California State University Systemwide Revenue | ||||
| TOB VRDO | 0.090% | 12/7/15 (4) | 5,000 | 5,000 |
| California Statewide Communities Development | ||||
| Authority Health Facility Revenue | ||||
| (Catholic HealthcareWest) | 5.500% | 7/1/31 | 6,320 | 6,728 |
| California Statewide Communities Development | ||||
| Authority Pollution Control Revenue | ||||
| (Southern California Edison Co.) PUT | 1.375% | 4/2/18 | 2,500 | 2,507 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.000% | 11/1/19 | 725 | 779 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.000% | 11/1/24 | 1,000 | 1,075 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.000% | 11/1/29 | 1,650 | 1,712 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.000% | 11/1/34 | 3,700 | 3,764 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 2.000% | 3/1/16 | 625 | 627 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 3.000% | 3/1/17 | 350 | 359 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 3.000% | 3/1/18 | 450 | 467 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 4.000% | 3/1/19 | 500 | 540 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 4.000% | 3/1/20 | 750 | 822 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/22 | 1,500 | 1,751 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/23 | 1,500 | 1,761 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/24 | 1,000 | 1,183 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/25 | 765 | 913 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/26 | 1,500 | 1,793 |
56
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/29 | 4,550 | 5,257 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/32 | 5,000 | 5,678 |
| California Statewide Communities Development | ||||
| Authority Revenue (American Baptist Homes) | 2.100% | 10/1/19 | 5,455 | 5,456 |
| California Statewide Communities Development | ||||
| Authority Revenue (American Baptist Homes) | 2.400% | 10/1/20 | 1,450 | 1,450 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/18 | 275 | 304 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/19 (4) | 250 | 285 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/20 (4) | 210 | 244 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/21 (4) | 200 | 236 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/22 (4) | 200 | 239 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/23 (4) | 400 | 482 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/24 (4) | 500 | 607 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/27 (4) | 855 | 1,005 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/28 (4) | 900 | 1,049 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/34 (4) | 2,500 | 2,848 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 3.000% | 11/1/16 | 750 | 768 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 3.000% | 11/1/17 | 750 | 781 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 4.000% | 11/1/18 | 245 | 265 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 4.000% | 11/1/19 | 375 | 414 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/20 | 100 | 116 |
57
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 4.000% | 11/1/21 | 345 | 388 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/22 | 375 | 449 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/23 | 275 | 332 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/24 | 300 | 363 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/25 | 355 | 427 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/26 | 325 | 386 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/27 | 750 | 881 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/28 | 1,310 | 1,527 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/29 | 700 | 811 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/30 | 1,010 | 1,164 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.250% | 11/1/30 | 11,500 | 13,029 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/31 | 1,000 | 1,149 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/32 | 1,690 | 1,924 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.000% | 7/1/22 | 4,130 | 3,713 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.250% | 7/1/25 | 1,535 | 1,380 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System) | 5.250% | 7/1/24 | 10,865 | 9,765 |
| California Statewide Communities Development | ||||
| Authority Revenue (Enloe Medical Center) | 5.000% | 8/15/28 | 3,455 | 4,149 |
| California Statewide Communities Development | ||||
| Authority Revenue (Enloe Medical Center) | 5.000% | 8/15/30 | 2,500 | 2,971 |
| California Statewide Communities Development | ||||
| Authority Revenue (Enloe Medical Center) | 5.000% | 8/15/31 | 4,020 | 4,749 |
| California Statewide Communities Development | ||||
| Authority Revenue (Enloe Medical Center) | 5.000% | 8/15/33 | 4,000 | 4,675 |
58
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Enloe Medical Center) | 5.000% | 8/15/34 | 4,795 | 5,591 |
| California Statewide Communities Development | ||||
| Authority Revenue (Enloe Medical Center) | 5.000% | 8/15/35 | 1,000 | 1,161 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/18 | 610 | 664 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/27 | 500 | 559 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/32 | 680 | 736 |
| California Statewide Communities Development | ||||
| Authority Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.250% | 11/15/34 | 4,350 | 4,672 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/18 | 1,035 | 1,039 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/18 | 500 | 551 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/19 | 500 | 564 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/20 | 325 | 374 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/21 | 275 | 320 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/22 | 250 | 294 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/23 | 650 | 769 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/24 | 750 | 895 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/25 | 800 | 940 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/26 | 1,000 | 1,165 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/27 | 2,000 | 2,314 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/28 | 3,000 | 3,443 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/29 | 3,000 | 3,424 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/30 | 4,565 | 5,181 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/31 | 4,000 | 4,521 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/32 | 3,790 | 4,268 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/33 | 2,500 | 2,806 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/34 | 2,000 | 2,241 |
| California Statewide Communities Development | ||||
| Authority Revenue (Institute for Defense Analyses) | ||||
| VRDO | 0.010% | 12/7/15 (2)LOC | 2,920 | 2,920 |
59
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.000% | 4/1/19 | 3,190 | 3,599 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.250% | 8/1/31 | 10,000 | 10,282 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) PUT | 5.000% | 5/1/17 | 6,000 | 6,356 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.010% | 12/7/15 | 1,500 | 1,500 |
| California Statewide Communities Development | ||||
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/22 | 8,000 | 8,596 |
| California Statewide Communities Development | ||||
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/27 | 8,975 | 9,629 |
| California Statewide Communities Development | ||||
| Authority Revenue (Loma Linda University | ||||
| Medical Center Obligated Group) | 5.250% | 12/1/29 | 10,000 | 10,886 |
| California Statewide Communities Development | ||||
| Authority Revenue (Loma Linda University | ||||
| Medical Center Obligated Group) | 5.250% | 12/1/34 | 10,000 | 10,661 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) | 5.000% | 8/15/20 (14) | 2,440 | 2,518 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) | 5.000% | 8/15/23 (14) | 5,285 | 5,448 |
| California Statewide Communities Development | ||||
| Authority Revenue (St. Joseph Health System) | 4.500% | 7/1/18 (4) | 5,780 | 6,056 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/19 | 530 | 607 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/20 | 500 | 587 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/22 | 1,050 | 1,274 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.250% | 8/15/31 | 7,500 | 8,629 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/32 | 11,820 | 13,330 |
| 4 California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) TOB VRDO | 0.010% | 12/7/15 | 35,963 | 35,963 |
| California Statewide Communities Development | ||||
| Authority Senior Living Health Facility Revenue | ||||
| (Los Angeles Jewish Home for the Aging) | 2.500% | 8/1/20 | 1,170 | 1,183 |
| California Statewide Communities Development | ||||
| Authority Senior Living Health Facility Revenue | ||||
| (Los Angeles Jewish Home for the Aging) | 3.000% | 8/1/21 | 2,600 | 2,636 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue (Southern | ||||
| California Presbyterian Homes) | 7.000% | 11/15/29 | 2,000 | 2,329 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.000% | 5/15/17 | 1,800 | 1,899 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.500% | 5/15/26 | 5,000 | 5,399 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.125% | 5/15/31 | 7,000 | 7,860 |
60
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Capistrano CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/17 | 1,500 | 1,602 |
| Capistrano CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/18 (15) | 2,000 | 2,191 |
| Capistrano CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/19 (15) | 2,080 | 2,330 |
| Capistrano CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/21 (15) | 5,225 | 5,804 |
| Capistrano CA Unified School District Special Tax | ||||
| Revenue | 4.000% | 9/1/22 (15) | 6,020 | 6,398 |
| Capistrano CA Unified School District Special Tax | ||||
| Revenue | 4.000% | 9/1/24 (15) | 6,860 | 7,214 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Carson Merged & Amended | ||||
| Project Area) | 5.000% | 10/1/22 | 1,130 | 1,338 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Carson Merged & Amended | ||||
| Project Area) | 5.000% | 10/1/23 | 1,170 | 1,399 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/19 (4) | 800 | 901 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/20 (4) | 785 | 902 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/21 (4) | 850 | 991 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/22 (4) | 600 | 709 |
| Castro Valley CA Unified School District GO | 3.000% | 8/1/16 | 1,000 | 1,018 |
| Castro Valley CA Unified School District GO | 4.000% | 8/1/17 | 500 | 528 |
| Castro Valley CA Unified School District GO | 4.000% | 8/1/18 | 400 | 433 |
| 4 Central Basin Municipal Water District California | ||||
| COP TOB VRDO | 0.020% | 12/7/15 (4) | 7,500 | 7,500 |
| Central CA Unified School District GO | 5.500% | 8/1/29 (12) | 3,000 | 3,390 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.000% | 7/1/17 | 1,000 | 1,066 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.000% | 7/1/19 | 765 | 867 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.250% | 7/1/20 | 1,025 | 1,199 |
| Cerritos CA Community College District GO | 0.000% | 8/1/20 | 500 | 460 |
| Cerritos CA Community College District GO | 0.000% | 8/1/22 | 500 | 426 |
| Cerritos CA Community College District GO | 0.000% | 8/1/23 | 500 | 410 |
| Cerritos CA Community College District GO | 4.000% | 8/1/30 | 3,480 | 3,749 |
| Cerritos CA Community College District GO | 4.000% | 8/1/32 | 2,260 | 2,406 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/23 | 2,225 | 2,721 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/27 | 2,500 | 2,944 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/30 | 7,500 | 8,665 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/31 | 7,500 | 8,631 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/32 | 13,000 | 14,922 |
| Chaffey CA Community College District GO | 5.000% | 6/1/32 | 5,000 | 5,819 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/20 | 400 | 362 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/21 | 500 | 439 |
61
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Chaffey CA Union High School District GO | 0.000% | 8/1/22 | 500 | 420 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/23 | 600 | 487 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/24 | 500 | 389 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/25 | 655 | 471 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/26 | 1,430 | 977 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/28 | 2,000 | 1,223 |
| Chino CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/24 (4) | 675 | 799 |
| Chino CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/25 (4) | 1,000 | 1,191 |
| Chino CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/20 (15) | 625 | 727 |
| Chino CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/27 (15) | 1,195 | 1,400 |
| Chino CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/30 (15) | 1,170 | 1,339 |
| Chula Vista CA Industrial Development Revenue | ||||
| (San Diego Gas & Electric Co.) | 1.650% | 7/1/18 | 6,185 | 6,190 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 2.000% | 9/1/16 | 670 | 677 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 4.000% | 9/1/17 | 700 | 736 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.000% | 9/1/18 | 1,165 | 1,280 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.000% | 9/1/19 | 2,265 | 2,550 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.000% | 9/1/20 | 1,185 | 1,357 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.000% | 9/1/21 | 2,500 | 2,906 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.000% | 9/1/23 | 2,615 | 3,047 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.250% | 9/1/24 | 3,225 | 3,844 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/25 | 3,495 | 4,164 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/26 | 3,685 | 4,358 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/27 | 970 | 1,140 |
| Citrus CA Community College District GO | 0.000% | 8/1/33 | 1,000 | 765 |
| Citrus CA Community College District GO | 0.000% | 8/1/35 | 3,150 | 2,372 |
| Clovis CA Unified School District GO | 0.000% | 8/1/18 (14) | 3,645 | 3,530 |
| Coast CA Community College District GO | 5.000% | 8/1/31 | 7,000 | 8,382 |
| Coast CA Community College District GO | 0.000% | 8/1/33 | 13,000 | 6,248 |
| Coast CA Community College District GO | 5.000% | 8/1/33 | 3,000 | 3,567 |
| Colton CA Joint Unified School District GO | 4.000% | 8/1/16 (4) | 1,000 | 1,025 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/23 (4) | 765 | 928 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/25 (4) | 1,000 | 1,195 |
| Colton CA Public Financing Authority Electric | ||||
| Revenue | 5.000% | 4/1/23 | 2,065 | 2,441 |
| Colton CA Public Financing Authority Electric | ||||
| Revenue | 5.000% | 4/1/24 | 1,665 | 1,950 |
| Colton CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 2.000% | 8/1/16 | 1,240 | 1,252 |
62
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Colton CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 4.000% | 8/1/18 | 1,000 | 1,067 |
| Colton CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 8/1/19 | 1,040 | 1,163 |
| Colton CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 8/1/20 (15) | 1,230 | 1,409 |
| Colton CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 8/1/22 (15) | 1,215 | 1,429 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/21 (4) | 2,000 | 1,778 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/22 (4) | 2,750 | 2,361 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/23 (4) | 2,500 | 2,071 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/24 (4) | 3,000 | 2,407 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/25 (4) | 3,380 | 2,538 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/26 (4) | 3,500 | 2,479 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/27 (4) | 3,000 | 2,003 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/28 (4) | 2,290 | 1,438 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/24 | 4,140 | 4,977 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/32 | 3,000 | 3,493 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/33 | 4,000 | 4,642 |
| Contra Costa CA Municipal Water District Revenue | 3.000% | 10/1/19 | 10,000 | 10,697 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/20 (Prere.) | 1,080 | 1,252 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/29 | 1,100 | 1,334 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/30 | 1,475 | 1,775 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/32 | 1,415 | 1,685 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/32 | 1,600 | 1,856 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/33 | 1,085 | 1,287 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/33 | 1,800 | 2,081 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/34 | 3,915 | 4,623 |
| 1 Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue PUT | 0.499% | 12/15/15 | 16,500 | 16,499 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 5.000% | 6/1/17 (Prere.) | 5,195 | 5,533 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 3.000% | 6/1/20 | 1,000 | 1,069 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 5.000% | 6/1/20 | 800 | 925 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 5.000% | 6/1/21 | 700 | 823 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 5.000% | 6/1/22 | 600 | 713 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 5.000% | 6/1/22 (14) | 10,105 | 10,695 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 5.000% | 6/1/23 | 1,130 | 1,360 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 5.000% | 6/1/23 | 2,335 | 2,811 |
63
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Corona-Norco CA School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/21 | 500 | 580 |
| Corona-Norco CA School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/23 | 500 | 593 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/20 (12) | 1,825 | 1,682 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/21 (12) | 2,010 | 1,796 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/22 (12) | 1,700 | 1,469 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/23 (12) | 1,000 | 835 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/25 (12) | 1,325 | 1,023 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/26 (12) | 1,530 | 1,121 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/27 (12) | 1,500 | 1,048 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/28 (12) | 1,290 | 858 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/23 | 1,145 | 1,359 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/24 | 1,325 | 1,556 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/25 | 2,525 | 2,919 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/27 | 1,000 | 1,139 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/28 | 1,590 | 1,797 |
| Culver City CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.375% | 11/1/16 (4) | 740 | 743 |
| Cupertino CA Union School District GO | 5.000% | 8/1/25 | 3,235 | 3,944 |
| Del Mar CA Race Track Authority Revenue | 4.000% | 10/1/21 | 1,380 | 1,483 |
| Del Mar CA Race Track Authority Revenue | 5.000% | 10/1/24 | 1,585 | 1,787 |
| Del Mar CA Race Track Authority Revenue | 5.000% | 10/1/26 | 1,745 | 1,931 |
| Del Mar CA Race Track Authority Revenue | 5.000% | 10/1/27 | 1,835 | 2,018 |
| Del Mar CA Race Track Authority Revenue | 5.000% | 10/1/29 | 1,010 | 1,099 |
| Del Mar CA Race Track Authority Revenue | 5.000% | 10/1/35 | 1,665 | 1,794 |
| Desert CA Community College District GO | 4.000% | 8/1/19 | 1,500 | 1,655 |
| Desert CA Community College District GO | 5.000% | 8/1/20 | 1,760 | 2,057 |
| 4 Desert CA Community College District | ||||
| GO TOB VRDO | 0.030% | 12/7/15 | 6,500 | 6,500 |
| East Bay CA Municipal Utility District Waste | ||||
| Water System Revenue | 5.000% | 6/1/35 | 8,455 | 10,013 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/25 | 6,265 | 7,888 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/28 | 5,300 | 6,828 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 2,005 | 2,312 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/31 | 16,020 | 18,432 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/31 | 3,975 | 4,792 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/32 | 4,015 | 4,833 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/33 | 4,280 | 5,132 |
64
| 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% | 6/1/34 | 1,855 | 2,214 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/35 | 3,050 | 3,629 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/28 | 4,415 | 4,957 |
| East Side CA Union High School District Santa | ||||
| Clara County GO | 5.000% | 8/1/29 | 6,000 | 7,045 |
| Eastern California Municipal Water District Water | ||||
| & Sewer COP | 5.000% | 7/1/26 | 5,245 | 5,727 |
| Eastern California Municipal Water District Water | ||||
| & Sewer COP | 5.000% | 7/1/27 | 6,220 | 6,792 |
| Eastern California Municipal Water District Water | ||||
| & Sewer COP | 5.000% | 7/1/28 | 1,000 | 1,092 |
| Eastern California Municipal Water District Water | ||||
| & Wastewater Revenue VRDO | 0.010% | 12/1/15 | 11,000 | 11,000 |
| Eastern California Municipal Water District Water | ||||
| & Wastewater Revenue VRDO | 0.010% | 12/7/15 | 2,100 | 2,100 |
| El Camino CA Community College District GO | 0.000% | 8/1/29 | 8,065 | 5,094 |
| El Camino CA Community College District GO | 0.000% | 8/1/32 | 10,000 | 5,401 |
| El Camino CA Community College District GO | 0.000% | 8/1/33 | 3,500 | 1,812 |
| El Dorado CA Irrigation District Revenue | 4.500% | 3/1/19 (4) | 2,000 | 2,212 |
| El Dorado CA Irrigation District Revenue | 4.750% | 3/1/20 (4) | 1,500 | 1,708 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/21 (4) | 2,280 | 2,671 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/28 (4) | 1,500 | 1,750 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/34 (4) | 5,460 | 6,202 |
| El Dorado County CA Community Facilities | ||||
| District No. 92-1 Special Tax Revenue | 5.000% | 9/1/21 | 2,000 | 2,319 |
| Elk Grove CA Finance Authority Special | ||||
| Tax Revenue | 3.000% | 9/1/18 | 425 | 444 |
| Elk Grove CA Finance Authority Special | ||||
| Tax Revenue | 4.000% | 9/1/19 | 655 | 714 |
| Elk Grove CA Finance Authority Special | ||||
| Tax Revenue | 4.000% | 9/1/20 | 560 | 618 |
| Elk Grove CA Finance Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/21 | 450 | 525 |
| Elk Grove CA Finance Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/22 | 425 | 500 |
| Elk Grove CA Finance Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/33 (15) | 2,000 | 2,287 |
| Elk Grove CA Finance Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/34 (15) | 3,970 | 4,511 |
| Elk Grove CA Finance Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/35 (15) | 3,735 | 4,221 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/28 | 1,000 | 1,119 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/29 | 800 | 892 |
| Escondido CA GO | 5.000% | 9/1/22 | 755 | 914 |
| Escondido CA GO | 5.000% | 9/1/23 | 2,030 | 2,482 |
| Escondido CA GO | 5.000% | 9/1/24 | 825 | 1,018 |
| Escondido CA GO | 5.000% | 9/1/25 | 1,000 | 1,240 |
| Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/26 | 1,725 | 1,970 |
| Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/27 | 1,810 | 2,071 |
65
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/28 | 1,900 | 2,166 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/21 (2) | 3,335 | 3,348 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/23 (2) | 2,875 | 2,886 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/24 (2) | 3,575 | 3,588 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/26 (2) | 4,480 | 4,497 |
| Fontana CA Unified School District GO | 5.250% | 8/1/26 (4) | 4,350 | 4,789 |
| Foothill-De Anza CA Community College | ||||
| District GO | 4.500% | 8/1/17 (Prere.) | 2,600 | 2,766 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/20 (4) | 3,930 | 3,630 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/21 (4) | 4,115 | 3,675 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/22 (4) | 12,255 | 10,516 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/23 (4) | 16,430 | 13,502 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/24 (4) | 1,880 | 1,492 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/25 | 2,130 | 1,612 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/26 | 3,000 | 2,298 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/27 | 5,000 | 3,878 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/31 (4) | 1,000 | 823 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.250% | 1/15/33 | 5,000 | 5,874 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue PUT | 5.000% | 1/15/18 | 505 | 533 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue PUT | 5.000% | 1/15/20 | 22,880 | 25,069 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue PUT | 5.500% | 1/15/23 | 25,000 | 28,794 |
| Fremont CA Unified School District GO | 5.000% | 8/1/18 | 2,325 | 2,584 |
| Fremont CA Unified School District GO | 5.000% | 8/1/19 | 2,400 | 2,750 |
| Fremont CA Unified School District GO | 5.000% | 8/1/20 | 2,275 | 2,678 |
| Fremont CA Unified School District GO | 4.000% | 8/1/29 | 1,070 | 1,157 |
| Fremont CA Unified School District GO | 4.000% | 8/1/30 | 1,415 | 1,520 |
| Fremont CA Unified School District GO | 4.000% | 8/1/31 | 1,790 | 1,909 |
| Fremont CA Unified School District GO | 4.000% | 8/1/32 | 2,195 | 2,327 |
| Fremont CA Unified School District GO | 4.000% | 8/1/33 | 2,630 | 2,776 |
| Fremont CA Unified School District GO | 4.000% | 8/1/34 | 3,105 | 3,256 |
| Fremont CA Union High School District GO | 4.000% | 8/1/32 | 1,000 | 1,075 |
| Fremont CA Union High School District GO | 4.000% | 8/1/34 | 2,085 | 2,222 |
| Fresno CA Sewer Revenue | 5.000% | 9/1/24 (12) | 830 | 914 |
| Fullerton CA Community Facilities District No. 1 | ||||
| Special Tax Revenue (Amerige Heights) | 5.000% | 9/1/26 | 1,000 | 1,135 |
| Fullerton CA Community Facilities District No. 1 | ||||
| Special Tax Revenue (Amerige Heights) | 5.000% | 9/1/32 | 1,600 | 1,764 |
| Gavilan CA Joint Community College District GO | 5.000% | 8/1/29 | 2,270 | 2,718 |
66
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Gavilan CA Joint Community College District GO | 5.000% | 8/1/32 | 4,200 | 4,947 |
| Gilroy CA School Facilities Finance Authority | ||||
| Revenue | 5.000% | 8/1/33 | 2,400 | 2,728 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/16 | 3,000 | 3,063 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 3.000% | 6/1/17 | 2,000 | 2,068 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/17 | 610 | 649 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 4.000% | 6/1/18 | 4,000 | 4,299 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/19 | 1,500 | 1,698 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/20 | 1,750 | 2,024 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/21 | 1,000 | 1,178 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 4.550% | 6/1/22 (4) | 470 | 505 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 4.000% | 6/1/31 | 3,700 | 3,873 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/33 | 2,185 | 1,982 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/33 | 7,000 | 8,081 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/34 | 11,000 | 12,631 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 4.000% | 6/1/35 | 1,170 | 1,189 |
| 3 Grossmont CA Union High School District GO | 5.000% | 8/1/22 | 1,250 | 1,506 |
| Grossmont CA Union High School District GO | 0.000% | 2/1/25 (4) | 1,400 | 1,048 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/26 (4) | 2,040 | 1,438 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/27 (4) | 2,825 | 1,865 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/28 | 3,210 | 2,097 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/28 (4) | 2,905 | 1,797 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/29 | 6,965 | 4,288 |
| 3 Grossmont CA Union High School District GO | 4.000% | 8/1/33 | 10,000 | 10,530 |
| Grossmont-Cuyamaca CA Community College | ||||
| District GO | 0.000% | 8/1/25 (12) | 14,010 | 10,766 |
| Grossmont-Cuyamaca CA Community College | ||||
| District GO | 0.000% | 8/1/28 (12) | 21,875 | 14,790 |
