N-Q 1 a_cataxexempt.htm PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND a_catexexempt.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY




Investment Company Act file number: (811-03630)
Exact name of registrant as specified in charter: Putnam California Tax Exempt Income Fund
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Beth S. Mazor, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: September 30, 2011
Date of reporting period: June 30, 2011



Item 1. Schedule of Investments:














Putnam California Tax Exempt Income Fund

The fund's portfolio
6/30/11 (Unaudited)
Key to holding's abbreviations
ABAG — Association Of Bay Area Governments
AGM — Assured Guaranty Municipal Corporation
AGO — Assured Guaranty, Ltd.
AMBAC — AMBAC Indemnity Corporation
Cmnwlth. of PR Gtd. — Commonwealth of Puerto Rico Guaranteed
COP — Certificates of Participation
FGIC — Financial Guaranty Insurance Company
G.O. Bonds — General Obligation Bonds
NATL — National Public Finance Guarantee Corp.
Radian Insd. — Radian Group Insured
SGI — Syncora Guarantee, Inc.
TAN — Tax Anticipation Notes
U.S. Govt. Coll. — U.S. Government Collateralized
VRDN — Variable Rate Demand Notes
MUNICIPAL BONDS AND NOTES (99.3%)(a)
Rating(RAT) Principal amount Value

