UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number: | 811-04474 | |
|
Name of Registrant: |
Vanguard California Tax-Free Funds | |
|
Address of Registrant: |
P.O. Box 2600 | |
| Valley Forge, PA 19482 | ||
|
Name and address of agent for service: |
Heidi Stam, Esquire | |
| P.O. Box 876 | ||
| Valley Forge, PA 19482 | ||
|
Registrant’s telephone number, including area code: (610) 669-1000 | ||
|
Date of fiscal year end: November 30 |
||
|
Date of reporting period: December 1, 2014 – May 31, 2015 | ||
| Item 1: Reports to Shareholders | ||
Semiannual Report | May 31, 2015
Vanguard California Tax-Exempt Funds
Vanguard California Tax-Exempt Money Market Fund
Vanguard California Intermediate-Term Tax-Exempt Fund
Vanguard California Long-Term Tax-Exempt Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Advisor’s Report. | 9 |
| California Tax-Exempt Money Market Fund. | 13 |
| California Intermediate-Term Tax-Exempt Fund. | 32 |
| California Long-Term Tax-Exempt Fund. | 107 |
| About Your Fund’s Expenses. | 141 |
| Trustees Approve Advisory Arrangements. | 143 |
| Glossary. | 144 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British
naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant
ship from the same era as Nelson’s flagship, the HMS Vanguard.
Your Fund’s Total Returns
| Six Months Ended May 31, 2015 | |||||
| Taxable- | |||||
| SEC Equivalent | Income | Capital | Total | ||
| Yield | Yield | Returns | Returns | Returns | |
| Vanguard California Tax-Exempt Money Market Fund | 0.01% | 0.02% | 0.00% | 0.00% | 0.00% |
| California Tax-Exempt Money Market Funds Average | 0.00 | ||||
| California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |||||
| Vanguard California Intermediate-Term Tax-Exempt Fund | |||||
| Investor Shares | 1.65% | 3.32% | 1.41% | -0.76% | 0.65% |
| Admiral™ Shares | 1.74 | 3.51 | 1.45 | -0.76 | 0.69 |
| Barclays Municipal California Intermediate Bond Index | 0.52 | ||||
| California Intermediate Municipal Debt Funds Average | 0.28 | ||||
| California Intermediate Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |||||
| Vanguard California Long-Term Tax-Exempt Fund | |||||
| Investor Shares | 2.25% | 4.53% | 1.78% | -0.75% | 1.03% |
| Admiral Shares | 2.33 | 4.69 | 1.82 | -0.75 | 1.07 |
| Barclays CA Municipal Bond Index | 0.87 | ||||
| California Municipal Debt Funds Average | 0.98 | ||||
California Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
7-day SEC yield for the California Tax-Exempt Money Market Fund; 30-day SEC yield for the California Intermediate-Term Tax-Exempt Fund
and California Long-Term Tax-Exempt Fund.
The calculation of taxable-equivalent yield assumes a typical itemized tax return and is based on the maximum federal tax rate of 43.4% and
the maximum income tax rate for the state. Local taxes were not considered. Please see the prospectus for a detailed explanation of the
calculation.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements.
1
Chairman’s Letter
Dear Shareholder,
The broad U.S. municipal bond market and Vanguard’s California bond funds earned positive but muted returns for the half year ended May 31, 2015, after a strong showing over the previous 12 months. As I cautioned in my letter in our last annual report, the robust returns—especially for longer-maturity bonds—were unlikely to continue after interest rates had fallen so low.
Vanguard California Intermediate-Term Tax-Exempt Fund returned 0.65% for Investor Shares and 0.69% for Admiral Shares. Vanguard California Long-Term Tax-Exempt Fund returned 1.03% for Investor Shares and 1.07% for Admiral Shares. In contrast to the previous fiscal year, interest income was the primary driver of both funds’ returns, although this was partly offset by lower bond prices (as reflected in their negative capital returns).
Both of the funds outpaced their state-specific benchmark indexes and the average return of their peers. The Long-Term Fund surpassed the 0.71% return of the broad national municipal market, as longer-maturity bonds were among the best performers in your state and nationwide. (It’s also worth noting that the Barclays California Municipal Bond Index did better than tax-exempt bonds nationwide.)
Amid expectations that the Federal Reserve would gradually begin to raise short-term interest rates in 2015, muni bond yields generally crept up—leading to the negative
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capital returns I mentioned. (Bond prices and yields move in opposite directions.) But the progression of yields was by no means a straight line. The anticipated timing of a rate hike seemed to advance or recede with the release of each indicator of the U.S. economy’s health, making for volatile bond returns. As of May 31, the 30-day SEC yields of Investor Shares of the Intermediate- and Long-Term Funds were 1.65% and 2.25%, respectively, up modestly from 1.55% and 2.13% at the start of the period.
Vanguard California Tax-Exempt Money Market Fund returned 0.00%, in line with its peers. The fund’s yield was unchanged at 0.01%.
Please note that the funds are permitted to invest in securities whose income is subject to the alternative minimum tax (AMT). As of May 31, neither the Intermediate-Term Fund nor the Long-Term Fund owned securities that would generate income distributions subject to the AMT, but the Money Market Fund did.
On a separate note, I wanted to give you a brief update on money market reform. In 2014, the Securities and Exchange Commission adopted regulatory changes governing money market funds, which fund sponsors must adopt by October 2016. In your fund’s last annual report, we noted that the vast majority of investors in Vanguard money market funds would not be affected by the new rules—and that’s still the case.
| Market Barometer | |||
| Total Returns | |||
| Periods Ended May 31, 2015 | |||
| Six | One | Five Years | |
| Months | Year | (Annualized) | |
| Bonds | |||
| Barclays U.S. Aggregate Bond Index (Broad taxable | |||
| market) | 1.09% | 3.03% | 3.90% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 0.71 | 3.18 | 4.53 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.02 | 0.05 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 3.41% | 11.91% | 16.68% |
| Russell 2000 Index (Small-caps) | 6.94 | 11.32 | 15.04 |
| Russell 3000 Index (Broad U.S. market) | 3.67 | 11.86 | 16.54 |
| FTSE All-World ex US Index (International) | 3.78 | 0.08 | 8.51 |
| CPI | |||
| Consumer Price Index | 0.70% | -0.04% | 1.74% |
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On June 16, we announced some changes for Vanguard’s lineup of taxable and tax-exempt money market funds. Most notably for this report, we plan to designate all six of our tax-exempt funds (one national fund and five state funds, including California’s) as “retail funds,” meaning that individual investors will continue to have access to these funds at a stable net asset value of $1 per share.
Taxable bonds gained ground despite setbacks along the way
The broad U.S. taxable bond market traced a bumpy path to return 1.09% for the six months. Gains in three of those months, including a return of more than 2% in January, were tempered by three months of declines.
U.S. Treasury bonds attracted investors amid uncertainties such as Greece’s ability to pay its creditors. The yield of the 10-year Treasury note ended May at 2.14%, down from 2.25% six months earlier.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –6.65%, restrained by the U.S. dollar’s strength against many foreign currencies. Without this currency effect, international bond returns were positive, thanks in part to the stimulative monetary policies of many of the world’s central banks.
Short-term interest rates, pegged to the Fed’s target of 0%–0.25%, severely limited returns for money market funds and savings accounts.
| Expense Ratios | |||
| Your Fund Compared With Its Peer Group | |||
| Investor | Admiral | Peer Group | |
| Shares | Shares | Average | |
| California Tax-Exempt Money Market | |||
| Fund | 0.16% | — | 0.10% |
| California Intermediate-Term | |||
| Tax-Exempt Fund | 0.20 | 0.12% | 0.75 |
| California Long-Term Tax-Exempt Fund | 0.20 | 0.12 | 0.95 |
The fund expense ratios shown are from the prospectus dated March 26, 2015, and represent estimated costs for the current fiscal year. For
the six months ended May 31, 2015, the funds’ annualized expense ratios were: for the California Tax-Exempt Money Market Fund, 0.05%; for
the California Intermediate-Term Tax-Exempt Fund, 0.19% for Investor Shares and 0.11% for Admiral Shares; and for the California Long-Term
Tax-Exempt Fund, 0.19% for Investor Shares and 0.11% for Admiral Shares. The six-month expense ratio for the California Tax-Exempt Money
Market Fund reflects a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this
reduction, the fund’s annualized six-month expense ratio was 0.16%. Peer-group expense ratios are derived from data provided by Lipper, a
Thomson Reuters Company, and capture information through year-end 2014.
Peer groups: For the California Tax-Exempt Money Market Fund, California Tax-Exempt Money Market Funds; for the California
Intermediate-Term Tax-Exempt Fund, California Intermediate Municipal Debt Funds; for the California Long-Term Tax-Exempt Fund, California
Municipal Debt Funds.
4
U.S. stocks stayed positive, although clouds hovered
The broad U.S. stock market returned nearly 4% for the period. Corporate profits generally exceeded expectations, and the Fed remained cautious in its approach to expected short-term interest rate hikes. These factors helped offset pressures that included perceived high stock valuations and concerns about the economy’s first-quarter weakness.
International stocks also returned almost 4% for U.S. investors, although results would have been more robust if not for the dollar’s strength. Returns for the developed markets of the Pacific region, led by Japan, exceeded those of Europe and emerging markets. (You can read about Vanguard’s assessment of Japan’s economy in Japan: The Long Road Back to Inflation, available at vanguard.com/research. This is part of the Global Macro Matters series produced by our global economists.)
| At state budget time, a helpful reminder |
| As you know, investing in the bonds of your home state provides income that can be exempt |
| from federal and state—and sometimes local—income taxes. Depending on your circumstances, |
| this can be a very attractive benefit. |
| But there’s a tradeoff: less diversification. The performance of your bonds is greatly influenced |
| by the fiscal health of just one state. And that health can be especially evident amid the intense |
| budget debates that often take place before July 1, the start of the new fiscal year in most states. |
| Just like your personal budget, state and municipal budgets depend on revenue forecasts, and |
| these are often hard to get right. A March report by The Pew Charitable Trusts, for example, |
| found that over roughly the last three decades, “forecasting errors have gotten larger because |
| revenue has become increasingly volatile,” even though “the science of estimating tax |
| collections has improved markedly.” Revenues from corporate income taxes and personal |
| capital gains taxes are especially hard to forecast, Pew noted. |
| Whether unpleasant budget surprises arise suddenly or from long-simmering challenges such |
| as underfunded pension plans, they can lead to volatile bond returns. As with any investment, |
| it’s not wise to put all your eggs in one basket. |
| You might consider including a diversified national municipal bond fund in your portfolio. And |
| because Vanguard’s highly experienced team of independent credit analysts carefully evaluates |
| any bond issue we own or are considering for any of our funds, it can help you sidestep some |
| of the potential pitfalls. |
| Source: The Pew Charitable Trusts and the Nelson A. Rockefeller Institute of Government, March 2015. Managing Volatile Tax |
| Collections in State Revenue Forecasts. |
5
Supply resurgence tempered tax-exempt bond returns
Broadly speaking, taxable and tax-exempt bonds trade in the marketplace in relationship to U.S. Treasury bonds, which establish the level of risk-free interest rates. Changes in investors’ risk perceptions influence that relationship. (Interest rates on tax-exempt bonds typically also reflect tax rates, though this relationship is dynamic.) During the period, there were no major shifts in municipals’ value relative to Treasuries.
Another key driver of municipal bond performance is supply. After an extended period of relatively light supply, tax-exempt bond issuance nationwide surged about 50% for the six months through May 2015 compared with a year ago. The rise was driven in part by the refunding of outstanding debt to lock in savings in anticipation of rising borrowing costs. It contributed to municipal bonds’ underperformance against Treasuries. (The Barclays U.S. Treasury Index returned 1.07%.) Even with strong demand, issuers needed to entice buyers with slightly higher interest rates.
In California, tax-exempt bond issuance during the six months increased a bit more than at the nationwide level. And as the state’s fiscal condition continued to strengthen for the most part, tax-exempt bond demand was strong. Longer-maturity bonds and those of lower quality were among the best performers as interest rates remained low and investors searched for yield.
Against this backdrop, the funds were well-positioned by their advisor, Vanguard Fixed Income Group. In both funds, the broad strategy of underweighting the shorter end of the maturity spectrum—where interest rates are expected to rise—and favoring longer-term bonds proved rewarding. Of course, the advisor makes such portfolio adjustments within the context of each fund’s investment mandate. For example, the Intermediate-Term Fund’s benchmark holds almost no bonds maturing after 10 years, but your fund has a sizable stake in longer-term bonds.
For more about the funds’ strategy and performance during the period, please see the Advisor’s Report that follows this letter.
Promoting good corporate governance is one way we protect your interests
Our core purpose is “to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.” This means more than offering smart investments, trustworthy guidance, and low fees. It also means working with the companies held by Vanguard funds to make sure that your interests remain paramount.
Because promoting good corporate governance supports our core purpose, we want to inform our investors—regardless of which Vanguard fund they own—about our efforts in this area. As one of the world’s largest investment managers, we are making our voice heard in corporate boardrooms to promote the
6
highest standards of stewardship. Our advocacy encompasses a range of corporate governance issues, including executive compensation and succession planning, board composition and effectiveness, oversight of strategy and risk, and communication with shareholders.
We also exert our influence in a very important way when Vanguard funds cast their proxy votes at companies’ shareholder meetings.
Most of these votes occur at this time of year, making it an appropriate time to remind you that we work hard to represent your best interests. Good governance, we believe, is essential for any company seeking to maximize its long-term returns to shareholders. You can learn more about our efforts at vanguard.com/ corporategovernance.
Thank you for your confidence in Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
June 16, 2015
7
| Your Fund’s Performance at a Glance | ||||
| November 30, 2014, Through May 31, 2015 | ||||
| Distributions Per Share | ||||
| Starting | Ending | Income | Capital | |
| Share Price | Share Price | Dividends | Gains | |
| Vanguard California Tax-Exempt Money Market | ||||
| Fund | $1.00 | $1.00 | $0.000 | $0.000 |
| Vanguard California Intermediate-Term | ||||
| Tax-Exempt Fund | ||||
| Investor Shares | $11.78 | $11.69 | $0.168 | $0.000 |
| Admiral Shares | 11.78 | 11.69 | 0.172 | 0.000 |
| Vanguard California Long-Term Tax-Exempt | ||||
| Fund | ||||
| Investor Shares | $12.07 | $11.98 | $0.215 | $0.000 |
| Admiral Shares | 12.07 | 11.98 | 0.220 | 0.000 |
8
Advisor’s Report
For the six months ended May 31, 2015, Vanguard California Tax-Exempt Money Market Fund returned 0.00%, matching the average return of peer funds, as short-term interest rates remained near zero.
Vanguard California Intermediate-Term Tax-Exempt Fund returned 0.65% for Investor Shares and 0.69% for Admiral Shares; Vanguard California Long-Term Tax-Exempt Fund returned 1.03% for Investor Shares and 1.07% for Admiral Shares. Both funds outperformed their state-specific benchmarks and the average return of their peers. The Barclays California Municipal Bond Index outperformed the broad tax-exempt market (as represented by the Barclays Municipal Bond Index).
The investment environment
On the heels of an exceptionally strong rally, the municipal bond market began the new fiscal year at what we felt were appropriate valuation levels. Taxable and tax-exempt interest rates stood at or near historic lows, reflecting expectations that when the Federal Reserve does begin to raise interest rates, it will do so modestly and gradually. This was in stark contrast to the bond market’s “taper tantrum” in 2013, when the Fed first announced its intention to scale back its aggressive stimulative bond-buying.
The Fed’s decision about when to raise rates depends on the health of the economy, which has been a good news/bad news story. Gross domestic product (GDP) growth slowed in the last quarter of 2014. And the economy contracted in the first quarter of 2015, partly because of transitory factors—another harsh winter and a West Coast port strike.
The Fed also wants to see continued improvement in the job market and unemployment and an increase in the inflation rate toward the 2% long-term target.
| Yields of Tax-Exempt Municipal Securities | ||
| (AAA-Rated General-Obligation Issues) | ||
| November 30, | May 31, | |
| Maturity | 2014 | 2015 |
| 2 years | 0.14% | 0.22% |
| 5 years | 0.88 | 1.22 |
| 10 years | 1.98 | 2.08 |
| 30 years | 3.00 | 3.15 |
| Source: Vanguard. |
9
(Inflation has been running well below that, in part reflecting deflationary forces in Europe and lower commodity prices.)
In the spring, the Fed signaled that its first interest-rate increase in almost a decade would likely not come in June, as some had predicted. Although it removed the word “patient” from its positioning statement, the Fed still suggested that increases would be gradual and that rates would probably remain low for a considerable time. It seemed increasingly likely that the ultimate federal funds rate level during the current economic cycle would be lower than the market had anticipated last year. Expectations centered on 2.5%, down from more than 3% in October.
As a result, the Treasury market broadly continued to rally. The yield of the benchmark 10-year note, which began the period at 2.25%, dipped to 1.75% at the end of January before closing at 2.14% in May. Overall, the Treasury yield curve flattened modestly as short-term rates crept up and longer-term rates inched down.
In contrast, municipal bond yields rose slightly across the maturity spectrum. It’s not unusual for muni bond yields to reach a resistance point, and in this case, supply was a large contributing factor.
After a period of relatively light supply, when issuers focused more on budget austerity than on major new projects, muni bond supply nationwide surged about 50% compared with last year’s fiscal first half. Only about one-third of the issuance was to raise new capital; the balance involved refunding existing issues. (Borrowers are permitted to issue bonds to refund an outstanding issue only once, and many chose to do so before the Fed begins to raise rates.) The prices of many intermediate-term bonds, where much of the refunding took place, fell more than those of other bonds as issuers needed to offer higher yields to attract demand. Tax-exempt issuance in California increased a bit more than it did nationwide, also boosted by robust refunding activity. Cost savings from refunding provide various benefits. For example, they strengthen the creditworthiness of revenue bond issuers, and, for state general obligation bonds and leases, they reduce the debt burden on the general fund.
After some high-profile bankruptcies in recent years, no major new credit events occurred in the municipal market during the period, and revenue trends mostly improved. Detroit emerged from bankruptcy court protection in December, a relatively swift resolution to the largest municipal bankruptcy in the United States. Although Puerto Rico has been addressing its debt load, budget deficit, and stagnant economy, we expect to remain at a distance until we see sustained economic growth and budget discipline. (We held no Puerto Rico bonds in the California funds at the end of the period.)
California’s overall financial health has been stable and slightly improving. After last year’s credit rating upgrades, one agency upgraded California’s general obligation bonds one notch in February, and another changed its outlook from “stable” to “positive” in May. The state’s unemployment rate fell from 7.2% in November to
10
6.4% at the end of May, still among the highest in the nation. And in the Federal Reserve Bank of Philadelphia’s monthly State Coincident Indexes report, California’s index rose about 2% during the same period, a bit ahead of the overall U.S. economy.
State revenues in the current fiscal year have generally exceeded expectations, allowing for repayment of some of the “wall of debt” (years of accumulated budgetary borrowings). For the first time in many years, it appears California will not need to issue a cash flow note in late summer. The state legislature met the constitutional deadline for passage of the fiscal year 2016 budget on time, in mid-June. Governor Brown then reached agreement with the legislature, clearing the way for signing before the end of June.
Most of California’s large cities and counties have enjoyed a period of budget stability and freedom from new funding mandates imposed by the legislature. However, pensions and other post-employment benefits remain largely underfunded, as in many other states. Stockton’s bankruptcy plan became effective in February, although some legal maneuvers still lie ahead, and San Bernardino’s case is pending.
We continue to monitor the potential impact of the state’s severe drought, which has resulted in unprecedented water-use restrictions. Longer-term solutions will take years to implement. In November, voters approved Proposition 1, authorizing more than $7 billion in new bonds for water projects across the state
over the coming decade. In the short run, we expect the drought to have localized effects, particularly in the Central Valley and other agriculture-based regions. We also expect that the water agencies (some of whose bonds we own) will be able to adjust their deliveries and prices so they can keep servicing their bonds.
Management of the funds
During the period, we made no significant shifts in portfolio strategy. In the bond funds, we favored longer maturities, in the expectation that short-term rates would rise. This strategy was especially rewarding in the Long-Term Fund—bonds with maturities beyond 20 years were the best performers in the fund and its benchmark index. The average duration of both funds was similar to that of their benchmarks. (Duration is a measure of the sensitivity of bond and bond mutual fund prices to changes in interest rates.)
In terms of credit quality, the funds had somewhat lighter allocations than their benchmarks to AA-rated bonds, and we added value with our individual selections. Our sector positioning and selections within sectors also gave us an edge—notably in state general obligation bonds and bonds issued by school districts.
For the Money Market Fund, the low interest rate environment remained challenging but not unfamiliar; the Fed has kept its target for overnight rates at 0% to 0.25% since late 2008. We continued to look for opportunities to support returns through risk management and security selection.
11
A look ahead
As we enter the second half of the funds’ fiscal year, we still believe that municipal bonds are trading within an appropriate range relative to their taxable Treasury counterparts. Munis are attractive compared with other U.S. fixed income options.
Just as the U.S. economy rebounded in 2014 from a harsh winter, we expect another rebound. Growth should reacceler-ate to an annual rate of about 2.5% for the rest of the funds’ fiscal year. The steep decline in oil prices from last summer’s peak has tempered inflation and slowed corporate capital spending. And consumers have generally held onto their savings at the gas pump as they wait to see if lower prices will continue.
Interest rates, and hence bond prices, could remain volatile. The market views new pieces of information about the economy’s health through the lens of the data-dependent Fed, trying to guess when it will raise rates. It’s not unusual for volatility to increase as a rate hike approaches. Still, rates are likely to be range-bound. We expect the relative strength of the U.S. economy to set a floor, and global conditions—including the stronger dollar and European Central Bank stimulus—should serve as a cap. We believe liftoff is likely to come in the second half of 2015. The Fed may not raise rates over time as much as has been expected, especially in view of tepid economic growth.
After the significant drop in interest rates in recent years and the tightening of credit-quality spreads, many opportunities for price appreciation have been captured. Lower rates appear unlikely; we don’t see much scope for spreads to tighten significantly, nor do we expect them generally to widen. As a result, we are more focused on opportunities to pick up income by holding lower-rated bonds.
In part because of expected volatility, we anticipate maintaining above-average liquidity. That precaution should allow us to take advantage of any price dislocations that may arise as a rate hike approaches. It should also enable us to meet potential shareholder redemptions without becoming forced sellers in the market.
Christopher W. Alwine, CFA, Principal,
Head of Municipal Bond Funds
Pamela Wisehaupt Tynan, Principal,
Head of Municipal Money Market Funds
James M. D’Arcy, CFA,
Portfolio Manager
Adam M. Ferguson, CFA,
Portfolio Manager
John M. Carbone, Principal,
Portfolio Manager
Vanguard Fixed Income Group
June 22, 2015
12
California Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2015
| Financial Attributes | |
| Ticker Symbol | VCTXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.01% |
| Average Weighted | |
| Maturity | 25 days |
| Distribution by Credit Quality (% of portfolio) | |
| First Tier | 100.0% |
A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for
debt obligations by nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody's,
Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating
category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the
lower of the ratings applies. An unrated security is First Tier if it represents quality comparable to that of a rated security, as
determined in accordance with SEC Rule 2a-7. For more information about these ratings, see the Glossary entry for Credit
Quality.
1 The expense ratio shown is from the prospectus dated March 26, 2015, and represents estimated costs for the current fiscal year. For the
six months ended May 31, 2015, the annualized expense ratio was 0.05%, reflecting a temporary reduction in operating expenses (described
in Note B of the Notes to Financial Statements). Before this reduction, the annualized six-month expense ratio was 0.16%.
13
California Tax-Exempt Money Market Fund
Performance Summary
Investment returns will fluctuate. All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) The returns shown do not reflect taxes that a shareholder would pay on fund distributions. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund. The fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
| Fiscal-Year Total Returns (%): November 30, 2004, Through May 31, 2015 | ||
| CA Tax-Exempt | ||
| Money Mkt | ||
| Funds Avg | ||
| Fiscal Year | Total Returns | Total Returns |
| 2005 | 2.17% | 1.70% |
| 2006 | 3.24 | 2.78 |
| 2007 | 3.55 | 3.06 |
| 2008 | 2.21 | 1.81 |
| 2009 | 0.37 | 0.17 |
| 2010 | 0.11 | 0.01 |
| 2011 | 0.07 | 0.01 |
| 2012 | 0.03 | 0.00 |
| 2013 | 0.01 | 0.00 |
| 2014 | 0.01 | 0.00 |
| 2015 | 0.00 | 0.00 |
7-day SEC yield (5/31/2015): 0.01%
California Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Note: For 2015, performance data reflect the six months ended May 31, 2015.
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| Inception | One | Five | Ten | |
| Date | Year | Years | Years | |
| California Tax-Exempt Money | ||||
| Market Fund | 6/1/1987 | 0.01% | 0.04% | 1.11% |
See Financial Highlights for dividend information.