| Hayward CA Unified School District GO | 5.000% | 8/1/30 (4) | 3,465 | 3,996 |
| Hayward CA Unified School District GO | 5.000% | 8/1/30 (4) | 4,930 | 5,686 |
| Hayward CA Unified School District GO | 5.000% | 8/1/31 (4) | 1,500 | 1,725 |
| Hayward CA Unified School District GO | 5.000% | 8/1/32 (4) | 4,240 | 4,855 |
| Hayward CA Unified School District GO | 5.000% | 8/1/32 (4) | 1,700 | 1,929 |
| Hayward CA Unified School District GO | 5.000% | 8/1/33 (4) | 3,045 | 3,474 |
| Hayward CA Unified School District GO | 5.000% | 8/1/33 (4) | 6,130 | 6,994 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 2.000% | 9/1/16 | 250 | 251 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 3.000% | 9/1/17 | 250 | 256 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/1/18 | 280 | 296 |
67
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/1/19 | 350 | 374 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/1/20 | 250 | 267 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/21 | 175 | 199 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/22 | 500 | 570 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/23 | 500 | 574 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/24 | 615 | 707 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/25 | 385 | 441 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/27 | 950 | 1,078 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/29 | 1,255 | 1,403 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/32 | 550 | 606 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/33 | 580 | 638 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/34 | 360 | 395 |
| Hollister CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/27 (15) | 1,000 | 1,173 |
| Hollister CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/28 (15) | 1,235 | 1,437 |
| Imperial CA Irrigation District Electric Revenue | 5.000% | 11/1/26 | 1,500 | 1,708 |
| Indian Wells CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 4.000% | 9/1/18 (4) | 1,000 | 1,071 |
| Indian Wells CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 4.000% | 9/1/19 (4) | 1,225 | 1,335 |
| Indian Wells CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/20 (4) | 1,285 | 1,477 |
| Indian Wells CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/21 (4) | 1,615 | 1,888 |
| Indian Wells CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/22 (4) | 1,195 | 1,413 |
| Indian Wells CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/23 (4) | 750 | 896 |
| Indian Wells CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/24 (4) | 610 | 734 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.010% | 12/1/15 LOC | 2,100 | 2,100 |
| Irvine CA Ranch Water District Revenue VRDO | 0.010% | 12/1/15 LOC | 2,100 | 2,100 |
| Irvine CA Ranch Water District Revenue VRDO | 0.010% | 12/1/15 LOC | 2,800 | 2,800 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/18 | 1,350 | 1,449 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/19 | 2,000 | 2,186 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/20 | 2,425 | 2,684 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/21 | 1,750 | 1,954 |
68
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 5.000% | 9/2/23 | 400 | 468 |
| Irvine CA Reassessment District No. 13-1 | ||||
| Improvement Revenue | 5.000% | 9/2/20 | 350 | 400 |
| Irvine CA Reassessment District No. 13-1 | ||||
| Improvement Revenue | 5.000% | 9/2/22 | 1,125 | 1,319 |
| Irvine CA Reassessment District No. 15-1 | ||||
| Improvement Revenue | 5.000% | 9/2/22 | 1,000 | 1,174 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 2.000% | 9/2/16 | 300 | 303 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 3.000% | 9/2/17 | 400 | 414 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 4.000% | 9/2/18 | 500 | 536 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 4.000% | 9/2/20 | 750 | 819 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 5.000% | 9/2/21 | 675 | 775 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 5.000% | 9/2/22 | 650 | 748 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 5.000% | 9/2/23 | 800 | 928 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 5.000% | 9/2/24 | 850 | 991 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 5.000% | 9/2/25 | 450 | 526 |
| Irvine CA Reassessment District No. 15-2 | ||||
| Improvement Revenue | 5.000% | 9/2/26 | 800 | 931 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax Revenue | ||||
| VRDO | 0.010% | 12/1/15 LOC | 1,375 | 1,375 |
| Jefferson CA Union High School District GO | 4.000% | 8/1/18 (15) | 750 | 809 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/19 (15) | 625 | 710 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/20 (15) | 500 | 581 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/21 (15) | 500 | 592 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/22 (15) | 700 | 840 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/23 (15) | 1,000 | 1,211 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/24 (15) | 875 | 1,070 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/25 (15) | 860 | 1,055 |
| Jurupa CA Public Financing Authority Special | ||||
| Tax Revenue | 4.000% | 9/1/18 | 770 | 824 |
| Jurupa CA Public Financing Authority Special | ||||
| Tax Revenue | 4.000% | 9/1/19 | 1,095 | 1,190 |
| Jurupa CA Public Financing Authority Special | ||||
| Tax Revenue | 4.000% | 9/1/20 | 1,385 | 1,523 |
| Jurupa CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/21 | 500 | 580 |
| Jurupa CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/22 | 1,535 | 1,803 |
| Jurupa CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/23 | 1,365 | 1,620 |
| Jurupa CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/24 | 620 | 736 |
| Jurupa CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/25 | 1,725 | 2,055 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/16 | 2,500 | 2,540 |
69
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/17 | 1,110 | 1,170 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/18 | 3,255 | 3,511 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/19 | 3,415 | 3,761 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/20 | 1,585 | 1,776 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/21 | 3,755 | 4,256 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/22 | 3,950 | 4,510 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/23 | 750 | 888 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/24 | 1,250 | 1,455 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/25 | 1,250 | 1,445 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/28 | 1,000 | 1,185 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/29 | 1,000 | 1,177 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/30 | 1,500 | 1,668 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/31 | 2,095 | 2,323 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/32 | 1,515 | 1,762 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/34 | 1,050 | 1,209 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/23 | 300 | 340 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/24 | 310 | 348 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/25 | 550 | 614 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/29 | 750 | 817 |
| 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 | 2,587 |
| Livermore CA Redevelopment Agency | ||||
| Multi-Family Housing Revenue (Livermore | ||||
| Independent Senior Apartments) VRDO | 0.010% | 12/7/15 LOC | 4,940 | 4,940 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 8,665 | 8,666 |
| Long Beach CA Community College District GO | 0.000% | 6/1/29 (ETM) | 960 | 680 |
| Long Beach CA Community College District GO | 0.000% | 6/1/29 (4) | 5,420 | 3,540 |
| Long Beach CA Finance Authority Lease Revenue | 6.000% | 11/1/17 (2) | 1,210 | 1,254 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.250% | 11/15/19 | 415 | 468 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.250% | 11/15/20 | 3,255 | 3,732 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.250% | 11/15/21 | 500 | 581 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.250% | 11/15/22 | 260 | 304 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.000% | 11/15/24 | 7,905 | 9,159 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.652% | 11/15/25 | 16,845 | 16,146 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.672% | 11/15/26 | 10,025 | 9,553 |
| Long Beach CA Harbor Revenue | 5.000% | 5/15/33 | 1,000 | 1,184 |
| Long Beach CA Harbor Revenue | 5.000% | 5/15/34 | 2,000 | 2,356 |
| Long Beach CA Harbor Revenue | 5.000% | 5/15/35 | 2,825 | 3,313 |
70
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Long Beach CA Unified School District GO | 0.000% | 8/1/27 | 2,500 | 1,692 |
| Long Beach CA Unified School District GO | 5.000% | 8/1/30 | 5,000 | 5,827 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/16 (Prere.) | 15,250 | 15,728 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/17 (Prere.) | 5,000 | 5,360 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/17 (Prere.) | 2,065 | 2,214 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 6,500 | 7,197 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 5,000 | 5,536 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 35 | 39 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 4,250 | 4,706 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 20 | 22 |
| 2 Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 4,255 | 4,711 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 45 | 50 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 5 | 6 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/19 (Prere.) | 6,960 | 7,945 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/19 (Prere.) | 5,000 | 5,797 |
| Los Angeles CA Community College District GO | 6.000% | 8/1/19 (Prere.) | 10,000 | 11,774 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/22 | 3,000 | 3,656 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/24 | 4,735 | 5,911 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/24 | 12,420 | 15,505 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/25 | 10,910 | 13,754 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 12,535 | 15,204 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/28 | 23,990 | 28,868 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/30 | 4,045 | 4,413 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/31 | 4,320 | 4,678 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/31 | 6,145 | 6,559 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/32 | 5,205 | 5,616 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/32 | 14,500 | 15,645 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/33 | 19,215 | 20,641 |
| 4 Los Angeles CA Community College District GO | ||||
| TOB VRDO | 0.010% | 12/7/15 | 2,800 | 2,800 |
| Los Angeles CA Community Facilities District | ||||
| No.4 Special Tax Revenue (Playa Vista - Phase 1) | 5.000% | 9/1/23 | 800 | 949 |
| Los Angeles CA Community Facilities District | ||||
| No.4 Special Tax Revenue (Playa Vista - Phase 1) | 5.000% | 9/1/24 | 1,000 | 1,195 |
| Los Angeles CA Community Facilities District | ||||
| No.4 Special Tax Revenue (Playa Vista - Phase 1) | 5.000% | 9/1/25 | 1,500 | 1,767 |
| Los Angeles CA Community Facilities District | ||||
| No.4 Special Tax Revenue (Playa Vista - Phase 1) | 5.000% | 9/1/26 | 1,200 | 1,396 |
| Los Angeles CA Community Facilities District | ||||
| No.4 Special Tax Revenue (Playa Vista - Phase 1) | 5.000% | 9/1/27 | 2,000 | 2,310 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/18 (Prere.) | 4,000 | 4,399 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/18 (Prere.) | 3,000 | 3,318 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 4.500% | 5/15/19 | 1,305 | 1,463 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/21 | 1,145 | 1,356 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/22 | 1,000 | 1,212 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/23 | 1,420 | 1,705 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/23 | 950 | 1,155 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/24 | 1,700 | 2,012 |
71
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/25 | 1,500 | 1,771 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/25 | 1,300 | 1,601 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/26 | 5,500 | 6,368 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/26 | 1,500 | 1,848 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/27 | 2,000 | 2,439 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/28 | 2,000 | 2,413 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/28 | 10,000 | 11,635 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 4,385 | 5,010 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 1,115 | 1,293 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/29 | 10,000 | 11,614 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 1,835 | 2,097 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 1,200 | 1,383 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/31 | 1,190 | 1,364 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/32 | 1,700 | 1,938 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/33 | 1,510 | 1,714 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/34 | 4,135 | 4,678 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/34 | 4,750 | 5,587 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 2,000 | 2,313 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 12/1/18 | 30,630 | 34,218 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/22 | 10,000 | 11,943 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/22 | 1,000 | 1,219 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 | 1,335 | 1,493 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 | 5,605 | 6,790 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/24 | 2,770 | 3,074 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 10,000 | 11,973 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 2,350 | 2,593 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 1,500 | 1,790 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 2,000 | 2,195 |
72
| 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% | 7/1/27 | 5,000 | 5,474 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 1,655 | 1,843 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/28 | 2,000 | 2,222 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/28 | 8,000 | 9,581 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 1,670 | 1,848 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 1,500 | 1,766 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 | 10,000 | 11,700 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 | 2,000 | 2,359 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 15,000 | 17,633 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 7,000 | 8,146 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 (2) | 3,755 | 3,854 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 2,500 | 2,932 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 4,690 | 5,512 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 7,000 | 8,098 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 (2) | 1,940 | 2,061 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 14,205 | 16,645 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 6,730 | 7,805 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 7,500 | 8,770 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 3,300 | 3,856 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 6,080 | 7,120 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/33 | 5,000 | 5,754 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/34 | 7,500 | 8,756 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/34 | 12,005 | 13,919 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/34 | 2,000 | 2,319 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/34 | 5,305 | 6,173 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.010% | 12/1/15 | 4,100 | 4,100 |
| Los Angeles CA GO | 5.000% | 9/1/22 | 10,000 | 12,007 |
| Los Angeles CA GO | 5.000% | 9/1/29 | 5,850 | 6,880 |
| Los Angeles CA GO | 5.000% | 9/1/30 | 5,850 | 6,848 |
73
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/20 | 500 | 586 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/21 | 750 | 896 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/25 | 3,795 | 4,496 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/33 | 2,560 | 2,991 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/35 | 1,925 | 2,230 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/36 | 1,985 | 2,294 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Figueroa Plaza) | 5.000% | 8/1/28 (14)(3) | 8,635 | 8,668 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/21 (14) | 10,830 | 11,326 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/22 (14) | 6,500 | 6,792 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/23 (14) | 14,700 | 15,355 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 4.750% | 1/1/31 (14) | 10,000 | 10,335 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 5,000 | 5,137 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 5,000 | 5,137 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 4,000 | 4,110 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 14,135 | 14,524 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 15,940 | 16,378 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 16,760 | 17,221 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 2,355 | 2,420 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 1,630 | 1,675 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 890 | 915 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 5,000 | 5,341 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 6,000 | 6,409 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 12,975 | 13,860 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 17,210 | 18,384 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 3,185 | 3,402 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (4) | 3,515 | 3,758 |
| Los Angeles CA Unified School District GO | 5.500% | 7/1/17 (3) | 2,900 | 3,123 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 | 4,860 | 5,539 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 | 12,690 | 14,464 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 | 15,000 | 17,558 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 9,000 | 9,248 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/22 (4) | 5,000 | 5,294 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/23 (4) | 30,825 | 32,625 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/23 | 3,465 | 4,259 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/24 (4) | 6,600 | 6,974 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 | 13,035 | 16,205 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/25 (14) | 2,600 | 2,734 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/25 (2) | 7,880 | 8,084 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/25 | 1,300 | 1,609 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 1,600 | 1,828 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/26 (2) | 10,005 | 10,544 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 5,710 | 6,473 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 8,375 | 9,887 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 1,595 | 1,808 |
| Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 26,250 | 27,604 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/28 | 8,395 | 9,885 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 (2) | 6,215 | 6,372 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 (4) | 5,365 | 5,707 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 | 12,000 | 14,423 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 5,000 | 5,847 |
74
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 17,510 | 20,873 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 (2) | 5,595 | 5,732 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/31 (2) | 7,015 | 7,371 |
| Los Angeles CA Unified School District GO | 4.750% | 7/1/32 (4) | 40,925 | 43,154 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 3,515 | 3,725 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 1,385 | 1,556 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 1,580 | 1,775 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/20 | 1,800 | 2,102 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/21 | 2,000 | 2,386 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/22 | 2,750 | 3,342 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/23 | 1,250 | 1,537 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/26 | 13,045 | 15,455 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/29 | 10,000 | 11,725 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/31 | 5,420 | 6,386 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/32 | 10,880 | 12,795 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/33 | 16,925 | 19,841 |
| 3 Los Angeles County CA Metropolitan | ||||
| Transportation Authority Revenue | ||||
| (Union Station Gateway Project) | 5.000% | 7/1/25 | 1,000 | 1,259 |
| 3 Los Angeles County CA Metropolitan | ||||
| Transportation Authority Revenue | ||||
| (Union Station Gateway Project) | 5.000% | 7/1/26 | 2,000 | 2,488 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/16 | 3,250 | 3,342 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/20 | 4,000 | 4,577 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/21 | 3,000 | 3,591 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 5,075 | 6,174 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 10,000 | 11,940 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 10,000 | 11,825 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/24 | 1,255 | 1,511 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (ETM) | 8,940 | 8,941 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 4,860 | 4,861 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 5,000 | 5,001 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 6,460 | 6,461 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 6,790 | 6,791 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 2,175 | 2,175 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 3,095 | 3,095 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 9/1/16 (Prere.) | 1,940 | 2,008 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 9/1/16 (Prere.) | 17,000 | 17,596 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/21 | 1,000 | 1,185 |
75
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/22 | 1,000 | 1,203 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/23 | 1,500 | 1,785 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/24 | 1,515 | 1,788 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/25 | 1,325 | 1,549 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/30 | 2,500 | 2,890 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/31 | 3,000 | 3,460 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Revenue (Regional Park & Open | ||||
| Space District) | 5.250% | 10/1/17 (4) | 1,000 | 1,082 |
| Los Angeles County CA Redevelopment Authority | ||||
| TaxAllocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/21 | 1,670 | 1,970 |
| Los Angeles County CA Redevelopment Authority | ||||
| TaxAllocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/22 | 4,555 | 5,453 |
| Los Angeles County CA Redevelopment Authority | ||||
| TaxAllocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/23 | 2,105 | 2,543 |
| Los Angeles County CA Redevelopment Authority | ||||
| TaxAllocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/24 | 2,215 | 2,656 |
| Los Angeles County CA Regional Financing | ||||
| Authority Revenue (MonteCedro Inc. Project) | 2.500% | 11/15/20 | 1,670 | 1,673 |
| Los Angeles County CA Regional Financing | ||||
| Authority Revenue (MonteCedro Inc. Project) | 3.000% | 11/15/20 | 925 | 927 |
| Los Angeles County CA Regional Financing | ||||
| Authority Revenue (MonteCedro Inc. Project) | 3.000% | 11/15/21 | 2,125 | 2,129 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/19 | 730 | 837 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/20 | 1,000 | 1,172 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/29 | 1,370 | 1,638 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/30 | 3,060 | 3,629 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/31 | 4,300 | 5,076 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/32 | 6,000 | 7,049 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/33 | 8,350 | 9,755 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/34 | 4,000 | 4,655 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/35 | 3,790 | 4,389 |
| Los Angeles County CA Unified School District GO | 5.000% | 7/1/21 | 12,500 | 14,943 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 12,665 | 17,926 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 8,600 | 12,173 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 5,965 | 8,443 |
| Manteca CA Unified School District GO | 5.000% | 8/1/18 | 2,215 | 2,451 |
76
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Manteca CA Unified School District GO | 5.000% | 8/1/19 | 2,495 | 2,840 |
| Manteca CA Unified School District GO | 5.000% | 8/1/20 | 1,000 | 1,167 |
| Manteca CA Unified School District GO | 5.000% | 8/1/21 | 1,000 | 1,190 |
| Manteca CA Unified School District GO | 5.000% | 8/1/22 | 1,000 | 1,207 |
| Manteca CA Unified School District GO | 5.000% | 8/1/23 | 1,100 | 1,344 |
| Marin CA Community College District GO | 5.000% | 8/1/23 | 550 | 678 |
| Marin CA Community College District GO | 5.000% | 8/1/24 | 445 | 556 |
| Marin CA Community College District GO | 5.000% | 8/1/25 | 550 | 693 |
| Marin CA Healthcare District GO | 5.000% | 8/1/28 | 435 | 528 |
| Marin CA Healthcare District GO | 5.000% | 8/1/30 | 500 | 596 |
| Marin CA Healthcare District GO | 5.000% | 8/1/31 | 1,000 | 1,187 |
| Marin CA Healthcare District GO | 5.000% | 8/1/32 | 1,850 | 2,189 |
| Marin CA Healthcare District GO | 5.000% | 8/1/33 | 1,350 | 1,594 |
| Marin CA Healthcare District GO | 5.000% | 8/1/34 | 1,250 | 1,470 |
| Marin CA Healthcare District GO | 4.000% | 8/1/35 | 1,750 | 1,845 |
| Marina Coast Water District California | ||||
| Enterprise Revenue | 4.000% | 6/1/22 | 1,090 | 1,238 |
| Marina Coast Water District California | ||||
| Enterprise Revenue COP | 5.000% | 6/1/16 (Prere.) | 3,005 | 3,076 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/23 | 1,035 | 1,179 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/25 | 2,630 | 2,981 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/28 | 1,500 | 1,677 |
| Menlo Park CA Community Development Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/19 | 445 | 507 |
| Menlo Park CA Community Development Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/20 | 400 | 466 |
| Menlo Park CA Community Development Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/21 (4) | 530 | 631 |
| Menlo Park CA Community Development Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/22 (4) | 500 | 602 |
| Menlo Park CA Community Development Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/26 (4) | 1,000 | 1,215 |
| Menlo Park CA Community Development Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/27 (4) | 1,250 | 1,506 |
| Menlo Park CA Community Development Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/28 (4) | 1,070 | 1,277 |
| Menlo Park CA Community Development Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/29 (4) | 400 | 473 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/17 | 15,000 | 16,045 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/18 | 20,000 | 22,129 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/21 | 2,700 | 3,233 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/30 | 2,120 | 2,518 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/30 | 3,585 | 4,238 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 1/1/31 | 1,150 | 1,273 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/31 | 2,250 | 2,665 |
77
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/31 | 2,930 | 3,294 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/31 | 11,065 | 13,046 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/32 | 9,965 | 11,749 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/35 | 2,605 | 2,935 |
| 4 Metropolitan Water District of Southern | ||||