California (92.6%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds
     (Sharp Hlth. Care), 6 1/4s, 8/1/39 A2 $20,750,000 $21,343,865
     (St. Rose Hosp.), Ser. A, 6s, 5/15/29 A- 5,625,000 5,776,763
Alameda, Corridor Trans. Auth. Rev. Bonds, Ser. A, AMBAC, zero %, 10/1/19 A- 29,270,000 17,980,268
Anaheim, Pub. Fin. Auth. Rev. Bonds
     (Elec. Syst. Distr. Fac.), Ser. A, 5 3/8s, 10/1/36 AA- 3,000,000 3,064,740
     (Distr. Syst.), NATL, 5s, 10/1/29 A+ 1,945,000 1,953,500
Anaheim, Pub. Fin. Auth. Lease Rev. Bonds
     (Cap. Appn. Sub. Impt.), Ser. C, AGM, zero %, 9/1/30 AA+ 1,290,000 358,401
     (Cap. Appn. Sub. Pub. Impt.), Class C, AGM, zero %, 9/1/22 AA+ 6,500,000 3,391,050
Arcadia, Unified School Dist. G.O. Bonds (Election of 2006), Ser. A, AGM, zero %, 8/1/18 AA+ 1,500,000 1,098,914
Bay Area Toll Auth. of CA Rev Bonds, Ser. F, 5s, 4/1/31(T) Aa2 13,600,000 13,795,210
Burbank, Pub. Fin. Auth. Rev. Bonds (West Olive Redev.), AMBAC, 5s, 12/1/26 BBB+ 3,390,000 2,943,841
CA Rev. Bonds
     (Catholic Hlth. Care West), Ser. A, 6s, 7/1/39 A2 10,500,000 10,876,740
     (Adventist Hlth. Syst.-West), Ser. A, 5 3/4s, 9/1/39 A 10,500,000 10,426,710
CA Edl. Fac. Auth. Rev. Bonds
     (Claremont Graduate U.), Ser. A, 6s, 3/1/38 A3 1,045,000 1,045,470
     (CA Lutheran U.), 5 3/4s, 10/1/38 Baa1 5,000,000 4,800,450
     (U. of the Pacific), 5 1/2s, 11/1/39 A2 1,250,000 1,241,025
     (U. of the Pacific), 5 1/4s, 11/1/29 A2 1,265,000 1,287,934
     (Loyola-Marymount U.), Ser. A, 5 1/8s, 10/1/40 A2 2,955,000 2,810,973
     (U. Redlands), Ser. A, 5 1/8s, 8/1/38 A3 6,430,000 5,598,857
     (Claremont Graduate U.), Ser. A, 5 1/8s, 3/1/28 A3 1,270,000 1,231,862
     (U. of The Pacific), 5s, 11/1/36 A2 10,735,000 9,949,413
     (U. of La Verne), Ser. A, 5s, 6/1/31 Baa2 1,970,000 1,703,715
     (Claremont Graduate U.), Ser. A, 5s, 3/1/31 A3 2,465,000 2,334,922
     (U. of the Pacific), 5s, 11/1/30 A2 2,500,000 2,457,275
     (CA College of Arts), 5s, 6/1/30 Baa3 1,825,000 1,545,246
     (Lutheran U.), Ser. C, 5s, 10/1/29 Baa1 1,500,000 1,380,165
     (U. of The Pacific), 5s, 11/1/25 A2 4,000,000 4,057,080
     (Lutheran U.), Ser. C, 5s, 10/1/24 Baa1 1,250,000 1,207,625
     (Lutheran U.), Ser. C, 4 1/2s, 10/1/19 Baa1 2,830,000 2,782,060
CA Hlth. Fac. Fin. Auth. Rev. Bonds
     (Providence Hlth. & Svcs.), Ser. C, 6 1/2s, 10/1/38 Aa2 5,400,000 5,930,873
     (Providence Hlth. & Svcs.), Ser. C, 6 1/2s, 10/1/38 (Prerefunded 10/1/18) Aa2 100,000 130,958
     (Providence Hlth. & Svcs.), Class C, 6 1/4s, 10/1/28 Aa2 3,350,000 3,697,496
     (Catholic Hlth. Care West), Ser. J, 5 5/8s, 7/1/32 A2 2,750,000 2,779,755
     (Sutter Hlth.), Ser. A, 5 1/4s, 11/15/46 Aa3 10,000,000 9,477,600
     (Stanford Hosp.), Ser. A-2, 5 1/4s, 11/15/40 Aa3 1,000,000 995,480
     (Cedars Sinai Med. Ctr.), 5s, 8/15/39 A2 14,170,000 13,315,406
     (Cedars-Sinai Med. Ctr.), 5s, 11/15/34 AAA 6,250,000 5,943,813
     (CA-NV Methodist), 5s, 7/1/26 A- 1,745,000 1,730,464
     Ser. B, AMBAC, 5s, 7/1/21 A2 3,500,000 3,500,000
CA Hsg. Fin. Agcy. Rev. Bonds
     Ser. J, 5 3/4s, 8/1/47 A 3,720,000 3,764,008
     (Home Mtge.), Ser. H, FGIC, 5 3/4s, 8/1/30 A 10,000 10,118
     (Multi-Fam. Hsg. III), Ser. B, NATL, 5 1/2s, 8/1/39 A2 1,650,000 1,443,206
     (Home Mtge.), Ser. L, 5.2s, 8/1/28 A 4,500,000 4,098,284
     (Home Mtge.), Ser. I, 4 7/8s, 8/1/41 A 5,000,000 3,880,450
     (Home Mtge.), Ser. M, 4 3/4s, 8/1/42 A 8,050,000 6,093,931
     (Home Mtge.), Ser. K, 4 5/8s, 8/1/26 Baa1 2,500,000 2,200,225
     (Home Mtge.), Ser. I, 4.6s, 8/1/21 A 5,000,000 4,549,950
CA Infrastructure & Econ. Dev. Bank Rev. Bonds
     (CA Indpt. Syst. Operator), Ser. A, 6 1/4s, 2/1/39 A1 12,000,000 12,652,560
     (Oakland Unified School Dist. Fin.), 5s, 8/15/22 A2 4,985,000 4,706,588
CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA)
     5 1/4s, 2/1/46 Baa2 11,000,000 8,937,500
     5 1/4s, 2/1/37 Baa2 14,650,000 12,396,976
CA Muni. Fin. Auth. Rev. Bonds
     (U. of La Verne), Ser. A, 6 1/4s, 6/1/40 Baa2 4,000,000 4,002,400
     (Biola U.), 5 7/8s, 10/1/34 Baa1 11,000,000 10,445,160
     (Biola U.), 5.8s, 10/1/28 Baa1 220,000 216,916
     (Eisenhower Med. Ctr.), Ser. A, 5 3/4s, 7/1/40 Baa1 10,500,000 9,921,450
     (Loma Linda U.), 5s, 4/1/28 A 2,000,000 1,957,680
     (U. Students Coop Assn.), 5s, 4/1/22 BBB- 790,000 770,092
CA Muni. Fin. Auth. Sr. Living Rev. Bonds (Pilgrim Place Claremont), Ser. A, 6 1/8s, 5/15/39 A- 5,835,000 5,854,256