14
California Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2015
The fund reports a complete list of its holdings in various monthly and quarterly regulatory filings. The fund publishes its holdings on a monthly basis at vanguard.com and files them with the Securities and Exchange Commission on Form N-MFP. The fund’s Form N-MFP filings become public 60 days after the relevant month-end, and may be viewed at sec.gov or via a link on the “Portfolio Holdings” page on vanguard.com. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (100.3%) | ||||
| California (100.3%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Branson School) VRDO | 0.100% | 6/5/15 LOC | 6,650 | 6,650 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Institute for Defense | ||||
| Analyses) VRDO | 0.100% | 6/5/15 LOC | 6,945 | 6,945 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Lakeside Village | ||||
| Apartments) VRDO | 0.100% | 6/5/15 LOC | 20,000 | 20,000 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Public Policy Institute) VRDO | 0.110% | 6/5/15 LOC | 12,705 | 12,705 |
| Anaheim CA Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.120% | 6/5/15 LOC | 5,485 | 5,485 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) TOB VRDO | 0.110% | 6/5/15 | 5,000 | 5,000 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) VRDO | 0.090% | 6/5/15 LOC | 8,300 | 8,300 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/16 | 1,165 | 1,216 |
| 1 California Department of Water Resources | ||||
| Water System Revenue (Central Valley Project) | ||||
| TOB VRDO | 0.100% | 6/5/15 | 4,100 | 4,100 |
| California Education Note Participations Program | ||||
| TRAN | 1.500% | 6/30/15 | 7,500 | 7,508 |
| 1 California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) TOB VRDO | 0.110% | 6/5/15 | 3,365 | 3,365 |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) VRDO | 0.090% | 6/5/15 | 55,800 | 55,800 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) CP | 0.130% | 7/8/15 | 15,000 | 15,000 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) CP | 0.090% | 10/23/15 | 10,000 | 10,000 |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.100% | 6/5/15 | 4,000 | 4,000 |
15
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.100% | 6/5/15 | 4,430 | 4,430 |
| 1 California Educational Facilities Authority Revenue | ||||
| (Stanford University) TOB VRDO | 0.190% | 6/5/15 | 3,000 | 3,000 |
| California Educational Facilities Authority Revenue | ||||
| (University of San Francisco) VRDO | 0.080% | 6/5/15 LOC | 5,215 | 5,215 |
| 1 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.100% | 6/5/15 | 14,800 | 14,800 |
| California GO VRDO | 0.050% | 6/1/15 LOC | 8,500 | 8,500 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 1,270 | 1,270 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 6,905 | 6,905 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 8,100 | 8,100 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 4,200 | 4,200 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 9,300 | 9,300 |
| California GO VRDO | 0.080% | 6/1/15 LOC | 6,600 | 6,600 |
| California GO VRDO | 0.070% | 6/5/15 LOC | 13,000 | 13,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) VRDO | 0.070% | 6/1/15 LOC | 15,850 | 15,850 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) VRDO | 0.080% | 6/5/15 LOC | 6,725 | 6,725 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) VRDO | 0.100% | 6/5/15 LOC | 800 | 800 |
| 2 California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | ||||
| VRDO | 0.110% | 6/5/15 LOC | 8,525 | 8,525 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | ||||
| VRDO | 0.110% | 6/5/15 LOC | 12,995 | 12,995 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Kaiser Foundation Hospitals) TOB | ||||
| VRDO | 0.100% | 6/5/15 LOC | 35,000 | 35,000 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalat Stanford) TOB VRDO | 0.110% | 6/5/15 | 5,000 | 5,000 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalat Stanford) TOB VRDO | 0.130% | 6/5/15 | 4,475 | 4,475 |
| 3 California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) PUT | 0.250% | 12/25/15 | 22,000 | 22,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) VRDO | 0.110% | 6/5/15 | 12,000 | 12,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) VRDO | 0.110% | 6/5/15 | 51,600 | 51,600 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.080% | 6/5/15 LOC | 6,300 | 6,300 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.080% | 6/5/15 LOC | 8,000 | 8,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) VRDO | 0.090% | 6/5/15 LOC | 12,020 | 12,020 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/15 | 1,000 | 1,010 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.110% | 6/5/15 | 12,400 | 12,400 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.110% | 6/5/15 | 5,000 | 5,000 |
16
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.110% | 6/5/15 | 17,110 | 17,110 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.110% | 6/5/15 | 3,750 | 3,750 |
| California Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.080% | 6/5/15 LOC | 20,000 | 20,000 |
| California Housing Finance Agency Home | ||||
| Mortgage Revenue VRDO | 0.100% | 6/5/15 LOC | 4,900 | 4,900 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Motion Picture Arts | ||||
| & Sciences Obligated Group) VRDO | 0.090% | 6/5/15 LOC | 35,000 | 35,000 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Sciences) VRDO | 0.080% | 6/1/15 LOC | 5,825 | 5,825 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (American National Red Cross) | ||||
| VRDO | 0.080% | 6/5/15 LOC | 30,615 | 30,615 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Clean Water Revolving Fund) | 4.000% | 10/1/15 | 1,200 | 1,216 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.080% | 6/1/15 LOC | 2,600 | 2,600 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.080% | 6/1/15 LOC | 7,100 | 7,100 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Pacific Gas & Electric Co.) VRDO | 0.070% | 6/1/15 LOC | 2,800 | 2,800 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (SRI International) VRDO | 0.110% | 6/5/15 LOC | 4,300 | 4,300 |
| California Municipal Finance Authority Pollution | ||||
| Control Revenue (Chevron USA Inc. Project) | ||||
| VRDO | 0.050% | 6/1/15 | 1,100 | 1,100 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | 2.000% | 10/1/15 | 6,785 | 6,827 |
| California Municipal Finance Authority Revenue | ||||
| (Notre Dame High School, San Jose) VRDO | 0.130% | 6/5/15 LOC | 4,275 | 4,275 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/1/15 LOC | 10,200 | 10,200 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/1/15 LOC | 4,300 | 4,300 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.110% | 6/1/15 LOC | 8,500 | 8,500 |
| California RAN | 1.500% | 6/22/15 | 100,000 | 100,079 |
| California School Cash Reserve Program | ||||
| Authority Pool TRAN | 2.000% | 6/1/15 | 11,000 | 11,000 |
| California School Cash Reserve Program | ||||
| Authority Pool TRAN | 2.000% | 6/1/15 | 2,000 | 2,000 |
| California School Cash Reserve Program | ||||
| Authority Pool TRAN | 2.000% | 6/30/15 | 12,000 | 12,018 |
| California State University CP | 0.080% | 6/2/15 LOC | 10,045 | 10,045 |
| California State University CP | 0.100% | 6/2/15 LOC | 3,800 | 3,800 |
| California State University CP | 0.100% | 6/2/15 LOC | 6,240 | 6,240 |
| California State University Systemwide Revenue | 5.000% | 11/1/15 (Prere.) | 1,265 | 1,290 |
| California State University Systemwide Revenue | 5.000% | 11/1/15 (Prere.) | 1,480 | 1,510 |
| 1 California State University Systemwide Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 1,735 | 1,735 |
17
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Gas Supply Revenue VRDO | 0.090% | 6/5/15 | 121,935 | 121,935 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Canyon Springs Apartments Project) VRDO | 0.110% | 6/5/15 LOC | 10,105 | 10,105 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Ridgeway Apartments) VRDO | 0.100% | 6/5/15 LOC | 10,390 | 10,390 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Village Green Apartments) VRDO | 0.110% | 6/5/15 LOC | 5,800 | 5,800 |
| California Statewide Communities Development | ||||
| Authority Multifamily Housing Revenue | ||||
| (Wilshire Court Project) VRDO | 0.110% | 6/5/15 LOC | 11,900 | 11,900 |
| California Statewide Communities Development | ||||
| Authority Pollution Control Revenue | ||||
| (Chevron USA Inc. Project) VRDO | 0.050% | 6/1/15 | 1,850 | 1,850 |
| 2 California Statewide Communities Development | ||||
| Authority Revenue (Community Hospital of the | ||||
| Monterey Peninsula) VRDO | 0.120% | 6/5/15 LOC | 34,300 | 34,300 |
| California Statewide Communities Development | ||||
| Authority Revenue (John Muir Health) VRDO | 0.060% | 6/1/15 LOC | 4,000 | 4,000 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) CP | 0.140% | 6/1/15 | 1,500 | 1,500 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) CP | 0.140% | 8/6/15 | 12,500 | 12,500 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.080% | 6/5/15 | 20,000 | 20,000 |
| 1 California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) TOB VRDO | 0.100% | 6/5/15 | 37,803 | 37,804 |
| 1 California Statewide Communities Development | ||||
| Authority Revenue (Trinity Health) TOB VRDO | 0.100% | 6/5/15 | 2,175 | 2,175 |
| California Statewide Communities Development | ||||
| Authority Revenue (University of San Diego) | ||||
| VRDO | 0.070% | 6/5/15 LOC | 23,050 | 23,050 |
| Calleguas-Las Virgenes CA Public Financing | ||||
| Authority Revenue (Municipal Water District | ||||
| Project) VRDO | 0.100% | 6/5/15 LOC | 8,700 | 8,700 |
| Cerritos CA Community College District GO | 1.500% | 8/1/15 | 8,455 | 8,474 |
| Cerritos CA Community College District GO | 2.000% | 8/1/15 | 1,565 | 1,570 |
| 1 Cerritos CA Community College District GO | ||||
| TOB VRDO | 0.120% | 6/5/15 | 7,845 | 7,845 |
| Chaffey CA Community College District GO | 1.000% | 6/1/15 | 1,500 | 1,500 |
| Chula Vista CA Multifamily Housing Revenue | ||||
| (Teresina Apartments) VRDO | 0.090% | 6/5/15 LOC | 32,940 | 32,940 |
| Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/15 | 14,115 | 14,343 |
| Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/15 | 1,390 | 1,412 |
| Contra Costa CA Municipal Water District Revenue | ||||
| (Extendible) CP | 0.090% | 11/7/15 | 9,000 | 9,000 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 4.000% | 3/1/16 | 1,700 | 1,748 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/15 | 3,510 | 3,510 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.070% | 11/30/15 | 30,000 | 30,000 |
18
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.090% | 12/20/15 | 20,800 | 20,800 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.080% | 12/28/15 | 12,200 | 12,200 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 1/26/16 | 23,000 | 23,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.080% | 1/31/16 | 27,500 | 27,500 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 2/12/16 | 4,425 | 4,425 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 2/13/16 | 5,975 | 5,975 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.100% | 2/21/16 | 17,000 | 17,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue (Extendible) CP | 0.110% | 2/21/16 | 5,000 | 5,000 |
| 1 East Bay CA Municipal Utility District Water | ||||
| System Revenue TOB VRDO | 0.090% | 6/5/15 | 9,260 | 9,260 |
| 1 Eastern California Municipal Water District Water | ||||
| & Sewer COP TOB VRDO | 0.110% | 6/5/15 | 1,595 | 1,595 |
| 3 Eastern California Municipal Water District Water | ||||
| & Sewer Revenue PUT | 0.140% | 11/9/15 | 10,000 | 10,000 |
| 3 Eastern California Municipal Water District Water | ||||
| & Sewer Revenue PUT | 0.140% | 5/5/16 | 8,750 | 8,750 |
| Eastern California Municipal Water District Water | ||||
| & Wastewater Revenue VRDO | 0.070% | 6/1/15 | 18,875 | 18,875 |
| Elsinore Valley CA Municipal Water District | ||||
| COP VRDO | 0.090% | 6/5/15 LOC | 7,800 | 7,800 |
| Escondido CA Community Development | ||||
| (Escondido Promenade Project) COP VRDO | 0.120% | 6/5/15 LOC | 9,300 | 9,300 |
| Escondido CA Community Development | ||||
| Multifamily Revenue (Heritage Park Apartments) | ||||
| VRDO | 0.120% | 6/5/15 LOC | 4,250 | 4,250 |
| Fremont CA COP VRDO | 0.090% | 6/5/15 LOC | 27,690 | 27,690 |
| Fremont CA COP VRDO | 0.090% | 6/5/15 LOC | 14,445 | 14,445 |
| Fremont CA COP VRDO | 0.090% | 6/5/15 LOC | 8,165 | 8,165 |
| Fremont CA Union High School District TRAN | 1.000% | 6/30/15 | 5,000 | 5,004 |
| Irvine CA Assessment District No. 94-13 | ||||
| Improvement Revenue (Oak Creek) VRDO | 0.060% | 6/1/15 LOC | 8,435 | 8,435 |
| Irvine CA Assessment District No. 97-16 | ||||
| Improvement Revenue VRDO | 0.060% | 6/1/15 LOC | 1,085 | 1,085 |
| Irvine CA Assessment District No. 97-17 | ||||
| Improvement Revenue VRDO | 0.060% | 6/1/15 LOC | 9,700 | 9,700 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.060% | 6/1/15 LOC | 2,550 | 2,550 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.060% | 6/1/15 LOC | 13,392 | 13,392 |
| 3 Irvine CA Ranch Water District Revenue PUT | 0.130% | 3/15/16 | 4,500 | 4,500 |
| 3 Irvine CA Ranch Water District Revenue PUT | 0.130% | 3/15/16 | 8,500 | 8,500 |
| Irvine CA Ranch Water District Revenue VRDO | 0.070% | 6/1/15 LOC | 8,600 | 8,600 |
| Irvine CA Reassessment District No. 05-21 | ||||
| Improvement Revenue VRDO | 0.060% | 6/1/15 LOC | 13,365 | 13,365 |
| Irvine CA Reassessment District No. 85-7A | ||||
| Improvement Revenue VRDO | 0.060% | 6/1/15 LOC | 15,726 | 15,726 |
19
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax Revenue | ||||
| VRDO | 0.070% | 6/1/15 LOC | 10,116 | 10,116 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax Revenue | ||||
| VRDO | 0.070% | 6/1/15 LOC | 14,600 | 14,600 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-A Special Tax Revenue | ||||
| VRDO | 0.070% | 6/1/15 LOC | 7,700 | 7,700 |
| Livermore CA Redevelopment Agency | ||||
| Multi-Family Housing Revenue (Richards Manor) | ||||
| VRDO | 0.120% | 6/5/15 LOC | 4,770 | 4,770 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 3,000 | 3,072 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 6,000 | 6,144 |
| Los Altos CA Union High School District TRAN | 1.000% | 6/30/15 | 5,000 | 5,004 |
| Los Angeles CA Community College District GO | 2.000% | 8/1/15 | 16,700 | 16,753 |
| 1 Los Angeles CA Community College District GO | ||||
| TOB VRDO | 0.100% | 6/5/15 | 15,940 | 15,940 |
| Los Angeles CA Community Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Academy Village Apartments) VRDO | 0.100% | 6/5/15 LOC | 6,000 | 6,000 |
| Los Angeles CA Community Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Hollywood & Vine Apartments) VRDO | 0.110% | 6/5/15 LOC | 19,200 | 19,200 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.110% | 6/5/15 | 5,100 | 5,100 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.110% | 6/5/15 | 2,500 | 2,500 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.110% | 6/5/15 | 5,000 | 5,000 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.140% | 6/5/15 | 18,885 | 18,885 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.140% | 6/5/15 | 7,980 | 7,980 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.170% | 6/5/15 | 5,020 | 5,020 |
| 1 Los Angeles CA Department of Airports | ||||
| International Airport Revenue TOB VRDO | 0.170% | 6/5/15 | 6,665 | 6,665 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 4.000% | 1/1/16 | 11,925 | 12,081 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 1/1/16 | 29,700 | 30,186 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.100% | 6/1/15 | 23,110 | 23,110 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.090% | 6/5/15 | 4,700 | 4,700 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.110% | 6/5/15 | 10,900 | 10,900 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.110% | 6/5/15 | 7,495 | 7,495 |
| 1 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.120% | 6/5/15 | 6,200 | 6,200 |
20
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.060% | 6/1/15 | 2,400 | 2,400 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/1/15 | 18,000 | 18,000 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/5/15 | 9,500 | 9,500 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/5/15 | 18,950 | 18,950 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/5/15 | 9,250 | 9,250 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.090% | 6/5/15 | 33,900 | 33,900 |
| 1 Los Angeles CA Harbor Department Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 8,150 | 8,150 |
| 1 Los Angeles CA Harbor Department Revenue | ||||
| TOB VRDO | 0.140% | 6/5/15 | 2,220 | 2,220 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Fountain Park Project) VRDO | 0.090% | 6/5/15 LOC | 40,000 | 40,000 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (Queen Portfolio Apartments Project) VRDO | 0.120% | 6/5/15 LOC | 6,595 | 6,595 |
| Los Angeles CA Multifamily Housing Revenue | ||||
| (San Regis Project) VRDO | 0.120% | 6/5/15 LOC | 23,600 | 23,600 |
| Los Angeles CA TRAN | 1.500% | 6/25/15 | 25,000 | 25,023 |
| Los Angeles CA Unified School District GO | 0.500% | 7/1/15 | 4,305 | 4,306 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/15 (Prere.) | 6,520 | 6,546 |
| 1 Los Angeles CA Unified School District GO | ||||
| TOB VRDO | 0.110% | 6/5/15 | 6,660 | 6,660 |
| 1 Los Angeles CA Unified School District GO | ||||
| TOB VRDO | 0.110% | 6/5/15 | 9,995 | 9,995 |
| 1 Los Angeles CA Unified School District GO | ||||
| TOB VRDO | 0.110% | 6/5/15 | 9,170 | 9,170 |
| 1 Los Angeles CA Wastewater System Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 7,500 | 7,500 |
| Los Angeles California Solid Waste Resource | ||||
| Revenue | 5.000% | 2/1/16 | 6,540 | 6,749 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/15 | 5,000 | 5,020 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/15 (Prere.) | 6,500 | 6,526 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/15 (Prere.) | 1,335 | 1,340 |
| Los Angeles County CA Multifamily Housing | ||||
| Revenue (Valencia Village Project) VRDO | 0.110% | 6/5/15 | 6,325 | 6,325 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Revenue | 5.000% | 10/1/15 (4) | 1,000 | 1,016 |
| Los Angeles County CA TRAN | 1.500% | 6/30/15 | 30,000 | 30,033 |
| 1 Los Angeles County CA Unified School District | ||||
| GO TOB VRDO | 0.110% | 6/5/15 | 5,000 | 5,000 |
| Manteca CA Redevelopment Agency Tax | ||||
| Allocation Revenue VRDO | 0.070% | 6/1/15 LOC | 12,725 | 12,725 |
| 1 Metropolitan Water District of Southern California | ||||
| Revenue TOB VRDO | 0.120% | 6/5/15 | 7,100 | 7,100 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.060% | 6/1/15 | 9,500 | 9,500 |
21
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.070% | 6/5/15 | 5,000 | 5,000 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.080% | 6/5/15 | 20,100 | 20,100 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 2.000% | 9/1/15 | 2,125 | 2,135 |
| North Orange County CA Community College | ||||
| District GO | 5.000% | 8/1/15 (Prere.) | 2,830 | 2,853 |
| 1 Nuveen California AMT-Free Municipal Income | ||||
| Fund VRDP VRDO | 0.180% | 6/5/15 LOC | 16,200 | 16,200 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund 2 VRDP VRDO | 0.200% | 6/5/15 LOC | 25,000 | 25,000 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund 3 VRDP VRDO | 0.180% | 6/5/15 LOC | 35,000 | 35,000 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.170% | 6/5/15 LOC | 24,000 | 24,000 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.170% | 6/5/15 LOC | 41,600 | 41,600 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.170% | 6/5/15 LOC | 14,900 | 14,900 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.180% | 6/5/15 LOC | 14,800 | 14,800 |
| 1 Nuveen California Dividend Advantage Municipal | ||||
| Fund VRDP VRDO | 0.180% | 6/5/15 LOC | 18,000 | 18,000 |
| Nuveen Insured California AMT-Free Municipal | ||||
| Income Fund VRDP VRDO | 0.160% | 6/5/15 LOC | 39,500 | 39,500 |
| Ohlone CA Community College District GO | 1.000% | 8/1/15 | 1,945 | 1,948 |
| Orange County CA Apartment Development | ||||
| Revenue VRDO | 0.090% | 6/5/15 LOC | 9,550 | 9,550 |
| Orange County CA Sanitation District Wastewater | ||||
| Revenue | 5.000% | 8/1/15 | 2,600 | 2,621 |
| Orange County CA Water District COP VRDO | 0.090% | 6/5/15 | 8,600 | 8,600 |
| Orange County CA Water District CP | 0.120% | 7/1/15 LOC | 20,400 | 20,400 |
| Otay CA Water District (Capital Project) COP VRDO | 0.080% | 6/5/15 LOC | 8,610 | 8,610 |
| Palo Alto CA Unified School District GO | 3.000% | 7/1/15 | 1,000 | 1,002 |
| Pasadena CA Water Revenue | 4.000% | 6/1/15 | 1,760 | 1,760 |
| 1 Peralta CA Community College District Revenue | ||||
| TOB VRDO | 0.100% | 6/5/15 | 19,645 | 19,645 |
| 1 Regents of the University of California Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 5,125 | 5,125 |
| 1 Regents of the University of California Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 3,495 | 3,495 |
| 1 Regents of the University of California Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 6,000 | 6,000 |
| 1 Regents of the University of California Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 4,377 | 4,377 |
| 1 Riverside CA Electric Revenue TOB VRDO | 0.100% | 6/1/15 | 12,195 | 12,195 |
| Riverside CA Electric Revenue VRDO | 0.070% | 6/5/15 LOC | 32,625 | 32,625 |
| Riverside County CA Industrial Development | ||||
| Authority Empowerment Zone Facility Revenue | ||||
| (Guy Evans Inc. Project) VRDO | 0.130% | 6/5/15 LOC | 4,505 | 4,505 |
| Riverside County CA TRAN | 1.500% | 6/30/15 | 50,000 | 50,055 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue VRDO | 0.080% | 6/5/15 | 34,190 | 34,190 |
22
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Sacramento CA Municipal Utility District Revenue | ||||
| CP | 0.080% | 7/1/15 LOC | 20,000 | 20,000 |
| Sacramento CA Municipal Utility District Revenue | ||||
| VRDO | 0.080% | 6/5/15 LOC | 12,500 | 12,500 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue VRDO | 0.090% | 6/5/15 | 46,800 | 46,800 |
| Sacramento County CA Multifamily Housing | ||||
| Revenue (River Pointe Apartments) VRDO | 0.110% | 6/5/15 LOC | 12,300 | 12,300 |
| Sacramento County CA Multifamily Housing | ||||
| Revenue (River Pointe Apartments) VRDO | 0.110% | 6/5/15 LOC | 10,000 | 10,000 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/15 (Prere.) | 1,425 | 1,459 |
| 1 Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue TOB VRDO | 0.090% | 6/5/15 LOC | 7,550 | 7,550 |
| 1 San Bernardino CA Community College District | ||||
| GO TOB VRDO | 0.110% | 6/5/15 | 4,620 | 4,620 |
| San Bernardino County CA TRAN | 2.000% | 6/30/15 | 25,000 | 25,037 |
| 1 San Bernardino County CA Transportation | ||||
| Authority Revenue TOB VRDO | 0.110% | 6/5/15 | 12,100 | 12,100 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.090% | 6/5/15 | 5,710 | 5,710 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.120% | 6/5/15 | 3,290 | 3,290 |
| 1 San Diego CA Community College District | ||||
| GO TOB VRDO | 0.120% | 6/5/15 | 5,000 | 5,000 |
| San Diego CA County & School District TRAN | 2.000% | 6/30/15 | 10,000 | 10,015 |
| San Diego CA Housing Authority Multifamily | ||||
| Housing Revenue (Bay Vista Apartments | ||||
| Project) VRDO | 0.110% | 6/5/15 LOC | 9,690 | 9,690 |
| San Diego CA Housing Authority Multifamily | ||||
| Housing Revenue (Canyon Rim Apartments) | ||||
| VRDO | 0.110% | 6/5/15 LOC | 32,440 | 32,440 |
| 1 San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue TOB VRDO | 0.100% | 6/5/15 | 8,280 | 8,280 |
| San Diego CA Unified School District TRAN | 1.500% | 6/30/15 | 10,000 | 10,011 |
| San Diego County CA Regional Transportation | ||||
| Authority Sales Tax Revenue VRDO | 0.120% | 6/5/15 | 3,785 | 3,785 |
| San Diego County CA Regional Transportation | ||||
| Commission Sales Tax Revenue VRDO | 0.080% | 6/5/15 | 53,345 | 53,345 |
| 1 San Diego County CA Regional Transportation | ||||
| Commission TOB VRDO | 0.110% | 6/5/15 | 2,220 | 2,220 |
| San Diego County CA Water Authority | ||||
| Extendible CP | 0.100% | 1/26/16 | 5,000 | 5,000 |
| San Diego County CA Water Authority | ||||
| Extendible CP | 0.100% | 2/21/16 | 2,500 | 2,500 |
| 1 San Diego County CA Water Authority | ||||
| Revenue COP TOB VRDO | 0.100% | 6/5/15 | 4,000 | 4,000 |
| 1 San Diego County CA Water Authority | ||||
| Revenue COP TOB VRDO | 0.150% | 6/5/15 | 6,100 | 6,100 |
| 1 San Diego County CA Water Authority | ||||
| Revenue COP TOB VRDO | 0.150% | 6/5/15 | 6,500 | 6,500 |
| San Diego County CA Water Authority | ||||
| Revenue CP | 0.060% | 6/4/15 | 10,000 | 10,000 |
| 1 San Francisco CA Bay Area Rapid Transit | ||||
| District Sales Tax Revenue TOB VRDO | 0.110% | 6/5/15 | 3,335 | 3,335 |
23
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 San Francisco CA Bay Area Rapid Transit | ||||
| District Sales Tax Revenue TOB VRDO | 0.110% | 6/5/15 | 9,900 | 9,900 |
| San Francisco CA City & County Finance Corp. | ||||
| Lease Revenue (Moscone Center Expansion) | ||||
| VRDO | 0.080% | 6/5/15 LOC | 37,650 | 37,650 |
| San Francisco CA City & County Finance Corp. | ||||
| Lease Revenue (Moscone Center Expansion) | ||||
| VRDO | 0.080% | 6/5/15 LOC | 10,740 | 10,740 |
| San Francisco CA City & County GO | 2.000% | 6/15/15 | 1,145 | 1,146 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.080% | 6/5/15 LOC | 24,800 | 24,800 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.080% | 6/5/15 LOC | 12,700 | 12,700 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Sewer Revenue CP | 0.070% | 7/8/15 | 10,000 | 10,000 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Sewer Revenue CP | 0.080% | 8/5/15 LOC | 12,500 | 12,500 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 4.500% | 5/1/16 (Prere.) | 25,000 | 25,978 |
| 1 San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue TOB VRDO | 0.110% | 6/5/15 | 6,800 | 6,800 |
| San Francisco CA City & County Redevelopment | ||||
| Agency Multifamily Housing Revenue | ||||
| (Third & Mission Streets) VRDO | 0.110% | 6/5/15 LOC | 50,100 | 50,100 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Redevelopment Projects) | 2.000% | 8/1/15 | 2,600 | 2,608 |
| 1 San Joaquin Delta CA Community College District | ||||
| TOB VRDO | 0.200% | 6/5/15 | 2,415 | 2,415 |
| San Jose CA Multifamily Housing Revenue | ||||
| (Cinnabar Commons) VRDO | 0.110% | 6/5/15 LOC | 15,600 | 15,600 |
| San Jose CA Multifamily Housing Revenue | ||||
| (Raintree Apartments) VRDO | 0.120% | 6/5/15 LOC | 10,000 | 10,000 |
| 1 San Jose CA Unified School District Santa Clara | ||||
| County GO TOB VRDO | 0.130% | 6/5/15 | 7,310 | 7,310 |
| Santa Ana College Improvement District No. 1 | ||||
| (Rancho Santiago Community College) GO | 2.000% | 8/1/15 | 6,345 | 6,365 |
| Santa Monica CA Community College District GO | 1.000% | 8/1/15 | 3,800 | 3,806 |
| Sequoia CA Union High School District GO | 2.000% | 7/1/15 | 8,550 | 8,563 |
| Sequoia CA Union High School District TRAN | 1.000% | 7/10/15 | 9,815 | 9,824 |
| Southern California Public Power Authority | ||||
| Revenue (Magnolia Power Project) VRDO | 0.080% | 6/5/15 LOC | 2,400 | 2,400 |
| Southern California Public Power Authority | ||||
| Revenue VRDO | 0.090% | 6/5/15 LOC | 31,700 | 31,700 |
| Torrance CA Hospital Revenue (Torrance | ||||
| Memorial Medical Center) VRDO | 0.070% | 6/5/15 LOC | 6,000 | 6,000 |
| Turlock CA Irrigation District Revenue CP | 0.070% | 7/1/15 LOC | 6,610 | 6,610 |
| University of California Regents Medical Center | ||||
| Pooled Revenue VRDO | 0.050% | 6/1/15 | 965 | 965 |
| University of California Regents Medical Center | ||||
| Pooled Revenue VRDO | 0.080% | 6/1/15 | 3,785 | 3,785 |
| University of California Revenue | 3.000% | 5/15/16 | 3,800 | 3,901 |
| University of California Revenue | 5.000% | 5/15/16 (Prere.) | 15,005 | 15,836 |
| University of California Revenue | 5.000% | 5/15/16 (Prere.) | 15,765 | 16,639 |
| 1 University of California Revenue TOB VRDO | 0.110% | 6/5/15 | 3,400 | 3,400 |
24
California Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| University of California Revenue VRDO | 0.080% | 6/5/15 | 20,000 | 20,000 |
| University of California Revenue VRDO | 0.100% | 6/5/15 | 63,550 | 63,550 |
| Ventura County CA TRAN | 1.500% | 7/1/15 | 16,500 | 16,519 |
| Western Municipal Water District Facilities | ||||
| Authority California Water Revenue VRDO | 0.080% | 6/5/15 LOC | 20,475 | 20,475 |
| Westlands CA Water District COP VRDO | 0.100% | 6/5/15 LOC | 22,080 | 22,080 |
| Total Tax-Exempt Municipal Bonds (Cost $3,446,730) | 3,446,730 | |||
| Other Assets and Liabilities (-0.3%) | ||||
| Other Assets | 26,922 | |||
| Liabilities | (37,220) | |||
| (10,298) | ||||
| Net Assets (100%) | ||||
| Applicable to 3,435,794,202 outstanding $.001 par value shares of | ||||
| beneficial interest (unlimited authorization) | 3,436,432 | |||
| Net Asset Value Per Share | $1.00 | |||
| At May 31, 2015, net assets consisted of: | ||||
| Amount | ||||
| ($000) | ||||
| Paid-in Capital | 3,436,432 | |||
| Undistributed Net Investment Income | — | |||
| Accumulated Net Realized Gains | — | |||
| Net Assets | 3,436,432 | |||
• 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, 2015, the aggregate value of these securities was $696,000,000,
representing 20.3% 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, 2015.
3 Adjustable-rate security.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
25
California Tax-Exempt Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
26
California Tax-Exempt Money Market Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 1,138 |
| Total Income | 1,138 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 346 |
| Management and Administrative | 2,016 |
| Marketing and Distribution | 428 |
| Custodian Fees | 19 |
| Shareholders’ Reports | 13 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 2,823 |
| Expense Reduction—Note B | (1,861) |
| Net Expenses | 962 |
| Net Investment Income | 176 |
| Realized Net Gain (Loss) on Investment Securities Sold | (1) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 175 |
See accompanying Notes, which are an integral part of the Financial Statements.
27
California Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2015 | 2014 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 176 | 368 |
| Realized Net Gain (Loss) | (1) | (23) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 175 | 345 |
| Distributions | ||
| Net Investment Income | (176) | (368) |
| Realized Capital Gain | — | — |
| Total Distributions | (176) | (368) |
| Capital Share Transactions (at $1.00 per share) | ||
| Issued | 1,208,341 | 2,392,394 |
| Issued in Lieu of Cash Distributions | 168 | 352 |
| Redeemed | (1,357,654) | (2,679,172) |
| Net Increase (Decrease) from Capital Share Transactions | (149,145) | (286,426) |
| Total Increase (Decrease) | (149,146) | (286,449) |
| Net Assets | ||
| Beginning of Period | 3,585,578 | 3,872,027 |
| End of Period | 3,436,432 | 3,585,578 |
See accompanying Notes, which are an integral part of the Financial Statements.
28
California Tax-Exempt Money Market Fund
Financial Highlights
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | ||||||
| Net Investment Income | .0001 | .0001 | .0001 | .0003 | .001 | .001 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | — | — | — | — | — | — |
| Total from Investment Operations | .0001 | .0001 | .0001 | .0003 | .001 | .001 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.0001) | (.0001) | (.0001) | (.0003) | (.001) | (.001) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.0001) | (.0001) | (.0001) | (.0003) | (.001) | (.001) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.00% | 0.01% | 0.01% | 0.03% | 0.07% | 0.11% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $3,436 | $3,586 | $3,872 | $3,813 | $4,131 | $4,610 |
| Ratio of Expenses to | ||||||
| Average Net Assets | 0.05%2 | 0.07%2 | 0.11%2 | 0.15%2 | 0.16%2 | 0.17% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 0.01% | 0.01% | 0.01% | 0.03% | 0.07% | 0.11% |
The expense ratio and net income ratio for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
2 The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2015, 0.16% for 2014, 0.16% for 2013, 0.16%
for 2012, and 0.17% for 2011. See Note B in Notes to Financial Statements.
See accompanying Notes, which are an integral part of the Financial Statements.
29
California Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard California Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2011–2014), and for the period ended May 31, 2015, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2015, or at any time during the period then ended.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to invest up to 0.40% of its net assets in Vanguard. At May 31, 2015, the fund had contributed capital of $305,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.12% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard. Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield so as to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the period ended May 31, 2015, Vanguard’s expenses were reduced by $1,861,000 (an effective annual rate of 0.11% of the fund’s average net assets).
30
California Tax-Exempt Money Market Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At May 31, 2015, 100% of the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
D. Management has determined that no material events or transactions occurred subsequent to May 31, 2015, that would require recognition or disclosure in these financial statements.
California Intermediate-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2015
| Share-Class Characteristics | ||
| Investor | Admiral | |
| Shares | Shares | |
| Ticker Symbol | VCAIX | VCADX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 1.65% | 1.74% |
| Financial Attributes | |||
| Barclays | |||
| Muni | Barclays | ||
| CA IT | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 1,908 | 1,631 | 47,633 |
| Yield to Maturity | |||
| (before expenses) | 1.8% | 1.7% | 2.3% |
| Average Coupon | 4.2% | 4.7% | 4.8% |
| Average Duration | 4.9 years | 4.8 years | 6.5 years |
| Average Stated | |||
| Maturity | 9.2 years | 7.4 years | 13.1 years |
| Short-Term | |||
| Reserves | 6.6% | — | — |
| Volatility Measures | ||
| Barclays Muni | Barclays | |
| CA IT | Municipal | |
| Bond Index | Bond Index | |
| R-Squared | 0.95 | 0.97 |
| Beta | 1.06 | 0.93 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
| Distribution by Stated Maturity | |
| (% of portfolio) | |
| Under 1 Year | 8.0% |
| 1 - 3 Years | 8.5 |
| 3 - 5 Years | 11.2 |
| 5 - 10 Years | 26.5 |
| 10 - 20 Years | 45.2 |
| 20 - 30 Years | 0.6 |
| Distribution by Credit Quality (% of portfolio) | |
| AAA | 7.4% |
| AA | 71.9 |
| A | 14.1 |
| BBB | 4.6 |
| BB | 0.1 |
| B | 0.3 |
| Not Rated | 1.6 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to
classify securities for which a rating is not available. Not rated securities include a fund's investment in Vanguard Market Liquidity
Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may
serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. For more information about these ratings, see
the Glossary entry for Credit Quality.
1 The expense ratios shown are from the prospectus dated March 26, 2015, and represent estimated costs for the current fiscal year. For the
six months ended May 31, 2015, the annualized expense ratios were 0.19% for Investor Shares and 0.11% for Admiral Shares.
32
California Intermediate-Term Tax-Exempt Fund
Investment Focus
33
California Intermediate-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): November 30, 2004, Through May 31, 2015
| Barclays Muni | ||||
| CA IT | ||||
| Investor Shares | Bond Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2005 | 3.90% | -1.79% | 2.11% | 2.37% |
| 2006 | 4.12 | 1.28 | 5.40 | 5.07 |
| 2007 | 3.99 | -1.53 | 2.46 | 3.84 |
| 2008 | 3.79 | -6.50 | -2.71 | 1.84 |
| 2009 | 4.19 | 6.37 | 10.56 | 9.03 |
| 2010 | 3.79 | 0.64 | 4.43 | 6.89 |
| 2011 | 3.88 | 2.29 | 6.17 | 6.79 |
| 2012 | 3.52 | 6.62 | 10.14 | 9.08 |
| 2013 | 3.12 | -5.03 | -1.91 | -1.15 |
| 2014 | 3.23 | 4.06 | 7.29 | 6.12 |
| 2015 | 1.41 | -0.76 | 0.65 | 0.52 |
| Note: For 2015, performance data reflect the six months ended May 31, 2015. | ||||
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| Ten Years | ||||||
| Inception Date | One Year | Five Years | Income | Capital | Total | |
| Investor Shares | 3/4/1994 | 5.66% | 5.13% | 3.73% | 0.70% | 4.43% |
| Admiral Shares | 11/12/2001 | 5.74 | 5.22 | 3.81 | 0.70 | 4.51 |
See Financial Highlights for dividend and capital gains information.