| California Revenue TOB VRDO | 0.020% | 12/7/15 | 7,000 | 7,000 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/26 | 2,100 | 2,559 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/28 | 4,405 | 5,285 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/29 | 3,015 | 3,592 |
| Modesto CA Community Facilities District No. | ||||
| 2004-1 Special Tax Revenue (Village One No. 2) | 5.000% | 9/1/29 | 1,625 | 1,813 |
| Modesto CA Community Facilities District No. | ||||
| 2004-1 Special Tax Revenue (Village One No. 2) | 5.000% | 9/1/30 | 1,760 | 1,948 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/16 (Prere.) | 930 | 966 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/16 (Prere.) | 1,155 | 1,200 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/16 (Prere.) | 1,215 | 1,262 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/21 (2) | 1,100 | 1,138 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/22 (2) | 1,360 | 1,407 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/23 (2) | 1,430 | 1,479 |
| Modesto CA Irrigation District COP | 5.000% | 7/1/27 | 3,855 | 4,176 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/21 | 1,000 | 1,190 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/22 | 1,000 | 1,208 |
| Modesto CA Irrigation District Financing Authority | ||||
| Electric Revenue | 5.000% | 10/1/29 | 3,170 | 3,748 |
| Modesto CA Irrigation District Financing Authority | ||||
| Electric Revenue | 5.000% | 10/1/31 | 1,475 | 1,725 |
| Modesto CA Irrigation District Financing Authority | ||||
| Electric Revenue | 5.000% | 10/1/31 | 1,840 | 2,151 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 3/1/23 | 1,330 | 1,589 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/23 | 2,550 | 3,064 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/28 | 5,075 | 5,897 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/29 | 5,430 | 6,273 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 2,990 | 3,421 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/32 | 4,315 | 4,924 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/33 | 2,000 | 2,276 |
| Mount Diablo CA Unified School District GO | 4.000% | 8/1/16 | 1,065 | 1,091 |
| Mount Diablo CA Unified School District GO | 5.000% | 8/1/17 | 2,000 | 2,140 |
| Mount Diablo CA Unified School District GO | 5.000% | 8/1/18 | 1,500 | 1,657 |
| Mount Diablo CA Unified School District GO | 5.000% | 8/1/19 | 650 | 740 |
| Mount Diablo CA Unified School District GO | 5.000% | 8/1/20 | 700 | 817 |
| Mount Diablo CA Unified School District GO | 5.000% | 8/1/21 | 765 | 910 |
78
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Mount San Antonio CA Community College | ||||
| District GO | 0.000% | 8/1/25 | 2,000 | 1,537 |
| Mount San Antonio CA Community College | ||||
| District GO | 0.000% | 8/1/28 | 3,000 | 2,639 |
| Murrieta Valley CA Unified School District GO | 1.500% | 9/1/16 (4) | 435 | 439 |
| Murrieta Valley CA Unified School District GO | 2.000% | 9/1/17 (4) | 500 | 510 |
| Murrieta Valley CA Unified School District GO | 3.000% | 9/1/18 (4) | 500 | 527 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/19 (4) | 575 | 656 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/20 (4) | 775 | 904 |
| Murrieta Valley CA Unified School District GO | 4.000% | 9/1/21 (4) | 250 | 282 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/21 (4) | 1,605 | 1,903 |
| Murrieta Valley CA Unified School District GO | 4.000% | 9/1/22 (4) | 320 | 364 |
| Murrieta Valley CA Unified School District GO | 4.000% | 9/1/23 (4) | 850 | 970 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/23 (4) | 1,450 | 1,758 |
| Murrieta Valley CA Unified School District GO | 4.000% | 9/1/24 (4) | 350 | 400 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/25 (4) | 700 | 846 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/25 (4) | 1,400 | 1,690 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/26 (4) | 520 | 621 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/26 (4) | 1,625 | 1,943 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/27 (4) | 465 | 549 |
| Murrieta Valley CA Unified School District GO | 5.000% | 9/1/28 (4) | 300 | 350 |
| Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) | 5.875% | 12/1/21 (Prere.) | 5,150 | 6,447 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/29 | 4,625 | 2,973 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 3,000 | 1,829 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/31 | 1,500 | 872 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/32 | 14,000 | 7,736 |
| Northern California Gas Authority No. 1 Revenue | 0.818% | 7/1/17 | 12,660 | 12,648 |
| Northern California Power Agency Capital | ||||
| Facilities Revenue | 5.000% | 8/1/20 | 1,000 | 1,135 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/16 | 1,745 | 1,794 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/17 | 3,290 | 3,518 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/20 | 3,500 | 3,961 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/21 | 2,500 | 2,810 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/22 | 3,395 | 3,793 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/28 | 5,000 | 5,764 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/29 | 3,000 | 3,441 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/30 | 1,605 | 1,834 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/31 | 1,600 | 1,822 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 4.000% | 9/1/16 | 1,450 | 1,473 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 4.000% | 9/1/17 | 1,650 | 1,698 |
79
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 4.000% | 9/1/18 | 1,860 | 1,937 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/19 | 2,085 | 2,247 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/20 | 2,340 | 2,540 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/21 | 1,220 | 1,329 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/22 | 1,360 | 1,477 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/23 | 1,500 | 1,632 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/24 | 1,660 | 1,792 |
| Oakland CA GO | 5.000% | 1/15/23 | 5,600 | 6,741 |
| Oakland CA GO | 5.000% | 1/15/31 | 3,000 | 3,427 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/23 (12) | 5,000 | 5,458 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/24 (12) | 3,810 | 4,150 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/25 (12) | 5,405 | 5,866 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/26 (12) | 4,190 | 4,534 |
| Oakland CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Central District Project) | 5.000% | 9/1/21 | 3,000 | 3,512 |
| Oakland CA Unified School District GO | 5.000% | 8/1/17 | 2,760 | 2,929 |
| Oakland CA Unified School District GO | 5.000% | 8/1/18 | 6,145 | 6,693 |
| Oakland CA Unified School District GO | 5.000% | 8/1/19 (4) | 13,425 | 14,289 |
| Oakland CA Unified School District GO | 5.000% | 8/1/19 | 6,565 | 7,301 |
| Oakland CA Unified School District GO | 5.000% | 8/1/20 | 2,500 | 2,831 |
| Oakland CA Unified School District GO | 5.000% | 8/1/20 | 5,000 | 5,662 |
| Oakland CA Unified School District GO | 5.000% | 8/1/21 | 1,600 | 1,834 |
| Oakland CA Unified School District GO | 5.000% | 8/1/21 (4) | 3,000 | 3,481 |
| Oakland CA Unified School District GO | 5.000% | 8/1/22 | 1,300 | 1,508 |
| Oakland CA Unified School District GO | 5.000% | 8/1/22 (4) | 2,325 | 2,721 |
| Oakland CA Unified School District GO | 5.000% | 8/1/23 (14) | 3,700 | 3,929 |
| Oakland CA Unified School District GO | 5.500% | 8/1/23 | 1,000 | 1,195 |
| Oakland CA Unified School District GO | 5.000% | 8/1/24 | 1,275 | 1,499 |
| Oakland CA Unified School District GO | 5.000% | 8/1/25 (4) | 2,100 | 2,516 |
| Oakland CA Unified School District GO | 5.000% | 8/1/26 | 1,035 | 1,210 |
| Oakland CA Unified School District GO | 5.000% | 8/1/26 (4) | 1,270 | 1,506 |
| Oakland CA Unified School District GO | 5.000% | 8/1/27 | 1,295 | 1,503 |
| Oakland CA Unified School District GO | 5.000% | 8/1/27 (4) | 1,160 | 1,366 |
| Oakland CA Unified School District GO | 5.000% | 8/1/28 | 1,000 | 1,156 |
| Oakland CA Unified School District GO | 5.000% | 8/1/28 (4) | 1,230 | 1,437 |
| Oakland CA Unified School District GO | 6.250% | 8/1/28 | 2,000 | 2,417 |
| Oakland CA Unified School District GO | 5.000% | 8/1/29 | 1,000 | 1,148 |
80
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Oakland CA Unified School District GO | 5.000% | 8/1/31 | 2,350 | 2,680 |
| Oakland CA Unified School District GO | 5.000% | 8/1/32 | 1,515 | 1,720 |
| Oakland CA Unified School District GO | 5.000% | 8/1/33 | 1,245 | 1,410 |
| Oakland CA Unified School District GO | 5.000% | 8/1/34 | 2,500 | 2,812 |
| Ohlone CA Community College District GO | 5.000% | 8/1/22 | 750 | 909 |
| Ohlone CA Community College District GO | 5.000% | 8/1/31 | 1,770 | 2,068 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/27 | 1,285 | 1,541 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/28 | 1,765 | 2,102 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/29 | 2,280 | 2,693 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/30 | 1,400 | 1,647 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/31 | 2,525 | 2,958 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/32 | 2,660 | 3,109 |
| Ontario CA Public Financing Authority | ||||
| Water Revenue | 5.250% | 7/1/33 | 2,165 | 2,524 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/21 | 1,200 | 1,397 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/22 | 1,230 | 1,442 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/22 | 1,260 | 1,487 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/23 | 1,290 | 1,520 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/23 | 1,320 | 1,562 |
| Orange County CA Sanitation District | ||||
| Wastewater Revenue | 5.000% | 2/1/30 | 9,925 | 11,891 |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/22 | 1,000 | 1,213 |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/27 | 2,500 | 2,934 |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/28 | 2,545 | 2,961 |
| Orange County CA Water District COP | 5.000% | 8/15/29 | 6,925 | 7,834 |
| Orange County CA Water District Revenue | 5.000% | 8/15/33 | 8,000 | 9,303 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/28 | 1,000 | 1,144 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/29 | 1,500 | 1,708 |
| 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 | 1,694 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.000% | 9/2/19 | 1,000 | 1,080 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.000% | 9/2/20 | 250 | 273 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.000% | 9/2/21 | 400 | 439 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 5.000% | 9/2/27 | 1,000 | 1,108 |
| Palo Alto CA Unified School District GO | 0.000% | 8/1/24 | 15,890 | 12,903 |
| Palomar CA Community College District GO | 4.000% | 8/1/33 | 2,140 | 2,270 |
| Palomar CA Community College District GO | 4.000% | 8/1/34 | 2,390 | 2,521 |
| Palomar Pomerado Health California COP | 6.625% | 11/1/29 | 5,000 | 5,508 |
81
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Palomar Pomerado Health California GO | 5.000% | 8/1/20 (2) | 710 | 713 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 7,055 | 5,920 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/24 (12) | 5,130 | 3,934 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/27 (12) | 3,095 | 2,026 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/27 (14) | 1,585 | 1,054 |
| Palomar Pomerado Health California GO | 5.000% | 8/1/32 (14) | 11,290 | 11,890 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 2.000% | 8/1/16 | 830 | 838 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 4.000% | 8/1/17 | 880 | 923 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 5.000% | 8/1/18 | 925 | 1,014 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 5.000% | 8/1/19 | 1,415 | 1,592 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 5.000% | 8/1/20 (4) | 1,505 | 1,734 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 5.000% | 8/1/21 (4) | 1,455 | 1,705 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 5.000% | 8/1/22 (4) | 2,965 | 3,517 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 5.000% | 8/1/23 (4) | 2,485 | 2,979 |
| Paramount CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 0.000% | 8/1/26 (14) | 6,050 | 4,047 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/30 | 3,695 | 4,285 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/31 | 1,500 | 1,734 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/32 | 2,000 | 2,308 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 4.000% | 8/1/16 | 1,330 | 1,361 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 0.000% | 8/1/20 (2) | 2,460 | 2,139 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 0.000% | 8/1/25 (2) | 2,930 | 1,988 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 5.000% | 8/1/25 (4) | 855 | 1,024 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 5.000% | 8/1/26 (4) | 900 | 1,066 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 5.000% | 8/1/27 (4) | 1,220 | 1,432 |
82
| California Intermediate-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) | 5.000% | 8/1/28 (4) | 1,285 | 1,494 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 0.000% | 8/1/29 (2) | 355 | 197 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos | ||||
| Community Development Project) | 5.000% | 8/1/29 (4) | 1,350 | 1,560 |
| Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/19 | 350 | 399 |
| Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/20 | 500 | 584 |
| Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/21 | 750 | 892 |
| Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/22 | 1,315 | 1,590 |
| Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/23 | 2,540 | 3,109 |
| Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/24 | 1,000 | 1,237 |
| Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/25 | 1,775 | 2,215 |
| Pomona CA Single Family Mortgage Revenue | 7.600% | 5/1/23 (ETM) | 7,635 | 9,458 |
| Pomona CA Unified School District GO | 5.000% | 8/1/22 (15) | 440 | 530 |
| Pomona CA Unified School District GO | 5.000% | 8/1/26 (15) | 450 | 539 |
| Port of Oakland CA Revenue | 5.000% | 11/1/20 (14) | 4,825 | 5,208 |
| Port of Oakland CA Revenue | 5.000% | 11/1/26 (14) | 9,800 | 10,487 |
| Poway CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/22 | 2,215 | 2,654 |
| Poway CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 12/15/22 | 3,535 | 4,266 |
| Poway CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/23 | 3,325 | 4,027 |
| Poway CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 12/15/26 | 1,370 | 1,674 |
| Poway CA Unified School District GO | 4.000% | 9/1/16 | 250 | 256 |
| Poway CA Unified School District GO | 0.000% | 8/1/17 | 2,000 | 1,969 |
| Poway CA Unified School District GO | 4.000% | 9/1/17 | 250 | 262 |
| Poway CA Unified School District GO | 0.000% | 8/1/18 | 4,565 | 4,394 |
| Poway CA Unified School District GO | 4.000% | 9/1/18 | 450 | 480 |
| Poway CA Unified School District GO | 0.000% | 8/1/19 | 5,425 | 5,125 |
| Poway CA Unified School District GO | 5.000% | 9/1/19 | 985 | 1,105 |
| Poway CA Unified School District GO | 0.000% | 8/1/20 | 3,280 | 3,022 |
| Poway CA Unified School District GO | 5.000% | 9/1/20 | 610 | 697 |
| Poway CA Unified School District GO | 5.000% | 9/1/21 | 325 | 377 |
| Poway CA Unified School District GO | 5.000% | 9/1/22 | 460 | 540 |
| 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 | 5,929 |
| Poway CA Unified School District GO | 5.000% | 9/1/26 | 1,000 | 1,135 |
| Poway CA Unified School District GO | 5.000% | 8/1/27 | 1,625 | 1,954 |
| Poway CA Unified School District GO | 0.000% | 8/1/28 | 9,070 | 5,875 |
| Poway CA Unified School District GO | 5.000% | 9/1/29 | 1,210 | 1,349 |
| Poway CA Unified School District GO | 5.000% | 9/1/30 | 2,570 | 2,852 |
| Poway CA Unified School District GO | 0.000% | 8/1/31 | 1,095 | 616 |
83
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/22 (15) | 715 | 840 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/15/22 | 435 | 483 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/23 (15) | 1,180 | 1,397 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/24 (15) | 1,000 | 1,186 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/25 (15) | 775 | 927 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/26 (15) | 1,000 | 1,179 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/26 | 935 | 1,060 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/27 | 1,010 | 1,140 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/29 | 1,020 | 1,127 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/30 | 1,000 | 1,120 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/30 | 1,270 | 1,399 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/31 | 1,330 | 1,454 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/32 | 995 | 1,107 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/32 | 1,450 | 1,579 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/33 | 1,560 | 1,696 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/34 | 1,660 | 1,800 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/35 | 1,760 | 1,898 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 4.000% | 9/1/16 | 1,210 | 1,244 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/27 (4) | 1,700 | 2,012 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/28 (4) | 2,700 | 3,173 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/30 (4) | 1,500 | 1,739 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/31 (4) | 1,400 | 1,615 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/32 (4) | 1,710 | 1,967 |
| Rancho Mirage CA Joint Powers Financing | ||||
| Authority Revenue (Eisenhower Medical Center) | 5.000% | 7/1/27 | 12,000 | 12,456 |
84
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 3 Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 4.000% | 6/1/23 | 325 | 366 |
| 3 Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/24 | 300 | 360 |
| 3 Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/25 | 375 | 453 |
| 3 Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/26 | 675 | 808 |
| 3 Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/27 | 1,000 | 1,186 |
| 3 Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/28 | 1,000 | 1,177 |
| 3 Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/30 | 775 | 902 |
| 3 Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/32 | 475 | 549 |
| Redwood City CA Redevelopment Agency | ||||
| Redevelopment Project Area No. 2 Tax | ||||
| Allocation Revenue | 0.000% | 7/15/25 (2) | 3,350 | 2,392 |
| Rio CA Elementary School District Community | ||||
| Facilities District Special Tax Revenue | 5.000% | 9/1/27 | 1,000 | 1,128 |
| Rio CA Elementary School District Community | ||||
| Facilities District Special Tax Revenue | 5.000% | 9/1/28 | 1,000 | 1,124 |
| Rio CA Elementary School District Community | ||||
| Facilities District Special Tax Revenue | 5.000% | 9/1/30 | 1,000 | 1,109 |
| Rio CA Elementary School District Community | ||||
| Facilities District Special Tax Revenue | 5.000% | 9/1/35 | 2,300 | 2,498 |
| Rio Hondo CA Community College District GO | 0.000% | 8/1/31 | 2,000 | 1,126 |
| Riverside CA Community College District GO | 0.000% | 8/1/27 | 2,755 | 1,820 |
| Riverside CA Community College District GO | 0.000% | 8/1/28 | 1,650 | 1,027 |
| Riverside CA Community College District GO | 5.000% | 8/1/28 | 3,060 | 3,682 |
| Riverside CA Electric Revenue | 5.000% | 10/1/24 (4) | 1,000 | 1,104 |
| Riverside CA Electric Revenue | 5.000% | 10/1/25 (4) | 2,000 | 2,205 |
| Riverside CA Electric Revenue | 5.000% | 10/1/26 (4) | 2,500 | 2,752 |
| Riverside CA Electric Revenue | 5.000% | 10/1/27 (4) | 3,570 | 3,930 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/29 | 1,265 | 1,467 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/31 | 1,045 | 1,196 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 10/1/31 (4) | 2,930 | 3,367 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 10/1/32 (4) | 3,075 | 3,511 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/33 | 1,055 | 1,202 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 10/1/33 (4) | 1,230 | 1,401 |
| Riverside CA Sewer Revenue | 5.000% | 8/1/20 | 1,635 | 1,900 |
| Riverside CA Sewer Revenue | 5.000% | 8/1/21 | 2,000 | 2,366 |
| Riverside CA Sewer Revenue | 5.000% | 8/1/22 | 2,160 | 2,592 |
| Riverside CA Sewer Revenue | 5.000% | 8/1/23 | 3,750 | 4,534 |
| Riverside CA Sewer Revenue | 5.000% | 8/1/24 | 2,000 | 2,425 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/19 | 1,220 | 1,368 |
85
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/20 | 1,280 | 1,463 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/23 | 1,410 | 1,642 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/25 | 1,555 | 1,777 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/26 | 1,615 | 1,833 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/27 | 1,710 | 1,930 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 5.000% | 6/1/19 | 3,660 | 4,113 |
| Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/22 | 1,800 | 2,133 |
| Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/23 | 2,000 | 2,393 |
| Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/24 | 1,600 | 1,914 |
| Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/30 | 9,885 | 11,405 |
| Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/32 | 10,620 | 12,224 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 3.000% | 9/1/17 | 1,635 | 1,695 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 4.000% | 9/1/18 | 2,460 | 2,651 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 4.000% | 9/1/19 | 2,560 | 2,801 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 9/1/20 | 2,665 | 3,071 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 9/1/21 (4) | 2,550 | 2,997 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 9/1/22 (4) | 1,830 | 2,178 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 9/1/23 (4) | 2,445 | 2,929 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 3.000% | 10/1/16 (4) | 300 | 306 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 4.000% | 10/1/17 (4) | 375 | 395 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 4.000% | 10/1/18 (4) | 500 | 537 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/19 (4) | 1,000 | 1,128 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/21 (4) | 1,150 | 1,343 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/22 (4) | 1,320 | 1,559 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/23 (4) | 1,905 | 2,267 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/24 (4) | 2,005 | 2,397 |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/25 (4) | 1,440 | 1,734 |
86
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Riverside County CA Redevelopment Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/27 (4) | 1,160 | 1,368 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/30 | 3,000 | 3,595 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/31 | 4,000 | 4,763 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/32 | 3,000 | 3,559 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/33 | 2,000 | 2,365 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.010% | 12/7/15 | 2,435 | 2,435 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/22 | 2,500 | 1,997 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/23 | 3,630 | 2,751 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/24 | 6,985 | 5,054 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/31 | 5,000 | 2,459 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/32 | 4,000 | 1,846 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/33 | 5,500 | 2,394 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/34 | 3,500 | 1,441 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/23 (14) | 7,030 | 5,849 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/24 (14) | 2,965 | 2,391 |
| Roseville CA Financing Authority Electric | ||||
| System Revenue | 5.000% | 2/1/30 | 6,120 | 6,845 |
| Roseville CA Financing Authority Electric | ||||
| System Revenue | 5.000% | 2/1/30 | 750 | 867 |
| Roseville CA Financing Authority Electric | ||||
| System Revenue | 5.000% | 2/1/31 | 515 | 593 |
| Roseville CA Financing Authority Electric | ||||
| System Revenue | 5.000% | 2/1/32 | 1,290 | 1,480 |
| Roseville CA Financing Authority Electric | ||||
| System Revenue | 5.000% | 2/1/33 | 1,000 | 1,145 |
| Roseville CA Financing Authority Electric | ||||
| System Revenue | 5.000% | 2/1/34 | 2,000 | 2,284 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/18 | 4,205 | 4,514 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/19 | 10,000 | 10,957 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/20 | 2,160 | 2,409 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/24 | 600 | 688 |
| Roseville CA Natural Gas Financing Authority | ||||
| Gas Revenue | 5.000% | 2/15/27 | 200 | 232 |
| Roseville CA Special Tax Revenue | 5.000% | 9/1/20 | 1,055 | 1,186 |
| Roseville CA Special Tax Revenue | 5.000% | 9/1/21 | 500 | 571 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/22 (15) | 445 | 535 |
87
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/24 (15) | 300 | 367 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/26 (15) | 280 | 334 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/27 (15) | 425 | 502 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/28 (15) | 250 | 293 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/29 (15) | 500 | 582 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/31 (15) | 1,160 | 1,333 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/33 (15) | 1,280 | 1,465 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/34 (15) | 1,340 | 1,531 |
| Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/19 | 3,990 | 4,560 |
| Sacramento CA City Financing Authority Revenue | 4.000% | 12/1/20 | 3,700 | 4,125 |
| Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/20 | 2,000 | 2,325 |
| Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/32 (15) | 1,200 | 1,390 |
| Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/33 (15) | 1,725 | 1,994 |
| Sacramento CA City Unified School District GO | 5.000% | 7/1/20 (4) | 500 | 582 |
| Sacramento CA City Unified School District GO | 5.000% | 7/1/21 (4) | 400 | 475 |
| Sacramento CA City Unified School District GO | 5.000% | 7/1/22 (4) | 700 | 845 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/17 | 1,250 | 1,335 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/18 | 725 | 800 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/19 | 1,155 | 1,312 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/20 | 1,250 | 1,466 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/21 | 1,000 | 1,196 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 4.000% | 12/1/18 | 3,660 | 3,965 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 5.000% | 12/1/18 | 2,000 | 2,226 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 5.000% | 12/1/19 (14) | 12,860 | 12,862 |
| Sacramento CA Financing Authority Lease | ||||
| Revenue | 5.000% | 12/1/20 (14) | 13,670 | 13,672 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue | 5.000% | 7/1/20 | 1,405 | 1,645 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue (Cosumnes Project) | 4.750% | 7/1/16 (Prere.) | 1,500 | 1,539 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue (Cosumnes Project) | 5.000% | 7/1/16 (Prere.) | 7,710 | 7,922 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 7/1/16 (Prere.) | 4,000 | 4,110 |
| Sacramento CA Municipal Utility District Revenue | 5.250% | 7/1/24 (2) | 10,085 | 12,334 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/24 (4) | 7,550 | 8,343 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 (4) | 15,275 | 16,866 |
88
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 | 5,455 | 6,584 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/26 (4) | 5,000 | 5,512 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/27 | 4,905 | 5,943 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/28 | 2,000 | 2,406 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/30 | 6,435 | 7,623 |
| Sacramento CA Municipal Utility District Revenue | ||||
| VRDO | 0.010% | 12/7/15 LOC | 1,400 | 1,400 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/22 | 1,085 | 1,229 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/28 | 2,500 | 2,804 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/29 | 2,635 | 2,977 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/30 | 2,975 | 3,361 |