CA Poll. Control Fin. Auth. Rev. Bonds (San Jose Wtr. Co.), 5.1s, 6/1/40 A 4,500,000 4,155,210
CA Poll. Control Fin. Auth. VRDN (Pacific Gas & Electric Corp.)
     Ser. F, 0.03s, 11/1/26 A-1+ 13,700,000 13,700,000
     Class C, 0.05s, 11/1/26 A-1+ 2,400,000 2,400,000
     Ser. E, 0.03s, 11/1/26 VMIG1 15,100,000 15,100,000
CA Poll. Control Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Management, Inc.)
     Ser. A-2, 5.4s, 4/1/25 BBB 7,500,000 7,700,775
     Ser. B, 5s, 7/1/27 BBB 4,500,000 4,512,780
CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40 BBB+ 4,000,000 3,838,760
CA State G.O. Bonds
     6 1/2s, 4/1/33 A1 43,000,000 47,732,150
     5 3/4s, 4/1/31 A1 40,620,000 42,817,541
CA State Enterprise Auth. Swr. Fac. Rev. Bonds (Anheuser-Busch), 5.3s, 9/1/47 A- 2,000,000 1,946,520
CA State Pub. Wks. Board Rev. Bonds
     Ser. I-1, 6 1/8s, 11/1/29 A2 4,000,000 4,230,360
     (Dept. of Ed. - Riverside Campus), Ser. B, 6 1/8s, 4/1/29 A2 490,000 516,607
     (Dept. of Dev. Svcs. - Porterville), Ser. C, 6s, 4/1/27 A2 575,000 606,562
     (Dept. of Ed. - Riverside Campus), Ser. B, 6s, 4/1/26 A2 2,625,000 2,789,745
     (Trustees CA State U.), Ser. D, 6s, 4/1/26 Aa3 1,365,000 1,496,477
     (Riverside Campus), Ser. B, 6s, 4/1/25 A2 1,755,000 1,869,777
     (Dept. of Dev. Svcs. - Porterville), Ser. C, 6s, 4/1/24 A2 3,615,000 3,916,563
     (Dept. of Ed. - Riverside Campus), Ser. B, 6s, 4/1/24 A2 4,485,000 4,859,139
     Ser. G-1, 5 3/4s, 10/1/30 A2 11,500,000 11,694,924
     Ser. A-1, 5 1/2s, 3/1/25 A2 2,500,000 2,588,525
     (Regents U.), Ser. E, 5s, 4/1/29 Aa2 7,015,000 7,131,449
     (Regents U.), Ser. E, 5s, 4/1/28 Aa2 8,290,000 8,486,970
CA State Pub. Wks. Board Lease Rev. Bonds
     Ser. A, NATL, 6 1/2s, 9/1/17 A2 28,000,000 30,819,600
     (Dept. of Corrections-State Prisons), Ser. A, AMBAC, 5s, 12/1/19 A2 17,250,000 17,876,520
CA State U. Rev. Bonds (Systemwide), Ser. A, 5 3/4s, 11/1/28 Aa2 5,000,000 5,302,900
CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 BBB 15,300,000 13,754,700
CA Statewide Cmnty. Dev. Auth. Rev. Bonds
     (Thomas Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38 BB+ 2,415,000 2,462,141
     (American Baptist Homes West), 6 1/4s, 10/1/39 BBB 4,500,000 4,326,750
     (Sutter Hlth.), Ser. A, 6s, 8/15/42 Aa3 5,000,000 5,305,600
     (Irvine LLC-UCI East Campus), 6s, 5/15/40 Baa2 11,000,000 10,534,480
     (American Baptist Homes West), 5 3/4s, 10/1/25 BBB 950,000 921,196
     (Sutter Hlth.), Ser. B, 5 1/4s, 11/15/48 Aa3 2,000,000 1,887,760
     (Huntington Memorial Hosp.), 5s, 7/1/35 A+ 11,175,000 10,131,143
     (Sr. Living-Presbyterian Homes), Ser. A, 4 7/8s, 11/15/36 BBB 1,000,000 818,480
CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds (Front Porch Cmntys. & Svcs.), Ser. A, 5 1/8s, 4/1/37 BBB 9,500,000 7,825,720
CA Statewide Cmnty. Dev. Auth. Special Tax Rev. Bonds
     (Cmnty. Fac. Dist. No. 1-Zone 1C), 7 1/4s, 9/1/30 BB/P 2,270,000 2,282,599
     (Citrus Garden Apt. Project - D1), 5 1/4s, 7/1/22 BBB 1,630,000 1,582,991
     (Cmnty. Fac. Dist. No. 1-Zone 1B), zero %, 9/1/20 BB/P 1,225,000 599,601
CA Statewide Cmnty., Dev. Auth. Rev. Bonds
     (Sr. Living - Presbyterian Homes), 7 1/4s, 11/15/41 BBB 6,000,000 6,341,400
     (Enloe Med. Ctr.), 6 1/4s, 8/15/33 A- 7,500,000 7,759,875
     (Enloe Med. Ctr.), 6 1/4s, 8/15/28 A- 5,000,000 5,281,000
     (Catholic Hlth. Care West), Ser. A, 5 1/2s, 7/1/30(FWC) A2 9,940,000 10,000,236
     (Kaiser Permanente), Ser. B, 5 1/4s, 3/1/45 A+ 19,000,000 17,805,470
     Ser. C, 5 1/4s, 8/1/31 A+ 7,600,000 7,562,380
     (Kaiser Permanente), Ser. B, 5s, 3/1/41 A+ 1,815,000 1,651,940
     (Henry Mayo Newhall Memorial Hosp.), 5s, 10/1/27 A- 3,685,000 3,600,614
     (Henry Mayo Newhall Memorial Hosp.), 5s, 10/1/20 A- 1,055,000 1,093,339
CA Statewide Fin. Auth. Tobacco Settlement Rev. Bonds, Class B, 5 5/8s, 5/1/29 Baa3 2,990,000 2,775,408
CA Tobacco Securitization Agcy. Rev. Bonds (Sonoma Cnty. Corp.), Ser. B, 5 1/2s, 6/1/30 (Prerefunded 6/1/12) AAA/F 3,145,000 3,254,666
Carlsbad, Unified School Dist. G.O. Bonds, FGIC, NATL, zero %, 11/1/21 Aa2 2,250,000 1,335,398
Castaic Lake, Wtr. Agcy. COP (Water Syst. Impt.), AMBAC, zero %, 8/1/27 AA 10,000,000 3,825,500
Chino Basin, Desalter Auth. Rev. Bonds, Ser. A, AGO, 5s, 6/1/30 AA+ 3,540,000 3,631,190
Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds
     (No. 06-1 Eastlake Woods Area), 6.2s, 9/1/33 BBB/P 3,750,000 3,683,213
     (No. 06-1 Eastlake Woods Area), 6.15s, 9/1/26 BBB/P 2,000,000 2,026,280
     (No. 07-1 Otay Ranch Village Eleven), 5 7/8s, 9/1/34 BB+/P 2,350,000 2,169,920
     (No. 07-I Otay Ranch Village Eleven), 5.1s, 9/1/26 BB+/P 340,000 306,972
Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas)
     Ser. C, 5 7/8s, 2/15/34 Aa3 2,600,000 2,748,616
     Ser. D, 5 7/8s, 1/1/34 Aa3 5,000,000 5,282,450
Coast, Cmnty. College Dist. G.O. Bonds, NATL
     zero %, 8/1/22 Aa1 1,280,000 700,544
     zero %, 8/1/21 Aa1 4,500,000 2,646,990
Commerce, Redev. Agcy. Rev. Bonds (Project 1), zero %, 8/1/21 (Escrowed to maturity) AAA/P 66,780,000 39,062,961
Compton, Unified School Dist. G.O. Bonds (Election of 2002), Ser. D, AMBAC
     zero %, 6/1/18 Aa3 7,295,000 5,434,921
     zero %, 6/1/17 Aa3 7,145,000 5,675,202
Contra Costa, Home Mtge. Fin. Auth. Rev. Bonds, Ser. G, NATL, zero %, 9/1/17 (Escrowed to maturity) BBB 26,490,000 17,034,659
Corona, Cmnty. Fac. Dist. Special Tax (No. 97-2 Eagle Glen), Ser. 97-2, 5 3/4s, 9/1/16 BBB+/P 2,395,000 2,399,000
Delano, COP (Delano Regl. Med. Ctr.), 5.6s, 1/1/26 BBB- 20,200,000 18,869,224
Duarte, COP, Ser. A
     5 1/4s, 4/1/31 A1 7,000,000 6,668,830
     5 1/4s, 4/1/24 A1 7,500,000 7,458,075
El Camino, Hosp. Dist. Rev. Bonds, Ser. A, AMBAC, 6 1/4s, 8/15/17 (Escrowed to maturity) AAA/P 9,650,000 10,822,958
Folsom Cordova, Unified School Dist. G.O. Bonds (School Fac. Impt. Dist. No. 1), Ser. A, NATL, zero %, 10/1/25 Aa3 1,505,000 662,275
Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40 Aaa 6,750,000 6,899,850
Foothill/Eastern Corridor Agcy. Rev. Bonds (CA Toll Roads)
     5 3/4s, 1/15/40 Baa3 19,000,000 16,629,940
     NATL, 5 3/8s, 1/15/14 Baa1 5,000,000 5,031,100
     Ser. A, 5s, 1/1/35 Baa3 2,000,000 1,608,480
Glendora, Unified School Dist. G.O. Bonds (Election of 2005), Ser. B, AGO, zero %, 8/1/36 AA+ 5,100,000 949,314
Golden State Tobacco Securitization Corp. Rev. Bonds
     Ser. A-4, 7.8s, 6/1/42 (Prerefunded 6/1/13) Aaa 6,075,000 6,902,476
     Ser. 03 A-1, 6 1/4s, 6/1/33 Aaa 8,760,000 9,527,464
     Ser. A-1, 5s, 6/1/33 Baa3 12,340,000 9,098,652
     Ser. A, 4.55s, 6/1/22 AA+ 4,085,000 3,982,017
     Ser. A-1, 4 1/2s, 6/1/27 Baa3 10,675,000 8,884,376
     Ser. S-B, zero %, 6/1/47 B 24,000,000 752,640
     Ser. A, AMBAC, zero %, 6/1/24 A2 15,500,000 6,823,565
Golden West, School Fin. Auth. Rev. Bonds, Ser. A, NATL
     zero %, 8/1/20 Baa1 2,000,000 1,213,020
     zero %, 2/1/20 Baa1 2,480,000 1,546,206
Huntington Beach, Cmnty. Fac. Dist. Special Tax (No. 2003-1 Huntington Ctr.)
     5.85s, 9/1/33 BB+/P 2,845,000 2,654,413
     5.8s, 9/1/23 BB+/P 1,000,000 960,340
Imperial Irrigation Elec. Dist. Rev. Bonds
     Ser. A, 6 1/4s, 11/1/31 AA- 1,000,000 1,123,030
     Ser. A, 5 1/2s, 11/1/41 AA- 9,000,000 9,243,540
     5 1/8s, 11/1/38 AA- 7,000,000 7,014,280
Irvine Ranch, Wtr. Dist. VRDN, 0.69s, 4/1/33 VMIG1 7,900,000 7,900,000
Irvine, Impt. Board Act of 1915 G.O. Bonds (Assmt. Dist. No. 03-19-Group 2), 5.45s, 9/2/23 BBB/P 1,000,000 989,420
Irvine, Impt. Board Act of 1915 Special Assmt. Bonds
     (Dist. No. 00-18-Group 2), 5.6s, 9/2/22 BBB+/P 5,000,000 5,000,150
     (Dist. No. 00-18 Group 3), 5.55s, 9/2/26 BBB+/P 1,825,000 1,759,665
     (Dist. No. 04-20), 5s, 9/2/25 BB-/P 2,000,000 1,870,620
     (Dist. No. 04-20), 5s, 9/2/21 BB-/P 1,000,000 992,860
     (Dist. No. 04-20), 5s, 9/2/20 BB-/P 1,000,000 1,005,720
     (Dist. No. 04-20), 5s, 9/2/19 BB-/P 1,000,000 1,013,680
     (Dist. No. 04-20), 4 7/8s, 9/2/18 BB-/P 1,000,000 1,015,070
Irvine, Impt. Board Act of 1915 Ltd. Oblig. Special Assmt. Bonds (No. 03-19 Group 4), 5s, 9/2/29 BB-/P 705,000 597,847
Las Virgenes, Unified School Dist. G.O. Bonds
     Ser. A, AGM, 5s, 8/1/28 AA+ 5,245,000 5,437,072
     AGM, zero %, 11/1/23 AA+ 1,395,000 718,397
Long Beach, Bond Fin. Auth. Rev. Bonds (Natural Gas), Ser. A, 5 1/2s, 11/15/28 A2 5,000,000 4,988,550
Los Angeles, Cmnty. College Dist. G.O. Bonds (Election of 2008), Ser. A, 6s, 8/1/33 Aa1 10,000,000 11,112,400
Los Angeles, Cmnty. Redev. Agcy. Fin. Auth. Rev. Bonds (Bunker Hill), Ser. A, AGM, 5s, 12/1/27 AA+ 16,000,000 16,493,440
Los Angeles, Dept. Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), Ser. D, 5s, 5/15/40 AA 11,500,000 11,548,300
Los Angeles, Harbor Dept. Rev. Bonds, U.S. Govt. Coll., 7.6s, 10/1/18 (Escrowed to maturity) AAA 16,565,000 19,516,386