34
California Intermediate-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2015
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (102.2%) | ||||
| California (102.0%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 2.500% | 7/1/19 | 1,365 | 1,365 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 3.000% | 7/1/19 | 1,220 | 1,221 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/23 | 700 | 795 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/24 | 1,195 | 1,345 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 6.000% | 7/1/31 | 2,750 | 3,098 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/32 | 1,060 | 1,145 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 3.000% | 11/15/16 | 1,220 | 1,247 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.000% | 11/15/35 | 3,250 | 3,372 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/20 | 850 | 972 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/22 | 555 | 644 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/23 | 1,000 | 1,153 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/24 | 1,265 | 1,447 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Odd Fellows Home) | 5.000% | 4/1/32 | 7,250 | 8,068 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.250% | 8/1/23 | 1,000 | 1,166 |
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/24 | 960 | 1,104 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/25 | 950 | 1,082 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/26 | 2,490 | 2,820 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/28 | 900 | 1,008 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 6.000% | 8/1/30 | 1,120 | 1,354 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/31 | 1,000 | 1,137 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/32 | 1,000 | 1,131 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/34 | 1,780 | 1,994 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/21 | 275 | 321 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/22 | 355 | 418 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/23 | 375 | 445 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/24 | 400 | 477 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/25 | 510 | 600 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/26 | 685 | 797 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/28 | 1,165 | 1,333 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/29 | 1,000 | 1,141 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/30 | 1,425 | 1,614 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/31 | 500 | 565 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Windemere Ranch | ||||
| Infrastructure Financing Program) | 5.000% | 9/2/32 | 525 | 590 |
| Acalanes CA Union High School District GO | 0.000% | 8/1/27 | 1,225 | 744 |
| Acalanes CA Union High School District GO | 0.000% | 8/1/28 | 1,230 | 708 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/27 (15) | 750 | 870 |
36
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/28 (15) | 1,000 | 1,148 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/30 (15) | 1,680 | 1,910 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/31 (15) | 1,640 | 1,858 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/32 (15) | 3,000 | 3,386 |
| Alameda CA Community Improvement | ||||
| Commission Successor Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/33 (15) | 2,375 | 2,670 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/15 (2) | 1,285 | 1,283 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/16 (2) | 4,655 | 4,600 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/18 (2) | 300 | 281 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/19 (2) | 14,290 | 13,043 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/20 (2) | 13,215 | 11,746 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 4.000% | 3/1/22 | 5,500 | 6,285 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 5.000% | 10/1/22 | 2,190 | 2,619 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 5.000% | 10/1/23 | 2,160 | 2,605 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 5.400% | 10/1/24 (2) | 3,805 | 4,152 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/29 (2) | 30,240 | 15,753 |
| Alameda CA Corridor Transportation | ||||
| Authority Revenue | 0.000% | 10/1/30 (2) | 9,110 | 4,501 |
| Alameda County CA (Medical Center Project) COP | 5.375% | 6/1/15 (ETM) | 3,960 | 3,961 |
| Alameda County CA Joint Powers Authority | ||||
| Lease Revenue | 5.000% | 12/1/32 | 7,000 | 7,965 |
| Alameda County CA Joint Powers Authority | ||||
| Lease Revenue | 5.000% | 12/1/33 | 8,415 | 9,562 |
| Alameda County CA Joint Powers Authority | ||||
| Lease Revenue | 5.000% | 12/1/34 | 4,640 | 5,254 |
| Alvord CA Unified School District GO | 5.900% | 2/1/21 (14) | 2,230 | 2,700 |
| Alvord CA Unified School District GO | 5.900% | 2/1/24 (4) | 3,865 | 4,577 |
| Anaheim CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 5/1/28 | 1,150 | 1,340 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/21 (14) | 4,425 | 4,761 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/22 (14) | 4,660 | 4,994 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/24 (14) | 5,175 | 5,539 |
37
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.000% | 10/1/25 (14) | 5,450 | 5,833 |
| Anaheim CA Public Financing Authority Revenue | ||||
| (Electric System) | 5.250% | 10/1/30 | 5,585 | 6,501 |
| Bakersfield CA Wastewater Revenue | 5.000% | 9/15/24 (4) | 7,600 | 8,315 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 10,000 | 10,387 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 11,625 | 12,075 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 300 | 312 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 2,455 | 2,550 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/16 (Prere.) | 3,100 | 3,220 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/17 (Prere.) | 3,055 | 3,296 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/17 (Prere.) | 3,000 | 3,237 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/18 | 2,610 | 2,820 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.500% | 4/1/18 (Prere.) | 3,875 | 4,365 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/19 (Prere.) | 75 | 86 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.250% | 4/1/19 (Prere.) | 11,355 | 13,101 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 6,250 | 7,449 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/28 | 5,000 | 5,730 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/28 | 5,000 | 5,820 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/29 | 8,000 | 9,122 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/29 | 7,000 | 8,060 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/30 | 16,700 | 19,223 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 16,125 | 18,484 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 7,645 | 8,654 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.984% | 8/1/17 | 37,550 | 37,651 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.450% | 8/1/17 | 12,500 | 12,604 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.500% | 4/2/18 | 5,100 | 5,130 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.800% | 10/1/19 | 5,000 | 5,047 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.800% | 10/1/19 | 5,825 | 5,880 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.700% | 4/1/20 | 20,115 | 20,048 |
38
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/20 | 25,000 | 25,185 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.800% | 4/1/21 | 20,500 | 20,437 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 2.000% | 4/1/21 | 33,000 | 33,080 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.000% | 5/1/23 | 4,350 | 4,356 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.000% | 5/1/23 | 19,000 | 19,027 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 1.200% | 4/1/24 | 6,100 | 6,160 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue PUT | 1.875% | 4/1/19 | 1,250 | 1,265 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/21 | 5,500 | 6,450 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/24 | 5,110 | 6,048 |
| Brea CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | ||||
| (Redevelopment Project AB) | 5.000% | 8/1/25 | 4,020 | 4,724 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 9/2/24 (4) | 1,000 | 1,199 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 9/2/25 (4) | 1,430 | 1,693 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 9/2/26 (4) | 2,000 | 2,333 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 9/2/27 (4) | 2,375 | 2,746 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 9/2/29 (4) | 1,240 | 1,413 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 9/2/30 (4) | 750 | 848 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Revenue | 5.000% | 9/2/32 (4) | 3,790 | 3,943 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Water Revenue | 5.000% | 7/1/23 | 400 | 486 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Water Revenue | 5.000% | 7/1/24 | 500 | 614 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Water Revenue | 5.000% | 7/1/25 | 500 | 604 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Water Revenue | 4.000% | 7/1/30 | 1,700 | 1,783 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Water Revenue | 4.000% | 7/1/31 | 1,980 | 2,071 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Water Revenue | 4.000% | 7/1/32 | 2,085 | 2,169 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Water Revenue | 4.000% | 7/1/33 | 2,165 | 2,250 |
| Brentwood CA Infrastructure Financing | ||||
| Authority Water Revenue | 4.000% | 7/1/34 | 2,210 | 2,294 |
| Burbank CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 12/1/20 (15) | 1,610 | 1,884 |
39
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Burbank CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 12/1/21 (15) | 1,255 | 1,485 |
| Burbank CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 12/1/23 (15) | 1,500 | 1,810 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.250% | 6/1/21 | 10,275 | 10,336 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.000% | 6/1/22 | 1,000 | 1,150 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.000% | 6/1/23 | 1,200 | 1,391 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.000% | 6/1/24 | 3,840 | 4,472 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/16 | 19,625 | 20,486 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/16 | 5,000 | 5,219 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/17 | 9,600 | 10,399 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/17 | 25,000 | 27,081 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 4.000% | 5/1/18 | 1,380 | 1,499 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 (Prere.) | 28,585 | 31,908 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 (Prere.) | 2,720 | 3,036 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 (Prere.) | 10,485 | 11,704 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 | 17,950 | 20,007 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/18 | 1,810 | 2,017 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/19 | 1,215 | 1,390 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/19 | 19,590 | 22,414 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 (Prere.) | 3,100 | 3,652 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 (Prere.) | 6,715 | 7,910 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 23,890 | 27,950 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/20 | 18,250 | 21,352 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 15,000 | 17,818 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 11,415 | 12,737 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 1,900 | 2,216 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 6,500 | 7,721 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/21 | 20,000 | 22,315 |
40
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 9,000 | 10,815 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 (4) | 1,090 | 1,215 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 4,190 | 4,672 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 4,110 | 4,782 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 (4) | 1,000 | 1,116 |
| California Department of Water Resources | ||||
| Power Supply Revenue | 5.000% | 5/1/22 | 5,395 | 6,016 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 6/1/18 (Prere.) | 4,905 | 5,473 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 6/1/18 (Prere.) | 8,280 | 9,239 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/19 (Prere.) | 7,960 | 9,295 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/20 | 1,250 | 1,483 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/20 (Prere.) | 1,850 | 2,234 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/20 (Prere.) | 2,905 | 3,508 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/20 (Prere.) | 3,355 | 4,051 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/20 (Prere.) | 3,455 | 4,172 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/21 | 5,645 | 6,797 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/22 | 6,000 | 7,323 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/23 | 10,000 | 12,353 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/24 | 95 | 106 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/24 | 9,500 | 11,833 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/26 | 285 | 318 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/27 | 840 | 975 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/27 | 995 | 1,185 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/28 | 3,350 | 3,879 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/28 | 1,150 | 1,381 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 3,530 | 4,082 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 8,255 | 9,727 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.250% | 12/1/29 | 1,185 | 1,406 |
41
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/30 | 2,720 | 3,135 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/31 | 3,910 | 4,491 |
| 1 California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) PUT | 0.400% | 12/1/17 | 17,000 | 16,992 |
| California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 23,110 | 25,900 |
| California Economic Recovery GO | 5.000% | 7/1/18 | 6,660 | 7,496 |
| California Economic Recovery GO | 5.000% | 7/1/19 (Prere.) | 43,745 | 50,453 |
| California Economic Recovery GO | 5.000% | 7/1/19 (ETM) | 32,330 | 37,287 |
| California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 28,845 | 33,555 |
| California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 16,540 | 19,241 |
| California Economic Recovery GO | 5.000% | 7/1/22 | 16,280 | 17,071 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/15 | 380 | 380 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/16 | 400 | 420 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/20 | 790 | 879 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/23 | 1,195 | 1,339 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.000% | 6/1/24 | 380 | 426 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.250% | 6/1/30 | 1,125 | 1,239 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.000% | 3/15/26 | 10,000 | 12,616 |
| California Educational Facilities Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/29 | 3,705 | 3,710 |
| California Educational Facilities Authority Revenue | ||||
| (University of San Francisco) VRDO | 0.080% | 6/5/15 LOC | 16,700 | 16,700 |
| California Educational Facilities Authority Revenue | ||||
| (University of San Francisco) VRDO | 0.080% | 6/5/15 LOC | 6,000 | 6,000 |
| 2 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.000% | 10/1/25 | 5,000 | 6,210 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 4.500% | 10/1/33 | 6,115 | 6,525 |
| 3 California Educational Facilities Authority Revenue | ||||
| (University of Southern California) TOB VRDO | 0.080% | 6/1/15 | 614 | 614 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/25 | 5,865 | 5,975 |
| California GO | 4.750% | 6/1/15 (Prere.) | 3,000 | 3,001 |
| California GO | 5.000% | 6/1/15 (Prere.) | 10,005 | 10,008 |
| California GO | 4.500% | 3/1/16 (Prere.) | 6,410 | 6,607 |
| California GO | 5.000% | 3/1/16 (Prere.) | 5,535 | 5,731 |
| California GO | 5.000% | 3/1/16 (Prere.) | 1,000 | 1,035 |
| California GO | 4.000% | 4/1/16 | 525 | 542 |
| California GO | 5.000% | 10/1/16 | 11,875 | 12,609 |
| California GO | 5.000% | 12/1/16 | 1,200 | 1,282 |
| California GO | 5.000% | 4/1/17 | 11,000 | 11,883 |
| California GO | 6.000% | 4/1/17 (2) | 680 | 748 |
| 1 California GO | 0.850% | 5/1/17 | 1,000 | 1,006 |
| California GO | 5.250% | 2/1/18 (14) | 8,000 | 8,904 |
| California GO | 6.000% | 2/1/18 (2) | 6,240 | 7,075 |
| California GO | 5.000% | 3/1/18 | 1,850 | 2,052 |
42
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.500% | 4/1/18 | 20,000 | 22,519 |
| 1 California GO | 1.000% | 5/1/18 | 9,230 | 9,354 |
| California GO | 5.000% | 8/1/18 | 1,895 | 2,034 |
| California GO | 5.000% | 10/1/18 | 14,095 | 15,892 |
| California GO | 5.000% | 10/1/18 | 20,000 | 22,550 |
| California GO | 2.000% | 11/1/18 | 16,545 | 17,032 |
| California GO | 5.500% | 4/1/19 | 11,245 | 13,019 |
| California GO | 5.000% | 8/1/19 | 30,000 | 30,247 |
| California GO | 5.000% | 10/1/19 | 21,000 | 24,224 |
| California GO | 5.000% | 10/1/19 (14) | 14,800 | 15,667 |
| California GO | 2.000% | 11/1/19 | 6,695 | 6,879 |
| California GO | 5.000% | 2/1/20 | 2,950 | 3,422 |
| California GO | 5.250% | 2/1/20 | 7,500 | 8,785 |
| California GO | 5.000% | 3/1/20 | 19,535 | 22,701 |
| California GO | 5.000% | 8/1/20 | 14,890 | 15,974 |
| California GO | 5.000% | 9/1/20 | 9,970 | 11,699 |
| California GO | 5.000% | 10/1/20 | 5,555 | 6,529 |
| California GO | 5.000% | 11/1/20 | 47,795 | 56,255 |
| California GO | 5.000% | 3/1/21 | 2,250 | 2,619 |
| California GO | 5.000% | 4/1/21 | 2,240 | 2,645 |
| California GO | 5.500% | 4/1/21 | 2,000 | 2,311 |
| California GO | 5.000% | 9/1/21 | 13,700 | 16,285 |
| California GO | 5.000% | 9/1/21 | 1,310 | 1,557 |
| California GO | 5.000% | 9/1/21 | 9,800 | 11,649 |
| California GO | 5.000% | 10/1/21 | 2,575 | 3,065 |
| California GO | 5.000% | 11/1/21 | 2,820 | 3,360 |
| California GO | 5.000% | 2/1/22 | 8,125 | 9,674 |
| California GO | 5.000% | 4/1/22 | 4,550 | 5,431 |
| California GO | 5.000% | 6/1/22 | 12,000 | 12,003 |
| California GO | 5.000% | 9/1/22 | 12,710 | 15,263 |
| California GO | 5.250% | 9/1/22 | 17,400 | 21,188 |
| California GO | 5.000% | 10/1/22 | 15,000 | 18,034 |
| California GO | 5.000% | 11/1/22 | 26,570 | 31,981 |
| California GO | 5.000% | 2/1/23 | 9,610 | 11,324 |
| California GO | 5.000% | 2/1/23 | 15,000 | 18,045 |
| California GO | 5.000% | 9/1/23 | 7,000 | 8,368 |
| California GO | 5.000% | 9/1/23 | 10,000 | 12,123 |
| California GO | 5.000% | 9/1/23 | 12,120 | 12,817 |
| California GO | 5.250% | 9/1/23 | 2,455 | 2,952 |
| California GO | 5.000% | 10/1/23 | 12,500 | 13,265 |
| California GO | 5.000% | 10/1/23 | 3,135 | 3,804 |
| California GO | 5.000% | 10/1/23 | 12,450 | 15,108 |
| California GO | 5.000% | 11/1/23 | 20,000 | 24,295 |
| California GO | 5.000% | 12/1/23 | 7,500 | 8,250 |
| California GO | 5.000% | 3/1/24 | 3,000 | 3,477 |
| California GO | 5.000% | 8/1/24 (4) | 31,275 | 31,533 |
| California GO | 5.000% | 8/1/24 | 10,100 | 10,814 |
| California GO | 5.000% | 9/1/24 | 10,000 | 11,989 |
| California GO | 5.000% | 10/1/24 | 13,440 | 14,240 |
| California GO | 5.000% | 10/1/24 | 8,725 | 10,657 |
| California GO | 5.000% | 10/1/24 | 11,420 | 12,675 |
| California GO | 5.000% | 11/1/24 | 5,000 | 5,899 |
| California GO | 5.000% | 11/1/24 | 6,000 | 6,569 |
| California GO | 5.000% | 12/1/24 | 15,500 | 18,634 |
| California GO | 5.000% | 12/1/24 | 2,000 | 2,195 |
43
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.000% | 2/1/25 | 12,940 | 15,252 |
| California GO | 5.125% | 3/1/25 | 2,100 | 2,331 |
| California GO | 5.000% | 8/1/25 | 18,525 | 19,816 |
| California GO | 5.000% | 9/1/25 | 1,500 | 1,688 |
| California GO | 5.000% | 9/1/25 | 2,185 | 2,602 |
| California GO | 5.000% | 10/1/25 | 13,865 | 16,437 |
| California GO | 5.000% | 10/1/25 | 8,490 | 9,420 |
| California GO | 5.000% | 11/1/25 | 14,125 | 17,033 |
| California GO | 5.000% | 11/1/25 | 1,500 | 1,768 |
| California GO | 5.000% | 12/1/25 | 21,015 | 22,991 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,165 |
| California GO | 5.000% | 3/1/26 | 5,000 | 5,778 |
| California GO | 5.000% | 4/1/26 | 27,480 | 30,451 |
| California GO | 5.000% | 9/1/26 | 2,500 | 2,809 |
| California GO | 5.000% | 11/1/26 | 7,500 | 8,815 |
| California GO | 5.000% | 4/1/27 | 24,285 | 26,903 |
| California GO | 5.750% | 4/1/27 | 31,455 | 36,436 |
| California GO | 4.500% | 8/1/27 | 8,145 | 8,601 |
| California GO | 5.000% | 9/1/27 | 5,500 | 6,178 |
| California GO | 5.000% | 10/1/27 | 13,875 | 16,150 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,862 |
| California GO | 5.750% | 4/1/28 | 30,000 | 34,678 |
| California GO | 4.500% | 8/1/28 (11) | 3,375 | 3,559 |
| California GO | 5.000% | 9/1/28 | 17,500 | 19,599 |
| California GO | 5.250% | 9/1/28 | 6,000 | 6,980 |
| California GO | 5.250% | 2/1/29 | 2,790 | 3,235 |
| California GO | 5.000% | 9/1/29 | 6,000 | 6,819 |
| California GO | 5.000% | 9/1/29 | 16,000 | 17,881 |
| California GO | 5.000% | 10/1/29 | 10,245 | 11,298 |
| California GO | 5.250% | 3/1/30 | 20,000 | 23,210 |
| California GO | 5.000% | 5/1/30 | 13,870 | 16,015 |
| California GO | 4.500% | 8/1/30 | 3,100 | 3,268 |
| California GO | 5.000% | 9/1/30 | 10,000 | 11,321 |
| California GO | 5.000% | 9/1/30 | 10,180 | 11,308 |
| California GO | 5.250% | 9/1/30 | 5,000 | 5,877 |
| California GO | 5.000% | 10/1/30 | 5,800 | 6,733 |
| California GO | 5.750% | 4/1/31 | 37,030 | 42,654 |
| California GO | 5.000% | 5/1/31 | 13,000 | 14,945 |
| California GO | 5.000% | 10/1/31 | 5,500 | 6,356 |
| California GO | 5.000% | 12/1/31 | 6,000 | 6,895 |
| California GO | 5.000% | 2/1/32 | 2,540 | 2,865 |
| California GO | 5.000% | 10/1/32 | 23,500 | 27,054 |
| California GO | 5.000% | 12/1/32 | 7,000 | 7,638 |
| California GO | 6.000% | 3/1/33 | 12,000 | 14,543 |
| California GO | 5.125% | 4/1/33 | 6,550 | 7,198 |
| California GO | 6.500% | 4/1/33 | 22,715 | 27,190 |
| California GO | 5.000% | 9/1/33 | 3,830 | 4,362 |
| California GO | 5.000% | 10/1/34 | 9,200 | 10,527 |
| California GO | 4.500% | 3/1/36 (10) | 4,975 | 5,084 |
| 1 California GO PUT | 0.650% | 12/1/16 | 10,000 | 10,011 |
| California GO PUT | 4.000% | 12/1/16 | 22,925 | 23,736 |
| 1 California GO PUT | 0.957% | 12/3/18 | 1,000 | 1,017 |
| California GO PUT | 3.000% | 12/1/19 | 52,000 | 55,049 |
| California GO VRDO | 0.050% | 6/1/15 LOC | 8,500 | 8,500 |
| California GO VRDO | 0.050% | 6/1/15 LOC | 7,700 | 7,700 |
44
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California GO VRDO | 0.060% | 6/1/15 LOC | 12,660 | 12,660 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 5,900 | 5,900 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 2,800 | 2,800 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 4,150 | 4,150 |
| California GO VRDO | 0.070% | 6/1/15 LOC | 12,800 | 12,800 |
| California GO VRDO | 0.080% | 6/1/15 LOC | 3,900 | 3,900 |
| California GO VRDO | 0.080% | 6/1/15 LOC | 29,040 | 29,040 |
| 2 California GO VRDO | 0.110% | 6/5/15 LOC | 20,000 | 20,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/25 | 5,700 | 6,585 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/26 | 2,000 | 2,291 |
| California Health Facilities Financing Authority | ||||
| Revenue (California-Nevada Methodist Homes) | 5.000% | 7/1/26 | 1,740 | 1,819 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 7/1/19 | 1,000 | 1,139 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/20 | 4,750 | 5,473 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.000% | 3/1/21 | 3,810 | 4,441 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/22 | 8,000 | 9,452 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.500% | 7/1/25 | 5,300 | 5,914 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 19,820 | 22,382 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/27 | 7,500 | 8,411 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/29 | 4,260 | 4,942 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) VRDO | 0.160% | 6/5/15 LOC | 14,000 | 14,000 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/16 | 2,000 | 2,043 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/17 | 4,585 | 4,684 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/19 | 1,000 | 1,148 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/20 | 2,100 | 2,455 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/21 | 2,000 | 2,361 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/34 | 3,500 | 3,565 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/22 | 3,500 | 3,936 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,370 | 1,536 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/24 | 2,910 | 3,208 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/29 | 2,890 | 3,079 |
| 1 California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | ||||
| PUT | 1.900% | 7/1/17 | 5,255 | 5,331 |
45
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 6.250% | 11/1/29 | 5,000 | 5,900 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 5.000% | 11/1/31 | 2,000 | 2,203 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 4.000% | 6/1/16 | 735 | 760 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/19 | 300 | 339 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/21 | 450 | 521 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/22 | 875 | 1,022 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/23 | 760 | 878 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/25 | 310 | 353 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/26 | 805 | 908 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/19 | 800 | 919 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 4.000% | 11/15/20 | 750 | 833 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/21 | 1,400 | 1,649 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/23 | 1,500 | 1,760 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/24 | 1,700 | 1,978 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/25 | 2,250 | 2,599 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/32 | 12,500 | 13,852 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/35 | 3,500 | 3,859 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 3.000% | 2/1/19 | 1,235 | 1,296 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 4.000% | 2/1/20 | 1,715 | 1,886 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/28 | 3,000 | 3,419 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/29 | 1,000 | 1,134 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/30 | 2,205 | 2,486 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/31 | 5,930 | 6,644 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/32 | 2,610 | 2,915 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/33 | 3,295 | 3,669 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/34 | 2,390 | 2,657 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/35 | 4,020 | 4,462 |
46
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 3 California Health Facilities Financing Authority | ||||
| Revenue (Kaiser Foundation Hospitals) | ||||
| TOB VRDO | 0.100% | 6/5/15 LOC | 6,900 | 6,900 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalat Stanford) | 4.000% | 8/15/19 | 500 | 554 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalat Stanford) | 5.000% | 8/15/21 | 800 | 950 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalat Stanford) | 5.000% | 8/15/22 | 500 | 600 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalat Stanford) PUT | 1.450% | 3/15/17 | 80 | 81 |
| 3 California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalat Stanford) TOB VRDO | 0.110% | 6/5/15 | 1,665 | 1,665 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/24 | 850 | 1,003 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/25 | 425 | 496 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/26 | 775 | 896 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/18 | 1,320 | 1,487 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/19 | 1,500 | 1,666 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/19 | 1,000 | 1,156 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/20 | 1,800 | 2,029 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/21 | 1,020 | 1,155 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/21 | 1,000 | 1,194 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 4.000% | 10/1/22 | 2,250 | 2,545 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/22 | 2,400 | 2,886 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/24 | 5,000 | 5,810 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/25 | 5,000 | 5,747 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/17 | 380 | 413 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/18 | 335 | 373 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/20 | 300 | 345 |
47
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/21 | 465 | 541 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/22 | 175 | 205 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/24 | 370 | 440 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/25 | 500 | 597 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/26 | 750 | 878 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/28 | 880 | 1,010 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/29 | 855 | 975 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/31 | 870 | 983 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.250% | 10/1/18 (Prere.) | 3,030 | 3,546 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.250% | 10/1/18 (Prere.) | 4,000 | 4,681 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/23 | 1,500 | 1,812 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/24 | 1,525 | 1,854 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/25 | 2,610 | 3,110 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/26 | 2,700 | 3,195 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/28 | 1,840 | 2,122 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/30 | 4,000 | 4,577 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/31 | 5,000 | 5,700 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 5,000 | 5,640 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/34 | 5,650 | 6,353 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/20 | 500 | 574 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/26 | 6,000 | 7,201 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 2,865 | 3,278 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 10/1/17 | 2,515 | 2,760 |
48
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 10/1/18 | 3,000 | 3,367 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/25 | 750 | 861 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/27 | 850 | 966 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/28 | 1,175 | 1,330 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/32 | 1,000 | 1,120 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.000% | 7/1/29 | 4,970 | 5,656 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.500% | 7/1/29 | 10,000 | 11,418 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.000% | 7/1/33 | 6,250 | 7,013 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) PUT | 5.000% | 10/15/20 | 12,500 | 14,611 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) PUT | 5.000% | 10/18/22 | 6,000 | 7,188 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/19 | 2,000 | 2,303 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 4.000% | 8/15/21 | 2,250 | 2,545 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/23 | 1,830 | 2,164 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.250% | 11/15/31 | 2,000 | 2,281 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/16 | 1,000 | 1,056 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/19 | 2,000 | 2,303 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/20 | 2,200 | 2,574 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/21 | 1,275 | 1,514 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.000% | 8/15/22 | 1,090 | 1,294 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.500% | 8/15/26 | 4,750 | 5,546 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 8/15/31 | 4,500 | 5,183 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 5,000 | 5,917 |
| 3 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.110% | 6/5/15 | 3,500 | 3,500 |
| 3 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.110% | 6/5/15 | 1,300 | 1,300 |
| California Housing Finance Agency Multifamily | ||||
| Housing Revenue | 0.850% | 8/1/16 | 750 | 750 |
| 2 California Infrastructure & Economic Development | ||||
| Bank Revenue | 5.000% | 10/1/22 | 1,400 | 1,687 |
| 2 California Infrastructure & Economic Development | ||||
| Bank Revenue | 5.000% | 10/1/23 | 1,800 | 2,193 |
49
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 2 California Infrastructure & Economic Development | ||||
| Bank Revenue | 5.000% | 10/1/24 | 1,175 | 1,442 |
| 3 California Infrastructure & Economic Development | ||||
| Bank Revenue (Bay Area Toll Bridges Seismic | ||||
| Retrofit) TOB VRDO | 0.100% | 6/1/15 (ETM) | 64,805 | 64,805 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Independent System Operator | ||||
| Corp. Project) | 5.000% | 2/1/34 | 10,000 | 11,136 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (Index-Museum Art Project) PUT | 1.880% | 8/1/18 | 6,000 | 6,182 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) | 4.000% | 10/1/15 | 1,400 | 1,418 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.380% | 4/1/16 | 3,190 | 3,193 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.380% | 4/3/17 | 6,100 | 6,096 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.380% | 4/1/18 | 1,500 | 1,494 |
| 1 California Infrastructure & Economic Development | ||||
| Bank Revenue (J. Paul Getty Trust) PUT | 0.380% | 4/2/18 | 32,470 | 32,348 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.080% | 6/1/15 LOC | 9,400 | 9,400 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Los Angeles County Museum of | ||||
| Natural History Foundation) VRDO | 0.080% | 6/1/15 LOC | 9,345 | 9,345 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Pacific Gas & Electric Co.) VRDO | 0.070% | 6/1/15 LOC | 8,600 | 8,600 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/18 (14) | 1,785 | 1,859 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/19 (14) | 1,040 | 1,083 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/21 (14) | 1,145 | 1,191 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.000% | 2/1/16 | 1,000 | 1,029 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.375% | 2/1/29 | 16,610 | 18,585 |
| California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/21 | 565 | 652 |
| California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/23 | 400 | 469 |
| California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.000% | 8/15/30 | 1,000 | 1,093 |
| California Municipal Finance Authority Pollution | ||||
| Control Revenue (Chevron USA Inc. Project) | ||||
| VRDO | 0.050% | 6/1/15 | 2,000 | 2,000 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/24 | 1,500 | 1,841 |
50
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | ||||
| PUT | 0.600% | 4/2/18 | 6,000 | 6,002 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Water System Project Revenue) | 4.000% | 10/1/31 | 3,955 | 4,155 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Water System Project Revenue) | 4.000% | 10/1/32 | 4,220 | 4,416 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Water System Project Revenue) | 4.000% | 10/1/33 | 4,390 | 4,594 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/19 | 1,450 | 1,603 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/20 | 1,760 | 1,965 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/21 | 1,300 | 1,464 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/22 | 1,000 | 1,129 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/24 | 1,325 | 1,505 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/25 | 1,180 | 1,342 |
| 1 California Municipal Finance Authority Revenue | ||||
| (NorthBay Healthcare Group) PUT | 2.200% | 11/1/16 | 5,000 | 5,009 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/16 | 1,905 | 1,977 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 4.750% | 6/1/18 | 2,325 | 2,499 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.000% | 6/1/19 | 2,375 | 2,616 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/1/15 LOC | 19,550 | 19,550 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/1/15 LOC | 34,800 | 34,800 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/1/15 LOC | 43,500 | 43,500 |
| California Public Works Board Lease Revenue | ||||
| (Butterfield State Office Complex) | 5.000% | 6/1/20 | 3,895 | 3,910 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/15 | 1,250 | 1,250 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/16 (Prere.) | 3,975 | 4,086 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 1/1/16 (Prere.) | 27,790 | 28,565 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/16 | 7,160 | 7,495 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/16 | 3,785 | 4,014 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/18 | 11,625 | 12,960 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/19 | 12,200 | 13,922 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/20 | 13,000 | 15,155 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/21 | 5,000 | 5,864 |
51
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/21 | 1,375 | 1,621 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/22 | 9,425 | 11,208 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/22 | 1,500 | 1,791 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/23 | 2,350 | 2,832 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/24 | 4,250 | 5,137 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 10/1/24 | 1,925 | 2,329 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 6/1/25 | 2,925 | 3,540 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/31 | 5,000 | 5,729 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.750% | 10/1/31 | 6,000 | 7,171 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/32 | 5,000 | 5,712 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.250% | 10/1/32 | 5,000 | 5,861 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.000% | 9/1/33 | 5,000 | 5,694 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 5.250% | 10/1/33 | 3,000 | 3,506 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.000% | 4/1/27 | 5,000 | 5,863 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/27 | 5,000 | 5,753 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/28 | 5,825 | 6,657 |
| California Public Works Board Lease Revenue | ||||
| (Department of State Hospitals) | 5.000% | 6/1/29 | 5,000 | 5,688 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/25 | 1,500 | 1,754 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/26 | 1,500 | 1,736 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/27 | 7,000 | 8,172 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/28 | 2,860 | 3,260 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/28 | 4,980 | 5,739 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/29 | 2,500 | 2,834 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 12/1/29 | 5,000 | 5,740 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/33 | 1,650 | 1,846 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.250% | 11/1/15 (Prere.) | 9,010 | 9,191 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 6/1/20 (ETM) | 7,670 | 9,041 |
52
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 10/1/20 (ETM) | 2,015 | 2,386 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.000% | 10/1/21 (ETM) | 1,650 | 1,979 |
| California Public Works Board Lease Revenue | ||||
| (Trustees of The California State University) | 5.300% | 10/1/15 (2) | 6,655 | 6,683 |
| California Public Works Board Lease Revenue | ||||
| (Trustees of The California State University) | 5.375% | 10/1/16 (14) | 4,750 | 4,770 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 4.000% | 11/1/15 | 1,500 | 1,524 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/16 | 6,395 | 6,801 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/18 | 4,000 | 4,509 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/18 | 1,080 | 1,220 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 1/1/20 | 10,000 | 11,484 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.250% | 11/1/20 | 5,000 | 5,865 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/20 | 1,600 | 1,875 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 5,000 | 6,010 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (ETM) | 5,400 | 6,491 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 2,645 | 3,179 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 | 2,965 | 3,503 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/21 | 1,110 | 1,312 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/22 | 1,500 | 1,793 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 12/1/22 | 1,195 | 1,430 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.375% | 3/1/23 | 9,065 | 10,570 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/23 | 4,180 | 4,909 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/23 | 1,000 | 1,184 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/24 | 2,000 | 2,384 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/25 | 3,560 | 4,217 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/30 | 3,000 | 3,420 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/30 | 4,695 | 5,369 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/30 | 5,545 | 6,620 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/31 | 3,000 | 3,407 |