| Sacramento CA Regional Transit District | ||||
| Farebox Revenue | 5.000% | 3/1/31 | 3,125 | 3,529 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 10/1/21 | 2,300 | 2,745 |
| Sacramento CA Unified School District GO | 2.000% | 8/1/18 (4) | 1,545 | 1,585 |
| Sacramento CA Unified School District GO | 3.000% | 8/1/19 (4) | 1,215 | 1,293 |
| Sacramento CA Unified School District GO | 3.000% | 8/1/20 (4) | 1,000 | 1,072 |
| Sacramento CA Unified School District GO | 4.000% | 8/1/21 (4) | 1,000 | 1,129 |
| Sacramento CA Unified School District GO | 4.000% | 8/1/22 (4) | 750 | 854 |
| Sacramento CA Unified School District GO | 5.000% | 8/1/23 (4) | 1,105 | 1,339 |
| Sacramento CA Water Revenue | 5.000% | 9/1/27 | 3,210 | 3,782 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/23 (4) | 2,000 | 2,190 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 2,500 | 2,734 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 1,785 | 1,949 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/28 | 1,250 | 1,416 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/30 | 5,240 | 5,977 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 1,850 | 1,894 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 5,495 | 5,625 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 7,030 | 7,197 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/18 | 2,350 | 2,590 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/20 (4) | 765 | 891 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/21 (4) | 1,230 | 1,456 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/22 (4) | 1,500 | 1,803 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/23 (4) | 1,100 | 1,334 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/24 (4) | 1,400 | 1,688 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/16 (Prere.) | 12,000 | 12,376 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/24 | 4,375 | 5,335 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/25 | 4,550 | 5,499 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/26 | 4,150 | 4,968 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/29 | 1,000 | 583 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/29 | 5,000 | 6,015 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/30 | 1,100 | 598 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/31 | 1,000 | 516 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/31 | 8,370 | 9,936 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/32 | 1,100 | 539 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/33 | 1,165 | 542 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/17 (14) | 1,530 | 1,597 |
89
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 1,670 | 1,761 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/22 (14) | 8,940 | 10,238 |
| San Bernardino County CA Transportation | ||||
| Authority Revenue | 5.000% | 3/1/31 | 3,355 | 3,879 |
| San Diego CA Community College District GO | 5.000% | 8/1/28 | 4,000 | 4,736 |
| San Diego CA Community College District GO | 5.000% | 8/1/29 | 5,000 | 5,894 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 8,670 | 10,160 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 9,830 | 11,519 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 1,250 | 1,467 |
| San Diego CA Community College District GO | 5.000% | 8/1/31 | 3,380 | 3,949 |
| San Diego CA Community College District GO | 5.000% | 8/1/31 | 1,000 | 1,167 |
| San Diego CA Community College District GO | 5.000% | 8/1/32 | 2,000 | 2,327 |
| San Diego CA Community College District GO | 5.000% | 8/1/32 | 2,150 | 2,505 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 4.000% | 9/1/17 | 500 | 525 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 4.000% | 9/1/18 | 3,260 | 3,487 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 5.000% | 9/1/20 | 3,470 | 3,967 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/16 | 1,660 | 1,723 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/19 | 1,930 | 2,183 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/20 | 2,025 | 2,336 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/27 | 2,375 | 2,847 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/28 | 2,025 | 2,408 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/30 | 2,015 | 2,368 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/19 (Prere.) | 6,000 | 6,805 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/19 (Prere.) | 3,000 | 3,402 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/19 (Prere.) | 2,000 | 2,285 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/23 | 10,000 | 12,306 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/27 | 5,000 | 5,843 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/28 | 1,825 | 2,049 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/27 | 4,215 | 4,767 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.125% | 8/1/28 | 5,000 | 5,669 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.250% | 8/1/28 | 5,355 | 6,196 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/30 | 2,000 | 2,331 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/32 | 4,190 | 4,858 |
| San Diego CA Unified School District GO | 0.000% | 7/1/18 (14) | 9,500 | 9,185 |
| San Diego CA Unified School District GO | 5.500% | 7/1/20 (4) | 9,490 | 11,315 |
90
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego CA Unified School District GO | 5.000% | 7/1/21 | 15,000 | 17,896 |
| San Diego CA Unified School District GO | 5.000% | 7/1/22 | 1,500 | 1,820 |
| San Diego CA Unified School District GO | 5.500% | 7/1/22 (4) | 12,790 | 15,955 |
| San Diego CA Unified School District GO | 5.500% | 7/1/25 (14) | 1,000 | 1,303 |
| San Diego CA Unified School District GO | 0.000% | 7/1/26 | 8,425 | 6,144 |
| San Diego CA Unified School District GO | 5.000% | 7/1/26 | 20,000 | 24,729 |
| San Diego CA Unified School District GO | 5.500% | 7/1/26 (4) | 20,885 | 27,110 |
| San Diego CA Unified School District GO | 5.500% | 7/1/26 (4) | 7,490 | 9,722 |
| San Diego CA Unified School District GO | 0.000% | 7/1/27 | 8,500 | 5,911 |
| San Diego CA Unified School District GO | 0.000% | 7/1/28 | 8,000 | 5,335 |
| 3 San Diego CA Unified School District GO | 5.000% | 7/1/28 | 700 | 851 |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 3,250 | 2,058 |
| 3 San Diego CA Unified School District GO | 5.000% | 7/1/29 | 750 | 903 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 9,985 | 5,951 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 2,500 | 1,490 |
| 3 San Diego CA Unified School District GO | 5.000% | 7/1/31 | 1,200 | 1,426 |
| 3 San Diego CA Unified School District GO | 4.000% | 7/1/32 | 1,000 | 1,073 |
| 3 San Diego CA Unified School District GO | 4.000% | 7/1/33 | 2,000 | 2,135 |
| 3 San Diego CA Unified School District GO | 4.000% | 7/1/34 | 3,000 | 3,185 |
| 3 San Diego CA Unified School District GO | 4.000% | 7/1/35 | 3,500 | 3,701 |
| San Diego County CA COP | 5.000% | 10/15/24 | 2,115 | 2,628 |
| San Diego County CA COP | 5.000% | 10/15/25 | 5,225 | 6,423 |
| San Diego County CA COP | 5.000% | 10/15/26 | 2,590 | 3,146 |
| San Diego County CA COP | 5.000% | 10/15/27 | 2,000 | 2,410 |
| San Diego County CA COP | 5.000% | 10/15/28 | 1,400 | 1,673 |
| San Diego County CA COP | 5.000% | 10/15/29 | 2,000 | 2,375 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 3.000% | 11/1/16 | 2,195 | 2,247 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 4.000% | 11/1/17 | 510 | 539 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 5.000% | 11/1/18 | 460 | 510 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 5.000% | 11/1/19 | 480 | 544 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 5.000% | 11/1/22 | 425 | 504 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 4.000% | 11/1/23 | 950 | 1,060 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 5.000% | 11/1/24 | 750 | 894 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 5.000% | 11/1/26 | 1,145 | 1,357 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 5.000% | 11/1/28 | 1,450 | 1,692 |
| San Diego County CA Limited Obligation | ||||
| Revenue (Sanford Burnham Prebys Medical | ||||
| Discovery Institute) | 5.000% | 11/1/30 | 1,205 | 1,389 |
91
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/23 | 3,900 | 4,508 |
| 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 | 6,864 |
| San Diego County CA Regional Airport | ||||
| Authority Revenue | 5.000% | 7/1/28 | 3,000 | 3,423 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center | ||||
| & Annex Redevelopment Project) | 5.000% | 2/1/23 | 4,285 | 4,732 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center | ||||
| & Annex Redevelopment Project) | 5.000% | 2/1/25 | 4,820 | 5,313 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center | ||||
| & Annex Redevelopment Project) | 5.250% | 2/1/26 | 1,140 | 1,263 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center | ||||
| & Annex Redevelopment Project) | 5.000% | 2/1/27 | 2,420 | 2,692 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center | ||||
| & Annex Redevelopment Project) | 5.500% | 2/1/28 | 5,780 | 6,528 |
| 4 San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center | ||||
| & Annex Redevelopment Project) TOB VRDO | 0.020% | 12/7/15 | 7,500 | 7,500 |
| San Diego County CA Water Authority Financing | ||||
| Agency Water Revenue | 5.000% | 5/1/27 | 2,000 | 2,278 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/30 | 5,000 | 5,809 |
| San Diego County CA Water Authority Revenue | ||||
| COP | 5.250% | 5/1/21 (14) | 6,725 | 8,027 |
| San Diego County CA Water Authority Revenue | ||||
| COP | 5.250% | 5/1/22 (14) | 7,075 | 8,601 |
| 4 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.010% | 12/7/15 | 3,100 | 3,100 |
| 4 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.020% | 12/7/15 | 6,310 | 6,310 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| GO | 5.000% | 8/1/17 (Prere.) | 15,500 | 16,585 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| GO | 5.000% | 8/1/17 (Prere.) | 10,000 | 10,700 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| GO | 4.000% | 8/1/33 | 6,000 | 6,464 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| GO | 4.000% | 8/1/34 | 6,580 | 7,077 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 4.000% | 7/1/18 | 3,000 | 3,245 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/20 | 1,040 | 1,218 |
| 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% | 7/1/23 | 9,560 | 11,051 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/27 | 5,350 | 6,623 |
92
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/28 | 2,500 | 3,074 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/29 | 2,555 | 2,988 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/30 | 2,800 | 3,270 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/31 | 2,215 | 2,661 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/32 | 1,625 | 1,945 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/33 | 1,500 | 1,788 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/23 | 2,220 | 2,685 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/23 | 4,070 | 4,922 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/24 | 2,335 | 2,792 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/24 | 4,270 | 5,105 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/25 | 2,450 | 2,911 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/25 | 4,485 | 5,328 |
| San Francisco CA City & County COP | 4.000% | 9/1/30 | 5,215 | 5,551 |
| San Francisco CA City & County COP | 4.000% | 9/1/31 | 5,100 | 5,392 |
| San Francisco CA City & County COP | 4.000% | 9/1/32 | 5,680 | 5,982 |
| San Francisco CA City & County COP | 4.000% | 9/1/35 | 5,170 | 5,387 |
| San Francisco CA City & County GO | 5.000% | 6/15/21 | 7,450 | 8,883 |
| San Francisco CA City & County GO | 5.000% | 6/15/22 | 2,595 | 3,139 |
| San Francisco CA City & County GO | 5.000% | 6/15/23 | 4,000 | 4,811 |
| San Francisco CA City & County GO | 5.000% | 6/15/26 | 3,995 | 4,797 |
| San Francisco CA City & County GO | 5.000% | 6/15/27 | 5,785 | 6,902 |
| San Francisco CA City & County GO | 4.000% | 6/15/28 | 4,190 | 4,652 |
| San Francisco CA City & County GO | 4.000% | 6/15/29 | 4,545 | 5,004 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/18 | 2,000 | 2,201 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/18 (4) | 1,000 | 1,101 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.250% | 5/1/20 (14) | 5,000 | 5,857 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/21 | 5,000 | 5,802 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/22 | 5,000 | 5,790 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/24 (14) | 10,000 | 10,190 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/25 (14) | 2,000 | 2,038 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.250% | 5/1/26 | 22,000 | 24,161 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/27 (14) | 13,075 | 13,331 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/28 | 7,500 | 8,871 |
93
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/28 | 2,855 | 3,335 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 4.900% | 5/1/29 | 8,625 | 9,725 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/30 | 5,940 | 6,838 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/31 | 840 | 967 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Wastewater Revenue | 5.000% | 10/1/30 | 13,170 | 15,590 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 5/1/16 (Prere.) | 500 | 510 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 3.000% | 11/1/18 | 1,400 | 1,484 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/19 | 1,000 | 1,151 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/19 (Prere.) | 440 | 506 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/20 | 2,000 | 2,361 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/21 | 1,100 | 1,325 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/22 | 900 | 1,105 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/23 | 4,175 | 5,171 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/24 | 4,500 | 5,632 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/25 | 6,000 | 7,491 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/26 | 2,555 | 2,916 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/27 | 7,755 | 9,453 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/27 | 1,000 | 1,198 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/28 | 10,235 | 12,173 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/28 | 1,000 | 1,137 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/28 | 5,355 | 6,486 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 11,000 | 13,128 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 6,530 | 7,564 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 2,960 | 3,359 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 10,000 | 11,347 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 12,685 | 15,237 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/30 | 2,705 | 3,070 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/30 | 10,335 | 12,302 |
94
| California Intermediate-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% | 10/1/31 | 14,015 | 16,488 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 5,730 | 6,571 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,000 | 1,162 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/32 | 2,625 | 3,100 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/33 | 9,000 | 10,258 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 5,000 | 5,680 |
| 4 San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue TOB VRDO | 0.020% | 12/7/15 | 2,700 | 2,700 |
| San Francisco CA City & County Redevelopment | ||||
| Agency Community Facilities District No. 7 | ||||
| Special TaxRevenue (Hunters Point Shipyard | ||||
| Improvements) | 5.000% | 8/1/30 | 525 | 570 |
| San Francisco CA City & County Redevelopment | ||||
| Agency Community Facilities District No. 7 | ||||
| Special TaxRevenue (Hunters Point Shipyard | ||||
| Improvements) | 5.000% | 8/1/33 | 680 | 728 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/17 | 100 | 106 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/19 | 220 | 246 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/20 | 130 | 148 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/21 | 160 | 184 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/22 | 125 | 145 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/23 | 120 | 140 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/24 | 135 | 158 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/25 | 240 | 279 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/27 | 140 | 160 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/29 | 460 | 520 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/31 | 400 | 451 |
95
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/32 | 525 | 590 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/34 | 225 | 250 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Redevelopment Projects) | 5.000% | 8/1/21 | 2,000 | 2,366 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/24 | 1,080 | 1,344 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/27 | 6,445 | 7,800 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/28 | 10,170 | 12,207 |
| San Francisco CA City & County Unified School | ||||
| District GO | 4.000% | 6/15/30 | 2,470 | 2,587 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/31 | 7,965 | 9,056 |
| San Francisco CA City & County Unified School | ||||
| District GO | 4.000% | 6/15/32 | 5,300 | 5,558 |
| San Francisco CA Community College District GO | 3.000% | 6/15/17 | 11,380 | 11,789 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/29 | 1,585 | 1,867 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/32 | 2,170 | 2,526 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/33 | 3,025 | 3,511 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/34 | 1,640 | 1,904 |
| San Joaquin County CA Delta Community College | ||||
| District Election GO | 0.000% | 8/1/26 (4) | 15,500 | 9,541 |
| San Joaquin County CA Delta Community College | ||||
| District Election GO | 0.000% | 8/1/27 (4) | 15,500 | 8,984 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 5.000% | 1/15/16 | 11,000 | 11,060 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 5.000% | 1/15/17 | 1,500 | 1,570 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/1/23 (ETM) | 16,000 | 14,023 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 7,000 | 5,100 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/1/25 (ETM) | 14,750 | 12,244 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 5.000% | 1/15/29 | 4,375 | 4,831 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 5.000% | 1/15/34 | 2,435 | 2,653 |
| San Jose CA Airport Revenue | 5.000% | 3/1/24 (2) | 2,035 | 2,131 |
| San Jose CA Airport Revenue | 5.000% | 3/1/25 (2) | 3,385 | 3,545 |
| San Jose CA Airport Revenue | 5.000% | 3/1/26 (2) | 3,850 | 3,992 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/19 (14) | 1,150 | 1,169 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/20 (2) | 8,000 | 8,494 |
96
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 | 1,270 | 1,432 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 (2) | 2,495 | 2,649 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/22 (2) | 5,100 | 5,394 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 4.250% | 8/1/23 (10) | 50 | 52 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/23 | 1,140 | 1,273 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/24 (14) | 16,360 | 17,371 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/25 (14) | 11,505 | 12,192 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.125% | 8/1/25 | 570 | 631 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.250% | 8/1/26 | 800 | 886 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.375% | 8/1/29 | 1,355 | 1,499 |
| San Jose CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Merged Area Redevelopment Project) | 5.000% | 8/1/16 (2) | 1,000 | 1,027 |
| San Jose CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Merged Area Rede velopment Project) | 5.000% | 8/1/17 (14) | 600 | 602 |
| San Jose CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Merged Area Redevelopment Project) | 4.500% | 8/1/21 (2) | 1,000 | 1,047 |
| San Jose CA Special Hotel Tax Revenue | ||||
| (Convention Center Expansion & Renovation | ||||
| Project) | 6.125% | 5/1/31 | 5,000 | 5,952 |
| San Jose CA Unified School District Santa Clara | ||||
| County GO | 5.000% | 8/1/19 | 1,000 | 1,145 |
| San Jose CA Unified School District Santa Clara | ||||
| County GO | 5.000% | 8/1/20 | 1,000 | 1,176 |
| 4 San Jose CA Unified School District Santa Clara | ||||
| County GO TOB VRDO | 0.060% | 12/7/15 | 3,600 | 3,600 |
| San Juan CA Unified School District GO | 0.000% | 8/1/25 (4) | 10,000 | 7,721 |
| San Juan CA Unified School District GO | 0.000% | 8/1/26 (4) | 12,215 | 9,031 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/24 (15) | 855 | 993 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/25 (15) | 970 | 1,119 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/26 (15) | 500 | 572 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/27 (15) | 1,070 | 1,217 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/28 (15) | 600 | 677 |
| San Luis & Delta Mendota CA Water | ||||
| Authority Revenue | 5.000% | 3/1/33 (15) | 2,790 | 3,130 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/25 | 2,300 | 1,757 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/30 | 2,000 | 1,127 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/31 | 2,000 | 1,070 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/32 | 2,500 | 1,283 |
| San Mateo CA Union High School District GO | 0.000% | 9/1/24 | 5,390 | 4,275 |
| San Mateo CA Union High School District GO | 5.000% | 9/1/30 | 2,600 | 3,055 |
97
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Mateo CA Union High School District GO | 5.000% | 9/1/31 | 1,440 | 1,686 |
| San Mateo CA Union High School District GO | 4.000% | 9/1/32 | 3,155 | 3,406 |
| San Mateo County CA Community College | ||||
| District GO | 5.000% | 9/1/16 (Prere.) | 3,170 | 3,281 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/21 (14) | 4,645 | 4,232 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/22 (14) | 5,675 | 4,987 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/24 (14) | 2,825 | 2,288 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/25 (14) | 4,000 | 3,109 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Maple Street | ||||
| Correctional Center) | 5.000% | 6/15/23 | 1,000 | 1,224 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue | ||||
| (Youth Services Campus) | 4.625% | 7/15/25 | 2,455 | 2,653 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue | ||||
| (Youth Services Campus) | 5.250% | 7/15/28 | 2,000 | 2,189 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 4.000% | 6/1/20 | 770 | 865 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 5.000% | 6/1/20 | 750 | 878 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 5.000% | 6/1/21 | 1,000 | 1,197 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 4.000% | 6/1/22 | 600 | 690 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 5.000% | 6/1/22 | 750 | 915 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 4.000% | 6/1/23 | 1,520 | 1,761 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 5.000% | 6/1/23 | 840 | 1,039 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 4.000% | 6/1/24 | 750 | 870 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 5.000% | 6/1/24 | 1,200 | 1,498 |
| San Mateo County CA Transportation | ||||
| Authority Revenue | 5.000% | 6/1/25 | 1,200 | 1,517 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 4.000% | 6/15/18 (4) | 925 | 994 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/22 (4) | 1,000 | 1,195 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/23 (4) | 1,200 | 1,447 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/27 (4) | 1,770 | 2,084 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/28 (4) | 1,860 | 2,172 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/30 (4) | 2,275 | 2,617 |
| San Ramon CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 2/1/25 (15) | 1,520 | 1,838 |
98
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Ramon CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 2/1/26 (15) | 1,595 | 1,896 |
| San Ramon CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 2/1/27 (15) | 1,670 | 1,970 |
| San Ramon CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 2/1/28 (15) | 1,760 | 2,057 |
| San Ramon Valley CA Unified School District GO | 4.000% | 8/1/32 | 2,000 | 2,158 |
| Santa Ana CA Community Redevelopment Agency | ||||
| Tax Allocation Revenue (South Main Street) | 5.000% | 9/1/18 (14) | 2,685 | 2,693 |
| Santa Ana CA Unified School District GO | 0.000% | 8/1/31 (14) | 3,775 | 2,080 |
| 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 | 2,795 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/21 | 2,290 | 2,738 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/22 | 2,060 | 2,507 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/23 | 2,185 | 2,693 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/25 | 3,120 | 3,852 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/25 | 3,595 | 4,439 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/28 | 3,775 | 4,319 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/29 | 4,115 | 4,714 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/30 | 4,405 | 5,046 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/31 | 4,715 | 5,401 |
| Santa Clara County CA East Side Union High | ||||
| School District GO | 5.000% | 8/1/17 | 5,410 | 5,798 |
| Santa Clara County CA East Side Union High | ||||
| School District GO | 5.000% | 8/1/18 | 5,690 | 6,294 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 11/15/17 | 11,540 | 12,469 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/20 | 4,140 | 4,801 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/21 | 5,770 | 6,824 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/22 | 6,060 | 7,288 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/28 | 10,000 | 10,857 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.250% | 5/15/36 | 6,000 | 6,517 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (VMC Facility Replacement Project) | ||||
| VRDO | 0.010% | 12/7/15 | 32,500 | 32,500 |
| Santa Clara County CA GO | 5.000% | 8/1/28 | 8,830 | 10,553 |
| Santa Clara Valley CA Transportation Authority | ||||
| Sales Tax Revenue | 5.000% | 4/1/17 (Prere.) | 4,000 | 4,236 |
| Santa Clarita CA Community College District GO | 0.000% | 8/1/29 (4) | 2,480 | 1,552 |
| Santa Clarita CA Community College District GO | 5.000% | 8/1/32 | 5,450 | 6,340 |
| Santa Monica CA Community College District GO | 0.000% | 8/1/24 | 4,500 | 3,654 |
| Santa Monica CA Community College District GO | 0.000% | 8/1/26 | 11,025 | 8,255 |
| Santa Monica CA Community College District GO | 4.000% | 8/1/30 | 2,000 | 2,182 |
| Santa Monica CA Community College District GO | 4.000% | 8/1/32 | 2,565 | 2,768 |
| Santa Monica CA Community College District GO | 4.000% | 8/1/33 | 3,510 | 3,771 |
| 3 Santa Monica-Malibu CA Unified School District GO | 4.000% | 8/1/31 | 1,600 | 1,748 |
| 3 Santa Monica-Malibu CA Unified School District GO | 4.000% | 8/1/33 | 1,150 | 1,245 |
| Santa Rosa CA Elementary School District GO | 3.000% | 5/1/16 | 715 | 723 |
| Santa Rosa CA High School District GO | 3.000% | 5/1/17 | 1,110 | 1,147 |
| Santa Rosa CA High School District GO | 4.000% | 5/1/18 | 2,230 | 2,394 |
99
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Santa Rosa CA High School District GO | 5.000% | 5/1/19 | 2,040 | 2,307 |
| Santa Rosa CA High School District GO | 5.000% | 5/1/20 | 1,150 | 1,335 |
