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 811-3725
Fidelity California Municipal Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | February 28 |
Date of reporting period: | August 31, 2003 |
Item 1. Reports to Stockholders
Spartan®
California
Municipal Income
Fund
Semiannual Report
August 31, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Investment Changes | A summary of the fund's investments. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
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Other third party marks appearing herein are the property of their respective owners.
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(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the funds nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five Sectors as of August 31, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 25.7 | 22.3 |
Transportation | 16.0 | 16.4 |
Electric Utilities | 11.4 | 14.0 |
Health Care | 10.6 | 10.3 |
Education | 8.2 | 8.2 |
Average Years to Maturity as of August 31, 2003 | ||
6 months ago | ||
Years | 13.9 | 13.9 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of August 31, 2003 | ||
6 months ago | ||
Years | 7.3 | 7.0 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of August 31, 2003 | As of February 28, 2003 | ||||||
![]() | AAA 52.2% | ![]() | AAA 58.8% | ||||
![]() | AA,A 34.2% | ![]() | AA,A 32.2% | ||||
![]() | BBB 10.5% | ![]() | BBB 6.9% | ||||
![]() | Not Rated 2.1% | ![]() | Not Rated 1.7% | ||||
![]() | Net Other Assets 1.0% | ![]() | Net Other Assets 0.4% |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
Semiannual Report
Investments August 31, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.0% | ||||
Principal | Value (Note 1) | |||
California - 98.5% | ||||
ABC Unified School District 0% 8/1/32 (FGIC Insured) | $ 2,115 | $ 406 | ||
Alameda Corridor Trans. Auth. Rev.: | ||||
Series 1999 A, 0% 10/1/34 (MBIA Insured) | 15,000 | 2,507 | ||
Series A, 5.25% 10/1/21 (MBIA Insured) | 7,575 | 7,756 | ||
Alvord Unified School District Series A, 5.9% 2/1/16 (MBIA Insured) | 1,155 | 1,323 | ||
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impts. Proj.): | ||||
Series 1997 A, 6% 9/1/24 (FSA Insured) | 1,000 | 1,138 | ||
Series 1997 C, 0% 9/1/30 (FSA Insured) | 6,300 | 1,353 | ||
Azusa Unified School District 5.375% 7/1/16 | 1,225 | 1,318 | ||
Bay Area Toll Auth. Toll Bridge Rev. (San Francisco Bay Area Proj.) Series 2001 D: | ||||
5% 4/1/08 | 700 | 772 | ||
5% 4/1/10 | 1,640 | 1,784 | ||
Benicia Unified School District Series B, 0% 8/1/24 (MBIA Insured) | 7,005 | 2,167 | ||
Berryessa Union School District Series C, 0% 6/1/28 (FSA Insured) | 1,755 | 428 | ||
Brea Redev. Agcy. 0% 8/1/30 (AMBAC Insured) | 7,210 | 1,556 | ||
Buena Park Cmnty. Redev. Agcy. Tax Allocation (Central Bus. District Proj.) Series A, 7.1% 9/1/14 (Pre-Refunded to 9/1/03 @ 101) (c) | 100 | 101 | ||
Burbank Redev. Agy.: | ||||
(City Ctr. Redev. Proj.) Series A, 5% 12/1/15 (FSA Insured) | 4,000 | 4,015 | ||
(Golden State Redev. Proj.) Series A, 5.75% 12/1/08 | 4,655 | 4,789 | ||
Cabrillo Unified School District Series A: | ||||
0% 8/1/10 (AMBAC Insured) | 2,150 | 1,642 | ||
0% 8/1/12 (AMBAC Insured) | 2,800 | 1,897 | ||
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. (Wtr. Sys. Proj.): | ||||
Series J1, 7% 12/1/12 | 730 | 891 | ||
Series S, 5% 12/1/19 | 3,160 | 3,204 | ||
Series Y, 5.25% 12/1/19 (FGIC Insured) | 5,000 | 5,238 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A: | ||||
5.5% 5/1/07 | 2,000 | 2,184 | ||
5.5% 5/1/16 (AMBAC Insured) | 1,200 | 1,300 | ||
5.75% 5/1/17 | 3,000 | 3,188 | ||
Series A: | ||||
5.25% 5/1/09 (MBIA Insured) | 15,600 | 17,231 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: - continued | ||||
Series A: | ||||
5.25% 5/1/11 (FSA Insured) | $ 3,000 | $ 3,268 | ||
5.375% 5/1/18 (AMBAC Insured) | 2,000 | 2,106 | ||
5.5% 5/1/08 | 5,000 | 5,488 | ||
5.5% 5/1/15 (AMBAC Insured) | 9,000 | 9,790 | ||
5.875% 5/1/16 | 3,900 | 4,226 | ||
6% 5/1/14 | 7,500 | 8,250 | ||
California Edl. Facilities Auth. Rev.: | ||||
(California Student Ln. Prog.) Series A, 6% 3/1/16 (MBIA Insured) (b) | 4,090 | 4,309 | ||
(Chapman Univ. Proj.) 5.375% 10/1/16 | 2,000 | 2,146 | ||
(Loyola Marymount Univ. Proj.): | ||||
0% 10/1/16 (MBIA Insured) | 2,280 | 1,198 | ||
0% 10/1/29 (MBIA Insured) | 7,115 | 1,619 | ||
(Pepperdine Univ. Proj.) 5.75% 9/15/30 | 13,735 | 14,328 | ||
(Pooled College & Univ. Proj.) Series A, 6.125% 6/1/30 | 3,435 | 3,637 | ||
(Santa Clara Univ. Proj.): | ||||
5.25% 9/1/17 (AMBAC Insured) | 1,000 | 1,085 | ||
5.25% 9/1/26 | 7,910 | 7,879 | ||
(Scripps College Proj.): | ||||
Series 2001, 5.25% 8/1/26 | 1,000 | 996 | ||
5.125% 2/1/30 | 6,000 | 5,753 | ||
(Stanford Univ. Proj.): | ||||
Series N, 5.2% 12/1/27 | 20,000 | 20,128 | ||
Series O, 5.125% 1/1/31 | 8,630 | 8,641 | ||
(Univ. of Southern California Proj.): | ||||
Series A, 5.7% 10/1/15 | 5,675 | 6,294 | ||
Series B: | ||||
5% 10/1/13 | 500 | 540 | ||
5% 10/1/14 | 1,195 | 1,283 | ||
Series C, 5.125% 10/1/28 | 7,725 | 7,749 | ||
California Franchise Tax Board Ctfs. of Prtn. 5.5% 10/1/06 | 1,825 | 1,995 | ||
California Gen. Oblig.: | ||||
Series 1991, 6.6% 2/1/10 (FGIC Insured) | 3,900 | 4,550 | ||
Series 1992, 6.25% 9/1/12 (FGIC Insured) | 2,000 | 2,323 | ||
Series 1999, 5.5% 2/1/10 (FGIC Insured) | 2,170 | 2,409 | ||
Series 2000, 5.5% 5/1/13 (MBIA Insured) | 1,900 | 2,061 | ||
5% 11/1/07 | 24,000 | 26,009 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5% 2/1/09 | $ 3,715 | $ 3,969 | ||
5% 2/1/10 | 3,000 | 3,178 | ||
5% 3/1/11 | 1,000 | 1,052 | ||
5% 11/1/12 | 14,850 | 15,498 | ||
5% 10/1/18 | 3,000 | 3,002 | ||
5% 12/1/18 | 9,245 | 9,255 | ||
5% 2/1/32 | 2,000 | 1,876 | ||
5.25% 10/1/09 | 2,150 | 2,343 | ||
5.25% 2/1/11 | 3,700 | 3,948 | ||
5.25% 10/1/14 | 300 | 312 | ||
5.25% 2/1/15 | 2,000 | 2,090 | ||
5.25% 2/1/16 | 7,000 | 7,259 | ||
5.25% 10/1/17 | 1,500 | 1,542 | ||
5.25% 2/1/20 | 10,900 | 11,020 | ||
5.25% 2/1/22 | 5,000 | 5,009 | ||
5.375% 10/1/28 | 4,250 | 4,236 | ||
5.5% 6/1/10 | 1,350 | 1,474 | ||
5.5% 3/1/12 (MBIA Insured) | 5,000 | 5,468 | ||
5.5% 6/1/28 | 5,000 | 5,024 | ||
5.625% 5/1/26 | 4,000 | 4,061 | ||
5.75% 10/1/10 | 7,325 | 8,137 | ||
5.75% 12/1/10 | 2,500 | 2,783 | ||
5.75% 5/1/30 | 3,080 | 3,151 | ||
6% 2/1/08 | 1,000 | 1,115 | ||
6.5% 2/1/07 | 3,000 | 3,354 | ||
6.5% 2/1/08 | 4,000 | 4,534 | ||
6.6% 2/1/09 | 14,355 | 16,459 | ||
6.6% 2/1/11 (MBIA Insured) | 1,100 | 1,290 | ||
6.75% 8/1/10 | 5,675 | 6,631 | ||
