N-CSRS 1 ca_final.htm CA SEMI ANNUAL REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-4474

 

Name of Registrant: Vanguard California Tax-Free Funds

 

Address of Registrant:

P.O. Box 2600

Valley Forge, PA 19482

 

Name and address of agent for service:

Heidi Stam, Esquire

P.O. Box 876

Valley Forge, PA 19482

 

Registrant’s telephone number, including area code: (610) 669-1000

 

Date of fiscal year end: November 30

 

Date of reporting period: December 1, 2007–May 31, 2008

 

Item 1: Reports to Shareholders

 


 

>  For the six months ended May 31, 2008, Vanguard California Tax-Exempt Money Market Fund returned 1.2%, outperforming the average return of its peers.

>  Investor Shares of California Intermediate-Term Tax-Exempt Fund returned 1.3% (Admiral Shares, 1.4%), and both the Investor and Admiral Shares of California Long-Term Tax-Exempt Fund returned 0.5%; the funds bested the average returns of their respective competitor funds but lagged their benchmark indexes.

>  The fiscal half-year was an unusual period for municipal bonds—marked by high volatility and yields that surpassed those of Treasury bonds.

 

Contents

 

 

 

Your Fund’s Total Returns

1

Chairman’s Letter

2

Advisor’s Report

7

California Tax-Exempt Money Market Fund

10

California Intermediate-Term Tax-Exempt Fund

31

California Long-Term Tax-Exempt Fund

59

About Your Fund’s Expenses

81

Trustees Approve Advisory Arrangement

83

Glossary

84

 

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

 

 

Your Fund’s Total Returns

 

Six Months Ended May 31, 2008

 

 

 

Ticker

Total

 

Symbol

Returns

Vanguard California Tax-Exempt Money Market Fund

VCTXX

1.2%

7-Day SEC Yield: 1.61%

 

 

Taxable-Equivalent Yield: 2.73%1

 

 

Average California Tax-Exempt Money Market Fund2

 

1.0   

 

 

 

Vanguard California Intermediate-Term Tax-Exempt Fund

 

 

Investor Shares

VCAIX

1.3%

30-Day SEC Yield: 3.60%

 

 

Taxable-Equivalent Yield: 6.11%1

 

 

Admiral™ Shares3

VCADX

1.4   

30-Day SEC Yield: 3.67%

 

 

Taxable-Equivalent Yield: 6.23%1

 

 

Lehman 7 Year Municipal Bond Index

 

2.3   

Average California Intermediate Municipal Debt Fund2

 

1.2   

 

 

 

Vanguard California Long-Term Tax-Exempt Fund

 

 

Investor Shares

VCITX

0.5%

30-Day SEC Yield: 4.09%

 

 

Taxable-Equivalent Yield: 6.94%1

 

 

Admiral Shares3

VCLAX

0.5   

30-Day SEC Yield: 4.16%

 

 

Taxable-Equivalent Yield: 7.06%1

 

 

Lehman 10 Year Municipal Bond Index

 

1.7   

Average California Municipal Debt Fund2

 

–0.2   

 

 

1  This calculation, which assumes a typical itemized tax return, is based on the maximum federal tax rate of 35% and the maximum state of California income tax rate. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation.

2  Derived from data provided by Lipper Inc.

3  A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund.

 

1

 


 

Chairman’s Letter

 

Dear Shareholder,

The fiscal half-year ended May 31, 2008, was an unusual time in the municipal bond market. The prices and yields of tax-exempt bonds experienced high volatility—a tangential effect of the crisis in the market for taxable securities backed by subprime mortgage loans. In February and March, yields of municipal bonds exceeded those of their U.S. Treasury bond counterparts across the maturity spectrum, a rare occurrence.

The Vanguard California Tax-Exempt Money Market Fund returned 1.2% for the six months, the Intermediate-Term Tax-Exempt Fund returned 1.3%, and the Long-Term Tax-Exempt Fund returned 0.5%—a consequence of upheaval among longer-term municipal bonds during the period. Given the greater risk, we would generally expect longer-term bond funds to return more than shorter-term funds over meaningful periods of time. Each Vanguard fund outpaced the average return of competitive funds. All returns and yields are for Investor Shares.

The Tax-Exempt Money Market Fund’s 7-day SEC yield was 1.61% as of May 31, down from 3.43% six months earlier. The change reflected a general fall in short-term interest rates that was engineered by the Federal Reserve Board. For investors in the highest income tax bracket, the taxable-equivalent yield declined to 2.73%.

 

2

 

Yields for the longer-term funds declined only slightly. The Intermediate-Term Tax-Exempt Fund’s 30-day SEC yield was 3.60% (compared with 3.79% six months earlier), producing a taxable-equivalent yield of 6.11%. The Long-Term Tax-Exempt Fund yielded 4.09% pre-tax (compared with 4.14% six months earlier), for a taxable-equivalent yield of 6.94%.

Please note: Although the California Tax-Exempt Money Market Fund’s income distributions are expected to be exempt from federal and California state income taxes, a portion of these distributions may be subject to the alternative minimum tax (AMT). The California Intermediate-Term and Long-Term Tax-Exempt Funds own no bonds that would generate income subject to the AMT.

 

Greater economic uncertainty set the tone for stocks and bonds

The municipal bond market wasn’t alone in struggling to find its footing during the fiscal half-year. The broader bond market, and the stock market as well, were shaken as oil prices climbed to record highs, the housing market worsened, and consumers grew increasingly wary of spending. With the subprime-fueled credit crisis continuing to play out, heightened economic uncertainty became the norm.

In an effort to revive the slowing economy and increase liquidity in the credit markets, the Federal Reserve Board lowered its target for the federal funds rate in five separate actions, to 2.0%. At the end of the period, the Fed continued to face the

 

Market Barometer

 

 

 

 

 

 

Total Returns

 

 

Periods Ended May 31, 2008

 

Six Months

One Year

Five Years1

Bonds

 

 

 

Lehman U.S. Aggregate Bond Index (Broad taxable market)

1.5%

6.9%

3.8%

Lehman Municipal Bond Index

1.4   

3.9   

3.7   

Citigroup 3-Month Treasury Bill Index

1.3   

3.6   

3.0   

 

 

 

 

Stocks

 

 

 

Russell 1000 Index (Large-caps)

–3.8%

–6.2%

10.4%

Russell 2000 Index (Small-caps)

–1.9   

–10.5   

12.5   

Dow Jones Wilshire 5000 Index (Entire market)

–3.6   

–6.1   

11.0   

MSCI All Country World Index ex USA (International)

–3.2   

3.0   

22.1   

 

 

 

 

CPI

 

 

 

Consumer Price Index

3.1%

4.2%

3.4%

 

 

1  Annualized.

 

3

 

delicate task of balancing its efforts to stimulate the economy with rising concerns about inflationary pressures.

In this environment, many fixed income investors favored the relative safety of U.S. Treasury bonds. The resulting “flight to quality” pressured the prices of taxable and tax-exempt bonds, and both types of bonds experienced unusual volatility during the period.

Bonds nevertheless outpaced stocks. The broad taxable bond market returned 1.5%, close to the broad municipal bond market’s 1.4%. By contrast, the broad U.S. stock market returned –3.6% for the period, a disappointing result, but one that was buoyed by a recovery in April and May.

Growth stocks outperformed value stocks, and international stocks generally kept pace with U.S. stocks.

In a challenging environment, a traditional relationship returned

In recent months, the subprime-mortgage crisis that erupted in mid-2007 has continued to spill into other areas of the credit markets in indirect, but very real, ways. The municipal bond market was no exception. Credit standards tightened and investors’ appetite for risk diminished, creating an environment that favored Treasury bonds above all else, even high-quality bonds issued by financially strong states and municipalities.

 

Annualized Expense Ratios1

 

 

 

Your Fund Compared With Its Peer Group

 

 

 

 

Investor

Admiral

Peer

 

Shares

Shares

Group

California Tax-Exempt Fund

 

 

 

Money Market

0.10%

—   

0.60%

Intermediate-Term

0.15   

0.08%

0.93   

Long-Term

0.15   

0.08   

1.08   

 

 

1  Fund expense ratios reflect the six months ended May 31, 2008. Peer groups are: for the California Tax-Exempt Money Market Fund, the Average California Tax-Exempt Money Market Fund; for the California Intermediate-Term Tax-Exempt Fund, the Average California Intermediate Municipal Debt Fund; and for the California Long-Term Tax-Exempt Fund, the Average California Municipal Debt Fund. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2007.

 

4

 

Early in 2008, investors grew increasingly concerned about firms that write insurance for municipal bonds. Several insurers had exposure to subprime debt and faced financial problems and rating downgrades. This prompted many investors to move out of municipal bonds, even though the insurers’ problems did not affect the credit quality of the munis themselves. It was a difficult period for municipal issues, as prices fell sharply. The Lehman Municipal Bond Index returned –4.6% in February, one of the worst months ever for the tax-exempt bond market.

These dislocations produced a steeper yield curve during the six-month period. Yields for short-term munis fell, reflecting the Fed’s interest-rate policy, while those for long-term munis rose slightly. At the same time, investors’ continuing preference for Treasuries placed downward pressure on Treasury yields across the maturity spectrum, most sharply at the short end.

These dynamics upended the generally stable relationship between yields of Treasuries and municipals. Typically, Treasury yields are higher than muni yields, but the traditional gap had begun to narrow as the fiscal half-year began, and by February and March municipal yields surpassed Treasuries across the spectrum of bond maturities. From that point, the yield relationship between Treasuries and munis began to slip back toward normalcy.

For the fiscal period, the California Tax-Exempt Money Market Fund returned 1.2% while maintaining a net asset value of $1, a price that is expected but not guaranteed.

 

The Investor Shares of the California Intermediate-Term Tax-Exempt Fund and Long-Term Tax-Exempt Fund returned 1.3% and 0.5%, respectively, as the income portion of each fund’s return counteracted a share-price decline triggered by investors’ concern over the muni-bond insurers. The Intermediate-Term Tax-Exempt Fund edged past the 1.2% average return of competitive funds, while the Long-Term Tax-Exempt Fund posted a positive return compared with the –0.2% average result for its peer-group funds.

The Vanguard California Tax-Exempt Funds’ returns reflect an emphasis on the market’s highest-quality securities, prudent management strategies, and a significant cost advantage (see the table on page 4).

Short-term disruptions don’t change long-term strategies

The municipal bond market has traditionally been a relatively quiet corner of the larger fixed income universe. Bonds issued by state or local governments don’t often create exciting headlines. But as we’ve seen over the recent fiscal period, surprises can occur even in typically staid segments of the market.

At Vanguard, we believe the best way to weather short-term market disruptions is to stick to long-term investment strategies. For the bond portion of Vanguard portfolios, this includes a focus on low-cost, high-quality investments guided by an experienced team of portfolio managers and credit analysts (who, it should be noted, assess the quality of bonds independent of outside rating agencies and bond insurers). For California investors in higher tax brackets,

 

5

 

we believe the Vanguard California Tax-Exempt Funds are an excellent way to carry out such a strategy.

As I close this report to you, it’s my pleasure to introduce the funds’ new president, F. William McNabb III. Bill is a man of great character and integrity who is intimately familiar with all aspects of Vanguard—from how we serve our clients to how we invest for them.

Bill and I have worked together very closely for more than two decades. I’m thrilled that the funds’ board elected him president, effective March 1, and designated him to succeed me as chief executive officer, a role he will assume within a year, after an orderly transition. Bill and the rest of our team will serve you and our other clients extremely well in the years ahead.

Thank you for entrusting your assets with Vanguard.

Sincerely,

 


 

John J. Brennan

Chairman and Chief Executive Officer

June 16, 2008

 

 

Your Fund’s Performance at a Glance

November 30, 2007–May 31, 2008

 

 

 

Distributions Per Share

 

Starting

Ending

Income

Capital

 

Share Price

Share Price

Dividends

Gains

Vanguard California Tax-Exempt Fund

Money Market

$1.00

$1.00

$0.012

$0.000

Intermediate-Term

 

 

 

 

Investor Shares

$10.92

$10.85

$0.214

$0.000

Admiral Shares

10.92

10.85

0.217

0.000

Long-Term

 

 

 

 

Investor Shares

$11.46

$11.26

$0.252

$0.000

Admiral Shares

11.46

11.26

0.256

0.000

 

 

6

 

Advisor’s Report

 

For the fiscal half-year ended May 31, 2008, Vanguard California Tax-Exempt Money Market Fund returned 1.2%, topping the average return of its peers. Investor Shares of the California Intermediate-Term Tax-Exempt Fund returned 1.3% and Admiral Shares returned 1.4%. Both share classes of the California Long-Term Tax-Exempt Fund returned 0.5%. The intermediate-term and long-term funds bested the average returns of their peers, but lagged their benchmark indexes.

The investment environment

When our reporting period began, credit-market activity was at a near-standstill. Widespread concern about the valuations of some mortgage-backed securities created turmoil and pushed borrowers and lenders to the market’s sidelines.

 

The Federal Reserve Board’s aggressive response—which was also influenced by a slowdown in economic activity—began in September and continued throughout our fiscal half-year. In a series of cuts, the Fed reduced its target for the federal funds rate from 4.75% on September 18 to 2.00% on April 30, where it remained. (In January, the Fed cut the target by an unprecedented 1.25 percentage points within the space of two weeks.) The Fed also reduced its discount rate, which is the rate it charges for its loans to banks, and coordinated with other countries’ central banks to provide additional funding to eligible financial institutions.

A variety of factors came together during the six months to create a much steeper Treasury yield curve: the Fed’s interest

 

Yields of Municipal Securities

 

 

(AAA-Rated General-Obligation Issues)

 

 

 

November 30,

May 31,

Maturity

2007

2008

2 years

3.18%

2.28%

5 years

3.26   

3.01   

10 years

3.62   

3.67   

30 years

4.32   

4.53   

 

 

7

 

rate actions, investors’ flight to quality, and—in recent months—fears of inflation, which have nudged longer-term yields higher. Reflecting trends in the Treasury market, as well as concern about the financial strength of municipal bond insurers, the municipal-bond yield curve steepened as well. Some of the muni insurers lost their AAA credit ratings because of exposure to subprime-mortgage-related investments, triggering a widening in the yields between higher-quality and lower-quality tax-exempt bonds.

The net effect was to reduce the prices of tax-exempt bonds to extraordinarily attractive levels. Despite munis’ significant tax advantages, yields of 30-year AAA-rated municipal bonds exceeded those for 30-year U.S. Treasury bonds by the end of April. For comparison, a year earlier the muni’s yield was 85% of the Treasury’s yield, which is more typical. The relative “cheapness” of munis caught the eye of many investors, leading to a significant rally during April and May that drove the muni/Treasury yield ratio to 96% by May 31—still an attractive relationship.

 

The muni market’s fast-changing dynamics were reflected in the supply of new issues. During calendar-year 2007, states and municipalities issued a record $427 billion worth of securities, up 10% over the previous year. Much of the increase came at the start of the year. Late in the year, the relatively high yields demanded by investors and concerns about bond insurers restrained new issuance. In recent months, however, nationwide supply has rebounded, with much of it coming from issuers that exited the troubled auction-rate securities market to seek financing with conventional fixed-rate bonds. (The auction-rate securities market—an arcane, but important, source of tax-exempt financing—virtually stopped functioning as a result of problems with bond insurers.)

Countering that trend, however, was the reluctance of some states to refinance outstanding debt because of the relative cheapness of municipal bonds. In California’s case, during the fiscal half-year the issuance of new tax-exempt debt declined about 14%, to $34.6 billion, from the same period a year earlier.

 

 

8

 

Management of the funds

Reflecting the swift decline in short-term interest rates during the fiscal half-year, the yield of California Tax-Exempt Money Market Fund declined by about a third, to 1.61%. By contrast, the yields of California Intermediate-Term Tax-Exempt Fund and Long-Term Tax-Exempt Fund declined only slightly, to 3.60% for Investor Shares (3.67% for Admiral Shares) and 4.09% for Investor Shares (4.16% for Admiral Shares), respectively. The funds’ total returns outpaced the average returns of their respective peer-group funds.

Our customary emphasis on securities that are rated at the highest quality in the bond market gave us confidence in our investments during the municipal market’s dislocations, particularly as investors began to doubt the strength of certain bond insurers. Our decision to invest—or not—in any insured bond or money market instrument is based on the quality of the underlying tax-exempt issuer, not on that of the insurer. Our experienced municipal credit group diligently evaluates all potential holdings. We believe that shareholders can continue to rely on our rigorous review and oversight process.

A final note: A cloud of uncertainty was lifted from the tax-exempt market on May 19, when the U.S. Supreme Court upheld, in the case of Kentucky v. Davis, the right of a state to exempt from its income tax the interest that residents earn on municipal bonds issued in that state.

Kathryn T. Allen, Principal

Reid O. Smith, CFA, Principal

Vanguard Fixed Income Group

June 19, 2008

 

 

9

 

California Tax-Exempt Money Market Fund

 

Fund Profile

As of May 31, 2008

 

Financial Attributes

 

 

 

Yield1

1.6%

Average Weighted Maturity

25 days

Average Quality2

MIG-1

Expense Ratio

0.10%3

 

Distribution by Credit Quality4 (% of portfolio)

 

 

 

MIG-1/A-1+/SP-1+/F-1+

76.4%

 

P-1/A-1/SP-1/F-1

19.6   

 

AAA

3.8   

 

MIG-2

0.0   

 

A

0.2   

 

 

1  7-day SEC yield. See the Glossary on pages 84–85.

2  Moody’s Investors Service.

3  Annualized.

4  Ratings: Moody’s Investors Service, Standard & Poor’s, Fitch.

See pages 84–85 for a glossary of investment terms.

 

 

10

 

California Tax-Exempt Money Market Fund

 

Performance Summary

 

Investment returns will fluctuate. All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) The returns shown do not reflect taxes that a shareholder would pay on fund distributions. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund. The annualized yield shown reflects the current earnings of the fund more closely than do the average annual returns.

 

Fiscal Year Total Returns (%): November 30, 1997–May 31, 2008

 

 

Average

 

 

Fund1

Fiscal

Total

Total

Year

Return

Return

1998

3.1%

2.8%

1999

2.8   

2.4   

2000

3.4   

3.1   

2001

2.6   

2.2   

2002

1.3   

0.9   

2003

0.9   

0.5   

2004

1.1   

0.6   

2005

2.2   

1.7   

2006

3.2   

2.8   

2007

3.6   

3.1   

20082

1.2   

1.0   

7-Day SEC Yield (5/31/2008): 1.61%

 

 

 

Average Annual Total Returns: Periods Ended March 31, 2008

This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.

 

 

Inception Date

One Year

Five Years

Ten Years

California Tax-Exempt Money Market Fund3

6/1/1987

3.31%

2.29%

2.40%

 

 

1  Returns for the Average California Tax-Exempt Money Market Fund are derived from data provided by Lipper Inc.

2  Six months ended May 31, 2008.

3  Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.

Note: See Financial Highlights table on page 28 for dividend information.

 

 

11

 

California Tax-Exempt Money Market Fund

 

Financial Statements (unaudited)

 

Statement of Net Assets

As of May 31, 2008

 

The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

 

 

 

 

 

 

Face

Market

 

 

 

Maturity

 

Amount

Value•

 

 

Coupon

Date

 

($000)

($000)

Municipal Bonds (100.7%)

 

 

 

 

 

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California (Charleston Project) VRDO

1.010%

6/2/08

LOC

23,495

23,495

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California (Computer History Museum) VRDO

1.570%

6/6/08

LOC

7,000

7,000

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California (La Jolla Day School) VRDO

1.550%

6/6/08

LOC

11,800

11,800

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California (Oshman Family Jewish Community) VRDO

1.010%

6/2/08

LOC

10,500

10,500

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California (San Francisco Friends) VRDO

1.350%

6/6/08

LOC

24,000

24,000

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California (Valley Christian Schools) VRDO

1.380%

6/6/08

LOC

10,200

10,200

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California (Zoological Society San Diego Zoo) VRDO

1.350%

6/6/08

LOC

34,825

34,825

1

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California Multifamily Rev. TOB VRDO

1.740%

6/6/08

 

23,735

23,735

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

 

 

California (Acacia Creek) VRDO

1.200%

6/2/08

 

33,625

33,625

1

Anaheim CA Public Finance Auth. Rev. TOB VRDO

1.640%

6/6/08

(4)

3,500

3,500

1

Anaheim CA Public Finance Auth. Rev. TOB VRDO

1.640%

6/6/08

(1)

10,885

10,885

1

Anaheim CA Public Finance Auth. Rev. TOB VRDO

1.770%

6/6/08

(1)

6,995

6,995

 

Antelope Vallet (East Kern California) VRDO

1.280%

6/6/08

LOC

12,000

12,000

1

Arcadia CA USD TOB VRDO

1.620%

6/6/08

(4)

8,480

8,480

1

Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO

1.540%

6/6/08

 

6,930

6,930

1

Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO

1.550%

6/6/08

 

7,485

7,485

1

Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO

1.550%

6/6/08

 

40,550

40,550

1

Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO

1.550%

6/6/08

 

2,900

2,900

1

Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO

1.590%

6/6/08

 

11,200

11,200

1

Bay Area Toll Auth. CA Toll Bridge Rev. TOB VRDO

1.620%

6/6/08

 

15,810

15,810

 

 

 

 

California Communities NT Program NT Participation

 

 

 

 

 

 

(County of Riverside) TRAN

4.500%

6/30/08

 

75,000

75,050

1

California Dept. of Veteran Affairs TOB VRDO

1.640%

6/6/08

 

9,770

9,770

1

California Dept. of Veteran Affairs TOB VRDO

2.010%

6/6/08

 

8,315

8,315

1

California Dept. of Water Resources Water

 

 

 

 

 

 

System Rev. TOB VRDO

1.590%

6/6/08

 

20,265

20,265

1

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(California Institute of Technology) TOB VRDO

1.550%

6/6/08

 

19,800

19,800

1

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(California Institute of Technology) TOB VRDO

1.550%

6/6/08

(Prere.)

7,215

7,215

 

 

12

 

California Tax-Exempt Money Market Fund

 

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(California Institute of Technology) VRDO

1.210%

6/6/08

 

20,000

20,000

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(California Institute of Technology) VRDO

1.250%

6/6/08

 

18,300

18,300

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Pomona College) VRDO

1.320%

6/6/08

 

13,040

13,040

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) CP

1.470%

6/24/08

 

8,050

8,050

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) CP

1.800%

8/4/08

 

40,000

40,000

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) CP

1.800%

8/6/08

 

40,000

40,000

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) CP

1.700%

8/7/08

 

33,000

33,000

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) CP

1.520%

8/27/08

 

42,851

42,851

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) VRDO

1.150%

6/2/08

 

13,750

13,750

1

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) VRDO

1.350%

6/6/08

 

7,565

7,565

1

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) VRDO

1.350%

6/6/08

 

4,580

4,580

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Stanford Univ.) VRDO

1.350%

6/6/08

 

15,468

15,468

 

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Univ. of San Francisco) VRDO

1.300%

6/6/08

LOC

7,425

7,425

1

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Univ. of Southern California) TOB VRDO

1.540%

6/6/08

 

24,750

24,750

1

California Educ. Fac. Auth. Rev.

 

 

 

 

 

 

(Univ. of Southern California) TOB VRDO

1.620%

6/6/08

 

4,250

4,250

1

California Educ. Fac. Auth. Rev. TOB VRDO

1.550%

6/5/08

 

7,735

7,735

1

California Educ. Fac. Auth. Rev. TOB VRDO

1.590%

6/6/08

 

20,615

20,615

 

California GO

5.000%

6/1/08

 

16,820

16,820

 

California GO CP

2.000%

6/3/08

 

40,000

40,001

 

California GO CP

2.100%

6/3/08

 

34,000

34,000

 

California GO CP

1.300%

6/5/08

 

16,700

16,700

 

California GO CP

1.810%

6/6/08

 

30,000

30,000

 

California GO CP

1.200%

7/2/08

 

41,700

41,700

 

California GO CP

1.260%

7/2/08

 

37,500

37,500

1

California GO TOB VRDO

1.540%

6/6/08

(Prere.)

21,405

21,405

1

California GO TOB VRDO

1.600%

6/6/08

(13)

2,500

2,500

1

California GO TOB VRDO

1.600%

6/6/08

(13)(11)

9,200

9,200

1

California GO TOB VRDO

1.600%

6/6/08

(13)(4)(1)

17,730

17,730

1,2

California GO TOB VRDO

1.610%

6/6/08

(4)

25,000

25,000

1

California GO TOB VRDO

1.610%

6/6/08

(12)

6,230

6,230

1

California GO TOB VRDO

1.620%

6/6/08

(4)

12,965

12,965

1

California GO TOB VRDO

1.650%

6/6/08

(1)

5,220

5,220

 

California GO VRDO

1.300%

6/6/08

LOC

3,400

3,400

 

California GO VRDO

1.350%

6/6/08

LOC

22,500

22,500

 

California GO VRDO

1.380%

6/6/08

LOC

39,300

39,300

 

California GO VRDO

1.400%

6/6/08

LOC

37,840

37,840

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

 

(Adventist Health System West Sutter Health)

 

 

 

 

 

 

 

 

 

VRDO

1.450%

6/6/08

LOC

11,800

11,800

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

 

(Adventist Health System West Sutter Health)

 

 

 

 

 

 

VRDO

1.450%

6/6/08

LOC

7,900

7,900

 

 

13

 

California Tax-Exempt Money Market Fund

 

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West) VRDO

1.290%

6/6/08 LOC

4,220

4,220

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West) VRDO

1.290%

6/6/08 LOC

25,000

25,000

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West) VRDO

1.380%

6/6/08 LOC

58,300

58,300

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West) VRDO

2.650%

6/6/08 (1)

7,300

7,300

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Memorial Health Services) VRDO

1.750%

6/6/08

76,075

76,075

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Pitzer College) VRDO

1.320%

6/6/08 LOC

7,665

7,665

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Stanford Hospital) PUT

1.800%

6/15/09

30,000

30,000

1

California Health Fac. Finance Auth. Rev. TOB VRDO

1.590%

6/6/08

7,880

7,880

1

California Health Fac. Finance Auth. Rev. TOB VRDO

1.640%

6/6/08

4,700

4,700

1

California Health Fac. Finance Auth. Rev. TOB VRDO

1.810%

6/6/08

25,000

25,000

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. (Multi-Family Housing III) VRDO

1.640%

6/6/08

6,800

6,800

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. (Multi-Family Housing III) VRDO

1.640%

6/6/08

21,800

21,800

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.350%

6/2/08

26,645

26,645

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.350%

6/2/08

39,905

39,905

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.350%

6/2/08

30,000

30,000

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.400%

6/2/08

7,300

7,300

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

2.800%

6/2/08 (1)

31,155

31,155

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.500%

6/6/08

52,620

52,620

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.500%

6/6/08

16,115

16,115

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.550%

6/6/08

22,080

22,080

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.550%

6/6/08

15,000

15,000

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.600%

6/6/08 (4)

3,500

3,500

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.600%

6/6/08 (4)

4,200

4,200

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.600%

6/6/08

74,500

74,500

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.630%

6/6/08

59,935

59,935

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. VRDO

1.640%

6/6/08 (4)

30,275

30,275

1

California Housing Finance Agency Home

 

 

 

 

 

Mortgage TOB VRDO

1.630%

6/6/08

7,500

7,500

1

California Housing Finance Agency Home

 

 

 

 

 

Mortgage TOB VRDO

1.650%

6/6/08

12,860

12,860

1

California Housing Finance Agency Home

 

 

 

 

 

Mortgage TOB VRDO

1.770%

6/6/08

7,500

7,500

 

14

 

 

California Tax-Exempt Money Market Fund

 

1

California Housing Finance Agency Home

 

 

 

 

 

Mortgage TOB VRDO

2.210%

6/6/08

9,875

9,875

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage VRDO

1.350%

6/2/08

15,000

15,000

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage VRDO

1.350%

6/2/08

20,000

20,000

 

California Housing Finance Agency Home

 

 

 

 

 

Mortgage VRDO

1.400%

6/2/08

23,520

23,520

 

California Housing Finance Agency

 

 

 

 

 

Multifamily Housing VRDO

1.400%

6/2/08

25,000

25,000

 

California Housing Finance Agency

 

 

 

 

 

Single Family Mortgage Rev. VRDO

1.500%

6/6/08

41,365

41,365

 

California Housing Finance Agency

 

 

 

 

 

Single Family Mortgage Rev. VRDO

1.500%

6/6/08

58,400

58,400

 

California Housing Finance Agency

 

 

 

 

 

Single Family Mortgage Rev. VRDO

1.630%

6/6/08

7,320

7,320

 

California Housing Finance Agency

 

 

 

 

 

Single Family Mortgage Rev. VRDO

1.680%

6/6/08

50,855

50,855

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Rand Corp.) VRDO

1.400%

6/6/08 LOC

5,100

5,100

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Asian Art Museum) VRDO

1.650%

6/2/08 (1)

26,050

26,050

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Contemporary Jewish Museum) VRDO

1.000%

6/2/08 LOC

27,140

27,140

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (J. Paul Getty Trust) VRDO

1.150%

6/2/08

31,725

31,725

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (J. Paul Getty Trust) VRDO

1.250%

6/2/08

22,975

22,975

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (J. Paul Getty Trust) VRDO

1.400%

6/2/08

35,425

35,425

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Jewish Community Center) VRDO

1.000%

6/2/08 LOC

33,500

33,500

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Los Angeles County Museum) VRDO

1.250%

6/2/08 LOC

7,895

7,895

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Los Angeles County Museum) VRDO

1.250%

6/2/08 LOC

6,300

6,300

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Prinsco Inc. Project) VRDO

1.550%

6/6/08 LOC

10,000

10,000

 

California Infrastructure & Econ. Dev. Bank Rev. PUT

1.700%

4/1/09

12,000

12,000

 

California Infrastructure & Econ. Dev. Bank Rev. PUT

1.700%

4/1/09

6,000

6,000

 

California Infrastructure & Econ. Dev. Bank Rev. PUT

1.700%

4/1/09

17,000

17,000

 

California Infrastructure & Econ. Dev. Bank Rev. PUT

1.700%

4/1/09

8,800

8,800

1

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. TOB VRDO

1.600%

6/6/08 LOC(Prere.)

