Fidelity California Municipal Trust
10/23/2026 | Press release | Distributed by Public on 10/23/2026 09:28
Semi-Annual Report by Investment Company (Form N-CSRS)
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 811-03725
Fidelity California Municipal Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: |
February 28 |
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Date of reporting period: |
August 31, 2026 |
Item 1.
Reports to Stockholders
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026
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Fidelity® California Municipal Income Fund
Fidelity® California Municipal Income Fund : FCTFX
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This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Fidelity® California Municipal Income Fund
|
$ 21
|
0.43%
|
Key Fund Statistics
(as of August 31, 2026)
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KEY FACTS
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||
|
Fund Size
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$1,841,456,286
|
|
|
Number of Holdings
|
729
|
|
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Portfolio Turnover
|
24%
|
What did the Fund invest in?
(as of August 31, 2026)
(as of August 31, 2026)
|
REVENUE SOURCES
(% of Fund's net assets)
|
||
|
General Obligations
|
48.1
|
|
|
Transportation
|
18.4
|
|
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Education
|
9.5
|
|
|
Health Care
|
8.2
|
|
|
Electric Utilities
|
5.4
|
|
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Others(Individually Less Than 5%)
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12.1
|
|
|
101.7
|
||
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 1.1
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|
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AA - 62.0
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A - 29.1
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|
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BBB - 6.5
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|
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Not Rated - 3.0
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|
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Short-Term Investments and Net Other Assets (Liabilities) - (1.7)%
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|
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We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
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|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914511.102 91-TSRS-1026
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026
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Fidelity® California Municipal Income Fund
Fidelity Advisor® California Municipal Income Fund Class Z : FIJBX
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This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Class Z
|
$ 20
|
0.40%
|
Key Fund Statistics
(as of August 31, 2026)
|
KEY FACTS
|
||
|
Fund Size
|
$1,841,456,286
|
|
|
Number of Holdings
|
729
|
|
|
Portfolio Turnover
|
24%
|
What did the Fund invest in?
(as of August 31, 2026)
(as of August 31, 2026)
|
REVENUE SOURCES
(% of Fund's net assets)
|
||
|
General Obligations
|
48.1
|
|
|
Transportation
|
18.4
|
|
|
Education
|
9.5
|
|
|
Health Care
|
8.2
|
|
|
Electric Utilities
|
5.4
|
|
|
Others(Individually Less Than 5%)
|
12.1
|
|
|
101.7
|
||
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 1.1
|
|
|
AA - 62.0
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|
|
A - 29.1
|
|
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BBB - 6.5
|
|
|
Not Rated - 3.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (1.7)%
|
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914510.102 3233-TSRS-1026
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026
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Fidelity® California Municipal Income Fund
Fidelity Advisor® California Municipal Income Fund Class M : FCMTX
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This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Class M
|
$ 33
|
0.67%
|
Key Fund Statistics
(as of August 31, 2026)
|
KEY FACTS
|
||
|
Fund Size
|
$1,841,456,286
|
|
|
Number of Holdings
|
729
|
|
|
Portfolio Turnover
|
24%
|
What did the Fund invest in?
(as of August 31, 2026)
(as of August 31, 2026)
|
REVENUE SOURCES
(% of Fund's net assets)
|
||
|
General Obligations
|
48.1
|
|
|
Transportation
|
18.4
|
|
|
Education
|
9.5
|
|
|
Health Care
|
8.2
|
|
|
Electric Utilities
|
5.4
|
|
|
Others(Individually Less Than 5%)
|
12.1
|
|
|
101.7
|
||
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 1.1
|
|
|
AA - 62.0
|
|
|
A - 29.1
|
|
|
BBB - 6.5
|
|
|
Not Rated - 3.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (1.7)%
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|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914508.102 1102-TSRS-1026
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|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026
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|
Fidelity® California Municipal Income Fund
Fidelity Advisor® California Municipal Income Fund Class I : FCMQX
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This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Class I
|
$ 26
|
0.51%
|
Key Fund Statistics
(as of August 31, 2026)
|
KEY FACTS
|
||
|
Fund Size
|
$1,841,456,286
|
|
|
Number of Holdings
|
729
|
|
|
Portfolio Turnover
|
24%
|
What did the Fund invest in?
(as of August 31, 2026)
(as of August 31, 2026)
|
REVENUE SOURCES
(% of Fund's net assets)
|
||
|
General Obligations
|
48.1
|
|
|
Transportation
|
18.4
|
|
|
Education
|
9.5
|
|
|
Health Care
|
8.2
|
|
|
Electric Utilities
|
5.4
|
|
|
Others(Individually Less Than 5%)
|
12.1
|
|
|
101.7
|
||
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 1.1
|
|
|
AA - 62.0
|
|
|
A - 29.1
|
|
|
BBB - 6.5
|
|
|
Not Rated - 3.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (1.7)%
|
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914509.102 1103-TSRS-1026
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026
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|
Fidelity® California Municipal Income Fund
Fidelity Advisor® California Municipal Income Fund Class C : FCMKX
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|
This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Class C
|
$ 74
|
1.48%
|
Key Fund Statistics
(as of August 31, 2026)
|
KEY FACTS
|
||
|
Fund Size
|
$1,841,456,286
|
|
|
Number of Holdings
|
729
|
|
|
Portfolio Turnover
|
24%
|
What did the Fund invest in?
(as of August 31, 2026)
(as of August 31, 2026)
|
REVENUE SOURCES
(% of Fund's net assets)
|
||
|
General Obligations
|
48.1
|
|
|
Transportation
|
18.4
|
|
|
Education
|
9.5
|
|
|
Health Care
|
8.2
|
|
|
Electric Utilities
|
5.4
|
|
|
Others(Individually Less Than 5%)
|
12.1
|
|
|
101.7
|
||
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 1.1
|
|
|
AA - 62.0
|
|
|
A - 29.1
|
|
|
BBB - 6.5
|
|
|
Not Rated - 3.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (1.7)%
|
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914507.102 1101-TSRS-1026
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026
|
||
|
|
Fidelity® California Municipal Income Fund
Fidelity Advisor® California Municipal Income Fund Class A : FCMAX
|
|
This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Class A
|
$ 38
|
0.76%
|
Key Fund Statistics
(as of August 31, 2026)
|
KEY FACTS
|
||
|
Fund Size
|
$1,841,456,286
|
|
|
Number of Holdings
|
729
|
|
|
Portfolio Turnover
|
24%
|
What did the Fund invest in?
(as of August 31, 2026)
(as of August 31, 2026)
|
REVENUE SOURCES
(% of Fund's net assets)
|
||
|
General Obligations
|
48.1
|
|
|
Transportation
|
18.4
|
|
|
Education
|
9.5
|
|
|
Health Care
|
8.2
|
|
|
Electric Utilities
|
5.4
|
|
|
Others(Individually Less Than 5%)
|
12.1
|
|
|
101.7
|
||
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 1.1
|
|
|
AA - 62.0
|
|
|
A - 29.1
|
|
|
BBB - 6.5
|
|
|
Not Rated - 3.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (1.7)%
|
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914506.102 1099-TSRS-1026
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|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026
|
||
|
|
Fidelity® California Limited Term Tax-Free Bond Fund
Fidelity® California Limited Term Tax-Free Bond Fund : FCSTX
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|
This semi-annual shareholder report contains information about Fidelity® California Limited Term Tax-Free Bond Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
$ 15
|
0.30%
|
Key Fund Statistics
(as of August 31, 2026)
|
KEY FACTS
|
||
|
Fund Size
|
$661,824,761
|
|
|
Number of Holdings
|
314
|
|
|
Portfolio Turnover
|
23%
|
What did the Fund invest in?
(as of August 31, 2026)
(as of August 31, 2026)
|
REVENUE SOURCES
(% of Fund's net assets)
|
||
|
General Obligations
|
56.7
|
|
|
Health Care
|
7.9
|
|
|
Education
|
6.8
|
|
|
Electric Utilities
|
6.3
|
|
|
Water & Sewer
|
5.9
|
|
|
Housing
|
5.4
|
|
|
Others(Individually Less Than 5%)
|
9.0
|
|
|
98.0
|
||
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 4.6
|
|
|
AA - 60.2
|
|
|
A - 25.9
|
|
|
BBB - 5.2
|
|
|
Not Rated - 2.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
|
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914563.102 1534-TSRS-1026
|
|
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® California Municipal Income Fund
Semi-Annual Report
August 31, 2026
Includes Fidelity and Fidelity Advisor share classes
Contents
|
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report) |
|
Fidelity® California Municipal Income Fund |
|
Notes to Financial Statements |
|
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
|
Item 9: Proxy Disclosures for Open-End Management Investment Companies |
|
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
|
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® California Municipal Income Fund
Schedule of Investments August 31, 2026 (Unaudited)
Showing Percentage of Net Assets
|
Municipal Securities - 101.7%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
California - 99.8%
|
|||
|
Education - 9.5%
|
|||
|
CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2033
|
1,345,000
|
1,381,807
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2035
|
1,955,000
|
1,997,641
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2036
|
1,500,000
|
1,528,727
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2043
|
1,500,000
|
1,505,337
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2034
|
10,000,000
|
10,296,798
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 4% 5/15/2046 (Build America Mutual Assurance Co Insured)
|
2,000,000
|
1,828,910
|
|
|
California Edl Facs Auth Rev (Pomona College Proj.) 0% 7/1/2038 (c)
|
3,155,000
|
1,947,740
|
|
|
California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2029
|
400,000
|
424,742
|
|
|
California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2030
|
425,000
|
459,234
|
|
|
California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2031
|
460,000
|
504,677
|
|
|
California Educational Facilities Authority (Mount St Marys University Proj.) Series 2018A, 5% 10/1/2034
|
760,000
|
785,149
|
|
|
California Educational Facilities Authority (Mount St Marys University Proj.) Series 2018A, 5% 10/1/2036
|
840,000
|
863,782
|
|
|
California Educational Facilities Authority (Mount St Marys University Proj.) Series 2018A, 5% 10/1/2038
|
620,000
|
634,409
|
|
|
California Educational Facilities Authority (Santa Clara Univ, CA Proj.) Series 2017 C, 5% 4/1/2030
|
650,000
|
674,441
|
|
|
California Educational Facilities Authority (Santa Clara Univ, CA Proj.) Series 2017 C, 5% 4/1/2031
|
890,000
|
922,320
|
|
|
California Educational Facilities Authority (Santa Clara Univ, CA Proj.) Series 2017 C, 5% 4/1/2033
|
1,245,000
|
1,287,343
|
|
|
California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2028
|
2,130,000
|
2,170,266
|
|
|
California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2032
|
1,000,000
|
1,013,240
|
|
|
California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2037
|
370,000
|
372,612
|
|
|
California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2030
|
1,555,000
|
1,571,711
|
|
|
California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2032
|
1,000,000
|
1,009,325
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2031
|
200,000
|
204,934
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2032
|
225,000
|
229,996
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2033
|
225,000
|
229,554
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2034
|
225,000
|
228,906
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2035
|
225,000
|
228,454
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2036
|
250,000
|
253,318
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2037
|
485,000
|
490,403
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2038
|
345,000
|
347,998
|
|
|
California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2033
|
250,000
|
248,526
|
|
|
California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2034
|
420,000
|
413,430
|
|
|
California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2037
|
160,000
|
151,834
|
|
|
California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2046
|
1,000,000
|
853,925
|
|
|
California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2051
|
1,150,000
|
930,026
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2030
|
3,000,000
|
3,147,307
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2031
|
2,000,000
|
2,090,521
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2032
|
3,000,000
|
3,125,655
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2035
|
1,780,000
|
1,841,264
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2036
|
1,125,000
|
1,160,450
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2037
|
1,475,000
|
1,517,018
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2040
|
2,500,000
|
2,547,669
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2041
|
3,865,000
|
3,927,334
|
|
|
California Mun Fn Auth Rev (Samuel Merritt University Proj.) 5.25% 6/1/2053
|
7,500,000
|
7,645,506
|
|
|
California St Univ Rev Series 2020C, 3% 11/1/2035
|
1,205,000
|
1,136,185
|
|
|
California St Univ Rev Series 2021 A, 3% 11/1/2052
|
4,500,000
|
3,187,396
|
|
|
California St Univ Rev Series 2023A, 5.25% 11/1/2048
|
2,965,000
|
3,149,735
|
|
|
California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2033
|
1,625,000
|
1,667,120
|
|
|
California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2043
|
9,300,000
|
9,409,419
|
|
|
California Statewide Community Development Authority Rev (California Baptist Univ Proj.) 5% 11/1/2032 (b)
|
1,135,000
|
1,139,946
|
|
|
California Statewide Community Development Authority Rev (Lancer Educational Housing LLC Proj.) Series 2019 A, 5% 6/1/2034 (b)
|
375,000
|
381,440
|
|
|
California Statewide Community Development Authority Rev (Lancer Educational Housing LLC Proj.) Series 2019 A, 5% 6/1/2039 (b)
|
475,000
|
476,114
|
|
|
California Statewide Community Development Authority Rev (Lancer Educational Housing LLC Proj.) Series 2019 A, 5% 6/1/2051 (b)
|
8,225,000
|
7,787,187
|
|
|
California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2034
|
1,250,000
|
1,251,221
|
|
|
California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2035
|
4,725,000
|
4,729,061
|
|
|
California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2040
|
2,250,000
|
2,250,884
|
|
|
California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2047
|
1,000,000
|
1,000,586
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2032
|
520,000
|
529,324
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2033
|
250,000
|
253,387
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2034
|
430,000
|
433,888
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2036
|
600,000
|
600,185
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2041
|
2,530,000
|
2,360,618
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2046
|
2,055,000
|
1,878,141
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2051
|
2,500,000
|
2,187,392
|
|
|
University CA Revs 3% 5/15/2051
|
22,435,000
|
16,002,883
|
|
|
University CA Revs 5% 5/15/2038
|
7,550,000
|
8,280,500
|
|
|
University CA Revs Series 2017M, 3% 5/15/2037
|
975,000
|
879,068
|
|
|
University CA Revs Series 2024 BW, 5% 5/15/2035
|
10,000,000
|
11,157,413
|
|
|
University CA Revs Series 2025 CD, 5.5% 5/15/2040
|
25,460,000
|
28,654,643
|
|
|
TOTAL EDUCATION
|
175,777,975
|
||
|
Electric Utilities - 5.4%
|
|||
|
Los Angeles CA Wtr & Pwr Rev Series 2021 C, 5% 7/1/2030
|
1,395,000
|
1,495,921
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2021 C, 5% 7/1/2031
|
1,030,000
|
1,115,545
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2031
|
4,680,000
|
5,068,688
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2030
|
1,000,000
|
1,072,345
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2034
|
2,785,000
|
3,034,674
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2038
|
1,050,000
|
1,115,072
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2039
|
795,000
|
835,724
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2034
|
1,850,000
|
2,026,513
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2035
|
980,000
|
1,064,265
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2044
|
2,125,000
|
2,183,892
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2045
|
3,000,000
|
3,080,657
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2033
|
1,165,000
|
1,280,337
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2035
|
2,570,000
|
2,804,025
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2048
|
850,000
|
864,765
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2054
|
7,410,000
|
7,462,718
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2034
|
4,900,000
|
5,367,521
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2037
|
660,000
|
707,539
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2035 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,099,817
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2036 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,092,703
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2037 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,084,093
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2038 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,072,778
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2039 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,057,089
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2040 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,053,481
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2041 (Build America Mutual Assurance Co Insured)
|
1,250,000
|
1,309,611
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2042 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,044,985
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2043 (Build America Mutual Assurance Co Insured)
|
1,750,000
|
1,815,428
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5.25% 7/1/2044 (Build America Mutual Assurance Co Insured)
|
2,250,000
|
2,374,004
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5.25% 7/1/2045 (Build America Mutual Assurance Co Insured)
|
2,000,000
|
2,104,079
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5.25% 7/1/2046 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,573,193
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2031
|
10,000,000
|
10,830,530
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 D, 5% 7/1/2030
|
3,840,000
|
4,117,805
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 D, 5% 7/1/2031
|
5,020,000
|
5,436,926
|
|
|
Middle Fork Project Finance Authority Series 2020, 5% 4/1/2027
|
190,000
|
191,976
|
|
|
Modesto Calif Irr Dist Fing Auth Elec Sys Rev Series 2019 A, 5% 10/1/2039
|
1,500,000
|
1,543,599
|
|
|
Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5.25% 7/1/2050 (Build America Mutual Assurance Co Insured)
|
15,160,000
|
15,720,858
|
|
|
Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2036
|
1,490,000
|
1,582,668
|
|
|
Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2038
|
825,000
|
865,605
|
|
|
Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2039
|
1,275,000
|
1,327,068
|
|
|
Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2041
|
420,000
|
433,975
|
|
|
TOTAL ELECTRIC UTILITIES
|
99,312,472
|
||
|
Escrowed/Pre-Refunded - 0.0%
|
|||
|
Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (Pre-refunded to 11/15/2031 at 100) (d)
|
265,000
|
287,415
|
|
|
Oceanside Calif Uni Sch Dist 0% 8/1/2031 (Escrowed to Maturity) (c)
|
125,000
|
106,891
|
|
|
Port Oakland Calif Rev 5% 11/1/2026 (Escrowed to Maturity) (d)
|
70,000
|
70,270
|
|
|
Port Oakland Calif Rev 5% 11/1/2028 (Pre-refunded to 11/1/2027 at 100) (d)
|
105,000
|
107,854
|
|
|
Port Oakland Calif Rev 5% 11/1/2029 (Pre-refunded to 11/1/2027 at 100) (d)
|
75,000
|
77,038
|
|
|
Port Oakland Calif Rev 5% 5/1/2028 (Escrowed to Maturity) (d)
|
20,000
|
20,766
|
|
|