7% 8/1/09 | 3,000 | 3,540 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Health Care West Proj.): | ||||
Series 1988 A, 5% 7/1/06 | 3,135 | 3,302 | ||
Series A, 4.5% 7/1/04 | 1,500 | 1,530 | ||
(Cedars-Sinai Med. Ctr. Proj.) Series A: | ||||
6.125% 12/1/30 | 8,315 | 8,651 | ||
6.25% 12/1/34 | 15,905 | 16,617 | ||
California Hsg. Fin. Agcy. Home Mtg. Rev.: | ||||
(Home Mtg. Prog.) Series 1983 B, 0% 8/1/15 | 170 | 63 | ||
Series 1983 A, 0% 2/1/15 | 8,187 | 2,764 | ||
Series I, 4.95% 8/1/28 (MBIA Insured) (b) | 890 | 891 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Hsg. Fin. Agcy. Home Mtg. Rev.: - continued | ||||
Series J, 4.85% 8/1/27 (MBIA Insured) (b) | $ 2,435 | $ 2,498 | ||
California Infrastructure & Econ. Dev. Bank Rev.: | ||||
(YMCA Metro. L.A. Proj.) Series 2001: | ||||
5.25% 2/1/26 (AMBAC Insured) | 2,000 | 2,034 | ||
5.25% 2/1/32 (AMBAC Insured) | 6,295 | 6,378 | ||
5.25% 6/1/30 (MBIA Insured) | 1,700 | 1,739 | ||
5.5% 6/1/20 (MBIA Insured) | 1,780 | 1,902 | ||
5.5% 6/1/21 (MBIA Insured) | 4,780 | 5,036 | ||
5.5% 6/1/22 (MBIA Insured) | 5,040 | 5,289 | ||
5.5% 6/1/23 (MBIA Insured) | 5,320 | 5,567 | ||
5.5% 6/1/24 (MBIA Insured) | 5,610 | 5,874 | ||
California Poll. Cont. Fing. Auth.: | ||||
(Gen. Motors Corp. Proj.) 5.5% 4/1/08 | 1,500 | 1,502 | ||
(Pacific Gas & Elec. Co. Proj.) Series B, 6.35% 6/1/09 (MBIA Insured) (b) | 7,000 | 7,160 | ||
5.9% 6/1/14 (MBIA Insured) | 4,000 | 4,604 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series B, 4.45%, tender 7/1/05 (a)(b) | 11,500 | 11,677 | ||
California Pub. Works Board Lease Rev.: | ||||
(California Cmnty. College Projs.) Series A, 5.25% 12/1/16 | 4,450 | 4,576 | ||
(California State Univ. Proj.) Series 1997 A, 5.5% 10/1/07 | 1,425 | 1,569 | ||
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series A, 5.25% 12/1/18 (AMBAC Insured) | 5,000 | 5,209 | ||
(Dept. of Corrections, Madera State Prison Proj.) | ||||
5.5% 6/1/15 | 8,250 | 8,899 | ||
5.5% 6/1/19 | 3,000 | 3,031 | ||
6% 6/1/07 | 1,590 | 1,767 | ||
(Dept. of Corrections, Monterey County State Prison Proj.) Series D: | ||||
5.375% 11/1/12 | 1,250 | 1,328 | ||
5.375% 11/1/13 | 5,055 | 5,367 | ||
5.375% 11/1/14 | 5,000 | 5,301 | ||
(Dept. of Corrections, Susanville State Prison Proj.) Series D, 5.25% 6/1/15 (FSA Insured) | 4,000 | 4,323 | ||
(Library & Courts Annex Proj.) Series A, 5.5% 5/1/09 | 1,290 | 1,415 | ||
(Regents Univ. of California Proj.) Series 1998 B, 5.5% 11/1/10 | 3,755 | 4,167 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Substance Abuse Treatment Facilities Corcoran II Proj.) Series A, 5.5% 1/1/14 (AMBAC Insured) | $ 3,000 | $ 3,236 | ||
(Various California State Univ. Projs.): | ||||
Series A, 6.1% 10/1/06 | 1,210 | 1,285 | ||
Series B: | ||||
5.5% 6/1/19 | 1,650 | 1,687 | ||
6.4% 12/1/09 | 3,700 | 4,321 | ||
Series C, 5.125% 9/1/22 (AMBAC Insured) | 10,000 | 10,082 | ||
California State Univ. Rev. & Colleges: | ||||
(Systemwide Proj.) Series A: | ||||
5.375% 11/1/14 (AMBAC Insured) | 1,000 | 1,087 | ||
5.375% 11/1/18 (AMBAC Insured) | 1,000 | 1,070 | ||
5.5% 11/1/16 (AMBAC Insured) | 1,500 | 1,644 | ||
Series 1999 AY, 5.875% 11/1/30 (FGIC Insured) | 3,000 | 3,245 | ||
California Statewide Cmnty. Dev. Auth. Rev.: | ||||
(Cmnty. Hosp. Monterey Penninsula Proj.) Series B, 5.25% 6/1/23 (FSA Insured) | 1,800 | 1,820 | ||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) | 5,000 | 5,141 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2001 C, 3.85%, tender 8/1/06 (a) | 26,000 | 26,906 | ||
(Los Angeles Orthopaedic Hosp. Foundation Prog.) 5.75% 6/1/30 (AMBAC Insured) | 10,000 | 10,482 | ||
(Saint Joseph Health Sys. Proj.): | ||||
5.5% 7/1/14 | 9,500 | 9,649 | ||
5.5% 7/1/23 | 3,000 | 3,016 | ||
(Sisters Charity Leavenworth Proj.) 5% 12/1/14 | 1,315 | 1,331 | ||
(Sutter Health Systems Proj.) Series B, 5.625% 8/15/42 | 5,000 | 5,007 | ||
(Triad Health Care Hosp. Proj.) 6.25% 8/1/06 (Escrowed to Maturity) (c) | 3,860 | 4,169 | ||
5.616% 7/1/13 (MBIA Insured) | 10,000 | 10,188 | ||
California Statewide Cmnty. Dev. Auth. Rev. Ctfs. of Prtn.: | ||||
(Catholic Health Care West Proj.) 6% 7/1/09 | 3,455 | 3,781 | ||
(Saint Joseph Health Sys. Proj.): | ||||
5.25% 7/1/08 | 2,710 | 2,970 | ||
5.5% 7/1/07 | 1,425 | 1,576 | ||
California Statewide Cmntys. Dev. Auth. Solid Waste Facilities Rev. (Waste Mgmt. Proj.) 4.95%, tender 4/1/04 (a)(b) | 3,000 | 3,030 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Carlsbad Unified School Distict 0% 11/1/15 | $ 1,700 | $ 947 | ||
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series A: | ||||
7% 8/1/11 (MBIA Insured) | 1,500 | 1,823 | ||
7% 8/1/13 (MBIA Insured) | 4,740 | 5,879 | ||
7.25% 8/1/07 (MBIA Insured) | 1,755 | 2,069 | ||
Central Valley Fing. Auth. Cogeneration Proj. Rev. (Carson Ice Gen. Proj.) 6% 7/1/09 | 2,855 | 2,917 | ||
Chaffey Unified High School District Series 2000 B, 5.5% 8/1/18 (FGIC Insured) | 3,000 | 3,209 | ||
Contra Costa County Ctfs. of Prtn. (Merrithew Mem. Hosp. Proj.) 0% 11/1/14 (Escrowed to Maturity) (c) | 3,000 | 1,832 | ||
Corona-Norco Unified School District Series D, 0% 9/1/27 (FSA Insured) | 3,000 | 772 | ||
Duarte Ctfs. of Prtn. Series A: | ||||
4.625% 4/1/07 | 890 | 926 | ||
5% 4/1/11 | 2,000 | 2,064 | ||
5% 4/1/12 | 4,210 | 4,309 | ||
5% 4/1/13 | 1,830 | 1,851 | ||
5.25% 4/1/09 | 1,600 | 1,686 | ||
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2001, 5% 6/1/26 (MBIA Insured) | 1,520 | 1,504 | ||
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 | 4,000 | 4,816 | ||
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 1A: | ||||
0% 10/1/24 (AMBAC Insured) | 1,665 | 510 | ||
0% 10/1/25 (AMBAC Insured) | 1,665 | 480 | ||
Encinitas Union School District 0% 8/1/10 (MBIA Insured) | 1,000 | 764 | ||
Escondido Union High School District 0% 11/1/16 (MBIA Insured) (Escrowed to Maturity) (c) | 3,500 | 1,882 | ||
Eureka Unified School District Ctfs. of Prtn. Series A, 6.9% 9/1/27 (FSA Insured) | 660 | 662 | ||
Fairfield-Suisun Swr. District Swr. Rev. Series A: | ||||
0% 5/1/08 (MBIA Insured) | 2,085 | 1,807 | ||
0% 5/1/09 (MBIA Insured) | 2,080 | 1,705 | ||
Folsom Cordova Unified School District Facilities Impt. District #2 (1998 Fing. Proj.) Series A: | ||||
0% 10/1/24 (MBIA Insured) | 3,165 | 970 | ||
0% 10/1/26 (MBIA Insured) | 2,290 | 622 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Foothill-De Anza Cmnty. College District 0% 8/1/15 (MBIA Insured) | $ 2,415 | $ 1,362 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series A: | ||||
0% 1/1/15 (Escrowed to Maturity) (c) | 18,500 | 10,968 | ||