5,960

5,960

1

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. TOB VRDO

1.640%

6/6/08 (Prere.)

11,135

11,135

1

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. TOB VRDO

1.640%

6/6/08 (2)(Prere.)

44,740

44,740

 

California Muni. Financing Auth. Exempt

 

 

 

 

 

Facs. Rev. (Exxon Mobil) VRDO

1.020%

6/2/08

29,305

29,305

 

 

 

 

California RAN

4.000%

6/30/08

78,000

78,042

 

California Rural Home Mortgage Finance

 

 

 

 

 

Auth. Single Family Mortgage Rev. VRDO

1.410%

6/2/08

20,135

20,135

 

California School Cash Reserve Program

 

 

 

 

 

Auth. Pool TRAN

4.250%

7/1/08 (2)

87,000

87,044

 

15

 

California Tax-Exempt Money Market Fund

 

1

California State Dept. of Water Resources

 

 

 

 

 

 

Power Supply Rev. TOB VRDO

2.970%

6/6/08

(2)

26,475

26,475

 

California State Dept. of Water Resources

 

 

 

 

 

 

Power Supply Rev. VRDO

1.400%

6/2/08

LOC

31,805

31,805

 

California State Dept. of Water Resources

 

 

 

 

 

 

Power Supply Rev. VRDO

1.200%

6/6/08

LOC

3,500

3,500

 

California State Dept. of Water Resources

 

 

 

 

 

 

Power Supply Rev. VRDO

1.280%

6/6/08

LOC

16,640

16,640

 

California State Dept. of Water Resources

 

 

 

 

 

 

Power Supply Rev. VRDO

1.300%

6/6/08

LOC

18,550

18,550

 

California State Dept. of Water Resources

 

 

 

 

 

 

Power Supply Rev. VRDO

1.330%

6/6/08

LOC

41,730

41,730

 

California State Dept. of Water Resources

 

 

 

 

 

 

Power Supply Rev. VRDO

1.350%

6/6/08

LOC

5,195

5,195

 

California State Dept. of Water Resources

 

 

 

 

 

 

Power Supply Rev. VRDO

1.480%

6/6/08

LOC

108,900

108,900

 

California State Econ. Recovery Bonds

3.000%

7/1/08

 

50,000

50,046

 

California State Econ. Recovery Bonds

3.000%

1/1/09

 

129,005

130,531

 

California State Econ. Recovery Bonds

5.000%

1/1/09

 

7,190

7,358

 

California State Econ. Recovery Bonds PUT

5.000%

7/1/08

 

12,925

12,941

1

California State Econ. Recovery Bonds TOB VRDO

1.810%

6/6/08

 

51,800

51,800

1

California State Econ. Recovery Bonds TOB VRDO

1.810%

6/6/08

 

13,000

13,000

 

California State Econ. Recovery Bonds VRDO

1.100%

6/6/08

LOC

28,200

28,200

1

California State GO TOB VRDO

1.780%

6/6/08

(4)

4,330

4,330

 

California State Univ. Institute CP

2.100%

6/2/08

LOC

5,141

5,141

1

California State Univ. Rev. Systemwide TOB VRDO

1.660%

6/6/08

(4)

4,950

4,950

1

California State Univ. Rev. Systemwide TOB VRDO

1.600%

6/6/08

(4)

6,700

6,700

1

California State Univ. TOB VRDO

1.590%

6/6/08

(13)

42,420

42,420

1

California State Univ. TOB VRDO

1.600%

6/6/08

(13)

19,925

19,925

1

California State Univ. TOB VRDO

1.600%

6/6/08

(4)

650

650

1

California State Univ. TOB VRDO

1.610%

6/6/08

(2)(4)

67,455

67,455

1

California State Univ. TOB VRDO

1.640%

6/6/08

(4)

3,000

3,000

1

California State Univ. TOB VRDO

2.120%

6/6/08

(1)LOC

2,970

2,970

 

California Statewide Communities Dev. Auth. PUT

2.600%

11/19/08

 

4,325

4,328

1

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Multifamily Housing (Casa Real Apartments)

 

 

 

 

 

 

TOB VRDO

1.740%

6/6/08

 

18,035

18,035

1

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Multifamily Housing TOB VRDO

1.610%

6/6/08

 

34,450

34,450

1

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Multifamily Housing TOB VRDO

1.720%

6/6/08

LOC

22,000

22,000

1

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Multifamily Housing TOB VRDO

1.870%

6/6/08

LOC

8,090

8,090

 

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Multifamily Rev. (Knoll Apartments) VRDO

1.600%

6/6/08

LOC

12,715

12,715

 

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Multifamily Rev. (Valley Palms Apartments) VRDO

1.600%

6/6/08

LOC

13,500

13,500

 

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Rev. (American Baptist Homes West) VRDO

1.380%

6/6/08

LOC

7,100

7,100

 

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Rev. (Azusa Pacific Univ. Project) VRDO

1.490%

6/6/08

LOC

20,000

20,000

 

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Rev. (Health Fac. Catholic) VRDO

1.290%

6/6/08

LOC

40,000

40,000

 

 

 

 

California Statewide Community Dev. Auth.

 

 

 

 

 

 

Rev. (John Muir Health Services) VRDO

1.250%

6/2/08

LOC

6,000

6,000

 

 

16

 

California Tax-Exempt Money Market Fund

 

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

(John Muir Health Services) VRDO

1.400%

6/2/08 LOC

3,800

3,800

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

(Kaiser Permanente) VRDO

1.340%

6/6/08

21,300

21,300

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

(Kaiser Permanente) VRDO

1.360%

6/6/08

26,800

26,800

1

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

(Salk Institute) TOB VRDO

1.660%

6/6/08 (1)

5,610

5,610

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

(Touro Univ. Project) VRDO

1.500%

6/6/08 LOC

2,000

2,000

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

(Univ. of San Diego) VRDO

1.490%

6/6/08 LOC

18,415

18,415

1

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

COP TOB VRDO

1.640%

6/6/08 (4)

10,595

10,595

1

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

TOB VRDO

1.590%

6/6/08

23,400

23,400

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

VRDO

1.280%

6/6/08 (12)

10,000

10,000

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

VRDO

1.350%

6/6/08 LOC

15,000

15,000

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

VRDO

1.350%

6/6/08

42,275

42,275

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

VRDO

1.350%

6/6/08 LOC

9,500

9,500

 

California Statewide Community Dev. Auth. Rev.

 

 

 

 

 

VRDO

1.500%

6/6/08 LOC

15,000

15,000

 

Calleguas-Las Virgines CA Public Financing

 

 

 

 

 

Auth. Rev. (Muni Water Dist. Project) VRDO

1.280%

6/6/08 LOC

8,825

8,825

 

Castaic Lake CA Water Agency Rev. COP VRDO

1.280%

6/6/08 LOC

4,600

4,600

 

Central Basin Muni. Water Dist. CA COP VRDO

1.290%

6/6/08 LOC

3,400

3,400

1

Chaffey CA Community College Dist. TOB VRDO

1.640%

6/6/08 (1)

9,815

9,815

 

Clovis CA USD GO

0.000%

8/1/08 (Prere.)

14,265

14,214

 

Contra Costa CA Housing Finance Agency Home

 

 

 

 

 

Mortgage Rev. (Park Regency) VRDO

1.600%

6/6/08 LOC

42,200

42,200

 

Contra Costa County CA MFH Pleasant Hill PUT

3.650%

8/1/08

25,000

25,000

1

Desert CA Community College Dist. TOB VRDO

1.620%

6/6/08 (4)

4,000

4,000

 

Dublin San Ramon CA Services Dist. East Bay Muni.

 

 

 

 

 

Util. Dist. Recycled Water Auth. CP

1.680%

7/10/08 LOC

45,000

45,000

 

East Bay CA Muni. Util. Dist. Waste Water

 

 

 

 

 

 

 

 

System Rev. CP

1.400%

7/10/08

35,600

35,600

 

East Bay CA Muni. Util. Dist. Waste Water

 

 

 

 

 

System Rev. VRDO

1.250%

6/6/08

10,000

10,000

 

East Bay CA Muni. Util. Dist. Waste Water

 

 

 

 

 

System Rev. VRDO

1.290%

6/6/08

6,900

6,900

 

East Bay CA Muni. Util. Dist. Waste Water

 

 

 

 

 

System Rev. VRDO

1.330%

6/6/08

6,925

6,925

 

East Bay CA Muni. Util. Dist. Waste Water

 

 

 

 

 

System Rev. VRDO

1.280%

6/6/08

10,000

10,000

 

East Bay CA Muni. Util. Dist. Water System Rev. CP

1.750%

7/7/08

17,000

17,000

 

East Bay CA Muni. Util. Dist. Water System Rev. CP

1.850%

7/10/08

35,000

35,000

1

East Bay CA Muni. Util. Dist. Water System

 

 

 

 

 

Rev.TOB VRDO

1.590%

6/6/08 (4)

37,800

37,800

1

East Bay CA Muni. Util. Dist. Water System

 

 

 

 

 

Rev.TOB VRDO

1.590%

6/6/08 (1)(4)

19,800

19,800

 

Eastern California Muni. Water. Dist.

 

 

 

 

 

Water & Sewer Rev. VRDO

1.350%

6/6/08

11,800

11,800

 

 

17

 

California Tax-Exempt Money Market Fund

 

 

Eastern California Muni. Water. Dist.

 

 

 

 

 

 

Water & Sewer Rev. VRDO

1.350%

6/6/08

 

10,600

10,600

1

El Monte CA High School Dist. TOB VRDO

1.660%

6/6/08

(4)

10,790

10,790

 

Escondido CA Community Dev. COP

 

 

 

 

 

 

(Escondido Community Dev.) VRDO

1.550%

6/6/08

LOC

8,600

8,600

1

Escondido CA GO TOB VRDO

1.700%

6/6/08

(13)(1)

5,300

5,300

 

Evergreen CA School Dist. GO

5.625%

9/1/08

(Prere.)

6,300

6,424

 

Fresno County CA TRAN

4.500%

6/30/08

 

60,000

60,039

1

Golden State Tobacco Securitization Corp.

 

 

 

 

 

 

California TOB VRDO

1.660%

6/6/08

(Prere.)

44,865

44,865

1

Golden West Schools Funding Auth. CA TOB VRDO

1.630%

6/6/08

(1)

7,230

7,230

1

Golden West Schools Funding Auth. CA TOB VRDO

1.650%

6/6/08

(1)

6,145

6,145

 

Grant CA Joint Union High School Dist VRDO

1.550%

6/6/08

(4)

2,000

2,000

1

Hacienda La Puente CA USD TOB PUT

1.620%

6/6/08

(4)

7,525

7,525

1

Huntington Beach CA Union High School

 

 

 

 

 

 

Dist.GO TOB VRDO

1.760%

6/6/08

(1)(4)

6,725

6,725

 

Irvine CA Assessment Dist. Improvement

 

 

 

 

 

 

Bonds (Northwest Irvine) VRDO

1.250%

6/2/08

LOC

9,665

9,665

 

Irvine CA Assessment Dist. Improvement

 

 

 

 

 

 

Bonds (Oak Creek) VRDO

1.250%

6/2/08

LOC

9,200

9,200

 

Irvine CA Assessment Dist. Improvement

 

 

 

 

 

 

Bonds VRDO

1.000%

6/2/08

LOC

14,328

14,328

 

Kern County CA TRAN

4.500%

6/30/08

 

52,000

52,035

1

Lodi CA USD GO TOB VRDO

1.600%

6/6/08

(4)

10,190

10,190

1

Long Beach CA Harbor Rev. TOB VRDO

1.640%

6/6/08

LOC

7,685

7,685

1

Long Beach CA Harbor Rev. TOB VRDO

1.650%

6/6/08

(1)

21,590

21,590

1

Long Beach CA Harbor Rev. TOB VRDO

1.970%

6/6/08

(1)

9,745

9,745

1

Long Beach CA Harbor Rev. TOB VRDO

2.010%

6/6/08

(1)

16,195

16,195

 

Long Beach CA Harbor Rev. VRDO

1.600%

6/6/08

(1)

84,570

84,570

 

Long Beach CA Water Rev. CP

1.450%

6/9/08

 

8,000

8,000

 

Los Angeles CA Community College Dist. GO

4.000%

8/1/08

 

17,000

17,020

1

Los Angeles CA Community College Dist. GO

 

 

 

 

 

 

TOB VRDO

1.640%

6/6/08

(3)(4)

6,500

6,500

 

Los Angeles CA Community Redev. Agency COP

 

 

 

 

 

 

(Baldwin Hills Public Park) VRDO

1.450%

6/6/08

LOC

11,400

11,400

 

Los Angeles CA Community Redev.

 

 

 

 

 

 

Agency Multifamily Housing Rev.

 

 

 

 

 

 

(Hollywood &Vine Apartments) VRDO

1.600%

6/6/08

 

25,000

25,000

1

Los Angeles CA Community Redev.

 

 

 

 

 

 

Agency Multifamily Housing Rev. (The

 

 

 

 

 

 

Alexandria)TOB VRDO

1.640%

6/6/08

 

20,390

20,390

 

Los Angeles CA Dept. of Airports

 

 

 

 

 

 

International Airport CP

1.800%

6/4/08

LOC

20,200

20,200

 

Los Angeles CA Dept. of Airports

 

 

 

 

 

 

International Airport CP

0.960%

6/5/08

LOC

7,000

7,000

 

Los Angeles CA Dept. of Airports

 

 

 

 

 

 

International Airport Rev. VRDO

1.300%

6/6/08

LOC

20,000

20,000

 

Los Angeles CA Dept. of Water & Power Rev. CP

1.400%

6/12/08

 

10,000

10,000

1

Los Angeles CA Dept. of Water & Power

 

 

 

 

 

 

Rev.TOB VRDO

1.590%

6/6/08

(2)(4)

7,000

7,000

1

Los Angeles CA Dept. of Water & Power

 

 

 

 

 

 

Rev.TOB VRDO

1.600%

6/6/08

(4)

25,000

25,000

 

 

 

1

Los Angeles CA Dept. of Water & Power

 

 

 

 

 

 

Rev.TOB VRDO

1.620%

6/6/08

(4)

5,050

5,050

1

Los Angeles CA Dept. of Water & Power

 

 

 

 

 

 

Rev.TOB VRDO

1.620%

6/6/08

(4)

15,595

15,595

 

 

18

 

California Tax-Exempt Money Market Fund

 

1

Los Angeles CA Dept. of Water & Power

 

 

 

 

 

 

Rev.TOB VRDO

1.720%

6/6/08

(1)

8,350

8,350

 

Los Angeles CA Dept. of Water & Power Rev. VRDO

1.250%

6/6/08

 

52,350

52,350

 

Los Angeles CA Dept. of Water & Power Rev. VRDO

1.250%

6/6/08

 

43,000

43,000

 

Los Angeles CA Dept. of Water & Power Rev. VRDO

1.300%

6/6/08

 

35,130

35,130

 

Los Angeles CA Dept. of Water & Power Rev. VRDO

1.300%

6/6/08

 

51,300

51,300

 

Los Angeles CA Dept. of Water & Power Rev. VRDO

1.310%

6/6/08

 

22,000

22,000

 

Los Angeles CA Dept. of Water & Power Rev. VRDO

1.330%

6/6/08

 

20,000

20,000

1

Los Angeles CA Harbor Dept. Rev. TOB VRDO

1.630%

6/6/08

(1)

7,390

7,390

1

Los Angeles CA Harbor Dept. Rev. TOB VRDO

1.640%

6/6/08

(4)

6,250

6,250

 

Los Angeles CA Multifamily Housing Rev.

 

 

 

 

 

 

(Fountain Park) VRDO

1.650%

6/6/08

LOC

18,468

18,468

 

Los Angeles CA Multifamily Housing Rev.

 

 

 

 

 

 

(San Regis) VRDO

1.650%

6/6/08

LOC

23,600

23,600

 

Los Angeles CA Single Family Mortgage Rev. VRDO

1.680%

6/6/08

 

12,935

12,935

1

Los Angeles CA TOB VRDO

1.600%

6/6/08

(4)

12,735

12,735

 

Los Angeles CA USD (Belmont Learning

 

 

 

 

 

 

Complex)VRDO

1.350%

6/6/08

LOC

20,200

20,200

 

Los Angeles CA USD COP VRDO

1.270%

6/6/08

(4)

26,425

26,425

1

Los Angeles CA USD GO TOB VRDO

1.590%

6/6/08

(4)

12,050

12,050

1

Los Angeles CA USD GO TOB VRDO

1.600%

6/6/08

(1)(Prere.)

16,740

16,740

1

Los Angeles CA USD GO TOB VRDO

1.600%

6/6/08

(4)

14,770

14,770

1

Los Angeles CA USD GO TOB VRDO

1.600%

6/6/08

(3)(4)

51,975

51,975

1

Los Angeles CA USD GO TOB VRDO

1.630%

6/6/08

(2)

3,830

3,830

1

Los Angeles CA USD GO TOB VRDO

1.640%

6/6/08

(4)

6,800

6,800

1

Los Angeles CA USD GO TOB VRDO

1.770%

6/6/08

(1)

10,025

10,025

1

Los Angeles CA USD GO TOB VRDO

1.870%

6/6/08

(2)

4,495

4,495

 

Los Angeles CA USD TRAN

4.000%

12/29/08

 

50,000

50,232

 

Los Angeles CA Wastewater System Rev. CP

1.900%

8/6/08

 

30,000

30,000

1

Los Angeles CA Wastewater System Rev.

 

 

 

 

 

 

TOB VRDO

1.590%

6/6/08

(4)

32,750

32,750

1

Los Angeles CA Wastewater System Rev.

 

 

 

 

 

 

TOB VRDO

1.600%

6/6/08

(4)

17,075

17,075

1

Los Angeles CA Wastewater System Rev.

 

 

 

 

 

 

TOB VRDO

1.630%

6/6/08

(1)

29,035

29,035

1

Los Angeles CA Wastewater System Rev.

 

 

 

 

 

 

TOB VRDO

1.640%

6/6/08

(1)

25,000

25,000

1

Los Angeles CA Wastewater System Rev.

 

 

 

 

 

 

TOB VRDO

1.640%

6/6/08

(1)

19,730

19,730

 

Los Angeles CA Wastewater System Rev. VRDO

1.330%

6/6/08

LOC

11,730

11,730

 

Los Angeles CA Wastewater System Rev. VRDO

1.350%

6/6/08

LOC

25,000

25,000

 

Los Angeles CA Wastewater System Rev. VRDO

1.380%

6/6/08

LOC

8,600

8,600

 

Los Angeles CA Wastewater System Rev. VRDO

1.400%

6/6/08

LOC

14,440

14,440

 

Los Angeles CA Wastewater System Rev. VRDO

1.430%

6/6/08

LOC

8,780

8,780

 

Los Angeles County CA Housing Auth.

 

 

 

 

 

 

 

 

 

Multifamily Housing Rev. VRDO

1.500%

6/6/08

LOC

12,500

12,500

 

Los Angeles County CA Housing Auth.

 

 

 

 

 

 

Multifamily Housing Rev. VRDO

1.600%

6/6/08

LOC

6,205

6,205

 

Los Angeles County CA Metro. Transp. Auth. CP

1.900%

8/6/08

 

10,000

10,000

1

Los Angeles County CA Metro. Transp. Auth.

 

 

 

 

 

 

Sales Tax Rev. TOB VRDO

1.690%

6/6/08

(1)

9,655

9,655

 

Los Angeles County CA Metro. Transp. Auth.

 

 

 

 

 

 

Sales Tax Rev. VRDO

2.150%

6/6/08

(1)

29,905

29,905

 

Los Angeles County CA Public Works

 

 

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/08

(1)

6,225

6,280

 

Los Angeles County CA TRAN

4.500%

6/30/08

 

81,000

81,055

 

 

19

 

California Tax-Exempt Money Market Fund

 

 

Manteca CA Redev. Agency Tax

 

 

 

 

 

 

Allocation Rev. VRDO

1.250%

6/2/08

LOC

5,550

5,550

1

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. TOB VRDO

1.540%

6/6/08

 

38,950

38,950

1

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. TOB VRDO

1.550%

6/6/08

 

20,750

20,750

1

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. TOB VRDO

1.590%

6/6/08

 

7,050

7,050

1

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. TOB VRDO

1.630%

6/6/08

 

8,750

8,750

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.230%

6/6/08

 

19,790

19,790

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.250%

6/6/08

 

21,300

21,299

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.250%

6/6/08

 

19,000

19,000

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.250%

6/6/08

 

21,890

21,890

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.260%

6/6/08

 

10,400

10,400

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.290%

6/6/08

 

33,300

33,300

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.300%

6/6/08

 

32,055

32,055

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.300%

6/6/08

 

22,415

22,415

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.330%

6/6/08

 

19,300

19,300

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.330%

6/6/08

 

34,400

34,400

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.350%

6/6/08

 

6,440

6,440

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.350%

6/6/08

 

61,000

61,000

 

Metro. Water Dist. of Southern

 

 

 

 

 

 

California Rev. VRDO

1.380%

6/6/08

 

50,000

50,000

 

Mission Viejo CA Community Dev.

 

 

 

 

 

 

Financing Auth. (Mission Viejo Mall Improvement) VRDO

1.380%

6/6/08

LOC

27,500

27,500

 

Mt. Diablo CA USD TRAN

4.000%

11/29/08

 

10,000

10,034

1

Natomas CA USD GO TOB VRDO

1.700%

6/6/08

(13)

8,740

8,740

1

New Haven CA USD TOB VRDO

1.600%

6/6/08

(12)

10,630

10,630

 

Newport Beach CA Rev.

 

 

 

 

 

 

(Hoag Memorial Hosp.) PUT

1.800%

6/1/09

 

61,800

61,800

 

Newport Beach CA Rev.

 

 

 

 

 

 

(Hoag Memorial Hosp.) VRDO

1.270%

6/6/08

 

21,000

21,000

1

Oakland CA Redev. Agency

 

 

 

 

 

 

Tax Allocation (Central Dist.) VRDO

1.600%

6/6/08

LOC

13,710

13,710

 

Oakland CA TRAN

4.500%

7/11/08

 

35,000

35,031

 

Oceanside CA Multifamily Housing

 

 

 

 

 

 

Rev. (Lakeridge Apartments) VRDO

1.320%

6/6/08

LOC

36,940

36,940

 

Orange County CA Local CP

1.000%

8/5/08

LOC

4,400

4,400

 

Orange County CA Sanitation Dist. COP VRDO

1.100%

6/2/08

 

114,675

114,675

 

 

 

 

Orange County CA Water Dist. COP VRDO

1.300%

6/6/08

 

25,000

25,000

 

Otay CA Water Dist. (Capital Project) COP VRDO

1.430%

6/6/08

LOC

9,400

9,400

1

Palmdale CA Community Redev.

 

 

 

 

 

 

Agency Single Family Mortgage TOB VRDO

1.770%

6/6/08

(7)(Prere.)

5,775

5,775

 

 

20

 

 

 

California Tax-Exempt Money Market Fund

 

 

Pittsburg CA Redev. Agency Tax Allocation

 

 

 

 

 

 

(Los Medanos Community Dev.) VRDO

1.250%

6/2/08

LOC

6,000

6,000

1

Placentia-Yorba Linda CA USD Rev. TOB VRDO

1.590%

6/6/08

 

16,250

16,250

 

Port of Oakland CA CP

1.410%

7/3/08

LOC

26,405

26,405

 

Rancho CA Water Dist. Finance Auth. Rev. VRDO

1.350%

6/6/08

LOC

10,500

10,500

1

Rancho Santiago CA Community

 

 

 

 

 

 

College Dist. TOB VRDO

1.760%

6/6/08

(4)

17,940

17,940

 

Redlands CA Multifamily Rev.

 

 

 

 

 

 

(Orange Village Apartments Project) VRDO

1.880%

6/6/08

LOC

5,950

5,950

 

Riverside CA CTFS Partner VRDO

1.350%

6/6/08

LOC

19,500

19,500

1

Riverside CA Electric Rev. TOB VRDO

1.620%

6/6/08

(4)

4,500

4,500

1

Riverside CA Electric Rev. TOB VRDO

1.640%

6/6/08

(4)

5,000

5,000

 

Riverside CA Electric Rev. VRDO

1.400%

6/6/08

LOC

15,000

15,000

 

Riverside CA Electric Rev. VRDO

1.400%

6/6/08

LOC

70,000

70,000

 

Riverside CA Water Rev. VRDO

1.350%

6/6/08

 

13,500

13,500

 

Roseville CA Electric System Rev. COP VRDO

1.300%

6/6/08

LOC

17,500

17,500

1

Sacramento CA Area Flood Control

 

 

 

 

 

 

Agency TOB VRDO

1.660%

6/6/08

(2)

4,565

4,565

1

Sacramento CA Housing Auth.

 

 

 

 

 

 

Multifamily Rev. TOB VRDO

1.630%

6/6/08

 

9,435

9,435

 

Sacramento CA Muni. Util. Dist. Rev. CP

1.850%

7/7/08

 

6,500

6,500

1

Sacramento CA Muni. Util. Dist. Rev. TOB VRDO

1.600%

6/6/08

(4)

9,905

9,905

1

Sacramento CA Muni. Util. Dist. Rev. TOB VRDO

1.620%

6/6/08

(3)(4)

15,925

15,925

 

Sacramento CA Suburban Water Dist.

 

 

 

 

 

 

COP VRDO

1.290%

6/6/08

LOC

6,200

6,200

 

Sacramento County CA (Administration

 

 

 

 

 

 

Center & Courthouse) VRDO

1.400%

6/6/08

LOC

25,925

25,925

1

Sacramento County CA Sanitation Dist.

 

 

 

 

 

 

Financing Auth. Rev. TOB VRDO

1.600%

6/6/08

(12)

13,330

13,330

1

Sacramento County CA Sanitation Dist.

 

 

 

 

 

 

Financing Auth. Rev. TOB VRDO

1.600%

6/6/08

LOC

3,025

3,025

1

Sacramento County CA Sanitation Dist.

 

 

 

 

 

 

Financing Auth. TOB VRDO

1.640%

6/6/08

(1)

15,380

15,380

1

Sacramento County CA Sanitation Dist.

 

 

 

 

 

 

Financing Auth. TOB VRDO

1.700%

6/6/08

(2)

10,375

10,375

1

Sacramento County CA Sanitation Dist.

 

 

 

 

 

 

Financing Auth. TOB VRDO

1.700%

6/6/08

(2)

7,000

7,000

1

Sacramento County CA Sanitation Dist.

 

 

 

 

 

 

Financing Auth. TOB VRDO

1.770%

6/6/08

(1)

3,995

3,995

 

Sacramento County CA TRAN

4.250%

7/9/08

 

50,000

50,031

1

San Diego CA Community College Dist.

 

 

 

 

 

 

GO TOB VRDO

1.600%

6/6/08

(4)

10,350

10,350

1

San Diego CA Community College Dist.