South Bayside Waste Mgmt Auth Calif Solid Waste Enterprise Series 2019A, 5% 9/1/2042 (Pre-refunded to 9/1/2029 at 100)
|
45,000
|
47,897
|
|
|
TOTAL ESCROWED/PRE-REFUNDED
|
718,131
|
||
|
General Obligations - 47.5%
|
|||
|
Abc Calif Uni Sch Dist 0% 8/1/2031 (National Public Finance Guarantee Corporation Insured) (c)
|
2,810,000
|
2,397,354
|
|
|
Abc Calif Uni Sch Dist 0% 8/1/2032 (National Public Finance Guarantee Corporation Insured) (c)
|
3,900,000
|
3,200,176
|
|
|
Alhambra CA Uni Sch Dist 0% 8/1/2038 (Assured Guaranty Inc Insured) (c)
|
5,000,000
|
3,061,483
|
|
|
Anaheim City School District/CA Series 2016, 3% 8/1/2046
|
870,000
|
652,751
|
|
|
Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2034 (g)
|
1,175,000
|
1,312,297
|
|
|
Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2037 (g)
|
1,360,000
|
1,510,576
|
|
|
Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2040 (g)
|
1,575,000
|
1,686,832
|
|
|
Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2043 (g)
|
2,000,000
|
2,111,328
|
|
|
Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2044 (g)
|
1,675,000
|
1,759,627
|
|
|
Brisbane Calif Sch Dist 3% 8/1/2042
|
1,295,000
|
1,037,862
|
|
|
California Community Choice Financing Authority 5% 12/1/2028 (Athene Annuity and Life Co Guaranteed)
|
760,000
|
773,664
|
|
|
California Community Choice Financing Authority 5% 12/1/2029 (Athene Annuity and Life Co Guaranteed)
|
760,000
|
775,385
|
|
|
California Community Choice Financing Authority 5% 12/1/2030 (Athene Annuity and Life Co Guaranteed)
|
910,000
|
928,718
|
|
|
California Community Choice Financing Authority 5% 12/1/2031 (Athene Annuity and Life Co Guaranteed)
|
1,025,000
|
1,044,582
|
|
|
California Community Choice Financing Authority 5% 12/1/2032 (Athene Annuity and Life Co Guaranteed)
|
1,705,000
|
1,731,939
|
|
|
California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity and Life Co Guaranteed) (f)
|
6,475,000
|
6,574,342
|
|
|
California Community Choice Financing Authority 5% tender 2/1/2055 (Morgan Stanley Guaranteed) (f)
|
10,815,000
|
11,326,703
|
|
|
California Community Choice Financing Authority 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (f)
|
14,925,000
|
15,952,433
|
|
|
California Community Choice Financing Authority 5.25% tender 11/1/2054 (Goldman Sachs Group Inc/The Guaranteed) (f)
|
15,840,000
|
16,597,903
|
|
|
California Community Choice Financing Authority Series 2023 F, 5.5% tender 10/1/2054 (National Bank of Canada Guaranteed) (f)
|
3,795,000
|
4,071,367
|
|
|
California Community Choice Financing Authority Series 2024 A 1, 5% tender 5/1/2054 (Morgan Stanley Guaranteed) (f)
|
3,865,000
|
4,047,594
|
|
|
California Community Choice Financing Authority Series 2024 H, 5% tender 1/1/2056 (New York Life Insurance Co Guaranteed) (f)
|
7,905,000
|
8,439,507
|
|
|
California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (f)
|
6,405,000
|
6,641,699
|
|
|
California Community Choice Financing Authority Series 2024G, 5% tender 11/1/2055 (Athene Annuity and Life Co Guaranteed) (f)
|
11,185,000
|
11,366,302
|
|
|
California Community Choice Financing Authority Series 2025 E, 5% tender 10/1/2056 (Bank of Nova Scotia/The Guaranteed) (f)
|
9,255,000
|
9,742,609
|
|
|
California Community Choice Financing Authority Series 2025 F, 5% 11/1/2033 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)
|
14,930,000
|
15,833,632
|
|
|
California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity and Life Co Guaranteed) (f)
|
6,580,000
|
6,702,071
|
|
|
California Community Choice Financing Authority Series 2025B, 5% tender 3/1/2056 (Pacific Life Insurance Co Guaranteed) (f)
|
10,000,000
|
10,540,947
|
|
|
California Community Choice Financing Authority Series 2025C, 5% 10/1/2032 (American General Life Insurance Co Guaranteed)
|
4,000,000
|
4,132,872
|
|
|
California Community Choice Financing Authority Series 2025C, 5% 4/1/2032 (American General Life Insurance Co Guaranteed)
|
3,500,000
|
3,619,249
|
|
|
California Community Choice Financing Authority Series 2025C, 5% 4/1/2033 (American General Life Insurance Co Guaranteed)
|
3,250,000
|
3,358,647
|
|
|
California Community Choice Financing Authority Series 2025C, 5% tender 12/1/2055 (American General Life Insurance Co Guaranteed) (f)
|
10,460,000
|
10,836,478
|
|
|
California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Forethought Life Insurance Co Guaranteed) (f)
|
15,000,000
|
15,151,617
|
|
|
California Community Choice Financing Authority Series 2026A 1, 5% tender 4/1/2056 (Morgan Stanley Guaranteed) (f)
|
10,605,000
|
11,153,006
|
|
|
California Community Choice Financing Authority Series 2026D, 5% 2/1/2031 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)
|
18,750,000
|
19,697,539
|
|
|
California Community Choice Financing Authority Series 2026E, 5% 7/1/2035 (Alphabet Inc Guaranteed)
|
20,000,000
|
21,437,874
|
|
|
California Community Choice Financing Authority Series 2026F, 5% 6/1/2036 (New York Life Insurance Co Guaranteed)
|
20,000,000
|
21,368,540
|
|
|
California Community Choice Financing Authority Series 2026G, 5% 10/1/2034 (Bank of Montreal Guaranteed)
|
14,855,000
|
15,689,979
|
|
|
California St Pub Wks Brd Lse 5% 4/1/2041
|
3,655,000
|
3,917,428
|
|
|
California St Pub Wks Brd Lse Series 2020 D, 2.25% 11/1/2039
|
2,440,000
|
1,853,521
|
|
|
Carlsbad CA Unified School Dis Series B, 3% 8/1/2046
|
3,185,000
|
2,436,431
|
|
|
Center Joint CA Unified Sch Dist Series 2021 B, 3% 8/1/2051 (Build America Mutual Assurance Co Insured)
|
3,500,000
|
2,483,003
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2033 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
1,750,000
|
1,978,010
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2034 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
4,000,000
|
4,554,932
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2035 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
730,000
|
833,819
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2036 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
695,000
|
796,051
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2037 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
785,000
|
890,133
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2038 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
890,000
|
997,822
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2039 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
1,000,000
|
1,106,422
|
|
|
Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (f)
|
9,535,000
|
10,058,953
|
|
|
Central Valley Energy Authority Series 2026, 5% 8/1/2034 (Goldman Sachs Group Inc/The Guaranteed)
|
16,000,000
|
16,664,069
|
|
|
Cerritos CA Cmnty College Dist Gen. Oblig. Series 2012 D, 0% 8/1/2035 (c)
|
895,000
|
647,758
|
|
|
Chico Calif Uni Sch Dist Series C, 3% 8/1/2040
|
600,000
|
496,180
|
|
|
City of Fresno Unified School 5% 8/1/2034
|
100,000
|
107,326
|
|
|
City of Fresno Unified School 5% 8/1/2035
|
175,000
|
187,016
|
|
|
City of Fresno Unified School 5% 8/1/2036
|
235,000
|
250,120
|
|
|
City of Fresno Unified School 5% 8/1/2037
|
150,000
|
158,933
|
|
|
City of Fresno Unified School 5% 8/1/2038
|
300,000
|
316,482
|
|
|
City of Fresno Unified School 5% 8/1/2039
|
350,000
|
367,437
|
|
|
City of Fresno Unified School 5% 8/1/2040
|
400,000
|
418,167
|
|
|
City of Fresno Unified School 5% 8/1/2041
|
435,000
|
453,449
|
|
|
City of Fresno Unified School 5% 8/1/2042
|
500,000
|
520,321
|
|
|
City of Oakland CA Gen. Oblig. Series 2020B 1, 2.25% 1/15/2039
|
2,455,000
|
1,882,242
|
|
|
Davis Calif Jt Uni Sch Dist Yolo Cnty Series 2020, 3% 8/1/2041 (Build America Mutual Assurance Co Insured)
|
4,695,000
|
3,881,349
|
|
|
Desert Calif Cmty College Dist Gen. Oblig. 2% 8/1/2037
|
625,000
|
495,694
|
|
|
Dry Creek Calif Jt Elem Sch Dist 0% 8/1/2034 (c)
|
2,935,000
|
2,225,187
|
|
|
El Rancho Calif Uni Sch Dist 3% 8/1/2046 (Assured Guaranty Inc Insured)
|
1,185,000
|
913,574
|
|
|
Escondido CA Un High Sch Dist 0% 8/1/2033 (Assured Guaranty Inc Insured) (c)
|
5,655,000
|
4,439,659
|
|
|
Escondido CA Un High Sch Dist 0% 8/1/2034 (Assured Guaranty Inc Insured) (c)
|
3,500,000
|
2,628,895
|
|
|
Fontana CA Uni Sch Dist Series 2020, 2.375% 8/1/2044 (Assured Guaranty Inc Insured)
|
5,500,000
|
3,752,516
|
|
|
Foster City Calif Gen. Oblig. Series 2020, 3% 8/1/2045
|
6,500,000
|
5,030,705
|
|
|
Gateway CA Uni Sch Dist 0% 8/1/2036 (National Public Finance Guarantee Corporation Insured) (c)
|
2,315,000
|
1,578,854
|
|
|
Glendale CA Uni Sch Dist Series 2016C, 3% 9/1/2039
|
5,040,000
|
4,363,186
|
|
|
Glendora Calif Uni Sch Dist 0% 8/1/2036 (Assured Guaranty Inc Insured) (c)
|
2,845,000
|
1,986,177
|
|
|
Grossmont-Cuyamaca Ccd Gen. Oblig. 4% 8/1/2046
|
4,250,000
|
4,012,819
|
|
|
Hayward CA Uni Sch Dist 5.25% 8/1/2050 (Assured Guaranty Inc Insured)
|
11,200,000
|
11,685,079
|
|
|
Huntington Beach Calif Un High Sch Dist Ctfs Partn (Huntington Beach CA Un High Sch Dist Proj.) 2.125% 9/1/2039 (Assured Guaranty Inc Insured)
|
1,260,000
|
915,132
|
|
|
Lindsay Calif Uni Sch Dist 0% 8/1/2032 (Assured Guaranty Inc Insured) (c)
|
695,000
|
566,650
|
|
|
Lindsay Calif Uni Sch Dist 0% 8/1/2033 (Assured Guaranty Inc Insured) (c)
|
715,000
|
559,052
|
|
|
Lindsay Calif Uni Sch Dist 0% 8/1/2034 (Assured Guaranty Inc Insured) (c)
|
675,000
|
504,642
|
|
|
Livermore Valley CA Jt Uni Sch Series 2016A, 3% 8/1/2046
|
100,000
|
76,889
|
|
|
Local Pub Schs Fdg Auth Sch Facs Impt Dist No 2016-1 Calif Series 2020 A, 3% 8/1/2046 (Build America Mutual Assurance Co Insured)
|
2,725,000
|
2,071,700
|
|
|
Lodi Calif Uni Sch Dist Series 2020, 3% 8/1/2043
|
3,000,000
|
2,339,909
|
|
|
Lodi Calif Uni Sch Dist Series 2021, 3% 8/1/2046
|
1,015,000
|
772,679
|
|
|
Long Beach CA Cmnty College Gen. Oblig. 3% 8/1/2036
|
300,000
|
274,269
|
|
|
Long Beach CA Cmnty College Gen. Oblig. Series 2008A, 0% 6/1/2031 (Assured Guaranty Inc Insured) (c)
|
8,285,000
|
7,146,755
|
|
|
Long Beach CA Cmnty College Gen. Oblig. Series 2008A, 0% 6/1/2033 (Assured Guaranty Inc Insured) (c)
|
8,830,000
|
7,051,002
|
|
|
Long Beach CA Uni Sch Dist Series F, 3% 8/1/2047
|
8,500,000
|
6,322,362
|
|
|
Long Beach CA Uni Sch Dist Series G, 0% 8/1/2032 (Assured Guaranty Inc Insured) (c)
|
1,000,000
|
817,223
|
|
|
Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) Series 2021F, 2.625% 12/1/2051
|
1,900,000
|
1,236,952
|
|
|
Los Angeles Cnty CA Pub Wks Series 2025J, 5.5% 12/1/2054
|
5,500,000
|
5,912,625
|
|
|
Los Angeles Unified School District/CA Series 2019A, 3% 1/1/2034
|
5,785,000
|
5,578,697
|
|
|
Los Angeles Unified School District/CA Series 2020 C, 3% 7/1/2035
|
4,040,000
|
3,799,818
|
|
|
Los Angeles Unified School District/CA Series 2020 C, 3% 7/1/2038
|
1,000,000
|
888,742
|
|
|
Los Rios CA Cmnty College Dist Gen. Oblig. Series D, 3% 8/1/2044
|
2,000,000
|
1,547,394
|
|
|
Marin Cnty CA Ctfs Partn (Marin Cnty CA Proj.) 4% 11/1/2040
|
6,765,000
|
6,493,233
|
|
|
Mendocino Calif Uni Sch Dist 3% 8/1/2051
|
3,000,000
|
2,131,460
|
|
|
Mendocino-Lake Cmnty College Dist Calif Gen. Oblig. Series 2022 A, 3% 8/1/2041 (Build America Mutual Assurance Co Insured)
|
1,175,000
|
950,608
|
|
|
Mendota Calif Uni Sch Dist 3.375% 8/1/2048 (Build America Mutual Assurance Co Insured)
|
1,300,000
|
1,019,791
|
|
|
Miracosta CA Cmnty Clg Dist Gen. Oblig. Series B, 2% 8/1/2040
|
1,050,000
|
737,719
|
|
|
Monrovia Calif Uni Sch Dist 0% 8/1/2033 (National Public Finance Guarantee Corporation Insured) (c)
|
2,625,000
|
2,048,284
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2031
|
500,000
|
500,333
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2032
|
500,000
|
500,333
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2033
|
1,800,000
|
1,801,200
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2034
|
1,345,000
|
1,345,896
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2035
|
1,895,000
|
1,896,263
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2036
|
2,000,000
|
2,001,333
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2041
|
6,155,000
|
6,159,102
|
|
|
Monterey Peninsula CA Cmnty College Dist Gen. Oblig. Series 2016, 3% 8/1/2034
|
270,000
|
255,735
|
|
|
Moreno Valley CA Uni Sch Dist Series A, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)
|
745,000
|
821,936
|
|
|
Moreno Valley CA Uni Sch Dist Series A, 5% 8/1/2040 (Build America Mutual Assurance Co Insured)
|
650,000
|
710,992
|
|
|
Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2041 (Build America Mutual Assurance Co Insured)
|
755,000
|
834,541
|
|
|
Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2042 (Build America Mutual Assurance Co Insured)
|
1,350,000
|
1,484,954
|
|
|
Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2043 (Build America Mutual Assurance Co Insured)
|
1,250,000
|
1,367,346
|
|
|
Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2044 (Build America Mutual Assurance Co Insured)
|
1,120,000
|
1,217,851
|
|
|
Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2045 (Build America Mutual Assurance Co Insured)
|
1,300,000
|
1,409,206
|
|
|
Moreno Valley CA Uni Sch Dist Series E, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)
|
700,000
|
772,288
|
|
|
Moreno Valley CA Uni Sch Dist Series E, 5% 8/1/2040 (Build America Mutual Assurance Co Insured)
|
775,000
|
847,723
|
|
|
Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2041 (Build America Mutual Assurance Co Insured)
|
775,000
|
856,648
|
|
|
Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2042 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,099,966
|
|
|
Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2043 (Build America Mutual Assurance Co Insured)
|
1,200,000
|
1,312,652
|
|
|
Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2044 (Build America Mutual Assurance Co Insured)
|
2,000,000
|
2,174,734
|
|
|
Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2045 (Build America Mutual Assurance Co Insured)
|
2,000,000
|
2,168,010
|
|
|
Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2048 (Build America Mutual Assurance Co Insured)
|
5,000,000
|
5,336,311
|
|
|
Mount San Antonio CA Cmnty College Dist Gen. Oblig. Series 2021 C, 2% 8/1/2039
|
3,670,000
|
2,718,474
|
|
|
Mountain View Calif Sch Dist Sch Facs Impt Dist No 2 San Bernardino Cnty Series 2024 B, 4% 8/1/2049 (Build America Mutual Assurance Co Insured)
|
5,000,000
|
4,556,095
|
|
|
Mountain View Calif Sch Dist Sch Facs Impt Dist No 2 San Bernardino Cnty Series 2024 B, 4% 8/1/2054 (Build America Mutual Assurance Co Insured)
|
10,000,000
|
8,793,582
|
|
|
Muroc Calif Jt Uni Sch Dist Series B, 5.25% 8/1/2047
|
4,375,000
|
4,463,769
|
|
|
Murrieta Vy CA Uni Sch Dist 0% 9/1/2032 (Assured Guaranty Inc Insured) (c)
|
5,000,000
|
4,093,931
|
|
|
Norwalk-Mirada CA Uni Sch Dist 0% 8/1/2033 (Assured Guaranty Inc Insured) (c)
|
5,755,000
|
4,580,035
|
|
|
Novato CA Uni Sch Dist Series 2020 C, 2% 8/1/2039
|
5,810,000
|
4,288,907
|
|
|
Oakland CA Uni Sch Dist Alameda Cnty Series 2016A, 3% 8/1/2041
|
1,335,000
|
1,068,193
|
|
|
Oceanside Calif Uni Sch Dist 0% 8/1/2031 (Assured Guaranty Inc Insured) (c)
|
4,875,000
|
4,173,222
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2036
|
1,185,000
|
1,333,422
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2037
|
1,000,000
|
1,113,016
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2038
|
1,650,000
|
1,816,786
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2039
|
1,000,000
|
1,090,146
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2040
|
1,000,000
|
1,082,185
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2041
|
1,000,000
|
1,075,831
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2042
|
1,025,000
|
1,098,827
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2043
|
1,100,000
|
1,172,521
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2044
|
1,000,000
|
1,059,411
|
|
|
Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2045
|
1,000,000
|
1,054,490
|
|
|
Palm Springs CA Uni Sch Dist Series A, 1.5% 8/1/2032 (Assured Guaranty Inc Insured)
|
2,360,000
|
2,040,112
|
|
|
Palm Springs CA Uni Sch Dist Series A, 1.5% 8/1/2033 (Assured Guaranty Inc Insured)
|
2,725,000
|
2,296,989
|
|
|
Palm Springs CA Uni Sch Dist Series A, 1.75% 8/1/2034 (Assured Guaranty Inc Insured)
|
3,000,000
|
2,497,304
|
|
|
Panama-Buena Vista Uni Sch Dist CA 2.625% 8/1/2037 (Build America Mutual Assurance Co Insured)
|
2,360,000
|
1,996,346
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2040 (c)
|
1,000,000
|
540,696
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2041 (c)
|
1,000,000
|
510,067
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2042 (c)
|
1,000,000
|
487,156
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2043 (c)
|
1,000,000
|
463,653
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2044 (c)
|
1,100,000
|
483,714
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2045 (c)
|
1,150,000
|
479,468
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2046 (c)
|
1,000,000
|
394,005
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2047 (c)
|
1,000,000
|
372,094
|
|
|
Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2048 (c)
|
1,025,000
|
362,745
|
|
|
Perris Calif Un High Sch Dist Series C, 3% 9/1/2045
|
2,540,000
|
1,906,400
|
|
|
Placentia-Yorba Linda CA Usd Series D, 0% 8/1/2036 (c)
|
400,000
|
277,355
|
|
|
Pomona CA Uni Sch Dist Series D, 2.375% 8/1/2045 (Assured Guaranty Inc Insured)
|
8,510,000
|
5,747,861
|
|
|
Pomona CA Uni Sch Dist Series D, 2.5% 8/1/2048 (Assured Guaranty Inc Insured)
|
10,000,000
|
6,443,318
|
|
|
Pomona CA Uni Sch Dist Series F, 3% 8/1/2048
|
4,105,000
|
3,059,907
|
|
|
Poway CA Unified Sch Dist 0% 8/1/2032 (c)
|
13,070,000
|
10,811,289
|
|
|
Poway CA Unified Sch Dist 0% 8/1/2033 (c)
|
7,215,000
|
5,738,229
|
|
|
Poway CA Unified Sch Dist 0% 8/1/2035 (c)
|
10,120,000
|
7,375,705
|
|
|
Poway CA Unified Sch Dist 0% 8/1/2037 (c)
|
6,325,000
|
4,180,392
|
|
|
Poway CA Unified Sch Dist 0% 8/1/2038 (c)
|
3,200,000
|
2,004,893
|
|
|
Poway CA Unified Sch Dist 0% 8/1/2041 (c)
|
12,740,000
|
6,715,753
|
|
|
Poway CA Unified Sch Dist 0% 8/1/2046 (c)
|
10,150,000
|
4,024,840
|
|
|
Rio Hondo Calif Cmnty College Dist 6.85% 8/1/2042 (e)
|
6,830,000
|
8,149,268
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2035 (g)
|
3,500,000
|
3,931,850
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2036 (g)
|
3,865,000
|
4,352,577
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2037 (g)
|
4,175,000
|
4,659,026
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2038 (g)
|
1,250,000
|
1,375,166
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2034 (g)
|
3,200,000
|
3,587,865
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2034 (g)
|
1,185,000
|
1,324,326
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2036 (g)
|
1,715,000
|
1,925,315
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2038 (g)
|
1,475,000
|
1,616,388
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2039 (g)
|
1,200,000
|
1,292,033
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2040 (g)
|
2,010,000
|
2,144,396
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2041 (g)
|
2,280,000
|
2,417,212
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2044 (g)
|
1,350,000
|
1,412,746
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2045 (g)
|
1,575,000
|
1,642,722
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2046 (g)
|
1,200,000
|
1,244,312
|
|
|
Sacramento CA City Uni Sch Dis 4% 8/1/2044 (Assured Guaranty Inc Insured)
|
2,250,000
|
2,112,620
|
|
|
Sacramento CA City Uni Sch Dis 5% 8/1/2041 (Build America Mutual Assurance Co Insured)
|
1,870,000
|
1,903,171
|
|
|
Sacramento CA City Uni Sch Dis 5.5% 8/1/2047 (Build America Mutual Assurance Co Insured)
|
2,500,000
|
2,565,081
|
|
|
Sacramento CA City Uni Sch Dis Series 2019 D, 3% 8/1/2049 (Build America Mutual Assurance Co Insured)
|
275,000
|
192,631
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2033 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,629,000
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2034 (Build America Mutual Assurance Co Insured)
|
400,000
|
431,159
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2035 (Build America Mutual Assurance Co Insured)
|
475,000
|
507,772
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2036 (Build America Mutual Assurance Co Insured)
|
500,000
|
530,923
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2037 (Build America Mutual Assurance Co Insured)
|
1,400,000
|
1,476,417
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2038 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,049,495
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)
|
450,000
|
468,262
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2043 (Build America Mutual Assurance Co Insured)
|
1,300,000
|
1,332,295
|
|
|
Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2044 (Build America Mutual Assurance Co Insured)
|
650,000
|
664,464
|
|
|
San Bernadino Cty Un Sch Dist Series F, 3% 8/1/2044 (Assured Guaranty Inc Insured)
|
9,200,000
|
7,335,568
|
|
|
San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2032
|
850,000
|
950,278
|
|
|
San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2033
|
1,100,000
|
1,242,898
|
|
|
San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2034
|
615,000
|
699,403
|
|
|