Los Angeles, Unified School Dist. G.O. Bonds
     Ser. D, 5s, 1/1/34 Aa2 3,865,000 3,839,182
     Ser. F, 5s, 7/1/29 Aa2 2,000,000 2,061,040
M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39 A 5,000,000 5,483,400
Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18 AAA 20,000,000 23,458,400
Modesto, High School Dist. Stanislaus Cnty., G.O. Bonds, Ser. A, FGIC, NATL, zero %, 8/1/24 Aa2 1,200,000 560,520
Murrieta Valley, Unified School Dist. G.O. Bonds, AGM, zero %, 9/1/31 AA+ 6,445,000 1,789,648
Napa Valley, Cmnty. College Dist. G.O. Bonds (Election of 2002), Ser. C, NATL
     zero %, 8/1/22 AA- 5,000 2,778
     zero %, 8/1/21 AA- 8,575,000 5,098,695
Natomas, Unified School Dist. G.O. Bonds, FGIC, zero %, 8/1/29 BBB+ 4,210,000 1,077,213
North Natomas, Cmnty. Fac. Special Tax Bonds
     Ser. B, 6 3/8s, 9/1/31 BBB-/P 6,150,000 6,138,992
     (Dist. No. 4), Ser. D, 5s, 9/1/33 BBB-/P 3,770,000 3,068,855
     Ser. D, 5s, 9/1/26 BBB-/P 1,710,000 1,500,935
Oakland, Joint Powers Fin. Auth. VRDN (Fruitvale Transit Village), Ser. B, 0.07s, 7/1/33 VMIG1 1,275,000 1,275,000
Oakland, Swr. Rev. Bonds, Ser. A, AGM, 5s, 6/15/26 AA+ 3,690,000 3,788,265
Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election of 2006), Ser. A, 6 1/8s, 8/1/29 A2 4,000,000 4,190,160
Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds
     (Ladera Ranch - No. 03-1), Ser. A, 5 5/8s, 8/15/34 BBB-/P 2,750,000 2,537,975
     (Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33 BBB-/P 3,725,000 3,427,075
     (Ladera Ranch - No. 03-1), Ser. A, 5 1/2s, 8/15/23 BBB-/P 1,000,000 969,030
Palomar Pomerado, Hlth. G.O. Bonds (Election of 2004), Ser. A, AGO
     zero %, 8/1/27 AA+ 3,395,000 1,203,290
     zero %, 8/1/26 AA+ 5,000,000 1,906,950
     zero %, 8/1/24 AA+ 5,130,000 2,295,059
Pico Rivera, Pub. Fin. Auth. Lease Rev. Bonds
     5 3/4s, 9/1/39 A+ 6,000,000 5,908,980
     5 1/2s, 9/1/31 A+ 1,000,000 1,012,360
Placentia, Redev. Auth. Tax Alloc. Rev. Bonds, Ser. B, 5 3/4s, 8/1/32 BBB+ 3,000,000 2,635,170
Poway, Unified School Dist. G.O. Bonds (Election of 2008), zero %, 8/1/29 Aa2 11,350,000 3,680,919
Poway, Unified School Dist. Cmnty. Facs. Special Tax (Cmnty. Fac. Dist. No. 14-Del Sur), 5 1/4s, 9/1/36 B+/P 5,500,000 4,240,390
Rancho Cordova, Cmnty. Fac. Dist. Special Tax (No. 2003-1 Sunridge Anatolia), 6.1s, 9/1/37 BB+/P 1,485,000 1,314,195
Rancho Mirage, Joint Powers Fin. Auth. Rev. Bonds (Eisenhower Med. Ctr.), Ser. A, 5s, 7/1/47 Baa1 6,000,000 4,989,900
Redding, Elec. Syst. COP, NATL, 6.368s, 7/1/22 (Escrowed to maturity) Baa1 18,465,000 21,924,418
Redwood City, Redev. Agcy., TAN (Redev. Area 2-A), AMBAC, zero %, 7/15/22 A- 3,230,000 1,574,690
Richmond, JT Pwrs. Fin. Auth. Rev. Bonds (Lease Civic Ctr.), AGO, 5 3/4s, 8/1/29 AA+ 2,000,000 2,136,840
Rio Linda, Unified School Dist. G.O. Bonds (Election of 2006), AGM, 5s, 8/1/31 AA+ 6,000,000 6,074,940
Ripon, Redev. Agcy. Tax Alloc. (Cmnty. Redev.), NATL, 4 3/4s, 11/1/36 Baa1 1,470,000 1,080,406
Riverside Cnty., Pub. Fin. Auth. COP, 5.8s, 5/15/29 BB- 4,250,000 3,508,630
Rohnert Pk., Cmnty. Dev. Agcy. Tax Alloc. Bonds (Rohnert Redev.), NATL, zero %, 8/1/25 A- 1,340,000 552,227
Sacramento City Fin. Auth. TAN, Ser. A, FGIC, NATL, zero %, 12/1/23 A- 15,815,000 7,297,041
Sacramento Cnty., Arpt. Syst. Rev. Bonds
     5s, 7/1/40 A2 2,650,000 2,491,875
     Ser. A, AGM, 5s, 7/1/28 AA+ 1,500,000 1,531,005
     Ser. A, AGM, 5s, 7/1/26 AA+ 5,000,000 5,151,450
     Ser. A, AGM, 5s, 7/1/25 AA+ 3,990,000 4,137,470
Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.)
     Ser. 01-03, 6s, 9/1/28 BBB/P 1,455,000 1,440,741
     5.7s, 9/1/23 BBB-/P 4,795,000 4,810,056
Sacramento, City Fin. Auth. Tax Alloc. Bonds
     Ser. A, FGIC, NATL, zero %, 12/1/22 A- 7,500,000 3,745,425
     (Cap. Appn.), Ser. A, FGIC, NATL, zero %, 12/1/19 A- 5,000,000 3,112,550
Sacramento, Muni. Util. Dist. Elec. Rev. Bonds, Ser. K, AMBAC, 5 1/4s, 7/1/24 A1 11,500,000 12,573,640
Sacramento, Muni. Util. Dist. Fin. Auth. Rev. Bonds (Cosumnes), NATL, 5s, 7/1/19 Baa1 1,070,000 1,089,346
San Bernardino, Cmnty. College Dist. G.O. Bonds (Election of 2002), Ser. A, 6 1/4s, 8/1/33 Aa2 1,000,000 1,097,320
San Diego, Pub. Fac. Fin. Auth. Rev. Bonds
     Ser. A, 5 1/4s, 3/1/40 A2 1,000,000 904,200
     Ser. A, 5 1/4s, 9/1/35 A2 1,500,000 1,380,615
     Ser. A, 5 1/4s, 3/1/25 A2 6,065,000 6,143,724
     (Southcrest), Ser. B, Radian Insd., 5 1/8s, 10/1/22 Baa2 1,000,000 920,670