0% 1/1/18 (Escrowed to Maturity) (c) | 1,000 | 492 | ||
5% 1/1/35 (MBIA Insured) | 19,070 | 18,690 | ||
5% 1/15/16 (MBIA Insured) | 3,000 | 3,125 | ||
5.5% 1/15/08 (MBIA Insured) | 8,945 | 9,985 | ||
5.75% 1/15/40 | 8,155 | 8,313 | ||
Fremont Unifed School District, Alameda County Series F, 0% 8/1/09 (MBIA Insured) | 1,000 | 813 | ||
Fullerton Univ. Foundation Auxillary Organization Rev. Series A: | ||||
5.75% 7/1/25 (MBIA Insured) | 1,250 | 1,341 | ||
5.75% 7/1/30 (MBIA Insured) | 1,000 | 1,066 | ||
Glendale Elec. Rev. 6% 2/1/30 (MBIA Insured) | 12,245 | 13,234 | ||
Golden State Tobacco Securitization Corp. | ||||
5% 6/1/21 | 6,000 | 5,700 | ||
6.75% 6/1/39 | 8,000 | 6,615 | ||
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) 7.3% 9/1/11 (MBIA Insured) | 555 | 687 | ||
Long Beach Hbr. Rev.: | ||||
Series A: | ||||
5.5% 5/15/08 (FGIC Insured) (b) | 8,780 | 9,711 | ||
6% 5/15/09 (FGIC Insured) (b) | 3,300 | 3,715 | ||
6% 5/15/10 (FGIC Insured) (b) | 1,000 | 1,126 | ||
6% 5/15/12 (FGIC Insured) (b) | 3,500 | 3,937 | ||
5.125% 5/15/13 (b) | 12,450 | 12,675 | ||
5.5% 5/15/11 (MBIA Insured) (b) | 700 | 741 | ||
5.5% 5/15/15 (MBIA Insured) (b) | 3,710 | 3,919 | ||
5.75% 5/15/07 (MBIA Insured) (b) | 5,345 | 5,756 | ||
Los Angeles Cmnty. College District Series 2001 A, 5.75% 6/1/26 (MBIA Insured) | 10,000 | 10,593 | ||
Los Angeles County Cap. Asset Leasing Corp. Lease | 3,285 | 3,836 | ||
Los Angeles County Ctfs. of Prtn.: | ||||
(Correctional Facilities Proj.): | ||||
0% 9/1/10 (MBIA Insured) (Escrowed to Maturity) (c) | 3,770 | 2,903 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Los Angeles County Ctfs. of Prtn.: - continued | ||||
(Correctional Facilities Proj.): | ||||
0% 9/1/11 (MBIA Insured) (Escrowed to Maturity) (c) | $ 6,400 | $ 4,652 | ||
0% 9/1/13 (MBIA Insured) (Escrowed to Maturity) (c) | 3,380 | 2,194 | ||
(Disney Parking Proj.): | ||||
0% 3/1/10 | 2,000 | 1,518 | ||
0% 3/1/11 | 1,950 | 1,390 | ||
0% 3/1/12 | 2,180 | 1,461 | ||
0% 3/1/13 | 6,490 | 4,084 | ||
0% 3/1/18 | 3,000 | 1,369 | ||
0% 3/1/19 | 3,175 | 1,351 | ||
0% 3/1/20 | 1,000 | 394 | ||
Los Angeles County Metro. Trans. Auth. Sales Tax Rev.: | ||||
(Proposition A Proj.) First Tier Sr. Series C, 4.75% 7/1/17 (AMBAC Insured) | 3,310 | 3,360 | ||
(Proposition C Proj.) Second Tier Sr. Series A, 5.25% 7/1/25 (FGIC Insured) | 3,500 | 3,551 | ||
Los Angeles County Pub. Works Fing. Auth. Rev. (Reg'l. Park & Open Space District Proj.) Series A, 5% 10/1/19 | 6,000 | 6,080 | ||
Los Angeles Dept. Arpts. Rev. (Los Angeles Int'l. Arpt. Proj.) Series D, 5.625% 5/15/12 (FGIC Insured) (b) | 290 | 305 | ||
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: | ||||
Second Issue: | ||||
5.25% 11/15/26 (MBIA Insured) | 16,690 | 16,744 | ||
5.4% 11/15/31 (MBIA Insured) | 1,875 | 1,887 | ||
4.75% 8/15/12 (FGIC Insured) (Escrowed to Maturity) (c) | 3,120 | 3,182 | ||
4.75% 8/15/16 (FGIC Insured) (Escrowed to Maturity) (c) | 1,395 | 1,415 | ||
4.75% 10/15/20 (Escrowed to Maturity) (c) | 150 | 150 | ||
4.75% 10/15/20 (Pre-Refunded to 10/15/17 @ 100) (c) | 1,650 | 1,672 | ||
6.75% 10/15/04 (AMBAC Insured) (Escrowed to Maturity) (c) | 195 | 200 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | ||||
Series 2001 A, 5.125% 7/1/41 | 12,000 | 11,719 | ||
5.5% 10/15/10 | 2,630 | 2,926 | ||
5.5% 10/15/11 (MBIA Insured) | 3,670 | 4,064 | ||
Los Angeles Gen. Oblig. Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series A, 5.5% 8/1/24 (AMBAC Insured) | 3,700 | 3,878 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Los Angeles Hbr. Dept. Rev.: | ||||
Series A, 5.5% 8/1/07 (AMBAC Insured) (b) | $ 4,740 | $ 5,235 | ||
Series B: | ||||
5.25% 11/1/06 (b) | 7,380 | 8,051 | ||
5.25% 11/1/07 (b) | 4,290 | 4,662 | ||
5.25% 11/1/10 (b) | 9,105 | 9,704 | ||
5.25% 11/1/11 (b) | 7,095 | 7,511 | ||
5.3% 8/1/06 (b) | 2,000 | 2,171 | ||
5.5% 8/1/08 (b) | 1,505 | 1,629 | ||
7.6% 10/1/18 (Escrowed to Maturity) (c) | 14,810 | 18,725 | ||
Los Angeles Unified School District Series C, 5.25% 7/1/24 (MBIA Insured) | 1,265 | 1,283 | ||
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (MBIA Insured) (Escrowed to Maturity) (c) | 2,455 | 3,010 | ||
Manhattan Beach Unified School District Series A, 0% 9/1/09 (FGIC Insured) | 975 | 790 | ||
Metro. Wtr. District Southern California Wtrwks. Rev. Series A, 5% 7/1/26 | 16,500 | 16,213 | ||
Modesto Elementary School District, Stanislaus County Series A, 0% 8/1/25 (FGIC Insured) | 2,800 | 815 | ||
Modesto Gen. Oblig. Ctfs. of Prtn.: | ||||
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) | 2,500 | 2,500 | ||
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (FGIC Insured) | 1,585 | 1,585 | ||
Modesto Irrigation District Ctfs. of Prtn.: | ||||
Ctfs. of Prtn. (Geysers Geothermal Pwr. Proj.) | 5,000 | 5,005 | ||
Ctfs. of Prtn. & Cap. Impts. Series A, 0% 10/1/10 (MBIA Insured) (Escrowed to Maturity) (c) | 2,270 | 1,743 | ||
Monrovia Unified School District Series B, 0% 8/1/33 (FGIC Insured) | 2,500 | 453 | ||
Montebello Unified School District 0% 6/1/26 | 1,580 | 437 | ||
Monterey County Ctfs. of Prtn.: | ||||
(Master Plan Fing. Prog.) 5.25% 8/1/13 (MBIA Insured) | 2,000 | 2,170 | ||
Series 2001, 5.25% 8/1/16 (MBIA Insured) | 2,445 | 2,611 | ||
Murrieta Valley Unified School District Series A, 0% 9/1/13 (FGIC Insured) | 1,500 | 953 | ||
New Haven Unified School District: | ||||
12% 8/1/16 (FSA Insured) | 1,500 | 2,578 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
New Haven Unified School District: - continued | ||||
12% 8/1/17 (FSA Insured) | $ 1,000 | $ 1,757 | ||
Northern California Pwr. Agcy. Pub. Pwr. Rev.: | ||||
(Geothermal #3 Proj.) Series A, 5.6% 7/1/06 | 2,415 | 2,618 | ||
(Hydro Elec. #1 Proj.) Series A, 7.5% 7/1/23 (AMBAC Insured) (Pre-Refunded to 7/1/21 @ 100) (c) | 3,825 | 5,042 | ||
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (MBIA Insured) | 7,100 | 8,643 | ||
Oakland Gen. Oblig. Ctfs. of Prtn. (Oakland Museum Proj.) Series A, 0% 4/1/07 (AMBAC Insured) | 2,750 | 2,497 | ||
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): | ||||
5% 9/1/21 (MBIA Insured) (Escrowed to Maturity) (c) | 1,000 | 1,046 | ||
5.5% 9/1/17 (FGIC Insured) | 3,000 | 3,257 | ||
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.): | ||||
0% 8/1/08 (MBIA Insured) | 3,255 | 2,799 | ||
0% 8/1/09 (MBIA Insured) | 3,260 | 2,650 | ||
0% 8/1/10 (MBIA Insured) | 3,255 | 2,486 | ||
Orange County Arpt. Rev.: | ||||
5.5% 7/1/11 (MBIA Insured) (b) | 4,000 | 4,358 | ||
6% 7/1/07 (MBIA Insured) (b) | 9,135 | 10,216 | ||