San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2035
|
825,000
|
929,990
|
|
|
San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2036
|
1,000,000
|
1,119,295
|
|
|
San Diego CA Uni Sch Dist 0% 7/1/2037 (c)
|
1,300,000
|
871,204
|
|
|
San Diego CA Uni Sch Dist 0% 7/1/2047 (e)
|
8,700,000
|
7,086,083
|
|
|
San Diego CA Uni Sch Dist Series 2010C, 0% 7/1/2045 (c)
|
4,770,000
|
2,093,611
|
|
|
San Diego CA Uni Sch Dist Series 2012 E, 0% 7/1/2033 (c)
|
1,195,000
|
960,507
|
|
|
San Francisco CA City & Cnty Gen. Oblig. Series 2020B, 2% 6/15/2035
|
1,000,000
|
830,938
|
|
|
San Francisco CA Cmnty College Dist Gen. Oblig. Series B, 5.25% 6/15/2049 (Build America Mutual Assurance Co Insured)
|
1,900,000
|
1,994,611
|
|
|
San Joaquin Valley Clean Energy Authority 5.5% tender 1/1/2056 (Goldman Sachs Group Inc/The Guaranteed) (f)
|
6,500,000
|
7,010,530
|
|
|
San Juan CA Uni Sch Dist Series 2020, 2.25% 8/1/2039
|
2,000,000
|
1,526,642
|
|
|
San Marcos Unified School District 0% 8/1/2035 (c)
|
3,675,000
|
2,662,118
|
|
|
San Marcos Unified School District 0% 8/1/2037 (c)
|
2,675,000
|
1,754,110
|
|
|
San Marcos Unified School District 0% 8/1/2047 (c)
|
6,315,000
|
2,434,440
|
|
|
San Marcos Unified School District Series A, 5% 8/1/2043
|
1,350,000
|
1,449,523
|
|
|
San Marcos Unified School District Series A, 5% 8/1/2044
|
780,000
|
833,087
|
|
|
San Marcos Unified School District Series A, 5% 8/1/2045
|
885,000
|
942,291
|
|
|
San Marcos Unified School District Series A, 5.25% 8/1/2050
|
4,910,000
|
5,199,008
|
|
|
San Marcos Unified School District Series A, 5.25% 8/1/2055
|
3,500,000
|
3,677,421
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2034
|
1,825,000
|
2,100,545
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2035
|
1,050,000
|
1,213,193
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2036
|
1,000,000
|
1,157,786
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2037
|
730,000
|
835,899
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2039
|
875,000
|
979,705
|
|
|
San Mateo CA Unified Sch Dist Series A, 2.25% 9/1/2042
|
3,000,000
|
2,190,619
|
|
|
San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. Series 2018, 5% 9/1/2038
|
760,000
|
797,314
|
|
|
San Mateo Cnty Calif Jt Pwrs Fing Auth Lease Rev (San Mateo CO CA Proj.) Series 2021 A 1, 2.5% 6/15/2055
|
10,550,000
|
6,538,645
|
|
|
San Mateo Cnty Calif Jt Pwrs Fing Auth Lease Rev (San Mateo CO CA Proj.) Series 2021 A 1, 3% 6/15/2046
|
13,660,000
|
10,408,355
|
|
|
Sanger CA Uni Sch Dist Series C, 3% 8/1/2048 (Build America Mutual Assurance Co Insured)
|
2,810,000
|
2,098,743
|
|
|
Santa Ana Calif Uni Sch Dist Series 2019A, 3.25% 8/1/2042
|
1,035,000
|
864,583
|
|
|
Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2032
|
1,365,000
|
1,438,809
|
|
|
Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2034
|
1,000,000
|
1,049,491
|
|
|
Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2036
|
2,135,000
|
2,227,977
|
|
|
Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2037
|
1,000,000
|
1,040,481
|
|
|
Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2038
|
845,000
|
876,562
|
|
|
Santa Clara CA Uni Sch Dist Series 2017, 3% 7/1/2035
|
265,000
|
265,117
|
|
|
Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) 3% 5/15/2037
|
540,000
|
483,013
|
|
|
Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3% 5/1/2041
|
2,000,000
|
1,648,272
|
|
|
Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2021 A, 3% 5/1/2039
|
3,425,000
|
2,955,536
|
|
|
Santa Clarita CA Cmnty Coll Gen. Oblig. Series 2019, 3% 8/1/2044
|
265,000
|
206,124
|
|
|
Santa Clarita CA Cmnty Coll Gen. Oblig. Series 2019, 3% 8/1/2049
|
2,000,000
|
1,453,820
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 3.125% 7/1/2042
|
1,040,000
|
847,016
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 4% 7/1/2036
|
435,000
|
435,946
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 4% 7/1/2037
|
475,000
|
475,200
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2030
|
250,000
|
255,201
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2031
|
350,000
|
357,058
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2032
|
255,000
|
260,007
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2033
|
250,000
|
254,746
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2034
|
315,000
|
320,544
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2035
|
400,000
|
406,642
|
|
|
Santa Monica-Malibu Uni Sch Dist CA Series A, 3% 8/1/2049
|
3,190,000
|
2,314,898
|
|
|
Santee CA Sch Dist Series 2008D, 0% 8/1/2038 (Assured Guaranty Inc Insured) (c)
|
4,140,000
|
2,564,681
|
|
|
Southern CA Pub Pwr Auth Series 2024 A, 5% tender 4/1/2055 (American General Life Insurance Co Guaranteed) (f)
|
11,260,000
|
11,690,449
|
|
|
Southern CA Pub Pwr Auth Series 2026A, 5% 11/1/2033 (Pacific Life Insurance Co Guaranteed)
|
18,500,000
|
19,454,961
|
|
|
State of California Gen. Oblig. 2.5% 12/1/2049
|
1,350,000
|
897,452
|
|
|
State of California Gen. Oblig. 3% 10/1/2034
|
3,580,000
|
3,430,250
|
|
|
State of California Gen. Oblig. 3% 10/1/2035
|
1,895,000
|
1,785,555
|
|
|
State of California Gen. Oblig. 5% 10/1/2032 (National Public Finance Guarantee Corporation Insured)
|
10,000
|
10,021
|
|
|
State of California Gen. Oblig. 5% 3/1/2033
|
7,000,000
|
7,790,813
|
|
|
State of California Gen. Oblig. 5% 8/1/2033
|
3,210,000
|
3,586,868
|
|
|
State of California Gen. Oblig. 5.25% 12/1/2033
|
105,000
|
105,239
|
|
|
State of California Gen. Oblig. 5.25% 4/1/2027
|
5,000
|
5,011
|
|
|
State of California Gen. Oblig. 5.25% 4/1/2029
|
5,000
|
5,013
|
|
|
State of California Gen. Oblig. 5.5% 4/1/2028
|
5,000
|
5,012
|
|
|
State of California Gen. Oblig. 5.5% 4/1/2030
|
25,000
|
25,069
|
|
|
State of California Gen. Oblig. 5.75% 5/1/2030
|
90,000
|
90,265
|
|
|
Stockton CA Unified School Dis Series 2011D, 0% 8/1/2033 (Assured Guaranty Inc Insured) (c)
|
1,900,000
|
1,507,979
|
|
|
Stockton CA Unified School Dis Series 2024, 5% 8/1/2033 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,129,890
|
|
|
Stockton CA Unified School Dis Series 2024, 5% 8/1/2034 (Build America Mutual Assurance Co Insured)
|
1,245,000
|
1,415,281
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2036 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,128,967
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2037 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,673,024
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2038 (Build America Mutual Assurance Co Insured)
|
2,835,000
|
3,129,357
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)
|
2,125,000
|
2,322,436
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2040 (Build America Mutual Assurance Co Insured)
|
1,120,000
|
1,213,612
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2041 (Build America Mutual Assurance Co Insured)
|
1,245,000
|
1,341,159
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2042 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,610,265
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2043 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,603,616
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2044 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,064,214
|
|
|
Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2045 (Build America Mutual Assurance Co Insured)
|
1,250,000
|
1,326,129
|
|
|
Temecula Vy CA Uni Sch Dist Series 2021 D, 3% 8/1/2044
|
2,500,000
|
1,965,658
|
|
|
Union Elem Sch Dist Calif Series G, 0% 9/1/2040 (c)
|
1,000,000
|
518,431
|
|
|
Union Elem Sch Dist Calif Series G, 0% 9/1/2041 (c)
|
1,000,000
|
489,049
|
|
|
Union Elem Sch Dist Calif Series G, 0% 9/1/2042 (c)
|
1,885,000
|
876,570
|
|
|
Union Elem Sch Dist Calif Series G, 0% 9/1/2043 (c)
|
1,995,000
|
878,774
|
|
|
Ventura CA Usd Series B, 5% 8/1/2039
|
240,000
|
259,742
|
|
|
Ventura CA Usd Series B, 5% 8/1/2040
|
200,000
|
214,954
|
|
|
Ventura CA Usd Series B, 5% 8/1/2041
|
220,000
|
235,327
|
|
|
Ventura CA Usd Series B, 5% 8/1/2042
|
300,000
|
320,000
|
|
|
Ventura CA Usd Series B, 5% 8/1/2043
|
465,000
|
494,339
|
|
|
Ventura CA Usd Series B, 5% 8/1/2044
|
620,000
|
656,687
|
|
|
Ventura CA Usd Series B, 5% 8/1/2045
|
795,000
|
839,917
|
|
|
Ventura CA Usd Series B, 5% 8/1/2046
|
1,000,000
|
1,053,061
|
|
|
Walnut Vly CA Usd Ban 0% 8/1/2031 (National Public Finance Guarantee Corporation Insured) (c)
|
2,900,000
|
2,486,139
|
|
|
Walnut Vly CA Usd Ban 0% 8/1/2032 (National Public Finance Guarantee Corporation Insured) (c)
|
1,315,000
|
1,085,332
|
|
|
Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2013B, 5% 8/1/2043
|
5,000,000
|
5,000,699
|
|
|
Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2023 B, 4.5% 8/1/2053 (Assured Guaranty Inc Insured)
|
2,400,000
|
2,218,031
|
|
|
Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2023 B, 5.25% 8/1/2048
|
1,625,000
|
1,682,407
|
|
|
Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2023 B, 5.5% 8/1/2053
|
2,600,000
|
2,720,666
|
|
|
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2032 (Assured Guaranty Inc Insured) (c)
|
1,000,000
|
820,081
|
|
|
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2033 (Assured Guaranty Inc Insured) (c)
|
1,675,000
|
1,315,018
|
|
|
West Contra Costa Unified School District Series 2024 B TENDER, 5% 8/1/2033 (Build America Mutual Assurance Co Insured)
|
4,000,000
|
4,505,149
|
|
|
West Contra Costa Unified School District Series 2025A, 5% 8/1/2036 (Build America Mutual Assurance Co Insured)
|
845,000
|
953,059
|
|
|
West Contra Costa Unified School District Series 2025A, 5% 8/1/2037 (Build America Mutual Assurance Co Insured)
|
665,000
|
743,112
|
|
|
West Contra Costa Unified School District Series 2025A, 5% 8/1/2038 (Build America Mutual Assurance Co Insured)
|
800,000
|
886,020
|
|
|
West Contra Costa Unified School District Series 2025A, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)
|
1,600,000
|
1,745,720
|
|
|
West Contra Costa Unified School District Series 2025A, 5% 8/1/2040 (Build America Mutual Assurance Co Insured)
|
1,625,000
|
1,761,689
|
|
|
West Contra Costa Unified School District Series 2025A, 5% 8/1/2041 (Build America Mutual Assurance Co Insured)
|
3,655,000
|
3,940,655
|
|
|
West Contra Costa Unified School District Series 2025A, 5% 8/1/2042 (Build America Mutual Assurance Co Insured)
|
1,265,000
|
1,358,958
|
|
|
West Hollywood Public Financing Authority Series 2016, 3% 4/1/2041
|
780,000
|
627,943
|
|
|
Wiseburn CA Sch Dist Series 2012 C, 0% 8/1/2037 (c)
|
1,000,000
|
664,225
|
|
|
Wiseburn School District 3% 8/1/2037
|
315,000
|
281,560
|
|
|
Yosemite CA Cmnty College Dist Series 2010D, 0% 8/1/2036 (c)
|
825,000
|
558,841
|
|
|
TOTAL GENERAL OBLIGATIONS
|
874,489,573
|
||
|
Health Care - 8.2%
|
|||
|
California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2049
|
14,015,000
|
12,533,084
|
|
|
California Health Facilities Financing Authority (Providence Health Systems Proj.) 5% 7/1/2032
|
4,460,000
|
4,866,629
|
|
|
California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2016A, 3% 10/1/2041
|
1,340,000
|
1,078,535
|
|
|
California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2016A, 3% 10/1/2047
|
3,780,000
|
2,705,505
|
|
|
California Health Facilities Financing Authority (Rady Childrens Health Proj.) 5% tender 8/15/2065 (f)
|
10,000,000
|
11,252,448
|
|
|
California Health Facilities Financing Authority (Scripps Health, Sys Proj.) Series 2024B 2, 5% tender 11/15/2061 (f)
|
7,315,000
|
7,914,289
|
|
|
California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2017 A, 5% 11/15/2032
|
1,400,000
|
1,432,895
|
|
|
California Mun Fin Auth Rev (Channing House Proj.) 4% 5/15/2031 (California Mortgage Insurance Insured)
|
2,150,000
|
2,161,858
|
|
|
California Mun Fin Auth Rev (Channing House Proj.) 4% 5/15/2032 (California Mortgage Insurance Insured)
|
1,000,000
|
1,003,287
|
|
|
California Mun Fin Auth Rev (Channing House Proj.) 5% 5/15/2033 (California Mortgage Insurance Insured)
|
895,000
|
904,916
|
|
|
California Mun Fin Auth Rev (Channing House Proj.) 5% 5/15/2034 (California Mortgage Insurance Insured)
|
1,000,000
|
1,010,437
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2029
|
575,000
|
581,515
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2031
|
1,000,000
|
1,009,841
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2032
|
1,400,000
|
1,412,700
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2033
|
1,000,000
|
1,008,435
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2034
|
1,395,000
|
1,405,549
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2035
|
1,500,000
|
1,509,872
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2036
|
1,500,000
|
1,508,471
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2029
|
1,300,000
|
1,314,732
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2030
|
750,000
|
757,913
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2031
|
800,000
|
807,873
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2032
|
1,385,000
|
1,397,564
|
|
|
California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2027 (California Mortgage Insurance Insured)
|
230,000
|
235,504
|
|
|
California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2029 (California Mortgage Insurance Insured)
|
245,000
|
250,137
|
|
|
California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2030 (California Mortgage Insurance Insured)
|
225,000
|
229,281
|
|
|
California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2033 (California Mortgage Insurance Insured)
|
750,000
|
761,060
|
|
|
California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2036 (California Mortgage Insurance Insured)
|
1,435,000
|
1,452,423
|
|
|
California Mun Fin Auth Sr Living Rev (MT San Antonio Gardens Proj.) Series 2019, 5% 11/15/2039
|
1,155,000
|
1,170,979
|
|
|
California Mun Fn Auth Rev (Community Hosps Central CA Sys Proj.) Series 2021A, 4% 2/1/2051
|
7,500,000
|
6,315,505
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2033
|
490,000
|
528,636
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2034
|
415,000
|
449,273
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2035
|
720,000
|
778,427
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2036
|
565,000
|
607,005
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2037
|
810,000
|
865,004
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2038
|
505,000
|
534,988
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2039
|
660,000
|
692,792
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2040
|
530,000
|
552,254
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2044
|
1,415,000
|
1,444,451
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2049
|
1,300,000
|
1,303,802
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2054
|
1,540,000
|
1,523,741
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 5% 9/1/2036
|
450,000
|
479,361
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 5.25% 9/1/2038
|
600,000
|
643,686
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 5.25% 9/1/2040
|
670,000
|
704,637
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 5.25% 9/1/2041
|
350,000
|
366,333
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 5.5% 9/1/2046
|
750,000
|
782,334
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 6% 9/1/2056
|
2,000,000
|
2,171,741
|
|
|
California Mun Fn Auth Rev (Town And Country Manor Proj.) Series 2019, 5% 7/1/2034 (California Mortgage Insurance Insured)
|
825,000
|
864,082
|
|
|
California Mun Fn Auth Rev (Town And Country Manor Proj.) Series 2019, 5% 7/1/2039 (California Mortgage Insurance Insured)
|
1,000,000
|
1,029,894
|
|
|
California Mun Fn Auth Rev (Town And Country Manor Proj.) Series 2019, 5% 7/1/2049 (California Mortgage Insurance Insured)
|
2,100,000
|
2,134,528
|
|
|
California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2021A, 4% 10/15/2026
|
415,000
|
415,273
|
|
|
California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2021A, 4% 10/15/2027
|
400,000
|
402,661
|
|
|
California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2021A, 4% 10/15/2028
|
360,000
|
363,911
|
|
|
California Statewide Community Development Authority Rev (Emanate Health Proj.) Series 2020 A, 3% 4/1/2050
|
13,185,000
|
9,019,165
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 3% 4/1/2046
|
9,810,000
|
7,359,360
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2038
|
2,625,000
|
2,543,284
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2039
|
2,250,000
|
2,147,693
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2040
|
2,500,000
|
2,349,215
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2041
|
1,885,000
|
1,746,435
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2046
|
2,500,000
|
2,193,429
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2027
|
245,000
|
250,062
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2028
|
660,000
|
692,135
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2029
|
695,000
|
723,718
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2030
|
730,000
|
758,898
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2031
|
765,000
|
794,080
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2032
|
805,000
|
834,350
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2033
|
845,000
|
874,950
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2034
|
885,000
|
914,817
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2035
|
925,000
|
954,327
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2036
|
500,000
|
514,911
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2037
|
650,000
|
668,153
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2038
|
500,000
|
513,038
|
|
|
California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2043
|
1,250,000
|
1,275,842
|
|
|
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 4% 1/1/2035
|
1,000,000
|
990,143
|
|
|
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 4% 1/1/2036
|
1,000,000
|
979,424
|
|
|
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2030
|
1,335,000
|
1,363,257
|
|
|
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2031
|
1,350,000
|
1,376,688
|
|
|
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2032
|
1,400,000
|
1,425,963
|
|
|
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2033
|
2,835,000
|
2,884,335
|
|
|
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2034
|
2,230,000
|
2,266,259
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2030
|
2,500,000
|
2,526,582
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2032
|
1,350,000
|
1,361,693
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2033
|
1,000,000
|
1,008,026
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2029
|
1,120,000
|
1,164,234
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2030
|
1,000,000
|
1,034,984
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2031
|
875,000
|
902,128
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2032
|
890,000
|
915,331
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2036
|
750,000
|
762,908
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 4% 7/1/2033
|
260,000
|
251,743
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 4% 7/1/2035
|
300,000
|
282,314
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2030
|
300,000
|
313,953
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2031
|
325,000
|
338,387
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2023A, 5.75% 7/1/2048
|
1,000,000
|
1,038,195
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2023A, 5.75% 7/1/2053
|
1,000,000
|
1,028,075
|
|
|
TOTAL HEALTH CARE
|
150,974,535
|
||
|
Housing - 3.2%
|
|||
|
California Hsg Fin Agy Mun Ctfs (Lihtc 2019-2 CA Proj.) Series 2 Class A, 4% 3/20/2033
|
5,667,983
|
5,708,711
|
|
|
California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035
|
7,042,453
|
6,703,012
|
|
|
California Hsg Fin Agy Mun Ctfs (Lihtc 2021-3 CA Proj.) Series 3 Class A, 3.25% 8/20/2036
|
1,845,421
|
1,737,395
|
|
|
California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036
|
7,735,602
|
7,691,919
|
|
|
California Hsg Fin Agy Mun Ctfs Series 2 Class A, 3.75% 3/25/2035 (Freddie Mac Non Gold Pool Guaranteed)
|
4,709,776
|
4,682,368
|
|
|
California Mun Fin Auth Multifamily Hsg Rev Series 2019 A, 2.65% 8/1/2036
|
16,011,938
|
13,685,866
|
|
|
California Municipal Finance Authority (Lihtc 2026-1 CA Proj.) Series 1CCRC Class A1, 5.35% 6/20/2046
|
9,000,000
|
9,459,816
|
|
|
Los Angeles CA Multifamily Rev Series 2018 A 1, 3.6% 7/1/2039
|
9,396,056
|
8,448,861
|
|
|
TOTAL HOUSING
|
58,117,948
|
||
|
Lease Revenue - 1.0%
|
|||
|
California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2044
|
7,610,000
|
7,779,586
|
|
|
California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2049
|
10,000,000
|
10,165,083
|
|
|
TOTAL LEASE REVENUE
|
17,944,669
|
||
|
Other - 1.6%
|
|||
|
California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (f)
|
17,750,000
|
16,990,847
|
|
|
California Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation Proj.) Series 2020, 3% 7/1/2050
|
9,075,000
|
6,357,352
|
|
|
California Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation Proj.) Series 2020, 4% 7/1/2050
|
7,125,000
|
6,322,728
|
|
|
TOTAL OTHER
|
29,670,927
|
||
|
Resource Recovery - 0.5%
|
|||
|