     Ser. A, 5s, 9/1/26 A2 6,265,000 6,147,155
San Diego, Pub. Fac. Fin. Auth. Swr. Rev. Bonds, Ser. A
     5 1/4s, 5/15/29 Aa3 1,245,000 1,343,666
     5 1/8s, 5/15/29 Aa3 7,885,000 8,314,496
San Diego, Redev. Agcy. Tax Alloc. (Centre City), Ser. A, SGI, 5s, 9/1/22 A2 4,665,000 4,536,479
San Diego, Unified School Dist. G.O. Bonds
     Ser. C, zero %, 7/1/46 Aa1 19,000,000 1,887,840
     (Election of 2008), Ser. C, zero %, 7/1/44 Aa1 15,000,000 1,706,100
San Francisco City & Cnty., Multi-Fam. Hsg. VRDN, Ser. A, 0.05s, 8/1/30 A-1+ 200,000 200,000
San Francisco, City & Cnty. Arpt. Comm. Rev. Bonds (Intl. Arpt.)
     Ser. 34D, AGO, 5 1/4s, 5/1/25 AA+ 2,250,000 2,390,063
     Ser. F, 5s, 5/1/40 A1 4,750,000 4,615,480
     Ser. G, 5s, 5/1/40 A1 4,400,000 4,275,392
San Francisco, City & Cnty. Redev. Fin. Auth. TAN (Mission Bay North Redev.), Ser. C, 6 3/4s, 8/1/41 A- 1,000,000 1,038,460
San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39 BBB 1,250,000 1,274,525
San Joaquin Cnty. Trans. Auth. Rev. Bonds, Ser. A, 5 1/2s, 3/1/41 AA 7,000,000 7,146,650
San Joaquin Hills, Trans. Corridor Agcy. Rev. Bonds
     Ser. A, NATL, 5 3/8s, 1/15/29 Baa1 2,000,000 1,576,100
     (Toll Road), Ser. A, 5s, 1/1/33 BB- 34,125,000 25,204,042
San Jose, Redev. Agcy. Tax Alloc. Bonds (Merged Area Redev.), Ser. B, Radian Insd., 5s, 8/1/32 BBB+ 3,935,000 3,010,314
San Jose, Redev. Agcy. Tax Alloc. Rev. Bonds, Ser. B, 6 1/4s, 8/1/20 Baa1 5,025,000 5,122,284
San Juan, Basin Auth. Rev. Bonds (Ground Wtr. Recvy.), AMBAC, 5s, 12/1/34 A/P 1,000,000 828,930
San Marcos, Pub. Fac. Auth. Rev. Bonds
     5.8s, 9/1/27 Baa3 2,995,000 2,900,238
     5.8s, 9/1/18 Baa3 1,635,000 1,638,025
San Mateo Cnty., Cmnty. College G.O. Bonds (Election of 2005)
     Ser. B, NATL, zero %, 9/1/27 Aaa 10,545,000 4,282,746
     Ser. A, NATL, zero %, 9/1/26 Aaa 4,000,000 1,799,920
Santa Barbara Cnty., Waterfront COP, AMBAC, 5s, 10/1/27 A3 4,590,000 4,524,409
Santa Clara, Elec. Rev. Rev. Bonds, Ser. A
     6s, 7/1/31 A 2,500,000 2,696,675
     5 1/4s, 7/1/32 A 4,000,000 4,052,720
Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev. Bonds
     (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30 BBB/P 11,075,000 11,075,665
     (Impt. Area No. 3), Ser. B, 6.2s, 9/1/30 BBB/P 495,000 485,714
     (Impt. Area No. 3), Ser. B, 6.1s, 9/1/21 BBB/P 500,000 500,445
Saugus, Unified School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/24 Aa2 1,210,000 581,369
Semitropic, Impt. Dist. Wtr. Storage Rev. Bonds, Ser. A, SGI, 5 1/8s, 12/1/35 AA 3,000,000 2,944,530
Sierra View, Hlth. Care Dist. Rev. Bonds
     5 1/4s, 7/1/37 A/F 4,500,000 4,209,840
     5 1/4s, 7/1/32 A/F 1,000,000 951,180
Solano, Cmnty. College Dist. G.O. Bonds (Election of 2002), Ser. B, FGIC, NATL, zero %, 8/1/25 Aa2 9,020,000 3,988,915
Southern CA Pub. Pwr. Auth. Rev. Bonds
     (Natural Gas No. 1), Ser. A, 5 1/4s, 11/1/24 Baa1 2,850,000 2,852,480
     (Natural Gas), Ser. A, 5 1/4s, 11/1/21 Baa1 1,500,000 1,522,575
     Ser. A, 5s, 7/1/40 AA- 6,860,000 6,797,711
Stockton, Redev. Agcy. Rev. Bonds (Stockton Events Ctr.), FGIC, NATL, 5s, 9/1/28 A- 1,500,000 1,459,485
Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21 B+/P 4,830,000 4,831,497
Sweetwater, High School COP, AGM, 5s, 9/1/27 AA+ 7,840,000 7,677,869
Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev. Bonds (Marketplace 94-1)
     6 7/8s, 9/1/24 B/P 5,000,000 5,039,750
     zero %, 9/1/14 B/P 1,725,000 1,352,573
Tobacco Securitization Auth. of Southern CA Rev. Bonds
     Ser. A, 5 5/8s, 6/1/43 (Prerefunded 6/1/12) Aaa 5,000,000 5,244,050
     Class A1-SNR, 5 1/8s, 6/1/46 BBB 5,000,000 3,246,000
     Ser. A1-SNR, 5s, 6/1/37 BBB 2,000,000 1,392,560
Tracy, Operational Partnership, Joint Powers Auth. Lease Rev. Bonds, AGO
     6 3/8s, 10/1/38 AA+ 2,200,000 2,376,022
     6 1/4s, 10/1/33 AA+ 3,000,000 3,243,960
Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A
     5 7/8s, 1/1/29 A1 6,000,000 6,479,820
     5 5/8s, 1/1/29 A1 1,000,000 1,062,990
Turlock, Dist. Ser. A, 5s, 1/1/40 A1 11,640,000 11,080,232
U. of CA Rev. Bonds, Ser. O, 5 1/4s, 5/15/39 Aa1 10,000,000 10,205,800
Ventura Cnty., COP (Pub. Fin. Auth. III)
     5 3/4s, 8/15/29 AA 1,500,000 1,597,815
     5 3/4s, 8/15/28 AA 1,745,000 1,868,476
Vernon, Elec. Syst. Rev. Bonds, Ser. A, 5 1/8s, 8/1/21 A3 14,000,000 14,471,240
West Kern, Cmnty. Coll. Dist. G.O. Bonds (Election of 2004), Ser. B, SGI, zero %, 11/1/24 A1 2,395,000 1,106,825