 

 

 

 

 

 

GO TOB VRDO

1.600%

6/6/08

(4)

37,985

37,985

1

San Diego CA Community College Dist.

 

 

 

 

 

 

GO TOB VRDO

1.620%

6/6/08

(4)

8,915

8,915

1

San Diego CA Community College Dist.

 

 

 

 

 

 

GO TOB VRDO

1.640%

6/6/08

(4)

6,230

6,230

1

San Diego CA Community College Dist.

 

 

 

 

 

 

GO TOB VRDO

1.660%

6/6/08

(4)

14,275

14,275

1

San Diego CA Community College Dist.

 

 

 

 

 

 

GO TOB VRDO

1.660%

6/6/08

(4)

8,370

8,370

 

 

 

 

San Diego CA County & School Dist. TRAN

4.500%

6/30/08

 

30,450

30,471

 

San Diego CA Housing Auth. Multifamily

 

 

 

 

 

 

Housing Rev. (Bay Vista Apartments Projects) VRDO

1.600%

6/6/08

 

4,890

4,890

 

 

21

 

California Tax-Exempt Money Market Fund

 

 

San Diego CA Housing Auth. Multifamily

 

 

 

 

 

 

Housing Rev. (Canyon Rim Apartments) VRDO

1.600%

6/6/08

LOC

32,440

32,440

1

San Diego CA Public Fac. Financing Auth. TOB VRDO

1.620%

6/6/08

LOC

41,000

41,000

1

San Diego CA USD TOB VRDO

1.600%

6/6/08

(4)

5,320

5,320

1

San Diego CA USD TOB VRDO

1.600%

6/6/08

(4)

8,455

8,455

 

San Diego CA USD TRAN

4.500%

7/22/08

 

75,000

75,086

1

San Diego CA Water Auth. Rev. COP TOB VRDO

1.640%

6/6/08

(1)

2,700

2,700

1

San Diego CA Water Auth. Rev. COP TOB VRDO

1.670%

6/6/08

(4)

12,665

12,665

1

San Diego CA Water Auth. Rev. COP TOB VRDO

1.670%

6/6/08

(4)

9,120

9,120

 

San Diego County CA Regional Transp. Auth.

 

 

 

 

 

 

Sales Tax Rev. VRDO

1.350%

6/6/08

 

16,050

16,050

 

San Diego County CA Water Auth. CP

1.400%

6/12/08

 

10,000

10,000

 

San Diego County CA Water Auth. CP

1.250%

6/30/08

 

5,000

5,000

 

San Diego County CA Water Auth. CP

1.850%

8/5/08

 

20,000

20,000

 

San Diego County CA Water Auth. CP

1.900%

8/7/08

 

13,200

13,200

1

San Diego County CA Water Auth. Rev.

 

 

 

 

 

 

COP TOB VRDO

1.620%

6/6/08

(4)

16,900

16,900

1

San Diego County CA Water Auth. Rev. TOB VRDO

1.630%

6/6/08

(4)

9,800

9,800

1

San Diego County CA Water Auth. TOB VRDO

1.630%

6/6/08

(4)

9,145

9,145

1

San Diego County CA Water Auth. TOB VRDO

1.630%

6/6/08

(4)

7,500

7,500

1

San Diego County CA Water Auth. TOB VRDO

1.630%

6/6/08

(4)

9,750

9,750

1

San Francisco CA Bay Area Rapid Transit Dist.

 

 

 

 

 

 

Sales Tax Rev. TOB VRDO

1.770%

6/6/08

(1)

13,595

13,595

1

San Francisco CA Bay Area Rapid Transit Rev.

 

 

 

 

 

 

TOB VRDO

1.550%

6/6/08

 

9,995

9,995

1

San Francisco CA Bay Area Rapid Transit Rev.

 

 

 

 

 

 

TOB VRDO

1.590%

6/6/08

 

6,170

6,170

1

San Francisco CA Bay Area Rapid Transit Rev.

 

 

 

 

 

 

TOB VRDO

1.590%

6/6/08

 

9,385

9,385

 

San Francisco CA City & County GO

4.000%

6/15/09

 

44,595

45,667

1

San Francisco CA City & County International

 

 

 

 

 

 

Airport Rev. TOB VRDO

1.620%

6/6/08

(1)

4,500

4,500

 

San Francisco CA City & County International

 

 

 

 

 

 

Airport Rev. VRDO

1.550%

6/6/08

(4)

16,750

16,750

 

San Francisco CA City & County International

 

 

 

 

 

 

Airport Rev. VRDO

1.550%

6/6/08

LOC

21,750

21,750

 

San Francisco CA City & County International

 

 

 

 

 

 

Airport Rev. VRDO

1.800%

6/6/08

(4)

20,000

20,000

 

San Francisco CA City & County Redev. Agency

 

 

 

 

 

 

Multifamily Rev. VRDO

1.650%

6/6/08

 

15,200

15,200

 

 

 

1

San Francisco CA City & County TOB VRDO

1.600%

6/6/08

(4)

4,340

4,340

1

San Francisco CA City & County TOB VRDO

1.620%

6/6/08

(4)

4,995

4,995

 

San Jacinto CA USD COP VRDO

1.650%

6/6/08

(4)

4,550

4,550

 

San Joaquin County CA Transp. Auth.

 

 

 

 

 

 

Sales Tax Rev. CP

0.700%

8/4/08

LOC

50,000

50,000

 

San Jose CA Financing Auth. Lease Rev. CP

1.350%

6/10/08

LOC

70,852

70,852

 

San Jose CA Multifamily Housing Rev.

 

 

 

 

 

 

(Cinnabar Commons) VRDO

1.500%

6/6/08

LOC

9,000

9,000

 

San Jose CA Redev. Agency VRDO

1.540%

6/6/08

LOC

15,600

15,600

 

San Jose CA Redev. Agency VRDO

1.600%

6/6/08

LOC

9,500

9,500

1

San Jose CA USD GO TOB VRDO

1.590%

6/6/08

 

8,525

8,525

1

San Jose Evergreen CA Community

 

 

 

 

 

 

College Dist.TOB VRDO

1.640%

6/6/08

(4)

6,800

6,800

1

San Luis Obispo County CA Financing

 

 

 

 

 

 

Auth.TOB VRDO

2.410%

6/6/08

(1)

13,040

13,040

 

 

22

 

California Tax-Exempt Money Market Fund

 

1

San Mateo County CA Community College

 

 

 

 

 

 

Dist.TOB VRDO

1.550%

6/6/08

 

22,830

22,830

1

San Mateo County CA Community College

 

 

 

 

 

 

Dist.TOB VRDO

1.590%

6/6/08

 

8,405

8,405

1

San Ramon Valley CA USD GO TOB VRDO

1.600%

6/6/08

(4)

5,135

5,135

1

San Ramon Valley CA USD GO TOB VRDO

1.600%

6/6/08

(4)

5,205

5,205

 

Santa Clara CA Electric Rev. VRDO

1.000%

6/2/08

LOC

6,770

6,770

 

Santa Clara CA Electric Rev. VRDO

1.450%

6/6/08

LOC

12,000

12,000

 

Santa Clara County CA Financing Auth.

 

 

 

 

 

 

Lease Rev. (VMC Facilities Replacement Project) VRDO

1.400%

6/6/08

 

8,635

8,635

 

Santa Rosa CA Waste Water Rev. VRDO

1.380%

6/6/08

LOC

14,000

14,000

1

Sequoia CA USD TOB VRDO

1.670%

6/6/08

(4)

5,860

5,860

1

Sonoma County CA (Jr. College District) TOB VRDO

1.630%

6/6/08

(4)

5,155

5,155

 

Sonoma County CA TRAN

4.000%

10/17/08

 

31,000

31,081

 

South Coast CA Local Educ. Agencies TRAN

4.500%

6/30/08

 

25,000

25,016

 

South Placer CA Wastewater Auth. Rev. VRDO

1.300%

6/6/08

LOC

22,850

22,850

 

Southern California Home Financing Auth.

 

 

 

 

 

 

Single Family Mortgage Rev. VRDO

1.410%

6/2/08

 

23,245

23,245

 

Southern California Home Financing Auth.

 

 

 

 

 

 

Single Family Mortgage Rev. VRDO

1.660%

6/6/08

 

17,400

17,400

 

Southern California Public Power Auth.

 

 

 

 

 

 

Rev. (Transmission Project) VRDO

1.300%

6/6/08

(4)

28,095

28,095

 

Southern California Public Power Auth.

 

 

 

 

 

 

Rev. (Transmission Project) VRDO

1.450%

6/6/08

(4)

6,595

6,595

 

Southern California Public Power Auth.

 

 

 

 

 

 

Rev. (Transmission Project) VRDO

1.550%

6/6/08

(4)

55,150

55,150

 

Univ. of California Regents CP

0.850%

6/2/08

 

29,360

29,360

 

Univ. of California Regents CP

2.050%

6/5/08

 

25,000

25,000

 

Univ. of California Regents CP

1.600%

6/6/08

 

25,000

25,000

 

Univ. of California Regents CP

2.050%

6/6/08

 

20,000

20,000

 

Univ. of California Regents CP

1.380%

6/9/08

 

35,150

35,150

 

Univ. of California Regents CP

1.200%

7/9/08

 

3,500

3,500

 

Univ. of California Regents CP

1.850%

7/9/08

 

23,900

23,900

 

Univ. of California Regents CP

1.550%

10/2/08

 

33,200

33,200

 

Univ. of California Regents VRDO

1.400%

6/2/08

 

24,900

24,900

 

Univ. of California Rev. (Multiple Purpose Project)

5.000%

9/1/08

(Prere.)

8,485

8,626

1

Univ. of California Rev. TOB VRDO

1.590%

6/6/08

 

3,270

3,270

1

Univ. of California Rev. TOB VRDO

1.600%

6/6/08

(4)

2,580

2,580

1

Univ. of California Rev. TOB VRDO

1.600%

6/6/08

(4)

9,845

9,845

1

Univ. of California Rev. TOB VRDO

1.600%

6/6/08

(3)(4)

20,695

20,695

1

Univ. of California Rev. TOB VRDO

1.600%

6/6/08

(4)

6,470

6,470

1

Univ. of California Rev. TOB VRDO

1.610%

6/6/08

(4)

20,000

20,000

1

Univ. of California Rev. TOB VRDO

1.610%

6/6/08

(4)

2,450

2,450

1

Univ. of California Rev. TOB VRDO

1.620%

6/6/08

 

2,475

2,475

1

Univ. of California Rev. TOB VRDO

1.620%

6/6/08

 

1,890

1,890

1

Univ. of California Rev. TOB VRDO

1.620%

6/6/08

 

4,145

4,145

1

Univ. of California Rev. TOB VRDO

1.780%

6/6/08

(4)

7,000

7,000

 

Val Verde CA USD COP VRDO

1.350%

6/6/08

LOC

16,800

16,800

 

 

 

 

Ventura County CA TRAN

4.500%

7/1/08

 

30,000

30,023

1

Vista CA USD GO TOB VRDO

1.600%

6/6/08

(4)

6,390

6,390

1

West Contra Costa CA USD TOB VRDO

1.620%

6/6/08

(4)

5,015

5,015

1

Yosemite CA Community College Dist. TOB VRDO

1.600%

6/6/08

(4)

4,000

4,000

1

Yosemite CA Community College Dist. TOB VRDO

1.610%

6/6/08

(3)(4)

17,520

17,520

 

 

23

 

California Tax-Exempt Money Market Fund

 

Outside California:

 

 

 

 

1 Puerto Rico GO TOB VRDO

1.630%

6/6/08 (Prere.)

13,985

13,985

Total Municipal Bonds (Cost $8,380,308)

 

 

 

8,380,308

Other Assets and Liabilities (–0.7%)

 

 

 

 

Other Assets—Note B

 

 

 

86,945

Liabilities

 

 

 

(141,594)

 

 

 

 

(54,649)

Net Assets (100%)

 

 

 

 

Applicable to 8,325,370,144 outstanding $.001 par value shares

 

 

of beneficial interest (unlimited authorization)

 

 

8,325,659

Net Asset Value Per Share

 

 

 

$1.00

 

 

 

At May 31, 2008, net assets consisted of:

 

 

 

Amount

Per

 

($000)

Share

Paid-in Capital

8,325,656

1.00

Undistributed Net Investment Income

—

—

Accumulated Net Realized Gains

3

—

Unrealized Appreciation

—

—

Net Assets

8,325,659

$1.00

 

 

•  See Note A in Notes to Financial Statements.

1  Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2008, the aggregate value of these securities was $2,201,301,000, representing 26.4% of net assets.

2  Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2008. For a key to abbreviations and other references, see page 25.

 

24

 

California Tax-Exempt Money Market Fund

 

Key to Abbreviations

ARS—Auction Rate Security.

BAN—Bond Anticipation Note.

COP—Certificate of Participation.

CP—Commercial Paper.

FR—Floating Rate.

GAN—Grant Anticipation Note.

GO—General Obligation Bond.

IDA—Industrial Development Authority Bond.

IDR—Industrial Development Revenue Bond.

PCR—Pollution Control Revenue Bond.

PUT—Put Option Obligation.

RAN—Revenue Anticipation Note.

TAN—Tax Anticipation Note.

TOB—Tender Option Bond.

TRAN—Tax Revenue Anticipation Note.

UFSD—Union Free School District.

USD—United School District.

VRDO—Variable Rate Demand Obligation.

(ETM)—Escrowed to Maturity.

(Prere.)—Prerefunded.

Scheduled principal and interest payments are guaranteed by:

(1) MBIA (Municipal Bond Insurance Association).

(2) AMBAC (Ambac Assurance Corporation).

(3) FGIC (Financial Guaranty Insurance Company).

(4) FSA (Financial Security Assurance).

(5) BIGI (Bond Investors Guaranty Insurance).

(6) Connie Lee Inc.

(7) FHA (Federal Housing Authority).

(8) CapMAC (Capital Markets Assurance Corporation).

(9) American Capital Access Financial Guaranty Corporation.

(10) XL Capital Assurance Inc.

(11) CIFG (CDC IXIS Financial Guaranty).

(12) Assured Guaranty Corp.

(13) National Indemnity Co. (Berkshire Hathaway).

The insurance does not guarantee the market value of the municipal bonds.

LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.

 

25

 

California Tax-Exempt Money Market Fund

 

Statement of Operations

 

 

Six Months Ended

 

May 31, 2008

 

($000)

Investment Income

 

Income

 

Interest

108,661

Total Income

108,661

Expenses

 

The Vanguard Group—Note B

 

Investment Advisory Services

416

Management and Administrative

2,721

Marketing and Distribution

1,125

Custodian Fees

29

Shareholders’ Reports

8

Trustees’ Fees and Expenses

4

Total Expenses

4,303

Expenses Paid Indirectly—Note C

(29)

Net Expenses

4,274

Net Investment Income

104,387

Realized Net Gain (Loss) on Investment Securities Sold

27

Change in Unrealized Appreciation (Depreciation) of Investment Securities

—

Net Increase (Decrease) in Net Assets Resulting from Operations

104,414

 

 

26

 

California Tax-Exempt Money Market Fund

 

Statement of Changes in Net Assets

 

 

Six Months Ended

 

Year Ended

 

May 31,

 

November 30,

 

2008

 

2007

 

($000)

 

($000)

Increase (Decrease) in Net Assets

 

 

 

Operations

 

 

 

Net Investment Income

104,387

 

273,496

Realized Net Gain (Loss)

27

 

(15)

Change in Unrealized Appreciation (Depreciation)

—

 

—

Net Increase (Decrease) in Net Assets Resulting from Operations

104,414

 

273,481

Distributions

 

 

 

Net Investment Income

(104,387)

 

(273,496)

Realized Capital Gain

—

 

—

Total Distributions

(104,387)

 

(273,496)

Capital Share Transactions (at $1.00)

 

 

 

Issued

3,739,714

 

7,645,640

Issued in Lieu of Cash Distributions

98,974

 

258,641

Redeemed

(4,136,234)

 

(6,500,991)

Net Increase (Decrease) from Capital Share Transactions

(297,546)

 

1,403,290

Total Increase (Decrease)

(297,519)

 

1,403,275

Net Assets

 

 

 

Beginning of Period

8,623,178

 

7,219,903

End of Period

8,325,659

 

8,623,178

 

 

27

 

California Tax-Exempt Money Market Fund

 

Financial Highlights

 

 

Six Months

 

 

 

 

 

 

Ended

 

 

 

For a Share Outstanding

May 31,

Year Ended November 30,

Throughout Each Period

2008

2007

2006

2005

2004

2003

Net Asset Value, Beginning of Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Investment Operations

 

 

 

 

 

 

Net Investment Income

.012

.035

.032

.021

.010

.009

Net Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

on Investments

—

—

—

—

—

—

Total from Investment Operations

.012

.035

.032

.021

.010

.009

Distributions

 

 

 

 

 

 

Dividends from Net Investment Income

(.012)

(.035)

(.032)

(.021)

(.010)

(.009)

Distributions from Realized Capital Gains

—

—

—

—

—

—

Total Distributions

(.012)

(.035)

(.032)

(.021)

(.010)

(.009)

Net Asset Value, End of Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

 

 

 

 

 

 

 

Total Return1

1.23%

3.55%

3.24%

2.17%

1.05%

0.91%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net Assets, End of Period (Millions)

$8,326

$8,623

$7,220

$6,162

$4,758

$3,967

Ratio of Total Expenses to

 

 

 

 

 

 

Average Net Assets

0.10%*

0.10%

0.13%

0.13%

0.13%

0.17%

Ratio of Net Investment Income to

 

 

 

 

 

 

Average Net Assets

2.44%*

3.49%

3.20%

2.17%

1.06%

0.90%

 

 

1  Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.

*  Annualized.

See accompanying Notes, which are an integral part of the Financial Statements.

 

28

 

California Tax-Exempt Money Market Fund

 

Notes to Financial Statements

 

Vanguard California Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of California.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued at amortized cost, which approximates market value.

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended November 30, 2004–2007) and for the period ended May 31, 2008, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

3. Distributions: Dividends from net investment income are declared daily and paid on the first business day of the following month.

4. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2008, the fund had contributed capital of $684,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.68% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2008, custodian fee offset arrangements reduced the fund’s expenses by $29,000.

D. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements, effective for the fund’s current fiscal period.

 

29

 

California Tax-Exempt Money Market Fund

 

The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

At May 31, 2008, 100% of the fund’s investments were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.

 

30

 

California Intermediate-Term Tax-Exempt Fund

 

Fund Profile

As of May 31, 2008

 

Financial Attributes

 

 

Comparative

Broad

 

Fund

Index1

Index2

Number of Issues

628

4,253

43,475

Yield3

 

3.5%

4.0%

Investor Shares

3.6%

 

 

Admiral Shares

3.7%

 

 

Yield to Maturity

3.9%4

3.5%

4.0%

Average Coupon

4.9%

5.0%

5.0%

Average Effective

 

 

 

Maturity

6.4 years

6.8 years

13.2 years

Average Quality

AA+

AA+

AA+

Average Duration

5.0 years

5.2 years

7.7 years

Expense Ratio

 

—

—

Investor Shares

0.15%5

 

 

Admiral Shares

0.08%5

 

 

Short-Term Reserves

2.1%

—

—

 

Distribution by Maturity (% of portfolio)

 

 

Under 1 Year

4.5%

1–5 Years

32.8   

5–10 Years

51.1   

10–20 Years

10.5   

20–30 Years

1.1   

 

Volatility Measures6

 

 

Fund Versus

Fund Versus

 

Comparative Index1

Broad Index2

R-Squared

0.89

0.99

Beta

0.97

0.88

 

Distribution by Credit Quality (% of portfolio)

 

 

AAA

56.3%

AA

23.1   

A

17.1   

BBB

3.5   

 

 

Investment Focus

 


 

 

1  Lehman 7 Year Municipal Bond Index.

2  Lehman Municipal Bond Index.

3  30-day SEC yield for the fund; index yield assumes that all bonds are called or prepaid at the earliest possible dates. See the Glossary on pages 84–85.

4  Before expenses.

5  Annualized.

6  For an explanation of R-squared, beta, and other terms used here, see the Glossary on pages 84–85.

 

31

 

California Intermediate-Term Tax-Exempt Fund

 

Performance Summary

 

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

 

Fiscal Year Total Returns (%): November 30, 1997–May 31, 2008

 

 

 

 

 

 

Investor Shares

Lehman1

Fiscal

Capital

Income

Total

Total

Year

Return

Return

Return

Return

1998

2.7%

4.8%

7.5%

7.3%

1999

–4.1   

4.4   

0.3   

0.5   

2000

3.0   

5.0   

8.0   

6.6   

2001

2.8   

4.6   

7.4   

8.1   

2002

1.5   

4.4   

5.9   

7.0   

2003

1.7   

4.1   

5.8   

7.0   

2004

–1.5   

3.9   

2.4   

2.9   

2005

–1.8   

3.9   

2.1   

2.2   

2006

1.3   

4.1   

5.4   

5.1   

2007

–1.5   

4.0   

2.5   

4.2   

20082

–0.6   

1.9   

1.3   

2.3   

 

Average Annual Total Returns: Periods Ended March 31, 2008

This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.

 

 

 

 

 

 

 

Ten Years

 

Inception Date

One Year

Five Years

Capital

Income

Total

Investor Shares3

3/4/1994

2.07%

3.05%

0.17%

4.29%

4.46%

Admiral Shares

11/12/2001

2.14   

3.12   

–0.604   

4.114   

3.514   

 

 

1  Lehman 7 Year Municipal Bond Index.

2  Six months ended May 31, 2008.

3  Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.

4  Return since inception.

Note: See Financial Highlights tables on pages 53–54 for dividend and capital gains information.

 

32

 

California Intermediate-Term Tax-Exempt Fund

 

Financial Statements (unaudited)

 

Statement of Net Assets

As of May 31, 2008

 

The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

 

 

 

 

Face

Market

 

 

Maturity

Amount

Value•

 

Coupon

Date

($000)

($000)

Municipal Bonds (100.1%)

 

 

 

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

California (Children’s Hosp. Medical Center) COP

6.000%

12/1/09 (2)(Prere.)

9,180

9,791

Alameda CA Corridor Transp. Auth. Rev.

5.125%

10/1/14 (1)

10,150

10,506

Alameda CA Corridor Transp. Auth. Rev.

0.000%

10/1/20 (2)

12,250

6,645

Alameda CA Corridor Transp. Auth. Rev.

0.000%

10/1/29 (2)

30,000

9,427

Alameda CA Corridor Transp. Auth. Rev.

0.000%

10/1/30 (2)

8,000

2,366

Alameda County CA (Medical Center) COP

5.250%

6/1/08 (1)(ETM)

1,965

1,965

Alameda County CA (Medical Center) COP

5.250%

6/1/09 (1)(ETM)

2,910

2,947

Alameda County CA (Medical Center) COP

5.250%

6/1/12 (1)(ETM)

1,595

1,614

Alameda County CA (Medical Center) COP

5.250%

6/1/13 (1)(ETM)

1,785

1,807

Alameda County CA (Medical Center) COP

5.375%

6/1/14 (1)(ETM)

1,880

1,903

Alameda County CA (Medical Center) COP

5.375%

6/1/15 (1)(ETM)

3,960

4,008

Alameda County CA COP

5.375%

12/1/10 (1)

2,000

2,113

Alameda County CA COP

5.375%

12/1/12 (1)

11,000

11,821

Alameda County CA COP

5.375%

12/1/13 (1)

13,930

14,932

Alameda County CA COP

5.375%

12/1/14 (1)

4,790

5,120

Alameda County CA COP

5.375%

12/1/15 (1)

1,500

1,603

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.250%

10/1/14 (4)

2,330

2,519

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.000%

10/1/15 (4)

4,010

4,271

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.000%

10/1/16 (4)

5,000

5,299

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.000%

10/1/16 (1)

1,915

2,039

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.250%

10/1/17 (4)

2,750

2,959

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.000%

10/1/20 (1)

4,210

4,517

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.000%

10/1/21 (1)

4,425

4,717

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.000%

10/1/22 (1)

4,660

4,936

Anaheim CA Public Finance Auth.

 

 

 

 

 

 

 

Electric System Rev.

5.000%

10/1/24 (1)

5,175

5,427

Anaheim CA Public Finance Auth.

 

 

 

 

Electric System Rev.

5.000%

10/1/25 (1)

5,450

5,699

Anaheim CA Union High School Dist. GO

5.375%

8/1/12 (4)(Prere.)

1,250

1,371

Anaheim CA Union High School Dist. GO

5.375%

8/1/12 (4)(Prere.)

2,235

2,452

 

 

33

 

California Intermediate-Term Tax-Exempt Fund

 

Anaheim CA Union High School Dist. GO

5.375%

8/1/12 (4)(Prere.)

1,000

1,097

Antioch CA Public Finance Auth.

 

 

 

 

Reassessment Rev.

5.000%

9/2/13 (2)

10,030

10,081

Bakersfield CA WasteWater Rev.

5.000%

9/15/24 (4)

7,600

8,015

Bakersfield CA WasteWater Rev.

5.000%

9/15/25 (4)

10,065

10,584

Bakersfield CA WasteWater Rev.

5.000%

9/15/27 (4)

10,400

10,855

Bay Area CA Infrastructure Financing Auth. Rev.

5.000%

8/1/17 (2)

32,610

33,581

Bay Area CA Infrastructure Financing Auth. Rev.

5.000%

8/1/17 (3)

50,000

51,707

Bay Area Toll Auth. CA Toll Bridge Rev.

5.000%

4/1/16

6,400

7,056

Bay Area Toll Auth. CA Toll Bridge Rev.

5.000%

4/1/17

12,330

13,601

Bay Area Toll Auth. CA Toll Bridge Rev.

5.000%

4/1/18

21,440

23,439

Bay Area Toll Auth. CA Toll Bridge Rev.

5.000%

4/1/22

11,825

12,458

Burbank CA Public Finance Auth.

5.250%

12/1/12 (2)

3,540

3,812

Burbank CA Public Finance Auth.

5.250%

12/1/13 (2)

4,615

5,010

Cabrillo CA Community College Dist. Rev.

0.000%

8/1/11 (3)

2,465

2,224

Cabrillo CA Community College Dist. Rev.

0.000%

8/1/12 (3)

2,525

2,176

Cabrillo CA Community College Dist. Rev.

0.000%

8/1/13 (3)

2,590

2,137

Cabrillo CA Community College Dist. Rev.

0.000%

8/1/14 (3)

2,655

2,087

California County CA Tobacco Securitization Agency

0.000%

6/1/21

15,000

11,741

California Dept. of Water Resources

 

 

 

 

Water System Rev. (Central Valley)

5.000%

12/1/12 (3)(ETM)

90

98

California Dept. of Water Resources

 

 

 

 

Water System Rev. (Central Valley)

5.000%

12/1/12 (3)

3,550

3,841

California Dept. of Water Resources

 

 

 

 

Water System Rev. (Central Valley)

5.000%

12/1/24

5,000

5,307

California Dept. of Water Resources

 

 

 

 

Water System Rev. (Central Valley)

5.000%

12/1/26

8,465

8,922

California Educ. Fac. Auth. Rev.

 

 

 

 

(College of Arts & Crafts)

6.875%

6/1/14

360

404

California Educ. Fac. Auth. Rev.

 

 

 

 

(College of Arts & Crafts)

6.875%

6/1/15

380

429

California Educ. Fac. Auth. Rev.

 

 

 

 

(College of Arts & Crafts)

6.875%

6/1/16

400

454

California Educ. Fac. Auth. Rev. (Stanford Univ.)

5.000%

3/15/14

10,000

10,965

California Educ. Fac. Auth. Rev.

 

 

 

 

(Univ. of Southern California)

5.600%

10/1/09

1,260

1,288

California GO

5.750%

12/1/09 (3)

11,765

12,349

California GO

5.750%

2/1/11 (3)

6,500

6,981

California GO

5.375%

4/1/12 (Prere.)