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev.: | ||||
5.75% 12/1/09 (AMBAC Insured) (b) | 3,620 | 4,086 | ||
5.75% 12/1/11 (AMBAC Insured) (b) | 4,000 | 4,452 | ||
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) 5.375% 6/1/16 (AMBAC Insured) | 3,770 | 4,110 | ||
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) 5.8% 8/1/29 (FSA Insured) | 6,410 | 6,879 | ||
Palos Verdes Peninsula Unified School District Series A, 5.625% 11/1/25 | 5,900 | 6,177 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) | 7,095 | 7,084 | ||
Placer County Wtr. Agcy. Wtr. Rev. Ctfs. of Prtn. (Cap. Impt. Projs.) 5.5% 7/1/29 (AMBAC Insured) | 3,000 | 3,132 | ||
Pleasanton Joint Powers Fing. Auth. Rev. (Reassessment Proj.) Series A: | ||||
6% 9/2/05 | 1,955 | 1,999 | ||
6.15% 9/2/12 | 12,205 | 12,486 | ||
Pomona Unified School District Series C, 6% 8/1/30 (FGIC Insured) (Escrowed to Maturity) (c) | 4,535 | 5,193 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Port of Oakland Gen. Oblig.: | ||||
Series L: | ||||
5% 11/1/32 (FGIC Insured) (b) | $ 4,835 | $ 4,635 | ||
5.5% 11/1/20 (FGIC Insured) (b) | 3,405 | 3,570 | ||
5% 11/1/15 (MBIA Insured) (b) | 5,850 | 6,060 | ||
5% 11/1/17 (MBIA Insured) (b) | 3,355 | 3,420 | ||
5% 11/1/18 (MBIA Insured) (b) | 2,740 | 2,783 | ||
Port of Oakland Port Rev.: | ||||
Series F, 0% 11/1/07 (MBIA Insured) | 3,250 | 2,905 | ||
Series G: | ||||
5.375% 11/1/08 (MBIA Insured) (b) | 1,805 | 1,999 | ||
6% 11/1/07 (MBIA Insured) (b) | 1,650 | 1,857 | ||
Redding Elec. Sys. Rev. Ctfs. of Prtn. Series A: | ||||
0% 6/1/06 (FGIC Insured) | 1,730 | 1,627 | ||
0% 6/1/07 (FGIC Insured) | 1,890 | 1,708 | ||
0% 6/1/08 (FGIC Insured) | 1,300 | 1,124 | ||
Richmond Redev. Agcy. Tax Allocation Rev. (Harbour Redev. Proj.) 7% 7/1/09 (FSA Insured) | 105 | 106 | ||
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): | ||||
Series A, 6.5% 6/1/12 (MBIA Insured) | 15,500 | 17,937 | ||
Series B, 5.7% 6/1/16 (MBIA Insured) | 1,950 | 2,164 | ||
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.) Series A: | ||||
4.8% 10/1/07 | 1,080 | 1,138 | ||
5% 10/1/08 | 1,135 | 1,199 | ||
5% 10/1/09 | 1,140 | 1,195 | ||
5.1% 10/1/10 | 1,245 | 1,287 | ||
5.25% 10/1/12 | 1,375 | 1,401 | ||
5.5% 10/1/22 | 4,500 | 4,416 | ||
Rocklin Unified School District: | ||||
0% 8/1/24 (FGIC Insured) | 1,370 | 424 | ||
0% 8/1/25 (FGIC Insured) | 2,725 | 794 | ||
0% 8/1/26 (FGIC Insured) | 1,365 | 374 | ||
0% 8/1/27 (FGIC Insured) | 1,500 | 388 | ||
Roseville City School District: | ||||
0% 8/1/25 (FGIC Insured) | 1,745 | 508 | ||
0% 8/1/27 (FGIC Insured) | 1,940 | 496 | ||
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) | 2,000 | 2,168 | ||
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (MBIA Insured) | 2,035 | 1,134 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Sacramento Cogeneration Auth. Cogeneration Proj. Rev. (Procter & Gamble Proj.) 6.375% 7/1/10 | $ 700 | $ 749 | ||
Sacramento Muni. Util. District Elec. Rev.: | ||||
Series 2001 P: | ||||
5.25% 8/15/15 (FSA Insured) | 1,660 | 1,786 | ||
5.25% 8/15/16 (FSA Insured) | 1,500 | 1,603 | ||
Series L, 5.125% 7/1/22 (MBIA Insured) | 4,000 | 4,093 | ||
Series M, 5.25% 7/1/28 (Pre-Refunded to 7/1/04 @ 101) (c) | 4,655 | 4,861 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev.: | ||||
6% 7/1/22 | 18,700 | 19,106 | ||
6.5% 7/1/06 | 4,500 | 4,943 | ||
6.5% 7/1/07 | 2,000 | 2,209 | ||
6.5% 7/1/08 | 1,000 | 1,107 | ||
San Bernardino County Ctfs. of Prtn.: | ||||
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (c) | 8,500 | 10,557 | ||
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 | 10,000 | 10,224 | ||
San Diego County Ctfs. of Prtn.: | ||||
(Burnham Institute Proj.) 6.25% 9/1/29 | 6,800 | 6,920 | ||
5% 10/1/05 | 1,270 | 1,355 | ||
5% 10/1/07 | 1,400 | 1,522 | ||
5% 10/1/09 | 1,545 | 1,672 | ||
5.25% 10/1/11 | 1,705 | 1,830 | ||
San Diego Unified School District (Election of 1998 Proj.): | ||||
Series 2000 B, 6.05% 7/1/18 (MBIA Insured) | 2,290 | 2,676 | ||
Series D, 5.25% 7/1/17 (FGIC Insured) | 3,325 | 3,543 | ||
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 | 4,500 | 4,731 | ||
San Francisco Bay Area Trans. Fing. Auth. (Bridge Toll Proj.): | ||||
5.5% 8/1/05 (American Cap. Access Corp. Insured) | 1,000 | 1,066 | ||
5.75% 2/1/07 (American Cap. Access Corp. Insured) | 1,500 | 1,647 | ||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | ||||
(SFO Fuel Co. Proj.) Series A: | ||||
5.125% 1/1/17 (AMBAC Insured) (b) | 6,000 | 6,195 | ||
5.25% 1/1/18 (AMBAC Insured) (b) | 4,515 | 4,683 | ||
5.25% 1/1/19 (AMBAC Insured) (b) | 4,750 | 4,899 | ||
Second Series: | ||||
Issue 09A, 5.125% 5/1/07 (FGIC Insured) (b) | 2,000 | 2,105 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: - continued | ||||
Second Series: | ||||
Issue 12A, 5.625% 5/1/08 (FGIC Insured) (b) | $ 1,625 | $ 1,763 | ||
Issue 15A: | ||||
5.5% 5/1/07 (FSA Insured) (b) | 5,680 | 6,236 | ||
5.5% 5/1/09 (FSA Insured) (b) | 1,355 | 1,498 | ||
Issue 16A: | ||||
5.375% 5/1/18 (FSA Insured) (b) | 5,035 | 5,281 | ||
5.5% 5/1/06 (FSA Insured) (b) | 1,850 | 2,004 | ||
5.5% 5/1/08 (FSA Insured) (b) | 2,945 | 3,248 | ||
Issue 18A, 5.25% 5/1/11 (MBIA Insured) (b) | 3,280 | 3,519 | ||
Issue 23A: | ||||
5.5% 5/1/07 (FGIC Insured) (b) | 1,045 | 1,147 | ||
5.5% 5/1/08 (FGIC Insured) (b) | 2,755 | 3,039 | ||
Second Series 1998 Issue 18A, 5.25% 5/1/14 | 2,750 | 2,896 | ||
Second Series 27A: | ||||
5.5% 5/1/07 (MBIA Insured) (b) | 2,935 | 3,223 | ||
5.5% 5/1/08 (MBIA Insured) (b) | 4,045 | 4,462 | ||
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: | ||||
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (MBIA Insured) | 1,475 | 1,127 | ||
Series A: | ||||
0% 8/1/08 (FGIC Insured) | 1,085 | 933 | ||
0% 8/1/09 (FGIC Insured) | 1,085 | 882 | ||
0% 8/1/10 (FGIC Insured) | 1,085 | 829 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1997 A, 0% 1/15/26 (MBIA Insured) | 11,000 | 3,109 | ||
Series A: | ||||
0% 1/15/10 (MBIA Insured) | 2,235 | 1,744 | ||
0% 1/15/12 (MBIA Insured) | 7,000 | 4,856 | ||
0% 1/15/15 (MBIA Insured) | 5,000 | 2,894 | ||
0% 1/15/31 (MBIA Insured) | 5,000 | 1,049 | ||
5.25% 1/15/30 (MBIA Insured) | 9,145 | 9,214 | ||
5.5% 1/15/28 | 1,060 | 994 | ||
0% 1/1/12 (Escrowed to Maturity) (c) | 15,000 | 10,577 | ||
San Jose Arpt. Rev.: | ||||
Series A, 5.25% 3/1/14 (FGIC Insured) | 1,000 | 1,072 | ||
Series B, 5% 3/1/09 (FSA Insured) (b) | 5,395 | 5,784 | ||
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (c) | 1,990 | 1,144 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
