Hi, I am looking at dividends from the Vanguard federal MM Fund (VMFXX). Based on this from the FTB:

"If the mutual fund has at least 50% of its assets invested in tax-exempt U.S. obligations and/or in California or its municipal obligations, that amount of dividend is exempt from California tax."

This fund is 26.20% US govt obligations and 35.90% US Treasury Bills. I'm wondering if both count as "tax-exempt US obligations" or is it just the treasury bills - hence taxable in CA?

Thanks!