6,970

7,602

California GO

5.000%

6/1/12

16,280

17,353

California GO

5.375%

4/1/15

125

133

California GO

5.250%

2/1/18 (1)

5,000

5,475

California GO

6.000%

2/1/18 (2)

6,240

7,193

California GO

5.000%

8/1/19

30,000

31,354

California GO

5.000%

3/1/20

55,385

57,429

California GO

5.000%

8/1/20

10,000

10,453

California GO

5.000%

6/1/22

13,260

13,654

California GO

5.000%

9/1/23

12,120

12,483

California GO

5.000%

10/1/23

12,500

12,877

California GO

5.000%

12/1/23

5,000

5,168

 

 

 

California GO

5.000%

8/1/24 (4)

37,225

38,769

California GO

5.000%

10/1/24

16,940

17,380

California GO

5.000%

11/1/24

10,000

10,287

California GO

5.000%

12/1/25

21,015

21,526

California GO

5.000%

3/1/26

10,070

10,244

California GO

5.000%

4/1/26

25,000

25,525

 

 

34

 

California Intermediate-Term Tax-Exempt Fund

 

 

California GO

5.500%

3/1/27

12,900

13,709

 

California GO

5.000%

4/1/27

24,285

24,699

 

California GO

5.250%

11/1/27

4,000

4,131

1

California GO TOB VRDO

1.620%

6/6/08 (4)

5,500

5,500

 

California GO VRDO

1.150%

6/2/08 LOC

4,000

4,000

 

California GO VRDO

1.350%

6/2/08 LOC

2,565

2,565

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Adventist Health System)

5.000%

3/1/16

2,170

2,231

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Adventist Health System)

5.000%

3/1/19

1,025

1,035

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(California-Nevada Methodist)

5.000%

7/1/26

1,740

1,742

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West)

5.500%

7/1/08 (1)

2,230

2,237

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West)

5.500%

7/1/09 (1)

2,425

2,479

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West)

5.500%

7/1/10 (1)

2,080

2,126

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West)

5.500%

7/1/11 (1)

2,675

2,734

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West)

5.500%

7/1/12 (1)

2,465

2,520

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West)

5.500%

7/1/25

5,000

5,168

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Cedars-Sinai Medical Center)

5.000%

11/15/14

4,000

4,233

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Cedars-Sinai Medical Center)

5.000%

11/15/16

2,000

2,094

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Cedars-Sinai Medical Center)

5.000%

11/15/17

4,585

4,755

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Kaiser Permanente)

5.250%

6/1/09 (4)(ETM)

6,290

6,433

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Kaiser Permanente)

0.000%

10/1/09 (1)

7,140

6,905

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Kaiser Permanente)

5.250%

10/1/09 (2)(ETM)

10,525

10,741

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Kaiser Permanente)

5.250%

6/1/10 (4)(ETM)

5,310

5,428

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Kaiser Permanente)

5.250%

6/1/11 (4)(ETM)

7,250

7,411

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Kaiser Permanente)

5.250%

10/1/16 (ETM)

5,000

5,094

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Lucile Salter Packard Hosp.)

5.000%

8/15/14 (2)

2,280

2,464

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Lucile Salter Packard Hosp.)

5.000%

8/15/15 (2)

2,245

2,412

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Lucile Salter Packard Hosp.)

5.000%

8/15/16 (2)

2,515

2,675

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Lucile Salter Packard Hosp.)

5.000%

8/15/17 (2)

2,630

2,792

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Pomona Valley Hosp.)

5.500%

7/1/10 (1)

3,570

3,648

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Sisters of Providence)

6.000%

10/1/09 (2)

4,490

4,673

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Stanford Hosp.)

5.000%

11/15/14

2,715

2,851

 

35

 

California Intermediate-Term Tax-Exempt Fund

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

(Stanford Hosp.)

5.000%

11/15/15

3,000

3,129

California Health Fac. Finance Auth. Rev.

 

 

 

 

(Stanford Hosp.)

5.000%

11/15/16

6,275

6,499

California Health Fac. Finance Auth. Rev.

 

 

 

 

(Stanford Hospital) PUT

3.450%

6/15/11

10,000

9,986

California Health Fac. Finance Auth. Rev.

 

 

 

 

(Sutter Health)

5.500%

8/15/12 (4)

1,030

1,053

California Health Fac. Finance Auth. Rev.

 

 

 

 

(Sutter Health)

5.500%

8/15/12 (4)

5,410

5,530

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Asian Art Museum)

5.500%

6/1/10 (1)(Prere.)

1,300

1,393

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Asian Art Museum)

5.500%

6/1/10 (1)(Prere.)

2,935

3,145

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Asian Art Museum)

5.500%

6/1/10 (1)(Prere.)

2,245

2,405

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Asian Art Museum) VRDO

1.650%

6/2/08 (1)

12,000

12,000

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(California Science Center)

5.000%

5/1/18 (3)

1,785

1,856

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(California Science Center)

5.000%

5/1/19 (3)

1,040

1,072

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(California Science Center)

5.000%

5/1/21 (3)

1,145

1,166

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Clean Water State Revolving Fund)

5.000%

10/1/14

2,500

2,675

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Clean Water State Revolving Fund)

5.000%

10/1/15

3,500

3,741

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Clean Water State Revolving Fund)

5.000%

10/1/16

4,500

4,804

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. David Gladstone Institute)

5.000%

10/1/10

1,325

1,377

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. David Gladstone Institute)

5.000%

10/1/11

1,275

1,337

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. David Gladstone Institute)

5.000%

10/1/12

2,950

3,099

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. David Gladstone Institute)

5.000%

10/1/13

2,350

2,459

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. David Gladstone Institute)

5.500%

10/1/14

2,250

2,381

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. David Gladstone Institute)

5.500%

10/1/15

2,430

2,562

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. David Gladstone Institute)

5.500%

10/1/16

3,620

3,802

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. David Gladstone Institute)

5.500%

10/1/17

3,820

3,996

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. Paul Getty Trust) PUT

3.900%

12/1/11

9,000

9,245

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. Paul Getty Trust) PUT

4.000%

12/1/11

18,395

18,839

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(J. Paul Getty Trust) VRDO

1.400%

6/2/08

4,500

4,500

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Workers’ Compensation)

5.250%

10/1/13 (2)

18,000

19,852

California Infrastructure & Econ. Dev. Bank Rev.

 

 

 

 

(Workers’ Compensation)

5.250%

10/1/14 (2)

25,815

28,291

 

 

36

 

California Intermediate-Term Tax-Exempt Fund

 

California PCR Financing Auth. Rev.

 

 

 

 

(San Diego Gas & Electric)

5.900%

6/1/14 (1)

17,135

19,112

California PCR Financing Auth. Solid Waste

 

 

 

 

Disposal Rev. (USA Waste Services) PUT

4.000%

6/1/10

1,000

1,000

California Public Works Board Lease Rev.

 

 

 

 

(Butterfield)

5.000%

6/1/20

3,895

4,022

California Public Works Board Lease Rev.

 

 

 

 

(California State Univ.)

5.300%

10/1/15 (2)

6,655

6,802

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

6/1/08

7,085

7,086

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

6/1/09

9,000

9,253

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

6/1/10

4,000

4,186

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

6/1/11

3,500

3,698

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

6/1/12

5,000

5,306

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

12/1/12 (1)

10,625

11,386

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

1/1/18 (2)

27,790

29,443

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.500%

6/1/21

10,000

10,616

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.500%

6/1/22

10,000

10,583

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Mental Health)

5.500%

6/1/17

8,000

8,725

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Mental Health)

5.500%

6/1/18

5,000

5,414

California Public Works Board Lease Rev.

 

 

 

 

(Regents of the Univ. of California)

5.000%

6/1/18 (3)

10,310

11,147

California Public Works Board Lease Rev.

 

 

 

 

(Regents of the Univ. of California)

5.000%

6/1/19 (3)

5,000

5,369

California Public Works Board Lease Rev.

 

 

 

 

(Regents of the Univ. of California)

5.000%

6/1/20 (3)

7,670

8,196

California Public Works Board Lease Rev.

 

 

 

 

(Secretary of State)

6.500%

12/1/08 (2)

5,000

5,112

California Public Works Board Lease Rev.

 

 

 

 

(Univ. of California)

5.375%

10/1/16 (1)

4,750

4,855

California Public Works Board Lease Rev.

 

 

 

 

(Univ. of California)

5.000%

4/1/25

5,765

5,939

California Public Works Board Lease Rev.

 

 

 

 

(Univ. of California)

5.250%

11/1/26 (1)

9,010

9,467

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.500%

5/1/10

3,500

3,705

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.500%

5/1/11

7,000

7,530

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.250%

5/1/12 (1)

10,000

10,772

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.375%

5/1/12 (10)(Prere.)

9,000

9,911

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.500%

5/1/13 (2)

16,985

18,563

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

6.000%

5/1/14

12,500

13,880

 

 

37

 

California Intermediate-Term Tax-Exempt Fund

 

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.000%

5/1/17

25,000

27,101

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.000%

5/1/21

50,000

52,718

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev. VRDO

1.250%

6/2/08 LOC

32,000

32,000

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev. VRDO

1.400%

6/2/08 LOC

1,400

1,400

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev. VRDO

1.400%

6/2/08 LOC

12,985

12,985

California State Econ. Recovery Bonds

5.000%

7/1/09

22,000

22,688

California State Econ. Recovery Bonds

5.000%

7/1/09

12,855

13,264

California State Econ. Recovery Bonds

5.250%

7/1/12

33,940

36,746

California State Econ. Recovery Bonds

5.250%

7/1/13

32,275

35,405

California State Econ. Recovery Bonds

5.000%

7/1/17 (3)

28,000

29,130

California State Econ. Recovery Bonds PUT

4.000%

3/1/10

37,180

37,991

California State Econ. Recovery Bonds PUT

5.000%

3/1/10

55,000

57,124

California State Econ. Recovery Bonds PUT

5.000%

7/1/10

55,000

57,525

California State Econ. Recovery Bonds PUT

5.000%

7/1/11

20,000

21,098

California State Econ. Recovery Bonds VRDO

1.300%

6/2/08

19,000

19,000

California State Univ. Rev. Systemwide

5.375%

11/1/14 (3)

5,390

5,790

California State Univ. Rev. Systemwide

5.000%

11/1/22 (2)

21,090

21,863

California State Univ. Rev. Systemwide

5.000%

11/1/24

11,190

11,734

California State Univ. Rev. Systemwide

5.000%

11/1/25

11,820

12,356

California State Univ. Rev. Systemwide

5.000%

11/1/26

12,530

13,047

California State Univ. Rev. Systemwide

5.000%

11/1/27

5,000

5,186

California Statewide Communities Dev. Auth.

 

 

 

 

PCR (Southern California Edison) PUT

4.250%

11/1/16 (3)

15,000

14,677

California Statewide Communities Dev. Auth.

 

 

 

 

PCR (Southern California Edison) PUT

4.250%

11/1/16 (3)

25,000

24,258

California Statewide Community Dev. Auth. Rev.

4.500%

7/1/18 (4)

17,000

17,144

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Adventist Health)

5.000%

3/1/25

14,975

14,982

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Catholic Healthcare West)

6.000%

7/1/09 (ETM)

235

240

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Catholic Healthcare West)

6.000%

7/1/09 (ETM)

770

787

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Children’s Hosp. of Los Angeles) COP

6.000%

6/1/08 (1)

1,000

1,000

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Children’s Hosp. of Los Angeles) COP

6.000%

6/1/11 (1)

2,365

2,544

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Daughters of Charity Health)

5.250%

7/1/11

2,155

2,234

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Daughters of Charity Health)

5.250%

7/1/12

1,500

1,555

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Daughters of Charity Health)

5.250%

7/1/13

1,250

1,297

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Daughters of Charity Health)

5.000%

7/1/22

5,155

5,013

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Daughters of Charity Health)

5.250%

7/1/24

5,000

4,957

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Daughters of Charity Health)

5.250%

7/1/25

2,390

2,353

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Irvine Apartments) PUT

5.250%

5/15/13

5,545

5,615

 

 

38

 

California Intermediate-Term Tax-Exempt Fund

 

 

California Statewide Community Dev. Auth.

 

 

 

 

 

Rev. (Kaiser Permanente) PUT

3.450%

5/1/11

8,750

8,778

 

California Statewide Community Dev. Auth.

 

 

 

 

 

Rev. (Lodi Memorial Hospital)

5.000%

12/1/22

8,000

8,090

 

California Statewide Community Dev. Auth.

 

 

 

 

 

Rev. (Los Angeles Orthopedic Hosp. Foundation)

5.125%

6/1/13 (2)

1,530

1,540

 

California Statewide Community Dev. Auth.

 

 

 

 

 

Rev. (Los Angeles Orthopedic Hosp. Foundation)

5.250%

6/1/14 (2)

1,610

1,621

 

California Statewide Community Dev. Auth.

 

 

 

 

 

Rev. (Memorial Health Services)

6.000%

10/1/13

6,920

7,526

 

California Statewide Community Dev. Auth.

 

 

 

 

 

Rev. (Memorial Health Services)

6.000%

10/1/14

5,335

5,773

 

California Statewide Community Dev. Auth.

 

 

 

 

 

Rev. (Memorial Health Services)

6.000%

10/1/15

7,780

8,366

 

California Statewide Community Dev. Auth.

 

 

 

 

 

Rev. (Sherman Oaks Foundation)

5.500%

8/1/15 (2)

4,685

5,147

 

Chino Basin CA Regional Financing Auth. Rev.

 

 

 

 

 

(Muni. Water Dist. Sewer System)

6.500%

8/1/10 (2)

3,095

3,356

 

Clovis CA USD GO

0.000%

8/1/12 (3)

4,715

4,064

 

Clovis CA USD GO

0.000%

8/1/18 (3)

3,645

2,294

 

Clovis CA USD GO

0.000%

8/1/25 (3)

11,630

4,833

 

Compton CA USD GO

5.250%

9/1/13 (1)(Prere.)

1,295

1,434

 

Compton CA USD GO

5.250%

9/1/13 (1)(Prere.)

1,460

1,616

 

Compton CA USD GO

5.250%

9/1/13 (1)(Prere.)

1,645

1,821

 

Contra Costa County CA Public

 

 

 

 

 

Financing Lease Rev.

5.000%

6/1/22 (1)

15,300

16,058

 

Culver City CA Redev. Financing Auth.

5.375%

11/1/16 (4)

3,260

3,439

 

East Bay CA Muni. Util. Dist. Water System Rev.

5.000%

6/1/17 (3)

2,100

2,312

 

Fontana CA Public Finance Auth. Subordinate

 

 

 

 

 

Lien Tax Allocation Rev. Bonds

5.000%

10/1/21 (2)

2,145

2,216

 

Fontana CA Public Finance Auth. Subordinate

 

 

 

 

 

Lien Tax Allocation Rev. Bonds

5.000%

10/1/23 (2)

2,875

2,948

 

Fontana CA Public Finance Auth. Subordinate

 

 

 

 

 

Lien Tax Allocation Rev. Bonds

5.000%

10/1/24 (2)

3,475

3,552

 

Fontana CA Public Finance Auth. Subordinate

 

 

 

 

 

Lien Tax Allocation Rev. Bonds

5.000%

10/1/26 (2)

4,480

4,546

 

Foothill-De Anza CA Community College Dist. GO

6.000%

8/1/10 (Prere.)

1,150

1,251

 

Foothill-De Anza CA Community College Dist. GO

6.000%

8/1/10 (Prere.)

1,235

1,343

 

Foothill-De Anza CA Community College Dist. GO

6.000%

8/1/11

1,330

1,435

2

Foothill/Eastern Corridor Agency

 

 

 

 

 

California Toll Road Rev.

5.250%

1/15/13 (1)

5,000

5,157

2

Foothill/Eastern Corridor Agency

 

 

 

 

 

California Toll Road Rev.

5.375%

1/15/15 (1)

5,000

5,146

 

Fremont CA Union High School Dist. GO

5.000%

9/1/19 (3)

6,000

6,413

 

Fremont CA Union High School Dist. GO

5.000%

9/1/21 (3)

5,000

5,283

 

Fremont CA Union High School Dist. GO

5.000%

9/1/22 (3)

5,000

5,257

 

Fremont CA Union High School Dist. GO

5.000%

9/1/23 (3)

1,970

2,051

 

Glendale CA School Dist. GO

5.750%

9/1/17 (3)

3,790

3,856

 

Golden State Tobacco Securitization Corp. California

5.000%

6/1/13 (2)(Prere.)

6,930

7,403

 

Golden State Tobacco Securitization Corp. California

5.500%

6/1/13 (Prere.)

21,480

23,434

 

 

 

 

Golden State Tobacco Securitization Corp. California

5.500%

6/1/13 (3)(Prere.)

5,000

5,455

 

Golden State Tobacco Securitization Corp. California

5.625%

6/1/13 (Prere.)

9,000

9,870

 

Golden State Tobacco Securitization Corp. California

6.625%

6/1/13 (Prere.)

35,820

40,913

 

Golden State Tobacco Securitization Corp. California

6.750%

6/1/13 (Prere.)

26,790

30,751

 

Golden State Tobacco Securitization Corp. California

7.800%

6/1/13 (Prere.)

25,170

30,029

 

Golden State Tobacco Securitization Corp. California

5.000%

6/1/33

17,500

14,540

 

 

39

 

California Intermediate-Term Tax-Exempt Fund

 

Golden State Tobacco Securitization Corp. California

6.250%

6/1/33 (Prere.)

20,000

21,712

Golden State Tobacco Securitization Corp. California

0.000%

6/1/37

30,000

17,831

Imperial Irrigation Dist. of California

 

 

 

 

(Electric System) COP

5.200%

11/1/09 (1)

6,905

7,047

Inland Empire Tobacco Securitization Auth. Rev.

4.625%

6/1/21

10,190

9,522

Intermodal Container Transfer Fac. Joint Power

 

 

 

 

Auth. California Rev.

5.000%

11/1/10 (2)

1,470

1,533

Intermodal Container Transfer Fac. Joint Power

 

 

 

 

Auth. California Rev.

5.000%

11/1/11 (2)

1,665

1,749

Intermodal Container Transfer Fac. Joint Power

 

 

 

 

Auth. California Rev.

5.125%

11/1/12 (2)

2,540

2,701

Intermodal Container Transfer Fac. Joint Power

 

 

 

 

Auth. California Rev.

5.125%

11/1/13 (2)

1,870

2,001

Irvine CA Public Fac. & Infrastructure Auth.

 

 

 

 

Assessment Rev.

4.600%

9/2/15 (2)

2,925

3,020

Irvine CA Public Fac. & Infrastructure Auth.

 

 

 

 

Assessment Rev.

4.700%

9/2/16 (2)

3,045

3,144

Irvine CA USD Financing Auth. Special Tax

5.000%

9/1/25 (2)

8,645

8,723

Kings River Conservation Dist. California COP

5.000%

5/1/12

2,715

2,789

Kings River Conservation Dist. California COP

5.000%

5/1/13

2,315

2,380

Kings River Conservation Dist. California COP

5.000%

5/1/14

3,500

3,597

Kings River Conservation Dist. California COP

5.000%

5/1/15

4,345

4,452

La Mesa-Spring Valley CA School Dist. GO

5.375%

8/1/12 (3)(Prere.)

1,040

1,141

La Mesa-Spring Valley CA School Dist. GO

5.375%

8/1/12 (3)(Prere.)

1,200

1,317

La Mesa-Spring Valley CA School Dist. GO

5.375%

8/1/12 (3)(Prere.)

1,380

1,514

Loma Linda CA Hosp. Rev. (Loma Linda Univ.)

5.000%

12/1/18

8,665

8,724

Long Beach CA Finance Auth. Lease Rev.

6.000%

11/1/09 (2)

3,735

3,896

Long Beach CA Finance Auth. Lease Rev.

6.000%

11/1/10 (2)

3,860

4,113

Long Beach CA Finance Auth. Lease Rev.

6.000%

11/1/17 (2)

3,670

4,092

Long Beach CA Finance Auth. Lease Rev.

 

 

 

 

(Aquarium of the South Pacific)

5.500%

11/1/14 (2)

3,435

3,660

Long Beach CA Finance Auth. Lease Rev.

 

 

 

 

(Rainbow Harbor)

5.250%

5/1/09 (2)(Prere.)

2,035

2,118

Long Beach CA Finance Auth. Rev.

3.203%

11/15/25

16,845

12,634

Long Beach CA Finance Auth. Rev.

3.223%

11/15/26

22,025

16,519

Los Angeles CA COP

5.000%

4/1/14 (2)

1,435

1,512

Los Angeles CA COP

5.000%

4/1/15 (2)

1,560

1,644

Los Angeles CA COP

5.000%

4/1/16 (2)

1,725

1,809

Los Angeles CA COP

5.000%

4/1/18 (2)

1,950

2,026

Los Angeles CA Community College Dist. GO

5.500%

8/1/11 (1)(Prere.)

6,250

6,796

Los Angeles CA Community College Dist. GO

5.000%

8/1/18 (4)

12,355

13,389

Los Angeles CA Community College Dist. GO

5.000%

8/1/21 (4)

15,000

15,913

Los Angeles CA Convention & Exhibit Center

 

 

 

 

Auth. Lease Rev.

6.000%

8/15/10 (1)

10,975

11,803

Los Angeles CA Convention & Exhibit Center

 

 

 

 

Auth. Lease Rev.

6.125%

8/15/11 (1)

1,300

1,432

Los Angeles CA Dept. of Airports

 

 

 

 

International Airport Rev.

5.000%

5/15/11 (1)

13,255

14,020

Los Angeles CA Dept. of Airports

 

 

 

 

International Airport Rev.

5.000%

5/15/13 (1)

10,500

11,294

Los Angeles CA Dept. of Water & Power Rev.

5.125%

10/15/13 (1)(ETM)

3,500

3,566

Los Angeles CA Dept. of Water & Power Rev.

5.250%

7/1/15 (1)

4,600

4,878

Los Angeles CA Dept. of Water & Power Rev.

5.000%

10/15/15 (1)(ETM)

10,000

10,183

Los Angeles CA Dept. of Water & Power Rev.

5.000%

10/15/17 (1)(ETM)

7,600

7,739

Los Angeles CA Dept. of Water & Power Rev.

5.250%

7/1/19 (4)

17,000

17,852

Los Angeles CA Dept. of Water & Power Rev.

5.000%

7/1/23 (4)

20,605

21,580

 

 

40

 

California Intermediate-Term Tax-Exempt Fund

 

Los Angeles CA Dept. of Water & Power Rev.

5.000%

7/1/24

11,475

11,554

Los Angeles CA GO

5.250%

9/1/12 (3)

2,000

2,178

Los Angeles CA Muni. Improvement Corp.

 

 

 

 

Lease Rev.

5.000%

9/1/12 (3)

7,480

8,055

Los Angeles CA Muni. Improvement Corp.

 

 

 

 

Lease Rev.

5.000%

8/1/25 (3)

7,725

7,939

Los Angeles CA Muni. Improvement Corp.

 

 

 

 

Lease Rev.

5.000%

8/1/28 (3)

8,980

9,161

Los Angeles CA Muni. Improvement Corp.

 

 

 

 

Lease Rev. (Police Headquarters Fac.)

5.000%

1/1/21 (3)

13,330

13,647

Los Angeles CA Muni. Improvement Corp.

 

 

 

 

Lease Rev. (Police Headquarters Fac.)

5.000%

1/1/22 (3)

13,995

14,249

Los Angeles CA Muni. Improvement Corp.

 

 

 

 

Lease Rev. (Police Headquarters Fac.)

5.000%

1/1/23 (3)

14,700

14,904

Los Angeles CA Muni. Improvement Corp.

 

 

 

 

Lease Rev. (Police Headquarters Fac.)

5.000%

1/1/24 (3)

15,435

15,595

Los Angeles CA USD GO

5.625%

7/1/09 (1)(Prere.)

5,000

5,248

Los Angeles CA USD GO

5.625%

7/1/09 (1)(Prere.)

5,000

5,248

Los Angeles CA USD GO

5.000%

7/1/10

10,840

11,408

Los Angeles CA USD GO

5.500%

7/1/10 (3)(Prere.)

9,160

9,761

Los Angeles CA USD GO

5.000%

7/1/11

13,325

14,206

Los Angeles CA USD GO

5.500%

7/1/11 (1)

16,525

17,866

Los Angeles CA USD GO

4.500%

7/1/12 (4)

11,990

12,719

Los Angeles CA USD GO

4.500%

7/1/12 (4)

5,515

5,850

Los Angeles CA USD GO

5.500%

7/1/12 (1)

5,240

5,749

Los Angeles CA USD GO

6.000%

7/1/12 (3)

1,470

1,635

Los Angeles CA USD GO

5.000%

7/1/13 (4)

4,650

5,067

Los Angeles CA USD GO

6.000%

7/1/13 (3)

3,745

4,230

Los Angeles CA USD GO

5.000%

7/1/14 (4)

5,000

5,491

Los Angeles CA USD GO

6.000%

7/1/14 (3)

1,440

1,650

Los Angeles CA USD GO

5.000%

7/1/16 (3)

2,000

2,200

Los Angeles CA USD GO

5.000%

7/1/16 (4)

3,000

3,235

Los Angeles CA USD GO

5.000%

7/1/17 (4)

5,000

5,374

Los Angeles CA USD GO

5.500%

7/1/17 (3)

10,000

11,378

Los Angeles CA USD GO

5.000%

7/1/18 (2)

4,000

4,340

Los Angeles CA USD GO

5.000%

7/1/18 (3)

5,000

5,403

Los Angeles CA USD GO

5.000%

7/1/18 (2)

5,000

5,469

Los Angeles CA USD GO

5.000%

7/1/19 (3)

5,000

5,320

Los Angeles CA USD GO

5.000%

7/1/19 (3)

7,000

7,507

Los Angeles CA USD GO

5.000%

7/1/20 (2)

14,135

15,093

Los Angeles CA USD GO

5.000%

7/1/21 (2)

15,940

16,907

Los Angeles CA USD GO

5.000%

7/1/22 (2)

16,760

17,671

Los Angeles CA USD GO

4.500%

7/1/23 (4)

30,825

31,191

Los Angeles CA USD GO

5.000%

7/1/23 (4)

12,975

13,732

Los Angeles CA USD GO

5.000%

7/1/23 (4)

23,535

24,908

Los Angeles CA USD GO

5.000%

7/1/23 (2)

6,000

6,322

Los Angeles CA USD GO

5.000%

7/1/24 (4)

6,745

7,118

Los Angeles CA USD GO

5.000%

7/1/24 (4)

17,210

18,161

Los Angeles CA USD GO

4.500%

7/1/26 (2)

10,000

9,770

Los Angeles CA USD GO

4.500%

1/1/28 (1)

8,500

8,168

Los Angeles CA Wastewater System Rev.

5.000%

6/1/26 (1)

17,280

17,702

Los Angeles County CA Capital Asset

 

 

 

 

Leasing Corp. Rev.

6.000%

12/1/11 (2)

2,360

2,611

Los Angeles County CA Capital Asset

 

 

 

 

Leasing Corp. Rev.

6.000%

12/1/13 (2)

2,760

3,151

 

 

41

 

California Intermediate-Term Tax-Exempt Fund.

 

Los Angeles County CA Metro. Transp.

 

 

 

 

Auth. Sales Tax Rev.

6.000%

7/1/11 (2)

2,745

3,005

Los Angeles County CA Metro. Transp.

 

 

 

 

Auth. Sales Tax Rev.

5.250%

7/1/14 (4)

14,000

15,008

Los Angeles County CA Metro. Transp.

 

 

 

 

Auth. Sales Tax Rev.

5.000%

7/1/16 (4)

8,410

9,039

Los Angeles County CA Metro. Transp.

 

 

 

 

Auth. Sales Tax Rev.

5.000%

7/1/17 (4)

10,000

10,749

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/14 (1)

24,180

25,944

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

10/1/15 (4)

10,000

11,062

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/15 (1)

8,540

9,171

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.250%

10/1/16 (4)

4,000

4,509

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.250%

10/1/17 (4)

7,000

7,900

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.250%

10/1/19 (4)

7,500

8,424

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/19 (1)

4,860

5,052

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/20 (1)

6,155

6,355

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/21 (1)

6,460

6,640

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/22 (1)

6,790

6,956

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/23 (1)

2,175

2,220

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/24 (1)

3,095

3,149

Los Angeles County CA Schools COP

0.000%

8/1/11 (2)(ETM)

1,945

1,757

Los Angeles County CA Schools COP

0.000%

8/1/13 (2)(ETM)

2,010

1,661

MSR California Public Power Agency Rev.

 

 

 

 

(San Juan Project)

5.000%

7/1/13 (1)

1,500

1,571

MSR California Public Power Agency Rev.

 

 

 

 

(San Juan Project)

6.750%

7/1/20 (1)(ETM)

2,315

2,739

Metro. Water Dist. of Southern California Rev.

8.000%

7/1/08 (ETM)

2,000

2,010

Metro. Water Dist. of Southern California Rev.

5.000%

7/1/12

21,495

23,248

Metro. Water Dist. of Southern California Rev.