1,413,040,222
Guam (0.1%)
Guam Govt. Wtr. Wks. Auth. Rev. Bonds, 5 5/8s, 7/1/40 Ba2 2,450,000 2,159,161

2,159,161
Puerto Rico (6.5%)
Children's Trust Fund Tobacco Settlement Rev. Bonds (Asset Backed Bonds), 5 5/8s, 5/15/43 BBB 4,000,000 3,179,360
Cmnwlth. of PR, G.O. Bonds
     Ser. C, 6 1/2s, 7/1/40 A3 5,000,000 5,305,250
     Ser. C, 6s, 7/1/39 A3 3,770,000 3,798,464
     Ser. A, 5 1/4s, 7/1/34 A3 2,750,000 2,622,978
Cmnwlth. of PR, Aqueduct & Swr. Auth. Rev. Bonds, Ser. A
     6s, 7/1/44 Baa1 14,000,000 13,900,320
     6s, 7/1/38 Baa1 7,350,000 7,358,232
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. AA, 5s, 7/1/28 A2 1,200,000 1,183,776
Cmnwlth. of PR, Indl. Tourist Edl. Med. & Env. Control Facs. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26 Baa3 14,800,000 14,814,355
Cmnwlth. of PR, Infrastructure Fin. Auth. Special Tax, Ser. B, 5s, 7/1/31 A3 5,000,000 4,624,900
Cmnwlth. of PR, Pub. Bldg. Auth. Rev. Bonds (Govt. Fac.), Ser. P, Cmnwlth. of PR Gtd., 6 1/8s, 7/1/23 A3 5,500,000 5,929,550
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds
     Ser. A, 6s, 8/1/42 A1 19,500,000 20,166,120
     Ser. C, 5 1/4s, 8/1/41 A1 6,250,000 6,056,938
U. of PR Rev. Bonds
     Ser. P, 5s, 6/1/26 (Puerto Rico) Baa1 5,000,000 4,791,850
     Ser. Q, 5s, 6/1/25 (Puerto Rico) Baa1 5,000,000 4,843,950