| Santa Rosa CA Wastewater Revenue | 0.000% | 9/1/28 (4) | 11,095 | 7,227 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/29 | 2,870 | 3,361 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/30 | 3,055 | 3,572 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/33 | 1,425 | 1,650 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 3.000% | 10/1/16 | 1,860 | 1,899 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 3.000% | 10/1/17 | 1,915 | 1,985 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 4.000% | 10/1/18 | 1,960 | 2,107 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/19 | 2,040 | 2,305 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/20 (15) | 2,120 | 2,465 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/20 | 350 | 412 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/21 | 725 | 871 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/24 | 1,000 | 1,252 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/26 | 1,000 | 1,251 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/28 | 1,000 | 1,226 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/29 | 1,000 | 1,216 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/30 | 900 | 1,087 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/32 | 750 | 896 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/33 | 1,455 | 1,731 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/34 | 1,600 | 1,895 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/35 | 1,000 | 1,179 |
| Silicon Valley CA Clean Water Wastewater Revenue | 5.000% | 8/1/36 | 1,000 | 1,174 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/26 (4) | 3,030 | 2,189 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/27 (4) | 2,900 | 1,979 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/29 | 2,125 | 2,361 |
| Solana Beach CA School District Special | ||||
| Tax Revenue | 5.000% | 9/1/32 | 2,665 | 2,929 |
| Solano County CA COP | 5.000% | 11/1/17 (14) | 4,110 | 4,427 |
| Solano County CA COP | 5.000% | 11/1/18 (14) | 3,810 | 4,101 |
| Solano County CA COP | 5.000% | 11/1/19 (14) | 3,995 | 4,298 |
| Solano County CA COP | 5.000% | 11/1/20 (14) | 4,195 | 4,513 |
| Solano County CA COP | 5.000% | 11/1/21 (14) | 4,405 | 4,727 |
| Sonoma County CA Sales Tax Revenue | 5.000% | 9/1/17 (Prere.) | 6,365 | 6,845 |
| Sonoma County CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 12/1/20 | 1,405 | 1,659 |
| Sonoma County CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 12/1/22 | 2,480 | 3,038 |
| South Orange County CA Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 8/15/23 | 1,000 | 1,167 |
| South Orange County CA Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 8/15/25 | 1,250 | 1,454 |
| South San Francisco CA Redevelopment | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/31 (14) | 9,255 | 9,381 |
| Southern California Public Power Authority Revenue | 5.000% | 7/1/25 | 6,735 | 8,374 |
| Southern California Public Power Authority Revenue | 5.000% | 7/1/28 | 10,000 | 11,474 |
| Southern California Public Power Authority Revenue | 5.000% | 7/1/29 | 5,000 | 5,720 |
| Southern California Public Power Authority Revenue | 5.000% | 7/1/30 | 10,750 | 12,258 |
| Southern California Public Power Authority Revenue | ||||
| (Canyon Power Project) | 5.000% | 7/1/23 | 4,175 | 4,761 |
100
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Southern California Public Power Authority Revenue | ||||
| (Canyon Power Project) | 5.250% | 7/1/27 | 6,950 | 7,958 |
| Southern California Public Power Authority Revenue | ||||
| (Linden Wind Energy Project) | 5.000% | 7/1/28 | 3,500 | 4,004 |
| Southern California Public Power Authority Revenue | ||||
| (Linden Wind Energy Project) | 5.000% | 7/1/29 | 2,500 | 2,860 |
| Southern California Public Power Authority Revenue | ||||
| (Linden Wind Energy Project) | 5.000% | 7/1/30 | 2,500 | 2,851 |
| Southern California Public Power Authority Revenue | ||||
| (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/28 | 5,000 | 5,661 |
| Southern California Public Power Authority Revenue | ||||
| (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/29 | 5,000 | 5,661 |
| Southern California Public Power Authority Revenue | ||||
| (Natural Gas Project) | 5.000% | 11/1/16 | 550 | 571 |
| Southern California Public Power Authority Revenue | ||||
| (Natural Gas Project) | 5.000% | 11/1/18 | 1,040 | 1,141 |
| Southern California Public Power Authority Revenue | ||||
| (Natural Gas Project) | 5.250% | 11/1/23 | 5,270 | 6,272 |
| Southern California Public Power Authority Revenue | ||||
| (Natural Gas Project) | 5.250% | 11/1/24 | 5,000 | 5,913 |
| Southern California Public Power Authority Revenue | ||||
| (Natural Gas Project) | 5.250% | 11/1/25 | 7,000 | 8,356 |
| Southern California Public Power Authority Revenue | ||||
| (Natural Gas Project) | 5.250% | 11/1/26 | 3,500 | 4,185 |
| Southern California Public Power Authority Revenue | ||||
| (Natural Gas Project) | 5.000% | 11/1/28 | 2,000 | 2,328 |
| Southern California Public Power Authority Revenue | ||||
| (Natural Gas Project) | 5.000% | 11/1/33 | 4,280 | 4,949 |
| Southern California Public Power Authority Revenue | ||||
| (Transmission Project) | 5.000% | 7/1/23 | 5,000 | 5,611 |
| Southwestern California Community College | ||||
| District GO | 0.000% | 8/1/24 | 750 | 599 |
| Southwestern California Community College | ||||
| District GO | 0.000% | 8/1/25 | 1,090 | 824 |
| Southwestern California Community College | ||||
| District GO | 0.000% | 8/1/26 | 2,000 | 1,420 |
| Southwestern California Community College | ||||
| District GO | 0.000% | 8/1/27 | 2,000 | 1,340 |
| Southwestern California Community College | ||||
| District GO | 0.000% | 8/1/28 | 2,535 | 1,598 |
| St. Helena CA Unified School District GO | 0.000% | 8/1/27 | 4,550 | 3,778 |
| State Center California Community College | ||||
| District GO | 5.000% | 8/1/17 (Prere.) | 5,880 | 6,304 |
| State Center California Community College | ||||
| District GO | 5.000% | 8/1/30 | 4,000 | 4,693 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/22 (15) | 1,000 | 1,193 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/23 (15) | 1,000 | 1,203 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/24 (15) | 1,000 | 1,212 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/25 (15) | 1,250 | 1,498 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/26 (15) | 1,375 | 1,624 |
101
| California Intermediate-Term Tax-Exempt Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value• | |||
| Coupon | Date | ($000) | ($000) | ||
| Stockton CA Public Financing Authority | |||||
| Wastewater Revenue | 5.000% | 9/1/27 (15) | 1,250 | 1,464 | |
| Stockton CA Public Financing Authority | |||||
| Water Revenue (Delta Water Supply Project) | 6.125% | 10/1/35 | 1,000 | 1,210 | |
| Stockton CA Unified School District GO | 5.000% | 7/1/23 (4) | 1,110 | 1,329 | |
| Stockton CA Unified School District GO | 5.000% | 8/1/28 (15) | 1,000 | 1,169 | |
| Stockton CA Unified School District GO | 5.000% | 8/1/29 (15) | 600 | 696 | |
| Stockton CA Unified School District GO | 4.000% | 8/1/30 (4) | 1,960 | 2,096 | |
| Stockton CA Unified School District GO | 5.000% | 8/1/30 (15) | 1,555 | 1,791 | |
| Stockton CA Unified School District GO | 5.000% | 8/1/31 (15) | 1,875 | 2,149 | |
| Stockton CA Unified School District GO | 5.000% | 8/1/32 (15) | 2,060 | 2,354 | |
| Stockton CA Unified School District GO | 5.000% | 8/1/33 (15) | 2,250 | 2,565 | |
| Stockton CA Unified School District GO | 5.000% | 8/1/34 (15) | 2,105 | 2,398 | |
| Suisun City CA Redevelopment Agency Successor | |||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/23 (15) | 1,015 | 1,222 | |
| Suisun City CA Redevelopment Agency Successor | |||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/25 (15) | 1,000 | 1,199 | |
| Suisun City CA Redevelopment Agency Successor | |||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/26 (15) | 1,200 | 1,420 | |
| Suisun City CA Redevelopment Agency Successor | |||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/27 (15) | 1,245 | 1,460 | |
| Suisun City CA Redevelopment Agency Successor | |||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/28 (15) | 1,280 | 1,487 | |
| Suisun City CA Redevelopment Agency Successor | |||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/29 (15) | 2,255 | 2,605 | |
| Suisun City CA Redevelopment Agency Successor | |||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/30 (15) | 1,000 | 1,146 | |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/23 (15) | 1,000 | 1,213 | |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/24 (15) | 1,000 | 1,224 | |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/27 (15) | 7,000 | 8,281 | |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/28 (15) | 8,000 | 9,401 | |
| 4 | Sweetwater CA Unified School District GO | ||||
| TOB VRDO | 0.030% | 12/7/15 (13) | 3,300 | 3,300 | |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/32 | 2,000 | 1,820 | |
| Tuolumne CA Wind Project Authority Revenue | 5.250% | 1/1/24 | 5,115 | 5,683 | |
| Tuolumne CA Wind Project Authority Revenue | 5.625% | 1/1/29 | 2,100 | 2,370 | |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/21 | 3,805 | 4,365 | |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/22 | 5,415 | 6,196 | |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/28 | 7,020 | 7,936 | |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/29 | 6,400 | 7,284 | |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/30 | 7,770 | 8,834 | |
| Tustin CA Unified School District Special | |||||
| Tax Revenue | 5.000% | 9/1/22 | 1,390 | 1,625 | |
| Tustin CA Unified School District Special | |||||
| Tax Revenue | 5.000% | 9/1/23 | 750 | 888 | |
| Tustin CA Unified School District Special | |||||
| Tax Revenue | 5.000% | 9/1/24 | 760 | 897 | |
| Tustin CA Unified School District Special | |||||
| Tax Revenue | 5.000% | 9/1/25 | 2,820 | 3,336 | |
| Tustin CA Unified School District Special | |||||
| Tax Revenue | 5.000% | 9/1/26 | 2,300 | 2,691 | |
| Tustin CA Unified School District Special | |||||
| Tax Revenue | 5.000% | 9/1/27 | 3,915 | 4,546 | |
| Tustin CA Unified School District Special | |||||
| Tax Revenue | 5.000% | 9/1/28 | 3,000 | 3,456 | |
| 102 | |||||
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tustin CA Unified School District Special | ||||
| Tax Revenue | 5.000% | 9/1/29 | 3,640 | 4,169 |
| Tustin CA Unified School District Special | ||||
| Tax Revenue | 5.000% | 9/1/30 | 3,500 | 3,977 |
| Union City CA Community Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/30 | 1,000 | 1,170 |
| Union City CA Community Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/31 | 1,820 | 2,118 |
| Union City CA Community Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/32 | 1,360 | 1,575 |
| Union City CA Community Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/33 | 3,000 | 3,461 |
| Union City CA Community Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/35 | 1,250 | 1,434 |
| Union City CA Community Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/36 | 1,000 | 1,144 |
| University of California Regents Medical Center | ||||
| Pooled Revenue VRDO | 0.010% | 12/1/15 | 1,450 | 1,450 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/19 (14) | 5,075 | 5,147 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/20 (14) | 5,065 | 5,136 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/25 | 19,385 | 19,975 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/26 | 10,095 | 10,401 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/32 | 14,940 | 17,095 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/33 | 5,000 | 5,689 |
| University of California Revenue | 5.000% | 5/15/16 (Prere.) | 10,000 | 10,314 |
| University of California Revenue | 5.000% | 5/15/17 | 4,000 | 4,258 |
| University of California Revenue | 5.000% | 5/15/18 | 3,000 | 3,306 |
| University of California Revenue | 5.000% | 5/15/19 | 5,250 | 5,965 |
| University of California Revenue | 5.000% | 5/15/19 | 15,815 | 17,946 |
| University of California Revenue | 5.750% | 5/15/19 (Prere.) | 3,000 | 3,475 |
| University of California Revenue | 5.000% | 5/15/20 | 4,360 | 5,089 |
| University of California Revenue | 5.000% | 5/15/20 | 8,250 | 9,610 |
| University of California Revenue | 5.000% | 5/15/21 | 3,000 | 3,582 |
| University of California Revenue | 5.000% | 5/15/22 | 5,420 | 6,415 |
| University of California Revenue | 5.000% | 5/15/22 | 9,000 | 10,920 |
| University of California Revenue | 5.000% | 5/15/22 | 3,500 | 4,247 |
| University of California Revenue | 5.000% | 5/15/23 | 1,865 | 2,294 |
| University of California Revenue | 5.000% | 5/15/24 | 5,000 | 6,202 |
| University of California Revenue | 5.000% | 5/15/25 | 2,400 | 3,012 |
| University of California Revenue | 5.000% | 5/15/25 | 9,030 | 11,334 |
| University of California Revenue | 5.000% | 5/15/27 | 10,900 | 12,626 |
| University of California Revenue | 5.000% | 5/15/27 | 7,000 | 8,577 |
| University of California Revenue | 5.000% | 5/15/28 | 11,680 | 13,435 |
| University of California Revenue | 5.000% | 5/15/28 | 9,075 | 11,045 |
| University of California Revenue | 5.000% | 5/15/28 | 7,080 | 8,617 |
| University of California Revenue | 5.000% | 5/15/30 | 1,400 | 1,650 |
| University of California Revenue | 5.000% | 5/15/31 | 2,290 | 2,725 |
| University of California Revenue | 5.000% | 5/15/32 | 14,020 | 16,403 |
| University of California Revenue | 5.250% | 5/15/32 | 5,000 | 6,017 |
103
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| University of California Revenue | 5.000% | 5/15/33 | 10,110 | 11,783 |
| University of California Revenue | 5.000% | 5/15/33 | 15,240 | 17,761 |
| University of California Revenue | 5.000% | 5/15/33 | 6,995 | 8,266 |
| University of California Revenue | 5.000% | 5/15/34 | 15,900 | 18,460 |
| University of California Revenue PUT | 5.000% | 5/15/23 | 47,295 | 57,629 |
| Upland CA Community Facilities District No. 2003-2 | ||||
| Improvement Area No. 1 Special Tax Revenue | 5.000% | 9/1/31 | 1,110 | 1,232 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/22 | 600 | 708 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/23 | 575 | 681 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/24 | 1,325 | 1,567 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/25 | 1,390 | 1,632 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/26 | 1,460 | 1,694 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/27 | 1,200 | 1,376 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/28 | 1,200 | 1,366 |
| Ventura County CA Community College District GO | 5.000% | 8/1/25 | 1,915 | 2,282 |
| Ventura County CA Community College District GO | 5.000% | 8/1/27 | 2,205 | 2,612 |
| Ventura County CA Community College District GO | 0.000% | 8/1/28 | 15,000 | 9,973 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/24 | 1,200 | 1,433 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/29 | 1,000 | 1,174 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/32 | 2,000 | 2,325 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/33 | 1,250 | 1,442 |
| Vista CA Joint Powers Financing Authority Revenue | 4.000% | 5/1/18 | 300 | 322 |
| Vista CA Joint Powers Financing Authority Revenue | 5.000% | 5/1/20 | 500 | 577 |
| Vista CA Joint Powers Financing Authority Revenue | 5.000% | 5/1/21 | 325 | 381 |
| Vista CA Joint Powers Financing Authority Revenue | 5.000% | 5/1/22 | 400 | 476 |
| Vista CA Joint Powers Financing Authority Revenue | 5.250% | 5/1/35 | 5,975 | 6,964 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/18 (4) | 400 | 442 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/19 (4) | 300 | 340 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/20 (4) | 275 | 318 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/21 (4) | 265 | 312 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/22 (4) | 335 | 400 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/23 (4) | 400 | 481 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/24 (4) | 585 | 710 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/26 (4) | 700 | 841 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/27 (4) | 1,410 | 1,677 |
| Vista CA Unified School District GO | 5.000% | 8/1/24 | 5,000 | 6,011 |
104
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/30 | 2,000 | 2,247 |
| Washington Township CA Health Care District | ||||
| Revenue | 4.000% | 7/1/16 | 695 | 708 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/17 | 760 | 805 |
| Washington Township CA Health Care District | ||||
| Revenue | 4.000% | 7/1/18 | 325 | 344 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/19 | 500 | 554 |
| Washington Township CA Health Care District | ||||
| Revenue | 4.000% | 7/1/20 | 375 | 406 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/21 | 350 | 398 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/22 | 725 | 830 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/23 | 400 | 459 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/24 | 750 | 865 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/25 | 775 | 897 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/26 | 900 | 1,027 |
| Washington Township CA Health Care District | ||||
| Revenue | 6.000% | 7/1/29 | 1,000 | 1,127 |
| West Basin CA Municipal Water District Revenue | 5.000% | 8/1/22 | 2,000 | 2,411 |
| West Contra Costa CA Unified School District GO | 4.000% | 8/1/17 | 850 | 894 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/18 | 1,000 | 1,103 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/20 | 250 | 290 |
| West Contra Costa CA Unified School District GO | 6.000% | 8/1/26 | 5,000 | 6,628 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/30 | 3,425 | 3,953 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/31 | 5,690 | 6,511 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/32 | 5,560 | 6,348 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/32 | 1,825 | 2,096 |
| West Contra Costa CA Unified School District GO | 0.000% | 8/1/33 (12) | 2,650 | 1,314 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/33 | 3,265 | 3,717 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/33 | 915 | 1,049 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/33 | 1,020 | 1,170 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/34 | 2,010 | 2,300 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/34 | 1,070 | 1,224 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/35 | 1,400 | 1,601 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/35 | 1,000 | 1,140 |
| West Valley-Mission Community College District | ||||
| GO | 5.000% | 8/1/16 (Prere.) | 1,120 | 1,155 |
| West Valley-Mission Community College District | ||||
| GO | 5.000% | 8/1/30 (4) | 215 | 221 |
| Westlands CA Water District Revenue | 5.000% | 9/1/21 (4) | 750 | 884 |
| Westlands CA Water District Revenue | 5.000% | 9/1/22 (4) | 750 | 897 |
| Westlands CA Water District Revenue | 5.000% | 9/1/24 (4) | 1,000 | 1,197 |
| Westlands CA Water District Revenue | 5.000% | 9/1/25 (4) | 1,250 | 1,476 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/25 | 1,735 | 2,077 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/26 | 1,085 | 1,290 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/27 | 1,500 | 1,776 |
105
| California Intermediate-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| William S. Hart Union High School District | ||||
| California GO | 0.000% | 8/1/34 (4) | 3,880 | 1,883 |
| Yucaipa Valley CA Water District Water | ||||
| System Revenue | 5.000% | 9/1/18 | 500 | 554 |
| Yucaipa Valley CA Water District Water | ||||
| System Revenue | 5.000% | 9/1/19 | 1,020 | 1,161 |
| 10,185,010 | ||||
| Guam (0.3%) | ||||
| Guam Government Business Privilege Tax Revenue | 5.000% | 11/15/20 | 750 | 854 |
| Guam Government Business Privilege Tax Revenue | 5.000% | 11/15/21 | 1,125 | 1,291 |
| Guam Government Business Privilege Tax Revenue | 5.000% | 11/15/22 | 1,500 | 1,730 |
| Guam Government Waterworks Authority Water & | ||||
| Waste Water System Revenue | 5.000% | 7/1/20 | 540 | 609 |
| Guam Government Waterworks Authority Water & | ||||
| Waste Water System Revenue | 5.000% | 7/1/28 | 2,115 | 2,367 |
| Guam Government Waterworks Authority Water & | ||||
| Waste Water System Revenue | 5.000% | 7/1/29 | 5,035 | 5,612 |
| Guam Government Waterworks Authority Water & | ||||
| Waste Water System Revenue | 5.250% | 7/1/33 | 4,000 | 4,483 |
| Guam Government Waterworks Authority Water & | ||||
| Waste Water System Revenue | 5.000% | 7/1/35 | 4,450 | 4,882 |
| Guam Power Authority Revenue | 5.000% | 10/1/22 | 1,605 | 1,858 |
| Guam Power Authority Revenue | 5.000% | 10/1/26 | 1,810 | 2,075 |
| Guam Power Authority Revenue | 5.000% | 10/1/30 | 1,470 | 1,637 |
| 27,398 | ||||
| Virgin Islands (0.0%) | ||||
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/16 | 1,500 | 1,548 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/17 | 1,500 | 1,588 |
| 3,136 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $9,708,758) | 10,215,544 | |||
| Amount | ||||
| ($000) | ||||
| Other Assets and Liabilities (0.4%) | ||||
| Other Assets | ||||
| Investment in Vanguard | 882 | |||
| Receivables for Accrued Income | 106,408 | |||
| Receivables for Capital Shares Issued | 17,361 | |||
| Other Assets | 21,541 | |||
| Total Other Assets | 146,192 | |||
| Liabilities | ||||
| Payables for Investment Securities Purchased | (88,435) | |||
| Payables for Capital Shares Redeemed | (5,942) | |||
| Payables for Distributions | (5,178) | |||
| Payables to Vanguard | (7,281) | |||
| Other Liabilities | (44) | |||
| Total Liabilities | (106,880) | |||
| Net Assets (100%) | 10,254,856 | |||
106
| California Intermediate-Term Tax-Exempt Fund | |
| At November 30, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 9,822,303 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (74,238) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 506,786 |
| Futures Contracts | 5 |
| Net Assets | 10,254,856 |
| Investor Shares—Net Assets | |
| Applicable to 127,909,615 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,508,642 |
| Net Asset Value Per Share—Investor Shares | $11.79 |
| Admiral Shares—Net Assets | |
| Applicable to 741,545,522 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 8,746,214 |
| Net Asset Value Per Share—Admiral Shares | $11.79 |
- See Note A in Notes to Financial Statements.
- Adjustable-rate security.
- Securities with a value of $1,816,000 have been segregated as initial margin for open futures contracts.
- Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2015.
- Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2015, the aggregate value of these securities was $133,937,000, representing 1.3% of net assets.
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.
107
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.
108
| California Intermediate-Term Tax-Exempt Fund | |
| Statement of Operations | |
| Year Ended | |
| November 30, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 286,029 |
| Total Income | 286,029 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 977 |
| Management and Administrative—Investor Shares | 2,436 |
| Management and Administrative—Admiral Shares | 7,508 |
| Marketing and Distribution—Investor Shares | 368 |
| Marketing and Distribution—Admiral Shares | 1,052 |
| Custodian Fees | 103 |
| Auditing Fees | 34 |
| Shareholders’ Reports—Investor Shares | 32 |
| Shareholders’ Reports—Admiral Shares | 34 |
| Trustees’ Fees and Expenses | 6 |
| Total Expenses | 12,550 |
| Net Investment Income | 273,479 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 17,924 |
| Futures Contracts | (1,533) |
| Realized Net Gain (Loss) | 16,391 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (5,389) |
| Futures Contracts | 5 |
| Change in Unrealized Appreciation (Depreciation) | (5,384) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 284,486 |
See accompanying Notes, which are an integral part of the Financial Statements.
109
| California Intermediate-Term Tax-Exempt Fund | ||
| Statement of Changes in Net Assets | ||
| Year Ended November 30, | ||
| 2015 | 2014 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 273,479 | 240,217 |
| Realized Net Gain (Loss) | 16,391 | 5,677 |
| Change in Unrealized Appreciation (Depreciation) | (5,384) | 287,151 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 284,486 | 533,045 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (42,345) | (39,981) |
| Admiral Shares | (231,134) | (200,236) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (273,479) | (240,217) |
| Capital Share Transactions | ||
| Investor Shares | 64,521 | 167,749 |
| Admiral Shares | 1,495,420 | 1,344,420 |
| Net Increase (Decrease) from Capital Share Transactions | 1,559,941 | 1,512,169 |
| Total Increase (Decrease) | 1,570,948 | 1,804,997 |
| Net Assets | ||
| Beginning of Period | 8,683,908 | 6,878,911 |
| End of Period1 | 10,254,856 | 8,683,908 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $0 and $0. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
110
| California Intermediate-Term Tax-Exempt Fund | |||||
| Financial Highlights | |||||
| Investor Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $11.78 | $11.32 | $11.92 | $11.18 | $10.93 |
| Investment Operations | |||||
| Net Investment Income | .331 | .355 | .373 | .379 | .408 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .010 | .460 | (.600) | .740 | .250 |
| Total from Investment Operations | .341 | .815 | (.227) | 1.119 | .658 |
| Distributions | |||||
| Dividends from Net Investment Income | (. 331) | (. 355) | (. 373) | (. 379) | (.408) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 331) | (. 355) | (. 373) | (. 379) | (.408) |
| Net Asset Value, End of Period | $11.79 | $11.78 | $11.32 | $11.92 | $11.18 |
| Total Return1 | 2.93% | 7.29% | -1.91% | 10.14% | 6.17% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,509 | $1,444 | $1,227 | $1,375 | $1,193 |
| Ratio of Total Expenses to Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.81% | 3.06% | 3.24% | 3.26% | 3.73% |
| Portfolio Turnover Rate | 17% | 11% | 12% | 9% | 13% |
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.
111
| California Intermediate-Term Tax-Exempt Fund | |||||
| Financial Highlights | |||||
| Admiral Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $11.78 | $11.32 | $11.92 | $11.18 | $10.93 |
| Investment Operations | |||||
| Net Investment Income | . 340 | .364 | .382 | .388 | .417 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .010 | .460 | (.600) | .740 | .250 |
| Total from Investment Operations | .350 | .824 | (. 218) | 1.128 | .667 |
| Distributions | |||||
| Dividends from Net Investment Income | (.340) | (. 364) | (.382) | (. 388) | (.417) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.340) | (. 364) | (.382) | (. 388) | (.417) |
| Net Asset Value, End of Period | $11.79 | $11.78 | $11.32 | $11.92 | $11.18 |
| Total Return1 | 3.01% | 7.37% | -1.83% | 10.23% | 6.26% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $8,746 | $7,240 | $5,652 | $5,507 | $4,375 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.89% | 3.14% | 3.32% | 3.34% | 3.81% |
| Portfolio Turnover Rate | 17% | 11% | 12% | 9% | 13% |
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.
112
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 clearing-house, 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 settlement values 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 year ended November 30, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
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, 2012–2015), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
113
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 (“Vanguard”) participate in a $3 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 November 30, 2015, 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. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2015, the fund had contributed to Vanguard capital in the amount of $882,000, representing 0.01% of the fund’s net assets and 0.35% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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.
114
California Intermediate-Term Tax-Exempt Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of November 30, 2015, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 10,215,544 | — |
| Futures Contracts—Assets1 | 32 | — | — |
| Futures Contracts—Liabilities1 | (44) | — | — |
| Total | (12) | 10,215,544 | — |
| 1 Represents variation margin on the last day of the reporting period. |
D. At November 30, 2015, 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) |
| 5-Year U.S. Treasury Note | March 2016 | 237 | 28,127 | 5 |
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.
For tax purposes, at November 30, 2015, the fund used capital loss carryforwards of $14,017,000 to offset taxable capital gains realized during the year ended November 30, 2015. At November 30, 2015, the fund had available capital losses totaling $73,906,000 to offset future net capital gains of $28,425,000 through November 30, 2016, $38,406,000 through November 30, 2017, $990,000 through November 30, 2018, and $6,085,000 through November 30, 2019.