53
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/31 | 1,650 | 1,880 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/31 | 7,000 | 8,317 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/32 | 11,465 | 13,021 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/33 | 4,670 | 5,549 |
| 3 California State University Revenue Systemwide | ||||
| TOB VRDO | 0.180% | 6/5/15 (4) | 5,000 | 5,000 |
| California State University Systemwide Revenue | 5.000% | 11/1/15 | 1,040 | 1,061 |
| California State University Systemwide Revenue | 5.250% | 11/1/20 | 3,515 | 4,013 |
| California State University Systemwide Revenue | 5.000% | 11/1/22 (2) | 6,485 | 6,511 |
| California State University Systemwide Revenue | 5.000% | 11/1/23 | 5,605 | 6,850 |
| California State University Systemwide Revenue | 5.000% | 11/1/23 | 3,705 | 4,528 |
| California State University Systemwide Revenue | 5.000% | 11/1/23 | 3,960 | 4,697 |
| California State University Systemwide Revenue | 5.000% | 11/1/24 | 2,915 | 3,429 |
| California State University Systemwide Revenue | 5.000% | 11/1/24 | 4,505 | 5,550 |
| California State University Systemwide Revenue | 5.000% | 11/1/24 | 8,690 | 9,607 |
| California State University Systemwide Revenue | 5.000% | 11/1/25 | 11,820 | 13,029 |
| California State University Systemwide Revenue | 5.000% | 11/1/26 | 12,530 | 13,811 |
| California State University Systemwide Revenue | 5.000% | 11/1/27 | 5,740 | 6,683 |
| California State University Systemwide Revenue | 5.000% | 11/1/27 | 5,000 | 5,502 |
| California State University Systemwide Revenue | 5.000% | 11/1/28 | 5,000 | 5,919 |
| California State University Systemwide Revenue | 4.000% | 11/1/29 | 3,900 | 4,150 |
| California State University Systemwide Revenue | 5.000% | 11/1/30 (4) | 7,660 | 8,440 |
| California State University Systemwide Revenue | 5.000% | 11/1/30 | 5,000 | 5,856 |
| California State University Systemwide Revenue | 5.000% | 11/1/31 | 8,900 | 10,367 |
| California State University Systemwide Revenue | 5.000% | 11/1/34 | 5,000 | 5,762 |
| California State University Systemwide Revenue | 5.250% | 11/1/34 | 5,000 | 5,674 |
| California State University Systemwide Revenue | 5.000% | 11/1/35 | 4,300 | 4,940 |
| 3 California State University Systemwide Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 1,405 | 1,405 |
| California Statewide Communities Development | ||||
| Authority Health Facility Revenue (Adventist | ||||
| Health System/West) | 5.000% | 3/1/25 | 14,975 | 15,029 |
| California Statewide Communities Development | ||||
| Authority Health Facility Revenue (Catholic | ||||
| Healthcare West) | 5.500% | 7/1/31 | 5,095 | 5,500 |
| California Statewide Communities Development | ||||
| Authority Pollution Control Revenue (Chevron | ||||
| USA Inc. Project) VRDO | 0.050% | 6/1/15 | 7,320 | 7,320 |
| California Statewide Communities Development | ||||
| Authority Pollution Control Revenue (Southern | ||||
| California Edison Co.) PUT | 1.375% | 4/2/18 | 2,500 | 2,490 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.000% | 11/1/19 | 875 | 945 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.000% | 11/1/24 | 1,000 | 1,073 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.000% | 11/1/29 | 1,650 | 1,706 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.000% | 11/1/34 | 3,700 | 3,753 |
| California Statewide Communities Development | ||||
| Authority Revenue (American Baptist Homes) | 2.100% | 10/1/19 | 5,455 | 5,456 |
54
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (American Baptist Homes) | 2.400% | 10/1/20 | 1,450 | 1,450 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/18 | 275 | 307 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/19 (4) | 250 | 286 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/20 (4) | 210 | 244 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/21 (4) | 200 | 234 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/22 (4) | 200 | 237 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/23 (4) | 400 | 478 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/24 (4) | 500 | 601 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/27 (4) | 855 | 992 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/28 (4) | 900 | 1,033 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for | ||||
| Age Research) | 5.000% | 11/15/34 (4) | 2,500 | 2,817 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 3.000% | 11/1/16 | 750 | 777 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 3.000% | 11/1/17 | 750 | 788 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 4.000% | 11/1/18 | 245 | 267 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 4.000% | 11/1/19 | 375 | 414 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/20 | 100 | 117 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 4.000% | 11/1/21 | 345 | 385 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/22 | 375 | 446 |
55
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/23 | 275 | 331 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/24 | 300 | 360 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/25 | 355 | 423 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/26 | 325 | 381 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/27 | 750 | 864 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/28 | 1,310 | 1,495 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/29 | 700 | 796 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.250% | 11/1/30 | 11,500 | 13,007 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/31 | 1,000 | 1,127 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/32 | 1,690 | 1,898 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.000% | 7/1/22 | 4,670 | 4,216 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System - St. Francis Medical Center) | 5.250% | 7/1/25 | 1,660 | 1,496 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System) | 5.250% | 7/1/24 | 11,625 | 10,491 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities & | ||||
| Services) | 5.000% | 5/15/18 | 610 | 672 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities & | ||||
| Services) | 5.000% | 5/15/27 | 500 | 555 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities & | ||||
| Services) | 5.000% | 5/15/32 | 680 | 729 |
| California Statewide Communities Development | ||||
| Authority Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.250% | 11/15/34 | 4,350 | 4,620 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/18 | 500 | 557 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/18 | 6,190 | 6,216 |
56
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/19 | 500 | 568 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/20 | 325 | 375 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/21 | 275 | 319 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/22 | 250 | 292 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/23 | 650 | 765 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/24 | 750 | 888 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/25 | 800 | 932 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/26 | 1,000 | 1,153 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/27 | 2,000 | 2,287 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/28 | 3,000 | 3,396 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/29 | 3,000 | 3,380 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/30 | 4,565 | 5,117 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/31 | 4,000 | 4,457 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/32 | 3,790 | 4,211 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/33 | 2,500 | 2,769 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial Hospital) | 5.000% | 7/1/34 | 2,000 | 2,212 |
| California Statewide Communities Development | ||||
| Authority Revenue (Institute for Defense | ||||
| Analyses) VRDO | 0.110% | 6/5/15 (2)LOC | 3,040 | 3,040 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.250% | 8/1/31 | 10,000 | 10,464 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) PUT | 5.000% | 5/1/17 | 6,000 | 6,475 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.080% | 6/5/15 | 10,650 | 10,650 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) VRDO | 0.080% | 6/5/15 | 11,275 | 11,275 |
| California Statewide Communities Development | ||||
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/22 | 8,000 | 8,738 |
| California Statewide Communities Development | ||||
| Authority Revenue (Lodi Memorial Hospital) | 5.000% | 12/1/27 | 8,975 | 9,784 |
| California Statewide Communities Development | ||||
| Authority Revenue (Loma Linda University | ||||
| Medical Center Obligated Group) | 5.250% | 12/1/29 | 10,080 | 11,043 |
| California Statewide Communities Development | ||||
| Authority Revenue (Loma Linda University | ||||
| Medical Center Obligated Group) | 5.250% | 12/1/34 | 25,030 | 27,093 |
57
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) | 5.000% | 8/15/20 (14) | 2,440 | 2,572 |
| California Statewide Communities Development | ||||
| Authority Revenue (Rady Children’s Hospital - | ||||
| San Diego) | 5.000% | 8/15/23 (14) | 5,285 | 5,562 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sherman Oaks Project) | 5.500% | 8/1/15 (2) | 4,685 | 4,725 |
| California Statewide Communities Development | ||||
| Authority Revenue (St. Joseph Health System) | 4.500% | 7/1/18 (4) | 7,490 | 7,862 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/19 | 530 | 610 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/20 | 500 | 588 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/22 | 1,050 | 1,260 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.250% | 8/15/31 | 7,500 | 8,610 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/32 | 11,820 | 13,228 |
| California Statewide Communities Development | ||||
| Authority Senior Living Health Facility Revenue | ||||
| (Los Angeles Jewish Home for the Aging) | 2.500% | 8/1/20 | 1,170 | 1,190 |
| California Statewide Communities Development | ||||
| Authority Senior Living Health Facility Revenue | ||||
| (Los Angeles Jewish Home for the Aging) | 3.000% | 8/1/21 | 2,600 | 2,654 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue (Southern | ||||
| California Presbyterian Homes) | 7.000% | 11/15/29 | 2,000 | 2,344 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.000% | 5/15/17 | 1,800 | 1,930 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.500% | 5/15/26 | 5,000 | 5,465 |
| California Statewide Communities Development | ||||
| Authority Student Housing Revenue (CHF-Irvine | ||||
| LLC - UCI East Campus Apartments Phase II) | 5.125% | 5/15/31 | 7,000 | 7,724 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Carson Merged & Amended | ||||
| Project Area) | 5.000% | 10/1/22 | 1,130 | 1,326 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Carson Merged & Amended | ||||
| Project Area) | 5.000% | 10/1/23 | 1,170 | 1,385 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/19 (4) | 800 | 905 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/20 (4) | 785 | 901 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/21 (4) | 850 | 984 |
| Carson CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Redevelopment Project Area No. 1) | 5.000% | 10/1/22 (4) | 600 | 702 |
| Castro Valley CA Unified School District GO | 2.000% | 8/1/15 | 400 | 401 |
| Castro Valley CA Unified School District GO | 3.000% | 8/1/16 | 1,000 | 1,031 |
| Castro Valley CA Unified School District GO | 4.000% | 8/1/17 | 500 | 536 |
58
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Castro Valley CA Unified School District GO | 4.000% | 8/1/18 | 400 | 436 |
| 3 Central Basin Municipal Water District California | ||||
| COP TOB VRDO | 0.110% | 6/5/15 (4) | 7,500 | 7,500 |
| Central CA Unified School District GO | 5.500% | 8/1/29 (12) | 3,000 | 3,418 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.000% | 7/1/17 | 1,000 | 1,086 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.000% | 7/1/19 | 765 | 872 |
| Central Valley CA Financing Authority Cogeneration | ||||
| Project Revenue (Carson Ice-Gen Project) | 5.250% | 7/1/20 | 1,025 | 1,201 |
| Cerritos CA Community College District GO | 0.000% | 8/1/20 | 500 | 448 |
| Cerritos CA Community College District GO | 0.000% | 8/1/22 | 500 | 411 |
| Cerritos CA Community College District GO | 0.000% | 8/1/23 | 500 | 392 |
| Cerritos CA Community College District GO | 4.000% | 8/1/30 | 3,480 | 3,657 |
| Cerritos CA Community College District GO | 4.000% | 8/1/32 | 2,260 | 2,341 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/23 | 2,225 | 2,698 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/27 | 2,500 | 2,918 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/30 | 7,500 | 8,597 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/31 | 7,500 | 8,568 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/32 | 13,000 | 14,801 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/20 | 400 | 354 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/21 | 500 | 427 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/22 | 500 | 405 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/23 | 600 | 465 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/24 | 500 | 367 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/25 | 655 | 456 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/26 | 1,430 | 949 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/27 | 1,745 | 1,089 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/28 | 2,000 | 1,181 |
| Chaffey CA Union High School District GO | 0.000% | 8/1/29 | 2,000 | 1,120 |
| 2 Chino CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/24 (4) | 675 | 789 |
| 2 Chino CA Public Financing Authority Special | ||||
| Tax Revenue | 5.000% | 9/1/25 (4) | 1,000 | 1,175 |
| Chino CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/27 (15) | 1,195 | 1,382 |
| Chino CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/30 (15) | 1,170 | 1,323 |
| Chula Vista CA Industrial Development Revenue | ||||
| (San Diego Gas & Electric Co.) | 1.650% | 7/1/18 | 6,185 | 6,198 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.000% | 9/1/23 | 2,700 | 3,170 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.250% | 9/1/24 | 3,330 | 3,936 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/25 | 3,605 | 4,261 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/26 | 3,800 | 4,456 |
| Chula Vista CA Municipal Financing Authority | ||||
| Special Tax Revenue | 5.500% | 9/1/27 | 1,000 | 1,164 |
59
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Citrus CA Community College District GO | 0.000% | 8/1/33 | 1,000 | 730 |
| Citrus CA Community College District GO | 0.000% | 8/1/35 | 3,150 | 2,267 |
| Clovis CA Unified School District GO | 0.000% | 8/1/18 (14) | 3,645 | 3,478 |
| Colton CA Joint Unified School District GO | 4.000% | 8/1/16 (4) | 1,000 | 1,043 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/23 (4) | 765 | 919 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/25 (4) | 1,000 | 1,184 |
| Colton CA Public Financing Authority | ||||
| Electric Revenue | 5.000% | 4/1/23 | 2,065 | 2,424 |
| Colton CA Public Financing Authority | ||||
| Electric Revenue | 5.000% | 4/1/24 | 1,665 | 1,941 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/24 | 4,140 | 4,970 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/32 | 3,000 | 3,434 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/33 | 4,000 | 4,560 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/24 | 1,080 | 1,252 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/32 | 1,600 | 1,823 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/33 | 1,800 | 2,046 |
| 1 Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue PUT | 0.491% | 12/15/15 | 16,500 | 16,503 |
| Contra Costa County CA Public Financing | ||||
| Authority Lease Revenue | 5.000% | 6/1/22 (14) | 15,300 | 16,485 |
| Corona-Norco CA School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/21 | 500 | 576 |
| Corona-Norco CA School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/23 | 500 | 587 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/20 (12) | 1,825 | 1,643 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/21 (12) | 2,010 | 1,736 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/22 (12) | 1,700 | 1,413 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/23 (12) | 1,000 | 793 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/25 (12) | 1,325 | 970 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/26 (12) | 1,530 | 1,067 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/27 (12) | 1,500 | 992 |
| Corona-Norco CA Unified School District GO | 0.000% | 8/1/28 (12) | 1,290 | 807 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/23 | 1,145 | 1,344 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/24 | 1,325 | 1,542 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/25 | 2,525 | 2,891 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/27 | 1,000 | 1,126 |
| Corona-Norco CA Unified School District Special | ||||
| Tax Revenue (Community Facilities District | ||||
| No. 98-1) | 5.000% | 9/1/28 | 1,590 | 1,776 |
| Culver City CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.375% | 11/1/16 (4) | 2,035 | 2,044 |
| Cupertino CA Union School District GO | 5.000% | 8/1/25 | 3,235 | 3,919 |
| Desert CA Community College District GO | 4.000% | 8/1/19 | 1,500 | 1,661 |
| Desert CA Community College District GO | 5.000% | 8/1/20 | 1,760 | 2,059 |
60
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 East Bay CA Municipal Utility District Waste | ||||
| Water System Revenue PUT | 0.300% | 6/1/15 (Prere.) | 11,000 | 11,000 |
| 1 East Bay CA Municipal Utility District Waste | ||||
| Water System Revenue PUT | 0.300% | 12/1/15 | 9,000 | 9,000 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/25 | 6,265 | 7,790 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 2,005 | 2,319 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/31 | 16,020 | 18,430 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/28 | 4,415 | 5,021 |
| East Side CA Union High School District Santa | ||||
| Clara County GO | 5.000% | 8/1/29 | 6,000 | 6,850 |
| Eastern California Municipal Water District Water | ||||
| & Sewer COP | 5.000% | 7/1/26 | 5,245 | 5,805 |
| Eastern California Municipal Water District Water | ||||
| & Sewer COP | 5.000% | 7/1/27 | 6,220 | 6,884 |
| Eastern California Municipal Water District Water | ||||
| & Sewer COP | 5.000% | 7/1/28 | 1,000 | 1,107 |
| Eastern California Municipal Water District Water | ||||
| & Wastewater Revenue VRDO | 0.070% | 6/1/15 | 20,100 | 20,100 |
| El Camino CA Community College District GO | 0.000% | 8/1/29 | 8,065 | 4,919 |
| El Camino CA Community College District GO | 0.000% | 8/1/32 | 10,000 | 5,213 |
| El Camino CA Community College District GO | 0.000% | 8/1/33 | 3,500 | 1,747 |
| El Dorado CA Irrigation District Revenue | 4.500% | 3/1/19 (4) | 2,000 | 2,221 |
| El Dorado CA Irrigation District Revenue | 4.750% | 3/1/20 (4) | 1,500 | 1,709 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/21 (4) | 2,280 | 2,656 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/28 (4) | 1,500 | 1,728 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/29 (4) | 2,000 | 2,291 |
| El Dorado CA Irrigation District Revenue | 5.000% | 3/1/34 (4) | 5,460 | 6,143 |
| El Dorado County CA Community Facilities | ||||
| District No. 92-1 Special Tax Revenue | 5.000% | 9/1/21 | 2,000 | 2,303 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/28 | 1,000 | 1,108 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/29 | 800 | 884 |
| 2 Escondido CA GO | 5.000% | 9/1/22 | 755 | 905 |
| 2 Escondido CA GO | 5.000% | 9/1/23 | 2,030 | 2,454 |
| 2 Escondido CA GO | 5.000% | 9/1/24 | 825 | 1,001 |
| 2 Escondido CA GO | 5.000% | 9/1/25 | 1,000 | 1,215 |
| Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/26 | 1,725 | 1,957 |
| Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/27 | 1,810 | 2,058 |
| Fontana CA Community Facilities District No. 22 | ||||
| Special Tax Revenue (Sierra Hills South) | 5.000% | 9/1/28 | 1,900 | 2,153 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/21 (2) | 3,335 | 3,385 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/23 (2) | 2,875 | 2,918 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/24 (2) | 3,575 | 3,629 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/26 (2) | 4,480 | 4,548 |
| Fontana CA Unified School District GO | 5.250% | 8/1/26 (4) | 4,350 | 4,857 |
61
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Foothill-De Anza CA Community College | ||||
| District GO | 4.500% | 8/1/31 (2) | 2,600 | 2,763 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/20 (4) | 3,930 | 3,539 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/21 (4) | 4,115 | 3,573 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/22 (4) | 12,255 | 10,151 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/23 (4) | 16,430 | 12,904 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/24 (4) | 1,880 | 1,410 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/25 | 2,130 | 1,545 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/26 | 3,000 | 2,193 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/27 | 5,000 | 3,678 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/31 (4) | 1,000 | 764 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.250% | 1/15/33 | 5,000 | 5,902 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue PUT | 5.000% | 1/15/20 | 21,385 | 23,559 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue PUT | 5.500% | 1/15/23 | 24,000 | 27,525 |
| 2 Fremont CA Unified School District GO | 5.000% | 8/1/18 | 2,325 | 2,612 |
| 2 Fremont CA Unified School District GO | 5.000% | 8/1/19 | 2,400 | 2,765 |
| 2 Fremont CA Unified School District GO | 5.000% | 8/1/20 | 2,275 | 2,678 |
| Fremont CA Unified School District GO | 4.000% | 8/1/29 | 1,070 | 1,128 |
| Fremont CA Unified School District GO | 4.000% | 8/1/30 | 1,415 | 1,483 |
| Fremont CA Unified School District GO | 4.000% | 8/1/31 | 1,790 | 1,865 |
| Fremont CA Unified School District GO | 4.000% | 8/1/32 | 2,195 | 2,263 |
| Fremont CA Unified School District GO | 4.000% | 8/1/33 | 2,630 | 2,697 |
| Fremont CA Unified School District GO | 4.000% | 8/1/34 | 3,105 | 3,169 |
| Fremont CA Union High School District GO | 4.000% | 8/1/32 | 1,000 | 1,047 |
| Fremont CA Union High School District GO | 4.000% | 8/1/34 | 2,085 | 2,163 |
| Fresno CA Sewer Revenue | 5.000% | 9/1/24 (12) | 830 | 926 |
| Fullerton CA Community Facilities District No. 1 | ||||
| Special Tax Revenue (Amerige Heights) | 5.000% | 9/1/26 | 1,000 | 1,126 |
| Fullerton CA Community Facilities District No. 1 | ||||
| Special Tax Revenue (Amerige Heights) | 5.000% | 9/1/32 | 1,600 | 1,747 |
| Gilroy CA School Facilities Finance Authority | ||||
| Revenue | 5.000% | 8/1/33 | 2,400 | 2,676 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/16 | 3,000 | 3,123 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 3.000% | 6/1/17 | 2,000 | 2,088 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/17 | 610 | 662 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 4.000% | 6/1/18 | 4,000 | 4,331 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/19 | 1,500 | 1,707 |
62
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/20 | 1,750 | 2,026 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/21 | 1,000 | 1,173 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 4.550% | 6/1/22 (4) | 470 | 511 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 4.000% | 6/1/31 | 3,700 | 3,798 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/33 | 7,000 | 7,893 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/33 | 2,185 | 1,818 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/34 | 11,000 | 12,393 |
| 2 Grossmont CA Union High School District GO | 0.000% | 2/1/25 (4) | 1,400 | 993 |
| 2 Grossmont CA Union High School District GO | 0.000% | 8/1/26 (4) | 2,040 | 1,365 |
| 2 Grossmont CA Union High School District GO | 0.000% | 8/1/27 (4) | 2,825 | 1,787 |
| 2 Grossmont CA Union High School District GO | 0.000% | 8/1/28 (4) | 2,905 | 1,716 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/28 | 3,210 | 1,975 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/29 | 6,965 | 4,029 |
| Grossmont-Cuyamaca CA Community College | ||||
| District GO | 0.000% | 8/1/25 (12) | 14,010 | 10,259 |
| Grossmont-Cuyamaca CA Community College | ||||
| District GO | 0.000% | 8/1/28 (12) | 21,875 | 13,976 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 2.000% | 9/1/16 | 250 | 251 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 3.000% | 9/1/17 | 250 | 255 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/1/18 | 280 | 295 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/1/19 | 350 | 372 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/1/20 | 250 | 266 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/21 | 175 | 197 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/22 | 500 | 562 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/23 | 500 | 563 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/24 | 315 | 352 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/27 | 950 | 1,039 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/29 | 1,255 | 1,363 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/32 | 550 | 591 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/33 | 580 | 622 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/34 | 360 | 385 |
| Hollister CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/27 (15) | 1,000 | 1,158 |
63
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Hollister CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/28 (15) | 1,235 | 1,417 |
| Imperial CA Irrigation District Electric Revenue | 5.000% | 11/1/26 | 1,500 | 1,718 |
| Irvine CA Ranch Water District Revenue VRDO | 0.060% | 6/1/15 LOC | 2,100 | 2,100 |
| Irvine CA Ranch Water District Revenue VRDO | 0.070% | 6/1/15 LOC | 17,050 | 17,050 |
| Irvine CA Reassessment District No. 05-21 | ||||
| Improvement Revenue VRDO | 0.060% | 6/1/15 LOC | 1,500 | 1,500 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/18 | 1,350 | 1,456 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/19 | 2,000 | 2,187 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/20 | 2,425 | 2,674 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 4.000% | 9/2/21 | 1,750 | 1,935 |
| Irvine CA Reassessment District No. 12-1 | ||||
| Improvement Revenue | 5.000% | 9/2/23 | 400 | 464 |
| Irvine CA Reassessment District No. 13-1 | ||||
| Improvement Revenue | 5.000% | 9/2/20 | 350 | 402 |
| Irvine CA Reassessment District No. 13-1 | ||||
| Improvement Revenue | 5.000% | 9/2/22 | 1,125 | 1,320 |
| Irvine CA Reassessment District No. 85-7A | ||||
| Improvement Revenue VRDO | 0.060% | 6/1/15 LOC | 9,218 | 9,218 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax Revenue | ||||
| VRDO | 0.070% | 6/1/15 LOC | 5,700 | 5,700 |
| Irvine CA Unified School District Community | ||||
| Facilities District No. 09-1 Special Tax Revenue | ||||
| VRDO | 0.070% | 6/1/15 LOC | 6,375 | 6,375 |
| Irvine CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/15 (Prere.) | 8,645 | 8,748 |
| Jefferson CA Union High School District GO | 4.000% | 8/1/18 (15) | 750 | 814 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/19 (15) | 625 | 714 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/20 (15) | 500 | 582 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/21 (15) | 500 | 588 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/22 (15) | 700 | 832 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/23 (15) | 1,000 | 1,196 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/24 (15) | 875 | 1,051 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/25 (15) | 860 | 1,037 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/15 | 1,750 | 1,750 |
| Kaweah CA Delta Health Care District Revenue | 4.000% | 6/1/16 | 2,500 | 2,580 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/17 | 1,110 | 1,188 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/18 | 3,255 | 3,542 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/19 | 3,415 | 3,776 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/20 | 1,585 | 1,776 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/21 | 3,755 | 4,233 |
| Kaweah CA Delta Health Care District Revenue | 5.000% | 6/1/22 | 3,950 | 4,474 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/23 | 750 | 878 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/24 | 1,250 | 1,441 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/25 | 1,250 | 1,431 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/28 | 1,000 | 1,166 |
64
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/29 | 1,000 | 1,160 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/30 | 1,500 | 1,649 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/31 | 2,095 | 2,295 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/31 | 4,330 | 4,980 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/32 | 1,515 | 1,735 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/33 | 1,880 | 2,146 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/34 | 1,050 | 1,192 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/23 | 300 | 338 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/24 | 310 | 346 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/25 | 550 | 610 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/29 | 750 | 809 |
| Lee Lake CA Public Financing Authority Revenue | 5.000% | 9/1/21 | 1,810 | 2,084 |
| Lee Lake CA Public Financing Authority Revenue | 5.000% | 9/1/23 | 2,190 | 2,571 |
| Loma Linda CA Hospital Revenue (Loma Linda | ||||
| University) | 5.000% | 12/1/15 (Prere.) | 8,665 | 8,871 |
| Long Beach CA Community College District GO | 0.000% | 6/1/29 (ETM) | 960 | 638 |
| Long Beach CA Community College District GO | 0.000% | 6/1/29 (4) | 5,420 | 3,362 |
| Long Beach CA Finance Authority Lease Revenue | 6.000% | 11/1/17 (2) | 1,765 | 1,836 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.250% | 11/15/20 | 3,255 | 3,707 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.250% | 11/15/22 | 260 | 297 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 5.000% | 11/15/24 | 7,905 | 9,024 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.594% | 11/15/25 | 16,845 | 16,051 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.614% | 11/15/26 | 10,025 | 9,490 |
| Long Beach CA Unified School District GO | 0.000% | 8/1/27 | 2,500 | 1,597 |
| Long Beach CA Unified School District GO | 5.000% | 8/1/30 | 5,000 | 5,714 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/15 (Prere.) | 260 | 262 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/16 (Prere.) | 15,250 | 16,080 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/17 (Prere.) | 5,000 | 5,448 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/17 (Prere.) | 2,065 | 2,250 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 45 | 50 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 5 | 6 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 4,255 | 4,770 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 6,500 | 7,286 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 5,000 | 5,605 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 35 | 39 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 4,250 | 4,764 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 20 | 22 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/19 (Prere.) | 6,960 | 8,026 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/19 (Prere.) | 5,000 | 5,867 |
| Los Angeles CA Community College District GO | 6.000% | 8/1/19 (Prere.) | 10,000 | 11,938 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/21 (4) | 9,740 | 9,820 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/22 | 3,000 | 3,623 |
| 2 Los Angeles CA Community College District GO | 5.000% | 8/1/24 | 4,735 | 5,828 |
65
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Community College District GO | 5.000% | 8/1/24 | 12,420 | 15,263 |
| 2 Los Angeles CA Community College District GO | 5.000% | 8/1/25 | 10,910 | 13,514 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 5,000 | 5,957 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/27 | 12,535 | 14,933 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/28 | 23,990 | 28,446 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/30 | 4,045 | 4,314 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/30 | 11,570 | 13,545 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/31 | 6,145 | 6,428 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/31 | 4,320 | 4,582 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/32 | 5,205 | 5,462 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/32 | 14,500 | 15,215 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/33 | 11,500 | 12,012 |
| 3 Los Angeles CA Community College District GO | ||||
| TOB VRDO | 0.090% | 6/5/15 | 2,800 | 2,800 |
| Los Angeles CA Community Facilities District | ||||
| No. 4 (Playa Vista - Phase 1) | 5.000% | 9/1/23 | 800 | 939 |
| Los Angeles CA Community Facilities District | ||||
| No. 4 (Playa Vista - Phase 1) | 5.000% | 9/1/24 | 1,000 | 1,181 |
| Los Angeles CA Community Facilities District | ||||
| No. 4 (Playa Vista - Phase 1) | 5.000% | 9/1/25 | 1,500 | 1,747 |
| Los Angeles CA Community Facilities District | ||||
| No. 4 (Playa Vista - Phase 1) | 5.000% | 9/1/26 | 1,200 | 1,379 |
| Los Angeles CA Community Facilities District | ||||
| No. 4 (Playa Vista - Phase 1) | 5.000% | 9/1/27 | 2,000 | 2,279 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/18 (Prere.) | 4,000 | 4,458 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/18 (Prere.) | 3,000 | 3,365 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/21 | 1,145 | 1,349 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/22 | 1,000 | 1,197 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/23 | 950 | 1,144 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/23 | 1,420 | 1,697 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/24 | 1,700 | 2,012 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/25 | 1,300 | 1,579 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/25 | 1,500 | 1,766 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/26 | 1,500 | 1,801 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/26 | 5,500 | 6,390 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/27 | 2,000 | 2,373 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/28 | 2,000 | 2,352 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/28 | 10,000 | 11,675 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 4,385 | 5,018 |
66
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 1,115 | 1,268 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/29 | 10,000 | 11,556 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 1,200 | 1,362 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 1,835 | 2,100 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/31 | 1,190 | 1,347 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/32 | 1,700 | 1,917 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/33 | 1,510 | 1,701 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/34 | 4,135 | 4,642 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/34 | 4,750 | 5,452 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 2,000 | 2,288 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 4.750% | 7/1/15 (Prere.) | 26,000 | 26,104 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/15 (Prere.) | 7,305 | 7,336 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/15 (Prere.) | 20,605 | 20,692 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 4.000% | 1/1/16 | 9,075 | 9,195 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 1/1/16 | 8,300 | 8,437 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/22 | 1,000 | 1,208 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/22 | 10,000 | 11,971 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 | 1,335 | 1,516 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/23 | 5,605 | 6,769 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/24 | 2,770 | 3,118 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 10,000 | 11,886 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 2,350 | 2,629 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 2,000 | 2,226 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/26 | 1,500 | 1,783 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 5,000 | 5,551 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 1,655 | 1,870 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/28 | 8,000 | 9,434 |
67
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/28 | 2,000 | 2,252 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 1,500 | 1,740 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 1,670 | 1,873 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 | 10,000 | 11,562 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 | 2,000 | 2,328 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 15,000 | 17,233 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 7,000 | 8,053 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 (2) | 3,755 | 3,926 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 2,500 | 2,895 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/31 | 4,690 | 5,443 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 7,000 | 7,988 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 (2) | 1,940 | 2,093 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 6,055 | 6,933 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 7,500 | 8,661 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 6,730 | 7,715 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 3,300 | 3,807 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 | 6,080 | 7,030 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/33 | 5,000 | 5,690 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/34 | 7,500 | 8,614 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/34 | 12,005 | 13,758 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/34 | 2,000 | 2,292 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/34 | 5,305 | 6,093 |
| 3 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.100% | 6/1/15 | 1,100 | 1,100 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.060% | 6/1/15 | 9,200 | 9,200 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/1/15 | 3,200 | 3,200 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/1/15 | 8,700 | 8,700 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue VRDO | 0.080% | 6/5/15 | 33,700 | 33,700 |
| Los Angeles CA GO | 5.000% | 9/1/16 | 1,700 | 1,801 |
68
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA GO | 5.000% | 9/1/22 | 10,000 | 12,049 |
| Los Angeles CA GO | 5.000% | 9/1/28 | 5,850 | 6,817 |
| Los Angeles CA GO | 5.000% | 9/1/29 | 5,850 | 6,757 |
| Los Angeles CA GO | 5.000% | 9/1/30 | 5,850 | 6,715 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/23 | 2,250 | 2,701 |
| Los Angeles CA Harbor Department Revenue | 5.000% | 8/1/25 | 3,795 | 4,499 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Figueroa Plaza) | 5.000% | 8/1/28 (14)(3) | 8,635 | 8,667 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/21 (14) | 10,830 | 11,550 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/22 (14) | 6,500 | 6,926 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 5.000% | 1/1/23 (14) | 14,700 | 15,656 |
| Los Angeles CA Municipal Improvement Corp. | ||||
| Lease Revenue (Police Headquarters Facility) | 4.750% | 1/1/31 (14) | 10,000 | 10,471 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/15 | 6,350 | 6,377 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 4,000 | 4,203 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 14,135 | 14,853 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 15,940 | 16,750 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 16,760 | 17,612 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 2,355 | 2,473 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 1,630 | 1,712 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 890 | 935 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 5,000 | 5,254 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (3) | 2,000 | 2,102 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 5,000 | 5,254 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 3,185 | 3,468 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (4) | 3,515 | 3,830 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 5,000 | 5,444 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 6,000 | 6,533 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 12,975 | 14,113 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 17,210 | 18,738 |