California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2023A, 4.375% tender 9/1/2053 (d)(f)
|
7,000,000
|
7,192,969
|
|
|
California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A, 2.4% tender 10/1/2044 (d)(f)
|
1,140,000
|
1,108,011
|
|
|
South Bayside Waste Mgmt Auth Calif Solid Waste Enterprise Series 2019A, 5% 9/1/2042 (Assured Guaranty Inc Insured)
|
1,255,000
|
1,286,085
|
|
|
TOTAL RESOURCE RECOVERY
|
9,587,065
|
||
|
Special Tax - 2.3%
|
|||
|
Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 5% 9/1/2029
|
2,000,000
|
2,002,212
|
|
|
Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 5% 9/1/2030
|
1,720,000
|
1,721,737
|
|
|
Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 5% 9/1/2031
|
2,500,000
|
2,502,327
|
|
|
Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) Series 2016, 5% 9/1/2041
|
4,500,000
|
4,500,019
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2037 (Build America Mutual Assurance Co Insured)
|
450,000
|
507,912
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2038 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,117,719
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2039 (Build America Mutual Assurance Co Insured)
|
550,000
|
607,531
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2040 (Build America Mutual Assurance Co Insured)
|
600,000
|
657,176
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2041 (Build America Mutual Assurance Co Insured)
|
700,000
|
762,359
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2042 (Build America Mutual Assurance Co Insured)
|
775,000
|
841,504
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2043 (Build America Mutual Assurance Co Insured)
|
880,000
|
951,187
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2044 (Build America Mutual Assurance Co Insured)
|
800,000
|
860,400
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2045 (Build America Mutual Assurance Co Insured)
|
750,000
|
804,509
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2046 (Build America Mutual Assurance Co Insured)
|
500,000
|
533,136
|
|
|
Irvine CA Spl Tax Series 2026, 5% 9/1/2051 (Build America Mutual Assurance Co Insured)
|
1,750,000
|
1,827,741
|
|
|
Irvine Calif Impt Bd Act 1915 4% 9/2/2035 (Build America Mutual Assurance Co Insured)
|
400,000
|
409,052
|
|
|
Irvine Calif Impt Bd Act 1915 4% 9/2/2036 (Build America Mutual Assurance Co Insured)
|
250,000
|
253,783
|
|
|
Irvine Calif Impt Bd Act 1915 4% 9/2/2037 (Build America Mutual Assurance Co Insured)
|
250,000
|
251,761
|
|
|
Irvine Calif Impt Bd Act 1915 4% 9/2/2038 (Build America Mutual Assurance Co Insured)
|
350,000
|
350,530
|
|
|
Irvine Calif Impt Bd Act 1915 4% 9/2/2039 (Build America Mutual Assurance Co Insured)
|
500,000
|
494,779
|
|
|
Irvine Calif Impt Bd Act 1915 4% 9/2/2040 (Build America Mutual Assurance Co Insured)
|
1,025,000
|
1,001,272
|
|
|
Irvine Calif Impt Bd Act 1915 4% 9/2/2046 (Build America Mutual Assurance Co Insured)
|
1,350,000
|
1,256,759
|
|
|
Irvine Calif Impt Bd Act 1915 5% 9/2/2044
|
2,545,000
|
2,571,140
|
|
|
Palmdale CA Elem Sch Dist Series 2017A, 5% 8/1/2041 (Assured Guaranty Inc Insured)
|
1,275,000
|
1,284,492
|
|
|
Perris Union High School District Financing Authority 5% 9/1/2030 (Assured Guaranty Inc Insured)
|
335,000
|
361,136
|
|
|
Perris Union High School District Financing Authority 5% 9/1/2031 (Assured Guaranty Inc Insured)
|
425,000
|
463,320
|
|
|
Perris Union High School District Financing Authority 5% 9/1/2032 (Assured Guaranty Inc Insured)
|
325,000
|
356,961
|
|
|
Perris Union High School District Financing Authority 5% 9/1/2033 (Assured Guaranty Inc Insured)
|
1,000,000
|
1,112,029
|
|
|
Perris Union High School District Financing Authority 5% 9/1/2035 (Assured Guaranty Inc Insured)
|
830,000
|
930,496
|
|
|
Perris Union High School District Financing Authority 5% 9/1/2037 (Assured Guaranty Inc Insured)
|
550,000
|
609,498
|
|
|
Perris Union High School District Financing Authority 5% 9/1/2038 (Assured Guaranty Inc Insured)
|
400,000
|
438,976
|
|
|
Poway Calif Redev Agy Successor Agy Tax Allocation (Poway Rda Paguay Project Proj.) Series A, 5% 12/15/2030
|
3,500,000
|
3,769,186
|
|
|
Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2034
|
700,000
|
723,472
|
|
|
Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2035
|
2,065,000
|
2,128,918
|
|
|
San Francisco CA BART Dist Tax Series 2019 A, 3% 7/1/2044
|
3,000,000
|
2,360,567
|
|
|
Upland Community Redevelopment Agency Successor Agency Series 2016, 2.75% 9/1/2036 (Assured Guaranty Inc Insured)
|
360,000
|
313,561
|
|
|
TOTAL SPECIAL TAX
|
41,639,157
|
||
|
Tobacco Bonds - 0.4%
|
|||
|
California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2027
|
400,000
|
406,161
|
|
|
California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2028
|
420,000
|
434,612
|
|
|
California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2029
|
500,000
|
525,874
|
|
|
California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2030
|
300,000
|
317,709
|
|
|
California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2031
|
300,000
|
316,087
|
|
|
California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2032
|
250,000
|
261,877
|
|
|
California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2033
|
250,000
|
260,686
|
|
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (c)
|
50,000,000
|
4,659,680
|
|
|
TOTAL TOBACCO BONDS
|
7,182,686
|
||
|
Transportation - 18.0%
|
|||
|
Alameda Corridor CA Tran Auth Rev Series 2024C, 0% 10/1/2049 (Assured Guaranty Inc Insured) (c)
|
7,250,000
|
2,248,664
|
|
|
Alameda Corridor CA Tran Auth Rev Series 2024C, 0% 10/1/2053 (Assured Guaranty Inc Insured) (c)
|
20,000,000
|
4,821,784
|
|
|
Bay Area Toll Auth CA Bridge Rev Series 2024 F 2, 5% 4/1/2043
|
4,670,000
|
4,949,860
|
|
|
Bay Area Toll Auth CA Bridge Rev Series 2024 F 2, 5% 4/1/2044
|
1,150,000
|
1,215,171
|
|
|
Bay Area Toll Auth CA Bridge Rev Series 2024 F 2, 5% 4/1/2045
|
1,000,000
|
1,054,964
|
|
|
Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2036 (d)
|
4,750,000
|
5,137,310
|
|
|
Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2037 (d)
|
7,000,000
|
7,509,275
|
|
|
Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2038 (d)
|
3,200,000
|
3,405,431
|
|
|
California Mun Fn Auth Rev (San Francisco Mta Bus Fac Proj Proj.) Series 2026A, 5% 3/1/2033
|
1,000,000
|
1,103,983
|
|
|
California Mun Fn Auth Rev (San Francisco Mta Bus Fac Proj Proj.) Series 2026A, 5% 3/1/2034
|
850,000
|
943,620
|
|
|
California Mun Fn Auth Rev (San Francisco Mta Bus Fac Proj Proj.) Series 2026A, 5% 9/1/2032
|
1,275,000
|
1,402,507
|
|
|
California Mun Fn Auth Rev (San Francisco Mta Bus Fac Proj Proj.) Series 2026A, 5% 9/1/2033
|
1,000,000
|
1,108,655
|
|
|
California Mun Fn Auth Rev (San Francisco Mta Bus Fac Proj Proj.) Series 2026A, 5% 9/1/2034
|
1,000,000
|
1,112,360
|
|
|
California Mun Fn Auth Rev (San Francisco Mta Bus Fac Proj Proj.) Series 2026A, 5.5% 9/1/2056
|
6,500,000
|
6,870,540
|
|
|
Foothill/Estrn Transn CA Toll 0% 1/15/2033 (Assured Guaranty Inc Insured) (c)
|
9,000,000
|
7,200,999
|
|
|
Fresno Calif Arpt Rev Series 2023A, 4.125% 7/1/2043 (Build America Mutual Assurance Co Insured) (d)
|
1,000,000
|
926,199
|
|
|
Fresno Calif Arpt Rev Series 2023A, 4.25% 7/1/2044 (Build America Mutual Assurance Co Insured) (d)
|
1,000,000
|
947,140
|
|
|
Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2035 (Build America Mutual Assurance Co Insured) (d)
|
2,060,000
|
2,229,070
|
|
|
Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2036 (Build America Mutual Assurance Co Insured) (d)
|
2,160,000
|
2,321,786
|
|
|
Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2037 (Build America Mutual Assurance Co Insured) (d)
|
1,000,000
|
1,067,113
|
|
|
Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2038 (Build America Mutual Assurance Co Insured) (d)
|
1,385,000
|
1,467,436
|
|
|
Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2039 (Build America Mutual Assurance Co Insured) (d)
|
2,500,000
|
2,620,504
|
|
|
Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2040 (Build America Mutual Assurance Co Insured) (d)
|
2,625,000
|
2,732,502
|
|
|
Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2041 (Build America Mutual Assurance Co Insured) (d)
|
2,760,000
|
2,858,000
|
|
|
Long Beach CA Hbr Rev Series A, 5% 5/15/2032 (d)
|
1,760,000
|
1,781,453
|
|
|
Long Beach CA Hbr Rev Series A, 5% 5/15/2033 (d)
|
1,350,000
|
1,366,007
|
|
|
Long Beach CA Hbr Rev Series A, 5% 5/15/2034 (d)
|
1,650,000
|
1,669,198
|
|
|
Long Beach CA Hbr Rev Series A, 5% 5/15/2035 (d)
|
2,500,000
|
2,527,357
|
|
|
Long Beach CA Hbr Rev Series A, 5% 5/15/2036 (d)
|
3,000,000
|
3,031,035
|
|
|
Long Beach CA Hbr Rev Series A, 5% 5/15/2037 (d)
|
2,755,000
|
2,781,318
|
|
|
Los Angeles CA Dept Arpts Rev 5% 5/15/2034 (d)
|
8,840,000
|
9,636,183
|
|
|
Los Angeles CA Dept Arpts Rev 5% 5/15/2034 (d)
|
7,000,000
|
7,630,461
|
|
|
Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (d)
|
4,735,000
|
5,010,731
|
|
|
Los Angeles CA Dept Arpts Rev 5% 5/15/2043 (d)
|
10,000,000
|
10,118,486
|
|
|
Los Angeles CA Dept Arpts Rev Series 2018 B, 5% 5/15/2031 (d)
|
7,350,000
|
7,552,491
|
|
|
Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2048 (d)
|
2,000,000
|
2,013,370
|
|
|
Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2049 (d)
|
4,950,000
|
4,964,609
|
|
|
Los Angeles CA Dept Arpts Rev Series 2019 F, 4% 5/15/2049 (d)
|
5,000,000
|
4,369,069
|
|
|
Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2030 (d)
|
2,480,000
|
2,597,777
|
|
|
Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2034 (d)
|
950,000
|
985,242
|
|
|
Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2044 (d)
|
13,685,000
|
13,835,616
|
|
|
Los Angeles CA Dept Arpts Rev Series A, 5% 5/15/2030 (d)
|
700,000
|
709,803
|
|
|
Ontario International Airport Authority Series 2021 A, 5% 5/15/2046 (Assured Guaranty Inc Insured)
|
4,315,000
|
4,457,156
|
|
|
Ontario International Airport Authority Series 2021 B, 4% 5/15/2035 (Assured Guaranty Inc Insured) (d)
|
1,120,000
|
1,122,008
|
|
|
Ontario International Airport Authority Series 2021 B, 4% 5/15/2036 (Assured Guaranty Inc Insured) (d)
|
775,000
|
768,669
|
|
|
Ontario International Airport Authority Series 2021 B, 4% 5/15/2037 (Assured Guaranty Inc Insured) (d)
|
1,700,000
|
1,671,451
|
|
|
Ontario International Airport Authority Series 2021 B, 4% 5/15/2038 (Assured Guaranty Inc Insured) (d)
|
800,000
|
778,808
|
|
|
Ontario International Airport Authority Series 2021 B, 4% 5/15/2039 (Assured Guaranty Inc Insured) (d)
|
555,000
|
534,937
|
|
|
Ontario International Airport Authority Series 2021 B, 4% 5/15/2040 (Assured Guaranty Inc Insured) (d)
|
685,000
|
647,109
|
|
|
Riverside County Transportation Commission (91 Express Lanes Proj.) Series 2021 B1, 4% 6/1/2046
|
6,400,000
|
5,953,926
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2031 (d)
|
2,110,000
|
2,176,105
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2032 (d)
|
1,590,000
|
1,637,126
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2034 (d)
|
4,000,000
|
4,101,727
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2035 (d)
|
5,000,000
|
5,116,435
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2036 (d)
|
7,500,000
|
7,659,344
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2034 (d)
|
1,375,000
|
1,494,347
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2035 (d)
|
450,000
|
489,046
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2036 (d)
|
1,250,000
|
1,352,184
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2037 (d)
|
1,000,000
|
1,072,062
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2038 (d)
|
1,750,000
|
1,852,979
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2034 (Assured Guaranty Inc Insured) (d)
|
2,140,000
|
2,356,303
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2035 (Assured Guaranty Inc Insured) (d)
|
1,245,000
|
1,372,648
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2036 (Assured Guaranty Inc Insured) (d)
|
855,000
|
934,922
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2037 (Assured Guaranty Inc Insured) (d)
|
1,000,000
|
1,083,666
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2038 (Assured Guaranty Inc Insured) (d)
|
2,600,000
|
2,792,716
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2039 (Assured Guaranty Inc Insured) (d)
|
2,730,000
|
2,893,612
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2040 (Assured Guaranty Inc Insured) (d)
|
2,865,000
|
3,010,737
|
|
|
San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2031
|
2,000,000
|
2,034,721
|
|
|
San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2033
|
1,735,000
|
1,763,371
|
|
|
San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2034
|
1,380,000
|
1,401,574
|
|
|
San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2035
|
1,500,000
|
1,522,313
|
|
|
San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2036
|
1,980,000
|
2,008,344
|
|
|
San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2038
|
2,000,000
|
2,025,847
|
|
|
San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2042
|
5,000,000
|
5,052,337
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2019 B, 5% 7/1/2028 (d)
|
820,000
|
850,769
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2019 B, 5% 7/1/2049 (d)
|
5,050,000
|
5,052,384
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2023B, 5.25% 7/1/2037 (d)
|
2,000,000
|
2,163,991
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2040 (d)
|
1,800,000
|
1,931,179
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2041 (d)
|
1,200,000
|
1,279,176
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2042 (d)
|
1,200,000
|
1,274,837
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2043 (d)
|
1,050,000
|
1,110,966
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2044 (d)
|
1,000,000
|
1,053,342
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2031 (d)
|
1,250,000
|
1,268,676
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2032 (d)
|
1,300,000
|
1,318,415
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2033 (d)
|
1,330,000
|
1,347,987
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2034 (d)
|
1,000,000
|
1,012,643
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2036 (d)
|
1,500,000
|
1,516,071
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2037 (d)
|
750,000
|
757,263
|
|
|
San Francisco CA City & County Airports Commission International Airport Revenue Series 2017A, 5% 5/1/2042 (d)
|
3,205,000
|
3,216,681
|
|
|
San Francisco CA City & County Airports Commission International Airport Revenue Series 2018 D, 5% 5/1/2043 (d)
|
1,000,000
|
1,008,247
|
|
|
San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2036 (d)
|
10,000,000
|
10,327,323
|
|
|
San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2037 (d)
|
5,595,000
|
5,760,506
|
|
|
San Francisco CA City & County Airports Commission International Airport Revenue Series 2026 A, 5.5% 5/1/2051 (d)
|
17,390,000
|
18,305,077
|
|
|
San Francisco CA City & County Airports Commission International Airport Revenue Series 2026 A, 5.5% 5/1/2056 (d)
|
13,500,000
|
14,112,864
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2029 (d)
|
735,000
|
742,897
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2031 (d)
|
1,100,000
|
1,110,603
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2032 (d)
|
850,000
|
857,798
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2033 (d)
|
1,095,000
|
1,104,588
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2034 (d)
|
1,250,000
|
1,260,363
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2035 (d)
|
3,475,000
|
3,502,308
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2036 (d)
|
2,250,000
|
2,266,041
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2037 (d)
|
2,250,000
|
2,264,701
|
|
|
San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2041 (d)
|
10,235,000
|
10,270,480
|
|
|
San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2029
|
200,000
|
202,438
|
|
|
San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2030
|
250,000
|
252,899
|
|
|
San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2032
|
235,000
|
237,495
|
|
|
San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2033
|
250,000
|
252,549
|
|
|
San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2034
|
500,000
|
504,865
|
|
|
San Jose Calif Arpt Rev Series 2021 A, 4% 3/1/2034 (Build America Mutual Assurance Co Insured) (d)
|
2,000,000
|
2,010,281
|
|
|
San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2030 (d)
|
1,275,000
|
1,352,171
|
|
|
San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2031 (d)
|
1,600,000
|
1,712,689
|
|
|
San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2032 (d)
|
2,000,000
|
2,121,652
|
|
|
San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2033 (d)
|
1,500,000
|
1,585,854
|
|
|
TOTAL TRANSPORTATION
|
331,254,678
|
||
|
Water & Sewer - 2.2%
|
|||
|
Eastern Municipal Water District Financing Authority 5% 7/1/2029
|
250,000
|
268,224
|
|
|
Eastern Municipal Water District Financing Authority 5% 7/1/2030
|
250,000
|
273,274
|
|
|
Gilroy Calif Pub Facs Fing Auth Wastewater Rev Series 2021 A, 3% 8/1/2046
|
1,285,000
|
986,185
|
|
|
Glendale CA Wtr Rev 2% 2/1/2031
|
1,240,000
|
1,140,142
|
|
|
Glendale CA Wtr Rev Series 2020, 2% 2/1/2037
|
420,000
|
327,747
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2030
|
1,380,000
|
1,485,022
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2031
|
1,465,000
|
1,592,154
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2030
|
2,400,000
|
2,582,647
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2036
|
1,015,000
|
1,076,441
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2030
|
4,470,000
|
4,810,181
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2034
|
1,955,000
|
2,144,180
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024B, 5% 7/1/2032
|
635,000
|
693,670
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024B, 5% 7/1/2034
|
250,000
|
275,629
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024B, 5% 7/1/2035
|
2,030,000
|
2,214,852
|
|
|
Richmond Calif Wastewater Rev Series 2019 A, 5% 8/1/2039
|
390,000
|
406,258
|
|
|
San Francisco CA Pub Util Comm Wtr Rev Series 2025 SUB E, 5.25% 11/1/2055
|
15,000,000
|
15,777,248
|
|
|
Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2035 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,035,651
|
|
|
Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2036 (Build America Mutual Assurance Co Insured)
|
1,585,000
|
1,637,803
|
|
|
Vallecitos Water Dist CA Series 2021 A, 2.25% 8/1/2046
|
2,370,000
|
1,561,072
|
|
|
TOTAL WATER & SEWER
|
40,288,380
|
||
|
TOTAL CALIFORNIA
|
1,836,958,196
|
||
|
Guam - 0.7%
|
|||
|
Special Tax - 0.6%
|
|||
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2034
|
2,910,000
|
3,140,302
|
|
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2035
|
2,600,000
|
2,807,362
|
|
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2036
|
2,500,000
|
2,677,571
|
|
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5.25% 1/1/2038
|
2,630,000
|
2,816,034
|
|
|
TOTAL SPECIAL TAX
|
11,441,269
|
||
|
Water & Sewer - 0.1%
|
|||
|
Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5.5% 7/1/2044
|
1,000,000
|
1,047,724
|
|
|
Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5.5% 7/1/2045
|
1,000,000
|
1,045,785
|
|
|
TOTAL WATER & SEWER
|
2,093,509
|
||
|
TOTAL GUAM
|
13,534,778
|
||
|
Puerto Rico - 0.8%
|
|||
|
General Obligations - 0.6%
|
|||
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (c)
|
4,980,183
|
3,634,274
|
|
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029
|
1,815,000
|
1,906,565
|
|
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031
|
4,240,000
|
4,574,502
|
|
|
TOTAL GENERAL OBLIGATIONS
|
10,115,341
|
||
|
Water & Sewer - 0.2%
|
|||
|
Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (b)
|
3,690,000
|
3,822,370
|
|
|
TOTAL PUERTO RICO
|
13,937,711
|
||
|
Virgin Islands - 0.4%
|
|||
|
Transportation - 0.4%
|
|||
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2028
|
1,000,000
|
1,033,083
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2029
|
1,000,000
|
1,044,337
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2034
|
315,000
|
341,771
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2035
|
870,000
|
948,170
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2040
|
755,000
|
793,567
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2041
|
1,225,000
|
1,275,364
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2042
|
435,000
|
451,317
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2043
|
1,300,000
|
1,346,105
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2044
|
1,250,000
|
1,292,164
|
|
|
TOTAL VIRGIN ISLANDS
|
8,525,878
|
||
|
TOTAL MUNICIPAL SECURITIES
(Cost $1,890,624,497)
|
1,872,956,563
|
||
|
TOTAL INVESTMENT IN SECURITIES - 101.7%
(Cost $1,890,624,497)
|
1,872,956,563
|
|
NET OTHER ASSETS (LIABILITIES) - (1.7)%
|
(31,500,277)
|
|
NET ASSETS - 100.0%
|
1,841,456,286
|
Legend
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
|
(b)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,607,057 or 0.7% of net assets.
|
|
(c)
|
Zero coupon bond which is issued at a discount.