San Mateo County Cmnty. College District Series A, 0% 9/1/24 (FGIC Insured) | $ 4,500 | $ 1,386 | ||
San Mateo Unified School District (Election of 2000 Proj.) Series B: | ||||
0% 9/1/23 (FGIC Insured) | 2,000 | 657 | ||
0% 9/1/24 (FGIC Insured) | 3,500 | 1,078 | ||
0% 9/1/25 (FGIC Insured) | 1,490 | 432 | ||
0% 9/1/26 (FGIC Insured) | 1,500 | 409 | ||
Sanger Unified School District 5.6% 8/1/23 (MBIA Insured) | 3,000 | 3,265 | ||
Santa Barbara High School District Series A: | ||||
5.75% 8/1/25 (FGIC Insured) | 4,650 | 4,978 | ||
5.75% 8/1/30 (FGIC Insured) | 7,490 | 7,995 | ||
Santa Clara County Trans. District Sales Tax Rev. | 8,500 | 8,649 | ||
Santa Cruz City Elementary School District Series B, 5.75% 8/1/26 (FGIC Insured) | 2,730 | 2,933 | ||
Santa Cruz City High School District Series B: | ||||
5.75% 8/1/26 (FGIC Insured) | 2,380 | 2,557 | ||
6% 8/1/29 (FGIC Insured) | 6,770 | 7,450 | ||
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (MBIA Insured) | 1,865 | 2,313 | ||
Santa Maria Redev. Agcy. Lease Rev. 5.25% 6/1/16 (AMBAC Insured) | 1,145 | 1,228 | ||
Santa Monica Redev. Agcy. Tax Allocation Rev. (Earthquake Recovery Redev. Proj.) Series 1999, 5.75% 7/1/22 (AMBAC Insured) | 8,395 | 9,053 | ||
Saratoga Union School District Series A, 0% 9/1/22 (FGIC Insured) | 3,820 | 1,338 | ||
Shasta Union High School District: | ||||
0% 8/1/26 (FGIC Insured) | 1,000 | 274 | ||
0% 8/1/27 (MBIA Insured) | 3,220 | 832 | ||
0% 5/1/28 (MBIA Insured) | 3,340 | 825 | ||
South Orange County Pub. Fing. Auth. Spl. Tax Rev. (Foothill Area Proj.) Series C: | ||||
7.5% 8/15/07 (FGIC Insured) | 3,890 | 4,622 | ||
8% 8/15/09 (FGIC Insured) | 3,650 | 4,572 | ||
Southern California Pub. Pwr. Auth. Rev.: | ||||
(Magnolia Pwr. Proj.) Series A, 5% 7/1/21 | 3,835 | 3,869 | ||
(Multiple Projs.): | ||||
6.75% 7/1/10 | 1,400 | 1,643 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Southern California Pub. Pwr. Auth. Rev.: - continued | ||||
(Multiple Projs.): | ||||
6.75% 7/1/11 | $ 6,500 | $ 7,635 | ||
7% 7/1/05 | 920 | 922 | ||
Stanislaus County Ctfs. of Prtn. (Cap. Impt. Prog.) | 1,000 | 1,066 | ||
Sulpher Springs Unified School District Series A: | ||||
0% 9/1/09 (MBIA Insured) | 2,485 | 2,014 | ||
0% 9/1/12 (MBIA Insured) | 2,750 | 1,856 | ||
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) | 5,800 | 4,150 | ||
Tobacco Securitization Auth. Northern California Tobacco Settlement Rev. Series 2001 A, 5.25% 6/1/31 | 2,000 | 1,452 | ||
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: | ||||
5.5% 6/1/31 | 2,350 | 2,331 | ||
6% 6/1/22 | 1,100 | 1,157 | ||
Ukiah Unified School District: | ||||
0% 8/1/14 (FGIC Insured) | 3,040 | 1,818 | ||
0% 8/1/19 (FGIC Insured) | 2,270 | 989 | ||
Union Elementary School District Series A, 0% 9/1/21 (FGIC Insured) | 2,995 | 1,122 | ||
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (d) | 22,420 | 23,393 | ||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.): | ||||
5.25% 1/1/08 | 3,160 | 3,239 | ||
5.25% 1/1/13 | 8,500 | 8,646 | ||
Ventura Unified School District Series D, 5.875% 8/1/30 (FSA Insured) | 1,645 | 1,775 | ||
Vernon Elec. Sys. Rev. (Marlburg Generating Station Proj.): | ||||
5% 4/1/09 | 1,000 | 1,054 | ||
5.375% 4/1/16 | 2,005 | 2,036 | ||
Victor Elementary School District Series A, 0% 6/1/14 (MBIA Insured) | 2,375 | 1,431 | ||
West & Central Basin Fing. Auth. Rev. Series B, 5.1% 8/1/06 (AMBAC Insured) | 4,000 | 4,133 | ||
Whittier Union High School District Series B, 5.875% 8/1/30 (FSA Insured) | 2,405 | 2,600 | ||
1,505,867 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Guam - 0.2% | ||||
Guam Pwr. Auth. Rev. Series A: | ||||
4% 10/1/03 | $ 1,795 | $ 1,798 | ||
4% 10/1/04 | 1,620 | 1,652 | ||
3,450 | ||||
Puerto Rico - 0.3% | ||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A: | ||||
5.5% 10/1/32 (Escrowed to Maturity) (c) | 3,550 | 3,789 | ||
5.5% 10/1/40 (Escrowed to Maturity) (c) | 1,100 | 1,170 | ||
4,959 |
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $1,452,764) | 1,514,276 | ||
NET OTHER ASSETS - 1.0% | 14,675 | ||
NET ASSETS - 100% | $ 1,528,951 |
Swap Agreements | |||||
Expiration | Notional | Unrealized | |||
Interest Rate Swap | |||||
Receive quarterly a fixed rate equal to 4.477% and pay quarterly a floating rate based on BMA Municipal Swap Index with Merrill Lynch, Inc. | Nov. 2018 | $ 10,000 | $ 211 | ||
Receive quarterly a fixed rate equal to 5.3142% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc. | Nov. 2013 | 17,000 | 371 | ||
$ 27,000 | $ 582 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition | Acquisition |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 | 3/6/02 | $ 22,420 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 25.7% |
Transportation | 16.0 |
Electric Utilities | 11.4 |
Health Care | 10.6 |
Education | 8.2 |
Escrowed/Pre-Refunded | 6.8 |
Special Tax | 7.1 |
Others* (individually less than 5%) | 14.2 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $155,940,000 and $291,376,000, respectively. |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,393,000 or 1.5% of net assets. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | August 31, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,452,764) - See accompanying schedule | $ 1,514,276 | |
Cash | 489 | |
Receivable for investments sold | 6,672 | |
Receivable for fund shares sold | 857 | |
Interest receivable | 17,292 | |
Unrealized gain on swap agreements | 582 | |
Other receivables | 4 | |
Total assets | 1,540,172 | |
Liabilities | ||
Payable for investments purchased | $ 1,074 | |
Delayed delivery | 6,688 | |
Payable for fund shares redeemed | 1,118 | |
Distributions payable | 1,691 | |
Accrued management fee | 488 | |
Distribution fees payable | 13 | |
Other payables and accrued expenses | 149 | |
Total liabilities | 11,221 | |
Net Assets | $ 1,528,951 | |
Net Assets consist of: | ||
Paid in capital | $ 1,458,939 | |
Undistributed net investment income | 1,090 | |
Accumulated undistributed net realized gain (loss) on investments | 6,828 | |
Net unrealized appreciation (depreciation) on investments | 62,094 | |
Net Assets | $ 1,528,951 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | August 31, 2003 (Unaudited) | |
Calculation of Maximum Offering Price | $ 12.36 | |
Maximum offering price per share (100/95.25 of $12.36) | $ 12.98 | |
Class T: | $ 12.38 | |
Maximum offering price per share (100/96.50 of $12.38) | $ 12.83 | |
Class B: | $ 12.36 | |
Class C: | $ 12.35 | |
Spartan California Municipal Income Fund: | $ 12.35 | |