| Los Angeles CA Unified School District GO | 5.500% | 7/1/17 (3) | 2,900 | 3,190 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/19 | 4,860 | 5,576 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 | 15,000 | 17,575 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 9,000 | 9,458 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/22 (4) | 5,000 | 5,382 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/23 (4) | 30,825 | 33,167 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/23 | 3,465 | 4,216 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/24 (4) | 6,600 | 7,086 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 | 13,035 | 15,967 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/25 (14) | 2,600 | 2,775 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/25 (2) | 7,880 | 8,258 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/25 | 1,300 | 1,576 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 1,600 | 1,842 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/26 (2) | 10,005 | 10,709 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 5,710 | 6,507 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 8,375 | 9,695 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 1,595 | 1,811 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/27 | 11,000 | 13,022 |
| Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 26,250 | 28,019 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/28 | 8,395 | 9,692 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 (2) | 6,215 | 6,505 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 (4) | 5,365 | 5,812 |
69
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 | 12,000 | 14,137 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 5,000 | 5,885 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 15,885 | 18,588 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 (2) | 5,595 | 5,847 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/31 (2) | 7,015 | 7,402 |
| Los Angeles CA Unified School District GO | 4.750% | 7/1/32 (4) | 8,000 | 8,533 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 3,515 | 3,778 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 1,385 | 1,560 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 1,580 | 1,779 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/15 | 2,650 | 2,651 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/16 | 2,500 | 2,618 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/26 | 13,045 | 15,301 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/29 | 10,000 | 11,530 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/30 (14) | 1,305 | 1,310 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/32 | 10,880 | 12,502 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/33 | 16,925 | 19,370 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/34 (14) | 7,215 | 7,243 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/16 | 3,250 | 3,420 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/20 | 4,000 | 4,634 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/21 | 3,000 | 3,589 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 10,000 | 11,885 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/22 | 5,075 | 6,125 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 10,000 | 11,876 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/15 (14) | 8,940 | 9,146 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/19 (14) | 4,860 | 4,975 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/20 (14) | 5,000 | 5,118 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/21 | 1,000 | 1,179 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/21 (14) | 6,460 | 6,612 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/22 | 1,000 | 1,192 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 9/1/22 (14) | 1,940 | 2,055 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/22 (14) | 6,790 | 6,949 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/23 | 1,500 | 1,770 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/23 (14) | 2,175 | 2,226 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/24 | 1,515 | 1,774 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/24 (14) | 3,095 | 3,167 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/25 | 1,325 | 1,535 |
70
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 9/1/31 (14) | 17,000 | 17,767 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Revenue (Regional Park & Open | ||||
| Space District) | 5.250% | 10/1/17 (4) | 1,000 | 1,102 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/21 | 1,670 | 1,958 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/22 | 4,555 | 5,404 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/23 | 2,105 | 2,518 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Hollywood/North | ||||
| Hollywood Redevelopment Project) | 5.000% | 7/1/24 | 2,215 | 2,635 |
| Los Angeles County CA Redevelopment Authority | ||||
| Tax Allocation Revenue (Various Project Areas) | 4.000% | 9/1/15 | 1,000 | 1,010 |
| Los Angeles County CA Regional Financing | ||||
| Authority Revenue (Montecedro Inc. Project) | 2.500% | 11/15/20 | 1,670 | 1,682 |
| Los Angeles County CA Regional Financing | ||||
| Authority Revenue (Montecedro Inc. Project) | 3.000% | 11/15/20 | 925 | 934 |
| Los Angeles County CA Regional Financing | ||||
| Authority Revenue (Montecedro Inc. Project) | 3.000% | 11/15/21 | 2,125 | 2,144 |
| 2 Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/19 | 730 | 829 |
| 2 Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/20 | 1,000 | 1,159 |
| 2 Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/29 | 1,370 | 1,567 |
| 2 Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/30 | 3,060 | 3,470 |
| 2 Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/33 | 2,250 | 2,517 |
| 2 Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/34 | 4,000 | 4,456 |
| Los Angeles County CA Unified School District GO | 5.000% | 7/1/21 | 12,500 | 14,861 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 8,600 | 11,609 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 5,965 | 8,052 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 12,665 | 17,096 |
| 2 Marin CA Community College District GO | 5.000% | 8/1/23 | 550 | 672 |
| 2 Marin CA Community College District GO | 5.000% | 8/1/24 | 445 | 548 |
| 2 Marin CA Community College District GO | 5.000% | 8/1/25 | 550 | 681 |
| Marina Coast Water District California Enterprise | ||||
| Revenue COP | 5.000% | 6/1/31 (14) | 3,005 | 3,130 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/23 | 1,035 | 1,180 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/25 | 2,630 | 2,980 |
| Marysville CA Revenue (Fremont-Rideout | ||||
| Health Group) | 5.250% | 1/1/28 | 1,500 | 1,666 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/17 | 15,000 | 16,358 |
71
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/18 | 20,000 | 22,414 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/21 | 2,700 | 3,229 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/30 (4) | 6,825 | 6,854 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/30 | 2,120 | 2,504 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/30 | 3,585 | 4,234 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 1/1/31 | 1,150 | 1,286 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/31 | 2,250 | 2,629 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/31 | 2,930 | 3,323 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/31 | 11,065 | 12,950 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 10/1/32 | 9,965 | 11,570 |
| Metropolitan Water District of Southern | ||||
| California Revenue | 5.000% | 7/1/35 | 2,605 | 2,955 |
| 1 Metropolitan Water District of Southern | ||||
| California Revenue PUT | 0.480% | 3/27/18 | 26,750 | 26,751 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/26 | 2,100 | 2,526 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/27 | 6,400 | 7,620 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/28 | 4,405 | 5,253 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/29 | 3,015 | 3,570 |
| Modesto CA Community Facilities District No. | ||||
| 2004-1 Special Tax Revenue (Village One No. 2) | 5.000% | 9/1/29 | 1,625 | 1,787 |
| Modesto CA Community Facilities District No. | ||||
| 2004-1 Special Tax Revenue (Village One No. 2) | 5.000% | 9/1/30 | 1,760 | 1,921 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/21 (2) | 2,030 | 2,142 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/22 (2) | 2,515 | 2,653 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/23 (2) | 2,645 | 2,790 |
| Modesto CA Irrigation District COP | 5.000% | 7/1/27 | 3,855 | 4,226 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/21 | 1,000 | 1,185 |
| Modesto CA Irrigation District Electric Revenue | 5.000% | 7/1/22 | 1,000 | 1,197 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 3/1/23 | 1,330 | 1,573 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/23 | 2,550 | 3,033 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/28 | 5,075 | 5,831 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/29 | 5,430 | 6,214 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 2,990 | 3,392 |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/32 | 4,315 | 4,878 |
72
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Morgan Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/33 | 2,000 | 2,258 |
| Mount San Antonio CA Community College | ||||
| District GO | 0.000% | 8/1/25 | 2,000 | 1,464 |
| Mount San Antonio CA Community College | ||||
| District GO | 0.000% | 8/1/28 | 3,000 | 2,524 |
| New Haven CA Unified School District GO | 12.000% | 8/1/15 (4) | 2,905 | 2,963 |
| Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) | 5.875% | 12/1/21 (Prere.) | 5,150 | 6,442 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/29 | 4,625 | 2,821 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 3,000 | 1,738 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/31 | 1,500 | 821 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/32 | 14,000 | 7,200 |
| Northern California Gas Authority No. 1 Revenue | 0.784% | 7/1/17 | 18,170 | 18,123 |
| Northern California Power Agency Capital | ||||
| Facilities Revenue | 5.000% | 8/1/20 | 1,000 | 1,136 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/16 | 1,745 | 1,836 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/17 | 3,290 | 3,586 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/20 | 3,500 | 3,976 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/21 | 2,500 | 2,811 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/22 | 3,395 | 3,796 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/28 | 5,000 | 5,653 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/29 | 3,000 | 3,378 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/30 | 1,605 | 1,799 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/31 | 1,600 | 1,788 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 4.000% | 9/1/15 | 375 | 377 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 4.000% | 9/1/16 | 1,450 | 1,483 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 4.000% | 9/1/17 | 1,650 | 1,704 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 4.000% | 9/1/18 | 1,860 | 1,938 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 5.000% | 9/1/19 | 2,085 | 2,254 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 5.000% | 9/1/20 | 2,340 | 2,542 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 5.000% | 9/1/21 | 1,220 | 1,324 |
73
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 5.000% | 9/1/22 | 1,360 | 1,472 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 5.000% | 9/1/23 | 1,500 | 1,618 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special Tax | ||||
| Revenue | 5.000% | 9/1/24 | 1,660 | 1,777 |
| 2 Oakland CA GO | 5.000% | 1/15/23 | 5,600 | 6,677 |
| Oakland CA GO | 5.000% | 1/15/31 | 3,000 | 3,302 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/23 (12) | 5,000 | 5,528 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/24 (12) | 3,810 | 4,202 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/25 (12) | 5,405 | 5,935 |
| Oakland CA Joint Powers Financing Authority | ||||
| Lease Revenue (Administration Buildings) | 5.000% | 8/1/26 (12) | 4,190 | 4,585 |
| Oakland CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Central District Project) | 5.000% | 9/1/15 (Prere.) | 12,870 | 13,024 |
| Oakland CA Redevelopment Agency Tax Allocation | ||||
| Revenue (Central District Project) | 5.000% | 9/1/21 | 3,000 | 3,491 |
| Oakland CA Unified School District GO | 5.000% | 8/1/19 (4) | 13,425 | 14,540 |
| Oakland CA Unified School District GO | 5.500% | 8/1/23 | 1,000 | 1,187 |
| Oakland CA Unified School District GO | 6.250% | 8/1/28 | 2,000 | 2,385 |
| Ohlone CA Community College District GO | 5.000% | 8/1/22 | 750 | 901 |
| Ohlone CA Community College District GO | 5.000% | 8/1/23 | 1,500 | 1,814 |
| Ohlone CA Community College District GO | 5.000% | 8/1/31 | 1,770 | 2,022 |
| Ontario CA Public Financing Authority Water | ||||
| Revenue | 5.250% | 7/1/27 | 1,285 | 1,514 |
| Ontario CA Public Financing Authority Water | ||||
| Revenue | 5.250% | 7/1/28 | 1,765 | 2,072 |
| Ontario CA Public Financing Authority Water | ||||
| Revenue | 5.250% | 7/1/29 | 2,280 | 2,658 |
| Ontario CA Public Financing Authority Water | ||||
| Revenue | 5.250% | 7/1/30 | 1,400 | 1,630 |
| Ontario CA Public Financing Authority Water | ||||
| Revenue | 5.250% | 7/1/31 | 2,525 | 2,930 |
| Ontario CA Public Financing Authority Water | ||||
| Revenue | 5.250% | 7/1/32 | 2,660 | 3,066 |
| Ontario CA Public Financing Authority Water | ||||
| Revenue | 5.250% | 7/1/33 | 2,165 | 2,487 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/21 | 1,200 | 1,388 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/22 | 1,230 | 1,429 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/22 | 1,260 | 1,473 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/23 | 1,290 | 1,504 |
| Orange County CA Development Agency Tax | ||||
| Allocation Revenue (Santa Ana Heights Project) | 5.000% | 9/1/23 | 1,320 | 1,546 |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/22 | 1,000 | 1,204 |
74
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/27 | 2,500 | 2,905 |
| Orange County CA Transportation Authority Toll | ||||
| Road Revenue | 5.000% | 8/15/28 | 2,545 | 2,929 |
| Orange County CA Water District COP | 5.000% | 8/15/29 | 6,925 | 7,901 |
| Orange County CA Water District Revenue | 5.000% | 8/15/33 | 8,000 | 9,194 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/28 | 1,000 | 1,134 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/29 | 1,500 | 1,694 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/30 | 1,500 | 1,687 |
| Palm Springs CA Unified School District GO | 5.000% | 8/1/31 | 1,500 | 1,682 |
| Palo Alto CA Improvement Revenue (University | ||||
| Avenue Area Parking) | 4.000% | 9/2/19 | 1,000 | 1,079 |
| Palo Alto CA Improvement Revenue (University | ||||
| Avenue Area Parking) | 4.000% | 9/2/20 | 250 | 271 |
| Palo Alto CA Improvement Revenue (University | ||||
| Avenue Area Parking) | 4.000% | 9/2/21 | 400 | 434 |
| Palo Alto CA Improvement Revenue (University | ||||
| Avenue Area Parking) | 5.000% | 9/2/27 | 1,000 | 1,097 |
| Palo Alto CA Unified School District GO | 0.000% | 8/1/24 | 15,890 | 12,292 |
| Palomar CA Community College District GO | 4.000% | 8/1/33 | 2,140 | 2,199 |
| Palomar CA Community College District GO | 4.000% | 8/1/34 | 2,390 | 2,448 |
| Palomar Pomerado Health California COP | 6.625% | 11/1/29 | 5,000 | 5,559 |
| Palomar Pomerado Health California GO | 5.000% | 8/1/20 (2) | 710 | 716 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 7,055 | 5,711 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/24 (12) | 5,130 | 3,749 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/27 (12) | 3,095 | 1,952 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/27 (14) | 1,585 | 1,000 |
| Paramount CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Redevelopment Project | ||||
| Area No. 1) | 0.000% | 8/1/26 (14) | 6,050 | 3,847 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/30 | 3,695 | 4,206 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/31 | 1,500 | 1,702 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/32 | 2,000 | 2,258 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 4.000% | 8/1/15 (4) | 700 | 704 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 4.000% | 8/1/16 | 1,330 | 1,383 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/20 (2) | 2,460 | 2,082 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/25 (2) | 2,930 | 1,896 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 5.000% | 8/1/25 (4) | 855 | 1,011 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 5.000% | 8/1/26 (4) | 900 | 1,049 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 5.000% | 8/1/27 (4) | 1,220 | 1,410 |
75
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 5.000% | 8/1/28 (4) | 1,285 | 1,470 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/29 (2) | 355 | 184 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 5.000% | 8/1/29 (4) | 1,350 | 1,537 |
| 2 Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/19 | 350 | 401 |
| 2 Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/20 | 500 | 585 |
| 2 Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/21 | 750 | 887 |
| 2 Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/22 | 1,315 | 1,575 |
| 2 Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/23 | 2,540 | 3,074 |
| 2 Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/24 | 1,000 | 1,217 |
| 2 Placentia-Yorba Linda CA Unified School | ||||
| District GO | 5.000% | 8/1/25 | 1,775 | 2,172 |
| Pomona CA Single Family Mortgage Revenue | 7.600% | 5/1/23 (ETM) | 8,010 | 9,963 |
| Pomona CA Unified School District GO | 5.000% | 8/1/22 (15) | 440 | 524 |
| Pomona CA Unified School District GO | 5.000% | 8/1/26 (15) | 450 | 530 |
| Port of Oakland CA Revenue | 5.000% | 11/1/15 (14) | 2,310 | 2,357 |
| Port of Oakland CA Revenue | 5.000% | 11/1/20 (14) | 4,825 | 5,301 |
| Port of Oakland CA Revenue | 5.000% | 11/1/26 (14) | 9,800 | 10,658 |
| Poway CA Unified School District GO | 4.000% | 9/1/16 | 250 | 260 |
| Poway CA Unified School District GO | 0.000% | 8/1/17 | 2,000 | 1,953 |
| Poway CA Unified School District GO | 4.000% | 9/1/17 | 250 | 264 |
| Poway CA Unified School District GO | 0.000% | 8/1/18 | 4,565 | 4,323 |
| Poway CA Unified School District GO | 4.000% | 9/1/18 | 450 | 482 |
| Poway CA Unified School District GO | 0.000% | 8/1/19 | 5,425 | 5,006 |
| Poway CA Unified School District GO | 5.000% | 9/1/19 | 985 | 1,109 |
| Poway CA Unified School District GO | 0.000% | 8/1/20 | 3,280 | 2,953 |
| Poway CA Unified School District GO | 5.000% | 9/1/20 | 610 | 697 |
| Poway CA Unified School District GO | 5.000% | 9/1/21 | 325 | 374 |
| Poway CA Unified School District GO | 5.000% | 9/1/22 | 460 | 535 |
| Poway CA Unified School District GO | 5.000% | 9/1/23 | 1,575 | 1,819 |
| Poway CA Unified School District GO | 5.000% | 8/1/26 | 5,125 | 5,838 |
| Poway CA Unified School District GO | 5.000% | 9/1/26 | 1,000 | 1,126 |
| Poway CA Unified School District GO | 5.000% | 8/1/27 | 1,625 | 1,918 |
| Poway CA Unified School District GO | 0.000% | 8/1/28 | 9,070 | 5,517 |
| Poway CA Unified School District GO | 5.000% | 9/1/29 | 1,210 | 1,337 |
| Poway CA Unified School District GO | 5.000% | 9/1/30 | 2,570 | 2,827 |
| Poway CA Unified School District GO | 0.000% | 8/1/31 | 1,095 | 579 |
| 2 Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/22 (15) | 715 | 832 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 4.000% | 9/15/22 | 435 | 478 |
| 2 Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/23 (15) | 1,180 | 1,382 |
76
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 2 Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/24 (15) | 1,000 | 1,173 |
| 2 Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/25 (15) | 775 | 914 |
| 2 Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/26 (15) | 1,000 | 1,163 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/26 | 935 | 1,045 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/27 | 1,010 | 1,123 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/29 | 1,020 | 1,117 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/30 | 1,270 | 1,389 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/30 | 1,000 | 1,107 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/31 | 1,330 | 1,446 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/32 | 1,450 | 1,571 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/32 | 1,000 | 1,099 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/33 | 1,560 | 1,687 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/34 | 1,660 | 1,792 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/35 | 1,760 | 1,894 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 4.000% | 9/1/16 | 1,210 | 1,266 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/27 (12) | 1,700 | 1,986 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/28 (12) | 2,700 | 3,130 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/30 (12) | 1,500 | 1,720 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/31 (12) | 1,400 | 1,598 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/32 (12) | 1,710 | 1,945 |
| Rancho Mirage CA Joint Powers Financing | ||||
| Authority Revenue (Eisenhower Medical Center) | 5.000% | 7/1/27 | 12,000 | 12,534 |
| Redwood City CA Redevelopment Agency | ||||
| Redevelopment Project Area No. 2 Tax Allocation | ||||
| Revenue | 0.000% | 7/15/25 (2) | 3,350 | 2,185 |
| Rio CA Elementary School District Community | ||||
| Facilities District Special Tax Revenue | 5.000% | 9/1/27 | 1,000 | 1,085 |
| Rio CA Elementary School District Community | ||||
| Facilities District Special Tax Revenue | 5.000% | 9/1/28 | 1,000 | 1,082 |
77
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Rio CA Elementary School District Community | ||||
| Facilities District Special Tax Revenue | 5.000% | 9/1/30 | 1,000 | 1,076 |
| Rio CA Elementary School District Community | ||||
| Facilities District Special Tax Revenue | 5.000% | 9/1/35 | 2,300 | 2,435 |
| Rio Hondo CA Community College District GO | 0.000% | 8/1/31 | 2,000 | 1,057 |
| Riverside CA Electric Revenue | 5.000% | 10/1/24 (4) | 1,000 | 1,118 |
| Riverside CA Electric Revenue | 5.000% | 10/1/25 (4) | 2,000 | 2,234 |
| Riverside CA Electric Revenue | 5.000% | 10/1/26 (4) | 2,500 | 2,788 |
| Riverside CA Electric Revenue | 5.000% | 10/1/27 (4) | 3,570 | 3,981 |
| Riverside CA Electric Revenue VRDO | 0.070% | 6/5/15 LOC | 10,800 | 10,800 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/29 | 1,265 | 1,449 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/31 | 1,045 | 1,183 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 10/1/31 (4) | 2,930 | 3,317 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 10/1/32 (4) | 3,075 | 3,466 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/33 | 1,055 | 1,189 |
| Riverside CA Redevelopment Successor Agency | ||||
| Tax Allocation Revenue | 5.000% | 10/1/33 (4) | 1,230 | 1,386 |
| 2 Riverside CA Sewer Revenue | 5.000% | 8/1/20 | 1,635 | 1,896 |
| 2 Riverside CA Sewer Revenue | 5.000% | 8/1/21 | 2,000 | 2,340 |
| 2 Riverside CA Sewer Revenue | 5.000% | 8/1/22 | 2,160 | 2,547 |
| 2 Riverside CA Sewer Revenue | 5.000% | 8/1/23 | 3,750 | 4,457 |
| 2 Riverside CA Sewer Revenue | 5.000% | 8/1/24 | 2,000 | 2,395 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/19 | 1,220 | 1,374 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/20 | 1,280 | 1,462 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/23 | 1,410 | 1,628 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/25 | 1,555 | 1,765 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/26 | 1,615 | 1,818 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/27 | 1,710 | 1,913 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 5.000% | 6/1/15 | 3,000 | 3,001 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 5.000% | 6/1/19 | 3,660 | 4,136 |
| 2 Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/22 | 1,800 | 2,109 |
| 2 Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/23 | 2,000 | 2,357 |
| 2 Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/24 | 1,600 | 1,892 |
| 2 Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/30 | 9,885 | 11,133 |
| 2 Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/32 | 10,620 | 11,844 |
78
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 3.000% | 9/1/17 | 1,635 | 1,708 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 4.000% | 9/1/18 | 2,460 | 2,665 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 4.000% | 9/1/19 | 2,560 | 2,804 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 9/1/20 | 2,665 | 3,071 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 9/1/21 (4) | 2,550 | 2,982 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 9/1/22 (4) | 1,830 | 2,160 |
| Riverside County CA Public Financing Authority | ||||
| Tax Allocation Revenue | 5.000% | 9/1/23 (4) | 2,445 | 2,900 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/30 | 3,000 | 3,536 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/31 | 4,000 | 4,689 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/32 | 3,000 | 3,505 |
| Riverside County CA Transportation Commission | ||||
| Sales Tax Revenue | 5.250% | 6/1/33 | 2,000 | 2,329 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/22 | 2,500 | 1,963 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/23 | 3,630 | 2,706 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/24 | 6,985 | 4,959 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/31 | 5,000 | 2,426 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/32 | 4,000 | 1,843 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/33 | 5,500 | 2,409 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/34 | 3,500 | 1,457 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/23 (14) | 7,030 | 5,603 |
| Rocklin CA Unified School District GO | 0.000% | 8/1/24 (14) | 2,965 | 2,271 |
| Roseville CA Financing Authority Electric System | ||||
| Revenue | 5.000% | 2/1/30 | 6,120 | 6,737 |
| Roseville CA Financing Authority Electric System | ||||
| Revenue | 5.000% | 2/1/30 | 750 | 858 |
| Roseville CA Financing Authority Electric System | ||||
| Revenue | 5.000% | 2/1/31 | 515 | 586 |
| Roseville CA Financing Authority Electric System | ||||
| Revenue | 5.000% | 2/1/32 | 1,290 | 1,463 |
| Roseville CA Financing Authority Electric System | ||||
| Revenue | 5.000% | 2/1/33 | 1,000 | 1,134 |
| Roseville CA Financing Authority Electric System | ||||
| Revenue | 5.000% | 2/1/34 | 2,000 | 2,260 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/18 | 4,205 | 4,529 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/19 | 10,000 | 10,951 |
79
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/20 | 2,035 | 2,259 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/24 | 600 | 679 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/27 | 200 | 223 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/22 (15) | 445 | 530 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/24 (15) | 300 | 363 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/26 (15) | 280 | 329 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/27 (15) | 425 | 495 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/28 (15) | 250 | 289 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/29 (15) | 500 | 575 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/31 (15) | 1,160 | 1,318 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/33 (15) | 1,280 | 1,449 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue (Natomas | ||||
| Basin Local Assessment) | 5.000% | 10/1/34 (15) | 1,340 | 1,515 |
| Sacramento CA City Unified School District GO | 5.000% | 7/1/20 (4) | 500 | 583 |
| Sacramento CA City Unified School District GO | 5.000% | 7/1/21 (4) | 400 | 472 |
| Sacramento CA City Unified School District GO | 5.000% | 7/1/22 (4) | 700 | 838 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/17 | 1,250 | 1,358 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/18 | 725 | 807 |
| Sacramento CA Cogeneration Authority Revenue | 5.000% | 7/1/19 | 1,155 | 1,316 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/20 | 1,250 | 1,465 |
| Sacramento CA Cogeneration Authority Revenue | 5.250% | 7/1/21 | 1,000 | 1,184 |
| Sacramento CA Financing Authority Lease Revenue | 5.000% | 12/1/19 (14) | 12,860 | 13,163 |
| Sacramento CA Financing Authority Lease Revenue | 5.000% | 12/1/20 (14) | 13,670 | 13,991 |
| 2 Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue | 5.000% | 7/1/20 | 1,405 | 1,646 |
| 2 Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue | 5.000% | 7/1/28 | 5,000 | 5,932 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue (Cosumnes Project) | 4.750% | 7/1/16 (Prere.) | 1,500 | 1,571 |
| Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue (Cosumnes Project) | 5.000% | 7/1/16 (Prere.) | 7,710 | 8,097 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/15 | 2,640 | 2,667 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 7/1/16 (Prere.) | 4,000 | 4,201 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/16 | 1,000 | 1,056 |
| Sacramento CA Municipal Utility District Revenue | 5.250% | 7/1/24 (2) | 10,085 | 12,063 |
80
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/24 | 2,660 | 3,223 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/24 (4) | 7,550 | 8,461 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 | 5,455 | 6,552 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/25 (4) | 15,275 | 17,102 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/26 (4) | 5,000 | 5,588 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/27 | 4,905 | 5,747 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/28 | 2,000 | 2,333 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/30 | 6,435 | 7,508 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/22 | 1,000 | 1,139 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/28 | 2,500 | 2,817 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/29 | 2,635 | 2,920 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/30 | 2,975 | 3,276 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/31 | 3,125 | 3,434 |
| Sacramento CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 10/1/21 | 2,300 | 2,736 |
| 2 Sacramento CA Unified School District GO | 2.000% | 8/1/18 (4) | 1,545 | 1,579 |
| 2 Sacramento CA Unified School District GO | 3.000% | 8/1/19 (4) | 1,215 | 1,286 |
| 2 Sacramento CA Unified School District GO | 3.000% | 8/1/20 (4) | 1,000 | 1,061 |
| 2 Sacramento CA Unified School District GO | 4.000% | 8/1/21 (4) | 1,000 | 1,117 |
| 2 Sacramento CA Unified School District GO | 4.000% | 8/1/22 (4) | 750 | 842 |
| 2 Sacramento CA Unified School District GO | 5.000% | 8/1/23 (4) | 1,105 | 1,323 |
| Sacramento CA Water Revenue | 5.000% | 9/1/27 | 3,210 | 3,743 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/23 (4) | 2,000 | 2,221 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 2,500 | 2,772 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/24 (4) | 1,785 | 1,975 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/28 | 1,250 | 1,424 |
| Sacramento County CA Airport Revenue | 5.000% | 7/1/30 | 5,240 | 5,957 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 1,850 | 1,937 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 5,495 | 5,752 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 7,030 | 7,359 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/18 | 2,350 | 2,615 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/20 (4) | 765 | 891 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/21 (4) | 1,230 | 1,447 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/22 (4) | 1,500 | 1,787 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/23 (4) | 1,100 | 1,322 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/24 (4) | 1,400 | 1,667 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/24 | 4,375 | 5,273 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/25 | 4,550 | 5,431 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/26 | 4,150 | 4,890 |
| San Bernardino CA Community College District GO | 5.000% | 8/1/31 (4) | 12,000 | 12,588 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/17 (14) | 2,235 | 2,340 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 2,430 | 2,570 |
| San Bernardino County CA Medical Center COP | 5.500% | 8/1/22 (14) | 8,940 | 10,184 |
| San Bernardino County CA Transportation | ||||
| Authority Revenue | 5.000% | 3/1/31 | 3,355 | 3,780 |
| San Diego CA Community College District GO | 5.000% | 8/1/28 | 4,000 | 4,684 |
| San Diego CA Community College District GO | 5.000% | 8/1/29 | 5,000 | 5,887 |
81
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 1,250 | 1,454 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 8,670 | 10,002 |
| San Diego CA Community College District GO | 5.000% | 8/1/30 | 9,830 | 11,340 |
| San Diego CA Community College District GO | 5.000% | 8/1/31 | 1,000 | 1,159 |
| San Diego CA Community College District GO | 5.000% | 8/1/31 | 3,380 | 3,862 |
| San Diego CA Community College District GO | 5.000% | 8/1/32 | 2,150 | 2,476 |
| San Diego CA Community College District GO | 5.000% | 8/1/32 | 2,000 | 2,273 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 4.000% | 9/1/17 | 500 | 531 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 4.000% | 9/1/18 | 3,260 | 3,502 |
| San Diego CA Community Facilities District No. 1 | ||||
| (Miramar Ranch North) Special Tax Revenue | 5.000% | 9/1/20 | 3,470 | 3,963 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/15 | 1,665 | 1,694 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/16 | 1,660 | 1,757 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/19 | 1,930 | 2,192 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/20 | 2,025 | 2,334 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/27 | 2,375 | 2,698 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/28 | 2,025 | 2,281 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/30 | 2,015 | 2,257 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/32 | 1,000 | 1,111 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/24 | 3,000 | 3,435 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/25 | 2,000 | 2,306 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/27 | 6,000 | 6,816 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/27 | 5,000 | 5,808 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.000% | 5/15/28 | 1,825 | 2,076 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/27 | 4,215 | 4,795 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.125% | 8/1/28 | 5,000 | 5,745 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.250% | 8/1/28 | 5,355 | 6,245 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/30 | 2,000 | 2,295 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.000% | 8/1/32 | 4,190 | 4,768 |
| San Diego CA Unified School District GO | 0.500% | 7/1/15 | 3,500 | 3,501 |
| San Diego CA Unified School District GO | 0.000% | 7/1/18 (14) | 9,500 | 9,058 |
| San Diego CA Unified School District GO | 5.500% | 7/1/20 (4) | 9,490 | 11,346 |
| San Diego CA Unified School District GO | 5.000% | 7/1/21 | 15,000 | 17,776 |
| San Diego CA Unified School District GO | 5.000% | 7/1/22 | 1,500 | 1,795 |
| San Diego CA Unified School District GO | 5.500% | 7/1/22 (4) | 12,790 | 15,830 |
82
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego CA Unified School District GO | 5.500% | 7/1/25 (14) | 1,000 | 1,273 |
| San Diego CA Unified School District GO | 0.000% | 7/1/26 | 8,425 | 5,857 |
| San Diego CA Unified School District GO | 5.000% | 7/1/26 | 20,000 | 24,196 |
| San Diego CA Unified School District GO | 5.500% | 7/1/26 (4) | 7,490 | 9,579 |
| San Diego CA Unified School District GO | 0.000% | 7/1/27 | 8,500 | 5,588 |
| San Diego CA Unified School District GO | 0.000% | 7/1/28 | 8,000 | 5,021 |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 3,250 | 1,944 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 9,985 | 5,608 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 2,500 | 1,404 |
| San Diego County CA COP | 5.000% | 10/15/24 | 2,115 | 2,584 |
| San Diego County CA COP | 5.000% | 10/15/25 | 5,225 | 6,311 |
| San Diego County CA COP | 5.000% | 10/15/26 | 2,590 | 3,078 |
| San Diego County CA COP | 5.000% | 10/15/27 | 2,000 | 2,362 |
| San Diego County CA COP | 5.000% | 10/15/28 | 1,400 | 1,646 |
| San Diego County CA COP | 5.000% | 10/15/29 | 2,000 | 2,337 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/23 | 3,900 | 4,481 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/25 | 9,000 | 10,284 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/26 | 6,000 | 6,856 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/28 | 3,000 | 3,428 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.000% | 2/1/23 | 4,285 | 4,796 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.000% | 2/1/25 | 4,820 | 5,384 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.250% | 2/1/26 | 1,140 | 1,281 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.000% | 2/1/27 | 2,420 | 2,730 |
| San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) | 5.500% | 2/1/28 | 5,780 | 6,626 |
| 3 San Diego County CA Regional Building Authority | ||||
| Lease Revenue (County Operations Center & | ||||
| Annex Redevelopment Project) TOB VRDO | 0.110% | 6/5/15 | 7,500 | 7,500 |
| San Diego County CA Water Authority Financing | ||||
| Agency Water Revenue | 5.000% | 5/1/27 | 2,000 | 2,307 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/30 | 5,000 | 5,728 |
| San Diego County CA Water Authority Revenue | ||||
| COP | 5.250% | 5/1/16 (14) | 7,880 | 8,228 |
| San Diego County CA Water Authority Revenue | ||||
| COP | 5.250% | 5/1/21 (14) | 6,725 | 7,997 |
| San Diego County CA Water Authority Revenue | ||||
| COP | 5.250% | 5/1/22 (14) | 7,075 | 8,528 |
| 3 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.100% | 6/5/15 | 6,100 | 6,100 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| GO | 5.000% | 8/1/32 | 10,000 | 10,873 |
83
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA Bay Area Rapid Transit District | ||||
| GO | 5.000% | 8/1/35 | 15,500 | 16,801 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/23 | 9,560 | 11,135 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/23 | 1,070 | 1,279 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/29 | 2,555 | 2,944 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/30 | 2,800 | 3,219 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/23 | 2,220 | 2,672 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/23 | 4,070 | 4,898 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/24 | 2,335 | 2,780 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/24 | 4,270 | 5,084 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/25 | 2,450 | 2,894 |
| San Francisco CA City & County (Earthquake | ||||
| Safety & Emergency Response) GO | 5.000% | 6/15/25 | 4,485 | 5,298 |
| San Francisco CA City & County (Laguna Honda | ||||
| Hospital) GO | 5.000% | 6/15/15 (Prere.) | 12,355 | 12,381 |
| San Francisco CA City & County GO | 5.000% | 6/15/21 | 7,450 | 8,882 |
| San Francisco CA City & County GO | 5.000% | 6/15/22 | 2,595 | 3,151 |
| San Francisco CA City & County GO | 5.000% | 6/15/23 | 4,000 | 4,837 |
| San Francisco CA City & County GO | 5.000% | 6/15/26 | 3,995 | 4,747 |
| San Francisco CA City & County GO | 5.000% | 6/15/27 | 5,785 | 6,839 |
| San Francisco CA City & County GO | 4.000% | 6/15/28 | 4,190 | 4,560 |
| San Francisco CA City & County GO | 4.000% | 6/15/29 | 4,545 | 4,898 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/18 (4) | 1,000 | 1,116 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.250% | 5/1/20 (14) | 5,000 | 5,876 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/21 | 5,000 | 5,793 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/22 | 5,000 | 5,759 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/24 (14) | 10,000 | 10,415 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/25 (14) | 2,000 | 2,083 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.250% | 5/1/26 | 22,000 | 24,507 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/27 (14) | 13,075 | 13,632 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/28 | 2,855 | 3,322 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/28 | 7,500 | 8,870 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 4.900% | 5/1/29 | 8,625 | 9,789 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/30 | 5,940 | 6,688 |
84
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/31 | 840 | 941 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.080% | 6/5/15 LOC | 25,000 | 25,000 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Wastewater Revenue | 5.000% | 10/1/30 | 13,170 | 15,108 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 5/1/16 (Prere.) | 500 | 522 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 3.000% | 11/1/18 | 1,400 | 1,488 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/19 | 1,000 | 1,158 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/19 (Prere.) | 440 | 511 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/20 | 2,000 | 2,361 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/21 | 1,100 | 1,314 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/22 | 900 | 1,088 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/23 | 4,175 | 5,102 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/24 | 4,500 | 5,510 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/25 | 6,000 | 7,342 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/26 | 10,590 | 12,781 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/26 | 2,555 | 2,933 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/27 | 7,755 | 9,276 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/27 | 1,000 | 1,182 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/28 | 10,235 | 11,848 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/28 | 5,355 | 6,349 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/28 | 1,000 | 1,148 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 2,960 | 3,398 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 6,530 | 7,503 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 12,685 | 14,943 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 10,000 | 11,479 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 11,000 | 12,938 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/30 | 2,705 | 3,092 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/30 | 10,335 | 11,943 |