|
|
(d)
|
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
|
|
(e)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
|
(f)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
|
(g)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
|
Fidelity Municipal Cash Central Fund
|
62,516,018
|
220,503,056
|
283,019,074
|
357,929
|
-
|
-
|
-
|
-
|
|
62,516,018
|
220,503,056
|
283,019,074
|
357,929
|
-
|
-
|
-
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
|
Valuation Inputs at Reporting Date:
|
||||
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
|
Investments in Securities:
|
||||
|
Municipal Securities
|
||||
|
Education
|
175,777,975
|
-
|
175,777,975
|
-
|
|
Electric Utilities
|
99,312,472
|
-
|
99,312,472
|
-
|
|
Escrowed/Pre-Refunded
|
718,131
|
-
|
718,131
|
-
|
|
General Obligations
|
884,604,914
|
-
|
884,604,914
|
-
|
|
Health Care
|
150,974,535
|
-
|
150,974,535
|
-
|
|
Housing
|
58,117,948
|
-
|
58,117,948
|
-
|
|
Lease Revenue
|
17,944,669
|
-
|
17,944,669
|
-
|
|
Other
|
29,670,927
|
-
|
29,670,927
|
-
|
|
Resource Recovery
|
9,587,065
|
-
|
9,587,065
|
-
|
|
Special Tax
|
53,080,426
|
-
|
53,080,426
|
-
|
|
Tobacco Bonds
|
7,182,686
|
-
|
7,182,686
|
-
|
|
Transportation
|
339,780,556
|
-
|
339,780,556
|
-
|
|
Water & Sewer
|
46,204,259
|
-
|
46,204,259
|
-
|
|
Total Investments in Securities:
|
1,872,956,563
|
-
|
1,872,956,563
|
-
|
Financial Statements (Unaudited)
|
Statement of Assets and Liabilities
|
||
|
As of August 31, 2026 (Unaudited)
|
||
|
Assets
|
||
|
Investments in securities, at value - unaffiliated issuers
|
$
|
1,872,956,563
|
|
Receivable for fund shares sold
|
1,589,232
|
|
|
Interest receivable
|
17,873,721
|
|
|
Distributions receivable from affiliated funds
|
19,293
|
|
|
Prepaid expenses
|
1,933
|
|
|
Total assets
|
1,892,440,742
|
|
|
Liabilities
|
||
|
Payable to custodian bank
|
3,608,403
|
|
|
Payable for investments purchased
|
23,193
|
|
|
Payable for investments purchased, delayed delivery
|
42,233,392
|
|
|
Payable for fund shares redeemed
|
2,257,448
|
|
|
Distributions payable
|
2,161,742
|
|
|
Accrued management fee
|
654,653
|
|
|
Distribution and service plan fees payable
|
11,800
|
|
|
Other payables and accrued expenses
|
33,825
|
|
|
Total liabilities
|
50,984,456
|
|
|
Net Assets
|
$
|
1,841,456,286
|
|
Net assets consist of:
|
||
|
Paid in capital
|
1,892,454,877
|
|
|
Total accumulated earnings (loss)
|
(50,998,591)
|
|
|
Net Assets
|
$
|
1,841,456,286
|
|
Net Asset Value and Maximum Offering
|
||
|
Class A
|
||
|
Net Asset Value and redemption price per share ($33,944,473/2,805,766 shares) a
|
$
|
12.10
|
|
Maximum offering price per share (100/96.00 of $12.10)
|
$
|
12.60
|
|
Class M
|
||
|
Net Asset Value and redemption price per share ($2,649,991/218,476 shares) a
|
$
|
12.13
|
|
Maximum offering price per share (100/96.00 of $12.13)
|
$
|
12.63
|
|
Class C
|
||
|
Net Asset Value and offering price per share ($4,871,456/403,368 shares) a
|
$
|
12.08
|
|
Fidelity® California Municipal Income Fund
|
||
|
Net Asset Value, offering price and redemption price per share ($1,586,084,294/131,292,274 shares)
|
$
|
12.08
|
|
Class I
|
||
|
Net Asset Value, offering price and redemption price per share ($79,428,704/6,560,699 shares)
|
$
|
12.11
|
|
Class Z
|
||
|
Net Asset Value, offering price and redemption price per share ($134,477,368/11,109,393 shares)
|
$
|
12.10
|
|
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
||
|
Other Information
|
||
|
Unaffiliated issuers, cost
|
1,890,624,497
|
|
|
Statement of Operations
|
||
|
Six months ended August 31, 2026 (Unaudited)
|
||
|
Investment Income
|
||
|
Dividends - affiliated issuers
|
$
|
357,929
|
|
Interest
|
34,377,323
|
|
|
Total investment income
|
34,735,252
|
|
|
Expenses
|
||
|
Management fee
|
3,952,024
|
|
|
Distribution and service plan fees
|
72,368
|
|
|
Custodian fees and expenses
|
9,778
|
|
|
Independent trustees' fees and expenses
|
2,048
|
|
|
Registration fees
|
73,276
|
|
|
Audit
|
29,756
|
|
|
Legal
|
3,904
|
|
|
Commitment fee
|
1,123
|
|
|
Miscellaneous
|
2,175
|
|
|
Total expenses
|
4,146,452
|
|
|
Expense reductions
|
(375)
|
|
|
Total expenses after reductions
|
4,146,077
|
|
|
Net investment income (loss)
|
30,589,175
|
|
|
Net realized gain (loss)
|
||
|
Investments - unaffiliated issuers
|
2,194,596
|
|
|
Net realized gain (loss)
|
2,194,596
|
|
|
Change in net unrealized appreciation (depreciation)
|
||
|
Investments - unaffiliated issuers
|
(80,246,901)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
(80,246,901)
|
|
|
Net gain (loss)
|
(78,052,305)
|
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
(47,463,130)
|
|
Statement of Changes in Net Assets
|
||||
|
Six months ended
August 31, 2026
(Unaudited)
|
Year ended
February 28, 2026
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
30,589,175
|
$
|
55,993,170
|
|
Net realized gain (loss)
|
2,194,596
|
(5,218,599)
|
||
|
Change in net unrealized appreciation (depreciation)
|
(80,246,901)
|
55,066,095
|
||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
(47,463,130)
|
$
|
105,840,666
|
|
Distributions to shareholders
|
||||
|
Distributions to shareholders
|
(29,258,910)
|
(53,523,472)
|
||
|
Total distributions
|
(29,258,910)
|
(53,523,472)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
12,181,327
|
217,702,302
|
||
|
Total increase (decrease) in net assets
|
(64,540,713)
|
270,019,496
|
||
|
Net Assets
|
||||
|
Beginning of period
|
1,905,996,999
|
1,635,977,503
|
||
|
End of period
|
$
|
1,841,456,286
|
$
|
1,905,996,999
|
Financial Highlights
|
Fidelity Advisor® California Municipal Income Fund Class A
|
|
Six months ended
August 31, 2026 (Unaudited) |
Years ended
February 28, 2026 |
2025
|
2024 A
|
2023
|
2022
|
|||||||
|
Selected Per Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
12.60
|
$
|
12.29
|
$
|
12.20
|
$
|
11.90
|
$
|
12.85
|
$
|
13.28
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B, C
|
.18
|
.35
|
.32
|
.30
|
.27
|
.25
|
||||||
|
Net realized and unrealized gain (loss)
|
(.51)
|
.29
|
.08
|
.29
|
(.96)
|
(.38)
|
||||||
|
Total from investment operations
|
(.33)
|
.64
|
.40
|
.59
|
(.69)
|
(.13)
|
||||||
|
Distributions
|
||||||||||||
|
Distributions from net investment income
|
(.17)
|
(.33)
|
(.30)
|
(.29)
|
(.26)
|
(.24)
|
||||||
|
Distributions from net realized gain
|
-
|
.00 D
|
.00 D
|
-
|
-
|
(.06)
|
||||||
|
Total distributions
|
(.17)
|
(.33)
|
(.31) E
|
(.29)
|
(.26)
|
(.30)
|
||||||
|
Net asset value, end of period
|
$
|
12.10
|
$
|
12.60
|
$
|
12.29
|
$
|
12.20
|
$
|
11.90
|
$
|
12.85
|
|
Total Return F, G, H
|
(2.60)%
|
5.32%
|
3.28%
|
5.06%
|
(5.32)%
|
(1.00)%
|
||||||
|
Ratios and Supplemental Data B, I, J
|
||||||||||||
|
Ratio of expenses to average net assets before reductions
|
.76% K
|
.76%
|
.76%
|
.78%
|
.79%
|
.79%
|
||||||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
.76% K
|
.76%
|
.76%
|
.78%
|
.79%
|
.78%
|
||||||
|
Ratio of expenses to average net assets net of all reductions, if any
|
.76% K
|
.76%
|
.76%
|
.78%
|
.79%
|
.78%
|
||||||
|
Ratio of net investment income (loss) to average net assets
|
2.93% K
|
2.84%
|
2.60%
|
2.53%
|
2.23%
|
1.84%
|
||||||
|
Net assets, end of period
|
$
|
33,944,473
|
$
|
36,680,355
|
$
|
42,788,074
|
$
|
41,198,232
|
$
|
49,497,772
|
$
|
59,032,336
|
|
Portfolio turnover rate L
|
24% K
|
19%
|
22%
|
15%
|
14%
|
14%
|
||||||
|
AFor the year ended February 29.
|
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
|
CCalculated based on average shares outstanding during the period.
|
|
DAmount represents less than $.005 per share.
|
|
ETotal distributions per share do not sum due to rounding.
|
|
FTotal returns do not include the effect of the sales charges.
|
|
GTotal returns for periods of less than one year are not annualized.
|
|
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
|
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
|
KAnnualized.
|
|
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
|
Fidelity Advisor® California Municipal Income Fund Class M
|
|
Six months ended
August 31, 2026 (Unaudited) |
Years ended
February 28, 2026 |
2025
|
2024 A
|
2023
|
2022
|
|||||||
|
Selected Per Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
12.63
|
$
|
12.32
|
$
|
12.23
|
$
|
11.93
|
$
|
12.88
|
$
|
13.31
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B, C
|
.19
|
.36
|
.33
|
.31
|
.28
|
.26
|
||||||
|
Net realized and unrealized gain (loss)
|
(.51)
|
.29
|
.08
|
.30
|
(.95)
|
(.37)
|
||||||
|
Total from investment operations
|
(.32)
|
.65
|
.41
|
.61
|
(.67)
|
(.11)
|
||||||
|
Distributions
|
||||||||||||
|
Distributions from net investment income
|
(.18)
|
(.34)
|
(.32)
|
(.31)
|
(.28)
|
(.26)
|
||||||
|
Distributions from net realized gain
|
-
|
.00 D
|
.00 D
|
-
|
-
|
(.06)
|
||||||
|
Total distributions
|
(.18)
|
(.34)
|
(.32)
|
(.31)
|
(.28)
|
(.32)
|
||||||
|
Net asset value, end of period
|
$
|
12.13
|
$
|
12.63
|
$
|
12.32
|
$
|
12.23
|
$
|
11.93
|
$
|
12.88
|
|
Total Return E, F, G
|
(2.55)%
|
5.41%
|
3.38%
|
5.15%
|
(5.21)%
|
(.91)%
|
||||||
|
Ratios and Supplemental Data C, H, I
|
||||||||||||
|
Ratio of expenses to average net assets before reductions
|
.67% J
|
.67%
|
.67%
|
.69%
|
.69%
|
.70%
|
||||||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
.67% J
|
.67%
|
.67%
|
.69%
|
.69%
|
.70%
|
||||||
|
Ratio of expenses to average net assets net of all reductions, if any
|
.67% J
|
.67%
|
.67%
|
.69%
|
.69%
|
.70%
|
||||||
|
Ratio of net investment income (loss) to average net assets
|
3.02% J
|
2.93%
|
2.69%
|
2.61%
|
2.32%
|
1.92%
|
||||||
|
Net assets, end of period
|
$
|
2,649,991
|
$
|
2,722,022
|
$
|
2,963,547
|
$
|
3,272,257
|
$
|
3,571,498
|
$
|
5,086,708
|
|
Portfolio turnover rate K
|
24% J
|
19%
|
22%
|
15%
|
14%
|
14%
|
||||||
|
AFor the year ended February 29.
|
|
BCalculated based on average shares outstanding during the period.
|
|
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
|
DAmount represents less than $.005 per share.
|
|
ETotal returns do not include the effect of the sales charges.
|
|
FTotal returns for periods of less than one year are not annualized.
|
|
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
|
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
|
JAnnualized.
|
|
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
|
Fidelity Advisor® California Municipal Income Fund Class C
|
|
Six months ended
August 31, 2026 (Unaudited) |
Years ended
February 28, 2026 |
2025
|
2024 A
|
2023
|
2022
|
|||||||
|
Selected Per Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
12.58
|
$
|
12.27
|
$
|
12.18
|
$
|
11.88
|
$
|
12.83
|
$
|
13.26
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B, C
|
.14
|
.26
|
.23
|
.22
|
.18
|
.15
|
||||||
|
Net realized and unrealized gain (loss)
|
(.51)
|
.29
|
.08
|
.29
|
(.95)
|
(.37)
|
||||||
|
Total from investment operations
|
(.37)
|
.55
|
.31
|
.51
|
(.77)
|
(.22)
|
||||||
|
Distributions
|
||||||||||||
|
Distributions from net investment income
|
(.13)
|
(.24)
|
(.22)
|
(.21)
|
(.18)
|
(.15)
|
||||||
|
Distributions from net realized gain
|
-
|
.00 D
|
.00 D
|
-
|
-
|
(.06)
|
||||||
|
Total distributions
|
(.13)
|
(.24)
|
(.22)
|
(.21)
|
(.18)
|
(.21)
|
||||||
|
Net asset value, end of period
|
$
|
12.08
|
$
|
12.58
|
$
|
12.27
|
$
|
12.18
|
$
|
11.88
|
$
|
12.83
|
|
Total Return E, F, G
|
(2.97)%
|
4.56%
|
2.54%
|
4.31%
|
(6.03)%
|
(1.74)%
|
||||||
|
Ratios and Supplemental Data C, H, I
|
||||||||||||
|
Ratio of expenses to average net assets before reductions
|
1.48% J
|
1.49%
|
1.49%
|
1.51%
|
1.53%
|
1.53%
|
||||||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
1.48% J
|
1.49%
|
1.49%
|
1.50%
|
1.52%
|
1.53%
|
||||||
|
Ratio of expenses to average net assets net of all reductions, if any
|
1.48% J
|
1.49%
|
1.49%
|
1.50%
|
1.52%
|
1.53%
|
||||||
|
Ratio of net investment income (loss) to average net assets
|
2.21% J
|
2.11%
|
1.87%
|
1.80%
|
1.49%
|
1.09%
|
||||||
|
Net assets, end of period
|
$
|
4,871,456
|
$
|
5,182,915
|
$
|
8,080,283
|
$
|
8,744,876
|
$
|
9,991,039
|
$
|
13,692,289
|
|
Portfolio turnover rate K
|
24% J
|
19%
|
22%
|
15%
|
14%
|
14%
|
||||||
|
AFor the year ended February 29.
|
|
BCalculated based on average shares outstanding during the period.
|
|
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
|
DAmount represents less than $.005 per share.
|
|
ETotal returns do not include the effect of the contingent deferred sales charge.
|
|
FTotal returns for periods of less than one year are not annualized.
|
|
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
|
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
|
JAnnualized.
|
|
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
|
Fidelity® California Municipal Income Fund
|
|
Six months ended
August 31, 2026 (Unaudited) |
Years ended
February 28, 2026 |
2025
|
2024 A
|
2023
|
2022
|
|||||||
|
Selected Per Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
12.58
|
$
|
12.27
|
$
|
12.19
|
$
|
11.88
|
$
|
12.83
|
$
|
13.26
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B, C
|
.20
|
.39
|
.36
|
.34
|
.31
|
.29
|
||||||
|
Net realized and unrealized gain (loss)
|
(.51)
|
.29
|
.07
|
.30
|
(.96)
|
(.37)
|
||||||
|
Total from investment operations
|
(.31)
|
.68
|
.43
|
.64
|
(.65)
|
(.08)
|
||||||
|
Distributions
|
||||||||||||
|
Distributions from net investment income
|
(.19)
|
(.37)
|
(.34)
|
(.33)
|
(.30)
|
(.29)
|
||||||
|
Distributions from net realized gain
|
-
|
.00 D
|
.00 D
|
-
|
-
|
(.06)
|
||||||
|
Total distributions
|
(.19)
|
(.37)
|
(.35) E
|
(.33)
|
(.30)
|
(.35)
|
||||||
|
Net asset value, end of period
|
$
|
12.08
|
$
|
12.58
|
$
|
12.27
|
$
|
12.19
|
$
|
11.88
|
$
|
12.83
|
|
Total Return F, G
|
(2.45)%
|
5.67%
|
3.54%
|
5.50%
|
(5.02)%
|
(.67)%
|
||||||
|
Ratios and Supplemental Data C, H, I
|
||||||||||||
|
Ratio of expenses to average net assets before reductions
|
.43% J
|
.43%
|
.43%
|
.45%
|
.46%
|
.45%
|
||||||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
.43% J
|
.43%
|
.43%
|
.45%
|
.45%
|
.45%
|
||||||
|
Ratio of expenses to average net assets net of all reductions, if any
|
.43% J
|
.43%
|
.43%
|
.45%
|
.45%
|
.45%
|
||||||
|
Ratio of net investment income (loss) to average net assets
|
3.26% J
|
3.17%
|
2.93%
|
2.85%
|
2.56%
|
2.17%
|
||||||
|
Net assets, end of period
|
$
|
1,586,084,294
|
$
|
1,658,716,178
|
$
|
1,422,622,069
|
$
|
1,472,999,824
|
$
|
1,684,833,486
|
$
|
1,946,947,947
|
|
Portfolio turnover rate K
|
24% J
|
19%
|
22%
|
15%
|
14%
|
14%
|
||||||
|
AFor the year ended February 29.
|
|
BCalculated based on average shares outstanding during the period.
|
|
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
|
DAmount represents less than $.005 per share.
|
|
ETotal distributions per share do not sum due to rounding.
|
|
FTotal returns for periods of less than one year are not annualized.
|
|
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
|
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
|
JAnnualized.
|
|
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
|
Fidelity Advisor® California Municipal Income Fund Class I
|
|
Six months ended
August 31, 2026 (Unaudited) |
Years ended
February 28, 2026 |
2025
|
2024 A
|
2023
|
2022
|
|||||||
|
Selected Per Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
12.61
|
$
|
12.30
|
$
|
12.21
|
$
|
11.91
|
$
|
12.86
|
$
|
13.29
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B, C
|
.20
|
.38
|
.35
|
.33
|
.30
|
.28
|
||||||
|
Net realized and unrealized gain (loss)
|
(.51)
|
.29
|
.07
|
.29
|
(.96)
|
(.37)
|
||||||
|
Total from investment operations
|
(.31)
|
.67
|
.42
|
.62
|
(.66)
|
(.09)
|
||||||
|
Distributions
|
||||||||||||
|
Distributions from net investment income
|
(.19)
|
(.36)
|
(.33)
|
(.32)
|
(.29)
|
(.28)
|
||||||
|
Distributions from net realized gain
|
-
|
.00 D
|
.00 D
|
-
|
-
|
(.06)
|
||||||
|
Total distributions
|
(.19)
|
(.36)
|
(.33)
|
(.32)
|
(.29)
|
(.34)
|
||||||
|
Net asset value, end of period
|
$
|
12.11
|
$
|
12.61
|
$
|
12.30
|
$
|
12.21
|
$
|
11.91
|
$
|
12.86
|
|
Total Return E, F
|
(2.48)%
|
5.57%
|
3.52%
|
5.31%
|
(5.08)%
|
(.75)%
|
||||||
|
Ratios and Supplemental Data B, G, H
|
||||||||||||
|
Ratio of expenses to average net assets before reductions
|
.51% I
|
.52%
|
.53%
|
.55%
|
.55%
|
.54%
|
||||||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
.51% I
|
.52%
|
.53%
|
.54%
|
.54%
|
.54%
|
||||||
|
Ratio of expenses to average net assets net of all reductions, if any
|
.51% I
|
.52%
|
.53%
|
.54%
|
.54%
|
.54%
|
||||||
|
Ratio of net investment income (loss) to average net assets
|
3.18% I
|
3.08%
|
2.83%
|
2.76%
|
2.47%
|
2.08%
|
||||||
|
Net assets, end of period
|
$
|
79,428,704
|
$
|
74,516,053
|
$
|
51,824,571
|
$
|
47,272,055
|
$
|
44,850,080
|
$
|
52,423,763
|
|
Portfolio turnover rate J
|
24% I
|
19%
|
22%
|
15%
|
14%
|
14%
|
||||||
|
AFor the year ended February 29.
|
|
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
|
CCalculated based on average shares outstanding during the period.
|
|
DAmount represents less than $.005 per share.
|
|
ETotal returns for periods of less than one year are not annualized.
|
|
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
|
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
|
IAnnualized.
|
|
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
|
Fidelity Advisor® California Municipal Income Fund Class Z
|
|
Six months ended
August 31, 2026 (Unaudited) |
Years ended
February 28, 2026 |
2025
|
2024 A
|
2023
|
2022
|
|||||||
|
Selected Per Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
12.61
|
$
|
12.30
|
$
|
12.21
|
$
|
11.91
|
$
|
12.86
|
$
|
13.29
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B, C
|
.20
|
.39
|
.36
|
.35
|
.31
|
.29
|
||||||
|
Net realized and unrealized gain (loss)
|
(.51)
|
.29
|
.08
|
.29
|
(.95)
|
(.37)
|
||||||
|
Total from investment operations
|
(.31)
|
.68
|
.44
|
.64
|
(.64)
|
(.08)
|
||||||
|
Distributions
|
||||||||||||
|
Distributions from net investment income
|
(.20)
|
(.37)
|
(.35)
|
(.34)
|
(.31)
|
(.29)
|
||||||
|
Distributions from net realized gain
|
-
|
.00 D
|
.00 D
|
-
|
-
|
(.06)
|
||||||
|
Total distributions
|
(.20)
|
(.37)
|
(.35)
|
(.34)
|
(.31)
|
(.35)
|
||||||
|
Net asset value, end of period
|
$
|
12.10
|
$
|
12.61
|
$
|
12.30
|
$
|
12.21
|
$
|
11.91
|
$
|
12.86
|
|
Total Return E, F
|
(2.51)%
|
5.70%
|
3.66%
|
5.44%
|
(4.97)%
|
(.64)%
|
||||||
|
Ratios and Supplemental Data C, G, H
|
||||||||||||
|
Ratio of expenses to average net assets before reductions
|
.40% I
|
.40%
|
.40%
|
.43%
|
.43%
|
.42%
|
||||||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
.40% I
|
.40%
|
.40%
|
.42%
|
.43%
|
.42%
|
||||||
|
Ratio of expenses to average net assets net of all reductions, if any
|
.40% I
|
.40%
|
.40%
|
.42%
|
.43%
|
.42%
|
||||||
|
Ratio of net investment income (loss) to average net assets
|
3.29% I
|
3.20%
|
2.96%
|
2.88%
|
2.59%
|
2.20%
|
||||||
|
Net assets, end of period
|
$
|
134,477,368
|
$
|
128,179,476
|
$
|
107,698,959
|
$
|
70,902,376
|
$
|
59,963,312
|
$
|
59,571,238
|
|
Portfolio turnover rate J
|
24% I
|
19%
|
22%
|
15%
|
14%
|
14%
|
||||||
|
AFor the year ended February 29.
|
|
BCalculated based on average shares outstanding during the period.
|
|
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
|
DAmount represents less than $.005 per share.
|
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
FTotal returns for periods of less than one year are not annualized.
|
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
|
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
|
IAnnualized.
|
|
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Notes to Financial Statements
(Unaudited)
For the period ended August 31, 2026
- 1. Organization.