Institutional Class: | $ 12.36 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended August 31, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 39,966 | |
Expenses | ||
Management fee | $ 3,169 | |
Transfer agent fees | 578 | |
Distribution fees | 73 | |
Accounting fees and expenses | 200 | |
Non-interested trustees' compensation | 4 | |
Custodian fees and expenses | 13 | |
Registration fees | 60 | |
Audit | 24 | |
Legal | 4 | |
Miscellaneous | 2 | |
Total expenses before reductions | 4,127 | |
Expense reductions | (79) | 4,048 |
Net investment income (loss) | 35,918 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 10,619 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (55,262) | |
Swap agreements | 582 | |
Total change in net unrealized appreciation (depreciation) | (54,680) | |
Net gain (loss) | (44,061) | |
Net increase (decrease) in net assets resulting from operations | $ (8,143) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 35,918 | $ 72,724 |
Net realized gain (loss) | 10,619 | 17,062 |
Change in net unrealized appreciation (depreciation) | (54,680) | 17,340 |
Net increase (decrease) in net assets resulting | (8,143) | 107,126 |
Distributions to shareholders from net investment income | (35,769) | (72,090) |
Distributions to shareholders from net realized gain | (8,599) | (9,302) |
Total distributions | (44,368) | (81,392) |
Share transactions - net increase (decrease) | (118,721) | 19,962 |
Redemption fees | 26 | 45 |
Total increase (decrease) in net assets | (171,206) | 45,741 |
Net Assets | ||
Beginning of period | 1,700,157 | 1,654,416 |
End of period (including undistributed net investment income of $1,090 and undistributed net investment income of $1,389, respectively) | $ 1,528,951 | $ 1,700,157 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss) E | .263 | .303 |
Net realized and unrealized gain (loss) | (.336) | .212 |
Total from investment operations | (.073) | .515 |
Distributions from net investment income | (.262) | (.297) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.327) | (.355) |
Redemption fees added to paid in capital E, H | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total Return B,C,D | (.60)% | 4.13% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .65% A | .66%A |
Expenses net of voluntary waivers, if any | .65%A | .66%A |
Expenses net of all reductions | .65%A | .65%A |
Net investment income (loss) | 4.12%A | 4.18%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 3 | $ 3 |
Portfolio turnover rate | 19%A | 18% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.79 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss) E | .254 | .296 |
Net realized and unrealized gain (loss) | (.344) | .241 |
Total from investment operations | (.090) | .537 |
Distributions from net investment income | (.255) | (.289) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.320) | (.347) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.38 | $ 12.79 |
Total Return B,C,D | (.73)% | 4.31% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .76% A | .77% A |
Expenses net of voluntary waivers, if any | .76% A | .77% A |
Expenses net of all reductions | .76% A | .76% A |
Net investment income (loss) | 4.01% A | 4.07% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 2 | $ 1 |
Portfolio turnover rate | 19% A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)E | .215 | .247 |
Net realized and unrealized gain (loss) | (.336) | .210 |
Total from investment operations | (.121) | .457 |
Distributions from net investment income | (.214) | (.239) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.279) | (.297) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total ReturnB,C,D | (.97)% | 3.66% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.40%A | 1.42%A |
Expenses net of voluntary waivers, if any | 1.40%A | 1.42%A |
Expenses net of all reductions | 1.39%A | 1.42%A |
Net investment income (loss) | 3.38%A | 3.42%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 5 | $ 4 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.75 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)E | .207 | .239 |
Net realized and unrealized gain (loss) | (.335) | .200 |
Total from investment operations | (.128) | .439 |
Distributions from net investment income | (.207) | (.231) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.272) | (.289) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.35 | $ 12.75 |
Total ReturnB,C,D | (1.03) % | 3.52% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.51%A | 1.54%A |
Expenses net of voluntary waivers, if any | 1.51%A | 1.54%A |
Expenses net of all reductions | 1.51%A | 1.53%A |
Net investment income (loss) | 3.26%A | 3.30%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 10 | $ 7 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Spartan California Municipal Income
Six months ended | Years ended February 28, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000E | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, | $ 12.75 | $ 12.55 | $ 12.35 | $ 11.52 | $ 12.41 | $ 12.36 |
Income from Investment Operations | ||||||
Net investment income (loss) | .275C | .546C | .555C,F | .568C | .557C | .569 |
Net realized and | (.337) | .265 | .211F | .832 | (.838) | .154 |
Total from investment operations | (.062) | .811 | .766 | 1.400 | (.281) | .723 |
Distributions from net investment income | (.273) | (.541) | (.552) | (.570) | (.555) | (.569) |
Distributions from net realized gain | (.065) | (.070) | (.015) | - | (.015) | (.104) |
Distributions in excess of net realized gain | - | - | - | - | (.039) | - |
Total distributions | (.338) | (.611) | (.567) | (.570) | (.609) | (.673) |
Redemption fees added to paid in capital | - C,G | -C,G | .001C | - | - | - |
Net asset value, | $ 12.35 | $ 12.75 | $ 12.55 | $ 12.35 | $ 11.52 | $ 12.41 |
Total ReturnB | (.51)% | 6.64% | 6.36% | 12.42% | (2.28)% | 6.00% |
Ratios to Average Net AssetsD | ||||||
Expenses before expense reductions | .48% A | .49% | .48% | .49% | .49% | .52% |
Expenses net of voluntary waivers, if any | .48% A | .48% | .48% | .49% | .49% | .52% |
Expenses net of all | .47% A | .47% | .43% | .42% | .49% | .52% |
Net investment income (loss) | 4.30% A | 4.34% | 4.47% F | 4.75% | 4.69% | 4.59% |
Supplemental Data | ||||||
Net assets, end of | $ 1,507 | $ 1,683 | $ 1,654 | $ 1,512 | $ 1,212 | $ 1,359 |
Portfolio turnover rate | 19% A | 18% | 13% | 16% | 35% | 34% |
A Annualized
B Total returns would have been lower had certain expenses not been reduced during the periods shown.