At November 30, 2015, the cost of investment securities for tax purposes was $9,709,085,000. Net unrealized appreciation of investment securities for tax purposes was $506,459,000, consisting of unrealized gains of $511,432,000 on securities that had risen in value since their purchase and $4,973,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended November 30, 2015, the fund purchased $3,535,620,000 of investment securities and sold $1,556,810,000 of investment securities, other than temporary cash investments.
115
California Intermediate-Term Tax-Exempt Fund
| G. Capital share transactions for each class of shares were: | ||||
| Year Ended November 30, | ||||
| 2015 | 2014 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 546,730 | 46,454 | 514,728 | 44,215 |
| Issued in Lieu of Cash Distributions | 36,722 | 3,119 | 34,470 | 2,963 |
| Redeemed | (518,931) | (44,244) | (381,449) | (32,945) |
| Net Increase (Decrease)—Investor Shares | 64,521 | 5,329 | 167,749 | 14,233 |
| Admiral Shares | ||||
| Issued | 2,385,690 | 202,859 | 2,056,278 | 177,048 |
| Issued in Lieu of Cash Distributions | 175,300 | 14,892 | 150,298 | 12,915 |
| Redeemed | (1,065,570) | (90,728) | (862,156) | (74,527) |
| Net Increase (Decrease) —Admiral Shares | 1,495,420 | 127,023 | 1,344,420 | 115,436 |
H. Management has determined that no material events or transactions occurred subsequent to November 30, 2015, that would require recognition or disclosure in these financial statements.
116
California Long-Term Tax-Exempt Fund
| Fund Profile | |||
| As of November 30, 2015 | |||
| Share-Class Characteristics | |||
| Investor | Admiral | ||
| Shares | Shares | ||
| Ticker Symbol | VCITX | VCLAX | |
| Expense Ratio1 | 0.20% | 0.12% | |
| 30-Day SEC Yield | 2.13% | 2.21% | |
| Financial Attributes | |||
| Barclays | |||
| CA | Barclays | ||
| Muni | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 700 | 6,529 | 47,840 |
| Yield to Maturity | |||
| (before expenses) | 2.3% | 2.0% | 2.2% |
| Average Coupon | 4.3% | 4.8% | 4.8% |
| Average Duration | 6.5 years | 6.3 years | 6.4 years |
| Average Stated | |||
| Maturity | 16.8 years | 14.0 years | 13.1 years |
| Short-Term | |||
| Reserves | 4.2% | — | — |
| Volatility Measures | ||
| Barclays CA | Barclays | |
| Muni Bond | Municipal | |
| Index | Bond Index | |
| R-Squared | 0.99 | 0.98 |
| Beta | 1.20 | 1.25 |
| 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 | 6.4% | |
| 1 - 3 Years | 3.7 | |
| 3 - 5 Years | 3.5 | |
| 5 - 10 Years | 8.2 | |
| 10 - 20 Years | 40.6 | |
| 20 - 30 Years | 33.7 | |
| Over 30 Years | 3.9 | |
| Distribution by Credit Quality (% of portfolio) | ||
| AAA | 5.8% | |
| AA | 71.5 | |
| A | 15.4 | |
| BBB | 4.1 | |
| BB | 0.6 | |
| B | 0.4 | |
| Not Rated | 2.2 | |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to classify securities for which a rating is not available. Not rated securities include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. For more information about these ratings, see the Glossary entry for Credit Quality.
1 The expense ratios shown are from the prospectus dated March 26, 2015, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2015, the expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
117
California Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2005, Through November 30, 2015
Initial Investment of $10,000
See Financial Highlights for dividend and capital gains information.
118
| California Long-Term Tax-Exempt Fund | ||||
| Fiscal-Year Total Returns (%): November 30, 2005, Through November 30, 2015 | ||||
| Barclays CA | ||||
| Muni Bond | ||||
| Investor Shares | Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 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 | 4.07 | 6.72 | 10.79 | 9.32 |
| 2015 | 3.62 | 0.41 | 4.03 | 3.30 |
Average Annual Total Returns: Periods Ended September 30, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| Ten Years | ||||||
| Inception Date | One Year | Five Years | Income | Capital | Total | |
| Investor Shares | 4/7/1986 | 3.96% | 5.09% | 4.29% | 0.28% | 4.57% |
| Admiral Shares | 11/12/2001 | 4.05 | 5.18 | 4.37 | 0.28 | 4.65 |
119
California Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2015
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 (99.6%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Computer History Museum) | ||||
| VRDO | 0.010% | 12/3/15 LOC | 1,800 | 1,800 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/42 | 1,000 | 1,077 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.000% | 11/15/35 | 3,250 | 3,422 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/37 | 7,565 | 8,406 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/23 | 650 | 763 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/43 | 15,830 | 17,708 |
| Alameda CA Community Improvement Commission | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/29 (15) | 1,500 | 1,737 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/30 (2) | 30,375 | 15,995 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/24 (4) | 3,510 | 2,802 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/29 (4) | 5,000 | 3,103 |
| Bakersfield CA Wastewater Revenue VRDO | 0.030% | 12/7/15 | 1,100 | 1,100 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/18 (Prere.) | 15,050 | 16,481 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/19 (Prere.) | 1,645 | 1,859 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.625% | 4/1/19 (Prere.) | 10,000 | 11,505 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 6,250 | 7,483 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 4,000 | 4,617 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 10/1/42 | 5,000 | 5,655 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/43 | 4,000 | 4,492 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.250% | 4/1/53 | 2,350 | 2,649 |
120
| 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% | 10/1/54 | 23,000 | 25,582 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.610% | 4/1/20 | 3,500 | 3,474 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 2.000% | 4/1/21 | 1,500 | 1,522 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 9/2/28 (4) | 2,135 | 2,479 |
| Cabrillo CA Community College District Revenue | 0.000% | 5/1/26 (2) | 9,000 | 5,568 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.450% | 6/1/28 | 7,500 | 7,517 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 (Prere.) | 15,000 | 16,477 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 10,000 | 11,684 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 8,560 | 9,395 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 6,500 | 7,890 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/35 | 4,000 | 4,610 |
| California Economic Recovery GO | 5.000% | 7/1/16 (Prere.) | 5,000 | 5,138 |
| 2 California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 4,365 | 5,012 |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) | 5.000% | 10/1/39 | 7,730 | 8,549 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/28 | 1,250 | 1,533 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/29 | 1,000 | 1,213 |
| 3 California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 4.000% | 1/1/39 | 10,000 | 10,439 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/19 | 1,615 | 1,846 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.250% | 6/1/30 | 1,125 | 1,234 |
| California Educational Facilities Authority Revenue | ||||
| (Pepperdine College) | 5.000% | 9/1/33 | 3,000 | 3,473 |
| California Educational Facilities Authority Revenue | ||||
| (Pepperdine College) | 5.000% | 12/1/39 | 2,000 | 2,291 |
| California Educational Facilities Authority Revenue | ||||
| (Pepperdine College) | 5.000% | 9/1/45 | 5,000 | 5,758 |
| California Educational Facilities Authority Revenue | ||||
| (Santa Clara University) | 5.000% | 4/1/39 | 5,880 | 6,764 |
| California Educational Facilities Authority Revenue | ||||
| (Santa Clara University) | 5.000% | 4/1/45 | 6,500 | 7,426 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.000% | 3/15/26 | 5,330 | 6,796 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.250% | 4/1/40 | 6,000 | 8,155 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.000% | 6/1/43 | 3,760 | 5,000 |
| California Educational Facilities Authority Revenue | ||||
| (University of San Francisco) | 6.125% | 10/1/36 | 1,250 | 1,524 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.000% | 10/1/38 | 3,445 | 3,810 |
121
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.250% | 10/1/38 | 3,420 | 3,806 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/30 | 3,225 | 3,721 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/36 | 3,235 | 3,665 |
| California GO | 5.000% | 9/1/16 (Prere.) | 5,710 | 5,908 |
| California GO | 5.000% | 9/1/16 (Prere.) | 4,940 | 5,113 |
| California GO | 6.000% | 8/1/19 (14) | 210 | 212 |
| California GO | 5.000% | 10/1/19 | 10,070 | 11,535 |
| California GO | 5.000% | 4/1/20 | 1,460 | 1,650 |
| California GO | 5.000% | 9/1/21 | 11,000 | 13,121 |
| California GO | 5.250% | 9/1/22 | 3,000 | 3,679 |
| California GO | 5.000% | 11/1/22 | 1,000 | 1,080 |
| California GO | 5.250% | 9/1/23 | 6,000 | 7,283 |
| California GO | 5.000% | 11/1/23 | 7,000 | 8,577 |
| California GO | 5.000% | 5/1/24 | 3,000 | 3,679 |
| California GO | 5.000% | 11/1/24 | 6,670 | 8,229 |
| California GO | 5.000% | 3/1/25 | 7,000 | 8,068 |
| California GO | 5.000% | 6/1/26 (14) | 20,000 | 21,186 |
| California GO | 5.000% | 3/1/27 | 10,000 | 12,119 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,961 |
| California GO | 5.100% | 11/1/27 | 1,475 | 1,740 |
| California GO | 5.000% | 3/1/28 | 10,000 | 12,037 |
| California GO | 5.000% | 8/1/28 | 2,875 | 3,478 |
| California GO | 5.000% | 9/1/28 | 2,500 | 2,778 |
| California GO | 5.000% | 9/1/29 | 5,125 | 5,686 |
| California GO | 5.000% | 10/1/29 | 1,400 | 1,604 |
| California GO | 5.250% | 10/1/29 | 4,700 | 5,429 |
| California GO | 5.250% | 3/1/30 | 10,000 | 11,570 |
| California GO | 4.500% | 8/1/30 | 1,440 | 1,501 |
| California GO | 5.250% | 9/1/30 | 6,000 | 7,030 |
| California GO | 5.750% | 4/1/31 | 15,875 | 18,315 |
| California GO | 5.000% | 8/1/31 | 9,460 | 11,221 |
| California GO | 5.000% | 10/1/31 | 4,500 | 5,274 |
| California GO | 5.000% | 6/1/32 | 25,000 | 26,526 |
| California GO | 5.000% | 9/1/32 | 1,045 | 1,194 |
| California GO | 5.000% | 10/1/32 | 5,000 | 5,839 |
| California GO | 6.000% | 3/1/33 | 7,000 | 8,402 |
| California GO | 5.125% | 4/1/33 | 8,500 | 9,303 |
| California GO | 6.500% | 4/1/33 | 33,000 | 39,095 |
| California GO | 5.000% | 10/1/33 | 4,000 | 4,654 |
| California GO | 5.250% | 4/1/35 | 5,000 | 5,795 |
| California GO | 6.000% | 11/1/35 | 10,000 | 11,943 |
| California GO | 5.000% | 9/1/36 | 8,500 | 9,739 |
| California GO | 5.000% | 4/1/37 | 5,000 | 5,725 |
| California GO | 5.250% | 3/1/38 | 8,000 | 8,731 |
| California GO | 6.000% | 4/1/38 | 21,190 | 24,688 |
| California GO | 5.250% | 8/1/38 | 10,000 | 11,080 |
| California GO | 5.000% | 10/1/39 | 7,615 | 8,745 |
| California GO | 5.500% | 11/1/39 | 3,690 | 4,273 |
| California GO | 6.000% | 11/1/39 | 2,700 | 3,214 |
| California GO | 5.500% | 3/1/40 | 11,500 | 13,295 |
| California GO | 4.000% | 12/1/40 | 5,000 | 5,145 |
| California GO | 5.000% | 10/1/41 | 5,000 | 5,637 |
122
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.000% | 4/1/42 | 2,000 | 2,259 |
| California GO | 5.000% | 9/1/42 | 8,515 | 9,682 |
| California GO | 5.000% | 2/1/43 | 6,265 | 7,094 |
| California GO | 5.000% | 4/1/43 | 6,500 | 7,378 |
| California GO | 5.000% | 11/1/43 | 12,425 | 14,221 |
| California GO | 5.000% | 12/1/43 | 5,335 | 6,114 |
| California GO | 5.000% | 5/1/44 | 5,000 | 5,683 |
| California GO | 5.000% | 8/1/45 | 11,735 | 13,469 |
| 4 California GO TOB VRDO | 0.020% | 12/7/15 (4) | 8,000 | 8,000 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 10,600 | 10,600 |
| California GO VRDO | 0.010% | 12/1/15 LOC | 1,000 | 1,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/25 | 3,000 | 3,536 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 5,000 | 5,728 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/27 | 2,500 | 2,821 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/39 | 5,000 | 5,702 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/41 | 9,000 | 9,903 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/27 | 7,300 | 8,891 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/27 | 7,000 | 7,016 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/30 | 2,000 | 2,378 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/32 | 1,500 | 1,768 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/34 | 2,415 | 2,677 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/39 | 4,995 | 5,517 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/29 | 3,500 | 3,833 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 6.500% | 11/1/38 | 3,000 | 3,542 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 5.250% | 11/1/41 | 4,025 | 4,497 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/37 | 2,000 | 2,247 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/42 | 5,000 | 5,615 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/35 | 7,750 | 8,624 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/39 | 4,465 | 4,942 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/26 | 2,740 | 3,267 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/27 | 1,840 | 2,176 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/40 | 6,000 | 6,676 |
| 4 California Health Facilities Financing Authority | ||||
| Revenue (Kaiser Foundation Hospitals) | ||||
| TOB VRDO | 0.010% | 12/7/15 LOC | 5,500 | 5,500 |
123
| California Long-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) | 5.000% | 8/15/43 | 5,300 | 5,956 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/29 | 1,000 | 1,150 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/33 | 1,100 | 1,243 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/25 | 2,750 | 3,207 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/26 | 5,000 | 5,781 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/33 | 2,500 | 2,775 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/34 | 645 | 736 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/39 | 1,600 | 1,804 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/44 | 1,500 | 1,686 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.500% | 10/1/18 (Prere.) | 2,000 | 2,312 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/29 | 2,390 | 2,811 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/38 | 9,000 | 10,216 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.500% | 10/1/39 | 6,500 | 7,382 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/33 | 3,920 | 4,571 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/40 | 8,000 | 8,918 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.750% | 7/1/39 | 7,000 | 7,961 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/42 | 5,000 | 5,517 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/51 | 5,000 | 5,438 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/54 | 8,000 | 8,966 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 8/15/22 | 5,000 | 5,558 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 4,000 | 4,803 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 4.000% | 8/15/40 | 10,000 | 10,193 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/43 | 9,000 | 10,246 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 11/15/46 | 10,000 | 10,327 |
| 4 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 12,845 | 12,845 |
| 124 | ||||
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 4 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.020% | 12/7/15 | 7,185 | 7,185 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Motion Picture Arts | ||||
| & Sciences Obligated Group) | 5.000% | 11/1/30 | 2,000 | 2,312 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Motion Picture Arts | ||||
| & Sciences Obligated Group) | 5.000% | 11/1/41 | 6,000 | 6,790 |
| 4 California Infrastructure & Economic Development | ||||
| Bank Revenue (Bay Area Toll Bridges Seismic | ||||
| Retrofit) TOB VRDO | 0.050% | 12/1/15 (ETM) | 20,080 | 20,080 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/31 (14) | 4,135 | 4,192 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.250% | 2/1/17 (Prere.) | 425 | 448 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.500% | 2/1/39 | 11,000 | 12,183 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.250% | 2/1/46 | 3,225 | 3,296 |
| California Municipal Finance Authority Recovery | ||||
| Zone Revenue (Chevron USA Inc. Project) VRDO | 0.010% | 12/1/15 | 2,000 | 2,000 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/23 | 1,200 | 1,468 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/33 | 2,120 | 2,483 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/34 | 1,340 | 1,558 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Water System Project Revenue) | 4.000% | 10/1/34 | 4,560 | 4,848 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/35 | 2,000 | 2,164 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/41 | 3,000 | 3,205 |
| California Municipal Finance Authority Revenue | ||||
| (Biola University) | 5.000% | 10/1/38 | 1,255 | 1,355 |
| California Municipal Finance Authority Revenue | ||||
| (Biola University) | 5.000% | 10/1/42 | 2,500 | 2,688 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/40 | 5,000 | 5,428 |
| California Municipal Finance Authority Revenue | ||||
| (Community Hospitals of Central California | ||||
| Obligated Group) | 5.000% | 2/1/46 | 9,225 | 9,993 |
| California Municipal Finance Authority Revenue | ||||
| (NorthBay Healthcare Group) | 5.000% | 11/1/35 | 690 | 753 |
| California Municipal Finance Authority Revenue | ||||
| (NorthBay Healthcare Group) | 5.000% | 11/1/44 | 1,800 | 1,944 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.250% | 6/1/20 | 2,420 | 2,725 |
| California Municipal Finance Authority Student | ||||
| Housing Revenue (Bowles Hall Foundation) | 5.000% | 6/1/50 | 2,580 | 2,784 |
125
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.010% | 12/1/15 LOC | 6,350 | 6,350 |
| California Pollution Control Financing Authority | ||||
| Water Furnishing Revenue (San Diego County | ||||
| Water Authority Desalination Project Pipeline) | 5.000% | 11/21/45 | 1,500 | 1,540 |
| California Public Works Board Lease Revenue | ||||
| (Community Colleges) | 5.000% | 3/1/27 (14) | 2,970 | 3,118 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 6.500% | 9/1/17 (ETM) | 8,400 | 8,979 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.000% | 4/1/25 | 6,000 | 6,954 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.250% | 4/1/34 | 8,250 | 9,642 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/29 | 2,500 | 2,909 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/34 | 1,300 | 1,487 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/38 | 3,375 | 3,821 |
| California Public Works Board Lease Revenue | ||||
| (Office of Emergency Services) | 5.000% | 3/1/27 (14) | 8,950 | 9,397 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/23 | 4,180 | 4,931 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/23 | 2,000 | 2,380 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 6.250% | 11/1/24 | 5,000 | 5,967 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/26 | 5,000 | 5,987 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/33 | 2,330 | 2,839 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/37 | 5,000 | 5,684 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/39 | 3,000 | 3,429 |
| California State University Systemwide Revenue | 5.000% | 11/1/24 | 2,000 | 2,350 |
| California State University Systemwide Revenue | 5.000% | 11/1/26 | 3,000 | 3,749 |
| California State University Systemwide Revenue | 5.750% | 11/1/27 | 4,500 | 5,189 |
| California State University Systemwide Revenue | 5.000% | 11/1/30 | 2,500 | 3,031 |
| California State University Systemwide Revenue | 5.000% | 11/1/31 | 7,000 | 8,268 |
| California State University Systemwide Revenue | 5.000% | 11/1/32 | 7,000 | 8,232 |
| California State University Systemwide Revenue | 5.250% | 11/1/34 | 5,000 | 5,630 |
| California State University Systemwide Revenue | 5.000% | 11/1/37 | 10,000 | 11,434 |
| California State University Systemwide Revenue | 5.000% | 11/1/37 | 3,750 | 4,233 |
| California State University Systemwide Revenue | 5.000% | 11/1/38 | 4,000 | 4,656 |
| California State University Systemwide Revenue | 5.250% | 11/1/38 | 3,280 | 3,693 |
| California State University Systemwide Revenue | 5.000% | 11/1/42 | 1,355 | 1,543 |
| California State University Systemwide Revenue | 5.000% | 11/1/43 | 1,810 | 2,085 |
| California State University Systemwide Revenue | 5.000% | 11/1/47 | 8,620 | 9,876 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.250% | 11/1/44 | 1,000 | 1,017 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.375% | 11/1/49 | 2,300 | 2,334 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/27 | 2,000 | 2,360 |
126
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/31 | 4,745 | 5,406 |
| California Statewide Communities Development | ||||
| Authority Revenue (Adventist Health | ||||
| System/West) | 5.000% | 3/1/45 | 4,315 | 4,790 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for Age | ||||
| Research) | 5.000% | 11/15/29 (4) | 940 | 1,089 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for Age | ||||
| Research) | 5.000% | 11/15/44 (4) | 5,500 | 6,148 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for Age | ||||
| Research) | 5.000% | 11/15/49 (4) | 1,000 | 1,115 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/39 | 310 | 347 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/40 | 7,200 | 7,892 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/43 | 5,000 | 5,586 |
| California Statewide Communities Development | ||||
| Authority Revenue (Covenant Retirement | ||||
| Communities Inc.) | 5.625% | 12/1/36 | 4,000 | 4,361 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity | ||||
| Health System) | 5.250% | 7/1/30 | 5,000 | 4,494 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity | ||||
| Health System) | 5.250% | 7/1/35 | 1,515 | 1,362 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/42 | 2,500 | 2,685 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities | ||||
| & Services) | 5.000% | 5/15/47 | 2,000 | 2,135 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/44 | 5,800 | 6,440 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 4.750% | 4/1/33 | 4,185 | 4,367 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.000% | 4/1/42 | 15,425 | 17,202 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.250% | 3/1/45 | 7,590 | 7,666 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.010% | 12/7/15 | 1,200 | 1,200 |
| California Statewide Communities Development | ||||
| Authority Revenue (Loma Linda University | ||||
| Medical Center Obligated Group) | 5.250% | 12/1/34 | 2,500 | 2,665 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.250% | 8/15/31 | 2,500 | 2,876 |
127
| 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% | 8/15/32 | 11,000 | 12,406 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/38 (2) | 2,900 | 3,071 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 11/15/38 | 4,250 | 4,582 |
| California Statewide Communities Development | ||||
| Authority Revenue (Trinity Health) | 5.000% | 12/1/41 | 11,000 | 12,175 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue (Southern | ||||
| California Presbyterian Homes) | 7.250% | 11/15/41 | 3,000 | 3,481 |
| Calleguas-Las Virgenes CA Public Financing | ||||
| Authority Revenue (Municipal Water District | ||||
| Project) VRDO | 0.010% | 12/7/15 LOC | 1,100 | 1,100 |
| Centinela Valley CA Union High School District GO | 6.000% | 8/1/36 | 3,000 | 3,748 |
| Cerritos CA Community College District GO | 4.000% | 8/1/33 | 2,135 | 2,260 |
| Cerritos CA Community College District GO | 0.000% | 8/1/34 | 4,000 | 1,959 |
| Cerritos CA Community College District GO | 0.000% | 8/1/35 | 1,730 | 803 |
| Cerritos CA Community College District GO | 5.000% | 8/1/38 | 7,000 | 7,972 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/25 | 5,000 | 5,994 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/30 | 3,500 | 4,044 |
| Charter Oak CA Unified School District GO | 5.000% | 8/1/31 (4) | 1,380 | 1,601 |
| Charter Oak CA Unified School District GO | 5.000% | 8/1/33 (4) | 1,755 | 2,025 |
| Citrus CA Community College District GO | 0.000% | 8/1/36 | 1,810 | 1,357 |
| Citrus CA Community College District GO | 0.000% | 8/1/37 | 2,475 | 1,847 |
| Citrus CA Community College District GO | 0.000% | 8/1/38 | 2,150 | 1,597 |
| Coast CA Community College District GO | 5.000% | 8/1/27 | 5,700 | 6,821 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/27 (4) | 2,535 | 2,976 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/29 (4) | 2,000 | 1,172 |
| Conejo Valley CA Unified School District GO | 0.000% | 8/1/30 (4) | 1,865 | 1,027 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/38 | 3,600 | 4,108 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/20 (Prere.) | 1,085 | 1,258 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/34 | 1,970 | 2,269 |
| Cotati-Rohnert Park CA Unified School District GO | 5.000% | 8/1/44 (4) | 3,000 | 3,372 |
| Cupertino CA Union School District GO | 5.000% | 8/1/36 | 3,000 | 3,517 |
| Del Mar CA Race Track Authority Revenue | 5.000% | 10/1/38 | 1,500 | 1,529 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 3,305 | 3,940 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 1,500 | 1,788 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/25 | 2,000 | 2,257 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/27 | 4,070 | 4,570 |