5.000%

7/1/24

7,290

7,715

Modesto CA Irrigation Dist. COP

5.000%

7/1/17 (1)

3,165

3,317

Modesto CA Irrigation Dist. COP

5.000%

10/1/21 (2)

2,030

2,091

Modesto CA Irrigation Dist. COP

5.000%

10/1/22 (2)

2,515

2,580

Modesto CA Irrigation Dist. COP

5.000%

10/1/23 (2)

2,645

2,703

Modesto CA Irrigation Dist. Finance Auth. Rev.

5.125%

9/1/15 (2)

4,365

4,432

Mt. Diablo CA USD GO

5.000%

8/1/15 (4)

2,110

2,245

Mt. Diablo CA USD GO

5.000%

8/1/16 (4)

2,210

2,352

Natomas CA USD COP PUT

5.000%

2/1/10 (2)

6,895

7,158

New Haven CA USD GO

12.000%

8/1/12 (4)

3,440

4,646

New Haven CA USD GO

12.000%

8/1/15 (4)

2,905

4,496

Newark CA USD GO

0.000%

8/1/10 (4)

1,000

943

Northern California Gas Auth. No. 1 Rev.

2.257%

7/1/13

19,770

18,188

Northern California Gas Auth. No. 1 Rev.

2.407%

7/1/17

23,385

19,877

Northern California Power Agency Rev.

5.250%

8/1/15 (2)

2,000

2,051

Oakland CA COP

5.000%

4/1/11 (2)

1,855

1,936

 

 

42

 

California Intermediate-Term Tax-Exempt Fund

 

Oakland CA Joint Powers Financing Auth.

 

 

 

 

Lease Rev. (Oakland Admin. Bldgs.)

5.000%

8/1/23 (12)

5,000

5,281

Oakland CA Joint Powers Financing Auth.

 

 

 

 

Lease Rev. (Oakland Admin. Bldgs.)

5.000%

8/1/24 (12)

3,695

3,890

Oakland CA Joint Powers Financing Auth.

 

 

 

 

Lease Rev. (Oakland Admin. Bldgs.)

5.000%

8/1/25 (12)

5,405

5,673

Oakland CA Joint Powers Financing Auth.

 

 

 

 

Lease Rev. (Oakland Admin. Bldgs.)

5.000%

8/1/26 (12)

4,190

4,380

Oakland CA Joint Powers Financing Auth.

 

 

 

 

Lease Rev. (Oakland Convention Center)

5.500%

10/1/12 (2)

3,000

3,190

Oakland CA Joint Powers Financing Auth.

 

 

 

 

Lease Rev. (Oakland Convention Center)

5.500%

10/1/13 (2)

1,500

1,605

Oakland CA Redev. Agency (Central Dist.)

5.500%

9/1/13 (3)

3,990

4,302

Oakland CA Redev. Agency (Central Dist.)

5.500%

9/1/15 (3)

3,790

4,065

Oakland CA Redev. Agency (Central Dist.)

5.500%

9/1/16 (3)

6,210

6,619

Oakland CA Redev. Agency (Central Dist.)

5.000%

9/1/20 (2)

14,070

14,454

Oakland CA USD GO

5.000%

8/1/19 (4)

13,425

14,590

Orange County CA Airport Rev.

5.000%

7/1/11 (4)

3,165

3,378

Orange County CA Airport Rev.

5.000%

7/1/17 (4)

1,725

1,854

Orange County CA Airport Rev.

5.000%

7/1/18 (4)

1,500

1,583

Orange County CA Dev. Agency Tax Allocation

5.250%

9/1/14 (1)

1,415

1,509

Orange County CA Dev. Agency Tax Allocation

5.250%

9/1/15 (1)

1,485

1,584

Orange County CA Dev. Agency Tax Allocation

5.375%

9/1/16 (1)

1,570

1,682

Orange County CA Local Transp. Auth. Sales Tax Rev.

5.700%

2/15/11 (2)

15,445

16,637

Orange County CA Recovery COP

6.000%

6/1/10 (1)(ETM)

3,800

4,078

Orange County CA Sanitation Dist. COP

5.000%

2/1/18 (4)

7,470

8,096

Orange County CA Sanitation Dist. COP

5.000%

2/1/19 (4)

7,840

8,420

Orange County CA Sanitation Dist. COP VRDO

1.250%

6/2/08

1,100

1,100

Palomar Pomerado Health System California Rev.

5.375%

11/1/10 (1)

2,670

2,760

Palomar Pomerado Health System California Rev.

5.375%

11/1/12 (1)

7,080

7,309

Pasadena CA Electric Rev.

5.000%

6/1/17 (1)

2,320

2,442

Pasadena CA Electric Rev.

5.000%

6/1/18 (1)

2,535

2,634

Pomona CA Single Family Mortgage Rev.

7.600%

5/1/23 (ETM)

12,005

15,356

Port of Oakland CA Rev.

5.000%

11/1/11 (3)

5,160

5,449

Port of Oakland CA Rev.

5.000%

11/1/12 (3)

2,650

2,811

Port of Oakland CA Rev.

5.250%

11/1/12 (3)(Prere.)

5,000

5,466

Port of Oakland CA Rev.

5.250%

11/1/12 (3)(Prere.)

5,000

5,466

Port of Oakland CA Rev.

5.250%

11/1/12 (3)(Prere.)

6,300

6,887

Port of Oakland CA Rev.

5.250%

11/1/12 (3)(Prere.)

7,150

7,816

Port of Oakland CA Rev.

5.000%

11/1/19 (1)

8,000

8,505

Port of Oakland CA Rev.

5.000%

11/1/19 (1)

7,750

8,239

Port of Oakland CA Rev.

5.000%

11/1/20 (1)

6,400

6,748

Port of Oakland CA Rev.

5.000%

11/1/26 (1)

10,000

10,270

Rancho CA Water Dist. Finance Auth. Rev.

5.500%

11/1/16 (10)

5,480

6,174

Rancho CA Water Dist. Finance Auth. Rev.

5.500%

11/1/17 (10)

5,855

6,602

Rancho Cucamonga CA Redev. Agency

 

 

 

 

Tax Allocation (Rancho Redev.)

5.000%

9/1/10 (2)

3,820

3,989

Rancho Cucamonga CA Redev. Agency

 

 

 

 

Tax Allocation (Rancho Redev.)

5.000%

9/1/15 (2)

2,835

3,012

Rancho Cucamonga CA Redev. Agency

 

 

 

 

Tax Allocation (Rancho Redev.)

5.000%

9/1/16 (2)

5,100

5,381

Rancho Mirage CA Joint Powers Financing

 

 

 

 

Auth. Rev. (Eisenhower Medical Center)

5.000%

7/1/27

12,000

11,941

Riverside CA Electric Rev.

5.375%

10/1/08 (2)(Prere.)

2,300

2,350

Riverside CA Electric Rev.

5.375%

10/1/13 (2)

3,595

3,660

Riverside CA Electric Rev.

5.000%

10/1/23 (4)

2,160

2,285

 

43

 

 

 

California Intermediate-Term Tax-Exempt Fund

 

 

Riverside CA Electric Rev.

5.000%

10/1/24 (4)

1,000

1,054

 

Riverside CA Electric Rev.

5.000%

10/1/25 (4)

2,000

2,102

 

Riverside CA Electric Rev.

5.000%

10/1/26 (4)

2,500

2,617

 

Riverside CA Electric Rev.

5.000%

10/1/27 (4)

3,570

3,722

3

Riverside County CA Transp.

 

 

 

 

 

Commission Sales Tax Rev. PUT

5.000%

12/1/09

15,000

15,525

 

Roseville CA Natural Gas Financing Auth.

5.000%

2/15/18

2,280

2,239

 

Roseville CA Natural Gas Financing Auth.

5.000%

2/15/19

10,000

9,744

 

Sacramento CA Cogeneration Auth. Rev.

5.250%

7/1/11 (1)

4,730

4,786

 

Sacramento CA Cogeneration Auth. Rev.

5.250%

7/1/14 (1)

5,500

5,565

 

Sacramento CA Cogeneration Auth. Rev.

5.250%

7/1/15 (1)

5,755

5,823

 

Sacramento CA Cogeneration Auth. Rev.

5.000%

7/1/17 (1)

4,760

4,815

 

Sacramento CA Financing Auth. Lease Rev.

5.375%

12/1/12 (4)(Prere.)

4,395

4,852

 

Sacramento CA Financing Auth. Lease Rev.

5.000%

11/1/14 (1)

4,170

4,377

 

Sacramento CA Financing Auth. Lease Rev.

5.375%

12/1/14 (4)

1,630

1,776

 

Sacramento CA Financing Auth. Lease Rev.

5.000%

12/1/19 (3)

12,860

13,344

 

Sacramento CA Financing Auth. Lease Rev.

5.000%

12/1/20 (3)

13,670

14,087

 

Sacramento CA Muni. Util. Dist. Rev.

6.250%

8/15/10 (1)

28,000

29,150

 

Sacramento CA Muni. Util. Dist. Rev.

5.000%

11/15/12 (1)

2,185

2,344

 

Sacramento CA Muni. Util. Dist. Rev.

5.100%

7/1/13 (2)

2,850

2,912

 

Sacramento CA Muni. Util. Dist. Rev.

5.250%

8/15/13 (4)

1,000

1,064

 

Sacramento CA Muni. Util. Dist. Rev.

5.250%

8/15/14 (4)

2,500

2,660

 

Sacramento CA Muni. Util. Dist. Rev.

5.125%

7/1/15 (1)

8,270

8,450

3

Sacramento CA Muni. Util. Dist. Rev.

5.000%

8/15/16 (4)

10,000

10,992

 

Sacramento CA Muni. Util. Dist. Rev.

5.000%

7/1/17 (1)

4,000

4,205

 

Sacramento CA Muni. Util. Dist. Rev.

5.250%

7/1/24 (2)

10,000

10,639

 

Sacramento County CA Airport Rev.

5.000%

7/1/23 (4)

2,000

2,102

 

Sacramento County CA Airport Rev.

5.000%

7/1/24 (4)

2,500

2,619

 

Sacramento County CA Airport Rev.

5.000%

7/1/24 (4)

1,785

1,879

 

Sacramento County CA Public Fac.

 

 

 

 

 

Finance Corp. COP (Main Detention Fac.)

5.500%

6/1/10 (1)(ETM)

2,425

2,506

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

6.000%

12/1/13

2,500

2,719

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

6.000%

12/1/15

2,500

2,701

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/17 (3)

1,000

1,088

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/19 (3)

8,000

8,572

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/20 (3)

2,055

2,184

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/21 (3)

6,000

6,340

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/22 (3)

5,495

5,772

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/23 (3)

7,030

7,346

 

 

 

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/25 (3)

5,000

5,194

 

Sacramento County CA Water

 

 

 

 

 

Financing Auth. Rev. Agency Zones

5.000%

6/1/13 (2)(Prere.)

1,235

1,346

 

San Bernardino County CA Justice

 

 

 

 

 

Center and Airport COP

5.000%

7/1/14 (1)

5,585

5,966

 

San Bernardino County CA Medical Center COP

5.500%

8/1/17 (1)

5,250

5,713

 

San Bernardino County CA Medical Center COP

6.500%

8/1/17 (1)

5,000

5,701

 

San Bernardino County CA Medical Center COP

5.500%

8/1/22 (1)

8,940

9,998

 

 

44

 

California Intermediate-Term Tax-Exempt Fund

 

San Diego CA Community College Dist. GO

5.000%

8/1/23 (4)

5,000

5,294

San Diego CA Financing Auth. Lease Rev.

5.250%

4/1/12 (2)

3,000

3,052

San Diego CA Financing Auth. Lease Rev.

5.250%

4/1/14 (2)

5,680

5,778

San Diego CA USD GO

0.000%

7/1/09 (3)

6,270

6,098

San Diego CA USD GO

0.000%

7/1/14 (3)

3,400

2,681

San Diego CA USD GO

5.000%

7/1/15 (4)(Prere.)

9,200

10,224

San Diego CA USD GO

5.000%

7/1/15 (4)(Prere.)

15,250

16,947

San Diego CA USD GO

5.000%

7/1/15 (4)(Prere.)

10,000

11,113

San Diego CA USD GO

5.500%

7/1/17 (1)

2,895

3,306

San Diego CA USD GO

0.000%

7/1/18 (3)

9,500

6,002

San Diego CA USD GO

5.500%

7/1/20 (1)

11,390

12,915

San Diego CA USD GO

5.500%

7/1/20 (4)

9,490

10,848

San Diego CA USD GO

5.500%

7/1/21 (4)

11,470

13,102

San Diego CA USD GO

5.500%

7/1/22 (4)

12,790

14,588

San Diego CA USD GO

5.500%

7/1/23 (4)

9,210

10,504

San Diego CA USD GO

5.500%

7/1/27 (4)

20,000

22,406

San Diego CA Water Auth. Rev. COP

5.250%

5/1/15 (3)

6,215

6,834

San Diego CA Water Auth. Rev. COP

5.250%

5/1/16 (3)

7,880

8,691

San Diego CA Water Auth. Rev. COP

5.250%

5/1/17 (3)

14,005

15,451

San Diego CA Water Auth. Rev. COP

5.250%

5/1/21 (3)

6,725

7,295

San Diego CA Water Auth. Rev. COP

5.250%

5/1/22 (3)

7,075

7,634

San Diego CA Water Auth. Rev. COP

5.000%

5/1/24 (4)

6,000

6,316

San Diego CA Water Auth. Rev. COP

5.000%

5/1/25 (4)

7,595

7,970

San Diego County CA COP

5.000%

2/1/22 (2)

2,000

2,078

San Diego County CA COP

5.000%

2/1/24 (2)

1,500

1,547

San Diego County CA COP

5.000%

2/1/26 (2)

1,000

1,026

San Francisco CA City & County COP

 

 

 

 

(San Bruno Jail)

5.250%

10/1/14 (2)

2,860

2,939

San Francisco CA City & County COP

 

 

 

 

(San Bruno Jail)

5.125%

10/1/17 (2)

1,000

1,027

San Francisco CA City & County GO

 

 

 

 

(Laguna Honda Hosp.)

5.000%

6/15/16 (2)

8,000

8,573

San Francisco CA City & County

 

 

 

 

International Airport Rev.

5.250%

5/1/12 (1)(Prere.)

4,015

4,367

San Francisco CA City & County

 

 

 

 

International Airport Rev.

5.250%

5/1/13 (1)

2,430

2,586

San Francisco CA City & County

 

 

 

 

International Airport Rev.

5.250%

5/1/14 (1)

3,185

3,373

San Francisco CA City & County

 

 

 

 

International Airport Rev.

5.250%

5/1/26

25,000

25,424

San Francisco CA City & County

 

 

 

 

International Airport Rev.

5.000%

5/1/27 (3)

13,075

12,933

San Francisco CA City & County Redev.

 

 

 

 

Agency Lease Rev. (Moscone Center)

5.000%

7/1/16 (4)

3,270

3,468

San Francisco CA City & County Water Rev.

5.000%

11/1/17 (1)

4,865

5,142

San Joaquin County CA Transp. Auth. Rev. Notes

5.000%

4/1/11

10,000

10,485

San Joaquin Hills CA Transp. Corridor

 

 

 

 

Agency Toll Road Rev.

0.000%

1/15/11 (1)

7,140

6,539

San Joaquin Hills CA Transp. Corridor

 

 

 

 

Agency Toll Road Rev.

0.000%

1/15/14 (1)

5,500

4,353

San Jose CA Airport Rev.

5.375%

3/1/13 (4)

4,945

5,394

San Jose CA Airport Rev.

5.375%

3/1/14 (4)

7,550

8,195

San Jose CA Airport Rev.

5.375%

3/1/15 (4)

7,950

8,606

 

 

 

San Jose CA Financing Auth. Lease Rev.

5.000%

9/1/13 (1)

9,570

10,046

San Jose CA Redev. Agency

5.250%

8/1/13 (1)

5,000

5,439

San Jose CA Redev. Agency

5.250%

8/1/14 (1)

5,000

5,476

 

 

45

 

California Intermediate-Term Tax-Exempt Fund

 

San Jose CA Redev. Agency

5.000%

8/1/22 (2)

13,705

14,183

San Jose CA Redev. Agency

5.000%

8/1/23 (2)

40,000

41,214

San Jose CA Redev. Agency

5.000%

8/1/24 (1)

53,360

55,222

San Jose CA Redev. Agency

5.000%

8/1/25 (1)

24,980

25,719

San Jose CA USD GO

5.250%

8/1/10 (4)(Prere.)

2,540

2,723

San Jose CA USD GO

5.250%

8/1/10 (4)(Prere.)

2,790

2,991

San Juan CA USD GO

5.500%

8/1/10 (3)(Prere.)

1,930

2,079

San Juan CA USD GO

5.500%

8/1/10 (3)(Prere.)

1,950

2,101

San Juan CA USD GO

5.600%

8/1/10 (3)(Prere.)

2,745

2,963

San Juan CA USD GO

5.600%

8/1/10 (3)(Prere.)

2,685

2,898

San Mateo CA Redev. Auth. Tax Allocation

5.000%

8/1/11 (Prere.)

1,000

1,071

San Mateo CA Redev. Auth. Tax Allocation

5.200%

8/1/11 (Prere.)

2,045

2,203

San Mateo CA Redev. Auth. Tax Allocation

5.250%

8/1/11 (Prere.)

2,225

2,400

San Mateo CA Union High School Dist. GO

0.000%

9/1/10 (3)

1,200

1,126

San Mateo CA Union High School Dist. GO

0.000%

9/1/12 (3)

1,180

1,014

San Mateo CA Union High School Dist. GO

0.000%

9/1/13 (3)

1,715

1,410

San Mateo CA Union High School Dist. GO

0.000%

9/1/14 (3)

1,500

1,175

San Mateo County CA Community College Dist. GO

5.375%

9/1/15 (3)

1,300

1,394

San Mateo County CA Community College Dist. GO

5.375%

9/1/18 (3)

1,515

1,615

San Mateo County CA Community College Dist. GO

0.000%

9/1/21 (1)

4,645

2,441

San Mateo County CA Community College Dist. GO

0.000%

9/1/22 (1)

5,675

2,811

San Mateo County CA Community College Dist. GO

0.000%

9/1/24 (1)

2,825

1,242

San Mateo County CA Community College Dist. GO

0.000%

9/1/25 (1)

4,000

1,660

San Mateo County CA Community College Dist. GO

5.000%

9/1/26

3,170

3,311

San Mateo County CA Transp. Dist. Sales Tax Rev.

5.250%

6/1/09 (4)(Prere.)

4,275

4,459

San Mateo County CA Transp. Dist. Sales Tax Rev.

5.250%

6/1/09 (4)(Prere.)

1,865

1,945

Santa Ana CA Community Redev.

 

 

 

 

Agency Tax Allocation (South Main Street)

5.000%

9/1/18 (3)

2,685

2,777

Santa Ana CA Finance Auth. Rev.

5.375%

9/1/09 (1)

3,040

3,120

Santa Ana CA Finance Auth. Rev.

5.375%

9/1/10 (1)

1,600

1,642

Santa Ana CA Finance Auth. Rev. VRDO

1.270%

6/2/08 LOC

5,600

5,600

Santa Barbara County CA COP

5.250%

12/1/12 (2)

1,000

1,082

Santa Barbara County CA COP

5.250%

12/1/13 (2)

2,355

2,541

Santa Barbara County CA COP

5.250%

12/1/15 (2)

1,065

1,149

Santa Barbara County CA COP

5.250%

12/1/16 (2)

1,760

1,898

Santa Clara CA Electric Rev.

5.250%

7/1/17 (1)

1,475

1,584

Santa Clara CA Electric Rev.

5.250%

7/1/18 (1)

1,720

1,820

Santa Clara County CA Financing Auth. Lease Rev.

7.750%

11/15/10 (2)

4,500

5,036

Santa Clara County CA Financing Auth. Lease Rev.

5.500%

5/15/11 (2)

4,535

4,792

Santa Clara County CA Financing Auth. Lease Rev.

7.750%

11/15/11 (2)

1,000

1,154

Santa Clara County CA Financing Auth. Lease Rev.

5.500%

5/15/12 (2)

4,785

5,047

Santa Clara County CA Financing Auth. Lease Rev.

5.000%

11/15/17

11,540

12,610

Santa Clara County CA Financing Auth. Lease Rev.

5.000%

11/15/18

10,000

10,906

 

 

 

Santa Clara County CA Financing Auth. Lease Rev.

5.000%

5/15/28

15,150

15,508

Santa Margarita/Dana Point CA Auth. Rev.

5.500%

8/1/08 (2)

3,345

3,363

Santa Margarita/Dana Point CA Auth. Rev.

5.500%

8/1/09 (2)

3,860

3,946

Santa Margarita/Dana Point CA Auth. Rev.

7.250%

8/1/09 (1)

2,000

2,117

Santa Margarita/Dana Point CA Auth. Rev.

5.500%

8/1/10 (2)

2,245

2,295

Santa Margarita/Dana Point CA Auth. Rev.

7.250%

8/1/10 (1)

4,630

5,090

Solano County CA COP

5.000%

11/1/17 (1)

4,110

4,497

Solano County CA COP

5.000%

11/1/18 (1)

3,810

4,134

Solano County CA COP

5.000%

11/1/19 (1)

3,995

4,300

Solano County CA COP

5.000%

11/1/20 (1)

4,195

4,474

Solano County CA COP

5.000%

11/1/21 (1)

4,405

4,670

South Orange County CA Public Finance Auth. Rev.

7.000%

9/1/08 (1)

5,610

5,672

South Orange County CA Public Finance Auth. Rev.

7.000%

9/1/09 (1)

5,000

5,259

 

 

46

 

California Intermediate-Term Tax-Exempt Fund

 

South Orange County CA Public Finance Auth. Rev.

7.000%

9/1/10 (1)

3,300

3,580

South Orange County CA Public Finance Auth. Rev.

7.000%

9/1/11 (1)

3,490

3,879

South Orange County CA Public Finance Auth. Rev.

5.375%

8/15/12 (4)

5,605

5,829

South Orange County CA Public Finance Auth. Rev.

5.250%

8/15/13 (2)

2,290

2,324

South San Francisco CA Redev. Agency

 

 

 

 

Tax Allocation

5.000%

9/1/31 (3)

7,255

7,225

Southern California Public Power Auth.

 

 

 

 

(Natural Gas Project) Rev.

5.250%

11/1/23

5,250

5,367

Southern California Public Power Auth.

 

 

 

 

(Natural Gas Project) Rev.

5.250%

11/1/24

5,000

5,111

Southern California Public Power Auth.

 

 

 

 

(Natural Gas Project) Rev.

5.250%

11/1/25

5,000

5,109

Southern California Public Power Auth.

 

 

 

 

(Natural Gas Project) Rev.

5.250%

11/1/26

2,500

2,547

Southern California Public Power Auth. Rev.

 

 

 

 

(San Juan Unit)

5.500%

1/1/13 (4)

3,500

3,864

Tamalpais CA Union High School Dist. GO

5.000%

8/1/15 (4)

1,855

1,974

Tamalpais CA Union High School Dist. GO

5.000%

8/1/16 (4)

1,930

2,054

Tamalpais CA Union High School Dist. GO

5.000%

8/1/17 (4)

2,015

2,144

Temecula Valley CA USD

6.000%

8/1/08 (4)

1,370

1,380

Tobacco Securitization Auth. Rev.

 

 

 

 

(Southern California Tobacco Settlement)

4.750%

6/1/25

10,245

9,267

Tulare County CA COP

5.000%

8/15/15 (1)

6,460

6,948

Univ. of California Regents

5.000%

5/15/19 (1)

5,075

5,372

Univ. of California Regents

5.000%

5/15/20 (1)

5,065

5,323

Univ. of California Regents

5.000%

5/15/25

15,085

15,654

Univ. of California Regents

5.000%

5/15/26

14,095

14,568

Univ. of California Rev.

3.000%

5/15/11

1,235

1,246

Univ. of California Rev.

3.000%

5/15/12

2,000

2,007

Univ. of California Rev.

5.000%

5/15/17 (4)

33,320

36,171

Univ. of California Rev.

5.000%

5/15/18 (4)

3,000

3,188

Univ. of California Rev.

5.000%

5/15/18 (4)

10,000

10,859

Univ. of California Rev.

5.000%

5/15/19 (4)

4,375

4,699

Univ. of California Rev.

5.000%

5/15/20 (4)

30,900

33,073

Univ. of California Rev.

5.000%

5/15/21 (4)

14,915

15,870

Univ. of California Rev.

5.000%

5/15/22 (4)

11,910

12,598

Univ. of California Rev. (Multiple Purpose Project)

5.000%

9/1/08 (Prere.)

1,000

1,018

Univ. of California Rev. (Multiple Purpose Project)

5.125%

9/1/09 (3)(Prere.)

3,150

3,297

Univ. of California Rev. (San Diego Medical Center)

5.125%

12/1/14 (4)

4,290

4,537

Univ. of California Rev. (San Diego Medical Center)

5.125%

12/1/15 (4)

4,515

4,775

Ventura County CA COP Public Finance Auth.

5.375%

8/15/13 (4)

4,320

4,457

Ventura County CA Community College Dist. GO

5.000%

8/1/16 (1)

3,100

3,308

Ventura County CA Community College Dist. GO

5.000%

8/1/17 (1)

2,300

2,455

Vista CA USD GO

5.375%

8/1/12 (4)(Prere.)

1,350

1,481

Vista CA USD GO

5.375%

8/1/12 (4)(Prere.)

1,695

1,860

Vista CA USD GO

5.375%

8/1/12 (4)(Prere.)

1,455

1,596

Vista CA USD GO

5.375%

8/1/15 (4)

150

162

Vista CA USD GO

5.375%

8/1/16 (4)

190

205

 

 

 

Vista CA USD GO

5.375%

8/1/17 (4)

160

173

Western Placer County CA USD PUT

3.625%

12/1/09 (4)

8,500

8,667

 

 

47

 

California Intermediate-Term Tax-Exempt Fund

 

Outside California:

 

 

 

 

Puerto Rico Aqueduct & Sewer Auth. Rev.

6.000%

7/1/09 (1)(ETM)

5,250

5,470

Puerto Rico Aqueduct & Sewer Auth. Rev.

6.250%

7/1/12 (1)(ETM)

1,000

1,126

Puerto Rico Electric Power Auth. Rev.

5.000%

7/1/10

7,500

7,772

Puerto Rico Electric Power Auth. Rev.

5.750%

7/1/10 (4)(Prere.)

2,700

2,905

Puerto Rico Electric Power Auth. Rev.

5.750%

7/1/10 (4)(Prere.)

4,000

4,303

Puerto Rico Electric Power Auth. Rev.

5.000%

7/1/11

12,500

13,025

Puerto Rico Electric Power Auth. Rev.

5.500%

7/1/11 (4)

6,050

6,403

Puerto Rico Electric Power Auth. Rev.

6.000%

7/1/12 (1)

8,235

8,950

Puerto Rico Electric Power Auth. Rev.

5.250%

7/1/24 (3)

10,765

10,776

Puerto Rico Electric Power Auth. Rev.

5.250%

7/1/25 (1)

10,000

10,653

Puerto Rico GO

5.000%

7/1/08 (ETM)

500

501

Puerto Rico GO

6.500%

7/1/11 (1)

2,500

2,724

Puerto Rico GO

5.250%

7/1/23

5,000

5,016

Puerto Rico Govt. Dev. Bank VRDO

2.400%

6/6/08 (1)

4,900

4,900

Puerto Rico Highway & Transp. Auth. Rev.

5.500%

7/1/13 (1)

2,250

2,399

Puerto Rico Infrastructure Financing Auth.

 

 

 

 

Special Tax Rev.

5.500%

7/1/21 (3)

5,000

5,172

Puerto Rico Infrastructure Financing Auth.

 

 

 

 

Special Tax Rev.

5.500%

7/1/22 (3)

12,000

12,392

Puerto Rico Infrastructure Financing Auth.

 

 

 

 

Special Tax Rev.

5.500%

7/1/23 (3)

5,835

6,016

Puerto Rico Infrastructure Financing Auth.

 

 

 

 

Special Tax Rev.

5.500%

7/1/23 (2)

12,670

13,459

Puerto Rico Muni. Finance Agency

5.625%

8/1/10 (4)

17,775

18,530

Puerto Rico Muni. Finance Agency

5.750%

8/1/11 (4)

13,560

14,120

Puerto Rico Muni. Finance Agency

5.750%

8/1/11 (4)

7,750

8,070

Puerto Rico Muni. Finance Agency

5.000%

7/1/14 (11)

1,360

1,387

Puerto Rico Muni. Finance Agency

5.250%

7/1/16 (11)

1,400

1,441

Puerto Rico Muni. Finance Agency

5.250%

8/1/17 (4)

16,310

17,779

Puerto Rico Muni. Finance Agency

5.250%

7/1/18 (11)

1,000

1,028

Puerto Rico Public Finance Corp. PUT

5.750%

2/1/12 LOC

20,000

20,246

Univ. of Puerto Rico Rev.