C Calculated based on average shares outstanding during the period.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
E For the year ended February 29.
F Effective March 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2003E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)D | .275 | .316 |
Net realized and unrealized gain (loss) | (.338) | .211 |
Total from investment operations | (.063) | .527 |
Distributions from net investment income | (.272) | (.309) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.337) | (.367) |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total ReturnB,C | (.52)% | 4.23% |
Ratios to Average Net AssetsF | ||
Expenses before expense reductions | .50%A | .50%A |
Expenses net of voluntary waivers, if any | .50%A | .50%A |
Expenses net of all reductions | .49%A | .49%A |
Net investment income (loss) | 4.28%A | 4.34%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 1 | $ 1 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended August 31, 2003 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan 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 Class A, Class T, Class B, Class C, Spartan California Municipal Income, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
The fund may be affected by economic and political developments in the state of California. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount and losses deferred due to wash sales and futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 72,957 |
Unrealized depreciation | (9,766) |
Net unrealized appreciation (depreciation) | $ 63,191 |
Cost for federal income tax purposes | $ 1,451,085 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell 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. During the time a delayed delivery
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The fund 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 is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.
Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.
Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. The net receivable or payable is accrued daily and is included in interest income in the accompanying Statement of Operations. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.
Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .15% | $ 3 | $ - |
Class T | 0% | .25% | 2 | - |
Class B | .65% | .25% | 23 | 17 |
Class C | .75% | .25% | 45 | 43 |
$ 73 | $ 60 |
Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 3 |
Class T | 1 |
Class B* | 18 |
Class C* | 4 |
$ 26 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan California Municipal Income and Institutional Class shares. Citibank has entered into sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, Spartan California Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan California Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
Amount | % of | |
Class A | $ 1 | .09 |
Class T | 1 | .10 |
Class B | 2 | .09 |
Class C | 5 | .10 |
Spartan California Municipal Income | 568 | .07 |
Institutional Class | 1 | .08 |
$ 578 |
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-contract with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
5. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan California Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $43.
In addition, through arrangements with the fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $13 and $23, respectively.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 69 | $ 46 |
Class T | 38 | 20 |
Class B | 87 | 44 |
Class C | 146 | 77 |
Spartan California Municipal Income | 35,403 | 71,876 |
Institutional Class | 26 | 27 |
Total | $ 35,769 | $ 72,090 |
From net realized gain | ||
Class A | $ 16 | $ 11 |
Class T | 5 | 5 |
Class B | 26 | 13 |
Class C | 40 | 24 |
Spartan California Municipal Income | 8,506 | 9,242 |
Institutional Class | 6 | 7 |
Total | $ 8,599 | $ 9,302 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
Semiannual Report
7. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 83 | 258 | $ 1,051 | $ 3,287 |
Reinvestment of distributions | 2 | 1 | 28 | 18 |
Shares redeemed | (67) | (17) | (842) | (220) |
Net increase (decrease) | 18 | 242 | $ 237 | $ 3,085 |
Class T | ||||
Shares sold | 119 | 124 | $ 1,523 | $ 1,594 |
Reinvestment of distributions | 2 | 2 | 24 | 22 |
Shares redeemed | - | (47) | (6) | (600) |
Net increase (decrease) | 121 | 79 | $ 1,541 | $ 1,016 |
Class B | ||||
Shares sold | 125 | 361 | $ 1,597 | $ 4,589 |
Reinvestment of distributions | 5 | 2 | 57 | 31 |
Shares redeemed | (63) | (13) | (796) | (171) |
Net increase (decrease) | 67 | 350 | $ 858 | $ 4,449 |
Class C | ||||
Shares sold | 273 | 611 | $ 3,482 | $ 7,765 |
Reinvestment of distributions | 10 | 6 | 130 | 72 |
Shares redeemed | (65) | (31) | (820) | (397) |
Net increase (decrease) | 218 | 586 | $ 2,792 | $ 7,440 |
Spartan California Municipal Income | ||||
Shares sold | 9,145 | 28,507 | $ 116,636 | $ 358,744 |
Reinvestment of distributions | 2,500 | 4,657 | 31,613 | 58,599 |
Shares redeemed | (21,534) | (33,045) | (271,683) | (414,881) |
Net increase (decrease) | (9,889) | 119 | $ (123,434) | $ 2,462 |
Institutional Class | ||||
Shares sold | 5 | 136 | $ 61 | $ 1,744 |
Reinvestment of distributions | 1 | 1 | 12 | 17 |
Shares redeemed | (63) | (20) | (788) | (251) |
Net increase (decrease) | (57) | 117 | $ (715) | $ 1,510 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
Semiannual Report
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Semiannual Report
August 31, 2003
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Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
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.
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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.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five Sectors as of August 31, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 25.7 | 22.3 |
Transportation | 16.0 | 16.4 |
Electric Utilities | 11.4 | 14.0 |
Health Care | 10.6 | 10.3 |
Education | 8.2 | 8.2 |
Average Years to Maturity as of August 31, 2003 | ||
6 months ago | ||
Years | 13.9 | 13.9 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of August 31, 2003 | ||
6 months ago | ||
Years | 7.3 | 7.0 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of August 31, 2003 | As of February 28, 2003 | ||||||
![]() | AAA 52.2% | ![]() | AAA 58.8% | ||||
![]() | AA,A 34.2% | ![]() | AA,A 32.2% | ||||
![]() | BBB 10.5% | ![]() | BBB 6.9% | ||||
![]() | Not Rated 2.1% | ![]() | Not Rated 1.7% | ||||
![]() | Net Other Assets 1.0% | ![]() | Net Other Assets 0.4% |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
Semiannual Report
Investments August 31, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.0% | ||||
Principal | Value (Note 1) | |||
California - 98.5% | ||||
ABC Unified School District 0% 8/1/32 (FGIC Insured) | $ 2,115 | $ 406 | ||