| Eastern California Municipal Water District Water | ||||
| & Wastewater Revenue VRDO | 0.010% | 12/7/15 | 4,300 | 4,300 |
| El Dorado CA Irrigation District Revenue | 5.250% | 3/1/39 (4) | 7,500 | 8,684 |
| Encinitas CA Community Facilities District | ||||
| No. 1 Special Tax Revenue | 5.000% | 9/1/27 | 1,000 | 1,129 |
| Escondido CA GO | 5.000% | 9/1/30 | 2,030 | 2,409 |
| Escondido CA Union High School District GO | 0.000% | 11/1/20 (14) | 4,000 | 3,568 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/29 (2) | 9,450 | 9,465 |
128
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/32 (2) | 5,000 | 5,007 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/17 (14) | 3,000 | 2,961 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/22 (14) | 3,850 | 3,342 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/23 (14) | 3,590 | 3,012 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/25 (14) | 2,390 | 1,863 |
| Foothill-De Anza CA Community College | ||||
| District GO | 5.000% | 8/1/40 | 10,000 | 11,405 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/42 | 9,000 | 6,982 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.500% | 1/15/43 | 2,200 | 2,597 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 5.750% | 1/15/46 | 13,500 | 15,631 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.000% | 1/15/53 | 6,500 | 7,565 |
| Gavilan CA Joint Community College District GO | 5.500% | 8/1/28 (2) | 90 | 90 |
| Gilroy CA School Facilities Finance Authority | ||||
| Revenue | 5.000% | 8/1/46 | 5,000 | 5,577 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/35 | 5,000 | 5,710 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/40 | 20,000 | 22,580 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/45 | 7,040 | 7,887 |
| Grossmont CA Healthcare District GO | 6.125% | 7/15/21 (Prere.) | 2,500 | 3,144 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/30 | 6,500 | 3,769 |
| Hayward CA Unified School District GO | 5.000% | 8/1/31 (4) | 3,780 | 4,347 |
| Hayward CA Unified School District GO | 5.000% | 8/1/31 (4) | 3,500 | 4,025 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/39 | 1,100 | 1,192 |
| Imperial CA Irrigation District Electric Revenue | 5.000% | 11/1/45 | 4,000 | 4,560 |
| Inland Empire CA Tobacco Securitization | ||||
| Authority Revenue | 0.000% | 6/1/47 | 10,000 | 817 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.010% | 12/1/15 LOC | 707 | 707 |
| Irvine CA Ranch Water District Revenue VRDO | 0.010% | 12/1/15 LOC | 1,300 | 1,300 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax Revenue | ||||
| VRDO | 0.010% | 12/1/15 LOC | 7,100 | 7,100 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/26 (15) | 1,000 | 1,201 |
| Kern CA High School District GO | 6.400% | 8/1/16 (ETM) | 1,815 | 1,889 |
| Kern County CA GO | 5.750% | 8/1/35 (12) | 2,000 | 2,243 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/34 | 1,050 | 1,209 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/36 | 2,450 | 2,607 |
| Las Virgenes CA Unified School District GO | 0.000% | 9/1/26 (14) | 6,140 | 4,483 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 6,155 | 6,156 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 2,500 | 2,500 |
129
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Long Beach CA Airport Revenue | 5.000% | 6/1/40 | 4,440 | 4,966 |
| Long Beach CA Community College District GO | 0.000% | 8/1/34 | 2,520 | 1,207 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.672% | 11/15/26 | 1,800 | 1,715 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.000% | 11/15/29 | 800 | 924 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.000% | 11/15/35 | 1,180 | 1,353 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.500% | 11/15/37 | 2,600 | 3,153 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/26 (2) | 7,570 | 8,945 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/31 (2) | 4,015 | 4,863 |
| Long Beach CA Harbor Revenue | 5.000% | 5/15/39 | 1,500 | 1,739 |
| Long Beach CA Harbor Revenue | 5.000% | 5/15/42 | 2,000 | 2,311 |
| Long Beach CA Unified School District GO | 0.000% | 8/1/26 | 1,870 | 1,342 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/17 (Prere.) | 7,340 | 7,869 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/19 (Prere.) | 3,980 | 4,615 |
| Los Angeles CA Community College District GO | 6.000% | 8/1/19 (Prere.) | 5,160 | 6,075 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/25 | 6,100 | 7,540 |
| Los Angeles CA Community College District GO | 5.000% | 6/1/26 | 3,000 | 3,798 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/28 | 3,500 | 4,212 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/28 | 6,000 | 7,220 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/30 | 5,500 | 6,514 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/33 | 3,500 | 3,760 |
| Los Angeles CA Community College District GO | 5.250% | 8/1/39 | 5,000 | 5,798 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/27 | 5,000 | 5,828 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 5,000 | 5,753 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 3,195 | 3,650 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 14,590 | 16,737 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 16,000 | 18,456 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 4,000 | 4,540 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/38 | 4,500 | 5,153 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 4,070 | 4,503 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 10,000 | 11,806 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 5,000 | 5,943 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 (2) | 10,000 | 10,637 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 (2) | 16,000 | 17,011 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 (2) | 5,000 | 5,305 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/32 | 7,000 | 7,711 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/33 | 2,500 | 2,911 |
130
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.375% | 7/1/34 | 3,000 | 3,345 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/35 | 3,500 | 4,041 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/35 | 5,000 | 5,812 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/36 | 10,000 | 11,547 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/36 | 5,000 | 5,764 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/37 | 1,545 | 1,777 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/38 | 12,365 | 14,112 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/38 | 1,890 | 2,071 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/39 | 4,000 | 4,585 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/39 | 2,000 | 2,302 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 5,000 | 5,739 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 10,150 | 11,505 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 5,000 | 5,675 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/44 | 15,950 | 18,219 |
| Los Angeles CA GO | 5.000% | 9/1/31 | 5,785 | 6,772 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 2,645 | 2,718 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 7,500 | 7,706 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 7,675 | 7,886 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 2,655 | 2,728 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/21 | 3,500 | 3,968 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/24 | 6,275 | 7,168 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 5,000 | 5,712 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 5,000 | 6,127 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 | 8,000 | 9,615 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 5,500 | 6,432 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 | 2,860 | 3,383 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/31 (2) | 2,225 | 2,338 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 8,000 | 8,478 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 5,000 | 5,617 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/34 | 10,000 | 11,510 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/43 | 2,840 | 3,254 |
| 3 Los Angeles County CA Metropolitan | ||||
| Transportation Authority Revenue | ||||
| (Union Station Gateway Project) | 5.000% | 7/1/27 | 2,000 | 2,467 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/21 | 2,000 | 2,394 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 5,000 | 5,912 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 4,000 | 4,001 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 4,000 | 4,001 |
131
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (Prere.) | 1,265 | 1,265 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/37 | 2,750 | 3,112 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/42 | 5,940 | 6,698 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Revenue | 5.500% | 10/1/18 (4) | 900 | 963 |
| Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/35 | 4,000 | 4,633 |
| Los Angeles County CA Schools Regionalized | ||||
| Business Services Corp. COP | 0.000% | 8/1/20 (2) | 2,095 | 1,882 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 7,000 | 9,908 |
| M-S-R California Energy Authority Revenue | 6.500% | 11/1/39 | 3,500 | 4,720 |
| M-S-R California Public Power Agency Revenue | ||||
| (San Juan Project) | 6.750% | 7/1/20 (ETM) | 7,680 | 8,769 |
| Marin CA Healthcare District GO | 5.000% | 8/1/29 | 555 | 668 |
| Marin CA Healthcare District GO | 4.000% | 8/1/45 | 6,355 | 6,519 |
| Marina Coast Water District California | ||||
| Enterprise Revenue | 5.000% | 6/1/37 | 4,085 | 4,612 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/21 | 2,500 | 2,994 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/28 | 4,235 | 4,346 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/31 | 3,000 | 3,373 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/33 | 6,000 | 7,074 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/35 | 2,855 | 3,360 |
| Metropolitan Water District of Southern | ||||
| California Revenue VRDO | 0.010% | 12/7/15 | 1,500 | 1,500 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/26 | 2,085 | 2,541 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/30 | 4,000 | 4,735 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/16 (Prere.) | 2,200 | 2,285 |
| Modesto CA Irrigation District COP | 5.500% | 7/1/35 | 1,000 | 1,063 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/36 (2) | 2,595 | 2,673 |
| Modesto CA Irrigation District Financing Authority | ||||
| Electric Revenue | 5.000% | 10/1/40 | 6,000 | 6,754 |
| Modesto CA Irrigation District Financing Authority | ||||
| Revenue (Woodland Project) | 6.500% | 10/1/22 (ETM) | 6,955 | 8,216 |
| Modesto CA Multifamily Housing Revenue | ||||
| (Westdale Commons Apartments) VRDO | 0.010% | 12/7/15 LOC | 3,900 | 3,900 |
| New Haven CA Unified School District GO | 5.000% | 8/1/27 (15) | 3,000 | 3,580 |
| New Haven CA Unified School District GO | 5.000% | 8/1/28 (15) | 2,000 | 2,367 |
| Newark CA Unified School District GO | 5.000% | 8/1/44 | 6,000 | 6,715 |
| Newport Beach CA Revenue | ||||
| (Hoag Memorial Hospital Presbyterian) | 6.000% | 12/1/21 (Prere.) | 3,525 | 4,438 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/35 | 4,000 | 1,915 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/36 | 1,000 | 460 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/37 | 2,000 | 882 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/38 | 1,000 | 423 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 6.300% | 7/1/18 (14) | 6,700 | 7,212 |
132
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 7.500% | 7/1/21 (Prere.) | 1,810 | 2,234 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/27 | 3,255 | 3,776 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 5.000% | 9/1/25 | 1,825 | 1,947 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 5.000% | 9/1/26 | 1,995 | 2,111 |
| Novato CA Unified School District GO | 5.000% | 8/1/28 | 800 | 958 |
| Oakland CA GO | 5.000% | 1/15/29 | 1,640 | 1,943 |
| Oakland CA GO | 5.000% | 1/15/31 | 3,550 | 4,055 |
| Oakland CA Unified School District GO | 5.000% | 8/1/35 | 2,850 | 3,188 |
| Oakland CA Unified School District GO | 6.625% | 8/1/38 | 1,000 | 1,225 |
| Oakland CA Unified School District GO | 5.000% | 8/1/40 | 500 | 554 |
| Oceanside CA Unified School District GO | 0.000% | 8/1/25 (12) | 6,865 | 5,176 |
| Ohlone CA Community College District GO | 5.250% | 8/1/41 | 5,000 | 5,894 |
| Palmdale CA COP | 5.250% | 9/1/19 (14) | 350 | 351 |
| Palmdale CA COP | 5.250% | 9/1/20 (14) | 345 | 346 |
| Palmdale CA COP | 5.250% | 9/1/21 (14) | 435 | 436 |
| Palmdale CA COP | 5.250% | 9/1/22 (14) | 530 | 531 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.250% | 9/2/22 | 200 | 224 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 5.000% | 9/2/26 | 1,000 | 1,116 |
| Palomar CA Community College District GO | 0.000% | 8/1/24 | 5,125 | 4,147 |
| Palomar Pomerado Health California COP | 6.000% | 11/1/41 | 3,000 | 3,182 |
| Palomar Pomerado Health California GO | 4.500% | 8/1/32 (14) | 12,000 | 12,245 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/33 (12) | 4,000 | 1,946 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/36 | 5,000 | 1,950 |
| Paramount CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project Area No. 1) | 0.000% | 8/1/26 (14) | 3,000 | 2,007 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/34 | 4,000 | 4,590 |
| Peralta CA Community College District Revenue | 5.000% | 8/1/39 | 4,000 | 4,460 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/19 (2) | 1,800 | 1,621 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/21 (2) | 2,920 | 2,437 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/22 (2) | 4,125 | 3,278 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/24 (2) | 1,000 | 718 |
| Pomona CA Unified School District GO | 5.600% | 8/1/16 (ETM) | 1,000 | 1,035 |
| Pomona CA Unified School District GO | 7.500% | 8/1/17 (ETM) | 2,540 | 2,828 |
| Poway CA Unified School District GO | 5.000% | 9/1/25 | 1,840 | 2,103 |
| Poway CA Unified School District GO | 5.000% | 8/1/27 | 5,575 | 6,422 |
| Poway CA Unified School District GO | 5.000% | 9/1/27 | 2,060 | 2,325 |
| Poway CA Unified School District GO | 5.000% | 9/1/31 | 1,375 | 1,522 |
| Poway CA Unified School District GO | 0.000% | 8/1/33 | 5,010 | 2,563 |
| Poway CA Unified School District GO | 5.000% | 9/1/33 | 1,000 | 1,099 |
133
| California Long-Term Tax-Exempt Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value• | |||
| Coupon | Date | ($000) | ($000) | ||
| Poway CA Unified School District GO | 0.000% | 8/1/34 | 8,130 | 3,896 | |
| Poway CA Unified School District GO | 5.000% | 9/1/36 | 700 | 761 | |
| Poway CA Unified School District GO | 0.000% | 8/1/46 | 10,000 | 2,710 | |
| Poway CA Unified School District GO | 0.000% | 8/1/51 | 10,000 | 2,162 | |
| Poway CA Unified School District Public Financing | |||||
| Authority Community Facilities District No. 11 | |||||
| Zones 2 & 3 Special Tax Revenue | 5.000% | 9/15/38 | 1,235 | 1,324 | |
| Poway CA Unified School District Public Financing | |||||
| Authority Community Facilities District No. 11 | |||||
| Zones 2 & 3 Special Tax Revenue | 5.000% | 9/15/43 | 2,485 | 2,657 | |
| Poway CA Unified School District Public Financing | |||||
| Authority Special Tax Revenue | 5.000% | 9/15/24 | 785 | 922 | |
| Poway CA Unified School District Public Financing | |||||
| Authority Special Tax Revenue | 5.000% | 9/15/27 | 1,035 | 1,180 | |
| Poway CA Unified School District Public Financing | |||||
| Authority Special Tax Revenue | 5.000% | 9/1/33 (15) | 1,765 | 2,005 | |
| Rancho Cucamonga CA Redevelopment Agency | |||||
| Successor Agency Tax Allocation Revenue | |||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/29 (4) | 1,800 | 2,102 | |
| 3 | Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/29 | 1,000 | 1,168 | |
| 3 | Redding CA Joint Powers Financing Authority | ||||
| Electric System Revenue | 5.000% | 6/1/31 | 600 | 694 | |
| Redwood City CA Redevelopment Agency | |||||
| Redevelopment Project Area No. 2 Tax | |||||
| Allocation Revenue | 0.000% | 7/15/26 (2) | 3,445 | 2,337 | |
| Rio Hondo CA Community College District GO | 5.000% | 8/1/30 | 6,655 | 7,464 | |
| Rio Hondo CA Community College District GO | 0.000% | 8/1/36 | 16,650 | 7,415 | |
| 4 | Riverside CA Electric Revenue TOB VRDO | 0.010% | 12/1/15 | 2,800 | 2,800 |
| Riverside CA Unified School District Community | |||||
| Facilities District No. 7 (Victoria Grove) Special | |||||
| Tax Revenue | 5.000% | 9/1/31 (2) | 4,000 | 4,111 | |
| Riverside CA Unified School District Financing | |||||
| Authority Revenue | 5.000% | 9/1/21 | 1,280 | 1,484 | |
| Riverside CA Unified School District Financing | |||||
| Authority Revenue | 5.000% | 9/1/22 | 1,335 | 1,564 | |
| Riverside CA Unified School District Financing | |||||
| Authority Revenue | 5.000% | 9/1/24 | 1,440 | 1,661 | |
| Riverside CA Unified School District Financing | |||||
| Authority Revenue | 5.000% | 9/1/28 | 1,795 | 2,009 | |
| Riverside CA Unified School District Financing | |||||
| Authority Revenue | 5.000% | 9/1/29 | 1,880 | 2,096 | |
| Riverside CA Unified School District Financing | |||||
| Authority Revenue | 5.000% | 9/1/32 | 1,375 | 1,516 | |
| Riverside County CA Public Financing Authority | |||||
| Lease Revenue | 5.000% | 11/1/33 | 5,000 | 5,746 | |
| Riverside County CA Public Financing Authority | |||||
| Lease Revenue | 5.250% | 11/1/40 | 5,000 | 5,842 | |
| Riverside County CA Public Financing Authority | |||||
| Lease Revenue | 5.250% | 11/1/45 | 8,000 | 9,318 | |
| Riverside County CA Redevelopment Successor | |||||
| Agency Tax Allocation Revenue | 4.000% | 10/1/37 (4) | 1,500 | 1,526 | |
| Riverside County CA Transportation Commission | |||||
| Sales Tax Revenue VRDO | 0.010% | 12/7/15 | 16,200 | 16,200 | |
| Riverside County CA Transportation Commission | |||||
| Toll Revenue | 0.000% | 6/1/41 | 6,710 | 1,958 | |
| 134 | |||||
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/42 | 2,975 | 827 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/43 | 7,500 | 1,977 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 5.750% | 6/1/48 | 2,000 | 2,275 |
| Roseville CA Financing Authority Electric System | ||||
| Revenue | 5.000% | 2/1/37 | 4,500 | 5,015 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/18 | 620 | 666 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/22 | 1,610 | 1,833 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/28 | 2,450 | 2,820 |
| Roseville CA Special Tax Revenue | 5.000% | 9/1/37 | 1,250 | 1,334 |
| Sacramento CA Area Flood Control Agency Special | ||||
| Assessment Revenue (Natomas Basin Local | ||||
| Assessment) | 5.000% | 10/1/39 (15) | 1,900 | 2,146 |
| Sacramento CA Area Flood Control Agency Special | ||||
| Assessment Revenue (Natomas Basin Local | ||||
| Assessment) | 5.000% | 10/1/44 (15) | 2,000 | 2,246 |
| Sacramento CA Financing Authority Lease Revenue | 5.400% | 11/1/20 (2) | 5,800 | 6,373 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue | 5.000% | 7/1/26 | 5,250 | 6,522 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue | 5.000% | 7/1/27 | 5,000 | 6,158 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/28 | 2,000 | 2,406 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/31 | 1,175 | 1,385 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/32 | 1,195 | 1,405 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/33 | 1,450 | 1,702 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/36 | 3,000 | 3,376 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/42 | 5,000 | 5,607 |
| Sacramento CA Unified School District GO | 5.000% | 8/1/25 (4) | 775 | 950 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 5,000 | 5,119 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 5,650 | 5,784 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 8/1/32 | 1,000 | 1,187 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/35 | 4,920 | 5,678 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/27 (4) | 1,060 | 1,242 |
| San Bernardino CA City Unified School District GO | 0.000% | 8/1/35 (4) | 5,900 | 2,642 |
| San Bernardino CA City Unified School District GO | 0.000% | 8/1/36 (4) | 5,000 | 2,107 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/44 | 20,000 | 5,808 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/45 | 3,500 | 4,008 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/48 | 17,770 | 4,296 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 5,980 | 6,305 |
| San Bernardino County CA Transportation | ||||
| Authority Revenue | 5.000% | 3/1/32 | 4,035 | 4,639 |
| San Diego CA Community College District GO | 5.250% | 8/1/33 | 2,500 | 2,845 |
| San Diego CA Community College District GO | 0.000% | 8/1/36 | 8,000 | 3,594 |
| San Diego CA Community College District GO | 5.000% | 8/1/36 | 2,500 | 2,895 |
135
| California Long-Term Tax-Exempt Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value• | |||
| Coupon | Date | ($000) | ($000) | ||
| San Diego CA Community College District GO | 0.000% | 8/1/38 | 3,510 | 1,447 | |
| San Diego CA Community College District GO | 5.000% | 8/1/41 | 3,000 | 3,447 | |
| San Diego CA Public Facilities Financing Authority | |||||
| Lease Revenue | 5.000% | 10/15/44 | 4,000 | 4,487 | |
| San Diego CA Public Facilities Financing Authority | |||||
| Sewer Revenue | 5.250% | 5/15/34 | 6,000 | 6,780 | |
| San Diego CA Public Facilities Financing Authority | |||||
| Sewer Revenue | 5.250% | 5/15/39 | 7,000 | 7,910 | |
| San Diego CA Public Facilities Financing Authority | |||||
| Water Revenue | 5.750% | 8/1/35 | 2,500 | 2,890 | |
| San Diego CA Public Facilities Financing Authority | |||||
| Water Revenue | 5.250% | 8/1/38 | 1,500 | 1,641 | |
| San Diego CA Public Facilities Financing Authority | |||||
| Water Revenue | 5.500% | 8/1/39 | 5,000 | 5,702 | |
| San Diego CA Unified School District GO | 5.500% | 7/1/24 (14) | 5,000 | 6,427 | |
| San Diego CA Unified School District GO | 5.000% | 7/1/27 | 5,000 | 6,110 | |
| San Diego CA Unified School District GO | 5.000% | 7/1/28 | 7,000 | 8,467 | |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 8,150 | 5,162 | |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 1,500 | 894 | |
| San Diego CA Unified School District GO | 0.000% | 7/1/31 | 1,500 | 847 | |
| San Diego CA Unified School District GO | 0.000% | 7/1/32 | 1,085 | 581 | |
| 3 | San Diego CA Unified School District GO | 4.000% | 7/1/34 | 1,210 | 1,287 |
| San Diego CA Unified School District GO | 5.000% | 7/1/35 | 5,000 | 5,803 | |
| San Diego CA Unified School District GO | 0.000% | 7/1/38 | 4,890 | 1,934 | |
| 3 | San Diego CA Unified School District GO | 4.000% | 7/1/45 | 8,000 | 8,288 |
| San Diego CA Unified School District GO | 0.000% | 7/1/46 | 10,000 | 2,714 | |
| San Diego County CA COP | 5.000% | 10/15/28 | 1,445 | 1,727 | |
| San Diego County CA Regional Airport Authority | |||||
| Revenue | 5.000% | 7/1/26 | 4,000 | 4,576 | |
| San Diego County CA Regional Airport Authority | |||||
| Revenue | 5.000% | 7/1/28 | 3,200 | 3,651 | |
| San Diego County CA Regional Airport Authority | |||||
| Revenue | 5.000% | 7/1/34 | 2,715 | 3,056 | |
| San Diego County CA Regional Airport Authority | |||||
| Revenue | 5.000% | 4/1/37 | 1,500 | 1,681 | |
| San Diego County CA Regional Airport Authority | |||||
| Revenue | 5.000% | 4/1/38 | 2,000 | 2,238 | |
| San Diego County CA Regional Airport Authority | |||||
| Revenue | 5.000% | 7/1/40 | 3,000 | 3,376 | |
| San Diego County CA Regional Airport Authority | |||||
| Revenue | 5.000% | 7/1/43 | 3,540 | 3,956 | |
| San Diego County CA Regional Transportation | |||||
| Commission Sales Tax Revenue VRDO | 0.010% | 12/7/15 | 400 | 400 | |
| San Diego County CA Water Authority Revenue | |||||
| COP | 5.000% | 5/1/18 (Prere.) | 7,275 | 7,988 | |
| 4 | San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.020% | 12/7/15 | 2,510 | 2,510 | |
| San Francisco CA Bay Area Rapid Transit District | |||||
| GO | 5.000% | 8/1/17 (Prere.) | 15,000 | 16,050 | |
| San Francisco CA Bay Area Rapid Transit District | |||||
| GO | 5.000% | 8/1/31 | 7,000 | 8,475 | |
| San Francisco CA Bay Area Rapid Transit District | |||||
| Sales Tax Revenue | 5.000% | 7/1/30 | 1,550 | 1,876 | |
| San Francisco CA Bay Area Rapid Transit District | |||||
| Sales Tax Revenue | 5.000% | 7/1/30 | 2,120 | 2,475 | |
| 136 | |||||
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County COP | 4.000% | 9/1/33 | 5,855 | 6,141 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/25 | 5,220 | 6,148 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/29 | 2,065 | 2,421 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/43 | 8,000 | 9,017 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/44 | 6,000 | 6,777 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.010% | 12/7/15 LOC | 1,200 | 1,200 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/29 | 12,680 | 15,010 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 5,000 | 5,967 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,100 | 1,306 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,205 | 1,431 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/32 | 4,000 | 4,724 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/32 | 1,305 | 1,512 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/33 | 1,370 | 1,580 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/33 | 4,000 | 4,559 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 5,000 | 5,680 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 1,275 | 1,484 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/35 | 2,810 | 3,181 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/35 | 2,605 | 2,932 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/36 | 4,000 | 4,670 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/43 | 10,000 | 11,451 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bay North) | 6.500% | 8/1/39 | 2,000 | 2,284 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bay North) | 6.750% | 8/1/41 | 1,000 | 1,207 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/43 | 3,500 | 3,840 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.250% | 6/15/24 | 4,000 | 4,542 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/32 | 8,365 | 9,501 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 6,000 | 4,372 |