85
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/31 | 14,015 | 16,007 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 11,000 | 12,865 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,000 | 1,148 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 5,730 | 6,541 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/33 | 9,000 | 10,214 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 5,000 | 5,658 |
| 3 San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue TOB VRDO | 0.110% | 6/5/15 | 2,700 | 2,700 |
| San Francisco CA City & County Redevelopment | ||||
| Agency Community Facilities District No. 7 | ||||
| Special Tax Revenue (Hunters Point Shipyard | ||||
| Improvements) | 5.000% | 8/1/30 | 525 | 578 |
| San Francisco CA City & County Redevelopment | ||||
| Agency Community Facilities District No. 7 | ||||
| Special Tax Revenue (Hunters Point Shipyard | ||||
| Improvements) | 5.000% | 8/1/33 | 680 | 735 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/17 | 100 | 108 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/19 | 220 | 247 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/20 | 130 | 148 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/21 | 160 | 183 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/22 | 125 | 143 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/23 | 120 | 138 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/24 | 135 | 156 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/25 | 240 | 276 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/27 | 140 | 158 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/29 | 460 | 513 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/31 | 400 | 445 |
86
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/32 | 525 | 582 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/34 | 225 | 247 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/15 | 1,200 | 1,203 |
| San Francisco CA City & County Unified School | ||||
| District GO | 4.000% | 6/15/30 | 2,470 | 2,557 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/31 | 7,965 | 9,043 |
| San Francisco CA City & County Unified School | ||||
| District GO | 4.000% | 6/15/32 | 5,300 | 5,467 |
| San Francisco CA Community College District GO | 3.000% | 6/15/16 | 9,575 | 9,839 |
| San Francisco CA Community College District GO | 3.000% | 6/15/17 | 11,380 | 11,891 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/27 | 1,425 | 1,653 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/29 | 1,585 | 1,819 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/32 | 2,170 | 2,457 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/33 | 3,025 | 3,414 |
| San Francisco CA Municipal Transportation | ||||
| Agency Revenue | 5.000% | 3/1/34 | 1,640 | 1,866 |
| San Joaquin County CA Delta Community College | ||||
| District Election GO | 0.000% | 8/1/26 (4) | 15,500 | 9,407 |
| San Joaquin County CA Delta Community College | ||||
| District Election GO | 0.000% | 8/1/27 (4) | 15,500 | 8,846 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 5.000% | 1/15/16 | 11,000 | 11,296 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 5.000% | 1/15/17 | 1,500 | 1,603 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/1/23 (ETM) | 16,000 | 13,634 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 7,000 | 4,987 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/1/25 (ETM) | 14,750 | 11,667 |
| San Jose CA Airport Revenue | 5.000% | 3/1/24 (2) | 2,035 | 2,119 |
| San Jose CA Airport Revenue | 5.000% | 3/1/25 (2) | 3,385 | 3,518 |
| San Jose CA Airport Revenue | 5.000% | 3/1/26 (2) | 3,850 | 4,051 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/19 (14) | 1,150 | 1,177 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/20 (2) | 8,000 | 8,638 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 | 1,270 | 1,432 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 (2) | 2,495 | 2,694 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/22 (2) | 5,100 | 5,479 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 4.250% | 8/1/23 (10) | 50 | 51 |
87
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/23 | 1,140 | 1,256 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/24 (14) | 16,360 | 17,620 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/25 (14) | 11,505 | 12,391 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.125% | 8/1/25 | 570 | 624 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.250% | 8/1/26 | 800 | 879 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.375% | 8/1/29 | 1,355 | 1,492 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 5.000% | 8/1/15 (14) | 3,220 | 3,244 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 5.000% | 8/1/16 (2) | 1,000 | 1,046 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 5.000% | 8/1/17 (14) | 600 | 605 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Merged Area | ||||
| Redevelopment Project) | 4.500% | 8/1/21 (2) | 1,000 | 1,061 |
| San Jose CA Special Hotel Tax Revenue | ||||
| (Convention Center Expansion & | ||||
| Renovation Project) | 6.125% | 5/1/31 | 5,000 | 5,945 |
| San Jose CA Unified School District Santa Clara | ||||
| County GO | 5.000% | 8/1/19 | 1,000 | 1,151 |
| San Jose CA Unified School District Santa Clara | ||||
| County GO | 5.000% | 8/1/20 | 1,000 | 1,175 |
| 3 San Jose CA Unified School District Santa Clara | ||||
| County GO TOB VRDO | 0.150% | 6/5/15 | 3,600 | 3,600 |
| San Juan CA Unified School District GO | 1.000% | 8/1/15 | 4,500 | 4,506 |
| San Juan CA Unified School District GO | 0.000% | 8/1/25 (4) | 10,000 | 7,366 |
| San Juan CA Unified School District GO | 0.000% | 8/1/26 (4) | 12,215 | 8,578 |
| San Luis & Delta Mendota CA Water Authority | ||||
| Revenue | 5.000% | 3/1/24 (15) | 855 | 980 |
| San Luis & Delta Mendota CA Water Authority | ||||
| Revenue | 5.000% | 3/1/25 (15) | 970 | 1,103 |
| San Luis & Delta Mendota CA Water Authority | ||||
| Revenue | 5.000% | 3/1/26 (15) | 500 | 561 |
| San Luis & Delta Mendota CA Water Authority | ||||
| Revenue | 5.000% | 3/1/27 (15) | 1,070 | 1,197 |
| San Luis & Delta Mendota CA Water Authority | ||||
| Revenue | 5.000% | 3/1/28 (15) | 600 | 669 |
| San Luis & Delta Mendota CA Water Authority | ||||
| Revenue | 5.000% | 3/1/33 (15) | 2,790 | 3,100 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/25 | 2,300 | 1,684 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/30 | 2,000 | 1,095 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/31 | 2,000 | 1,021 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/32 | 2,500 | 1,216 |
| San Mateo CA Union High School District GO | 0.000% | 9/1/24 | 5,390 | 4,077 |
| San Mateo CA Union High School District GO | 5.000% | 9/1/30 | 2,600 | 3,027 |
| San Mateo CA Union High School District GO | 5.000% | 9/1/31 | 1,440 | 1,671 |
88
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Mateo CA Union High School District GO | 4.000% | 9/1/32 | 3,155 | 3,304 |
| San Mateo County CA Community College | ||||
| District GO | 5.000% | 9/1/16 (Prere.) | 3,170 | 3,354 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/21 (14) | 4,645 | 4,085 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/22 (14) | 5,675 | 4,806 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/24 (14) | 2,825 | 2,189 |
| San Mateo County CA Community College | ||||
| District GO | 0.000% | 9/1/25 (14) | 4,000 | 2,989 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Maple Street | ||||
| Correctional Center) | 5.000% | 6/15/23 | 1,000 | 1,214 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Youth Services | ||||
| Campus) | 4.625% | 7/15/25 | 2,455 | 2,683 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Youth Services | ||||
| Campus) | 5.250% | 7/15/28 | 2,000 | 2,219 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 4.000% | 6/1/20 | 770 | 866 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 5.000% | 6/1/20 | 750 | 880 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 5.000% | 6/1/21 | 1,000 | 1,190 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 4.000% | 6/1/22 | 600 | 683 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 5.000% | 6/1/22 | 750 | 902 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 4.000% | 6/1/23 | 1,520 | 1,741 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 5.000% | 6/1/23 | 840 | 1,025 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 4.000% | 6/1/24 | 750 | 859 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 5.000% | 6/1/24 | 1,200 | 1,474 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 5.000% | 6/1/25 | 1,200 | 1,485 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 5.000% | 6/1/27 | 2,000 | 2,443 |
| San Mateo County CA Transportation Authority | ||||
| Revenue | 5.000% | 6/1/28 | 2,500 | 3,024 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 4.000% | 6/15/18 (4) | 925 | 1,001 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/22 (4) | 1,000 | 1,184 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/23 (4) | 1,200 | 1,433 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/24 (4) | 1,375 | 1,655 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/25 (4) | 825 | 976 |
89
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/27 (4) | 1,770 | 2,050 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/28 (4) | 1,860 | 2,131 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/30 (4) | 2,275 | 2,573 |
| San Ramon Valley CA Unified School District GO | 4.000% | 8/1/32 | 2,000 | 2,094 |
| Santa Ana CA Community Redevelopment Agency | ||||
| Tax Allocation Revenue (South Main Street) | 5.000% | 9/1/18 (14) | 2,685 | 2,692 |
| Santa Ana CA Unified School District GO | 0.000% | 8/1/31 (14) | 3,775 | 1,952 |
| Santa Clara CA Electric Revenue | 5.000% | 7/1/30 | 1,000 | 1,102 |
| Santa Clara CA Electric Revenue | 5.250% | 7/1/32 | 2,500 | 2,784 |
| 2 Santa Clara CA Unified School District GO | 5.000% | 7/1/21 | 2,290 | 2,728 |
| 2 Santa Clara CA Unified School District GO | 5.000% | 7/1/22 | 2,060 | 2,488 |
| 2 Santa Clara CA Unified School District GO | 5.000% | 7/1/23 | 2,185 | 2,668 |
| 2 Santa Clara CA Unified School District GO | 5.000% | 7/1/25 | 3,120 | 3,796 |
| 2 Santa Clara CA Unified School District GO | 5.000% | 7/1/25 | 3,595 | 4,374 |
| 2 Santa Clara CA Unified School District GO | 5.000% | 7/1/26 | 1,520 | 1,822 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/28 | 3,775 | 4,224 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/29 | 4,115 | 4,570 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/30 | 4,405 | 4,875 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/31 | 4,715 | 5,206 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 11/15/17 | 11,540 | 12,674 |
| 2 Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/20 | 4,140 | 4,796 |
| 2 Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/21 | 5,770 | 6,770 |
| 2 Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/22 | 6,060 | 7,194 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.000% | 5/15/28 | 10,000 | 11,003 |
| Santa Clara County CA Financing Authority Lease | ||||
| Revenue (Multiple Facilities Projects) | 5.250% | 5/15/36 | 6,000 | 6,586 |
| 2 Santa Clara County CA Financing Authority Lease | ||||
| Revenue (VMC Facility Replacement Project) | ||||
| VRDO | 0.160% | 6/5/15 | 17,500 | 17,500 |
| Santa Clara County CA GO | 5.000% | 8/1/28 | 8,830 | 10,513 |
| Santa Clara Valley CA Transportation Authority | ||||
| Sales Tax Revenue | 5.000% | 4/1/17 (Prere.) | 4,000 | 4,310 |
| Santa Clarita CA Community College District GO | 0.000% | 8/1/29 (4) | 2,480 | 1,463 |
| Santa Clarita CA Community College District GO | 5.000% | 8/1/32 | 5,450 | 6,175 |
| Santa Monica CA Community College District GO | 0.000% | 8/1/24 | 4,500 | 3,481 |
| Santa Monica CA Community College District GO | 0.000% | 8/1/26 | 11,025 | 7,845 |
| Santa Monica CA Community College District GO | 4.000% | 8/1/30 | 2,000 | 2,133 |
| Santa Monica CA Community College District GO | 4.000% | 8/1/32 | 2,565 | 2,698 |
| Santa Monica CA Community College District GO | 4.000% | 8/1/33 | 3,510 | 3,672 |
| Santa Rosa CA Elementary School District GO | 3.000% | 5/1/16 | 715 | 733 |
| Santa Rosa CA High School District GO | 3.000% | 5/1/16 | 2,760 | 2,829 |
| Santa Rosa CA High School District GO | 3.000% | 5/1/17 | 1,110 | 1,158 |
| Santa Rosa CA High School District GO | 4.000% | 5/1/18 | 2,230 | 2,413 |
| Santa Rosa CA High School District GO | 5.000% | 5/1/19 | 2,040 | 2,325 |
| Santa Rosa CA High School District GO | 5.000% | 5/1/20 | 1,150 | 1,338 |
| Santa Rosa CA Wastewater Revenue | 0.000% | 9/1/28 (4) | 11,095 | 6,807 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/29 | 2,870 | 3,300 |
90
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/30 | 3,055 | 3,496 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/33 | 1,425 | 1,611 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 2.000% | 10/1/15 | 3,110 | 3,129 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 3.000% | 10/1/16 | 1,860 | 1,919 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 3.000% | 10/1/17 | 1,915 | 1,999 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 4.000% | 10/1/18 | 1,960 | 2,116 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/19 | 2,040 | 2,315 |
| Signal Hill CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/20 (15) | 2,120 | 2,464 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/26 (4) | 3,030 | 2,084 |
| Simi Valley CA Unified School District GO | 0.000% | 8/1/27 (4) | 2,900 | 1,866 |
| Solana Beach CA School District Special Tax | ||||
| Revenue | 5.000% | 9/1/29 | 2,125 | 2,339 |
| Solana Beach CA School District Special Tax | ||||
| Revenue | 5.000% | 9/1/32 | 2,665 | 2,899 |
| Solano County CA COP | 5.000% | 11/1/17 (14) | 4,110 | 4,496 |
| Solano County CA COP | 5.000% | 11/1/18 (14) | 3,810 | 4,174 |
| Solano County CA COP | 5.000% | 11/1/19 (14) | 3,995 | 4,374 |
| Solano County CA COP | 5.000% | 11/1/20 (14) | 4,195 | 4,593 |
| Solano County CA COP | 5.000% | 11/1/21 (14) | 4,405 | 4,807 |
| Sonoma County CA Sales Tax Revenue | 5.000% | 9/1/27 (14) | 6,365 | 6,937 |
| South Orange County CA Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 8/15/23 | 1,000 | 1,161 |
| South Orange County CA Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 8/15/25 | 1,250 | 1,449 |
| South San Francisco CA Redevelopment | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/31 (14) | 9,255 | 9,434 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/25 | 6,735 | 8,169 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/27 | 5,645 | 6,706 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/28 | 10,000 | 11,523 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/29 | 5,000 | 5,762 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/30 | 10,750 | 12,373 |
| Southern California Public Power Authority | ||||
| Revenue (Apex Power Project) | 5.000% | 7/1/33 | 5,500 | 6,313 |
| Southern California Public Power Authority | ||||
| Revenue (Canyon Power Project) | 5.000% | 7/1/23 | 4,175 | 4,801 |
| Southern California Public Power Authority | ||||
| Revenue (Canyon Power Project) | 5.250% | 7/1/27 | 6,950 | 8,011 |
| Southern California Public Power Authority | ||||
| Revenue (Linden Wind Energy Project) | 5.000% | 7/1/28 | 3,500 | 4,033 |
| Southern California Public Power Authority | ||||
| Revenue (Linden Wind Energy Project) | 5.000% | 7/1/29 | 2,500 | 2,881 |
| Southern California Public Power Authority | ||||
| Revenue (Linden Wind Energy Project) | 5.000% | 7/1/30 | 2,500 | 2,878 |
91
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/28 | 5,000 | 5,709 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/29 | 5,000 | 5,709 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/16 | 550 | 578 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/18 | 1,040 | 1,154 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/23 | 5,270 | 6,113 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/24 | 5,000 | 5,837 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/25 | 7,000 | 8,142 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.250% | 11/1/26 | 3,500 | 4,083 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/28 | 2,000 | 2,284 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/33 | 4,130 | 4,705 |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) | 5.000% | 7/1/23 | 5,000 | 5,641 |
| St. Helena CA Unified School District GO | 0.000% | 8/1/27 | 4,550 | 3,487 |
| State Center California Community College | ||||
| District GO | 5.000% | 8/1/17 (Prere.) | 5,880 | 6,417 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/22 (15) | 1,000 | 1,182 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/23 (15) | 1,000 | 1,191 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/24 (15) | 1,000 | 1,199 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/25 (15) | 1,250 | 1,480 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/26 (15) | 1,375 | 1,602 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/27 (15) | 1,250 | 1,445 |
| Stockton CA Public Financing Authority | ||||
| Water Revenue (Delta Water Supply Project) | 6.125% | 10/1/35 | 1,000 | 1,199 |
| Stockton CA Unified School District GO | 5.000% | 7/1/23 (4) | 1,110 | 1,300 |
| Stockton CA Unified School District GO | 5.000% | 8/1/28 (15) | 1,000 | 1,153 |
| Stockton CA Unified School District GO | 5.000% | 8/1/29 (15) | 600 | 689 |
| Stockton CA Unified School District GO | 4.000% | 8/1/30 (4) | 1,960 | 2,061 |
| Stockton CA Unified School District GO | 5.000% | 8/1/30 (15) | 1,555 | 1,772 |
| Stockton CA Unified School District GO | 5.000% | 8/1/31 (15) | 1,875 | 2,121 |
| Stockton CA Unified School District GO | 5.000% | 8/1/32 (15) | 2,060 | 2,319 |
| Stockton CA Unified School District GO | 5.000% | 8/1/33 (15) | 2,250 | 2,533 |
| Stockton CA Unified School District GO | 5.000% | 8/1/34 (15) | 2,105 | 2,368 |
| Suisun City CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/23 (15) | 1,015 | 1,210 |
| Suisun City CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/25 (15) | 1,000 | 1,184 |
| Suisun City CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/26 (15) | 1,200 | 1,401 |
92
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Suisun City CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/27 (15) | 1,245 | 1,440 |
| Suisun City CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/28 (15) | 1,280 | 1,466 |
| Suisun City CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/29 (15) | 2,255 | 2,573 |
| Suisun City CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 10/1/30 (15) | 1,000 | 1,132 |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/23 (15) | 1,000 | 1,202 |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/24 (15) | 1,000 | 1,212 |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/27 (15) | 7,000 | 8,167 |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/28 (15) | 8,000 | 9,226 |
| 3 Sweetwater CA Unified School District GO | ||||
| TOB VRDO | 0.120% | 6/5/15 (13) | 3,300 | 3,300 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/32 | 2,000 | 1,740 |
| Tulare County CA COP | 5.000% | 8/15/15 (14) | 6,460 | 6,520 |
| Tuolumne CA Wind Project Authority Revenue | 5.250% | 1/1/24 | 5,115 | 5,767 |
| Tuolumne CA Wind Project Authority Revenue | 5.625% | 1/1/29 | 2,100 | 2,402 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/21 | 3,805 | 4,325 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/22 | 5,415 | 6,167 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/28 | 7,020 | 8,028 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/29 | 6,400 | 7,195 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/30 | 7,770 | 8,732 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 2.000% | 9/1/15 | 1,500 | 1,505 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/22 | 1,390 | 1,617 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/23 | 750 | 878 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/24 | 760 | 891 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/25 | 1,460 | 1,723 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/26 | 2,300 | 2,674 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/27 | 3,915 | 4,511 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/28 | 3,000 | 3,422 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/29 | 3,640 | 4,117 |
| 2 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/30 | 3,500 | 3,936 |
| Union CA Elementary School District GO | 2.000% | 9/1/15 | 1,675 | 1,683 |
| Union CA Elementary School District GO | 2.000% | 9/1/16 | 2,150 | 2,194 |
| University of California Regents Medical Center | ||||
| Pooled Revenue VRDO | 0.050% | 6/1/15 | 6,015 | 6,015 |
| University of California Regents Medical Center | ||||
| Pooled Revenue VRDO | 0.080% | 6/1/15 | 3,185 | 3,185 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/19 (14) | 5,075 | 5,146 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/20 (14) | 5,065 | 5,136 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/25 | 19,385 | 20,405 |
93
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/26 | 10,095 | 10,623 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/32 | 14,940 | 16,951 |
| University of California Regents Medical Center | ||||
| Revenue | 5.000% | 5/15/33 | 5,000 | 5,647 |
| University of California Revenue | 5.000% | 5/15/16 (Prere.) | 10,000 | 10,541 |
| University of California Revenue | 5.000% | 5/15/17 | 4,000 | 4,342 |
| University of California Revenue | 5.000% | 5/15/18 | 3,000 | 3,350 |
| University of California Revenue | 5.000% | 5/15/19 | 5,250 | 6,018 |
| University of California Revenue | 5.000% | 5/15/19 | 15,815 | 18,129 |
| University of California Revenue | 5.750% | 5/15/19 (Prere.) | 3,000 | 3,531 |
| University of California Revenue | 5.000% | 5/15/20 | 8,250 | 9,656 |
| University of California Revenue | 5.000% | 5/15/20 | 4,360 | 5,112 |
| University of California Revenue | 5.000% | 5/15/21 | 3,000 | 3,566 |
| University of California Revenue | 5.000% | 5/15/22 | 5,420 | 6,431 |
| University of California Revenue | 5.000% | 5/15/22 | 9,000 | 10,805 |
| University of California Revenue | 5.000% | 5/15/22 | 3,500 | 4,197 |
| University of California Revenue | 5.000% | 5/15/23 | 1,865 | 2,274 |
| University of California Revenue | 5.000% | 5/15/24 | 5,000 | 6,135 |
| University of California Revenue | 5.000% | 5/15/25 | 9,030 | 11,109 |
| University of California Revenue | 5.000% | 5/15/25 | 2,400 | 2,969 |
| University of California Revenue | 5.000% | 5/15/27 | 10,900 | 12,646 |
| University of California Revenue | 5.000% | 5/15/27 | 7,000 | 8,437 |
| University of California Revenue | 5.000% | 5/15/28 | 11,680 | 13,471 |
| University of California Revenue | 5.000% | 5/15/28 | 9,075 | 10,833 |
| University of California Revenue | 5.000% | 5/15/28 | 7,080 | 8,431 |
| University of California Revenue | 5.000% | 5/15/32 | 14,020 | 15,968 |
| University of California Revenue | 5.250% | 5/15/32 | 5,000 | 5,917 |
| University of California Revenue | 5.000% | 5/15/33 | 10,110 | 11,525 |
| University of California Revenue | 5.000% | 5/15/33 | 15,240 | 17,373 |
| University of California Revenue | 5.000% | 5/15/34 | 15,900 | 18,065 |
| University of California Revenue PUT | 5.000% | 5/15/23 | 40,000 | 48,405 |
| 3 University of California Revenue TOB VRDO | 0.100% | 6/1/15 | 9,650 | 9,650 |
| University of California Revenue VRDO | 0.080% | 6/5/15 | 31,200 | 31,200 |
| Upland CA Community Facilities District No. | ||||
| 2003-2 Improvement Area No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/31 | 1,110 | 1,220 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/22 | 600 | 702 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/23 | 575 | 673 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/24 | 1,325 | 1,549 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/25 | 1,390 | 1,613 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/26 | 1,460 | 1,673 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/27 | 1,200 | 1,357 |
| Vacaville CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/28 | 1,200 | 1,347 |
| Ventura County CA Community College District GO | 5.000% | 8/1/24 | 1,210 | 1,448 |
| Ventura County CA Community College District GO | 5.000% | 8/1/25 | 1,915 | 2,285 |
| Ventura County CA Community College District GO | 5.000% | 8/1/27 | 2,205 | 2,614 |
94
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Ventura County CA Community College District GO | 0.000% | 8/1/28 | 15,000 | 9,387 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/24 | 1,200 | 1,418 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/29 | 1,000 | 1,137 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/32 | 2,000 | 2,252 |
| Ventura County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/33 | 1,250 | 1,405 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/18 (4) | 400 | 447 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/19 (4) | 300 | 342 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/20 (4) | 275 | 318 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/21 (4) | 265 | 310 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/22 (4) | 335 | 396 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/23 (4) | 400 | 477 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/24 (4) | 585 | 702 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/26 (4) | 700 | 829 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/27 (4) | 1,410 | 1,651 |
| Vista CA Unified School District GO | 5.000% | 8/1/24 | 5,000 | 5,929 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/30 | 2,000 | 2,236 |
| Washington Township CA Health Care District | ||||
| Revenue | 6.000% | 7/1/29 | 1,000 | 1,132 |
| West Basin CA Municipal Water District Revenue | 4.000% | 8/1/15 | 4,810 | 4,842 |
| West Basin CA Municipal Water District Revenue | 5.000% | 8/1/22 | 2,000 | 2,390 |
| West Contra Costa CA Unified School District GO | 4.000% | 8/1/17 | 850 | 907 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/18 | 1,000 | 1,114 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/20 | 250 | 290 |
| West Contra Costa CA Unified School District GO | 6.000% | 8/1/26 | 5,000 | 6,538 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/30 | 3,425 | 3,909 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/31 | 5,690 | 6,440 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/32 | 5,560 | 6,270 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/32 | 1,825 | 2,068 |
| West Contra Costa CA Unified School District GO | 0.000% | 8/1/33 (12) | 2,650 | 1,232 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/33 | 3,265 | 3,679 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/33 | 915 | 1,037 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/33 | 1,020 | 1,156 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/34 | 2,010 | 2,272 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/34 | 1,070 | 1,209 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/35 | 1,400 | 1,581 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/35 | 1,000 | 1,126 |
| West Valley-Mission Community College | ||||
| District GO | 5.000% | 8/1/16 (Prere.) | 1,120 | 1,181 |
| West Valley-Mission Community College | ||||
| District GO | 5.000% | 8/1/30 (4) | 215 | 226 |
| Westlands CA Water District Revenue | 5.000% | 9/1/21 (4) | 750 | 876 |
| Westlands CA Water District Revenue | 5.000% | 9/1/22 (4) | 750 | 887 |
95
California Intermediate-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Westlands CA Water District Revenue | 5.000% | 9/1/24 (4) | 1,000 | 1,177 |
| Westlands CA Water District Revenue | 5.000% | 9/1/25 (4) | 1,250 | 1,461 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/25 | 1,735 | 2,039 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/26 | 1,085 | 1,260 |
| William S. Hart Union High School District | ||||
| California GO | 5.000% | 9/1/27 | 1,500 | 1,732 |
| William S. Hart Union High School District | ||||
| California GO | 0.000% | 8/1/34 (4) | 3,880 | 1,739 |
| Yucaipa Valley CA Water District Water System | ||||
| Revenue | 5.000% | 9/1/18 | 500 | 559 |
| Yucaipa Valley CA Water District Water System | ||||
| Revenue | 5.000% | 9/1/19 | 1,020 | 1,167 |
| 9,746,940 | ||||
| Guam (0.1%) | ||||
| Guam Government Waterworks Authority Water | ||||
| & Waste Water System Revenue | 5.000% | 7/1/20 | 540 | 608 |
| Guam Government Waterworks Authority Water | ||||
| & Waste Water System Revenue | 5.000% | 7/1/28 | 1,250 | 1,384 |
| Guam Government Waterworks Authority Water | ||||
| & Waste Water System Revenue | 5.250% | 7/1/33 | 4,000 | 4,460 |
| Guam Government Waterworks Authority Water | ||||
| & Waste Water System Revenue | 5.000% | 7/1/35 | 500 | 549 |
| Guam Power Authority Revenue | 5.000% | 10/1/22 | 1,125 | 1,290 |
| Guam Power Authority Revenue | 5.000% | 10/1/26 | 1,810 | 2,048 |
| Guam Power Authority Revenue | 5.000% | 10/1/30 | 1,470 | 1,614 |
| 11,953 | ||||
| Virgin Islands (0.1%) | ||||
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/15 | 1,775 | 1,799 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/16 | 1,500 | 1,575 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/17 | 1,500 | 1,614 |
| 4,988 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $9,338,954) | 9,763,881 | |||
| Other Assets and Liabilities (-2.2%) | ||||
| Other Assets | 109,542 | |||
| Liabilities | (316,489) | |||
| (206,947) | ||||
| Net Assets (100%) | 9,556,934 | |||
96
California Intermediate-Term Tax-Exempt Fund
| At May 31, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 9,209,595 |
| Undistributed Net Investment Income | 71 |
| Accumulated Net Realized Losses | (77,659) |
| Unrealized Appreciation (Depreciation) | 424,927 |
| Net Assets | 9,556,934 |
| Investor Shares—Net Assets | |
| Applicable to 136,116,837 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,591,746 |
| Net Asset Value Per Share—Investor Shares | $11.69 |
| Admiral Shares—Net Assets | |
| Applicable to 681,136,095 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 7,965,188 |
| Net Asset Value Per Share—Admiral Shares | $11.69 |
• See Note A in Notes to Financial Statements.
1 Adjustable-rate security.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2015.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt
from registration, normally to qualified institutional buyers. At May 31, 2015, the aggregate value of these securities was $129,439,000,
representing 1.4% of net assets.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
97
California Intermediate-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
98
California Intermediate-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 139,308 |
| Total Income | 139,308 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 436 |
| Management and Administrative—Investor Shares | 1,145 |
| Management and Administrative—Admiral Shares | 3,177 |
| Marketing and Distribution—Investor Shares | 176 |
| Marketing and Distribution—Admiral Shares | 694 |
| Custodian Fees | 49 |
| Shareholders’ Reports—Investor Shares | 14 |
| Shareholders’ Reports—Admiral Shares | 16 |
| Trustees’ Fees and Expenses | 3 |
| Total Expenses | 5,710 |
| Net Investment Income | 133,598 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 13,303 |
| Futures Contracts | (333) |
| Realized Net Gain (Loss) | 12,970 |
| Change in Unrealized Appreciation (Depreciation) of Investment Securities | (87,248) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 59,320 |
See accompanying Notes, which are an integral part of the Financial Statements.
99
California Intermediate-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2015 | 2014 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 133,598 | 240,217 |
| Realized Net Gain (Loss) | 12,970 | 5,677 |
| Change in Unrealized Appreciation (Depreciation) | (87,248) | 287,151 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 59,320 | 533,045 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (21,770) | (39,981) |
| Admiral Shares | (111,757) | (200,236) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (133,527) | (240,217) |
| Capital Share Transactions | ||
| Investor Shares | 159,710 | 167,749 |
| Admiral Shares | 787,523 | 1,344,420 |
| Net Increase (Decrease) from Capital Share Transactions | 947,233 | 1,512,169 |
| Total Increase (Decrease) | 873,026 | 1,804,997 |
| Net Assets | ||
| Beginning of Period | 8,683,908 | 6,878,911 |
| End of Period1 | 9,556,934 | 8,683,908 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $71,000 and $0. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
100
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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $11.78 | $11.32 | $11.92 | $11.18 | $10.93 | $10.86 |
| Investment Operations | ||||||
| Net Investment Income | .168 | .355 | .373 | .379 | .408 | .408 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (.090) | .460 | (.600) | .740 | .250 | .070 |
| Total from Investment Operations | .078 | .815 | (.227) | 1.119 | .658 | .478 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.168) | (. 355) | (. 373) | (. 379) | (. 408) | (. 408) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.168) | (. 355) | (. 373) | (. 379) | (. 408) | (. 408) |
| Net Asset Value, End of Period | $11.69 | $11.78 | $11.32 | $11.92 | $11.18 | $10.93 |
| Total Return1 | 0.65% | 7.29% | -1.91% | 10.14% | 6.17% | 4.43% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $1,592 | $1,444 | $1,227 | $1,375 | $1,193 | $1,314 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 2.84% | 3.06% | 3.24% | 3.26% | 3.73% | 3.70% |
| Portfolio Turnover Rate | 19% | 11% | 12% | 9% | 13% | 10% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
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California Intermediate-Term Tax-Exempt Fund
Financial Highlights
| Admiral Shares | ||||||
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $11.78 | $11.32 | $11.92 | $11.18 | $10.93 | $10.86 |
| Investment Operations | ||||||
| Net Investment Income | .172 | .364 | .382 | .388 | .417 | .417 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (.090) | .460 | (.600) | .740 | .250 | .070 |
| Total from Investment Operations | .082 | .824 | (.218) | 1.128 | .667 | .487 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.172) | (. 364) | (. 382) | (. 388) | (. 417) | (. 417) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.172) | (. 364) | (. 382) | (. 388) | (. 417) | (. 417) |
| Net Asset Value, End of Period | $11.69 | $11.78 | $11.32 | $11.92 | $11.18 | $10.93 |
| Total Return1 | 0.69% | 7.37% | -1.83% | 10.23% | 6.26% | 4.52% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $7,965 | $7,240 | $5,652 | $5,507 | $4,375 | $4,159 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 2.92% | 3.14% | 3.32% | 3.34% | 3.81% | 3.78% |
| Portfolio Turnover Rate | 19% | 11% | 12% | 9% | 13% | 10% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
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California Intermediate-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard California Intermediate-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearing-house, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended May 31, 2015, the fund’s average investments in long and short futures contracts each represented less than 1% of net assets, based on the average of aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at May 31, 2015.
103
California Intermediate-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2011–2014), and for the period ended May 31, 2015, 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. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2015, or at any time during the period then ended.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to invest up to 0.40% of its net assets in Vanguard. At May 31, 2015, the fund had contributed capital of $845,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.34% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
104
California Intermediate-Term Tax-Exempt Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of May 31, 2015, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 9,763,881 | — |
| Futures Contracts—Assets1 | 185 | — | — |
| Total | 185 | 9,763,881 | — |
| 1 Represents variation margin on the last day of the reporting period for recently closed futures contracts. | |||
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, 2014, the fund had available capital losses totaling $87,923,000 to offset future net capital gains of $3,936,000 through November 30, 2015, $38,506,000 through November 30, 2016, $38,406,000 through November 30, 2017, $990,000 through November 30, 2018, and $6,085,000 through November 30, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above
At May 31, 2015, the cost of investment securities for tax purposes was $9,341,660,000. Net unrealized appreciation of investment securities for tax purposes was $422,221,000, consisting of unrealized gains of $439,928,000 on securities that had risen in value since their purchase and $17,707,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended May 31, 2015, the fund purchased $2,034,911,000 of investment securities and sold $836,672,000 of investment securities, other than temporary cash investments.
105
California Intermediate-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
| Six Months Ended | Year Ended | |||
| May 31, 2015 | November 30, 2014 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 332,691 | 28,185 | 514,728 | 44,215 |
| Issued in Lieu of Cash Distributions | 18,985 | 1,608 | 34,470 | 2,963 |
| Redeemed | (191,966) | (16,257) | (381,449) | (32,945) |
| Net Increase (Decrease)—Investor Shares | 159,710 | 13,536 | 167,749 | 14,233 |
| Admiral Shares | ||||
| Issued | 1,190,335 | 100,790 | 2,056,278 | 177,048 |
| Issued in Lieu of Cash Distributions | 84,722 | 7,174 | 150,298 | 12,915 |
| Redeemed | (487,534) | (41,351) | (862,156) | (74,527) |
| Net Increase (Decrease)—Admiral Shares | 787,523 | 66,613 | 1,344,420 | 115,436 |
G. Management has determined that no material events or transactions occurred subsequent to May 31, 2015, that would require recognition or disclosure in these financial statements.
106
California Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2015
| Share-Class Characteristics | ||
| Investor | Admiral | |
| Shares | Shares | |
| Ticker Symbol | VCITX | VCLAX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 2.25% | 2.33% |
| Financial Attributes | |||
| Barclays | |||
| CA Barclays | |||
| Muni | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 668 | 6,639 | 47,633 |
| Yield to Maturity | |||
| (before expenses) | 2.4% | 2.1% | 2.3% |
| Average Coupon | 4.3% | 4.8% | 4.8% |
| Average Duration | 6.5 years | 6.4 years | 6.5 years |
| Average Stated | |||
| Maturity | 16.1 years | 14.0 years | 13.1 years |
| Short-Term | |||
| Reserves | 4.1% | — | — |
| Volatility Measures | ||
| Barclays CA | Barclays | |
| Muni Bond | Municipal | |
| Index | Bond Index | |
| R-Squared | 0.99 | 0.99 |
| Beta | 1.18 | 1.25 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
| Distribution by Stated Maturity | |
| (% of portfolio) | |
| Under 1 Year | 4.1% |
| 1 - 3 Years | 5.9 |
| 3 - 5 Years | 4.3 |
| 5 - 10 Years | 10.9 |
| 10 - 20 Years | 39.1 |
| 20 - 30 Years | 32.3 |
| Over 30 Years | 3.4 |
| Distribution by Credit Quality (% of portfolio) | |
| AAA | 6.2% |
| AA | 68.6 |
| A | 17.3 |
| BBB | 4.9 |
| BB | 0.2 |
| B | 0.4 |
| Not Rated | 2.4 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to
classify securities for which a rating is not available. Not rated securities include a fund's investment in Vanguard Market Liquidity
Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may
serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. For more information about these ratings, see
the Glossary entry for Credit Quality.
1 The expense ratios shown are from the prospectus dated March 26, 2015, and represent estimated costs for the current fiscal year. For the
six months ended May 31, 2015, the annualized expense ratios were 0.19% for Investor Shares and 0.11% for Admiral Shares.
107
California Long-Term Tax-Exempt Fund
Investment Focus
108
California Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): November 30, 2004, Through May 31, 2015
| Barclays CA | ||||
| Muni Bond | ||||
| Investor Shares | Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2005 | 4.54% | -0.32% | 4.22% | 4.59% |
| 2006 | 4.71 | 1.99 | 6.70 | 6.44 |
| 2007 | 4.52 | -3.37 | 1.15 | 2.17 |
| 2008 | 4.13 | -11.08 | -6.95 | -5.18 |
| 2009 | 4.96 | 7.75 | 12.71 | 13.21 |
| 2010 | 4.36 | 0.27 | 4.63 | 5.80 |
| 2011 | 4.51 | 2.09 | 6.60 | 7.49 |
| 2012 | 4.30 | 8.90 | 13.20 | 11.80 |
| 2013 | 3.64 | -7.60 | -3.96 | -2.92 |
| 2014 | 4.07 | 6.72 | 10.79 | 9.32 |
| 2015 | 1.78 | -0.75 | 1.03 | 0.87 |
| Note: For 2015, performance data reflect the six months ended May 31, 2015. | ||||
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| Ten Years | ||||||
| Inception Date | One Year | Five Years | Income | Capital | Total | |
| Investor Shares | 4/7/1986 | 8.40% | 6.10% | 4.34% | 0.45% | 4.79% |
| Admiral Shares | 11/12/2001 | 8.49 | 6.19 | 4.42 | 0.45 | 4.87 |
See Financial Highlights for dividend and capital gains information.