Fidelity® California Municipal Income Fund (the Fund) is a fund of Fidelity California Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers the classes of shares listed below.
|
Fidelity® California Municipal Income Fund
|
Class A, Class M, Class C, Fidelity® California Municipal Income Fund, Class I, and Class Z
|
Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.
Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
- 2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For any foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of period end is included at the end of the Fund's Schedule of Investments.
Overdraft. The Fund maintains cash, securities, and other assets with a custodian. In the normal course of business, the custodian may advance funds to settle securities transactions, process foreign exchange contracts, pay expenses, or otherwise facilitate portfolio and shareholder activity. When such payments result in an overdraft, it is recorded as a Payable to Custodian Bank in the Statement of Assets and Liabilities. The Fund is obligated to repay the custodian with interest and is payable on demand to the custodian.
Investment Transactions and Income. For financial reporting purposes, the investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day.
Gains and losses on securities sold are determined on the basis of identified cost.
Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.
Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Fidelity® California Municipal Income Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date.
Income and capital gain distributions are declared separately for each class.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences may result in distribution reclassifications.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to: market discount and capital loss carryforwards.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
|
Tax Cost ($)
|
Gross unrealized appreciation ($)
|
Gross unrealized depreciation ($)
|
Net unrealized appreciation (depreciation) ($)
|
|
|
Fidelity® California Municipal Income Fund
|
1,883,179,556
|
29,274,246
|
(39,497,239)
|
(10,222,993)
|
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
|
Short-term ($)
|
Long-term ($)
|
Total capital loss carryforward ($)
|
|
|
Fidelity® California Municipal Income Fund
|
(4,706,405)
|
(36,741,620)
|
(41,448,025)
|
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
- 3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
|
|
Fidelity® California Municipal Income Fund
|
326,493,835
|
225,801,473
|
- 4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
The Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.
When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum
Management Fee Rate % |
|
|
Fidelity® California Municipal Income Fund
|
|
|
Class A
|
0.50
|
|
Class M
|
0.41
|
|
Class C
|
0.48
|
|
Fidelity® California Municipal Income Fund
|
0.42
|
|
Class I
|
0.52
|
|
Class Z
|
0.39
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
For the reporting period, the total annualized management fee rates were as follows:
|
Total
Management Fee Rate % |
|
|
Fidelity® California Municipal Income Fund
|
|
|
Class A
|
0.50
|
|
Class M
|
0.41
|
|
Class C
|
0.48
|
|
Fidelity® California Municipal Income Fund
|
0.42
|
|
Class I
|
0.50
|
|
Class Z
|
0.39
|
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Fund. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares and providing shareholder support services. For the period, the distribution and service fee rates, total fees and amounts retained by FDC were as follows:
|
Distribution Fee %
|
Service Fee %
|
Total Fees ($)
|
Retained by FDC ($)
|
||||
|
Fidelity® California Municipal Income Fund
|
|||||||
|
Class A
|
-
|
.25
|
44,371
|
2,329
|
|||
|
Class M
|
-
|
.25
|
3,364
|
-
|
|||
|
Class C
|
.75
|
.25
|
24,633
|
4,458
|
|||
|
72,368
|
6,787
|
||||||
Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:
|
Front-End Sales
Charge (%) |
Deferred Sales
Charge (%) |
Retained by FDC ($)
|
|||
|
Fidelity® California Municipal Income Fund
|
|
||||
|
Class A A
|
4.00
|
.75
|
1,804
|
||
|
Class M A
|
4.00
|
.25
|
272
|
||
|
Class C B
|
-
|
1.00
|
36
|
||
|
2,112
|
|||||
A Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated.
B When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
|
Fidelity® California Municipal Income Fund
|
-
|
24,018,492
|
18,492
|
- 5. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.
The commitment fees are presented in the Statement of Operations.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
- 6. Expense Reductions.
Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.
|
Custodian Credits ($)
|
|
|
Fidelity® California Municipal Income Fund
|
375
|
- 7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended ($)
|
Year ended ($)
|
|||
|
August 31, 2026
|
February 28, 2026
|
|||
|
Fidelity® California Municipal Income Fund
|
||||
|
Class A
|
499,272
|
1,074,798
|
||
|
Class M
|
39,052
|
75,832
|
||
|
Class C
|
51,373
|
123,754
|
||
|
Fidelity® California Municipal Income Fund
|
25,410,965
|
47,093,640
|
||
|
Class I
|
1,160,924
|
1,720,888
|
||
|
Class Z
|
2,097,324
|
3,434,560
|
||
|
Total
|
29,258,910
|
53,523,472
|
- 8. Share Transactions.
Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:
|
Shares
|
Shares
|
Dollars
|
Dollars
|
||||||
|
Six months ended
|
Year ended
|
Six months ended ($)
|
Year ended ($)
|
||||||
|
August 31, 2026
|
February 28, 2026
|
August 31, 2026
|
February 28, 2026
|
||||||
|
Fidelity® California Municipal Income Fund
|
|||||||||
|
Class A
|
|||||||||
|
Shares sold
|
183,512
|
470,830
|
2,255,334
|
5,740,700
|
|||||
|
Reinvestment of distributions
|
36,410
|
80,431
|
446,610
|
979,180
|
|||||
|
Shares redeemed
|
(324,752)
|
(1,122,523)
|
(3,991,770)
|
(13,716,716)
|
|||||
|
Net increase (decrease)
|
(104,830)
|
(571,262)
|
(1,289,826)
|
(6,996,836)
|
|||||
|
Class M
|
|||||||||
|
Shares sold
|
8,425
|
14,792
|
104,488
|
182,856
|
|||||
|
Reinvestment of distributions
|
2,808
|
5,351
|
34,529
|
65,298
|
|||||
|
Shares redeemed
|
(8,192)
|
(45,242)
|
(101,247)
|
(548,936)
|
|||||
|
Net increase (decrease)
|
3,041
|
(25,099)
|
37,770
|
(300,782)
|
|||||
|
Class C
|
|||||||||
|
Shares sold
|
89,643
|
75,057
|
1,098,613
|
909,145
|
|||||
|
Reinvestment of distributions
|
4,084
|
9,496
|
49,991
|
115,343
|
|||||
|
Shares redeemed
|
(102,345)
|
(331,248)
|
(1,254,930)
|
(4,005,162)
|
|||||
|
Net increase (decrease)
|
(8,618)
|
(246,695)
|
(106,326)
|
(2,980,674)
|
|||||
|
Fidelity® California Municipal Income Fund
|
|||||||||
|
Shares sold
|
10,865,837
|
38,666,564
|
133,748,090
|
465,281,760
|
|||||
|
Reinvestment of distributions
|
1,075,023
|
1,957,669
|
13,165,276
|
23,822,124
|
|||||
|
Shares redeemed
|
(12,459,305)
|
(24,746,704)
|
(152,954,463)
|
(299,265,276)
|
|||||
|
Net increase (decrease)
|
(518,445)
|
15,877,529
|
(6,041,097)
|
189,838,608
|
|||||
|
Class I
|
|||||||||
|
Shares sold
|
1,963,677
|
2,838,376
|
24,155,873
|
34,716,582
|
|||||
|
Reinvestment of distributions
|
78,411
|
112,609
|
962,200
|
1,375,469
|
|||||
|
Shares redeemed
|
(1,390,042)
|
(1,256,515)
|
(17,125,670)
|
(15,196,166)
|
|||||
|
Net increase (decrease)
|
652,046
|
1,694,470
|
7,992,403
|
20,895,885
|
|||||
|
Class Z
|
|||||||||
|
Shares sold
|
1,408,764
|
3,417,804
|
17,319,826
|
41,760,831
|
|||||
|
Reinvestment of distributions
|
158,490
|
260,610
|
1,944,795
|
3,181,606
|
|||||
|
Shares redeemed
|
(623,271)
|
(2,272,076)
|
(7,676,218)
|
(27,696,336)
|
|||||
|
Net increase (decrease)
|
943,983
|
1,406,338
|
11,588,403
|
17,246,101
|
- 9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
- 10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.777802.124
CFL-SANN-1026
Fidelity® California Limited Term Tax-Free Bond Fund
Semi-Annual Report
August 31, 2026
Contents
|
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report) |
|
Fidelity® California Limited Term Tax-Free Bond Fund |
|
Notes to Financial Statements |
|
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
|
Item 9: Proxy Disclosures for Open-End Management Investment Companies |
|
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
|
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® California Limited Term Tax-Free Bond Fund
Schedule of Investments August 31, 2026 (Unaudited)
Showing Percentage of Net Assets
|
Municipal Securities - 98.0%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
California - 96.7%
|
|||
|
Education - 6.8%
|
|||
|
CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2027
|
750,000
|
760,209
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2027
|
3,000,000
|
3,044,633
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2027 (Build America Mutual Assurance Co Insured)
|
470,000
|
477,055
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2028 (Build America Mutual Assurance Co Insured)
|
375,000
|
388,392
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2029 (Build America Mutual Assurance Co Insured)
|
400,000
|
421,416
|
|
|
CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2030 (Build America Mutual Assurance Co Insured)
|
500,000
|
533,496
|
|
|
California Edl Facs Auth Rev (Pomona College Proj.) 0% 7/1/2028 (d)
|
400,000
|
379,772
|
|
|
California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2027
|
475,000
|
482,128
|
|
|
California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2028
|
375,000
|
389,913
|
|
|
California Educational Facilities Authority (Western University of Health Sciences Proj.) Series 2026, 5% 6/1/2031
|
650,000
|
701,263
|
|
|
California Educational Facilities Authority (Western University of Health Sciences Proj.) Series 2026, 5% 6/1/2032
|
675,000
|
734,624
|
|
|
California Educational Facilities Authority (Western University of Health Sciences Proj.) Series 2026, 5% 6/1/2033
|
1,000,000
|
1,096,413
|
|
|
California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2026
|
355,000
|
355,562
|
|
|
California Mun Fin Auth Rev (California Baptist Univ Proj.) Series 2016 A, 4% 11/1/2026 (b)
|
250,000
|
249,930
|
|
|
California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2028
|
390,000
|
394,826
|
|
|
California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2026
|
300,000
|
300,404
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2027
|
1,285,000
|
1,303,683
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2028
|
2,000,000
|
2,075,416
|
|
|
California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2029
|
3,000,000
|
3,167,823
|
|
|
California St Univ Rev Series 2016 B 1, 1.6% tender 11/1/2047 (c)
|
5,525,000
|
5,516,226
|
|
|
California St Univ Rev Series 2016B 3, 3.125% tender 11/1/2051 (c)
|
6,000,000
|
6,004,914
|
|
|
California St Univ Rev Series 2026 B 3, 3.15% tender 11/1/2051 (c)
|
3,000,000
|
2,968,265
|
|
|
California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2027
|
1,900,000
|
1,915,693
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2027
|
230,000
|
231,201
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2028
|
230,000
|
234,138
|
|
|
Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2030
|
385,000
|
397,530
|
|
|
University CA Revs Series 2023 BM, 5% 5/15/2028
|
3,000,000
|
3,130,120
|
|
|
University CA Revs Series 2023 BM, 5% 5/15/2029
|
2,350,000
|
2,499,091
|
|
|
University CA Revs Series 2023 BN, 5% 5/15/2029
|
5,000,000
|
5,317,216
|
|
|
TOTAL EDUCATION
|
45,471,352
|
||
|
Electric Utilities - 6.3%
|
|||
|
Los Angeles CA Wtr & Pwr Rev Series 2018 A, 5% 7/1/2030
|
580,000
|
594,357
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2019A, 5% 7/1/2028
|
770,000
|
802,712
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2029
|
500,000
|
529,430
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2031
|
2,335,000
|
2,528,929
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2032
|
195,000
|
213,017
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2023 A, 5% 7/1/2032
|
285,000
|
311,332
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2023 D, 5% 7/1/2027
|
500,000
|
510,465
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2031
|
1,910,000
|
2,068,631
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2028
|
250,000
|
260,621
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2031
|
1,190,000
|
1,288,833
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2029
|
725,000
|
767,674
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2035
|
125,000
|
135,748
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2030
|
1,000,000
|
1,072,345
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2031
|
1,500,000
|
1,624,580
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2030
|
4,000,000
|
4,289,380
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 D, 5% 7/1/2031
|
1,110,000
|
1,202,189
|
|
|
Los Angeles CA Wtr & Pwr Rev Series 2025 D, 5% 7/1/2032
|
1,900,000
|
2,075,549
|
|
|
Middle Fork Project Finance Authority 5% 4/1/2030
|
1,200,000
|
1,263,220
|
|
|
Middle Fork Project Finance Authority Series 2020, 5% 4/1/2028
|
3,350,000
|
3,442,093
|
|
|
Sacramento CA Muni Util Dist Elec Rev Series 2023D, 5% tender 8/15/2049 (c)
|
6,000,000
|
6,495,608
|
|
|
Santa Clara CA Elec Rev Series 2024A, 5% 7/1/2032
|
1,200,000
|
1,340,532
|
|
|
Santa Clara CA Elec Rev Series 2024A, 5% 7/1/2033
|
600,000
|
678,115
|
|
|
Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (c)
|
5,000,000
|
5,202,297
|
|
|
Vernon Calif Elec Sys Rev Series 2021 A, 5% 4/1/2028
|
1,500,000
|
1,541,413
|
|
|
Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2029
|
1,055,000
|
1,113,749
|
|
|
TOTAL ELECTRIC UTILITIES
|
41,352,819
|
||
|
Escrowed/Pre-Refunded - 2.1%
|
|||
|
California St Pub Wks Brd Lse Series B, 5% 10/1/2026 (Escrowed to Maturity)
|
20,000
|
20,041
|
|
|
Golden State Tobacco Securitization Corp. Tobacco Settlement 0% 6/1/2027 (Escrowed to Maturity) (d)
|
5,000,000
|
4,912,812
|
|
|
Golden State Tobacco Securitization Corp. Tobacco Settlement 5% 6/1/2028 (Pre-refunded to 6/1/2027 at 100)
|
1,805,000
|
1,838,953
|
|
|
Los Angeles CA Uni Sch Dist Cp 5% 10/1/2029 (Escrowed to Maturity)
|
2,825,000
|
3,036,881
|
|
|
Los Angeles CA Uni Sch Dist Cp 5% 10/1/2030 (Escrowed to Maturity)
|
2,975,000
|
3,253,473
|
|
|
San Diego CA Uni Sch Dist Series 2009 1, 0% 7/1/2030 (Escrowed to Maturity) (d)
|
1,050,000
|
936,578
|
|
|
TOTAL ESCROWED/PRE-REFUNDED
|
13,998,738
|
||
|
General Obligations - 56.7%
|
|||
|
Acton-Agua Dulce Uni Sch Dist Calif 0% 8/1/2032 (Assured Guaranty Inc Insured) (d)
|
1,795,000
|
1,477,194
|
|
|
Anaheim Calif City Sch Dist 0% 8/1/2029 (d)
|
875,000
|
801,362
|
|
|
Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2031 (e)
|
1,015,000
|
1,106,514
|
|
|
California Community Choice Financing Authority 5% 12/1/2027 (Athene Annuity and Life Co Guaranteed)
|
180,000
|
182,063
|
|
|
California Community Choice Financing Authority 5% 12/1/2028 (Athene Annuity and Life Co Guaranteed)
|
240,000
|
244,315
|
|
|
California Community Choice Financing Authority 5% 12/1/2029 (Athene Annuity and Life Co Guaranteed)
|
240,000
|
244,859
|
|
|
California Community Choice Financing Authority 5% 12/1/2030 (Athene Annuity and Life Co Guaranteed)
|
290,000
|
295,965
|
|
|
California Community Choice Financing Authority 5% 12/1/2031 (Athene Annuity and Life Co Guaranteed)
|
325,000
|
331,209
|
|
|
California Community Choice Financing Authority 5% 12/1/2032 (Athene Annuity and Life Co Guaranteed)
|
545,000
|
553,611
|
|
|
California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity and Life Co Guaranteed) (c)
|
8,955,000
|
9,092,391
|
|
|
California Community Choice Financing Authority 5% tender 2/1/2055 (Morgan Stanley Guaranteed) (c)
|
9,850,000
|
10,316,045
|
|
|
California Community Choice Financing Authority 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (c)
|
5,510,000
|
5,889,307
|
|
|
California Community Choice Financing Authority 5.25% tender 11/1/2054 (Goldman Sachs Group Inc/The Guaranteed) (c)
|
11,665,000
|
12,223,140
|
|
|
California Community Choice Financing Authority Series 2023 F, 5.5% tender 10/1/2054 (National Bank of Canada Guaranteed) (c)
|
1,145,000
|
1,228,383
|
|
|
California Community Choice Financing Authority Series 2024 A 1, 5% tender 5/1/2054 (Morgan Stanley Guaranteed) (c)
|
5,555,000
|
5,817,434
|
|
|
California Community Choice Financing Authority Series 2024 H, 5% tender 1/1/2056 (New York Life Insurance Co Guaranteed) (c)
|
2,365,000
|
2,524,913
|
|
|
California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (c)
|
3,000,000
|
3,110,866
|
|
|
California Community Choice Financing Authority Series 2024G, 5% tender 11/1/2055 (Athene Annuity and Life Co Guaranteed) (c)
|
3,815,000
|
3,876,839
|
|
|
California Community Choice Financing Authority Series 2025 E, 5% 5/1/2034 (Bank of Nova Scotia/The Guaranteed)
|
230,000
|
242,015
|
|
|
California Community Choice Financing Authority Series 2025 E, 5% 5/1/2035 (Bank of Nova Scotia/The Guaranteed)
|
205,000
|
215,069
|
|
|
California Community Choice Financing Authority Series 2025 E, 5% tender 10/1/2056 (Bank of Nova Scotia/The Guaranteed) (c)
|
2,790,000
|
2,936,994
|
|
|
California Community Choice Financing Authority Series 2025 F, 5% 11/1/2033 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)
|
5,465,000
|
5,795,767
|
|
|
California Community Choice Financing Authority Series 2025B, 5% 11/1/2029 (Pacific Life Insurance Co Guaranteed)
|
450,000
|
467,800
|
|
|
California Community Choice Financing Authority Series 2025B, 5% 11/1/2030 (Pacific Life Insurance Co Guaranteed)
|
650,000
|
677,885
|
|
|
California Community Choice Financing Authority Series 2025B, 5% 11/1/2031 (Pacific Life Insurance Co Guaranteed)
|
1,550,000
|
1,623,312
|
|
|
California Community Choice Financing Authority Series 2025C, 5% 10/1/2030 (American General Life Insurance Co Guaranteed)
|
1,770,000
|
1,830,889
|
|
|
California Community Choice Financing Authority Series 2025C, 5% 10/1/2031 (American General Life Insurance Co Guaranteed)
|
6,835,000
|
7,070,309
|
|
|
California Community Choice Financing Authority Series 2025C, 5% 4/1/2031 (American General Life Insurance Co Guaranteed)
|
3,000,000
|
3,103,743
|
|
|
California Community Choice Financing Authority Series 2025C, 5% tender 12/1/2055 (American General Life Insurance Co Guaranteed) (c)
|
1,040,000
|
1,077,432
|
|
|
California Community Choice Financing Authority Series 2025D, 5% 7/1/2031 (Forethought Life Insurance Co Guaranteed)
|
3,890,000
|
3,992,805
|
|
|
California Community Choice Financing Authority Series 2026A 1, 5% tender 4/1/2056 (Morgan Stanley Guaranteed) (c)
|
7,540,000
|
7,929,624
|
|
|
California Community Choice Financing Authority Series 2026D, 5% 2/1/2031 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)