137
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/25 (14) | 6,000 | 4,149 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 5.000% | 1/15/34 | 5,000 | 5,447 |
| San Jose CA Airport Revenue | 5.000% | 3/1/33 (2) | 4,000 | 4,153 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/20 (2) | 3,415 | 3,626 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 (2) | 2,300 | 2,442 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/22 (2) | 3,375 | 3,570 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.500% | 8/1/30 | 850 | 947 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.500% | 8/1/35 | 2,750 | 3,030 |
| San Jose CA Special Hotel Tax Revenue | ||||
| (Convention Center Expansion & | ||||
| Renovation Project) | 6.500% | 5/1/42 | 5,000 | 6,016 |
| San Jose-Evergreen CA Community College | ||||
| District GO | 5.000% | 9/1/40 | 3,850 | 4,413 |
| San Juan CA Unified School District GO | 0.000% | 8/1/16 (4) | 2,000 | 1,994 |
| San Juan CA Unified School District GO | 0.000% | 8/1/18 (4) | 1,785 | 1,729 |
| San Juan CA Unified School District GO | 0.000% | 8/1/20 (4) | 4,930 | 4,568 |
| San Juan CA Unified School District GO | 0.000% | 8/1/23 (4) | 4,540 | 3,777 |
| San Luis Obispo County CA Community College | ||||
| District GO | 5.000% | 8/1/28 | 890 | 1,082 |
| San Luis Obispo County CA Community College | ||||
| District GO | 5.000% | 8/1/32 | 1,395 | 1,649 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/32 | 2,600 | 1,335 |
| San Marcos CA Unified School District GO | 5.000% | 8/1/34 | 5,620 | 6,483 |
| San Marcos CA Unified School District GO | 5.000% | 8/1/38 | 2,835 | 3,255 |
| San Mateo County CA Community College | ||||
| District GO | 5.000% | 9/1/16 (Prere.) | 5,000 | 5,175 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Capital Project Program) | 5.000% | 7/1/21 (14) | 3,500 | 4,068 |
| San Mateo-Foster City CA School District GO | 4.000% | 8/1/44 | 3,250 | 3,388 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/29 (4) | 1,780 | 2,064 |
| San Ramon CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 2/1/38 (15) | 4,000 | 4,470 |
| San Ramon Valley CA Unified School District GO | 4.000% | 8/1/34 | 3,445 | 3,673 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/16 (ETM) | 2,673 | 2,766 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/16 (14) | 3 | 3 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/17 (ETM) | 1,000 | 1,087 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/17 (14) | 1,000 | 1,085 |
| Santa Ana CA Unified School District GO | 0.000% | 8/1/32 (14) | 3,680 | 1,889 |
| Santa Barbara CA Secondary/High School | ||||
| District GO | 0.000% | 8/1/40 | 2,050 | 732 |
| Santa Clara CA Electric Revenue | 6.000% | 7/1/31 | 3,000 | 3,590 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/34 | 4,000 | 4,560 |
| Santa Clara County CA GO | 5.000% | 8/1/28 | 9,000 | 10,756 |
138
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Santa Monica CA Community College District GO | 4.000% | 8/1/31 | 3,000 | 3,249 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/28 | 4,845 | 5,673 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/33 | 1,000 | 1,158 |
| Silicon Valley CA Clean Water Wastewater | ||||
| Revenue | 5.000% | 2/1/39 | 3,090 | 3,540 |
| Silicon Valley CA Clean Water Wastewater | ||||
| Revenue | 5.000% | 8/1/45 | 1,500 | 1,739 |
| Solana Beach CA School District Special Tax | ||||
| Revenue | 5.000% | 9/1/32 | 1,000 | 1,099 |
| Solana Beach CA School District Special Tax | ||||
| Revenue | 5.000% | 9/1/35 | 2,500 | 2,714 |
| Sonoma County CA Junior College District GO | 5.000% | 8/1/27 | 2,000 | 2,403 |
| Sonoma-Marin Area Rail Transportation District | ||||
| California Sales & Use Tax Revenue | 5.000% | 3/1/28 | 3,500 | 4,147 |
| South San Francisco CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/35 (14) | 16,110 | 16,297 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/26 | 3,500 | 4,311 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/29 | 5,000 | 5,720 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/30 | 5,000 | 5,644 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/17 | 1,865 | 1,991 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/28 | 3,580 | 4,167 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/33 | 3,530 | 4,082 |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) | 5.750% | 7/1/21 (14) | 220 | 221 |
| Southern California Public Power Authority | ||||
| Revenue VRDO | 0.010% | 12/7/15 LOC | 14,300 | 14,300 |
| Southwestern California Community College | ||||
| District GO | 5.000% | 8/1/44 | 7,045 | 8,054 |
| State Center California Community College | ||||
| District GO | 5.000% | 8/1/28 | 5,275 | 6,302 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/29 (15) | 1,000 | 1,146 |
| Stockton CA Public Financing Authority Water | ||||
| Revenue (Delta Water Supply Project) | 6.250% | 10/1/38 | 2,150 | 2,620 |
| Stockton CA Unified School District GO | 5.000% | 8/1/38 (4) | 2,500 | 2,818 |
| Suisun City CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/31 (15) | 1,225 | 1,397 |
| Suisun City CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/32 (15) | 1,250 | 1,420 |
| Suisun City CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/33 (15) | 1,280 | 1,452 |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/29 (15) | 4,200 | 4,903 |
| 4 Sweetwater CA Unified School District GO | ||||
| TOB VRDO | 0.030% | 12/7/15 (13) | 700 | 700 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/35 | 3,000 | 2,722 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/37 | 3,785 | 3,425 |
| Tobacco Securitization Authority Revenue | ||||
| (Southern California Tobacco Settlement) | 5.000% | 6/1/37 | 2,155 | 1,987 |
| Torrance CA Hospital Revenue | ||||
| (Torrance Memorial Medical Center) | 5.000% | 9/1/40 | 3,000 | 3,194 |
139
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tulare County CA Transportation Authority | ||||
| Sales Tax Revenue | 4.000% | 2/1/34 | 1,540 | 1,595 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/31 | 2,000 | 2,283 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/35 | 3,000 | 3,353 |
| Turlock CA Irrigation District Revenue | 5.500% | 1/1/41 | 3,445 | 3,978 |
| 3 Tustin CA Community Facilities District Special | ||||
| Tax Revenue | 5.000% | 9/1/37 | 1,000 | 1,111 |
| Tustin CA Unified School District Special | ||||
| Tax Revenue | 5.000% | 9/1/31 | 3,000 | 3,398 |
| Ukiah CA Electric Revenue | 6.250% | 6/1/18 (14) | 2,225 | 2,368 |
| Ukiah CA Unified School District GO | 0.000% | 8/1/32 (10) | 6,425 | 3,182 |
| Union CA Elementary School District GO | 0.000% | 9/1/16 (14) | 1,500 | 1,495 |
| Union CA Elementary School District GO | 0.000% | 9/1/17 (14) | 2,295 | 2,261 |
| Union CA Elementary School District GO | 0.000% | 9/1/18 (14) | 1,630 | 1,578 |
| Union CA Elementary School District GO | 0.000% | 9/1/19 (14) | 1,750 | 1,660 |
| Union CA Elementary School District GO | 0.000% | 9/1/20 (14) | 2,300 | 2,127 |
| Union CA Elementary School District GO | 0.000% | 9/1/21 (14) | 2,000 | 1,786 |
| University of California Regents Medical Center | ||||
| Pooled Revenue VRDO | 0.010% | 12/1/15 | 1,500 | 1,500 |
| University of California Revenue | 4.750% | 5/15/16 (Prere.) | 9,425 | 9,710 |
| University of California Revenue | 5.000% | 5/15/16 (Prere.) | 6,000 | 6,188 |
| University of California Revenue | 5.250% | 5/15/19 (Prere.) | 1,140 | 1,303 |
| University of California Revenue | 5.750% | 5/15/19 (Prere.) | 7,000 | 8,109 |
| University of California Revenue | 5.000% | 5/15/27 | 4,245 | 5,201 |
| University of California Revenue | 5.000% | 5/15/28 | 5,000 | 5,970 |
| University of California Revenue | 5.000% | 5/15/32 | 7,925 | 9,401 |
| University of California Revenue | 5.000% | 5/15/33 | 5,000 | 5,827 |
| University of California Revenue | 4.000% | 5/15/34 | 5,000 | 5,307 |
| University of California Revenue | 5.000% | 5/15/34 | 5,205 | 6,074 |
| University of California Revenue | 5.000% | 5/15/35 | 3,640 | 4,237 |
| University of California Revenue | 5.250% | 5/15/37 | 3,500 | 4,133 |
| University of California Revenue | 5.000% | 5/15/38 | 10,000 | 11,471 |
| University of California Revenue | 5.250% | 5/15/39 | 5,860 | 6,582 |
| University of California Revenue | 5.000% | 5/15/40 | 50 | 53 |
| University of California Revenue | 5.000% | 5/15/40 | 5,000 | 5,751 |
| University of California Revenue PUT | 5.000% | 5/15/23 | 6,500 | 7,920 |
| 4 University of California Revenue TOB VRDO | 0.020% | 12/7/15 | 1,600 | 1,600 |
| Vallecitos CA Water District Water & Wastewater | ||||
| Enterprise Revenue | 5.000% | 7/1/33 | 1,110 | 1,319 |
| Vallecitos CA Water District Water & Wastewater | ||||
| Enterprise Revenue | 5.000% | 7/1/34 | 1,160 | 1,373 |
| Vallecitos CA Water District Water & Wastewater | ||||
| Enterprise Revenue | 5.000% | 7/1/35 | 750 | 885 |
| Vallejo CA Sanitation & Flood Control COP | 5.000% | 7/1/19 (14) | 2,136 | 2,252 |
| Ventura County CA Community College District GO | 5.500% | 8/1/18 (Prere.) | 8,500 | 9,518 |
| Vista CA Joint Powers Financing Authority Revenue | 5.250% | 5/1/37 | 5,000 | 5,819 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/28 (4) | 1,970 | 2,324 |
| Vista CA Unified School District GO | 0.000% | 8/1/28 (14) | 7,425 | 4,937 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/34 | 3,100 | 3,554 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/35 | 2,000 | 2,231 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/40 | 5,000 | 5,577 |
| Washington Township CA Health Care District GO | 5.500% | 8/1/40 | 5,000 | 5,906 |
| Washington Township CA Health Care District GO | 4.000% | 8/1/45 | 3,000 | 3,043 |
140
| California Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/32 | 3,000 | 3,099 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/37 | 1,750 | 1,803 |
| West Contra Costa CA Unified School District GO | 5.250% | 8/1/35 (4) | 7,000 | 8,183 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/40 | 3,000 | 3,382 |
| West Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | 5.000% | 9/1/40 (4) | 2,050 | 2,309 |
| West Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | 5.000% | 9/1/45 (4) | 2,715 | 3,035 |
| Whittier CA Health Facilities Revenue (Presbyterian | ||||
| Intercommunity Hospital Obligated Group) | 5.000% | 6/1/44 | 4,500 | 4,961 |
| Yuba City CA Unified School District GO | 0.000% | 9/1/17 (14) | 2,060 | 2,013 |
| Yuba City CA Unified School District GO | 0.000% | 9/1/19 (14) | 2,270 | 2,108 |
| Yucaipa Valley CA Water District Water System | ||||
| Revenue | 5.000% | 9/1/27 | 1,000 | 1,198 |
| 3,319,429 | ||||
| Guam (0.2%) | ||||
| Guam Government Business Privilege Tax | ||||
| Revenue | 5.000% | 11/15/39 | 4,900 | 5,401 |
| Guam Power Authority Revenue | 5.000% | 10/1/24 | 1,000 | 1,167 |
| 6,568 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $3,095,194) | 3,325,997 | |||
| Amount | ||||
| ($000) | ||||
| Other Assets | ||||
| Investment in Vanguard | 288 | |||
| Receivables for Investment Securities Sold | 2,748 | |||
| Receivables for Accrued Income | 34,309 | |||
| Receivables for Capital Shares Issued | 2,996 | |||
| Other Assets | 2,689 | |||
| Total Other Assets | 43,030 | |||
| Liabilities | ||||
| Payables for Investment Securities Purchased | (27,809) | |||
| Payables for Capital Shares Redeemed | (1,353) | |||
| Payables for Distributions | (3,069) | |||
| Payables to Vanguard | (3,271) | |||
| Other Liabilities | (23) | |||
| Total Liabilities | (35,525) | |||
| Net Assets (100%) | 3,333,502 | |||
141
| California Long-Term Tax-Exempt Fund | |
| At November 30, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 3,161,191 |
| Undistributed Net Investment Income | 11 |
| Accumulated Net Realized Losses | (58,496) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 230,803 |
| Futures Contracts | (7) |
| Net Assets | 3,333,502 |
| Investor Shares—Net Assets | |
| Applicable to 35,054,553 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 424,825 |
| Net Asset Value Per Share—Investor Shares | $12.12 |
| Admiral Shares—Net Assets | |
| Applicable to 240,012,132 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,908,677 |
| Net Asset Value Per Share—Admiral Shares | $12.12 |
• See Note A in Notes to Financial Statements.
1 Adjustable-rate security.
2 Securities with a value of $459,000 have been segregated as initial margin for open futures contracts.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2015.
4 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2015, the aggregate value of these securities was $61,220,000, representing 1.8% of net assets.
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.
142
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.
143
| California Long-Term Tax-Exempt Fund | |
| Statement of Operations | |
| Year Ended | |
| November 30, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 119,456 |
| Total Income | 119,456 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 328 |
| Management and Administrative—Investor Shares | 656 |
| Management and Administrative—Admiral Shares | 2,671 |
| Marketing and Distribution—Investor Shares | 83 |
| Marketing and Distribution—Admiral Shares | 292 |
| Custodian Fees | 35 |
| Auditing Fees | 34 |
| Shareholders’ Reports—Investor Shares | 28 |
| Shareholders’ Reports—Admiral Shares | 14 |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 4,143 |
| Net Investment Income | 115,313 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 23,934 |
| Futures Contracts | (622) |
| Realized Net Gain (Loss) | 23,312 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (9,037) |
| Futures Contracts | (7) |
| Change in Unrealized Appreciation (Depreciation) | (9,044) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 129,581 |
See accompanying Notes, which are an integral part of the Financial Statements.
144
| California Long-Term Tax-Exempt Fund | ||
| Statement of Changes in Net Assets | ||
| Year Ended November 30, | ||
| 2015 | 2014 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 115,313 | 110,134 |
| Realized Net Gain (Loss) | 23,312 | 14,250 |
| Change in Unrealized Appreciation (Depreciation) | (9,044) | 168,028 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 129,581 | 292,412 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (14,513) | (14,611) |
| Admiral Shares | (100,743) | (95,523) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (115,256) | (110,134) |
| Capital Share Transactions | ||
| Investor Shares | 26,333 | (18,021) |
| Admiral Shares | 221,898 | 202,997 |
| Net Increase (Decrease) from Capital Share Transactions | 248,231 | 184,976 |
| Total Increase (Decrease) | 262,556 | 367,254 |
| Net Assets | ||
| Beginning of Period | 3,070,946 | 2,703,692 |
| End of Period1 | 3,333,502 | 3,070,946 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $11,000 and $0.
See accompanying Notes, which are an integral part of the Financial Statements.
145
| California Long-Term Tax-Exempt Fund | |||||
| Financial Highlights | |||||
| Investor Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $12.07 | $11.31 | $12.24 | $11.24 | $11.01 |
| Investment Operations | |||||
| Net Investment Income | . 428 | .442 | .450 | .459 | .473 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .050 | .760 | (.930) | 1.000 | .230 |
| Total from Investment Operations | .478 | 1.202 | (.480) | 1.459 | .703 |
| Distributions | |||||
| Dividends from Net Investment Income | (.428) | (.442) | (. 450) | (.459) | (.473) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.428) | (.442) | (. 450) | (.459) | (.473) |
| Net Asset Value, End of Period | $12.12 | $12.07 | $11.31 | $12.24 | $11.24 |
| Total Return1 | 4.03% | 10.79% | -3.96% | 13.20% | 6.60% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $425 | $397 | $390 | $487 | $441 |
| Ratio of Total Expenses to Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.55% | 3.75% | 3.86% | 3.89% | 4.33% |
| Portfolio Turnover Rate | 17% | 14% | 14% | 16% | 14% |
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 | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $12.07 | $11.31 | $12.24 | $11.24 | $11.01 |
| Investment Operations | |||||
| Net Investment Income | . 438 | .451 | .459 | .468 | .482 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .050 | .760 | (.930) | 1.000 | .230 |
| Total from Investment Operations | .488 | 1.211 | (.471) | 1.468 | .712 |
| Distributions | |||||
| Dividends from Net Investment Income | (.438) | (.451) | (.459) | (.468) | (.482) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.438) | (.451) | (.459) | (.468) | (.482) |
| Net Asset Value, End of Period | $12.12 | $12.07 | $11.31 | $12.24 | $11.24 |
| Total Return1 | 4.12% | 10.87% | -3.88% | 13.29% | 6.68% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,909 | $2,674 | $2,314 | $2,589 | $2,234 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.63% | 3.83% | 3.94% | 3.97% | 4.41% |
| Portfolio Turnover Rate | 17% | 14% | 14% | 16% | 14% |
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
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California Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard California Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. 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 clearing-house, 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 settlement values 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 year ended November 30, 2015, the fund’s average investments in long and short futures contracts represented 0% and less than 1% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
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, 2012–2015), 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 (“Vanguard”) participate in a $3 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 November 30, 2015, 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. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2015, the fund had contributed to Vanguard capital in the amount of $288,000, 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 employees, respectively, 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.
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California Long-Term Tax-Exempt Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of November 30, 2015, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 3,325,997 | — |
| Futures Contracts—Assets1 | 11 | — | — |
| Futures Contracts—Liabilities1 | (14) | — | — |
| Total | (3) | 3,325,997 | — |
| 1 Represents variation margin on the last day of the reporting period. |
D. At November 30, 2015, 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) |
| 30-Year U.S. Treasury Bond | March 2016 | (46) | (7,084) | (7) |
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 used capital loss carryforwards of $22,840,000 to offset taxable capital gains realized during the year ended November 30, 2015. At November 30, 2015, the fund had available capital losses totaling $55,398,000 to offset future net capital gains of $25,890,000 through November 30, 2017, $12,571,000 through November 30, 2018, and $16,937,000 through November 30, 2019.
At November 30, 2015, the cost of investment securities for tax purposes was $3,098,298,000. Net unrealized appreciation of investment securities for tax purposes was $227,699,000, consisting of unrealized gains of $228,733,000 on securities that had risen in value since their purchase and $1,034,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended November 30, 2015, the fund purchased $819,787,000 of investment securities and sold $523,312,000 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: | ||||
| Year Ended November 30, | ||||
| 2015 | 2014 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 104,834 | 8,697 | 95,707 | 8,114 |
| Issued in Lieu of Cash Distributions | 12,399 | 1,027 | 12,021 | 1,019 |
| Redeemed | (90,900) | (7,546) | (125,749) | (10,719) |
| Net Increase (Decrease)—Investor Shares | 26,333 | 2,178 | (18,021) | (1,586) |
| Admiral Shares | ||||
| Issued | 456,285 | 37,855 | 425,159 | 36,189 |
| Issued in Lieu of Cash Distributions | 64,275 | 5,322 | 59,972 | 5,081 |
| Redeemed | (298,662) | (24,790) | (282,134) | (24,130) |
| Net Increase (Decrease) —Admiral Shares | 221,898 | 18,387 | 202,997 | 17,140 |
H. Management has determined that no material events or transactions occurred subsequent to November 30, 2015, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard California Tax-Free Funds and the Shareholders of Vanguard California Tax-Exempt Money Market Fund, Vanguard California Intermediate-Term Tax-Exempt Fund and Vanguard California Long-Term Tax-Exempt Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard California Tax-Exempt Money Market Fund, Vanguard California Intermediate-Term Tax-Exempt Fund and Vanguard California Long-Term Tax-Exempt Fund (constituting Vanguard California Tax-Free Funds, hereafter referred to as the “Funds”) at November 30, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2015 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 13, 2016
Special 2015 tax information (unaudited) for Vanguard California Tax-Exempt Funds
This information for the fiscal year ended November 30, 2015, is included pursuant to provisions of the Internal Revenue Code.
Each fund designates 100% of its income dividends as exempt-interest dividends.
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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| Six Months Ended November 30, 2015 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 5/31/2015 | 11/30/2015 | Period | |
| Based on Actual Fund Return | |||
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,000.05 | $0.30 |
| California Intermediate-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,022.62 | $1.12 |
| Admiral Shares | 1,000.00 | 1,023.08 | 0.66 |
| California Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,029.75 | $1.07 |
| Admiral Shares | 1,000.00 | 1,030.17 | 0.66 |
| Based on Hypothetical 5% Yearly Return | |||
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,024.77 | $0.30 |
| California Intermediate-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,023.97 | $1.12 |
| Admiral Shares | 1,000.00 | 1,024.42 | 0.66 |
| California Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,024.02 | $1.07 |
| Admiral Shares | 1,000.00 | 1,024.42 | 0.66 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the California Tax-Exempt Money Market Fund, 0.06%; for the California Intermediate-Term Tax-Exempt Fund, 0.22% for Investor Shares and 0.13% for Admiral Shares; and for the California Long-Term Tax-Exempt Fund, 0.21% for Investor Shares and 0.13% 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 (183/365).
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Glossary
7-Day SEC Yield and 30-Day SEC Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average 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.
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Credit Quality. For Vanguard money market funds, the Distribution by Credit Quality table includes tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody’s, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. 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). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available. Not rated securities include a fund’s investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 194 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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).
Executive Officers
Glenn Booraem
Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team
Mortimer J. Buckley
Kathleen C. Gubanich
Paul A. Heller
Martha G. King
John T. Marcante
Chris D. McIsaac
James M. Norris
Thomas M. Rampulla
Glenn W. Reed
Karin A. Risi
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder 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.
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Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Scott C. Malpass, and André F. Perold.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended November 30, 2015: $97,000
Fiscal Year Ended November 30, 2014: $93,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2015: $7,000,200
Fiscal Year Ended November 30, 2014: $6,605,127
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2015: $2,899,096
Fiscal Year Ended November 30, 2014: $2,176,479
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended November 30, 2015: $353,389
Fiscal Year Ended November 30, 2014: $316,869
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended November 30, 2015: $202,313
Fiscal Year Ended November 30, 2014: $198,163
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2015: $555,702
Fiscal Year Ended November 30, 2014: $515,032
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
| By: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: January 19, 2016 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
| By: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: January 19, 2016 | |
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
| By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: January 19, 2016 | |
* 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.