98,576,043
Virgin Islands (0.1%)
VI Pub. Fin. Auth. Rev. Bonds, Ser. A, 5s, 10/1/25 Baa2 2,000,000 1,995,820

1,995,820
TOTAL INVESTMENTS

Total investments (cost $1,487,789,702)(b) $1,515,771,246














Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from October 1, 2010 through June 30, 2011 (the reporting period).
(a) Percentages indicated are based on net assets of $1,526,467,781.
(RAT) The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period and does not reflect any subsequent changes. Security ratings are defined in the Statement of Additional Information.
(b) The aggregate identified cost on a tax basis is $1,488,789,559, resulting in gross unrealized appreciation and depreciation of $91,618,605 and $64,636,918, respectively, or net unrealized appreciation of $26,981,687.
(FWC) Forward commitment, in part or in entirety.
(T) Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The rates shown on VRDN are the current interest rates at the close of the reporting period.
The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
The dates shown on debt obligations are the original maturity dates.
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Healthcare 17.9%
State Government 15.8
Utilities 15.5
Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $13,795,210 were held by the TOB trust and served as collateral for $6,802,158 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $12,633 for these investments based on an average interest rate of 0.21%.













Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (ASC 820) establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1 – Valuations based on quoted prices for identical securities in active markets.
Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

Valuation inputs

Investments in securities: Level 1 Level 2 Level 3
Municipal bonds and notes $— $1,515,771,246 $—



Totals by level $— $1,515,771,246 $—


For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



Item 2. Controls and Procedures:
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: During the period, State Street Bank and Trust Company, which provides certain administrative, pricing and bookkeeping services for the Putnam funds pursuant to an agreement with Putnam Investment Management, LLC, began utilizing different accounting systems and systems support in providing services for the fund.

Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES
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.

Putnam California Tax Exempt Income Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: August 26, 2011

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.

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: August 26, 2011

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: August 26, 2011