|
7,000,000
|
7,353,748
|
|
|
California Community Choice Financing Authority Series 2026E, 5% 7/1/2035 (Alphabet Inc Guaranteed)
|
7,000,000
|
7,503,256
|
|
|
California Community Choice Financing Authority Series 2026F, 5% 6/1/2036 (New York Life Insurance Co Guaranteed)
|
5,000,000
|
5,342,135
|
|
|
California Community Choice Financing Authority Series 2026G, 5% 10/1/2029 (Bank of Montreal Guaranteed)
|
115,000
|
119,810
|
|
|
California Community Choice Financing Authority Series 2026G, 5% 10/1/2030 (Bank of Montreal Guaranteed)
|
150,000
|
157,462
|
|
|
California Community Choice Financing Authority Series 2026G, 5% 10/1/2031 (Bank of Montreal Guaranteed)
|
165,000
|
174,153
|
|
|
California Community Choice Financing Authority Series 2026G, 5% 10/1/2032 (Bank of Montreal Guaranteed)
|
155,000
|
164,136
|
|
|
California Community Choice Financing Authority Series 2026G, 5% 10/1/2034 (Bank of Montreal Guaranteed)
|
5,145,000
|
5,434,193
|
|
|
California Mun Fin Auth Lease Rev (Orange County CA Proj.) Series 2017A, 5% 6/1/2030
|
2,650,000
|
2,696,064
|
|
|
California St Pub Wks Brd Lse (State of California Proj.) Series B, 5% 10/1/2026
|
325,000
|
325,674
|
|
|
California St Pub Wks Brd Lse 5% 8/1/2027
|
5,165,000
|
5,285,192
|
|
|
California St Pub Wks Brd Lse 5% 8/1/2028
|
3,175,000
|
3,325,350
|
|
|
California St Pub Wks Brd Lse Series 2016D, 5% 4/1/2028
|
4,635,000
|
4,644,777
|
|
|
California St Pub Wks Brd Lse Series 2021 D, 5% 11/1/2027
|
3,555,000
|
3,659,373
|
|
|
California St Pub Wks Brd Lse Series 2021 D, 5% 11/1/2028
|
3,745,000
|
3,933,982
|
|
|
California St Pub Wks Brd Lse Series 2023B, 5% 12/1/2029
|
5,000,000
|
5,352,038
|
|
|
California St Pub Wks Brd Lse Series 2025 C, 5% 11/1/2032
|
2,500,000
|
2,772,842
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2028 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
1,000,000
|
1,048,544
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2029 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
1,000,000
|
1,069,364
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2030 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
1,000,000
|
1,087,563
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2031 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
1,275,000
|
1,407,500
|
|
|
Centinela Valley CA Uni High Sch Dst Series 2026, 5% 8/1/2032 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
|
1,600,000
|
1,787,843
|
|
|
Central Valley Energy Authority Series 2026, 5% 8/1/2029 (Goldman Sachs Group Inc/The Guaranteed)
|
270,000
|
279,123
|
|
|
Central Valley Energy Authority Series 2026, 5% 8/1/2030 (Goldman Sachs Group Inc/The Guaranteed)
|
525,000
|
545,793
|
|
|
Central Valley Energy Authority Series 2026, 5% 8/1/2031 (Goldman Sachs Group Inc/The Guaranteed)
|
750,000
|
781,328
|
|
|
Central Valley Energy Authority Series 2026, 5% 8/1/2032 (Goldman Sachs Group Inc/The Guaranteed)
|
850,000
|
886,737
|
|
|
Central Valley Energy Authority Series 2026, 5% 8/1/2033 (Goldman Sachs Group Inc/The Guaranteed)
|
1,000,000
|
1,043,677
|
|
|
Central Valley Energy Authority Series 2026, 5% 8/1/2034 (Goldman Sachs Group Inc/The Guaranteed)
|
1,000,000
|
1,041,504
|
|
|
Cerritos CA Cmnty College Dist Gen. Oblig. Series 2012 D, 0% 8/1/2028 (d)
|
740,000
|
701,879
|
|
|
El Camino CA Hosp Dist Gen. Oblig. 0% 8/1/2029 (National Public Finance Guarantee Corporation Insured) (d)
|
5,000,000
|
4,585,794
|
|
|
Evergreen Calif Elem Sch Dist (Evergreen Calif Sch Dist Proj.) Series 2009B, 0% 8/1/2027 (Assured Guaranty Inc Insured) (d)
|
1,240,000
|
1,211,411
|
|
|
Fort Bragg Calif Uni Sch Dist 0% 8/1/2030 (Ambac Assurance Corp Insured) (d)
|
1,000,000
|
883,749
|
|
|
Garvey CA Sch Dist Series 2004 B, 0% 8/1/2030 (d)
|
1,625,000
|
1,432,222
|
|
|
Kingsburg CA Joint Uni High Sch Dist 0% 8/1/2032 (Assured Guaranty Inc Insured) (d)
|
1,170,000
|
962,850
|
|
|
Long Beach CA Uni Sch Dist 0% 8/1/2029 (Assured Guaranty Inc Insured) (d)
|
3,995,000
|
3,656,687
|
|
|
Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2029
|
1,925,000
|
2,054,717
|
|
|
Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2030
|
2,025,000
|
2,192,632
|
|
|
Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2026
|
1,750,000
|
1,761,087
|
|
|
Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2027
|
3,375,000
|
3,481,443
|
|
|
Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2027
|
1,875,000
|
1,934,135
|
|
|
Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2028
|
1,625,000
|
1,715,491
|
|
|
Los Angeles Unified School District/CA Series 2016B, 2% 7/1/2029
|
465,000
|
447,456
|
|
|
Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2028
|
2,000,000
|
2,090,463
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2027
|
1,415,000
|
1,415,943
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2028
|
1,490,000
|
1,490,993
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2029
|
1,560,000
|
1,561,040
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) Series 2026A, 5% 6/1/2029 (e)
|
250,000
|
264,484
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) Series 2026A, 5% 6/1/2030 (e)
|
300,000
|
322,168
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) Series 2026A, 5% 6/1/2031 (e)
|
300,000
|
325,959
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) Series 2026A, 5% 6/1/2032 (e)
|
600,000
|
657,248
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) Series 2026A, 5% 6/1/2033 (e)
|
720,000
|
793,557
|
|
|
Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) Series 2026A, 5% 6/1/2034 (e)
|
750,000
|
828,383
|
|
|
Monterey Peninsula CA Cmnty College Dist Gen. Oblig. Series 2016, 0% 8/1/2032 (d)
|
545,000
|
439,471
|
|
|
Mountain View Calif Sch Dist Sch Facs Impt Dist No 2 San Bernardino Cnty Series 2024, 0% 7/1/2029 (d)
|
5,000,000
|
4,502,884
|
|
|
Mt Diablo CA Unified Sch Dist 4% 8/1/2027
|
3,000,000
|
3,044,758
|
|
|
Napa Valley CA Cmnty College Dist Gen. Oblig. 0% 8/1/2027 (National Public Finance Guarantee Corporation Insured) (d)
|
1,025,000
|
1,001,368
|
|
|
Napa Valley CA Uni Sch Dist 0% 8/1/2027 (d)
|
2,065,000
|
2,015,383
|
|
|
Newport Mesa CA Uni Sch Dist Series 2007, 0% 8/1/2029 (National Public Finance Guarantee Corporation Insured) (d)
|
3,915,000
|
3,592,741
|
|
|
Palm Springs CA Uni Sch Dist Series A, 1.25% 8/1/2030 (Assured Guaranty Inc Insured)
|
1,895,000
|
1,707,759
|
|
|
Palmdale Calif Sch Dist 0% 2/1/2027 (National Public Finance Guarantee Corporation Insured) (d)
|
1,400,000
|
1,384,591
|
|
|
Palo Alto Calif Uni Sch Dist 0% 8/1/2031 (d)
|
965,000
|
831,702
|
|
|
Palomar Calif Cmnty College Dist Series 2010B, 0% 8/1/2029 (d)
|
1,015,000
|
935,208
|
|
|
Palomar Pomerado Health Calif (Palomar Health Calif Proj.) Gen. Oblig. 0% 8/1/2031 (Assured Guaranty Inc Insured) (d)
|
800,000
|
660,787
|
|
|
Pasadena CA Uni Sch Dist Series C, 5% 8/1/2029
|
1,300,000
|
1,394,116
|
|
|
Placentia-Yorba Linda CA Usd Series CAB, 0% 8/1/2027 (d)
|
1,905,000
|
1,856,371
|
|
|
Rio Hondo Calif Cmnty College Dist Series 2010C, 0% 8/1/2029 (d)
|
1,800,000
|
1,649,463
|
|
|
Robla CA Sch Dist 0% 8/1/2031 (National Public Finance Guarantee Corporation Insured) (d)
|
2,235,000
|
1,889,353
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2029 (e)
|
985,000
|
1,043,434
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2030 (e)
|
1,125,000
|
1,210,119
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2031 (e)
|
1,200,000
|
1,309,305
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2032 (e)
|
1,300,000
|
1,433,853
|
|
|
Roseville Calif Jt Un High Sch Series 2026 A, 5% 8/1/2033 (e)
|
1,450,000
|
1,618,447
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2030 (e)
|
615,000
|
659,947
|
|
|
Roseville Calif Jt Un High Sch Series 2026 B, 5% 8/1/2033 (e)
|
1,000,000
|
1,111,665
|
|
|
Sacramento CA City Uni Sch Dis 4% 7/1/2027 (Assured Guaranty Inc Insured)
|
350,000
|
353,069
|
|
|
Sacramento CA City Uni Sch Dis 4% 7/1/2028 (Assured Guaranty Inc Insured)
|
625,000
|
637,824
|
|
|
Sacramento CA City Uni Sch Dis 4% 7/1/2029 (Assured Guaranty Inc Insured)
|
250,000
|
256,491
|
|
|
Sacramento CA City Uni Sch Dis 5% 7/1/2027 (Build America Mutual Assurance Co Insured)
|
1,825,000
|
1,855,903
|
|
|
Sacramento CA City Uni Sch Dis 5% 7/1/2028 (Build America Mutual Assurance Co Insured)
|
2,250,000
|
2,330,753
|
|
|
Sacramento CA City Uni Sch Dis 5% 7/1/2029 (Build America Mutual Assurance Co Insured)
|
2,750,000
|
2,881,016
|
|
|
Sacramento CA City Uni Sch Dis 5% 7/1/2030 (Build America Mutual Assurance Co Insured)
|
1,575,000
|
1,664,178
|
|
|
Sacramento CA City Uni Sch Dis Series 2007, 0% 7/1/2027 (Assured Guaranty Inc Insured) (d)
|
1,455,000
|
1,415,028
|
|
|
Sacramento CA City Uni Sch Dis Series 2025 A, 5% 7/1/2029 (Assured Guaranty Inc Insured)
|
3,575,000
|
3,745,321
|
|
|
Sacramento CA City Uni Sch Dis Series 2025 A, 5% 7/1/2030 (Assured Guaranty Inc Insured)
|
1,430,000
|
1,510,968
|
|
|
Sacramento CA City Uni Sch Dis Series 2025 B, 5% 8/1/2029 (Assured Guaranty Inc Insured)
|
200,000
|
209,739
|
|
|
Sacramento CA City Uni Sch Dis Series 2025 B, 5% 8/1/2030 (Assured Guaranty Inc Insured)
|
1,190,000
|
1,258,349
|
|
|
Sacramento CA City Uni Sch Dis Series 2025 B, 5% 8/1/2031 (Assured Guaranty Inc Insured)
|
1,515,000
|
1,617,165
|
|
|
Sacramento CA City Uni Sch Dis Series 2025 B, 5% 8/1/2032 (Assured Guaranty Inc Insured)
|
1,265,000
|
1,362,879
|
|
|
San Lorenzo Valley CA Uni Sch Dist Santa Cruz Cnty Series 2004, 0% 8/1/2028 (National Public Finance Guarantee Corporation Insured) (d)
|
1,485,000
|
1,408,766
|
|
|
San Lorenzo Valley CA Uni Sch Dist Santa Cruz Cnty Series 2004, 0% 8/1/2029 (National Public Finance Guarantee Corporation Insured) (d)
|
3,500,000
|
3,213,749
|
|
|
San Mateo CA Unified Sch Dist 0% 9/1/2028 (National Public Finance Guarantee Corporation Insured) (d)
|
6,750,000
|
6,391,588
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2030
|
1,850,000
|
2,025,808
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2031
|
1,375,000
|
1,529,992
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2032
|
1,125,000
|
1,269,018
|
|
|
San Mateo CA Unified Sch Dist Series 2026, 5% 9/1/2033
|
2,250,000
|
2,571,764
|
|
|
San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2028 (National Public Finance Guarantee Corporation Insured) (d)
|
7,945,000
|
7,524,620
|
|
|
Santa Monica CA Cmnty College Dist Gen. Oblig. 0% 5/1/2028 (National Public Finance Guarantee Corporation Insured) (d)
|
300,000
|
287,288
|
|
|
Southern CA Pub Pwr Auth Series 2024 A, 5% tender 4/1/2055 (American General Life Insurance Co Guaranteed) (c)
|
2,490,000
|
2,585,188
|
|
|
Southern CA Pub Pwr Auth Series 2026A, 5% 11/1/2033 (Pacific Life Insurance Co Guaranteed)
|
6,500,000
|
6,835,527
|
|
|
State of California Gen. Oblig. 3% 10/1/2032
|
790,000
|
772,305
|
|
|
State of California Gen. Oblig. 4% 9/1/2029
|
1,515,000
|
1,569,969
|
|
|
State of California Gen. Oblig. 5% 10/1/2028
|
5,000,000
|
5,239,850
|
|
|
State of California Gen. Oblig. 5% 10/1/2028
|
1,845,000
|
1,933,504
|
|
|
State of California Gen. Oblig. 5% 11/1/2028
|
11,690,000
|
12,269,804
|
|
|
State of California Gen. Oblig. 5% 11/1/2030
|
1,060,000
|
1,148,867
|
|
|
State of California Gen. Oblig. 5% 11/1/2031
|
2,990,000
|
3,229,032
|
|
|
State of California Gen. Oblig. 5% 3/1/2030
|
2,000,000
|
2,147,199
|
|
|
State of California Gen. Oblig. 5% 3/1/2031
|
2,000,000
|
2,177,597
|
|
|
State of California Gen. Oblig. 5% 3/1/2032
|
5,500,000
|
6,066,999
|
|
|
State of California Gen. Oblig. 5% 8/1/2032
|
6,000,000
|
6,647,861
|
|
|
State of California Gen. Oblig. 5% 8/1/2033
|
6,000,000
|
6,704,427
|
|
|
State of California Gen. Oblig. 5% 9/1/2030
|
5,000,000
|
5,406,589
|
|
|
State of California Gen. Oblig. 5% 9/1/2030
|
1,550,000
|
1,552,328
|
|
|
State of California Gen. Oblig. 5% 9/1/2032
|
10,070,000
|
11,167,042
|
|
|
State of California Gen. Oblig. Series 2016, 5% 8/1/2027
|
2,000,000
|
2,007,179
|
|
|
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2027 (National Public Finance Guarantee Corporation Insured) (d)
|
530,000
|
516,191
|
|
|
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 4% 8/1/2027 (Assured Guaranty Inc Insured)
|
600,000
|
608,897
|
|
|
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) Series 2020 E, 4% 8/1/2027 (Assured Guaranty Inc Insured)
|
650,000
|
659,638
|
|
|
West Contra Costa Unified School District Series 2024 B TENDER, 4% 8/1/2029 (Build America Mutual Assurance Co Insured)
|
360,000
|
376,046
|
|
|
West Contra Costa Unified School District Series 2024 B TENDER, 4% 8/1/2030 (Build America Mutual Assurance Co Insured)
|
850,000
|
895,914
|
|
|
West Contra Costa Unified School District Series 2024 B TENDER, 5% 8/1/2031 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,653,704
|
|
|
West Contra Costa Unified School District Series 2024 B TENDER, 5% 8/1/2032 (Build America Mutual Assurance Co Insured)
|
500,000
|
557,547
|
|
|
West Contra Costa Unified School District Series 2024 B, 5% 8/1/2032 (Build America Mutual Assurance Co Insured)
|
325,000
|
362,406
|
|
|
West Contra Costa Unified School District Series 2024 B, 5% 8/1/2033 (Build America Mutual Assurance Co Insured)
|
300,000
|
337,886
|
|
|
West Contra Costa Unified School District Series 2024A, 4% 8/1/2029 (Build America Mutual Assurance Co Insured)
|
300,000
|
313,372
|
|
|
West Contra Costa Unified School District Series 2024A, 4% 8/1/2030 (Build America Mutual Assurance Co Insured)
|
715,000
|
753,622
|
|
|
West Contra Costa Unified School District Series 2024A, 4% 8/1/2031 (Build America Mutual Assurance Co Insured)
|
765,000
|
809,887
|
|
|
West Contra Costa Unified School District Series 2024A, 4% 8/1/2032 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,062,719
|
|
|
West Contra Costa Unified School District Series 2024A, 4% 8/1/2033 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,596,261
|
|
|
TOTAL GENERAL OBLIGATIONS
|
374,854,364
|
||
|
Health Care - 7.5%
|
|||
|
California Health Facilities Financing Authority (Adventist Health System-West Proj.) Series 2016A, 4% 3/1/2027
|
475,000
|
475,177
|
|
|
California Health Facilities Financing Authority (Adventist Health System-West Proj.) Series 2025A, 5% 12/1/2035
|
5,000,000
|
5,501,945
|
|
|
California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021A, 5% 11/1/2026
|
300,000
|
301,268
|
|
|
California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021A, 5% 11/1/2027
|
200,000
|
205,942
|
|
|
California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021B, 5% 11/1/2026
|
250,000
|
251,057
|
|
|
California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021B, 5% 11/1/2027
|
600,000
|
617,826
|
|
|
California Health Facilities Financing Authority (Lucile Salter Packrd Chil Hosp Proj.) 5% 5/15/2027
|
275,000
|
280,002
|
|
|
California Health Facilities Financing Authority (Providence Health Systems Proj.) 5% 7/1/2032
|
1,335,000
|
1,456,715
|
|
|
California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2019 B, 5% tender 10/1/2039 (c)
|
5,625,000
|
5,742,402
|
|
|
California Health Facilities Financing Authority (Rady Childrens Health Proj.) 5% tender 8/15/2065 (c)
|
5,000,000
|
5,512,546
|
|
|
California Health Facilities Financing Authority (Scripps Health, Sys Proj.) Series 2024B 2, 5% tender 11/15/2061 (c)
|
5,000,000
|
5,409,630
|
|
|
California Mun Fin Auth Rev (Channing House Proj.) 4% 5/15/2028 (California Mortgage Insurance Insured)
|
2,000,000
|
2,017,600
|
|
|
California Mun Fin Auth Rev (Channing House Proj.) 5% 5/15/2027 (California Mortgage Insurance Insured)
|
350,000
|
356,217
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2027
|
1,235,000
|
1,251,803
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2029
|
115,000
|
116,303
|
|
|
California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2027
|
640,000
|
648,708
|
|
|
California Mun Fin Auth Sr Living Rev (MT San Antonio Gardens Proj.) Series 2019, 4% 11/15/2028
|
710,000
|
720,551
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2027
|
365,000
|
369,032
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2028
|
305,000
|
313,675
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2029
|
250,000
|
260,816
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2030
|
200,000
|
211,027
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2031
|
210,000
|
223,618
|
|
|
California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2032
|
315,000
|
337,860
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 5% 9/1/2030
|
350,000
|
368,566
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 5% 9/1/2032
|
445,000
|
474,829
|
|
|
California Mun Fn Auth Rev (Sac Health Proj.) Series 2026, 5% 9/1/2034
|
480,000
|
514,285
|
|
|
California Pub Fin Auth Rev (Sharp Healthcare System, CA Proj.) 5% 8/1/2030
|
5,500,000
|
5,969,638
|
|
|
California Statewide Community Development Authority Rev (Adventist Health System-West Proj.) Series 2018 A, 5% 3/1/2027
|
555,000
|
560,274
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2027
|
600,000
|
606,206
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2028
|
425,000
|
436,280
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2029
|
625,000
|
650,124
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2030
|
440,000
|
462,501
|
|
|
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2031
|
455,000
|
482,261
|
|
|
California Statewide Community Development Authority Rev (John Muir Medical Ctr, CA Proj.) Series 2024A, 5% 12/1/2028
|
910,000
|
957,769
|
|
|
California Statewide Community Development Authority Rev (John Muir Medical Ctr, CA Proj.) Series 2024A, 5% 12/1/2029
|
1,240,000
|
1,327,585
|
|
|
California Statewide Community Development Authority Rev (John Muir Medical Ctr, CA Proj.) Series 2024A, 5% 12/1/2030
|
1,250,000
|
1,358,289
|
|
|
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2028
|
1,000,000
|
1,023,994
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2027
|
1,090,000
|
1,104,021
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2027
|
375,000
|
379,824
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2028
|
400,000
|
412,619
|
|
|
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2029
|
350,000
|
363,823
|
|
|
TOTAL HEALTH CARE
|
50,034,608
|
||
|
Housing - 5.4%
|
|||
|
California Hsg Fin Agy Affordable Hsg Rev (Ca Mhsg 8/1/23 Proj.) Series 2023 A 2, 3.2% tender 8/1/2063 (c)
|
2,000,000
|
1,975,040
|
|
|
California Hsg Fin Agy Affordable Hsg Rev (Ca Mhsg Rev 2023 Proj.) 3.25% tender 8/1/2064 (c)
|
4,000,000
|
4,013,484
|
|
|
California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev 2.75% tender 11/1/2029 (c)
|
3,200,000
|
3,166,807
|
|
|
California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Series 2025 ISSUE II, 2.75% tender 5/1/2044 (c)