5.200%

6/1/10 (1)(Prere.)

1,215

1,285

Univ. of Puerto Rico Rev.

5.750%

6/1/10 (1)(Prere.)

1,000

1,068

Univ. of Puerto Rico Rev.

5.750%

6/1/10 (1)(Prere.)

2,000

2,137

Virgin Islands Public Finance Auth. Rev.

5.250%

10/1/15

2,200

2,272

Total Municipal Bonds (Cost $4,845,596)

 

 

 

4,849,440

Other Assets and Liabilities (–0.1%)

 

 

 

 

Other Assets—Note B

 

 

 

78,312

Liabilities

 

 

 

(81,771)

 

 

 

 

(3,459)

Net Assets (100%)

 

 

 

4,845,981

 

48

 

California Intermediate-Term Tax-Exempt Fund

 

At May 31, 2008, net assets consisted of:4

 

 

Amount

 

($000)

Paid-in Capital

4,867,969

Undistributed Net Investment Income

—

Accumulated Net Realized Losses

(25,785)

Unrealized Appreciation (Depreciation)

 

Investment Securities

3,844

Futures Contracts

(47)

Net Assets

4,845,981

 

 

Investor Shares—Net Assets

 

Applicable to 128,971,586 outstanding $.001 par value shares

 

of beneficial interest (unlimited authorization)

1,399,289

Net Asset Value Per Share—Investor Shares

$10.85

 

 

Admiral Shares—Net Assets

 

Applicable to 317,680,063 outstanding $.001 par value shares

 

of beneficial interest (unlimited authorization)

3,446,692

Net Asset Value Per Share—Admiral Shares

$10.85

 

 

•  See Note A in Notes to Financial Statements.

1  Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2008, the aggregate value of these securities was $5,500,000, representing 0.1% of net assets.

2  Securities with a value of $7,209,000 have been segregated as initial margin for open futures contracts.

3  Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2008.

4  See Note D in Notes to Financial Statements for the tax-basis components of net assets. For a key to abbreviations and other references, see page 50.

 

49

 

California Intermediate-Term Tax-Exempt Fund

 

Key to Abbreviations

ARS—Auction Rate Security.

BAN—Bond Anticipation Note.

COP—Certificate of Participation.

CP—Commercial Paper.

FR—Floating Rate.

GAN—Grant Anticipation Note.

GO—General Obligation Bond.

IDA—Industrial Development Authority Bond.

IDR—Industrial Development Revenue Bond.

PCR—Pollution Control Revenue Bond.

PUT—Put Option Obligation.

RAN—Revenue Anticipation Note.

TAN—Tax Anticipation Note.

TOB—Tender Option Bond.

TRAN—Tax Revenue Anticipation Note.

UFSD—Union Free School District.

USD—United School District.

VRDO—Variable Rate Demand Obligation.

(ETM)—Escrowed to Maturity.

(Prere.)—Prerefunded.

Scheduled principal and interest payments are guaranteed by:

(1) MBIA (Municipal Bond Insurance Association).

(2) AMBAC (Ambac Assurance Corporation).

(3) FGIC (Financial Guaranty Insurance Company).

(4) FSA (Financial Security Assurance).

(5) BIGI (Bond Investors Guaranty Insurance).

(6) Connie Lee Inc.

(7) FHA (Federal Housing Authority).

(8) CapMAC (Capital Markets Assurance Corporation).

(9) American Capital Access Financial Guaranty Corporation.

(10) XL Capital Assurance Inc.

(11) CIFG (CDC IXIS Financial Guaranty).

(12) Assured Guaranty Corp.

(13) National Indemnity Co. (Berkshire Hathaway).

The insurance does not guarantee the market value of the municipal bonds.

LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.

 

50

 

California Intermediate-Term Tax-Exempt Fund

 

Statement of Operations

 

 

Six Months Ended

 

May 31, 2008

 

($000)

Investment Income

 

Income

 

Interest

92,520

Total Income

92,520

Expenses

 

The Vanguard Group—Note B

 

Investment Advisory Services

214

Management and Administrative

 

Investor Shares

744

Admiral Shares

774

Marketing and Distribution

 

Investor Shares

166

Admiral Shares

352

Custodian Fees

17

Shareholders’ Reports

 

Investor Shares

8

Admiral Shares

2

Trustees’ Fees and Expenses

2

Total Expenses

2,279

Expenses Paid Indirectly—Note C

(9)

Net Expenses

2,270

Net Investment Income

90,250

Realized Net Gain (Loss)

 

Investment Securities Sold

(2,118)

Futures Contracts

3,090

Realized Net Gain (Loss)

972

Change in Unrealized Appreciation (Depreciation)

 

Investment Securities

(31,585)

Futures Contracts

(66)

Change in Unrealized Appreciation (Depreciation)

(31,651)

Net Increase (Decrease) in Net Assets Resulting from Operations

59,571

 

 

51

 

California Intermediate-Term Tax-Exempt Fund

 

Statement of Changes in Net Assets

 

 

Six Months Ended

 

Year Ended

 

May 31,

 

November 30,

 

2008

 

2007

 

($000)

 

($000)

Increase (Decrease) In Net Assets

 

 

 

Operations

 

 

 

Net Investment Income

90,250

 

158,083

Realized Net Gain (Loss)

972

 

(5,460)

Change in Unrealized Appreciation (Depreciation)

(31,651)

 

(48,558)

Net Increase (Decrease) in Net Assets Resulting from Operations

59,571

 

104,065

Distributions

 

 

 

Net Investment Income

 

 

 

Investor Shares

(25,722)

 

(46,280)

Admiral Shares

(64,528)

 

(111,803)

Realized Capital Gain

 

 

 

Investor Shares

—

 

—

Admiral Shares

—

 

—

Total Distributions

(90,250)

 

(158,083)

Capital Share Transactions—Note F

 

 

 

Investor Shares

164,695

 

191,652

Admiral Shares

352,751

 

765,002

Net Increase (Decrease) from Capital Share Transactions

517,446

 

956,654

Total Increase (Decrease)

486,767

 

902,636

Net Assets

 

 

 

Beginning of Period

4,359,214

 

3,456,578

End of Period

4,845,981

 

4,359,214

 

 

52

 

California Intermediate-Term Tax-Exempt Fund

 

Financial Highlights

 

Investor Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months

 

 

 

 

 

 

Ended

 

 

 

For a Share Outstanding

May 31,

Year Ended November 30,

Throughout Each Period

2008

2007

2006

2005

2004

2003

Net Asset Value, Beginning of Period

$10.92

$11.09

$10.95

$11.15

$11.44

$11.29

Investment Operations

 

 

 

 

 

 

Net Investment Income

.214

.435

.438

.434

.440

.454

Net Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

on Investments

(.070)

(.170)

.140

(.200)

(.171)

.188

Total from Investment Operations

.144

.265

.578

.234

.269

.642

Distributions

 

 

 

 

 

 

Dividends from Net Investment Income

(.214)

(.435)

(.438)

(.434)

(.440)

(.454)

Distributions from Realized Capital Gains

—

—

—

—

(.119)

(.038)

Total Distributions

(.214)

(.435)

(.438)

(.434)

(.559)

(.492)

Net Asset Value, End of Period

$10.85

$10.92

$11.09

$10.95

$11.15

$11.44

 

 

 

 

 

 

 

Total Return1

1.34%

2.46%

5.40%

2.11%

2.41%

5.78%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net Assets, End of Period (Millions)

$1,399

$1,243

$1,068

$1,002

$1,500

$1,490

Ratio of Total Expenses to

 

 

 

 

 

 

Average Net Assets

0.15%*

0.15%

0.16%

0.16%

0.15%

0.17%

Ratio of Net Investment Income to

 

 

 

 

 

 

Average Net Assets

3.92%*

3.97%

4.00%

3.90%

3.91%

3.99%

Portfolio Turnover Rate

17%*

11%

7%

12%

14%

21%

 

 

 

1  Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.

*  Annualized.

 

 

53

 

California Intermediate-Term Tax-Exempt Fund

 

Admiral Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months

 

 

 

 

 

 

Ended

 

 

 

For a Share Outstanding

May 31,

Year Ended November 30,

Throughout Each Period

2008

2007

2006

2005

2004

2003

Net Asset Value, Beginning of Period

$10.92

$11.09

$10.95

$11.15

$11.44

$11.29

Investment Operations

 

 

 

 

 

 

Net Investment Income

.217

.443

.446

.442

.446

.461

Net Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

on Investments

(.070)

(.170)

.140

(.200)

(.171)

.188

Total from Investment Operations

.147

.273

.586

.242

.275

.649

Distributions

 

 

 

 

 

 

Dividends from Net Investment Income

(.217)

(.443)

(.446)

(.442)

(.446)

(.461)

Distributions from Realized Capital Gains

—

—

—

—

(.119)

(.038)

Total Distributions

(.217)

(.443)

(.446)

(.442)

(.565)

(.499)

Net Asset Value, End of Period

$10.85

$10.92

$11.09

$10.95

$11.15

$11.44

 

 

 

 

 

 

 

Total Return

1.37%

2.53%

5.48%

2.18%

2.47%

5.84%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net Assets, End of Period (Millions)

$3,447

$3,116

$2,388

$1,847

$1,082

$966

Ratio of Total Expenses to

 

 

 

 

 

 

Average Net Assets

0.08%*

0.08%

0.09%

0.09%

0.09%

0.11%

Ratio of Net Investment Income to

 

 

 

 

 

 

Average Net Assets

3.99%*

4.04%

4.07%

3.98%

3.97%

4.05%

Portfolio Turnover Rate

17%*

11%

7%

12%

14%

21%

 

 

* Annualized.

See accompanying Notes, which are an integral part of the Financial Statements.

 

 

54

 

California Intermediate-Term Tax-Exempt Fund

 

Notes to Financial Statements

Vanguard California Intermediate-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of California. The fund offers two classes of shares, Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.

2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended November 30, 2004–2007) and for the period ended May 31, 2008, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.

5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

 

55

 

California Intermediate-Term Tax-Exempt Fund

 

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2008, the fund had contributed capital of $390,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.39% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest bearing custody account. For the six months ended May 31, 2008, custodian fee offset arrangements reduced the fund’s expenses by $9,000.

D. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2007, the fund had available realized losses of $17,235,000 to offset future net capital gains of $4,252,000 through November 30, 2012, $2,524,000 through November 30, 2013, $6,523,000 through November 30, 2014, and $3,936,000 through November 30, 2015. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2008; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balances above.

The fund had realized losses totaling $9,503,000 through November 30, 2007, which are deferred for tax purposes and reduce the amount of unrealized appreciation on investment securities for tax purposes.

At May 31, 2008, the cost of investment securities for tax purposes was $4,855,099,000. Net unrealized depreciation of investment securities for tax purposes was $5,659,000, consisting of unrealized gains of $52,836,000 on securities that had risen in value since their purchase and $58,495,000 in unrealized losses on securities that had fallen in value since their purchase.

 

56

 

California Intermediate-Term Tax-Exempt Fund

 

At May 31, 2008, the aggregate settlement value of open futures contracts expiring through September 2008 and the related unrealized appreciation (depreciation) were:

 

 

 

 

($000)

 

Number of

Aggregate

Unrealized

 

Long (Short)

Settlement

Appreciation

Futures Contracts

Contracts

Value

(Depreciation)

5-Year U.S. Treasury Note

(950)

104,441

152

10-Year U.S. Treasury Note

(508)

57,102

(281)

30-Year U.S. Treasury Bond

(273)

30,986

82

 

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.

E. During the six months ended May 31, 2008, the fund purchased $937,891,000 of investment securities and sold $365,752,000 of investment securities, other than temporary cash investments.

F. Capital share transactions for each class of shares were:

 

 

Six Months Ended

 

Year Ended November

 

May 31, 2008

 

30, 2007

 

Amount

Shares

 

Amount

Shares

 

($000)

(000)

 

($000)

(000)

Investor Shares

 

 

 

 

 

Issued

369,242

33,932

 

543,786

49,757

Issued in Lieu of Cash Distributions

22,817

2,109

 

40,262

3,687

Redeemed

(227,364)

(20,880)

 

(392,396)

(35,962)

Net Increase (Decrease)—Investor Shares

164,695

15,161

 

191,652

17,482

Admiral Shares

 

 

 

 

 

Issued

739,463

67,942

 

1,201,929

109,983

Issued in Lieu of Cash Distributions

49,733

4,597

 

85,220

7,805

Redeemed

(436,445)

(40,156)

 

(522,147)

(47,890)

Net Increase (Decrease)—Admiral Shares

352,751

32,383

 

765,002

69,898

 

G. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements, effective for the fund’s current fiscal period.

 

57

 

California Intermediate-Term Tax-Exempt Fund

 

The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

The following table summarizes the fund’s investments as of May 31, 2008, based on the inputs used to value them.

 

 

Investments

Futures

 

in Securities

Contracts

Valuation Inputs

($000)

($000)

Level 1—Quoted prices

—

(47)

Level 2—Other significant observable inputs

4,849,440

—

Level 3—Significant unobservable inputs

—

—

Total

4,849,440

(47)

 

 

58

 

California Long-Term Tax-Exempt Fund

 

Fund Profile

As of May 31, 2008

 

Financial Attributes

 

 

 

 

 

Comparative

Broad

 

Fund

Index1

Index2

Number of Issues

406

7,393

43,475

Yield3

 

3.9%

4.0%

Investor Shares

4.1%

 

 

Admiral Shares

4.2%

 

 

Yield to Maturity

4.3%4

3.9%

4.0%

Average Coupon

4.5%

5.0%

5.0%

Average Effective

 

 

 

Maturity

11.0 years

9.8 years

13.2 years

Average Quality

AA

AA+

AA+

Average Duration

7.0 years

6.7 years

7.7 years

Expense Ratio

 

—

—

Investor Shares

0.15%5

 

 

Admiral Shares

0.08%5

 

 

Short-Term Reserves

1.6%

—

—

 

Distribution by Maturity (% of portfolio)

 

 

 

Under 1 Year

3.4%

1–5 Years

24.2   

5–10 Years

39.8   

10–20 Years

11.8   

20–30 Years

15.6   

Over 30 Years

5.2   

 

Volatility Measures6

 

 

Fund Versus

Fund Versus

 

Comparative Index1

Broad Index2

R-Squared

0.88

0.98

Beta

1.06

1.12

 

Distribution be Credit Quality (% of portfolio)

 

 

AAA

50.5%

AA

19.2   

A

23.9   

BBB

6.2   

Other

0.2   

 

 

Investment Focus

 


 

1  Lehman 10 Year Municipal Bond Index.

2  Lehman Municipal Bond Index.

3  30-day SEC yield for the fund; index yield assumes that all bonds are called or prepaid at the earliest possible dates. See the Glossary on pages 84–85.

4  Before expenses.

5  Annualized.

6  For an explanation of R-squared, beta, and other terms used here, see the Glossary on pages 84–85.

 

59

 

California Long-Term Tax-Exempt Fund

 

Performance Summary

 

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

 

Fiscal Year Total Returns (%): November 30, 1997–May 31, 2008

 

 

 

 

 

 

Investor Shares

Lehman1

Fiscal

Capital

Income

Total

Total

Year

Return

Return

Return

Return

1998

3.1%

5.2%

8.3%

8.1%

1999

–7.0   

4.8   

–2.2   

–0.4   

2000

5.5   

5.6   

11.1   

7.7   

2001

2.6   

5.1   

7.7   

8.2   

2002

0.5   

4.9   

5.4   

6.7   

2003

2.2   

4.8   

7.0   

6.9   

2004

–1.3   

4.6   

3.3   

4.0   

2005

–0.3   

4.5   

4.2   

3.0   

2006

2.0   

4.7   

6.7   

6.2   

2007

–3.4   

4.6   

1.2   

3.5   

20082

–1.7   

2.2   

0.5   

1.7   

 

Average Annual Total Returns: Periods Ended March 31, 2008

This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.

 

 

 

 

 

 

 

Ten Years

 

Inception Date

One Year

Five Years

Capital

Income

Total

Investor Shares3

4/7/1986

–0.74%

3.45%

–0.07%

4.84%

4.77%

Admiral Shares

11/12/2001

–0.67   

3.52   

–0.924   

4.704   

3.784   

 

 

1  Lehman 10 Year Municipal Bond Index.

2  Six months ended May 31, 2008.

3  Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.

4  Return since inception.

Note: See Financial Highlights tables on pages 75–76 for dividend and capital gains information.

 

60

 

California Long-Term Tax-Exempt Fund

 

Financial Statements (unaudited)

 

Statement of Net Assets

As of May 31, 2008

 

The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

 

 

 

 

Face

Market

 

 

Maturity

Amount

Value•

 

Coupon

Date

($000)

($000)

Municipal Bonds (100.0%)

 

 

 

 

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

California (Children’s Hosp. Medical Center) COP

6.000%

12/1/09 (2)(Prere.)

3,000

3,200

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

California (School of the Mechanical Arts)

5.250%

10/1/26

1,000

1,015

ABAG Finance Auth. for Non-Profit Corp.

 

 

 

 

California (School of the Mechanical Arts)

5.300%

10/1/32

3,180

3,181

Alameda CA Corridor Transp. Auth. Rev.

5.125%

10/1/17 (1)

5,000

5,175

Alameda CA Corridor Transp. Auth. Rev.

5.125%

10/1/18 (1)

2,000

2,063

Alameda CA Corridor Transp. Auth. Rev.

0.000%

10/1/30 (2)

30,375

8,982

Alameda CA Corridor Transp. Auth. Rev.

0.000%

10/1/34 (1)

24,095

5,670

Alameda CA Corridor Transp. Auth. Rev.

0.000%

10/1/36 (1)

20,000

4,172

Alameda CA Corridor Transp. Auth. Rev.

0.000%

10/1/37 (1)

13,000

2,559

Alameda County CA USD

0.000%

8/1/24 (4)

3,510

1,584

Alameda County CA USD

0.000%

8/1/29 (4)

5,000

1,686

Anaheim CA Public Finance Auth.

 

 

 

 

Distribution System Rev.

5.000%

10/1/21 (1)

3,390

3,508

Bay Area Toll Auth. CA Toll Bridge Rev.

5.000%

4/1/19

5,970

6,469

Bay Area Toll Auth. CA Toll Bridge Rev.

5.000%

4/1/20

8,820

9,464

Cabrillo CA Community College Dist. Rev.

0.000%

8/1/28 (1)

2,250

800

California County CA Tobacco Securitization Agency

0.000%

6/1/28

7,500

5,497

California County CA Tobacco Securitization Agency

0.000%

6/1/36

7,500

5,324

California Educ. Fac. Auth. Rev.

 

 

 

 

(Claremont Graduate Univ.)

5.000%

3/1/42

8,330

8,091

California Educ. Fac. Auth. Rev.

 

 

 

 

(College of Arts & Crafts)

6.875%

6/1/19

1,615

1,842

California Educ. Fac. Auth. Rev.

 

 

 

 

(College of Arts & Crafts)

5.750%

6/1/25

2,000

2,005

California Educ. Fac. Auth. Rev. (Univ. of The Pacific)

5.000%

11/1/25

2,000

2,021

California Educ. Fac. Auth. Rev. (Univ. of The Pacific)

5.000%

11/1/30

3,500

3,500

California Educ. Fac. Auth. Rev. (Univ. of The Pacific)

5.000%

11/1/36

8,985

8,931

California GO

6.250%

9/1/12 (3)

9,000

9,807

California GO

5.000%

11/1/13

13,000

13,993

California GO

7.000%

11/1/13 (3)

65

66

California GO

5.125%

2/1/14 (Prere.)

10,000

11,049

California GO

5.250%

10/1/14 (3)

1,955

1,970

 

 

 

California GO

5.000%

11/1/14

39,090

42,032

California GO

6.000%

8/1/19 (3)

210

211

California GO

5.000%

11/1/22

11,905

12,358

California GO

5.000%

9/1/25

16,950

17,317

California GO

5.125%

2/1/26

15,325

15,622

 

 

61

 

California Long-Term Tax-Exempt Fund

 

 

California GO

5.000%

6/1/26 (3)

40,000

40,784

 

California GO

5.000%

9/1/28

15,350

15,525

 

California GO

5.000%

6/1/32

35,000

35,100

 

California GO

5.000%

6/1/34

40,000

40,048

 

California GO

4.500%

12/1/34

15,825

14,652

 

California GO

5.000%

6/1/37

23,215

23,180

1

California GO

5.250%

3/1/38

20,135

20,612

 

California GO VRDO

1.350%

6/2/08 LOC

3,650

3,650

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Adventist Health System)

5.000%

3/1/33

7,950

7,591

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(California-Nevada Methodist)

5.000%

7/1/36

2,075

2,014

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Casa Colina)

6.125%

4/1/32

10,000

10,140

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West)

4.750%

7/1/19 (1)

765

765

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Catholic Healthcare West)

5.500%

7/1/30

5,000

5,068

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Cedars-Sinai Medical Center)

5.000%

11/15/27

7,000

6,991

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Cedars-Sinai Medical Center)

5.000%

11/15/34

10,000

9,658

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Scripps Health)

5.000%

10/1/08 (1)(Prere.)

5,000

5,101

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Stanford Hospital) PUT

3.450%

6/15/11

5,000

4,993

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Sutter Health)

5.250%

8/15/22

5,000

5,229

 

California Health Fac. Finance Auth. Rev.

 

 

 

 

 

(Sutter Health)

5.250%

11/15/46

42,500

42,262

 

California Housing Finance Agency

 

 

 

 

 

Home Mortgage Rev.

6.050%

8/1/27 (2)(7)

5,000

5,113

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Asian Art Museum) VRDO

1.650%

6/2/08 (1)

35,800

35,800

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Bay Area Toll)

5.000%

1/1/28 (3)(Prere.)

7,500

8,128

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (California Science Center)

5.000%

5/1/31 (3)

7,635

7,502

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (J. David Gladstone Institute)

5.500%

10/1/18

3,905

4,075

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (J. David Gladstone Institute)

5.500%

10/1/20

1,500

1,556

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (J. David Gladstone Institute)

5.250%

10/1/34

20,040

20,123

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Kaiser Hosp. Assn.)

5.500%

8/1/31

7,610

7,708

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Kaiser Hosp. Assn.)

5.550%

8/1/31

5,500

5,587

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (Workers' Compensation)

5.250%

10/1/13 (2)

30,000

33,086

 

California Infrastructure & Econ. Dev.

 

 

 

 

 

Bank Rev. (YMCA of Metro. LA)

5.250%

2/1/26 (2)

4,750

4,895

 

California Polytechnical Univ. Rev.

 

 

 

 

 

(Pomona Student Union)

5.625%

7/1/09 (3)(Prere.)

3,000

3,149

 

California Polytechnical Univ. Rev.

 

 

 

 

 

(Pomona Student Union)

5.625%

7/1/09 (3)(Prere.)

5,260

5,521

 

 

62

 

California Long-Term Tax-Exempt Fund

 

California Public Works Board Lease Rev.

 

 

 

 

(California Community College)

5.000%

3/1/27 (3)

6,220

6,205

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

1/1/15 (2)

4,000

4,301

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.250%

1/1/16 (2)

5,500

6,010

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

1/1/17

6,000

6,349

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

6.500%

9/1/17 (2)

30,000

34,787

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

12/1/17 (1)

13,835

14,672

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Corrections)

5.000%

12/1/19 (1)

15,230

15,921

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Forestry & Fire Services)

5.000%

11/1/32

13,850

13,811

California Public Works Board Lease Rev.

 

 

 

 

(Dept. of Health Services)

5.750%

11/1/09 (1)(Prere.)

7,885

8,367

California Public Works Board Lease Rev.

 

 

 

 

(Office of Emergency Services)

5.000%

3/1/27 (3)

8,950

8,928

California Public Works Board Lease Rev.

 

 

 

 

(UCLA Hosp.)

5.375%

10/1/19 (4)

6,375

6,817

California Public Works Board Lease Rev.

 

 

 

 

(Univ. of California)

5.250%

11/1/27 (1)

9,045

9,480

California Public Works Board Lease Rev.

 

 

 

 

(Univ. of California)

5.000%

5/1/30

17,000

17,278

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.500%

5/1/09

10,000

10,327

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

6.000%

5/1/13

18,000

19,987

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev.

5.000%

5/1/22

30,000

31,458

California State Dept. of Water Resources

 

 

 

 

Power Supply Rev. VRDO

1.500%

6/2/08 LOC

5,100

5,100

California State Econ. Recovery Bonds

5.000%

7/1/11 (1)

16,420

17,491

California State Econ. Recovery Bonds

5.250%

7/1/14

25,000

27,624

California State Econ. Recovery Bonds

5.000%

7/1/17 (3)

35,700

37,141

California State Econ. Recovery Bonds PUT

5.000%

3/1/10

25,000

25,966

California State Econ. Recovery Bonds PUT

5.000%

7/1/10

25,000

26,148

California State Econ. Recovery Bonds PUT

5.000%

7/1/11

25,000

26,372

California State Univ. Rev. & Colleges

 

 

 

 

Housing System Rev.

5.625%

11/1/09 (3)(Prere.)

6,920

7,331

California State Univ. Rev. Systemwide

5.250%

11/1/19 (4)

5,000

5,436

California State Univ. Rev. Systemwide

5.250%

11/1/20 (4)

4,745

5,159

California State Univ. Rev. Systemwide

5.000%

11/1/21 (2)

17,215

17,929

California Statewide Community Dev.

 

 

 

 

Auth. Rev. (Adventist Health)

5.000%

3/1/35

14,500

13,821

California Statewide Community Dev.

 

 

 

 

Auth. Rev. (Daughters of Charity Health)

5.250%

7/1/30

5,000

4,743

California Statewide Community Dev.

 

 

 

 

Auth. Rev. (Daughters of Charity Health)

5.250%

7/1/35

5,250

4,946

California Statewide Community Dev.

 

 

 

 

Auth. Rev. (Daughters of Charity Health)

5.000%

7/1/39

5,000

4,446

California Statewide Community Dev. Auth. Rev.

 

 

 

 

(Henry Mayo Newhall Memorial Hosp.)

5.000%

10/1/18

5,875

6,013

 

 

63

 

California Long-Term Tax-Exempt Fund

 

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Henry Mayo Newhall Memorial Hosp.)

5.000%

10/1/37

2,465

2,384

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Irvine Apartments) PUT

5.100%

5/17/10

3,225

3,265

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Irvine Apartments) PUT

5.250%

5/15/13

7,000

7,088

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Irvine Univ. of California East LLC)

5.000%

5/15/38

18,000

16,058

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (John Muir Health Services)

5.000%

8/15/32

10,880

10,640

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (John Muir Health Services)

5.000%

8/15/34

15,140

14,729

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Kaiser Permanente)

5.500%

11/1/32

18,250

18,349

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Kaiser Permanente)

5.250%

3/1/45

26,000

25,377

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Los Angeles Orthopedic Hosp. Foundation)

5.750%

6/1/30 (2)

8,000

8,051

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Memorial Health Services)

6.000%

10/1/23

20,000

21,015

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Presbyterian Homes)

4.875%

11/15/36

7,230

6,126

California Statewide Community Dev. Auth.

 

 

 

 

Rev. (Sutter Health)

5.500%

8/15/34

10,885

11,059

Chino Basin CA Regional Financing Auth. Rev.

 

 

 

 

(Inland Empire Util. Agency Sewer)

5.750%

11/1/09 (1)(Prere.)

3,325

3,528

Chino Basin CA Regional Financing Auth. Rev.

 

 

 

 

(Inland Empire Util. Agency Sewer)

5.750%

11/1/09 (1)(Prere.)

1,000

1,061

Chino Basin CA Regional Financing Auth. Rev.

 

 

 

 

(Muni. Water Dist. Sewer System)

6.000%

8/1/16 (2)

5,500

5,515

Clovis CA USD GO

0.000%

8/1/09 (3)(ETM)

7,570

7,367

Clovis CA USD GO

0.000%

8/1/09 (3)(ETM)

7,500

7,299

Clovis CA USD GO

0.000%

8/1/13 (3)

4,935

4,072

Clovis CA USD GO

0.000%

8/1/15 (3)

2,770

2,071

Clovis CA USD GO

0.000%

8/1/16 (3)

2,865

2,023

Clovis CA USD GO

0.000%

8/1/26 (3)

6,000

2,352

Clovis CA USD GO

0.000%

8/1/27 (3)

8,000

2,951

Clovis CA USD GO

0.000%

8/1/29 (3)

8,005

2,613

Contra Costa CA Water Dist. Rev.