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California Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2015
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (101.1%) | ||||
| California (101.1%) | ||||
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Episcopal Senior | ||||
| Communities) | 5.000% | 7/1/42 | 1,000 | 1,068 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Eskaton Properties Inc. | ||||
| Obligated Group) | 5.000% | 11/15/35 | 3,250 | 3,372 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Jackson Laboratory) | 5.000% | 7/1/37 | 7,565 | 8,367 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 4.000% | 8/1/21 | 500 | 561 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/23 | 650 | 755 |
| ABAG Finance Authority for Nonprofit Corps. | ||||
| California Revenue (Sharp Healthcare) | 5.000% | 8/1/43 | 15,830 | 17,481 |
| Alameda CA Community Improvement Commission | ||||
| Successor Agency Tax Allocation Revenue | 5.000% | 9/1/29 (15) | 1,500 | 1,715 |
| Alameda CA Corridor Transportation Authority | ||||
| Revenue | 0.000% | 10/1/30 (2) | 30,375 | 15,007 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/24 (4) | 3,510 | 2,652 |
| Alameda County CA Unified School District GO | 0.000% | 8/1/29 (4) | 5,000 | 2,921 |
| Bakersfield CA Wastewater Revenue VRDO | 0.090% | 6/5/15 | 2,200 | 2,200 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/18 (Prere.) | 15,050 | 16,744 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/19 (Prere.) | 1,645 | 1,882 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.625% | 4/1/19 (Prere.) | 10,000 | 11,678 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/24 | 5,500 | 6,586 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/25 | 6,250 | 7,449 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 4,000 | 4,528 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 10/1/42 | 5,000 | 5,534 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 4/1/43 | 4,000 | 4,425 |
110
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.250% | 4/1/53 | 2,350 | 2,634 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) | 5.000% | 10/1/54 | 23,000 | 24,918 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.700% | 4/1/20 | 3,500 | 3,488 |
| 1 Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 0.800% | 4/1/21 | 4,000 | 3,988 |
| Bay Area Toll Authority California Toll Bridge | ||||
| Revenue (San Francisco Bay Area) PUT | 2.000% | 4/1/21 | 1,500 | 1,504 |
| Brentwood CA Infrastructure Financing Authority | ||||
| Revenue | 5.000% | 9/2/28 (4) | 2,135 | 2,444 |
| Cabrillo CA Community College District Revenue | 0.000% | 5/1/26 (2) | 9,000 | 5,366 |
| California County CA Tobacco Securitization | ||||
| Agency Revenue | 5.450% | 6/1/28 | 7,500 | 7,287 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/18 (Prere.) | 21,440 | 23,932 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/18 | 8,000 | 8,917 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/20 | 10,000 | 11,700 |
| California Department of Water Resources Power | ||||
| Supply Revenue | 5.000% | 5/1/22 | 8,560 | 9,545 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/18 (Prere.) | 2,810 | 3,188 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/25 | 6,000 | 6,783 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/29 | 6,500 | 7,764 |
| California Department of Water Resources Water | ||||
| System Revenue (Central Valley Project) | 5.000% | 12/1/35 | 4,000 | 4,575 |
| California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 4,655 | 5,217 |
| California Economic Recovery GO | 5.000% | 7/1/18 | 1,345 | 1,514 |
| California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 7,620 | 8,864 |
| California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 4,365 | 5,078 |
| California Economic Recovery GO | 5.000% | 7/1/22 | 5,000 | 5,243 |
| California Educational Facilities Authority Revenue | ||||
| (California Institute of Technology) | 5.000% | 10/1/39 | 7,730 | 8,555 |
| California Educational Facilities Authority Revenue | ||||
| (Claremont McKenna College) | 5.000% | 1/1/42 | 3,940 | 4,378 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts & Crafts) | 6.875% | 6/1/19 | 1,615 | 1,877 |
| California Educational Facilities Authority Revenue | ||||
| (College of Arts) | 5.250% | 6/1/30 | 1,125 | 1,239 |
| California Educational Facilities Authority Revenue | ||||
| (Pepperdine College) | 5.000% | 9/1/33 | 3,000 | 3,397 |
| California Educational Facilities Authority Revenue | ||||
| (Pepperdine College) | 5.000% | 12/1/39 | 2,000 | 2,268 |
| California Educational Facilities Authority Revenue | ||||
| (Stanford University) | 5.000% | 3/15/26 | 5,330 | 6,724 |
| California Educational Facilities Authority Revenue | ||||
| (University of San Francisco) | 6.125% | 10/1/36 | 1,250 | 1,520 |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.000% | 10/1/38 | 3,445 | 3,825 |
111
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Educational Facilities Authority Revenue | ||||
| (University of Southern California) | 5.250% | 10/1/38 | 3,420 | 3,824 |
| California Educational Facilities Authority Revenue | ||||
| (University of the Pacific) | 5.000% | 11/1/25 | 2,000 | 2,038 |
| California GO | 5.000% | 3/1/19 | 1,250 | 1,421 |
| California GO | 6.000% | 4/1/19 | 1,690 | 1,991 |
| California GO | 6.000% | 8/1/19 (3) | 210 | 212 |
| California GO | 5.000% | 10/1/19 | 10,070 | 11,616 |
| California GO | 5.000% | 4/1/20 | 1,460 | 1,663 |
| California GO | 5.000% | 9/1/21 | 11,000 | 13,076 |
| California GO | 5.250% | 9/1/22 | 3,000 | 3,653 |
| California GO | 5.000% | 11/1/22 | 1,000 | 1,100 |
| California GO | 5.250% | 9/1/23 | 10,100 | 12,146 |
| California GO | 5.000% | 11/1/23 | 7,000 | 8,503 |
| California GO | 5.000% | 5/1/24 | 3,000 | 3,649 |
| California GO | 5.000% | 11/1/24 | 6,670 | 8,154 |
| California GO | 5.000% | 3/1/25 | 7,000 | 8,103 |
| California GO | 5.000% | 6/1/26 (14) | 20,000 | 21,573 |
| California GO | 5.000% | 3/1/27 | 10,000 | 11,934 |
| California GO | 5.250% | 10/1/27 | 5,000 | 5,862 |
| California GO | 5.100% | 11/1/27 | 1,475 | 1,740 |
| California GO | 5.000% | 3/1/28 | 10,000 | 11,812 |
| California GO | 5.000% | 9/1/28 | 10,650 | 11,233 |
| California GO | 5.000% | 9/1/28 | 2,500 | 2,800 |
| California GO | 5.000% | 9/1/29 | 5,125 | 5,727 |
| California GO | 5.000% | 10/1/29 | 1,400 | 1,599 |
| California GO | 5.250% | 10/1/29 | 4,700 | 5,416 |
| California GO | 5.250% | 3/1/30 | 10,000 | 11,605 |
| California GO | 4.500% | 8/1/30 | 1,440 | 1,518 |
| California GO | 5.250% | 9/1/30 | 6,000 | 6,916 |
| California GO | 5.750% | 4/1/31 | 15,875 | 18,286 |
| California GO | 5.000% | 10/1/31 | 4,500 | 5,200 |
| California GO | 5.000% | 6/1/32 | 25,000 | 26,830 |
| California GO | 5.000% | 9/1/32 | 1,045 | 1,171 |
| California GO | 5.000% | 10/1/32 | 5,000 | 5,756 |
| California GO | 6.000% | 3/1/33 | 7,000 | 8,483 |
| California GO | 5.125% | 4/1/33 | 8,500 | 9,341 |
| California GO | 6.500% | 4/1/33 | 33,000 | 39,501 |
| California GO | 5.000% | 10/1/33 | 4,000 | 4,591 |
| California GO | 5.250% | 4/1/35 | 5,000 | 5,724 |
| California GO | 6.000% | 11/1/35 | 10,000 | 11,999 |
| California GO | 5.000% | 9/1/36 | 8,500 | 9,577 |
| California GO | 5.000% | 4/1/37 | 5,000 | 5,619 |
| California GO | 5.250% | 3/1/38 | 8,000 | 8,761 |
| California GO | 6.000% | 4/1/38 | 21,190 | 24,881 |
| California GO | 5.250% | 8/1/38 | 10,000 | 11,092 |
| California GO | 5.000% | 10/1/39 | 7,615 | 8,602 |
| California GO | 5.500% | 11/1/39 | 3,690 | 4,266 |
| California GO | 6.000% | 11/1/39 | 2,700 | 3,236 |
| California GO | 5.500% | 3/1/40 | 11,500 | 13,396 |
| California GO | 5.000% | 10/1/41 | 5,000 | 5,570 |
| California GO | 5.000% | 4/1/42 | 2,000 | 2,227 |
| California GO | 5.000% | 9/1/42 | 8,515 | 9,535 |
| California GO | 5.000% | 2/1/43 | 6,265 | 6,963 |
| California GO | 5.000% | 4/1/43 | 6,500 | 7,238 |
112
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California GO | 5.000% | 11/1/43 | 12,425 | 13,928 |
| California GO | 5.000% | 12/1/43 | 5,335 | 5,986 |
| California GO | 5.000% | 5/1/44 | 5,000 | 5,599 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 1,500 | 1,500 |
| California GO VRDO | 0.060% | 6/1/15 LOC | 1,000 | 1,000 |
| California GO VRDO | 0.080% | 6/1/15 LOC | 4,300 | 4,300 |
| California Health Facilities Financing Authority | ||||
| Revenue (Adventist Health System/West) | 5.000% | 3/1/25 | 3,000 | 3,466 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.625% | 7/1/25 | 5,000 | 5,646 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/27 | 2,500 | 2,804 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 6.000% | 7/1/39 | 5,000 | 5,733 |
| California Health Facilities Financing Authority | ||||
| Revenue (Catholic Healthcare West) | 5.250% | 3/1/41 | 9,000 | 9,873 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 11/15/27 | 7,000 | 7,141 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/34 | 2,415 | 2,684 |
| California Health Facilities Financing Authority | ||||
| Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/39 | 4,995 | 5,544 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/29 | 3,500 | 3,728 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 6.500% | 11/1/38 | 3,000 | 3,542 |
| California Health Facilities Financing Authority | ||||
| Revenue (Children’s Hospital of Orange County) | 5.250% | 11/1/41 | 4,025 | 4,456 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/37 | 2,000 | 2,173 |
| California Health Facilities Financing Authority | ||||
| Revenue (Chinese Hospital Association) | 5.000% | 6/1/42 | 5,000 | 5,422 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/35 | 7,750 | 8,545 |
| California Health Facilities Financing Authority | ||||
| Revenue (City of Hope Medical Center) | 5.000% | 11/15/39 | 4,465 | 4,904 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/26 | 2,740 | 3,213 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/27 | 1,840 | 2,128 |
| California Health Facilities Financing Authority | ||||
| Revenue (El Camino Hospital) | 5.000% | 2/1/40 | 6,000 | 6,629 |
| California Health Facilities Financing Authority | ||||
| Revenue (Lucile Salter Packard Children’s | ||||
| Hospitalat Stanford) | 5.000% | 8/15/43 | 5,300 | 5,912 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/29 | 1,000 | 1,131 |
| California Health Facilities Financing Authority | ||||
| Revenue (Marshall Medical Center) | 5.000% | 11/1/33 | 1,100 | 1,222 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/25 | 2,750 | 3,161 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/26 | 5,000 | 5,714 |
| California Health Facilities Financing Authority | ||||
| Revenue (Memorial Health Services) | 5.000% | 10/1/33 | 2,500 | 2,749 |
113
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/34 | 645 | 722 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/39 | 1,600 | 1,781 |
| California Health Facilities Financing Authority | ||||
| Revenue (Northern California Presbyterian | ||||
| Homes & Services) | 5.000% | 7/1/44 | 1,500 | 1,660 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 6.500% | 10/1/18 (Prere.) | 2,000 | 2,357 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/29 | 2,390 | 2,743 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.000% | 10/1/38 | 9,000 | 10,037 |
| California Health Facilities Financing Authority | ||||
| Revenue (Providence Health & Services) | 5.500% | 10/1/39 | 6,500 | 7,438 |
| California Health Facilities Financing Authority | ||||
| Revenue (Rady Children’s Hospital) | 5.500% | 8/15/33 | 3,920 | 4,563 |
| California Health Facilities Financing Authority | ||||
| Revenue (Scripps Health) | 5.000% | 11/15/40 | 8,000 | 8,839 |
| California Health Facilities Financing Authority | ||||
| Revenue (St. Joseph Health System) | 5.750% | 7/1/39 | 7,000 | 8,034 |
| California Health Facilities Financing Authority | ||||
| Revenue (Stanford Hospital) | 5.000% | 8/15/42 | 5,000 | 5,548 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 8/15/22 | 5,000 | 5,642 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.875% | 8/15/31 | 4,000 | 4,734 |
| California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) | 5.250% | 11/15/46 | 10,000 | 10,505 |
| 2 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.110% | 6/5/15 | 6,250 | 6,250 |
| 2 California Health Facilities Financing Authority | ||||
| Revenue (Sutter Health) TOB VRDO | 0.110% | 6/5/15 | 7,185 | 7,185 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Academy of Sciences) VRDO | 0.080% | 6/1/15 LOC | 2,600 | 2,600 |
| 2 California Infrastructure & Economic Development | ||||
| Bank Revenue (Bay Area Toll Bridges Seismic | ||||
| Retrofit) TOB VRDO | 0.100% | 6/1/15 (ETM) | 20,150 | 20,150 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Independent System Operator | ||||
| Corp. Project) | 5.000% | 2/1/39 | 5,000 | 5,522 |
| California Infrastructure & Economic Development | ||||
| Bank Revenue (Science Center Phase II Project) | 5.000% | 5/1/31 (14) | 4,135 | 4,245 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.500% | 2/1/39 | 11,000 | 12,319 |
| California Municipal Finance Authority (Community | ||||
| Hospitals of Central California Obligated Group) | ||||
| COP | 5.250% | 2/1/46 | 3,650 | 3,750 |
| California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.250% | 8/15/39 | 1,200 | 1,303 |
114
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Municipal Finance Authority Mobile | ||||
| Home Park Revenue (Caritas Affordable | ||||
| Housing Inc. Projects) | 5.250% | 8/15/49 | 3,500 | 3,791 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/23 | 1,200 | 1,463 |
| California Municipal Finance Authority Revenue | ||||
| (Anaheim Water System Project Revenue) | 4.000% | 10/1/34 | 4,560 | 4,752 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/35 | 2,000 | 2,156 |
| California Municipal Finance Authority Revenue | ||||
| (Azusa Pacific University) | 5.000% | 4/1/41 | 3,000 | 3,199 |
| California Municipal Finance Authority Revenue | ||||
| (Biola University) | 5.000% | 10/1/38 | 1,255 | 1,343 |
| California Municipal Finance Authority Revenue | ||||
| (Biola University) | 5.000% | 10/1/42 | 2,500 | 2,659 |
| California Municipal Finance Authority Revenue | ||||
| (NorthBay Healthcare Group) | 5.000% | 11/1/35 | 690 | 735 |
| California Municipal Finance Authority Revenue | ||||
| (NorthBay Healthcare Group) | 5.000% | 11/1/44 | 1,800 | 1,901 |
| California Municipal Finance Authority Revenue | ||||
| (University of La Verne) | 5.250% | 6/1/20 | 2,420 | 2,722 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/1/15 LOC | 2,800 | 2,800 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/1/15 LOC | 1,800 | 1,800 |
| California Pollution Control Financing Authority | ||||
| Revenue (Pacific Gas & Electric Co.) VRDO | 0.080% | 6/1/15 LOC | 14,800 | 14,800 |
| California Pollution Control Financing Authority | ||||
| Water Furnishing Revenue (San Diego County | ||||
| Water Authority Desalination Project Pipeline) | 5.000% | 11/21/45 | 1,500 | 1,551 |
| California Public Works Board Lease Revenue | ||||
| (Community Colleges) | 5.000% | 3/1/27 (14) | 2,970 | 3,174 |
| California Public Works Board Lease Revenue | ||||
| (Department of Corrections) | 6.500% | 9/1/17 (ETM) | 12,155 | 13,047 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.000% | 4/1/25 | 6,000 | 7,036 |
| California Public Works Board Lease Revenue | ||||
| (Department of General Services) | 6.250% | 4/1/34 | 8,250 | 9,694 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/29 | 2,500 | 2,834 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/34 | 1,300 | 1,451 |
| California Public Works Board Lease Revenue | ||||
| (Judicial Council Projects) | 5.000% | 3/1/38 | 3,375 | 3,738 |
| California Public Works Board Lease Revenue | ||||
| (Office of Emergency Services) | 5.000% | 3/1/27 (14) | 8,950 | 9,565 |
| California Public Works Board Lease Revenue | ||||
| (Regents of The University of California) | 5.250% | 11/1/15 (Prere.) | 9,045 | 9,226 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 4/1/23 | 4,180 | 4,909 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/23 | 2,000 | 2,367 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 6.250% | 11/1/24 | 5,000 | 6,033 |
115
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/26 | 5,000 | 5,869 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.500% | 11/1/33 | 2,330 | 2,768 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 11/1/37 | 5,000 | 5,566 |
| California Public Works Board Lease Revenue | ||||
| (Various Capital Projects) | 5.000% | 9/1/39 | 3,000 | 3,368 |
| California State University Systemwide Revenue | 5.000% | 11/1/15 (Prere.) | 3,675 | 3,749 |
| California State University Systemwide Revenue | 5.000% | 11/1/24 | 2,000 | 2,353 |
| California State University Systemwide Revenue | 5.750% | 11/1/27 | 4,500 | 5,244 |
| California State University Systemwide Revenue | 5.000% | 11/1/31 | 7,000 | 8,154 |
| California State University Systemwide Revenue | 5.000% | 11/1/32 | 7,000 | 8,123 |
| California State University Systemwide Revenue | 5.250% | 11/1/34 | 5,000 | 5,674 |
| California State University Systemwide Revenue | 5.000% | 11/1/35 (14) | 1,325 | 1,349 |
| California State University Systemwide Revenue | 5.000% | 11/1/37 | 10,000 | 11,001 |
| California State University Systemwide Revenue | 5.000% | 11/1/37 | 3,750 | 4,208 |
| California State University Systemwide Revenue | 5.250% | 11/1/38 | 3,280 | 3,722 |
| California State University Systemwide Revenue | 5.000% | 11/1/42 | 1,355 | 1,491 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.250% | 11/1/44 | 1,000 | 1,015 |
| California Statewide Communities Development | ||||
| Authority Revenue (899 Charleston Project) | 5.375% | 11/1/49 | 2,300 | 2,328 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for Age | ||||
| Research) | 5.000% | 11/15/29 (4) | 940 | 1,076 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for Age | ||||
| Research) | 5.000% | 11/15/44 (4) | 5,500 | 6,099 |
| California Statewide Communities Development | ||||
| Authority Revenue (Buck Institute for Age | ||||
| Research) | 5.000% | 11/15/49 (4) | 1,000 | 1,105 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/39 | 310 | 343 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/40 | 7,200 | 7,889 |
| California Statewide Communities Development | ||||
| Authority Revenue (Cottage Health System | ||||
| Obligated Group) | 5.000% | 11/1/43 | 5,000 | 5,521 |
| California Statewide Communities Development | ||||
| Authority Revenue (Covenant Retirement | ||||
| Communities Inc.) | 5.625% | 12/1/36 | 4,000 | 4,306 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System) | 5.250% | 7/1/30 | 5,000 | 4,523 |
| California Statewide Communities Development | ||||
| Authority Revenue (Daughters of Charity Health | ||||
| System) | 5.250% | 7/1/35 | 1,515 | 1,367 |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities & | ||||
| Services) | 5.000% | 5/15/42 | 2,500 | 2,663 |
116
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| California Statewide Communities Development | ||||
| Authority Revenue (Episcopal Communities & | ||||
| Services) | 5.000% | 5/15/47 | 2,000 | 2,116 |
| California Statewide Communities Development | ||||
| Authority Revenue (Huntington Memorial | ||||
| Hospital) | 5.000% | 7/1/44 | 5,800 | 6,368 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 4.750% | 4/1/33 | 4,185 | 4,415 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.000% | 4/1/42 | 15,425 | 16,880 |
| California Statewide Communities Development | ||||
| Authority Revenue (Kaiser Permanente) | 5.250% | 3/1/45 | 7,590 | 7,789 |
| California Statewide Communities Development | ||||
| Authority Revenue (Loma Linda University | ||||
| Medical Center Obligated Group) | 5.250% | 12/1/34 | 2,500 | 2,706 |
| California Statewide Communities Development | ||||
| Authority Revenue (Loma Linda University | ||||
| Medical Center Obligated Group) | 5.250% | 12/1/44 | 3,000 | 3,218 |
| California Statewide Communities Development | ||||
| Authority Revenue (Loma Linda University | ||||
| Medical Center Obligated Group) | 5.500% | 12/1/54 | 5,000 | 5,432 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.250% | 8/15/31 | 2,500 | 2,870 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/32 | 11,000 | 12,311 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 8/15/38 (2) | 2,900 | 3,051 |
| California Statewide Communities Development | ||||
| Authority Revenue (Sutter Health) | 5.000% | 11/15/38 | 4,250 | 4,556 |
| California Statewide Communities Development | ||||
| Authority Revenue (Trinity Health) | 5.000% | 12/1/41 | 11,000 | 12,148 |
| California Statewide Communities Development | ||||
| Authority Senior Living Revenue (Southern | ||||
| California Presbyterian Homes) | 7.250% | 11/15/41 | 3,000 | 3,508 |
| Centinela Valley CA Union High School District GO | 6.000% | 8/1/36 | 3,000 | 3,658 |
| Cerritos CA Community College District GO | 4.000% | 8/1/33 | 2,135 | 2,196 |
| Cerritos CA Community College District GO | 0.000% | 8/1/34 | 4,000 | 1,815 |
| Cerritos CA Community College District GO | 0.000% | 8/1/35 | 1,730 | 739 |
| Cerritos CA Community College District GO | 5.000% | 8/1/38 | 7,000 | 7,821 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/25 | 5,000 | 5,944 |
| Chabot-Las Positas CA Community College | ||||
| District GO | 5.000% | 8/1/30 | 3,500 | 4,012 |
| Citrus CA Community College District GO | 0.000% | 8/1/36 | 1,810 | 1,300 |
| Citrus CA Community College District GO | 0.000% | 8/1/37 | 2,475 | 1,772 |
| Citrus CA Community College District GO | 0.000% | 8/1/38 | 2,150 | 1,533 |
| Coast CA Community College District GO | 5.000% | 8/1/27 | 5,700 | 6,721 |
| Colton CA Joint Unified School District GO | 5.000% | 8/1/27 (4) | 2,535 | 2,947 |
| Contra Costa CA Community College District GO | 5.000% | 8/1/38 | 3,600 | 4,060 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/24 | 1,085 | 1,258 |
| Contra Costa CA Transportation Authority Sales | ||||
| Tax Revenue | 5.000% | 3/1/34 | 1,970 | 2,232 |
| Cotati-Rohnert Park CA Unified School District GO | 5.000% | 8/1/44 (4) | 3,000 | 3,343 |
| Cupertino CA Union School District GO | 5.000% | 8/1/36 | 3,000 | 3,473 |
117
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| East Bay CA Municipal Utility District Waste | ||||
| Water System Revenue | 5.000% | 6/1/17 (Prere.) | 1,350 | 1,465 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/17 (Prere.) | 15,765 | 17,115 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 3,305 | 3,886 |
| East Bay CA Municipal Utility District Water | ||||
| System Revenue | 5.000% | 6/1/30 | 1,500 | 1,764 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/25 | 2,000 | 2,287 |
| East Bay CA Regional Park District Revenue | 5.000% | 9/1/27 | 4,070 | 4,629 |
| El Dorado CA Irrigation District Revenue | 5.250% | 3/1/39 (4) | 7,500 | 8,629 |
| Encinitas CA Community Facilities District No. 1 | ||||
| Special Tax Revenue | 5.000% | 9/1/27 | 1,000 | 1,118 |
| 3 Escondido CA GO | 5.000% | 9/1/30 | 2,030 | 2,363 |
| Escondido CA Union High School District GO | 0.000% | 11/1/20 (14) | 4,000 | 3,483 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/29 (2) | 9,450 | 9,505 |
| Fontana CA Public Financing Authority Tax | ||||
| Allocation Revenue | 5.000% | 10/1/32 (2) | 5,000 | 5,026 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/17 (14) | 3,000 | 2,941 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/22 (14) | 3,850 | 3,252 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/23 (14) | 3,590 | 2,894 |
| Foothill-De Anza CA Community College | ||||
| District GO | 0.000% | 8/1/25 (14) | 2,390 | 1,771 |
| Foothill-De Anza CA Community College | ||||
| District GO | 5.000% | 8/1/35 | 3,420 | 3,944 |
| Foothill-De Anza CA Community College | ||||
| District GO | 5.000% | 8/1/40 | 10,000 | 11,137 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 0.000% | 1/15/42 | 9,000 | 6,596 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.500% | 1/15/43 | 2,200 | 2,610 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 5.750% | 1/15/46 | 13,500 | 15,603 |
| Foothill/Eastern Transportation Corridor Agency | ||||
| California Toll Road Revenue | 6.000% | 1/15/53 | 6,500 | 7,580 |
| Gavilan CA Joint Community College District GO | 5.500% | 8/1/28 (2) | 90 | 90 |
| Gilroy CA School Facilities Finance Authority | ||||
| Revenue | 5.000% | 8/1/46 | 5,000 | 5,362 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/35 | 5,000 | 5,566 |
| Golden State Tobacco Securitization Corp. | ||||
| California Revenue | 5.000% | 6/1/40 | 4,000 | 4,389 |
| Grossmont CA Healthcare District GO | 6.125% | 7/15/21 (Prere.) | 2,500 | 3,163 |
| Grossmont CA Union High School District GO | 0.000% | 8/1/30 | 6,500 | 3,491 |
| Hemet CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/39 | 1,100 | 1,166 |
| Irvine CA Assessment District No. 97-16 | ||||
| Improvement Revenue VRDO | 0.060% | 6/1/15 LOC | 3,200 | 3,200 |
| Irvine CA Public Facilities & Infrastructure | ||||
| Authority Assessment Revenue VRDO | 0.060% | 6/1/15 LOC | 307 | 307 |
118
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Irvine CA Reassessment District No. 05-21 | ||||
| Improvement Revenue VRDO | 0.060% | 6/1/15 LOC | 2,724 | 2,724 |
| Irvine CA Unified School District Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/15 (Prere.) | 5,500 | 5,566 |
| Jefferson CA Union High School District GO | 5.000% | 8/1/26 (15) | 1,000 | 1,183 |
| Kern CA High School District GO | 6.400% | 8/1/15 (ETM) | 1,645 | 1,662 |
| Kern CA High School District GO | 6.400% | 8/1/16 (ETM) | 1,815 | 1,945 |
| Kern County CA GO | 5.750% | 8/1/35 (12) | 2,000 | 2,265 |
| La Quinta CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 9/1/34 | 1,050 | 1,192 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/36 | 2,450 | 2,578 |
| Las Virgenes CA Unified School District GO | 0.000% | 9/1/26 (14) | 6,140 | 4,270 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 6,155 | 6,301 |
| Loma Linda CA Hospital Revenue | ||||
| (Loma Linda University) | 5.000% | 12/1/15 (Prere.) | 2,500 | 2,559 |
| Long Beach CA Airport Revenue | 5.000% | 6/1/40 | 4,440 | 4,820 |
| Long Beach CA Community College District GO | 0.000% | 8/1/34 | 2,520 | 1,110 |
| Long Beach CA Finance Authority Natural Gas | ||||
| Purchase Revenue | 1.614% | 11/15/26 | 1,800 | 1,704 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/26 (2) | 7,570 | 8,792 |
| Long Beach CA Finance Authority Tax Revenue | 5.500% | 8/1/31 (2) | 4,015 | 4,775 |
| Long Beach CA Unified School District GO | 0.000% | 8/1/26 | 1,870 | 1,262 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/16 (Prere.) | 5,000 | 5,272 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/17 (Prere.) | 7,340 | 7,998 |
| Los Angeles CA Community College District GO | 5.500% | 8/1/19 (Prere.) | 3,980 | 4,670 |
| Los Angeles CA Community College District GO | 6.000% | 8/1/19 (Prere.) | 5,160 | 6,160 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/24 | 4,000 | 4,916 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/25 | 6,100 | 7,428 |
| 3 Los Angeles CA Community College District GO | 5.000% | 6/1/26 | 3,000 | 3,707 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/28 | 3,500 | 4,150 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/28 | 6,000 | 7,114 |
| Los Angeles CA Community College District GO | 5.000% | 8/1/30 | 5,500 | 6,439 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/33 | 3,500 | 3,656 |
| Los Angeles CA Community College District GO | 5.250% | 8/1/39 | 5,000 | 5,827 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/22 | 2,000 | 2,344 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.250% | 5/15/27 | 5,000 | 5,869 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/29 | 5,000 | 5,752 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 3,195 | 3,656 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/30 | 14,590 | 16,755 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 16,000 | 17,880 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/35 | 4,000 | 4,535 |
| Los Angeles CA Department of Airports | ||||
| International Airport Revenue | 5.000% | 5/15/38 | 4,500 | 5,108 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/25 | 4,070 | 4,566 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/27 | 10,000 | 11,666 |
119
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 | 5,000 | 5,851 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/29 (2) | 10,000 | 10,811 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/30 (2) | 16,000 | 17,287 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/32 (2) | 5,000 | 5,383 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/32 | 7,000 | 7,804 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/33 | 2,500 | 2,876 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.375% | 7/1/34 | 3,000 | 3,376 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/35 | 3,500 | 3,999 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/35 | 5,000 | 5,725 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/36 | 10,000 | 11,247 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/36 | 5,000 | 5,557 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/37 | 1,545 | 1,734 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/38 | 12,365 | 13,783 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/38 | 1,890 | 2,094 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/39 | 4,000 | 4,523 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.250% | 7/1/39 | 2,000 | 2,224 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 5,000 | 5,576 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 5,000 | 5,599 |
| Los Angeles CA Department of Water & | ||||
| Power Revenue | 5.000% | 7/1/43 | 10,150 | 11,253 |
| 2 Los Angeles CA Department of Water & | ||||
| Power Revenue TOB VRDO | 0.100% | 6/1/15 | 4,100 | 4,100 |
| Los Angeles CA GO | 5.000% | 9/1/22 | 6,155 | 7,416 |
| Los Angeles CA GO | 5.000% | 9/1/31 | 5,785 | 6,613 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 2,645 | 2,778 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 7,675 | 8,065 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/16 (Prere.) | 7,500 | 7,881 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 (3) | 2,655 | 2,790 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/21 | 3,500 | 4,016 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/24 (2) | 7,100 | 7,443 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/24 | 6,275 | 7,237 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/25 | 5,000 | 5,756 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 5,000 | 5,970 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/28 | 8,000 | 9,425 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/28 | 5,500 | 6,473 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/30 | 2,860 | 3,327 |
| Los Angeles CA Unified School District GO | 4.500% | 7/1/31 (2) | 2,225 | 2,348 |
120
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 8,000 | 8,599 |
| Los Angeles CA Unified School District GO | 5.000% | 1/1/34 | 5,000 | 5,631 |
| Los Angeles CA Unified School District GO | 5.250% | 7/1/34 | 10,000 | 11,455 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/27 | 7,000 | 8,256 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/43 | 2,840 | 3,171 |
| 2 Los Angeles CA Wastewater System Revenue | ||||
| TOB VRDO | 0.110% | 6/5/15 | 4,500 | 4,500 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/21 | 2,000 | 2,392 |
| Los Angeles County CA Metropolitan | ||||
| Transportation Authority Sales Tax Revenue | 5.000% | 7/1/23 | 5,000 | 5,938 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/23 (14) | 4,000 | 4,094 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/24 (14) | 4,000 | 4,093 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 12/1/25 (14) | 1,265 | 1,294 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/37 | 2,750 | 3,043 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Lease Revenue | 5.000% | 8/1/42 | 5,940 | 6,532 |
| Los Angeles County CA Public Works Financing | ||||
| Authority Revenue | 5.500% | 10/1/18 (4) | 1,165 | 1,249 |
| 3 Los Angeles County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 10/1/35 | 4,000 | 4,446 |
| Los Angeles County CA Schools Regionalized | ||||
| Business Services Corp. COP | 0.000% | 8/1/20 (2) | 2,095 | 1,839 |
| M-S-R California Energy Authority Revenue | 7.000% | 11/1/34 | 7,000 | 9,449 |
| M-S-R California Energy Authority Revenue | 6.500% | 11/1/39 | 3,500 | 4,593 |
| M-S-R California Public Power Agency Revenue | ||||
| (San Juan Project) | 6.750% | 7/1/20 (ETM) | 8,940 | 10,227 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/21 | 2,500 | 2,990 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/25 | 3,410 | 3,712 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 10/1/26 | 4,000 | 4,757 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/28 | 4,235 | 4,440 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/28 | 4,000 | 4,756 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 7/1/31 | 3,000 | 3,402 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 10/1/33 | 7,535 | 8,656 |
| Metropolitan Water District of Southern California | ||||
| Revenue | 5.000% | 10/1/35 | 2,855 | 3,250 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.060% | 6/1/15 | 1,100 | 1,100 |
| Metropolitan Water District of Southern California | ||||
| Revenue VRDO | 0.080% | 6/5/15 | 4,200 | 4,200 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/26 | 2,085 | 2,508 |
| Milpitas CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/30 | 4,000 | 4,705 |
121
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Modesto CA High School District GO | 0.000% | 8/1/18 (14) | 3,225 | 3,070 |
| Modesto CA Irrigation District COP | 5.500% | 7/1/35 | 1,000 | 1,068 |
| Modesto CA Irrigation District COP | 5.000% | 10/1/36 (2) | 4,795 | 5,019 |
| Modesto CA Irrigation District Financing Authority | ||||
| Revenue (Woodland Project) | 6.500% | 10/1/22 (ETM) | 7,720 | 9,076 |
| New Haven CA Unified School District GO | 5.000% | 8/1/27 (15) | 3,000 | 3,537 |
| New Haven CA Unified School District GO | 5.000% | 8/1/28 (15) | 2,000 | 2,336 |
| Newark CA Unified School District GO | 5.000% | 8/1/44 | 6,000 | 6,656 |
| Newport Beach CA Revenue (Hoag Memorial | ||||
| Hospital Presbyterian) | 6.000% | 12/1/21 (Prere.) | 3,500 | 4,405 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/35 | 4,000 | 1,754 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/36 | 1,000 | 421 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/37 | 2,000 | 806 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/38 | 1,000 | 386 |
| Northern California Gas Authority No. 1 Revenue | 0.784% | 7/1/17 | 13,210 | 13,176 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 6.300% | 7/1/18 (14) | 6,955 | 7,584 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 7.500% | 7/1/21 (Prere.) | 1,810 | 2,254 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/27 | 3,255 | 3,721 |
| Northern California Power Agency Revenue | ||||
| (Hydroelectric Project) | 5.000% | 7/1/32 | 1,155 | 1,287 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/25 | 1,825 | 1,929 |
| Northstar Community Services District California | ||||
| Community Facilities District No. 1 Special | ||||
| Tax Revenue | 5.000% | 9/1/26 | 1,995 | 2,090 |
| Novato CA Unified School District GO | 5.000% | 8/1/28 | 800 | 944 |
| 3 Oakland CA GO | 5.000% | 1/15/29 | 1,640 | 1,917 |
| Oakland CA GO | 5.000% | 1/15/31 | 3,550 | 3,907 |
| Oakland CA Unified School District GO | 6.625% | 8/1/38 | 1,000 | 1,217 |
| Oceanside CA Unified School District GO | 0.000% | 8/1/25 (12) | 6,865 | 4,912 |
| Ohlone CA Community College District GO | 5.250% | 8/1/41 | 5,000 | 5,733 |
| Palmdale CA COP | 5.250% | 9/1/19 (14) | 350 | 351 |
| Palmdale CA COP | 5.250% | 9/1/20 (14) | 345 | 346 |
| Palmdale CA COP | 5.250% | 9/1/21 (14) | 435 | 436 |
| Palmdale CA COP | 5.250% | 9/1/22 (14) | 530 | 531 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 4.250% | 9/2/22 | 200 | 221 |
| Palo Alto CA Improvement Revenue | ||||
| (University Avenue Area Parking) | 5.000% | 9/2/26 | 1,000 | 1,106 |
| Palomar CA Community College District GO | 0.000% | 8/1/24 | 5,125 | 3,946 |
| Palomar Pomerado Health California COP | 6.000% | 11/1/41 | 3,000 | 3,192 |
| Palomar Pomerado Health California GO | 4.500% | 8/1/32 (14) | 12,000 | 12,256 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/33 (12) | 4,000 | 1,801 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/35 | 10,330 | 3,984 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/36 | 5,000 | 1,833 |
| Paramount CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Redevelopment Project | ||||
| Area No. 1) | 0.000% | 8/1/26 (14) | 3,000 | 1,908 |
| Pasadena CA Unified School District GO | 5.000% | 5/1/34 | 4,000 | 4,489 |
| Peralta CA Community College District Revenue | 5.000% | 8/1/39 | 4,000 | 4,483 |
122
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/19 (2) | 1,800 | 1,580 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/21 (2) | 2,920 | 2,357 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/22 (2) | 4,125 | 3,158 |
| Pittsburg CA Redevelopment Agency Tax | ||||
| Allocation Revenue (Los Medanos Community | ||||
| Development Project) | 0.000% | 8/1/24 (2) | 1,000 | 684 |
| Pomona CA Unified School District GO | 5.600% | 8/1/15 (ETM) | 2,000 | 2,018 |
| Pomona CA Unified School District GO | 5.600% | 8/1/16 (ETM) | 1,000 | 1,061 |
| Pomona CA Unified School District GO | 7.500% | 8/1/17 (ETM) | 2,540 | 2,910 |
| Poway CA Unified School District GO | 5.000% | 9/1/25 | 1,840 | 2,088 |
| Poway CA Unified School District GO | 5.000% | 8/1/27 | 5,575 | 6,320 |
| Poway CA Unified School District GO | 5.000% | 9/1/27 | 2,060 | 2,304 |
| Poway CA Unified School District GO | 5.000% | 9/1/31 | 1,375 | 1,508 |
| Poway CA Unified School District GO | 0.000% | 8/1/33 | 5,010 | 2,409 |
| Poway CA Unified School District GO | 5.000% | 9/1/33 | 1,000 | 1,089 |
| Poway CA Unified School District GO | 0.000% | 8/1/34 | 8,130 | 3,689 |
| Poway CA Unified School District GO | 5.000% | 9/1/36 | 700 | 756 |
| Poway CA Unified School District Public Financing | ||||
| Authority Community Facilities District No. 11 | ||||
| Zones 2 & 3 Special Tax Revenue | 5.000% | 9/15/38 | 1,235 | 1,323 |
| Poway CA Unified School District Public Financing | ||||
| Authority Community Facilities District No. 11 | ||||
| Zones 2 & 3 Special Tax Revenue | 5.000% | 9/15/43 | 2,485 | 2,653 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/24 | 785 | 914 |
| Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/15/27 | 1,035 | 1,166 |
| 3 Poway CA Unified School District Public Financing | ||||
| Authority Special Tax Revenue | 5.000% | 9/1/33 (15) | 1,765 | 1,975 |
| Rancho Cucamonga CA Redevelopment Agency | ||||
| Successor Agency Tax Allocation Revenue | ||||
| (Rancho Redevelopment Project) | 5.000% | 9/1/29 (12) | 1,800 | 2,078 |
| Redwood City CA Redevelopment Agency | ||||
| Redevelopment Project Area No. 2 Tax | ||||
| Allocation Revenue | 0.000% | 7/15/26 (2) | 3,445 | 2,103 |
| Rio Hondo CA Community College District GO | 5.000% | 8/1/30 | 6,655 | 7,522 |
| Rio Hondo CA Community College District GO | 0.000% | 8/1/36 | 16,650 | 6,831 |
| 2 Riverside CA Electric Revenue TOB VRDO | 0.100% | 6/1/15 | 2,800 | 2,800 |
| Riverside CA Electric Revenue VRDO | 0.070% | 6/5/15 LOC | 7,000 | 7,000 |
| Riverside CA Unified School District Community | ||||
| Facilities District No. 7 (Victoria Grove) Special | ||||
| Tax Revenue | 5.000% | 9/1/31 (2) | 4,000 | 4,183 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/21 | 1,280 | 1,474 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/22 | 1,335 | 1,550 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/24 | 1,440 | 1,650 |
123
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/28 | 1,795 | 1,990 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/29 | 1,880 | 2,077 |
| Riverside CA Unified School District Financing | ||||
| Authority Revenue | 5.000% | 9/1/32 | 1,375 | 1,501 |
| Riverside County CA Asset Leasing Corp. | ||||
| Leasehold Revenue (Riverside County | ||||
| Hospital Project) | 0.000% | 6/1/15 (14) | 2,000 | 2,000 |
| 3 Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.000% | 11/1/33 | 5,000 | 5,562 |
| 3 Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.250% | 11/1/40 | 5,000 | 5,582 |
| 3 Riverside County CA Public Financing Authority | ||||
| Lease Revenue | 5.250% | 11/1/45 | 8,000 | 8,903 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/41 | 6,710 | 1,911 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/42 | 2,975 | 805 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 0.000% | 6/1/43 | 7,500 | 1,930 |