|
5,000,000
|
4,972,968
|
|
|
California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Series 2025 ISSUE JJ, 2.9% tender 5/1/2047 (c)
|
5,000,000
|
4,987,083
|
|
|
California Mun Fin Auth Multifamily Hsg Rev Series 2024 A 1, 5% tender 6/1/2056 (c)
|
2,000,000
|
2,075,776
|
|
|
California Mun Fin Auth Multifamily Hsg Rev Series 2024A, 3.2% tender 9/1/2045 (c)
|
5,750,000
|
5,752,554
|
|
|
California Mun Fin Auth Multifamily Hsg Rev Series 2026 A, 3% tender 2/1/2057 (c)
|
3,000,000
|
3,000,664
|
|
|
Los Angeles CA Multifamily Rev Series 2026D, 2.85% tender 5/1/2060 (c)
|
3,000,000
|
2,978,281
|
|
|
Los Angeles Cnty Calif Dev Auth Multifamily Hsg Rev (La County West La Va 156/157 Proj.) Series 2023C, 3.75% tender 12/1/2046 (c)
|
3,000,000
|
3,001,158
|
|
|
TOTAL HOUSING
|
35,923,815
|
||
|
Lease Revenue - 0.0%
|
|||
|
California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2027
|
300,000
|
307,173
|
|
|
Other - 1.9%
|
|||
|
California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2024A, 3.25% 8/1/2029
|
3,000,000
|
3,006,955
|
|
|
California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (c)
|
7,665,000
|
7,337,174
|
|
|
California Infrastructure & Economic Development Bank (Segerstrom Ctr For The Arts Proj.) Series 2024, 5% 1/1/2032
|
1,885,000
|
2,056,373
|
|
|
TOTAL OTHER
|
12,400,502
|
||
|
Special Tax - 1.0%
|
|||
|
Pittsburg Successor Agency Redevelopment Agency Series A, 5% 9/1/2026 (Assured Guaranty Inc Insured) (Escrowed to Maturity)
|
3,610,000
|
3,610,000
|
|
|
Rancho Cucamonga Redevelopment Agency Successor Agency Series 2024, 5% 9/1/2030
|
2,000,000
|
2,168,625
|
|
|
Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2031
|
500,000
|
519,777
|
|
|
TOTAL SPECIAL TAX
|
6,298,402
|
||
|
Synthetics - 0.2%
|
|||
|
Los Angeles CA Wtr & Pwr Participating VRDN Series 2023 XM1153, 2.31% 7/1/2048 (Liquidity Facility Barclays Bank PLC) (c)(f)
|
1,000,000
|
1,000,000
|
|
|
Tobacco Bonds - 0.0%
|
|||
|
Tobacco Securitization South CA Tobacco Settlement Rev 5% 6/1/2027
|
500,000
|
508,373
|
|
|
Transportation - 3.1%
|
|||
|
Bay Area Toll Auth CA Bridge Rev 2% tender 4/1/2056 (c)
|
11,900,000
|
11,704,301
|
|
|
California Mun Fn Auth Rev (San Francisco Mta Bus Fac Proj Proj.) Series 2026A, 5% 3/1/2032
|
3,730,000
|
4,083,795
|
|
|
California Mun Fn Auth Rev (San Francisco Mta Bus Fac Proj Proj.) Series 2026A, 5% 9/1/2031
|
1,020,000
|
1,112,413
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2018 E, 5% 7/1/2028
|
745,000
|
779,354
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2020, 5% 7/1/2027
|
830,000
|
847,080
|
|
|
Sacramento Cnty CA Arpt Sys Rv Series 2020, 5% 7/1/2028
|
700,000
|
732,279
|
|
|
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2020B, 5% 7/1/2029
|
1,025,000
|
1,092,541
|
|
|
TOTAL TRANSPORTATION
|
20,351,763
|
||
|
Water & Sewer - 5.7%
|
|||
|
Bay Area Water Supply & Conservation Agency Series 2023 A, 5% 10/1/2027
|
1,000,000
|
1,028,546
|
|
|
Bay Area Water Supply & Conservation Agency Series 2023 A, 5% 10/1/2028
|
1,000,000
|
1,052,509
|
|
|
Eastern Municipal Water District Financing Authority 5% 7/1/2027
|
255,000
|
260,720
|
|
|
Fairfield CA Ctfs Partn (Fairfield CA Water Rev Proj.) Series 2007A, 0% 4/1/2027 (Assured Guaranty Inc Insured) (d)
|
1,850,000
|
1,819,284
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 1/1/2030
|
6,000,000
|
6,334,961
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2029
|
455,000
|
482,419
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2033
|
50,000
|
54,404
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 A, 5% 7/1/2027
|
2,125,000
|
2,169,652
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 A, 5% 7/1/2033
|
185,000
|
188,927
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 B, 5% 7/1/2036
|
25,000
|
25,571
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2020B, 4% 7/1/2029
|
655,000
|
671,525
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2032
|
265,000
|
287,560
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2023 A, 5% 7/1/2033
|
135,000
|
148,712
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2023 A, 5% 7/1/2034
|
255,000
|
278,184
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2030
|
1,500,000
|
1,614,154
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024B, 5% 7/1/2029
|
3,000,000
|
3,180,788
|
|
|
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2025 C, 5% 7/1/2032
|
4,500,000
|
4,915,773
|
|
|
Santa Rosa CA Wstwtr Series 2002 B, 0% 9/1/2026 (Ambac Assurance Corp Insured) (d)
|
11,165,000
|
11,165,000
|
|
|
Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2026 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,002,087
|
|
|
Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2027 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,027,460
|
|
|
TOTAL WATER & SEWER
|
37,708,236
|
||
|
TOTAL CALIFORNIA
|
640,210,145
|
||
|
Guam - 0.5%
|
|||
|
Special Tax - 0.5%
|
|||
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2029
|
2,750,000
|
2,856,610
|
|
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2031
|
430,000
|
455,948
|
|
|
TOTAL GUAM
|
3,312,558
|
||
|
Puerto Rico - 0.6%
|
|||
|
Health Care - 0.4%
|
|||
|
Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2027
|
1,050,000
|
1,062,209
|
|
|
Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2028
|
1,035,000
|
1,061,514
|
|
|
TOTAL HEALTH CARE
|
2,123,723
|
||
|
Water & Sewer - 0.2%
|
|||
|
Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2028 (b)
|
1,500,000
|
1,548,032
|
|
|
TOTAL PUERTO RICO
|
3,671,755
|
||
|
Virgin Islands - 0.2%
|
|||
|
Transportation - 0.2%
|
|||
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2033
|
1,010,000
|
1,092,466
|
|
|
TOTAL MUNICIPAL SECURITIES
(Cost $652,317,630)
|
648,286,924
|
||
|
Money Market Funds - 3.1%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Tax-Free Cash Central Fund (g)(h)
(Cost $20,983,442)
|
2.59
|
20,975,052
|
20,983,442
|
|
|
TOTAL INVESTMENT IN SECURITIES - 101.1%
(Cost $673,301,072)
|
669,270,366
|
|
NET OTHER ASSETS (LIABILITIES) - (1.1)%
|
(7,445,605)
|
|
NET ASSETS - 100.0%
|
661,824,761
|
Legend
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
|
(b)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,797,962 or 0.3% of net assets.
|
|
(c)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
|
(d)
|
Zero coupon bond which is issued at a discount.
|
|
(e)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
|
(f)
|
Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.
|
|
(g)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
|
(h)
|
Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.
|
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
|
Fidelity Tax-Free Cash Central Fund
|
22,856,014
|
119,779,529
|
121,652,101
|
225,974
|
-
|
-
|
20,983,442
|
20,975,052
|
|
22,856,014
|
119,779,529
|
121,652,101
|
225,974
|
-
|
-
|
20,983,442
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
|
Valuation Inputs at Reporting Date:
|
||||
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
|
Investments in Securities:
|
||||
|
Municipal Securities
|
||||
|
Education
|
45,471,352
|
-
|
45,471,352
|
-
|
|
Electric Utilities
|
41,352,819
|
-
|
41,352,819
|
-
|
|
Escrowed/Pre-Refunded
|
13,998,738
|
-
|
13,998,738
|
-
|
|
General Obligations
|
374,854,364
|
-
|
374,854,364
|
-
|
|
Health Care
|
52,158,331
|
-
|
52,158,331
|
-
|
|
Housing
|
35,923,815
|
-
|
35,923,815
|
-
|
|
Lease Revenue
|
307,173
|
-
|
307,173
|
-
|
|
Other
|
12,400,502
|
-
|
12,400,502
|
-
|
|
Special Tax
|
9,610,960
|
-
|
9,610,960
|
-
|
|
Synthetics
|
1,000,000
|
-
|
1,000,000
|
-
|
|
Tobacco Bonds
|
508,373
|
-
|
508,373
|
-
|
|
Transportation
|
21,444,229
|
-
|
21,444,229
|
-
|
|
Water & Sewer
|
39,256,268
|
-
|
39,256,268
|
-
|
|
Money Market Funds
|
20,983,442
|
20,983,442
|
-
|
-
|
|
Total Investments in Securities:
|
669,270,366
|
20,983,442
|
648,286,924
|
-
|
Financial Statements (Unaudited)
|
Statement of Assets and Liabilities
|
||
|
As of August 31, 2026 (Unaudited)
|
||
|
Assets
|
||
|
Investments in securities, at value - unaffiliated issuers
|
$
|
648,286,924
|
|
Investments in securities, at value - affiliated issuers
|
20,983,442
|
|
|
Cash
|
103,521
|
|
|
Receivable for fund shares sold
|
587,853
|
|
|
Interest receivable
|
6,555,488
|
|
|
Distributions receivable from affiliated funds
|
29,209
|
|
|
Other receivables
|
132
|
|
|
Total assets
|
676,546,569
|
|
|
Liabilities
|
||
|
Payable for investments purchased, delayed delivery
|
12,823,164
|
|
|
Payable for fund shares redeemed
|
1,330,344
|
|
|
Distributions payable
|
405,443
|
|
|
Accrued management fee
|
109,294
|
|
|
Transfer agent fee payable
|
53,563
|
|
|
Total liabilities
|
14,721,808
|
|
|
Net Assets
|
$
|
661,824,761
|
|
Net assets consist of:
|
||
|
Paid in capital
|
674,591,334
|
|
|
Total accumulated earnings (loss)
|
(12,766,573)
|
|
|
Net Assets
|
$
|
661,824,761
|
|
Net Asset Value and Maximum Offering
|
||
|
Net Asset Value, offering price and redemption price per share ($661,824,761/63,477,454 shares)
|
$
|
10.43
|
|
Other Information
|
||
|
Unaffiliated issuers, cost
|
652,317,630
|
|
|
Affiliated issuers, cost
|
20,983,442
|
|
|
Statement of Operations
|
||
|
Six months ended August 31, 2026 (Unaudited)
|
||
|
Investment Income
|
||
|
Dividends - affiliated issuers
|
$
|
225,974
|
|
Interest
|
8,850,390
|
|
|
Total investment income
|
9,076,364
|
|
|
Expenses
|
||
|
Management fee
|
646,457
|
|
|
Transfer agent fees
|
319,416
|
|
|
Independent trustees' fees and expenses
|
703
|
|
|
Total expenses
|
966,576
|
|
|
Expense reductions
|
(230)
|
|
|
Total expenses after reductions
|
966,346
|
|
|
Net investment income (loss)
|
8,110,018
|
|
|
Net realized gain (loss)
|
||
|
Investments - unaffiliated issuers
|
(127,352)
|
|
|
Net realized gain (loss)
|
(127,352)
|
|
|
Change in net unrealized appreciation (depreciation)
|
||
|
Investments - unaffiliated issuers
|
(13,799,085)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
(13,799,085)
|
|
|
Net gain (loss)
|
(13,926,437)
|
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
(5,816,419)
|
|
Statement of Changes in Net Assets
|
||||
|
Six months ended
August 31, 2026
(Unaudited)
|
Year ended
February 28, 2026
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
8,110,018
|
$
|
13,325,007
|
|
Net realized gain (loss)
|
(127,352)
|
(383,273)
|
||
|
Change in net unrealized appreciation (depreciation)
|
(13,799,085)
|
14,981,758
|
||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
(5,816,419)
|
$
|
27,923,492
|
|
Distributions to shareholders
|
||||
|
Distributions to shareholders
|
(8,081,119)
|
(13,248,082)
|
||
|
Total distributions
|
(8,081,119)
|
(13,248,082)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
28,046,318
|
79,312,640
|
||
|
Total increase (decrease) in net assets
|
14,148,780
|
93,988,050
|
||
|
Net Assets
|
||||
|
Beginning of period
|
647,675,981
|
553,687,931
|
||
|
End of period
|
$
|
661,824,761
|
$
|
647,675,981
|
Financial Highlights
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
|
Six months ended
August 31, 2026 (Unaudited) |
Years ended
February 28, 2026 |
2025
|
2024 A
|
2023
|
2022
|
|||||||
|
Selected Per Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
10.65
|
$
|
10.39
|
$
|
10.30
|
$
|
10.12
|
$
|
10.50
|
$
|
10.81
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B, C
|
.13
|
.24
|
.21
|
.18
|
.14
|
.13
|
||||||
|
Net realized and unrealized gain (loss)
|
(.22)
|
.25
|
.09
|
.18
|
(.38)
|
(.31)
|
||||||
|
Total from investment operations
|
(.09)
|
.49
|
.30
|
.36
|
(.24)
|
(.18)
|
||||||
|
Distributions
|
||||||||||||
|
Distributions from net investment income
|
(.13)
|
(.23)
|
(.21)
|
(.18)
|
(.14)
|
(.13)
|
||||||
|
Distributions from net realized gain
|
-
|
-
|
.00 D
|
-
|
-
|
.00 D
|
||||||
|
Total distributions
|
(.13)
|
(.23)
|
(.21)
|
(.18)
|
(.14)
|
(.13)
|
||||||
|
Net asset value, end of period
|
$
|
10.43
|
$
|
10.65
|
$
|
10.39
|
$
|
10.30
|
$
|
10.12
|
$
|
10.50
|
|
Total Return E, F
|
(.83)%
|
4.81%
|
2.93%
|
3.58%
|
(2.26)%
|
(1.66)%
|
||||||
|
Ratios and Supplemental Data C, G, H
|
||||||||||||
|
Ratio of expenses to average net assets before reductions
|
.30% I
|
.30%
|
.30%
|
.32%
|
.48%
|
.47%
|
||||||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
.30% I
|
.30%
|
.30%
|
.30%
|
.35%
|
.35%
|
||||||
|
Ratio of expenses to average net assets net of all reductions, if any
|
.30% I
|
.30%
|
.30%
|
.30%
|
.35%
|
.35%
|
||||||
|
Ratio of net investment income (loss) to average net assets
|
2.49% I
|
2.24%
|
2.01%
|
1.76%
|
1.41%
|
1.23%
|
||||||
|
Net assets, end of period
|
$
|
661,824,761
|
$
|
647,675,981
|
$
|
553,687,931
|
$
|
510,643,965
|
$
|
570,838,386
|
$
|
704,784,841
|
|
Portfolio turnover rate J
|
23% I
|
15%
|
15%
|
23%
|
23%
|
18%
|
||||||
|
AFor the year ended February 29.
|
|
BCalculated based on average shares outstanding during the period.
|
|
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
|
DAmount represents less than $.005 per share.
|
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
FTotal returns for periods of less than one year are not annualized.
|
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
|
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
|
IAnnualized.
|
|
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Notes to Financial Statements
(Unaudited)
For the period ended August 31, 2026
- 1. Organization.
Fidelity® California Limited Term Tax-Free Bond Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
- 2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For any foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of period end is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day.
Gains and losses on securities sold are determined on the basis of identified cost.
Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.
Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.
Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Fidelity® California Limited Term Tax-Free Bond Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences may result in distribution reclassifications.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to: market discount and capital loss carryforwards.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
|
Tax Cost ($)
|
Gross unrealized appreciation ($)
|
Gross unrealized depreciation ($)
|
Net unrealized appreciation (depreciation) ($)
|
|
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
673,126,893
|
2,264,301
|
(6,120,828)
|
(3,856,527)
|
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
|
Short-term ($)
|
Long-term ($)
|
Total capital loss carryforward ($)
|
|
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
(1,444,627)
|
(7,328,698)
|
(8,773,325)
|
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
- 3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
|
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
106,053,782
|
74,210,602
|
- 4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Fund with investment management related services.
For these services, the Fund pays a monthly management fee to the investment adviser.
The management fee is based on an annual management fee rate of the Fund's average net assets as presented in the table below.
|
Annual Management Fee Rate (%)
|
|
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
0.20
|
Under the management contract, the investment adviser pays all other operating expenses, except transfer agent fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing, and shareholder servicing agent for the Fund.
FIIOC receives account fees and/or asset- based fees that vary where applicable according to the account size and type of account of the shareholders. Asset based fees are based on class level average net assets.
FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees and annualized rate(s) were as follows:
|
Amount ($)
|
Fee Type
|
% of Class-Level Average Net Assets
|
|
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
|||
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
319,416
|
asset-based
|
.10
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
- 5. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.
The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
- 6. Expense Reductions.
Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.
|
Custodian Credits ($)
|
|
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
230
|
- 7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended ($)
|
Year ended ($)
|
|||
|
August 31, 2026
|
February 28, 2026
|
|||
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
||||
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
8,081,119
|
13,248,082
|
||
|
Total
|
8,081,119
|
13,248,082
|
- 8. Share Transactions.
Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:
|
Shares
|
Shares
|
Dollars
|
Dollars
|
||||||
|
Six months ended
|
Year ended
|
Six months ended ($)
|
Year ended ($)
|
||||||
|
August 31, 2026
|
February 28, 2026
|
August 31, 2026
|
February 28, 2026
|
||||||
|
Fidelity® California Limited Term Tax-Free Bond Fund
|
|||||||||
|
Shares sold
|
10,084,075
|
22,096,890
|
105,696,284
|
231,466,202
|
|||||
|
Reinvestment of distributions
|
552,726
|
877,549
|
5,782,782
|
9,197,769
|
|||||
|
Shares redeemed
|
(7,956,875)
|
(15,444,119)
|
(83,432,748)
|
(161,351,331)
|
|||||
|
Net increase (decrease)
|
2,679,926
|
7,530,320
|
28,046,318
|
79,312,640
|
- 9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
- 10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.817080.120
CSI-SANN-1026
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity California Municipal Trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity California Municipal Trusts (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
|
(a) |
(1) |
Not applicable. |
|
(a) |
(2) |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
|
(a) |
(3) |
Not applicable. |
|
(b) |
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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.
Fidelity California Municipal Trust
|
By: |
/s/Laura M. Del Prato |
|
Laura M. Del Prato |
|
|
President and Treasurer (Principal Executive Officer) |
|
|
Date: |
October 23, 2026 |
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: |
/s/Laura M. Del Prato |
|
Laura M. Del Prato |
|
|
President and Treasurer (Principal Executive Officer) |
|
|
Date: |
October 23, 2026 |
|
By: |
/s/Stephanie Caron |
|
Stephanie Caron |
|
|
Chief Financial Officer (Principal Financial Officer) |
|
|
Date: |
October 23, 2026 |
Fidelity California Municipal Trust published this content on October 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 23, 2026 at 15:29 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]