5.000%

10/1/17 (4)

7,015

7,463

Culver City CA Wastewater Fac. Rev.

5.700%

9/1/29 (3)

5,000

5,190

East Bay CA Muni. Util. Dist. Water System Rev.

5.250%

6/1/08 (Prere.)

4,000

4,040

East Bay CA Muni. Util. Dist. Water System Rev.

5.000%

6/1/32 (3)

33,320

34,195

Eastern California Muni. Water. Dist.

 

 

 

 

Water & Sewer Rev.

6.750%

7/1/12 (3)

8,500

9,245

Escondido CA Union High School Dist.

0.000%

11/1/20 (1)

4,000

2,143

Fontana CA Public Finance Auth. Subordinate

 

 

 

 

Lien Tax Allocation Rev. Bonds

5.000%

10/1/29 (2)

9,450

9,519

Fontana CA Public Finance Auth. Subordinate

 

 

 

 

Lien Tax Allocation Rev. Bonds

5.000%

10/1/32 (2)

12,825

12,871

Fontana CA USD

5.250%

8/1/27 (4)

6,700

7,127

Fontana CA USD

5.250%

8/1/31 (4)

6,250

6,507

Foothill-De Anza CA Community College Dist. GO

0.000%

8/1/17 (1)

3,000

2,027

Foothill-De Anza CA Community College Dist. GO

0.000%

8/1/22 (1)

3,850

1,938

 

 

 

Foothill-De Anza CA Community College Dist. GO

6.000%

8/1/22

5,590

6,590

Foothill-De Anza CA Community College Dist. GO

0.000%

8/1/23 (1)

3,590

1,705

Foothill-De Anza CA Community College Dist. GO

0.000%

8/1/25 (1)

2,390

1,013

 

 

64

 

California Long-Term Tax-Exempt Fund

 

Foothill/Eastern Corridor Agency

 

 

 

 

California Toll Road Rev.

5.000%

1/15/16 (1)

8,400

8,581

Foothill/Eastern Corridor Agency

 

 

 

 

California Toll Road Rev.

5.125%

1/15/19 (1)

5,200

5,290

Foothill/Eastern Corridor Agency

 

 

 

 

California Toll Road Rev.

0.000%

1/15/26

10,000

9,372

Foothill/Eastern Corridor Agency

 

 

 

 

California Toll Road Rev.

0.000%

1/15/28 (1)

15,000

15,392

Foothill/Eastern Corridor Agency

 

 

 

 

California Toll Road Rev.

0.000%

1/15/33

10,000

2,202

Foothill/Eastern Corridor Agency

 

 

 

 

California Toll Road Rev.

0.000%

1/15/34

10,000

2,071

Foothill/Eastern Corridor Agency

 

 

 

 

California Toll Road Rev.

5.750%

1/15/40 (1)

12,000

12,187

Fresno CA Airport Rev.

5.500%

7/1/30 (4)

1,500

1,562

Fullerton Univ. California Rev.

5.700%

7/1/20 (1)

2,165

2,294

Galivan CA Joint Community College Dist.

5.500%

8/1/28 (2)

10,030

10,620

Golden State Tobacco Securitization Corp. California

5.375%

6/1/10 (Prere.)

25,000

26,277

Golden State Tobacco Securitization Corp. California

5.500%

6/1/13 (3)(Prere.)

5,000

5,455

Golden State Tobacco Securitization Corp. California

5.000%

6/1/30 (2)

20,000

19,685

Golden State Tobacco Securitization Corp. California

6.250%

6/1/13 (Prere.)

10,000

10,856

Golden State Tobacco Securitization Corp. California

0.000%

6/1/37

20,000

11,887

Golden State Tobacco Securitization Corp. California

5.125%

6/1/47

10,000

7,796

Golden State Tobacco Securitization Corp. California

5.750%

6/1/47

16,350

14,209

Hartnell CA Community College Dist. GO

5.000%

8/1/13 (1)(Prere.)

1,550

1,696

Hartnell CA Community College Dist. GO

5.000%

8/1/13 (1)(Prere.)

1,735

1,898

Hartnell CA Community College Dist. GO

5.000%

8/1/13 (1)(Prere.)

2,370

2,593

Helix CA Water Dist. COP

5.000%

4/1/19 (4)

4,250

4,352

Hollister CA Joint Powers Financing Auth.

 

 

 

 

Wastewater Rev.

5.000%

6/1/32 (4)

6,000

6,167

Hollister CA Joint Powers Financing Auth.

 

 

 

 

Wastewater Rev.

5.000%

6/1/37 (4)

7,000

7,172

Huntington Beach CA Union High School Dist. GO

5.000%

8/1/18 (4)

6,300

6,784

Huntington Beach CA Union High School Dist. GO

5.000%

8/1/21 (4)

8,000

8,487

Irvine CA USD Financing Auth. Special Tax

5.000%

9/1/30 (2)

19,175

19,021

Irvine CA USD Financing Auth. Special Tax

5.000%

9/1/34 (2)

16,000

15,837

Kern CA High School Dist. GO

6.400%

8/1/14 (1)(ETM)

1,490

1,763

Kern CA High School Dist. GO

6.400%

8/1/15 (1)(ETM)

1,645

1,975

Kern CA High School Dist. GO

6.400%

8/1/16 (1)(ETM)

1,815

2,199

La Mesa-Spring Valley CA School Dist. GO

5.375%

8/1/12 (3)(Prere.)

1,775

1,948

La Mesa-Spring Valley CA School Dist. GO

5.375%

8/1/12 (3)(Prere.)

1,890

2,074

La Mesa-Spring Valley CA School Dist. GO

5.375%

8/1/12 (3)(Prere.)

1,570

1,723

La Mesa-Spring Valley CA School Dist. GO

5.375%

8/1/12 (3)(Prere.)

2,000

2,194

Loma Linda CA Hosp. Rev. (Loma Linda Univ.)

5.000%

12/1/20

6,155

6,132

Loma Linda CA Hosp. Rev. (Loma Linda Univ.)

5.000%

12/1/21

2,500

2,478

Long Beach CA Finance Auth. Lease Rev.

 

 

 

 

(Aquarium of the South Pacific)

5.500%

11/1/13 (2)

3,680

3,921

Long Beach CA Finance Auth. Lease Rev.

 

 

 

 

(Aquarium of the South Pacific)

5.500%

11/1/18 (2)

4,675

4,923

Long Beach CA Finance Auth. Lease Rev.

 

 

 

 

 

 

 

(Rainbow Harbor)

5.125%

5/1/09 (2)(Prere.)

5,500

5,717

Long Beach CA Finance Auth. Lease Rev.

 

 

 

 

(Temple & Willis Fac.)

5.500%

10/1/18 (1)

5,030

5,165

Long Beach CA Finance Auth. Rev.

3.243%

11/15/27

21,130

15,848

Long Beach CA Finance Auth. Tax Rev.

5.500%

8/1/26 (2)

7,570

7,953

Long Beach CA Finance Auth. Tax Rev.

5.500%

8/1/31 (2)

4,015

4,170

 

 

65

 

 

 

California Long-Term Tax-Exempt Fund

 

Long Beach CA Harbor Rev.

5.000%

5/15/17 (3)

3,655

3,871

Los Angeles CA Community College Dist. GO

5.500%

8/1/11 (1)(Prere.)

8,810

9,579

Los Angeles CA Dept. of Airports

 

 

 

 

International Airport Rev.

5.250%

5/15/17 (3)

6,800

7,036

Los Angeles CA Dept. of Water & Power Rev.

5.000%

7/1/09

5,650

5,834

Los Angeles CA Dept. of Water & Power Rev.

5.000%

10/15/18 (1)(ETM)

11,600

11,784

Los Angeles CA Dept. of Water & Power Rev.

5.250%

7/1/21 (4)

2,830

2,958

Los Angeles CA Dept. of Water & Power Rev.

5.000%

7/1/25 (4)

20,000

20,847

Los Angeles CA Dept. of Water & Power Rev.

5.000%

7/1/29 (2)

10,000

10,294

Los Angeles CA Dept. of Water & Power Rev.

5.000%

7/1/30 (2)

16,000

16,422

Los Angeles CA Dept. of Water & Power Rev.

5.000%

7/1/36 (3)

2,925

2,960

Los Angeles CA USD GO

5.250%

7/1/09 (1)(Prere.)

5,175

5,411

Los Angeles CA USD GO

5.625%

7/1/09 (1)(Prere.)

6,615

6,943

Los Angeles CA USD GO

5.250%

7/1/14 (1)

12,715

13,892

Los Angeles CA USD GO

5.000%

7/1/30 (3)

7,500

7,680

Los Angeles CA Wastewater System Rev.

6.000%

6/1/21 (3)

4,000

4,679

Los Angeles County CA Metro. Transp.

 

 

 

 

Auth. Sales Tax Rev.

5.000%

7/1/19 (4)

6,170

6,345

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.250%

5/1/10 (2)(Prere.)

4,700

4,965

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.500%

10/1/18 (4)

2,700

2,978

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/23 (1)

4,000

4,083

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/24 (1)

4,000

4,070

Los Angeles County CA Public Works

 

 

 

 

Financing Auth. Rev.

5.000%

12/1/25 (1)

2,165

2,195

Los Angeles County CA Sanitation Dist.

 

 

 

 

Financing Auth Rev.

4.500%

10/1/42 (2)

20,000

18,344

Los Angeles County CA Schools COP

0.000%

8/1/14 (2)(ETM)

1,000

787

Los Angeles County CA Schools COP

0.000%

8/1/20 (2)

2,095

1,172

MSR California Public Power Agency Rev.

 

 

 

 

(San Juan Project)

6.125%

7/1/13 (2)

8,000

8,605

MSR California Public Power Agency Rev.

 

 

 

 

(San Juan Project)

6.750%

7/1/20 (1)(ETM)

32,555

38,515

Metro. Water Dist. of Southern California Rev.

8.000%

7/1/08 (ETM)

2,000

2,010

Metro. Water Dist. of Southern California Rev.

5.000%

7/1/25

3,410

3,598

Metro. Water Dist. of Southern California Rev.

5.000%

7/1/28

4,235

4,403

Metro. Water Dist. of Southern California Rev.

5.000%

7/1/29

5,500

5,700

Metro. Water Dist. of Southern California Rev.

5.000%

7/1/35

16,935

17,445

Modesto CA High School Dist. GO

0.000%

8/1/15 (3)

5,000

3,697

Modesto CA High School Dist. GO

0.000%

8/1/17 (3)

3,000

1,975

Modesto CA High School Dist. GO

0.000%

8/1/18 (3)

3,225

1,998

Modesto CA Irrigation Dist. COP

5.000%

7/1/20 (1)

2,175

2,242

Modesto CA Irrigation Dist. COP

5.000%

10/1/31 (2)

14,540

14,519

Modesto CA Irrigation Dist. COP

5.000%

10/1/36 (2)

4,795

4,773

Modesto CA Irrigation Dist. Finance Auth. Rev.

 

 

 

 

(Woodland Project)

6.500%

10/1/11 (2)(ETM)

5,750

6,167

Modesto CA Irrigation Dist. Finance Auth. Rev.

 

 

 

 

(Woodland Project)

6.500%

10/1/22 (2)(ETM)

9,750

11,701

Monterey Park CA Redev. Agency Tax Allocation

5.000%

9/1/16 (4)

1,010

1,075

Monterey Park CA Redev. Agency Tax Allocation

5.000%

9/1/17 (4)

1,060

1,127

Monterey Park CA Redev. Agency Tax Allocation

5.000%

9/1/18 (4)

1,115

1,172

Monterey Park CA Redev. Agency Tax Allocation

5.000%

9/1/19 (4)

1,120

1,178

 

 

 

Monterey Park CA Redev. Agency Tax Allocation

5.000%

9/1/20 (4)

1,180

1,241

 

 

66

 

California Long-Term Tax-Exempt Fund

 

Mount San Antonio California

 

 

 

 

Community College Dist.

5.250%

8/1/14 (1)(Prere.)

2,860

3,200

Mount San Antonio California

 

 

 

 

Community College Dist.

5.250%

8/1/14 (1)(Prere.)

3,010

3,368

Mount San Antonio California

 

 

 

 

Community College Dist.

5.250%

8/1/14 (1)(Prere.)

3,170

3,547

Mount San Antonio California

 

 

 

 

Community College Dist.

5.250%

8/1/14 (1)(Prere.)

2,000

2,238

Mount San Antonio California

 

 

 

 

Community College Dist.

5.250%

8/1/14 (1)(Prere.)

3,335

3,731

Mount San Antonio California

 

 

 

 

Community College Dist.

5.250%

8/1/14 (1)(Prere.)

2,720

3,043

Napa Valley CA USD Election GO

4.500%

8/1/42 (4)

12,690

12,053

Natomas CA USD GO

5.200%

9/1/19 (3)

5,000

5,087

New Haven CA USD GO

12.000%

8/1/16 (4)

2,480

3,974

New Haven CA USD GO

12.000%

8/1/17 (4)

1,500

2,476

Newark CA USD GO

0.000%

8/1/11 (4)

1,670

1,514

Newark CA USD GO

0.000%

8/1/12 (4)

1,820

1,580

Newark CA USD GO

0.000%

8/1/13 (4)

2,050

1,705

North Orange County CA

 

 

 

 

Community College Dist. GO

5.375%

8/1/12 (1)(Prere.)

5,080

5,600

Northern California Gas Auth. No. 1 Rev.

2.257%

7/1/13

14,000

12,880

Northern California Gas Auth. No. 1 Rev.

2.407%

7/1/17

17,000

14,450

Northern California Power Agency

 

 

 

 

(Hydroelectric Project)

5.000%

7/1/08 (1)(Prere.)

3,115

3,153

Northern California Power Agency

 

 

 

 

(Hydroelectric Project)

6.300%

7/1/18 (1)

10,000

11,734

Northern California Power Agency

 

 

 

 

(Hydroelectric Project)

7.500%

7/1/21 (2)(Prere.)

1,810

2,371

Northern California Power Agency

 

 

 

 

(Hydroelectric Project)

5.000%

7/1/28 (1)

11,140

11,196

Oakland CA Redev. Agency (Central Dist.)

5.500%

2/1/14 (2)

5,500

5,872

Oakland CA Redev. Agency Tax

 

 

 

 

Allocation (Coliseum Area)

5.250%

3/1/13 (Prere.)

2,380

2,614

Oakland CA Redev. Agency Tax

 

 

 

 

Allocation (Coliseum Area)

5.250%

3/1/13 (Prere.)

3,730

4,096

Oceanside CA Community Dev.

 

 

 

 

Comm.Multifamily Rental Housing Rev. PUT

4.450%

4/1/11

4,260

4,349

Palmdale CA COP

5.250%

9/1/19 (1)

1,310

1,396

Palmdale CA COP

5.250%

9/1/20 (1)

1,450

1,533

Palmdale CA COP

5.250%

9/1/21 (1)

1,605

1,688

Palmdale CA COP

5.250%

9/1/22 (1)

1,765

1,869

Palo Alto CA Improvement Rev.

 

 

 

 

(Univ. Avenue Area Parking)

5.700%

9/2/18

890

907

Palo Alto CA Improvement Rev.

 

 

 

 

(Univ. Avenue Area Parking)

5.700%

9/2/19

895

908

Palo Alto CA Improvement Rev.

 

 

 

 

(Univ. Avenue Area Parking)

5.750%

9/2/20

890

903

Palo Alto CA Improvement Rev.

 

 

 

 

(Univ. Avenue Area Parking)

5.750%

9/2/26

4,460

4,466

Palomar Pomerado Health System California Rev.

5.375%

11/1/11 (1)

3,865

3,990

Palomar Pomerado Health System California Rev.

5.375%

11/1/13 (1)

6,730

6,948

 

 

 

Palomar Pomerado Health System California Rev.

4.500%

8/1/32 (1)

12,500

12,036

Pittsburg CA Redev. Agency Tax

 

 

 

 

Allocation (Los Medanos Community Dev.)

5.700%

8/1/13 (4)(Prere.)

7,000

7,999

 

 

67

 

California Long-Term Tax-Exempt Fund

 

 

Pittsburg CA Redev. Agency Tax

 

 

 

 

 

Allocation (Los Medanos Community Dev.)

0.000%

8/1/19 (2)

1,150

663

 

Pittsburg CA Redev. Agency Tax

 

 

 

 

 

Allocation (Los Medanos Community Dev.)

0.000%

8/1/21 (2)

2,575

1,303

 

Pittsburg CA Redev. Agency Tax

 

 

 

 

 

Allocation (Los Medanos Community Dev.)

0.000%

8/1/22 (2)

3,755

1,789

 

Pittsburg CA Redev. Agency Tax

 

 

 

 

 

Allocation (Los Medanos Community Dev.)

0.000%

8/1/24 (2)

1,000

421

 

Pomona CA USD GO

5.600%

8/1/14 (1)(ETM)

1,585

1,804

 

Pomona CA USD GO

5.600%

8/1/15 (1)(ETM)

2,000

2,300

 

Pomona CA USD GO

5.600%

8/1/16 (1)(ETM)

1,000

1,155

 

Pomona CA USD GO

7.500%

8/1/17 (1)(ETM)

2,540

3,309

 

Port of Oakland CA Rev.

5.000%

11/1/16 (1)

8,160

8,865

 

Port of Oakland CA Rev.

5.000%

11/1/17 (1)

5,000

5,421

 

Port of Oakland CA Rev.

5.000%

11/1/18 (1)

12,000

12,893

 

Rancho Mirage CA Joint Powers

 

 

 

 

 

Financing Auth. Rev. (Eisenhower Medical Center)

5.625%

7/1/14 (Prere.)

12,000

13,611

 

Rancho Mirage CA Joint Powers

 

 

 

 

 

Financing Auth. Rev. (Eisenhower Medical Center)

5.000%

7/1/47

27,000

25,273

 

Rancho Mirage CA Redev. Agency Tax Allocation

5.125%

4/1/21 (1)

2,650

2,745

 

Rancho Mirage CA Redev. Agency Tax Allocation

5.250%

4/1/26 (1)

2,905

3,020

 

Rancho Mirage CA Redev. Agency Tax Allocation

5.250%

4/1/33 (1)

3,000

3,041

 

Riverside CA USD Special Tax

 

 

 

 

 

(Community Fac. Dist. 7–Victoria Grove)

5.000%

9/1/31 (2)

7,295

7,324

 

Riverside County CA Asset Leasing

 

 

 

 

 

Corp.Leasehold Rev. (Riverside County Hosp.)

0.000%

6/1/13 (1)

5,000

4,161

 

Riverside County CA Asset Leasing

 

 

 

 

 

Corp.Leasehold Rev. (Riverside County Hosp.)

0.000%

6/1/14 (1)

2,000

1,587

 

Riverside County CA Asset Leasing

 

 

 

 

 

Corp.Leasehold Rev. (Riverside County Hosp.)

0.000%

6/1/15 (1)

2,000

1,511

1

Riverside County CA Transp.

 

 

 

 

 

Commission Sales Tax Rev. PUT

5.000%

12/1/09

10,000

10,350

 

Sacramento CA Financing Auth. Lease Rev.

5.375%

11/1/14 (2)

9,750

10,296

 

Sacramento CA Financing Auth. Lease Rev.

5.400%

11/1/20 (2)

6,785

7,264

1

Sacramento CA Muni. Util. Dist. Rev.

5.000%

8/15/14 (4)

5,615

6,171

 

Sacramento CA Muni. Util. Dist. Rev.

5.800%

7/1/19 (2)

6,000

6,798

 

Sacramento CA Muni. Util. Dist. Rev.

5.900%

7/1/20 (2)

15,850

18,068

 

Sacramento County CA Airport Rev.

5.250%

7/1/12 (4)(Prere.)

2,305

2,514

 

Sacramento County CA Public Fac.

 

 

 

 

 

Finance Corp. COP (Main Detention Fac.)

5.500%

6/1/10 (1)(ETM)

2,545

2,630

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/14 (2)(Prere.)

15,000

16,627

 

Sacramento County CA Sanitation

 

 

 

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/26 (3)

5,000

5,180

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/27 (3)

7,470

7,714

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/29 (3)

7,890

8,099

 

Sacramento County CA Sanitation

 

 

 

 

 

Dist.Financing Auth.

5.000%

12/1/30 (3)

5,650

5,788

 

Sacramento County CA Water

 

 

 

 

 

Financing Auth. Rev. Agency Zones

5.000%

6/1/21 (3)

5,225

5,389

 

Sacramento County CA Water

 

 

 

 

 

Financing Auth. Rev. Agency Zones

5.000%

6/1/22 (3)

10,000

10,255

 

Sacramento County CA Water

 

 

 

 

 

Financing Auth. Rev. Agency Zones

5.000%

6/1/27 (3)

13,055

13,130

 

 

68

 

California Long-Term Tax-Exempt Fund

 

Sacramento County CA Water Financing

 

 

 

 

Auth. Rev. Agency Zones

5.000%

6/1/28 (3)

9,290

9,317

San Bernardino CA Multifamily Housing

 

 

 

 

Rev. (Alta Park Mountain Vista Apartments) PUT

4.450%

5/1/10 (Prere.)

7,000

7,268

San Bernardino County CA Medical Center COP

6.500%

8/1/17 (1)

17,915

20,426

San Diego CA Community College Dist. GO

5.000%

8/1/30 (4)

6,000

6,218

San Diego CA USD GO

0.000%

7/1/15 (3)

5,370

4,031

San Diego CA USD GO

0.000%

7/1/16 (3)

4,565

3,236

San Diego CA USD GO

5.500%

7/1/23 (1)

8,205

9,279

San Diego CA USD GO

5.500%

7/1/24 (1)

10,000

11,345

San Diego CA USD GO

5.500%

7/1/24 (4)

14,015

16,006

San Diego CA USD GO

5.500%

7/1/25 (1)

9,000

10,215

San Diego CA Water Auth. Rev. COP

5.000%

5/1/17

2,300

2,327

San Diego CA Water Auth. Rev. COP

5.000%

5/1/26 (4)

7,275

7,605

San Diego County CA COP

5.250%

10/1/21

1,485

1,513

San Diego County CA COP

5.000%

2/1/28 (2)

2,000

2,041

San Diego County CA COP

5.250%

10/1/28

2,745

2,766

San Diego County CA COP

5.000%

2/1/30 (2)

2,345

2,382

San Diego County CA COP

5.375%

10/1/41

8,545

8,604

San Francisco CA Bay Area Rapid Transit Rev.

6.750%

7/1/10 (2)

6,370

6,921

San Francisco CA Bay Area Rapid Transit Rev.

6.750%

7/1/11 (2)

7,455

8,320

San Francisco CA City & County

 

 

 

 

International Airport Rev.

5.250%

5/1/12 (1)(Prere.)

4,305

4,683

San Francisco CA City & County

 

 

 

 

International Airport Rev.

5.250%

5/1/12 (1)(Prere.)

5,020

5,460

San Francisco CA City & County

 

 

 

 

International Airport Rev.

5.250%

5/1/12 (1)(Prere.)

4,770

5,188

San Joaquin County CA Transp. Auth. Rev. Notes

5.000%

4/1/11

10,000

10,485

San Joaquin Hills CA Transp. Corridor

 

 

 

 

Agency Toll Road Rev.

0.000%

1/15/24 (1)

15,000

6,252

San Joaquin Hills CA Transp. Corridor

 

 

 

 

Agency Toll Road Rev.

0.000%

1/15/25 (1)

18,250

7,088

San Joaquin Hills CA Transp. Corridor

 

 

 

 

Agency Toll Road Rev.

0.000%

1/15/30 (1)

7,000

1,945

San Joaquin Hills CA Transp. Corridor

 

 

 

 

Agency Toll Road Rev.

0.000%

1/15/31 (1)

11,950

3,102

San Jose CA Airport Rev.

5.000%

3/1/33 (2)

15,000

15,030

San Jose CA Redev. Agency

5.000%

8/1/10 (1)(Prere.)

1,525

1,627

San Jose CA Redev. Agency

6.000%

8/1/11 (1)

5,930

6,438

San Jose CA Redev. Agency

6.000%

8/1/11 (1)(ETM)

2,915

3,214

San Jose CA Redev. Agency

5.000%

8/1/26 (1)

37,955

38,924

San Juan CA USD GO

0.000%

8/1/13 (4)

2,220

1,845

San Juan CA USD GO

0.000%

8/1/14 (4)

2,610

2,070

San Juan CA USD GO

0.000%

8/1/16 (4)

2,000

1,429

San Juan CA USD GO

0.000%

8/1/18 (4)

1,785

1,140

San Juan CA USD GO

0.000%

8/1/19 (4)

2,210

1,330

San Juan CA USD GO

0.000%

8/1/20 (4)

4,930

2,791

San Mateo CA Redev. Auth. Tax Allocation

5.400%

8/1/11 (Prere.)

2,575

2,790

San Mateo CA Redev. Auth. Tax Allocation

5.400%

8/1/11 (Prere.)

1,000

1,083

San Mateo CA Redev. Auth. Tax Allocation

5.500%

8/1/11 (Prere.)

2,635

2,863

San Mateo County CA Community College Dist. GO

5.000%

9/1/31

5,000

5,157

San Mateo County CA Finance Auth. Rev.

6.500%

7/1/13 (1)

14,560

16,004

 

 

 

San Mateo County CA Joint Powers Auth. Lease Rev.

5.000%

7/1/21 (1)

3,500

3,745

San Ramon Valley CA USD GO

0.000%

7/1/09 (3)

4,895

4,761

San Ramon Valley CA USD GO

0.000%

7/1/10 (3)

7,050

6,653

San Ramon Valley CA USD GO

0.000%

7/1/12 (3)

6,645

5,746

 

 

69

 

California Long-Term Tax-Exempt Fund

 

 

San Ramon Valley CA USD GO

0.000%

7/1/13 (3)

7,430

6,151

 

San Ramon Valley CA USD GO

0.000%

7/1/14 (3)

8,290

6,538

 

San Ramon Valley CA USD GO

0.000%

7/1/15 (3)

5,605

4,207

 

Santa Ana CA Finance Auth. Rev.

6.250%

7/1/16 (1)

5,345

6,175

 

Santa Ana CA Finance Auth. Rev.

6.250%

7/1/17 (1)

2,000

2,323

 

Santa Clara CA Electric Rev.

5.250%

7/1/19 (1)

2,200

2,327

 

Santa Clara CA Electric Rev.

5.250%

7/1/20 (1)

1,550

1,638

 

Santa Clara CA Electric Rev.

5.000%

7/1/21 (1)

4,895

5,077

 

Santa Clara CA Redev. Agency (Bayshore North)

7.000%

7/1/10 (2)

4,485

4,684

 

Santa Clara County CA Financing Auth. Lease Rev.

5.500%

5/15/13 (2)

5,050

5,326

 

Santa Clara County CA Financing Auth. Lease Rev.

5.500%

5/15/14 (2)

5,325

5,616

 

Santa Clara County CA Financing Auth. Lease Rev.

5.500%

5/15/15 (2)

5,620

5,928

 

Santa Clara County CA Financing Auth. Lease Rev.

5.000%

11/15/15

11,375

12,438

 

Santa Clara County CA Financing Auth. Lease Rev.

5.000%

11/15/16

11,940

13,073

 

Santa Clara County CA Financing Auth. Lease Rev.

5.250%

5/15/36

20,000

20,689

 

Santa Monica-Malibu CA USD Rev.

0.000%

8/1/20 (3)

6,715

3,743

 

Santa Rosa CA Waste Water Rev.

6.000%

7/2/15 (2)

7,000

7,671

 

Santa Rosa CA Waste Water Rev.

6.000%

9/1/15 (4)

5,580

6,210

 

Solano County CA COP

5.250%

11/1/12 (1)(Prere.)

3,785

4,153

 

Solano County CA COP

5.250%

11/1/12 (1)(Prere.)

3,770

4,136

 

South San Francisco CA Redev.

 

 

 

 

 

Agency Tax Allocation

5.000%

9/1/35 (3)

8,610

8,546

 

Southern California Public Power

 

 

 

 

 

Auth. Rev. (Transmission Project)

5.750%

7/1/21 (1)

220

220

 

Tobacco Securitization Auth. Rev.

 

 

 

 

 

(Southern California Tobacco Settlement)

4.750%

6/1/25

7,970

7,209

 

Ukiah CA Electric Rev.

6.000%

6/1/08 (1)

1,030

1,030

 

Ukiah CA Electric Rev.