| Riverside County CA Transportation Commission | ||||
| Toll Revenue | 5.750% | 6/1/48 | 2,000 | 2,261 |
| Roseville CA Financing Authority Electric System | ||||
| Revenue | 5.000% | 2/1/37 | 4,500 | 4,894 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/18 | 620 | 668 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/22 | 1,610 | 1,795 |
| Roseville CA Natural Gas Financing Authority Gas | ||||
| Revenue | 5.000% | 2/15/28 | 2,450 | 2,708 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/39 (15) | 1,900 | 2,127 |
| Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | ||||
| (Natomas Basin Local Assessment) | 5.000% | 10/1/44 (15) | 2,000 | 2,222 |
| Sacramento CA Financing Authority Lease Revenue | 5.400% | 11/1/20 (2) | 6,785 | 7,474 |
| 3 Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue | 5.000% | 7/1/26 | 5,250 | 6,315 |
| 3 Sacramento CA Municipal Utility District Financing | ||||
| Authority Revenue | 5.000% | 7/1/27 | 7,000 | 8,349 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/28 | 2,000 | 2,333 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/31 | 1,175 | 1,354 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/32 | 1,195 | 1,375 |
| Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/33 | 1,450 | 1,665 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/36 | 3,000 | 3,265 |
| Sacramento CA Regional Transit District Farebox | ||||
| Revenue | 5.000% | 3/1/42 | 5,000 | 5,386 |
| 3 Sacramento CA Unified School District GO | 5.000% | 8/1/25 (4) | 775 | 935 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 5,000 | 5,234 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 6/1/16 (Prere.) | 5,650 | 5,915 |
124
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 8/1/32 | 1,000 | 1,166 |
| Sacramento County CA Sanitation Districts | ||||
| Financing Authority Revenue | 5.000% | 12/1/35 | 4,920 | 5,600 |
| San Bernardino CA City Unified School District GO | 5.000% | 8/1/27 (4) | 1,060 | 1,220 |
| San Bernardino CA City Unified School District GO | 0.000% | 8/1/35 (4) | 5,900 | 2,430 |
| San Bernardino CA City Unified School District GO | 0.000% | 8/1/36 (4) | 5,000 | 1,947 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/44 | 20,000 | 5,383 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/48 | 17,770 | 3,879 |
| San Bernardino County CA Medical Center COP | 6.500% | 8/1/17 (14) | 8,690 | 9,191 |
| San Bernardino County CA Transportation | ||||
| Authority Revenue | 5.000% | 3/1/32 | 4,035 | 4,533 |
| San Diego CA Community College District GO | 5.250% | 8/1/33 | 2,500 | 2,869 |
| San Diego CA Community College District GO | 0.000% | 8/1/36 | 8,000 | 3,318 |
| San Diego CA Community College District GO | 5.000% | 8/1/36 | 2,500 | 2,820 |
| San Diego CA Community College District GO | 0.000% | 8/1/38 | 3,510 | 1,331 |
| San Diego CA Community College District GO | 5.000% | 8/1/41 | 3,000 | 3,343 |
| San Diego CA Public Facilities Financing Authority | ||||
| Lease Revenue | 5.000% | 10/15/44 | 4,000 | 4,372 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/34 | 6,000 | 6,816 |
| San Diego CA Public Facilities Financing Authority | ||||
| Sewer Revenue | 5.250% | 5/15/39 | 7,000 | 7,912 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.750% | 8/1/35 | 2,500 | 2,922 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.250% | 8/1/38 | 1,500 | 1,657 |
| San Diego CA Public Facilities Financing Authority | ||||
| Water Revenue | 5.500% | 8/1/39 | 5,000 | 5,762 |
| San Diego CA Unified School District GO | 5.500% | 7/1/24 (14) | 5,000 | 6,294 |
| San Diego CA Unified School District GO | 5.000% | 7/1/27 | 5,000 | 6,002 |
| San Diego CA Unified School District GO | 5.000% | 7/1/28 | 7,000 | 8,359 |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 8,150 | 4,876 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 1,500 | 842 |
| San Diego CA Unified School District GO | 0.000% | 7/1/31 | 1,500 | 796 |
| San Diego CA Unified School District GO | 0.000% | 7/1/32 | 1,085 | 542 |
| San Diego CA Unified School District GO | 5.000% | 7/1/35 | 5,000 | 5,652 |
| San Diego CA Unified School District GO | 0.000% | 7/1/38 | 4,890 | 1,835 |
| San Diego CA Unified School District GO | 0.000% | 7/1/46 | 10,000 | 2,492 |
| San Diego County CA COP | 5.000% | 10/15/28 | 1,445 | 1,699 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/26 | 4,000 | 4,571 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/28 | 3,200 | 3,656 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/34 | 2,715 | 3,025 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 4/1/37 | 1,500 | 1,673 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 4/1/38 | 2,000 | 2,226 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/40 | 3,000 | 3,310 |
| San Diego County CA Regional Airport Authority | ||||
| Revenue | 5.000% | 7/1/43 | 3,540 | 3,930 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/31 | 4,700 | 5,345 |
125
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Diego County CA Water Authority Revenue | ||||
| COP | 5.000% | 5/1/26 (4) | 7,275 | 8,019 |
| 2 San Diego County CA Water Authority Revenue | ||||
| COP TOB VRDO | 0.110% | 6/5/15 | 2,510 | 2,510 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| GO | 5.000% | 8/1/35 | 15,000 | 16,259 |
| San Francisco CA Bay Area Rapid Transit District | ||||
| Sales Tax Revenue | 5.000% | 7/1/30 | 2,120 | 2,437 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/25 | 5,220 | 6,110 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/29 | 2,065 | 2,326 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/43 | 8,000 | 8,865 |
| San Francisco CA City & County International | ||||
| Airport Revenue | 5.000% | 5/1/44 | 6,000 | 6,689 |
| San Francisco CA City & County International | ||||
| Airport Revenue VRDO | 0.080% | 6/5/15 LOC | 10,100 | 10,100 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 10/1/29 | 12,680 | 14,600 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/29 | 8,430 | 9,915 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,100 | 1,264 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/31 | 1,205 | 1,384 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/32 | 4,000 | 4,660 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/32 | 1,305 | 1,493 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/33 | 1,370 | 1,562 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/33 | 4,000 | 4,539 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 5,000 | 5,657 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/34 | 1,275 | 1,448 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/35 | 2,605 | 2,948 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/35 | 2,810 | 3,172 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/36 | 4,000 | 4,601 |
| San Francisco CA City & County Public Utilities | ||||
| Commission Water Revenue | 5.000% | 11/1/43 | 10,000 | 11,129 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bay North) | 6.500% | 8/1/39 | 2,000 | 2,308 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bay North) | 6.750% | 8/1/41 | 1,000 | 1,209 |
| San Francisco CA City & County Redevelopment | ||||
| Financing Authority Tax Allocation Revenue | ||||
| (Mission Bays Redevelopment Project) | 5.000% | 8/1/43 | 3,500 | 3,797 |
126
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.250% | 6/15/24 | 4,000 | 4,608 |
| San Francisco CA City & County Unified School | ||||
| District GO | 5.000% | 6/15/32 | 8,365 | 9,480 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/24 (14) | 6,000 | 4,274 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 0.000% | 1/15/25 (14) | 6,000 | 4,052 |
| San Joaquin Hills CA Transportation Corridor | ||||
| Agency Toll Road Revenue | 5.000% | 1/15/34 | 5,000 | 5,431 |
| San Jose CA Airport Revenue | 5.000% | 3/1/33 (2) | 4,000 | 4,197 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/19 (14) | 1,270 | 1,300 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/20 (2) | 3,415 | 3,687 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/21 (2) | 2,300 | 2,483 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.000% | 8/1/22 (2) | 3,375 | 3,626 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.500% | 8/1/30 | 850 | 939 |
| San Jose CA Redevelopment Agency Tax | ||||
| Allocation Revenue | 5.500% | 8/1/35 | 2,750 | 3,026 |
| San Jose CA Special Hotel Tax Revenue | ||||
| (Convention Center Expansion & | ||||
| Renovation Project) | 6.500% | 5/1/42 | 5,000 | 6,014 |
| San Jose-Evergreen CA Community College | ||||
| District GO | 5.000% | 9/1/40 | 3,850 | 4,371 |
| San Juan CA Unified School District GO | 0.000% | 8/1/16 (4) | 2,000 | 1,987 |
| San Juan CA Unified School District GO | 0.000% | 8/1/18 (4) | 1,785 | 1,690 |
| San Juan CA Unified School District GO | 0.000% | 8/1/19 (4) | 2,210 | 2,039 |
| San Juan CA Unified School District GO | 0.000% | 8/1/20 (4) | 4,930 | 4,439 |
| San Juan CA Unified School District GO | 0.000% | 8/1/23 (4) | 4,540 | 3,619 |
| San Luis Obispo County CA Community College | ||||
| District GO | 5.000% | 8/1/28 | 890 | 1,063 |
| San Luis Obispo County CA Community College | ||||
| District GO | 5.000% | 8/1/32 | 1,395 | 1,617 |
| San Marcos CA Public Facilities Authority Tax | ||||
| Allocation Revenue (Project Areas No. 2 & No. 3 | ||||
| Financing Project) | 5.000% | 8/1/35 (2) | 5,000 | 5,009 |
| San Marcos CA Unified School District GO | 0.000% | 8/1/32 | 2,600 | 1,265 |
| San Marcos CA Unified School District GO | 5.000% | 8/1/34 | 5,620 | 6,327 |
| San Marcos CA Unified School District GO | 5.000% | 8/1/38 | 2,835 | 3,164 |
| San Mateo County CA Community College | ||||
| District GO | 5.000% | 9/1/16 (Prere.) | 5,000 | 5,290 |
| San Mateo County CA Joint Powers Financing | ||||
| Authority Lease Revenue (Capital Project Program) | 5.000% | 7/1/21 (14) | 3,500 | 4,038 |
| San Pablo CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 6/15/29 (4) | 1,780 | 2,030 |
| San Ramon Valley CA Unified School District GO | 0.000% | 7/1/15 (14) | 2,005 | 2,004 |
| San Ramon Valley CA Unified School District GO | 5.000% | 8/1/22 | 4,000 | 4,855 |
| San Ramon Valley CA Unified School District GO | 4.000% | 8/1/34 | 3,445 | 3,567 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/16 (ETM) | 2,673 | 2,842 |
127
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/16 (14) | 2,673 | 2,828 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/17 (ETM) | 1,000 | 1,110 |
| Santa Ana CA Financing Authority Police | ||||
| Administration & Holding Facility Lease Revenue | 6.250% | 7/1/17 (14) | 1,000 | 1,103 |
| Santa Ana CA Unified School District GO | 0.000% | 8/1/32 (14) | 3,680 | 1,755 |
| Santa Barbara CA Secondary/High School | ||||
| District GO | 0.000% | 8/1/40 | 2,050 | 668 |
| Santa Clara CA Electric Revenue | 6.000% | 7/1/31 | 3,000 | 3,583 |
| Santa Clara CA Unified School District GO | 5.000% | 7/1/34 | 4,000 | 4,379 |
| Santa Clara County CA GO | 5.000% | 8/1/28 | 9,000 | 10,715 |
| Santa Monica CA Community College District GO | 4.000% | 8/1/31 | 3,000 | 3,182 |
| Santa Monica-Malibu CA Unified School District GO | 4.500% | 7/1/36 | 7,990 | 8,630 |
| Santa Rosa CA Wastewater Revenue | 6.000% | 7/2/15 (2) | 1,340 | 1,346 |
| Santa Rosa CA Wastewater Revenue | 6.000% | 9/1/15 (4) | 1,075 | 1,090 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/28 | 4,845 | 5,599 |
| Santa Rosa CA Wastewater Revenue | 5.000% | 9/1/33 | 1,000 | 1,130 |
| Silicon Valley CA Clean Water Wastewater | ||||
| Revenue | 5.000% | 2/1/39 | 3,090 | 3,481 |
| Solana Beach CA School District Special Tax | ||||
| Revenue | 5.000% | 9/1/32 | 1,000 | 1,088 |
| Solana Beach CA School District Special Tax | ||||
| Revenue | 5.000% | 9/1/35 | 2,500 | 2,692 |
| Sonoma County CA Junior College District GO | 5.000% | 8/1/27 | 2,000 | 2,345 |
| Sonoma-Marin Area Rail Transportation District | ||||
| California Sales & Use Tax Revenue | 5.000% | 3/1/28 | 3,500 | 4,083 |
| South San Francisco CA Redevelopment Agency | ||||
| Tax Allocation Revenue | 5.000% | 9/1/35 (14) | 16,110 | 16,376 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/26 | 3,500 | 4,192 |
| Southern California Public Power Authority | ||||
| Revenue | 5.000% | 7/1/29 | 5,000 | 5,762 |
| Southern California Public Power Authority | ||||
| Revenue (Magnolia Power Project) VRDO | 0.080% | 6/5/15 LOC | 6,600 | 6,600 |
| Southern California Public Power Authority | ||||
| Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/30 | 5,000 | 5,702 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/17 | 1,865 | 2,021 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/28 | 3,580 | 4,089 |
| Southern California Public Power Authority | ||||
| Revenue (Natural Gas Project) | 5.000% | 11/1/33 | 3,000 | 3,418 |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) | 5.750% | 7/1/21 (14) | 220 | 221 |
| Southern California Public Power Authority | ||||
| Revenue (Transmission Project) | 5.000% | 7/1/23 | 5,000 | 5,641 |
| State Center California Community College | ||||
| District GO | 5.000% | 8/1/28 | 5,275 | 6,301 |
| Stockton CA Public Financing Authority | ||||
| Wastewater Revenue | 5.000% | 9/1/29 (15) | 1,000 | 1,132 |
| Stockton CA Public Financing Authority | ||||
| Water Revenue (Delta Water Supply Project) | 6.250% | 10/1/38 | 2,150 | 2,581 |
| Stockton CA Unified School District GO | 5.000% | 8/1/38 (4) | 2,500 | 2,790 |
128
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Suisun City CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/31 (15) | 1,225 | 1,381 |
| Suisun City CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/32 (15) | 1,250 | 1,402 |
| Suisun City CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 10/1/33 (15) | 1,280 | 1,436 |
| Sweetwater CA Unified School District GO | 5.000% | 8/1/29 (15) | 4,200 | 4,825 |
| 2 Sweetwater CA Unified School District GO TOB | ||||
| VRDO | 0.120% | 6/5/15 (13) | 700 | 700 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/35 | 3,000 | 2,607 |
| Temecula Valley CA Unified School District GO | 0.000% | 8/1/37 | 3,785 | 3,293 |
| Tobacco Securitization Authority Revenue | ||||
| (Southern California Tobacco Settlement) | 5.000% | 6/1/37 | 2,155 | 1,823 |
| Torrance CA Hospital Revenue | ||||
| (Torrance Memorial Medical Center) | 5.000% | 9/1/40 | 3,000 | 3,180 |
| Tulare County CA Transportation Authority | ||||
| Sales Tax Revenue | 4.000% | 2/1/34 | 1,540 | 1,575 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/31 | 2,000 | 2,238 |
| Turlock CA Irrigation District Revenue | 5.000% | 1/1/35 | 3,000 | 3,318 |
| Turlock CA Irrigation District Revenue | 5.500% | 1/1/41 | 3,445 | 3,959 |
| 3 Tustin CA Unified School District Special Tax | ||||
| Revenue | 5.000% | 9/1/31 | 3,000 | 3,357 |
| Ukiah CA Electric Revenue | 6.250% | 6/1/18 (14) | 2,225 | 2,380 |
| Ukiah CA Unified School District GO | 0.000% | 8/1/32 (10) | 6,425 | 2,967 |
| Union CA Elementary School District GO | 0.000% | 9/1/15 (14) | 3,860 | 3,857 |
| Union CA Elementary School District GO | 0.000% | 9/1/16 (14) | 1,500 | 1,490 |
| Union CA Elementary School District GO | 0.000% | 9/1/17 (14) | 2,295 | 2,245 |
| Union CA Elementary School District GO | 0.000% | 9/1/18 (14) | 1,630 | 1,560 |
| Union CA Elementary School District GO | 0.000% | 9/1/19 (14) | 1,750 | 1,630 |
| Union CA Elementary School District GO | 0.000% | 9/1/20 (14) | 2,300 | 2,088 |
| Union CA Elementary School District GO | 0.000% | 9/1/21 (14) | 2,000 | 1,744 |
| University of California Revenue | 4.750% | 5/15/16 (Prere.) | 9,425 | 9,913 |
| University of California Revenue | 5.000% | 5/15/16 (Prere.) | 6,000 | 6,328 |
| University of California Revenue | 5.000% | 5/15/17 (Prere.) | 2,345 | 2,563 |
| University of California Revenue | 5.000% | 5/15/17 (Prere.) | 3,220 | 3,519 |
| University of California Revenue | 5.250% | 5/15/19 (Prere.) | 1,140 | 1,320 |
| University of California Revenue | 5.750% | 5/15/19 (Prere.) | 7,000 | 8,238 |
| University of California Revenue | 5.000% | 5/15/27 | 4,245 | 5,100 |
| University of California Revenue | 5.000% | 5/15/28 | 5,000 | 5,806 |
| University of California Revenue | 5.000% | 5/15/33 | 5,000 | 5,700 |
| University of California Revenue | 4.000% | 5/15/34 | 5,000 | 5,230 |
| University of California Revenue | 5.000% | 5/15/34 | 5,205 | 5,937 |
| University of California Revenue | 5.000% | 5/15/35 | 3,640 | 4,137 |
| University of California Revenue | 5.250% | 5/15/37 | 7,000 | 8,182 |
| University of California Revenue | 5.000% | 5/15/38 | 10,000 | 11,271 |
| University of California Revenue | 5.250% | 5/15/39 | 5,860 | 6,619 |
| University of California Revenue | 5.000% | 5/15/40 | 50 | 54 |
| University of California Revenue | 5.000% | 5/15/40 | 5,000 | 5,685 |
| University of California Revenue PUT | 5.000% | 5/15/23 | 20,000 | 24,202 |
| 2 University of California Revenue TOB VRDO | 0.100% | 6/1/15 | 13,995 | 13,995 |
| 2 University of California Revenue TOB VRDO | 0.110% | 6/5/15 | 1,600 | 1,600 |
| Vallejo CA Sanitation & Flood Control COP | 5.000% | 7/1/19 (14) | 2,607 | 2,757 |
| Ventura County CA Community College District GO | 5.500% | 8/1/18 (Prere.) | 8,500 | 9,683 |
| Vista CA Redevelopment Agency Successor | ||||
| Agency Tax Allocation Revenue | 5.000% | 9/1/28 (4) | 1,970 | 2,288 |
129
California Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Vista CA Unified School District GO | 0.000% | 8/1/28 (14) | 7,425 | 4,647 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/34 | 3,100 | 3,524 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/35 | 2,000 | 2,212 |
| Walnut CA Energy Center Authority Revenue | 5.000% | 1/1/40 | 5,000 | 5,472 |
| Washington Township CA Health Care District GO | 5.500% | 8/1/40 | 5,000 | 5,877 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/32 | 3,000 | 3,092 |
| Washington Township CA Health Care District | ||||
| Revenue | 5.000% | 7/1/37 | 1,750 | 1,799 |
| West Contra Costa CA Unified School District GO | 5.250% | 8/1/35 (4) | 7,000 | 7,983 |
| West Contra Costa CA Unified School District GO | 5.000% | 8/1/40 | 3,000 | 3,347 |
| West Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | 5.000% | 9/1/40 (4) | 2,050 | 2,285 |
| West Sacramento CA Area Flood Control Agency | ||||
| Special Assessment Revenue | 5.000% | 9/1/45 (4) | 2,715 | 3,002 |
| Westlands CA Water District Revenue | 5.000% | 9/1/34 (4) | 2,000 | 2,223 |
| Whittier CA Health Facilities Revenue (Presbyterian | ||||
| Intercommunity Hospital Obligated Group) | 5.000% | 6/1/44 | 4,500 | 4,916 |
| Yuba City CA Unified School District GO | 0.000% | 9/1/15 (14) | 1,870 | 1,868 |
| Yuba City CA Unified School District GO | 0.000% | 9/1/17 (14) | 2,060 | 1,990 |
| Yuba City CA Unified School District GO | 0.000% | 9/1/19 (14) | 2,270 | 2,057 |
| Yucaipa Valley CA Water District Water System | ||||
| Revenue | 5.000% | 9/1/27 | 1,000 | 1,180 |
| 3,202,079 | ||||
| Guam (0.0%) | ||||
| Guam Power Authority Revenue | 5.000% | 10/1/24 | 1,000 | 1,153 |
| Total Tax-Exempt Municipal Bonds (Cost $2,997,419) | 3,203,232 | |||
| Other Assets and Liabilities (-1.1%) | ||||
| Other Assets | 38,117 | |||
| Liabilities | (74,296) | |||
| (36,179) | ||||
| Net Assets (100%) | 3,167,053 | |||
130
California Long-Term Tax-Exempt Fund
| At May 31, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 3,032,008 |
| Overdistributed Net Investment Income | (2) |
| Accumulated Net Realized Losses | (70,766) |
| Unrealized Appreciation (Depreciation) | 205,813 |
| Net Assets | 3,167,053 |
| Investor Shares—Net Assets | |
| Applicable to 34,278,056 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 410,713 |
| Net Asset Value Per Share—Investor Shares | $11.98 |
| Admiral Shares—Net Assets | |
| Applicable to 230,043,314 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,756,340 |
| Net Asset Value Per Share—Admiral Shares | $11.98 |
• See Note A in Notes to Financial Statements.
1 Adjustable-rate security.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt
from registration, normally to qualified institutional buyers. At May 31, 2015, the aggregate value of these securities was $63,790,000,
representing 2.0% of net assets.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2015.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
131
California Long-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
132
California Long-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 58,809 |
| Total Income | 58,809 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 152 |
| Management and Administrative—Investor Shares | 304 |
| Management and Administrative—Admiral Shares | 1,182 |
| Marketing and Distribution—Investor Shares | 44 |
| Marketing and Distribution—Admiral Shares | 201 |
| Custodian Fees | 17 |
| Shareholders’ Reports—Investor Shares | 18 |
| Shareholders’ Reports—Admiral Shares | 5 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 1,924 |
| Net Investment Income | 56,885 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 11,714 |
| Futures Contracts | (672) |
| Realized Net Gain (Loss) | 11,042 |
| Change in Unrealized Appreciation (Depreciation) of Investment Securities | (34,027) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 33,900 |
See accompanying Notes, which are an integral part of the Financial Statements.
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California Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2015 | 2014 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 56,885 | 110,134 |
| Realized Net Gain (Loss) | 11,042 | 14,250 |
| Change in Unrealized Appreciation (Depreciation) | (34,027) | 168,028 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 33,900 | 292,412 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (7,178) | (14,611) |
| Admiral Shares | (49,709) | (95,523) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (56,887) | (110,134) |
| Capital Share Transactions | ||
| Investor Shares | 16,947 | (18,021) |
| Admiral Shares | 102,147 | 202,997 |
| Net Increase (Decrease) from Capital Share Transactions | 119,094 | 184,976 |
| Total Increase (Decrease) | 96,107 | 367,254 |
| Net Assets | ||
| Beginning of Period | 3,070,946 | 2,703,692 |
| End of Period1 | 3,167,053 | 3,070,946 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($2,000) and $0. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
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California Long-Term Tax-Exempt Fund
Financial Highlights
| Investor Shares | ||||||
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $12.07 | $11.31 | $12.24 | $11.24 | $11.01 | $10.98 |
| Investment Operations | ||||||
| Net Investment Income | . 215 | .442 | .450 | .459 | .473 | .476 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (.090) | .760 | (.930) | 1.000 | .230 | .030 |
| Total from Investment Operations | .125 | 1.202 | (.480) | 1.459 | .703 | .506 |
| Distributions | ||||||
| Dividends from Net Investment Income | (. 215) | (. 442) | (. 450) | (. 459) | (. 473) | (. 476) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (. 215) | (. 442) | (. 450) | (. 459) | (. 473) | (. 476) |
| Net Asset Value, End of Period | $11.98 | $12.07 | $11.31 | $12.24 | $11.24 | $11.01 |
| Total Return1 | 1.03% | 10.79% | -3.96% | 13.20% | 6.60% | 4.63% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $411 | $397 | $390 | $487 | $441 | $529 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.56% | 3.75% | 3.86% | 3.89% | 4.33% | 4.26% |
| Portfolio Turnover Rate | 14% | 14% | 14% | 16% | 14% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
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California Long-Term Tax-Exempt Fund
Financial Highlights
| Admiral Shares | ||||||
| Six Months | ||||||
| Ended | ||||||
| For a Share Outstanding | May 31, | Year Ended November 30, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $12.07 | $11.31 | $12.24 | $11.24 | $11.01 | $10.98 |
| Investment Operations | ||||||
| Net Investment Income | . 220 | .451 | .459 | .468 | .482 | .485 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (.090) | .760 | (.930) | 1.000 | .230 | .030 |
| Total from Investment Operations | .130 | 1.211 | (.471) | 1.468 | .712 | .515 |
| Distributions | ||||||
| Dividends from Net Investment Income | (. 220) | (. 451) | (. 459) | (. 468) | (. 482) | (. 485) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (. 220) | (. 451) | (. 459) | (. 468) | (. 482) | (. 485) |
| Net Asset Value, End of Period | $11.98 | $12.07 | $11.31 | $12.24 | $11.24 | $11.01 |
| Total Return1 | 1.07% | 10.87% | -3.88% | 13.29% | 6.68% | 4.72% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $2,756 | $2,674 | $2,314 | $2,589 | $2,234 | $2,321 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.64% | 3.83% | 3.94% | 3.97% | 4.41% | 4.34% |
| Portfolio Turnover Rate | 14% | 14% | 14% | 16% | 14% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
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California Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard California Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearing-house, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended May 31, 2015, the fund’s average investments in long and short futures contracts each represented less than 1% of net assets, based on the average of aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at May 31, 2015.
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California Long-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2011–2014), and for the period ended May 31, 2015, 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. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2015, or at any time during the period then ended.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to invest up to 0.40% of its net assets in Vanguard. At May 31, 2015, the fund had contributed capital of $281,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.11% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
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California Long-Term Tax-Exempt Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of May 31, 2015, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 3,203,232 | — |
| Futures Contracts—Assets1 | 61 | — | — |
| Total | 61 | 3,203,232 | — |
| 1 Represents variation margin on the last day of the reporting period for recently closed futures contracts. | |||
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, 2014, the fund had available capital losses totaling $78,238,000 to offset future net capital gains of $8,060,000 through November 30, 2016, $40,669,000 through November 30, 2017, $12,572,000 through November 30, 2018, and $16,937,000 through November 30, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At May 31, 2015, the cost of investment securities for tax purposes was $3,000,989,000. Net unrealized appreciation of investment securities for tax purposes was $202,243,000, consisting of unrealized gains of $207,952,000 on securities that had risen in value since their purchase and $5,709,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended May 31, 2015, the fund purchased $421,249,000 of investment securities and sold $206,380,000 of investment securities, other than temporary cash investments.
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California Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
| Six Months Ended | Year Ended | |||
| May 31, 2015 | November 30, 2014 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 53,970 | 4,452 | 95,707 | 8,114 |
| Issued in Lieu of Cash Distributions | 6,124 | 505 | 12,021 | 1,019 |
| Redeemed | (43,147) | (3,556) | (125,749) | (10,719) |
| Net Increase (Decrease)—Investor Shares | 16,947 | 1,401 | (18,021) | (1,586) |
| Admiral Shares | ||||
| Issued | 230,339 | 19,013 | 425,159 | 36,189 |
| Issued in Lieu of Cash Distributions | 31,467 | 2,594 | 59,972 | 5,081 |
| Redeemed | (159,659) | (13,189) | (282,134) | (24,130) |
| Net Increase (Decrease)—Admiral Shares | 102,147 | 8,418 | 202,997 | 17,140 |
G. Management has determined that no material events or transactions occurred subsequent to May 31, 2015, that would require recognition or disclosure in these financial statements.
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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| Six Months Ended May 31, 2015 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 11/30/2014 | 5/31/2015 | Period | |
| Based on Actual Fund Return | |||
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,000.05 | $0.25 |
| California Intermediate-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,006.54 | $0.95 |
| Admiral Shares | 1,000.00 | 1,006.91 | 0.55 |
| California Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,010.27 | $0.95 |
| Admiral Shares | 1,000.00 | 1,010.68 | 0.55 |
| Based on Hypothetical 5% Yearly Return | |||
| California Tax-Exempt Money Market Fund | $1,000.00 | $1,024.68 | $0.25 |
| California Intermediate-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,023.98 | $0.96 |
| Admiral Shares | 1,000.00 | 1,024.38 | 0.56 |
| California Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,023.98 | $0.96 |
| Admiral Shares | 1,000.00 | 1,024.38 | 0.56 |
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, 0.05%; for the California Intermediate-Term Tax-Exempt Fund, 0.19% for
Investor Shares and 0.11% for Admiral Shares; and for the California Long-Term Tax-Exempt Fund, 0.19% for Investor Shares and 0.11% for
Admiral Shares. (The six-month expense ratio for the California Tax-Exempt Money Market Fund reflects a temporary reduction in operating
expenses, described in Note B of the Notes to Financial Statements. Before this reduction, the fund’s annualized six-month expense ratio was
0.16%.) The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value
over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent
12-month period.
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard California Tax-Exempt Money Market Fund, Vanguard California Intermediate-Term Tax-Exempt Fund, and Vanguard California Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard—through its Fixed Income Group—serves as the investment advisor for each of the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of each fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance relative to a benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that each fund’s at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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Glossary
7-Day SEC Yield and 30-Day SEC Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average stated maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Average Weighted Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid. The figure reflects the proportion of fund assets represented by each security.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
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Credit Quality. For Vanguard money market funds, the Distribution by Credit Quality table includes tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody’s, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. A Second Tier security is one that is eligible for money market funds and is not a First Tier security. For Vanguard tax-exempt bond funds, credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available. Not rated securities include a fund’s investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 179 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
| InterestedTrustee1 | Rajiv L. Gupta |
| Born 1945. Trustee Since December 2001.2 Principal | |
| F. William McNabb III | Occupation(s) During the Past Five Years and Other |
| Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
| the Board. Principal Occupation(s) During the Past | (retired 2009) and President (2006–2008) of |
| Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
| Board of The Vanguard Group, Inc., and of each of | International PLC (diversified manufacturing and |
| the investment companies served by The Vanguard | services), Hewlett-Packard Co. (electronic computer |
| Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive PLC |
| Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at New |
| President of The Vanguard Group, and of each of | Mountain Capital. |
| the investment companies served by The Vanguard | |
| Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
| Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
| Group (1995–2008). | Occupation(s) During the Past Five Years and |
| Other Experience: President of the University of | |
| IndependentTrustees | Pennsylvania; Christopher H. Browne Distinguished |
| Professor of Political Science, School of Arts and | |
| Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
| Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
| Occupation(s) During the Past Five Years and | appointments in the Department of Philosophy, School |
| Other Experience: Executive Chief Staff and | of Arts and Sciences, and at the Graduate School of |
| Marketing Officer for North America and Corporate | Education, University of Pennsylvania; Trustee of the |
| Vice President (retired 2008) of Xerox Corporation | National Constitution Center; Chair of the Presidential |
| (document management products and services); | Commission for the Study of Bioethical Issues. |
| Executive in Residence and 2009–2010 Distinguished | |
| Minett Professor at the Rochester Institute of | JoAnn Heffernan Heisen |
| Technology; Director of SPX Corporation (multi-industry | Born 1950. Trustee Since July 1998. Principal |
| manufacturing), the United Way of Rochester, | Occupation(s) During the Past Five Years and Other |
| Amerigroup Corporation (managed health care), the | Experience: Corporate Vice President and Chief |
| University of Rochester Medical Center, Monroe | Global Diversity Officer (retired 2008) and Member |
| Community College Foundation, and North Carolina | of the Executive Committee (1997–2008) of Johnson |
| A&T University. | & Johnson (pharmaceuticals/medical devices/ |
| consumer products); Director of Skytop Lodge | |
| Corporation (hotels), the University Medical Center | |
| at Princeton, the Robert Wood Johnson Foundation, | |
| and the Center for Talent Innovation; Member of | |
| the Advisory Board of the Institute for Women’s | |
| Leadership at Rutgers University. |
| F. Joseph Loughrey | Executive Officers | |
| Born 1949. Trustee Since October 2009. Principal | ||
| Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
| Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal | |
| (retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and | |
| Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, | |
| consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies | |
| of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of | |
| Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard | |
| for Education, and the V Foundation for Cancer | Group (2010–2015); Assistant Controller of each of | |
| Research; Member of the Advisory Council for the | the investment companies served by The Vanguard | |
| College of Arts and Letters and of the Advisory Board | Group (2001–2010). | |
| to the Kellogg Institute for International Studies, both | ||
| at the University of Notre Dame. | Thomas J. Higgins | |
| Born 1957. Chief Financial Officer Since September | ||
| Mark Loughridge | 2008. Principal Occupation(s) During the Past Five | |
| Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard | |
| Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the | |
| Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; | |
| Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served | |
| services); Fiduciary Member of IBM’s Retirement Plan | by The Vanguard Group (1998–2008). | |
| Committee (2004–2013); Director of the Dow Chemical | ||
| Company; Member of the Council on Chicago Booth. | Peter Mahoney | |
| Born 1974. Controller Since May 2015. Principal | ||
| Scott C. Malpass | Occupation(s) During the Past Five Years and | |
| Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting | |
| Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the | |
| Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; | |
| President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard | |
| Professor of Finance at the Mendoza College of | Group (2008–2014). | |
| Business at Notre Dame; Member of the Notre Dame | ||
| 403(b) Investment Committee; Board Member of | Heidi Stam | |
| TIFF Advisory Services, Inc., and Catholic Investment | Born 1956. Secretary Since July 2005. Principal | |
| Services, Inc. (investment advisors); Member of | Occupation(s) During the Past Five Years and Other | |
| the Investment Advisory Committee of Major | Experience: Managing Director of The Vanguard | |
| League Baseball. | Group, Inc.; General Counsel of The Vanguard Group; | |
| Secretary of The Vanguard Group and of each of the | ||
| investment companies served by The Vanguard Group; | ||
| André F. Perold | Director and Senior Vice President of Vanguard | |
| Born 1952. Trustee Since December 2004. Principal | Marketing Corporation. | |
| Occupation(s) During the Past Five Years and Other | ||
| Experience: George Gund Professor of Finance and | ||
| Banking, Emeritus at the Harvard Business School | Vanguard Senior Management Team | |
| (retired 2011); Chief Investment Officer and Managing | Mortimer J. Buckley | Michael S. Miller |
| Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | James M. Norris |
| firm); Director of Rand Merchant Bank; Overseer of | Paul A. Heller | Thomas M. Rampulla |
| the Museum of Fine Arts Boston. | Martha G. King | Glenn W. Reed |
| John T. Marcante | Karin A. Risi | |
| Peter F. Volanakis | Chris D. McIsaac | |
| Born 1955. Trustee Since July 2009. Principal | ||
| Occupation(s) During the Past Five Years and Other | ||
| Experience: President and Chief Operating Officer | Chairman Emeritus and Senior Advisor | |
| (retired 2010) of Corning Incorporated (communications | John J. Brennan | |
| equipment); Trustee of Colby-Sawyer College; | Chairman, 1996–2009 | |
| Member of the Advisory Board of the Norris Cotton | Chief Executive Officer and President, 1996–2008 | |
| Cancer Center and of the Advisory Board of the | ||
| Parthenon Group (strategy consulting). | Founder | |
| John C. Bogle | ||
| Chairman and Chief Executive Officer, 1974–1996 | ||
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
 | ||
| P.O. Box 2600 | ||
| Valley Forge, PA 19482-2600 | ||
| Connect with Vanguard® > vanguard.com | ||
| Fund Information > 800-662-7447 | CFA® is a registered trademark owned by CFA Institute. | |
| Direct Investor Account Services > 800-662-2739 | ||
| Institutional Investor Services > 800-523-1036 | ||
| Text Telephone for People | ||
| Who Are Deaf or Hard of Hearing> 800-749-7273 | ||
| This material may be used in conjunction | ||
| with the offering of shares of any Vanguard | ||
| fund only if preceded or accompanied by | ||
| the fund’s current prospectus. | ||
| All comparative mutual fund data are from Lipper, a | ||
| Thomson Reuters Company, or Morningstar, Inc., unless | ||
| otherwise noted. | ||
| You can obtain a free copy of Vanguard’s proxy voting | ||
| guidelines by visiting vanguard.com/proxyreporting or by | ||
| calling Vanguard at 800-662-2739. The guidelines are | ||
| also available from the SEC’s website, sec.gov. In | ||
| addition, you may obtain a free report on how your fund | ||
| voted the proxies for securities it owned during the 12 | ||
| months ended June 30. To get the report, visit either | ||
| vanguard.com/proxyreporting or sec.gov. | ||
| You can review and copy information about your fund at | ||
| the SEC’s Public Reference Room in Washington, D.C. To | ||
| find out more about this public service, call the SEC at | ||
| 202-551-8090. Information about your fund is also | ||
| available on the SEC’s website, and you can receive | ||
| copies of this information, for a fee, by sending a | ||
| request in either of two ways: via email addressed to | ||
| publicinfo@sec.gov or via regular mail addressed to the | ||
| Public Reference Section, Securities and Exchange | ||
| Commission, Washington, DC 20549-1520. | ||
| © 2015 The Vanguard Group, Inc. | ||
| All rights reserved. | ||
| Vanguard Marketing Corporation, Distributor. | ||
| Q752 072015 | ||
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits. (a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
| BY: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: July 16, 2015 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| VANGUARD CALIFORNIA TAX-FREE FUNDS | |
|
BY: |
/s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
|
Date: July 16, 2015 | |
|
|
VANGUARD CALIFORNIA TAX-FREE FUNDS |
|
BY: |
/s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
|
Date: July 16, 2015 | |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.