6.250%

6/1/18 (1)

6,000

6,757

 

Union CA Elementary School Dist. GO

0.000%

9/1/15 (3)

3,860

2,876

 

Union CA Elementary School Dist. GO

0.000%

9/1/16 (3)

1,500

1,055

 

Union CA Elementary School Dist. GO

0.000%

9/1/17 (3)

2,295

1,525

 

Union CA Elementary School Dist. GO

0.000%

9/1/18 (3)

1,630

1,022

 

Union CA Elementary School Dist. GO

0.000%

9/1/19 (3)

1,750

1,033

 

Union CA Elementary School Dist. GO

0.000%

9/1/20 (3)

2,300

1,277

 

Union CA Elementary School Dist. GO

0.000%

9/1/21 (3)

2,000

1,045

 

Univ. of California Rev.

4.750%

5/15/33

12,425

12,443

 

Univ. of California Rev.

5.000%

5/15/33 (2)

30,790

31,275

 

Univ. of California Rev. (San Diego Medical Center)

5.125%

12/1/18 (4)

3,695

3,890

 

Univ. of California Rev. (San Diego Medical Center)

5.125%

12/1/19 (4)

3,000

3,158

 

Vallejo CA Sanitation & Flood Control COP

5.000%

7/1/19 (3)

5,000

5,056

2

Walnut Valley CA USD

6.000%

8/1/12 (2)(ETM)

1,790

2,008

2

Walnut Valley CA USD

6.000%

8/1/13 (2)(ETM)

1,980

2,260

2

Walnut Valley CA USD

6.000%

8/1/14 (2)(ETM)

2,205

2,559

 

Walnut Valley CA USD

6.000%

8/1/15 (2)(ETM)

2,470

2,903

 

Walnut Valley CA USD

6.000%

8/1/16 (2)(ETM)

2,690

3,184

 

Washington Township CA Health Care Dist. Rev.

5.000%

7/1/32

3,000

2,894

 

 

 

 

Washington Township CA Health Care Dist. Rev.

5.000%

7/1/37

3,500

3,340

 

Whittier CA Insured Health Fac. Rev.

 

 

 

 

 

(Presbyterian Hosp.)

6.250%

6/1/08 (1)(ETM)

3,530

3,530

 

Yuba City CA USD

0.000%

9/1/15 (3)

1,870

1,373

 

Yuba City CA USD

0.000%

9/1/17 (3)

2,060

1,343

 

Yuba City CA USD

0.000%

9/1/19 (3)

2,270

1,313

 

 

 

 

 

 

 

Outside California:

 

 

 

 

 

Puerto Rico GO

5.000%

7/1/13 (Prere.)

4,025

4,396

 

Puerto Rico GO

5.250%

7/1/16 (Prere.)

4,290

4,857

 

 

70

 

California Long-Term Tax-Exempt Fund

 

Puerto Rico GO

5.500%

7/1/16 (1)

10,000

10,876

Puerto Rico GO

5.500%

7/1/19 (2)

6,500

6,948

Puerto Rico GO

5.250%

7/1/27

5,710

5,696

Puerto Rico Highway & Transp. Auth. Rev.

5.250%

7/1/10

5,000

5,156

Puerto Rico Muni. Finance Agency

5.250%

7/1/19 (11)

2,250

2,298

Puerto Rico Muni. Finance Agency

5.250%

8/1/19 (4)

7,000

7,618

Puerto Rico Muni. Finance Agency

5.250%

7/1/20 (11)

1,300

1,320

Puerto Rico Muni. Finance Agency

5.250%

8/1/20 (11)

2,255

2,290

Puerto Rico Muni. Finance Agency

5.250%

7/1/21 (11)

1,445

1,461

Puerto Rico Muni. Finance Agency

5.250%

8/1/22 (11)

3,000

3,024

Puerto Rico Muni. Finance Agency

5.250%

8/1/23 (11)

1,000

1,005

Puerto Rico Public Buildings Auth. Govt. Fac. Rev.

5.250%

7/1/14 (Prere.)

75

82

Puerto Rico Public Buildings Auth. Govt. Fac. Rev.

5.250%

7/1/33

5,175

5,132

Puerto Rico Public Finance Corp. PUT

5.750%

2/1/12 LOC

16,000

16,197

Virgin Islands Water & Power Auth.

 

 

 

 

Electric System Rev.

5.000%

7/1/31

3,500

3,361

Total Municipal Bonds (Cost $3,035,031)

 

 

 

3,065,446

Other Assets and Liabilities (0.0%)

 

 

 

 

Other Assets—Note B

 

 

 

47,142

Liabilities

 

 

 

(47,234)

 

 

 

 

(92)

Net Assets (100%)

 

 

 

3,065,354

 

 

At May 31, 2008, net assets consisted of:3

 

 

Amount

 

($000)

Paid-in Capital

3,067,524

Undistributed Net Investment Income

—

Accumulated Net Realized Losses

(32,526)

Unrealized Appreciation (Depreciation)

 

Investment Securities

30,415

Futures Contracts

(59)

Net Assets

3,065,354

 

 

Investor Shares—Net Assets

 

Applicable to 66,962,499 outstanding $.001 par value shares

 

of beneficial interest (unlimited authorization)

753,913

Net Asset Value Per Share—Investor Shares

$11.26

 

 

Admiral Shares—Net Assets

 

Applicable to 205,302,381 outstanding $.001 par value shares

 

of beneficial interest (unlimited authorization)

2,311,441

Net Asset Value Per Share—Admiral Shares

$11.26

 

 

 

•  See Note A in Notes to Financial Statements.

1  Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2008.

2  Securities with a value of $6,357,000 have been segregated as initial margin for open futures contracts.

3  See Note D in Notes to Financial Statements for the tax-basis components of net assets. For a key to abbreviations and other references, see page 72.

 

71

 

California Long-Term Tax-Exempt Fund

 

Key to Abbreviations

ARS—Auction Rate Security.

BAN—Bond Anticipation Note.

COP—Certificate of Participation.

CP—Commercial Paper.

FR—Floating Rate.

GAN—Grant Anticipation Note.

GO—General Obligation Bond.

IDA—Industrial Development Authority Bond.

IDR—Industrial Development Revenue Bond.

PCR—Pollution Control Revenue Bond.

PUT—Put Option Obligation.

RAN—Revenue Anticipation Note.

TAN—Tax Anticipation Note.

TOB—Tender Option Bond.

TRAN—Tax Revenue Anticipation Note.

UFSD—Union Free School District.

USD—United School District.

VRDO—Variable Rate Demand Obligation.

(ETM)—Escrowed to Maturity.

(Prere.)—Prerefunded.

Scheduled principal and interest payments are guaranteed by:

(1) MBIA (Municipal Bond Insurance Association).

(2) AMBAC (Ambac Assurance Corporation).

(3) FGIC (Financial Guaranty Insurance Company).

(4) FSA (Financial Security Assurance).

(5) BIGI (Bond Investors Guaranty Insurance).

(6) Connie Lee Inc.

(7) FHA (Federal Housing Authority).

(8) CapMAC (Capital Markets Assurance Corporation).

(9) American Capital Access Financial Guaranty Corporation.

(10) XL Capital Assurance Inc.

(11) CIFG (CDC IXIS Financial Guaranty).

(12) Assured Guaranty Corp.

(13) National Indemnity Co. (Berkshire Hathaway).

The insurance does not guarantee the market value of the municipal bonds.

LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.

 

72

 

California Long-Term Tax-Exempt Fund

 

Statement of Operations

 

 

Six Months Ended

 

May 31, 2008

 

($000)

Investment Income

 

Income

 

Interest

68,871

Total Income

68,871

Expenses

 

The Vanguard Group—Note B

 

Investment Advisory Services

143

Management and Administrative

 

Investor Shares

419

Admiral Shares

552

Marketing and Distribution

 

Investor Shares

95

Admiral Shares

238

Custodian Fees

10

Shareholders’ Reports

 

Investor Shares

4

Admiral Shares

1

Trustees’ Fees and Expenses

1

Total Expenses

1,463

Expenses Paid Indirectly—Note C

(25)

Net Expenses

1,438

Net Investment Income

67,433

Realized Net Gain (Loss)

 

Investment Securities Sold

(1,042)

Futures Contracts

3,364

Realized Net Gain (Loss)

2,322

Change in Unrealized Appreciation (Depreciation)

 

Investment Securities

(53,262)

Futures Contracts

(1,277)

Change in Unrealized Appreciation (Depreciation)

(54,539)

Net Increase (Decrease) in Net Assets Resulting from Operations

15,216

 

 

73

 

California Long-Term Tax-Exempt Fund

 

Statement of Changes in Net Assets

 

 

Six Months Ended

 

Year Ended

 

May 31,

 

November 30,

 

2008

 

2007

 

($000)

 

($000)

Increase (Decrease) In Net Assets

 

 

 

Operations

 

 

 

Net Investment Income

67,433

 

131,893

Realized Net Gain (Loss)

2,322

 

(17,132)

Change in Unrealized Appreciation (Depreciation)

(54,539)

 

(79,526)

Net Increase (Decrease) in Net Assets Resulting from Operations

15,216

 

35,235

Distributions

 

 

 

Net Investment Income

 

 

 

Investor Shares

(16,406)

 

(32,781)

Admiral Shares

(51,027)

 

(99,112)

Realized Capital Gain

 

 

 

Investor Shares

—

 

—

Admiral Shares

—

 

—

Total Distributions

(67,433)

 

(131,893)

Capital Share Transactions—Note F

 

 

 

Investor Shares

34,722

 

78,340

Admiral Shares

99,940

 

350,987

Net Increase (Decrease) from Capital Share Transactions

134,662

 

429,327

Total Increase (Decrease)

82,445

 

332,669

Net Assets

 

 

 

Beginning of Period

2,982,909

 

2,650,240

End of Period

3,065,354

 

2,982,909

 

 

74

 

California Long-Term Tax-Exempt Fund

 

Financial Highlights

 

Investor Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months

 

 

 

 

 

 

Ended

 

 

 

For a Share Outstanding

May 31,

Year Ended November 30,

Throughout Each Period

2008

2007

2006

2005

2004

2003

Net Asset Value, Beginning of Period

$11.46

$11.86

$11.65

$11.74

$12.00

$11.76

Investment Operations

 

 

 

 

 

 

Net Investment Income

.252

.531

.528

.527

.545

.542

Net Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

on Investments

(.200)

(.400)

.232

(.037)

(.158)

.261

Total from Investment Operations

.052

.131

.760

.490

.387

.803

Distributions

 

 

 

 

 

 

Dividends from Net Investment Income

(.252)

(.531)

(.528)

(.527)

(.545)

(.542)

Distributions from Realized Capital Gains

—

—

(.022)

(.053)

(.102)

(.021)

Total Distributions

(.252)

(.531)

(.550)

(.580)

(.647)

(.563)

Net Asset Value, End of Period

$11.26

$11.46

$11.86

$11.65

$11.74

$12.00

 

 

 

 

 

 

 

Total Return1

0.49%

1.15%

6.70%

4.22%

3.32%

6.95%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net Assets, End of Period (Millions)

$754

$732

$678

$645

$1,273

$1,286

Ratio of Total Expenses to

 

 

 

 

 

 

Average Net Assets

0.15%*

0.15%

0.16%

0.16%

0.15%

0.17%

Ratio of Net Investment Income to

 

 

 

 

 

 

Average Net Assets

4.46%*

4.58%

4.52%

4.47%

4.56%

4.58%

Portfolio Turnover Rate

21%*

23%

13%

10%

26%

18%

 

 

 

1  Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.

*  Annualized.

 

75

 

California Long-Term Tax-Exempt Fund

 

Admiral Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months

 

 

 

 

 

 

Ended

 

 

 

For a Share Outstanding

May 31,

Year Ended November 30,

Throughout Each Period

2008

2007

2006

2005

2004

2003

Net Asset Value, Beginning of Period

$11.46

$11.86

$11.65

$11.74

$12.00

$11.76

Investment Operations

 

 

 

 

 

 

Net Investment Income

.256

.540

.536

.535

.551

.549

Net Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

on Investments

(.200)

(.400)

.232

(.037)

(.158)

.261

Total from Investment Operations

.056

.140

.768

.498

.393

.810

Distributions

 

 

 

 

 

 

Dividends from Net Investment Income

(.256)

(.540)

(.536)

(.535)

(.551)

(.549)

Distributions from Realized Capital Gains

—

—

(.022)

(.053)

(.102)

(.021)

Total Distributions

(.256)

(.540)

(.558)

(.588)

(.653)

(.570)

Net Asset Value, End of Period

$11.26

$11.46

$11.86

$11.65

$11.74

$12.00

 

 

 

 

 

 

 

Total Return

0.52%

1.22%

6.78%

4.29%

3.37%

7.01%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net Assets, End of Period (Millions)

$2,311

$2,251

$1,972

$1,614

$743

$707

Ratio of Total Expenses to

 

 

 

 

 

 

Average Net Assets

0.08%*

0.08%

0.09%

0.09%

0.09%

0.11%

Ratio of Net Investment Income to

 

 

 

 

 

 

Average Net Assets

4.53%*

4.65%

4.59%

4.53%

4.61%

4.64%

Portfolio Turnover Rate

21%*

23%

13%

10%

26%

18%

 

 

 

* Annualized.

See accompanying Notes, which are an integral part of the Financial Statements.

 

 

76

 

California Long-Term Tax-Exempt Fund

 

Notes to Financial Statements

Vanguard California Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of California. The fund offers two classes of shares, Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.

2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended November 30, 2004–2007) and for the period ended May 31, 2008, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.

5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

 

77

 

California Long-Term Tax-Exempt Fund

 

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2008, the fund had contributed capital of $253,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.25% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. The fund’s investment advisor may direct new issue purchases, subject to obtaining the best price and execution, to underwriters who have agreed to rebate or credit to the fund part of the underwriting fees generated. Such rebates or credits are used solely to reduce the fund’s management and administrative expenses. The fund’s custodian bank has also agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2008, these arrangements reduced the fund’s management and administrative expenses by $15,000 and custodian fees by $10,000.

D. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2007, the fund had available realized losses of $19,294,000 to offset future net capital gains of $971,000 through November 30, 2014, and $18,323,000 through November 30, 2015. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2008; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balances above.

The fund had realized losses totaling $14,337,000 through November 30, 2007, which are deferred for tax purposes and reduce the amount of unrealized appreciation on investment securities for tax purposes.

At May 31, 2008, the cost of investment securities for tax purposes was $3,049,368,000. Net unrealized appreciation of investment securities for tax purposes was $16,078,000, consisting of unrealized gains of $67,160,000 on securities that had risen in value since their purchase and $51,082,000 in unrealized losses on securities that had fallen in value since their purchase.

 

78

 

California Long-Term Tax-Exempt Fund

 

At May 31, 2008, the aggregate settlement value of open futures contracts expiring through September 2008 and the related unrealized appreciation (depreciation) were:

 

 

 

 

($000)

 

Number of

Aggregate

Unrealized

 

Long (Short)

Settlement

Appreciation

Futures Contracts

Contracts

Value

(Depreciation)

5-Year U.S. Treasury Note

(677)

74,428

108

10-Year U.S. Treasury Note

(409)

45,975

(226)

30-Year U.S. Treasury Bond

(195)

22,133

59

 

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.

E. During the six months ended May 31, 2008, the fund purchased $515,248,000 of investment securities and sold $302,852,000 of investment securities, other than temporary cash investments.

F. Capital share transactions for each class of shares were:

 

 

Six Months Ended

 

Year Ended

 

May 31, 2008

 

November 30, 2007

 

Amount

Shares

 

Amount

Shares

 

($000)

(000)

 

($000)

(000)

Investor Shares

 

 

 

 

 

Issued

146,179

12,940

 

284,618

24,513

Issued in Lieu of Cash Distributions

12,994

1,159

 

25,503

2,202

Redeemed

(124,451)

(11,005)

 

(231,781)

(20,035)

Net Increase (Decrease)—Investor Shares

34,722

3,094

 

78,340

6,680

Admiral Shares

 

 

 

 

 

Issued

343,373

30,442

 

629,472

54,280

Issued in Lieu of Cash Distributions

34,635

3,089

 

68,198

5,889

Redeemed

(278,068)

(24,725)

 

(346,683)

(30,026)

Net Increase (Decrease)—Admiral Shares

99,940

8,806

 

350,987

30,143

 

 

79

 

California Long-Term Tax-Exempt Fund

 

G. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements, effective for the fund’s current fiscal period.

The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

The following table summarizes the fund’s investments as of May 31, 2008, based on the inputs used to value them.

 

 

Investments

Futures

 

in Securities

Contracts

Valuation Inputs

($000)

($000)

Level 1—Quoted prices

—

(59)

Level 2—Other significant observable inputs

3,065,446

—

Level 3—Significant unobservable inputs

—

—

Total

3,065,446

(59)

 

 

80

 

About Your Fund’s Expenses

 

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table on the following page illustrates your fund’s costs in two ways:

• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”

• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

 

81

 

Six Months Ended May 31, 2008

 

 

 

 

Beginning

Ending

Expenses

 

Account Value

Account Value

Paid During

California Tax-Exempt Fund

11/30/2007

5/31/2008

Period1

Based on Actual Fund Return

 

 

 

Money Market

$1,000.00

$1,012.26

$0.50

Intermediate-Term

 

 

 

Investor Shares

1,000.00

1,013.36

0.76

Admiral Shares

1,000.00

1,013.72

0.40

Long-Term

 

 

 

Investor Shares

1,000.00

1,004.88

0.75

Admiral Shares

1,000.00

1,005.23

0.40

Based on Hypothetical 5% Yearly Return

 

 

 

Money Market

$1,000.00

$1,024.50

$0.51

Intermediate-Term

 

 

 

Investor Shares

1,000.00

1,024.25

0.76

Admiral Shares

1,000.00

1,024.60

0.40

Long-Term

 

 

 

Investor Shares

1,000.00

1,024.25

0.76

Admiral Shares

1,000.00

1,024.60

0.40

 

Note that the expenses shown in the table above are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include the account service fee described in the prospectus. If such a fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

 

 

1  The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the California Tax-Exempt Money Market Fund, 0.10%; for the California Intermediate-Term Tax-Exempt Fund Investor Shares, 0.15%, and Admiral Shares, 0.08%; for the California Long-Term Tax-Exempt Fund Investor Shares, 0.15%, and Admiral Shares, 0.08%. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.

 

 

82

 

Trustees Approve Advisory Arrangement

 

The board of trustees of Vanguard California Tax-Exempt Money Market Fund, Vanguard California Intermediate-Term Tax-Exempt Fund, and Vanguard California Long-Term Tax-Exempt Fund has renewed the funds’ investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Fixed Income Group—serves as the investment advisor for the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services

The board considered the quality of the funds’ investment management over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than two decades. George U. Sauter, Vanguard managing director and chief investment officer, has been in the investment management business since 1985. Robert F. Auwaerter, head of Fixed Income Portfolio Management and principal of Vanguard, has been in the investment management business since 1978. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance

The board considered the short- and long-term performance of the funds, including any periods of outperformance or underperformance of relevant benchmarks and peer groups. The board concluded that the funds have performed in line with expectations; that the funds have slightly outperformed their respective peer groups, the average California tax-exempt money market fund, the average California intermediate municipal fund, and the average California municipal fund; and that their results have been consistent with their investment strategies. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.

Cost

The board concluded that the funds’ expense ratios were far below the average expense ratios charged by funds in their respective peer groups. The board noted that each fund’s advisory expense ratio was also well below its peer-group average. Information about the funds’ expense ratios appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.

The benefit of economies of scale

The board concluded that the funds’ low-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

 

83

 

Glossary

 

Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.

Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.

Average Effective Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid, taking into consideration the possibility that the issuer may call the bond before its maturity date. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average effective maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.

Average Quality. An indicator of credit risk, this figure is the average of the ratings assigned to a fund’s holdings by credit-rating agencies. The agencies make their judgment after appraising an issuer’s ability to meet its obligations. Quality is graded on a scale, with AAA indicating the most creditworthy bond issuers and MIG-1, A-1+, SP-1+, and F-1+ indicating the most creditworthy issuers of money market securities.

Average Weighted Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid. The figure reflects the proportion of fund assets represented by each security.

Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.

Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.

Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.

R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.

Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.

 

84

 

Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (in the case of bonds) or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.

Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.

 

 

85

 

 

 

 

 

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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.

Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.

Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.

 

Chairman of the Board, Chief Executive Officer, and Trustee

 

 

John J. Brennan1

 

Born 1954

Principal Occupation(s) During the Past Five Years: Chairman of the Board, Chief Executive

Trustee since May 1987;

Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment

Chairman of the Board and

companies served by The Vanguard Group; Director of Vanguard Marketing Corporation.

Chief Executive Officer

 

155 Vanguard Funds Overseen

 

 

 

Independent Trustees

 

 

 

Charles D. Ellis

 

Born 1937

Principal Occupation(s) During the Past Five Years: Applecore Partners (pro bono ventures

Trustee since January 2001

in education); Senior Advisor to Greenwich Associates (international business strategy

155 Vanguard Funds Overseen

consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business

 

at New York University; Trustee of the Whitehead Institute for Biomedical Research.

 

 

Emerson U. Fullwood

 

Born 1948

Principal Occupation(s) During the Past Five Years: Executive Chief Staff and Marketing

Trustee since January 2008

Officer for North America since 2004 and Corporate Vice President of Xerox Corporation

155 Vanguard Funds Overseen

(photocopiers and printers); Director of SPX Corporation (multi-industry manufacturing),

 

of the United Way of Rochester, and of the Boy Scouts of America.

 

 

Rajiv L. Gupta

 

Born 1945

Principal Occupation(s) During the Past Five Years: Chairman, President, and

Trustee since December 20012

Chief Executive Officer of Rohm and Haas Co. (chemicals); Board Member of

155 Vanguard Funds Overseen

the American Chemistry Council; Director of Tyco International, Ltd. (diversified

 

manufacturing and services) since 2005.

 

 

Amy Gutmann

 

Born 1949

Principal Occupation(s) During the Past Five Years: President of the University of

Trustee since June 2006

Pennsylvania since 2004; Professor in the School of Arts and Sciences, Annenberg School

155 Vanguard Funds Overseen

for Communication, and Graduate School of Education of the University of Pennsylvania

 

since 2004; Provost (2001–2004) and Laurance S. Rockefeller Professor of Politics and

 

the University Center for Human Values (1990–2004), Princeton University; Director of

 

Carnegie Corporation of New York since 2005 and of Schuylkill River Development

 

Corporation and Greater Philadelphia Chamber of Commerce since 2004; Trustee of

 

the National Constitution Center since 2007.

 

 

JoAnn Heffernan Heisen

 

Born 1950

Principal Occupation(s) During the Past Five Years: Corporate Vice President and

Trustee since July 1998

Chief Global Diversity Officer since 2006, Vice President and Chief Information

155 Vanguard Funds Overseen

Officer (1997–2005), and Member of the Executive Committee of Johnson &

 

Johnson (pharmaceuticals/consumer products); Director of the University Medical

 

Center at Princeton and Women’s Research and Education Institute.

 

 

André F. Perold

 

Born 1952

Principal Occupation(s) During the Past Five Years: George Gund Professor of Finance

Trustee since December 2004

and Banking, Harvard Business School; Senior Associate Dean and Director of Faculty

155 Vanguard Funds Overseen

Recruiting, Harvard Business School; Director and Chairman of UNX, Inc. (equities

 

trading firm); Chair of the Investment Committee of HighVista Strategies LLC (private

 

investment firm) since 2005.

 

 

Alfred M. Rankin, Jr.

 

Born 1941

Principal Occupation(s) During the Past Five Years: Chairman, President, Chief Executive

Trustee since January 1993

Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director

155 Vanguard Funds Overseen

of Goodrich Corporation (industrial products/aircraft systems and services).

 

 

 

 

J. Lawrence Wilson

 

Born 1936

Principal Occupation(s) During the Past Five Years: Retired Chairman and Chief Executive

Trustee since April 1985

Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines) and

155 Vanguard Funds Overseen

AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University

 

and of Culver Educational Foundation.

 

 

 

 

Executive Officers1

 

 

 

Thomas J. Higgins

 

Born 1957

Principal Occupation(s) During the Past Five Years: Principal of The Vanguard Group, Inc.;

Treasurer since July 1998

Treasurer of each of the investment companies served by The Vanguard Group.

155 Vanguard Funds Overseen

 

 

 

 

 

F. William McNabb III

 

Born 1957

Principal Occupation(s) During the Past Five Years: President of The Vanguard Group, Inc.,

President since March 2008

and of each of the investment companies served by The Vanguard Group since 2008;

155 Vanguard Funds Overseen

Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group

 

(1995–2008).

 

 

Heidi Stam

 

Born 1956

Principal Occupation(s) During the Past Five Years: Managing Director of The Vanguard

Secretary since July 2005

Group, Inc., since 2006; General Counsel of The Vanguard Group since 2005; Secretary of

155 Vanguard Funds Overseen

The Vanguard Group, and of each of the investment companies served by The Vanguard

 

Group, since 2005; Director and Senior Vice President of Vanguard Marketing Corporation

 

since 2005; Principal of The Vanguard Group (1997–2006).

 

Vanguard Senior Management Team

 

 

 

 

 

 

R. Gregory Barton

Kathleen C. Gubanich

Michael S. Miller

Glenn W. Reed

Mortimer J. Buckley

Paul A. Heller

Ralph K. Packard

George U. Sauter

 

Founder

 

John C. Bogle

Chairman and Chief Executive Officer, 1974–1996

 

 

1  Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940.

2  December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.

More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.

 

 


 

P.O. Box 2600

Valley Forge, PA 19482-2600

 

Connect with Vanguard® > www.vanguard.com

 

 

Fund Information > 800-662-7447

Vanguard, Admiral, Connect with Vanguard, and the

 

ship logo are trademarks of The Vanguard Group, Inc.

Direct Investor Account Services > 800-662-2739

CFA® is a trademark owned by CFA Institute.

 

 

Institutional Investor Services > 800-523-1036

 

 

All other marks are the exclusive property of their

Text Telephone for People

respective owners.

With Hearing Impairment > 800-952-3335

 

 

All comparative mutual fund data are from Lipper Inc.

 

or Morningstar, Inc., unless otherwise noted.

 

 

 

You can obtain a free copy of Vanguard’s proxy voting

This material may be used in conjunction

guidelines by visiting our website, www.vanguard.com,

with the offering of shares of any Vanguard

and searching for “proxy voting guidelines,” or by

fund only if preceded or accompanied by

calling Vanguard at 800-662-2739. The guidelines are

the fund’s current prospectus.

also available from the SEC’s website, www.sec.gov.

 

In addition, you may obtain a free report on how your

 

fund voted the proxies for securities it owned during

 

the 12 months ended June 30. To get the report, visit

 

either www.vanguard.com or www.sec.gov.

 

 

 

You can review and copy information about your fund

 

at the SEC’s Public Reference Room in Washington, D.C.

 

To find out more about this public service, call the SEC

 

at 202-551-8090. Information about your fund is also

 

available on the SEC’s website, and you can receive

 

copies of this information, for a fee, by sending a

 

request in either of two ways: via e-mail addressed to

 

publicinfo@sec.gov or via regular mail addressed to the

 

Public Reference Section, Securities and Exchange

 

Commission, Washington, DC 20549-0102.

 

 

 

 

 

 

 

 

 

© 2008 The Vanguard Group, Inc.

 

All rights reserved.

 

Vanguard Marketing Corporation, Distributor.

 

 

 

Q752 072008

 

 

 

 

 

Item 2: Not Applicable.

 

Item 3: Not Applicable.

 

Item 4: Not Applicable.

 

Item 5: Not Applicable.

 

Item 6: Not Applicable.

 

Item 7: Not applicable.

 

Item 8: Not Applicable.

 

Item 9: Not Applicable.

 

Item 10: Not Applicable.

 

Item 11: Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Exhibits.

 

(a) Certifications.

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

VANGUARD CALIFORNIA TAX-FREE FUNDS

BY:

 

(signature)

 

(HEIDI STAM)

 

JOHN J. BRENNAN*

 

CHIEF EXECUTIVE OFFICER

 

Date: July 16, 2008

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

 

VANGUARD CALIFORNIA TAX-FREE FUNDS

BY:

 

(signature)

 

(HEIDI STAM)

 

JOHN J. BRENNAN*

 

CHIEF EXECUTIVE OFFICER

 

Date: : July 16, 2008

 

 

VANGUARD CALIFORNIA TAX-FREE FUNDS

BY:

 

(signature)

 

(HEIDI STAM)

 

THOMAS J. HIGGINS*

 

TREASURER

 

 

Date: : July 16, 2008

 

*By Power of Attorney. Filed on January 18, 2008, see File Number 2-29601. Incorporated by Reference.