Alameda Corridor Trans. Auth. Rev.: | ||||
Series 1999 A, 0% 10/1/34 (MBIA Insured) | 15,000 | 2,507 | ||
Series A, 5.25% 10/1/21 (MBIA Insured) | 7,575 | 7,756 | ||
Alvord Unified School District Series A, 5.9% 2/1/16 (MBIA Insured) | 1,155 | 1,323 | ||
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impts. Proj.): | ||||
Series 1997 A, 6% 9/1/24 (FSA Insured) | 1,000 | 1,138 | ||
Series 1997 C, 0% 9/1/30 (FSA Insured) | 6,300 | 1,353 | ||
Azusa Unified School District 5.375% 7/1/16 | 1,225 | 1,318 | ||
Bay Area Toll Auth. Toll Bridge Rev. (San Francisco Bay Area Proj.) Series 2001 D: | ||||
5% 4/1/08 | 700 | 772 | ||
5% 4/1/10 | 1,640 | 1,784 | ||
Benicia Unified School District Series B, 0% 8/1/24 (MBIA Insured) | 7,005 | 2,167 | ||
Berryessa Union School District Series C, 0% 6/1/28 (FSA Insured) | 1,755 | 428 | ||
Brea Redev. Agcy. 0% 8/1/30 (AMBAC Insured) | 7,210 | 1,556 | ||
Buena Park Cmnty. Redev. Agcy. Tax Allocation (Central Bus. District Proj.) Series A, 7.1% 9/1/14 (Pre-Refunded to 9/1/03 @ 101) (c) | 100 | 101 | ||
Burbank Redev. Agy.: | ||||
(City Ctr. Redev. Proj.) Series A, 5% 12/1/15 (FSA Insured) | 4,000 | 4,015 | ||
(Golden State Redev. Proj.) Series A, 5.75% 12/1/08 | 4,655 | 4,789 | ||
Cabrillo Unified School District Series A: | ||||
0% 8/1/10 (AMBAC Insured) | 2,150 | 1,642 | ||
0% 8/1/12 (AMBAC Insured) | 2,800 | 1,897 | ||
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. (Wtr. Sys. Proj.): | ||||
Series J1, 7% 12/1/12 | 730 | 891 | ||
Series S, 5% 12/1/19 | 3,160 | 3,204 | ||
Series Y, 5.25% 12/1/19 (FGIC Insured) | 5,000 | 5,238 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A: | ||||
5.5% 5/1/07 | 2,000 | 2,184 | ||
5.5% 5/1/16 (AMBAC Insured) | 1,200 | 1,300 | ||
5.75% 5/1/17 | 3,000 | 3,188 | ||
Series A: | ||||
5.25% 5/1/09 (MBIA Insured) | 15,600 | 17,231 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: - continued | ||||
Series A: | ||||
5.25% 5/1/11 (FSA Insured) | $ 3,000 | $ 3,268 | ||
5.375% 5/1/18 (AMBAC Insured) | 2,000 | 2,106 | ||
5.5% 5/1/08 | 5,000 | 5,488 | ||
5.5% 5/1/15 (AMBAC Insured) | 9,000 | 9,790 | ||
5.875% 5/1/16 | 3,900 | 4,226 | ||
6% 5/1/14 | 7,500 | 8,250 | ||
California Edl. Facilities Auth. Rev.: | ||||
(California Student Ln. Prog.) Series A, 6% 3/1/16 (MBIA Insured) (b) | 4,090 | 4,309 | ||
(Chapman Univ. Proj.) 5.375% 10/1/16 | 2,000 | 2,146 | ||
(Loyola Marymount Univ. Proj.): | ||||
0% 10/1/16 (MBIA Insured) | 2,280 | 1,198 | ||
0% 10/1/29 (MBIA Insured) | 7,115 | 1,619 | ||
(Pepperdine Univ. Proj.) 5.75% 9/15/30 | 13,735 | 14,328 | ||
(Pooled College & Univ. Proj.) Series A, 6.125% 6/1/30 | 3,435 | 3,637 | ||
(Santa Clara Univ. Proj.): | ||||
5.25% 9/1/17 (AMBAC Insured) | 1,000 | 1,085 | ||
5.25% 9/1/26 | 7,910 | 7,879 | ||
(Scripps College Proj.): | ||||
Series 2001, 5.25% 8/1/26 | 1,000 | 996 | ||
5.125% 2/1/30 | 6,000 | 5,753 | ||
(Stanford Univ. Proj.): | ||||
Series N, 5.2% 12/1/27 | 20,000 | 20,128 | ||
Series O, 5.125% 1/1/31 | 8,630 | 8,641 | ||
(Univ. of Southern California Proj.): | ||||
Series A, 5.7% 10/1/15 | 5,675 | 6,294 | ||
Series B: | ||||
5% 10/1/13 | 500 | 540 | ||
5% 10/1/14 | 1,195 | 1,283 | ||
Series C, 5.125% 10/1/28 | 7,725 | 7,749 | ||
California Franchise Tax Board Ctfs. of Prtn. 5.5% 10/1/06 | 1,825 | 1,995 | ||
California Gen. Oblig.: | ||||
Series 1991, 6.6% 2/1/10 (FGIC Insured) | 3,900 | 4,550 | ||
Series 1992, 6.25% 9/1/12 (FGIC Insured) | 2,000 | 2,323 | ||
Series 1999, 5.5% 2/1/10 (FGIC Insured) | 2,170 | 2,409 | ||
Series 2000, 5.5% 5/1/13 (MBIA Insured) | 1,900 | 2,061 | ||
5% 11/1/07 | 24,000 | 26,009 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5% 2/1/09 | $ 3,715 | $ 3,969 | ||
5% 2/1/10 | 3,000 | 3,178 | ||
5% 3/1/11 | 1,000 | 1,052 | ||
5% 11/1/12 | 14,850 | 15,498 | ||
5% 10/1/18 | 3,000 | 3,002 | ||
5% 12/1/18 | 9,245 | 9,255 | ||
5% 2/1/32 | 2,000 | 1,876 | ||
5.25% 10/1/09 | 2,150 | 2,343 | ||
5.25% 2/1/11 | 3,700 | 3,948 | ||
5.25% 10/1/14 | 300 | 312 | ||
5.25% 2/1/15 | 2,000 | 2,090 | ||
5.25% 2/1/16 | 7,000 | 7,259 | ||
5.25% 10/1/17 | 1,500 | 1,542 | ||
5.25% 2/1/20 | 10,900 | 11,020 | ||
5.25% 2/1/22 | 5,000 | 5,009 | ||
5.375% 10/1/28 | 4,250 | 4,236 | ||
5.5% 6/1/10 | 1,350 | 1,474 | ||
5.5% 3/1/12 (MBIA Insured) | 5,000 | 5,468 | ||
5.5% 6/1/28 | 5,000 | 5,024 | ||
5.625% 5/1/26 | 4,000 | 4,061 | ||
5.75% 10/1/10 | 7,325 | 8,137 | ||
5.75% 12/1/10 | 2,500 | 2,783 | ||
5.75% 5/1/30 | 3,080 | 3,151 | ||
6% 2/1/08 | 1,000 | 1,115 | ||
6.5% 2/1/07 | 3,000 | 3,354 | ||
6.5% 2/1/08 | 4,000 | 4,534 | ||
6.6% 2/1/09 | 14,355 | 16,459 | ||
6.6% 2/1/11 (MBIA Insured) | 1,100 | 1,290 | ||
6.75% 8/1/10 | 5,675 | 6,631 | ||
7% 8/1/09 | 3,000 | 3,540 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Health Care West Proj.): | ||||
Series 1988 A, 5% 7/1/06 | 3,135 | 3,302 | ||
Series A, 4.5% 7/1/04 | 1,500 | 1,530 | ||
(Cedars-Sinai Med. Ctr. Proj.) Series A: | ||||
6.125% 12/1/30 | 8,315 | 8,651 | ||
6.25% 12/1/34 | 15,905 | 16,617 | ||
California Hsg. Fin. Agcy. Home Mtg. Rev.: | ||||
(Home Mtg. Prog.) Series 1983 B, 0% 8/1/15 | 170 | 63 | ||
Series 1983 A, 0% 2/1/15 | 8,187 | 2,764 | ||
Series I, 4.95% 8/1/28 (MBIA Insured) (b) | 890 | 891 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Hsg. Fin. Agcy. Home Mtg. Rev.: - continued | ||||
Series J, 4.85% 8/1/27 (MBIA Insured) (b) | $ 2,435 | $ 2,498 | ||
California Infrastructure & Econ. Dev. Bank Rev.: | ||||
(YMCA Metro. L.A. Proj.) Series 2001: | ||||
5.25% 2/1/26 (AMBAC Insured) | 2,000 | 2,034 | ||
5.25% 2/1/32 (AMBAC Insured) | 6,295 | 6,378 | ||
5.25% 6/1/30 (MBIA Insured) | 1,700 | 1,739 | ||
5.5% 6/1/20 (MBIA Insured) | 1,780 | 1,902 | ||
5.5% 6/1/21 (MBIA Insured) | 4,780 | 5,036 | ||
5.5% 6/1/22 (MBIA Insured) | 5,040 | 5,289 | ||
5.5% 6/1/23 (MBIA Insured) | 5,320 | 5,567 | ||
5.5% 6/1/24 (MBIA Insured) | 5,610 | 5,874 | ||
California Poll. Cont. Fing. Auth.: | ||||
(Gen. Motors Corp. Proj.) 5.5% 4/1/08 | 1,500 | 1,502 | ||
(Pacific Gas & Elec. Co. Proj.) Series B, 6.35% 6/1/09 (MBIA Insured) (b) | 7,000 | 7,160 | ||
5.9% 6/1/14 (MBIA Insured) | 4,000 | 4,604 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series B, 4.45%, tender 7/1/05 (a)(b) | 11,500 | 11,677 | ||
California Pub. Works Board Lease Rev.: | ||||
(California Cmnty. College Projs.) Series A, 5.25% 12/1/16 | 4,450 | 4,576 | ||
(California State Univ. Proj.) Series 1997 A, 5.5% 10/1/07 | 1,425 | 1,569 | ||
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series A, 5.25% 12/1/18 (AMBAC Insured) | 5,000 | 5,209 | ||
(Dept. of Corrections, Madera State Prison Proj.) | ||||
5.5% 6/1/15 | 8,250 | 8,899 | ||
5.5% 6/1/19 | 3,000 | 3,031 | ||
6% 6/1/07 | 1,590 | 1,767 | ||
(Dept. of Corrections, Monterey County State Prison Proj.) Series D: | ||||
5.375% 11/1/12 | 1,250 | 1,328 | ||
5.375% 11/1/13 | 5,055 | 5,367 | ||
5.375% 11/1/14 | 5,000 | 5,301 | ||
(Dept. of Corrections, Susanville State Prison Proj.) Series D, 5.25% 6/1/15 (FSA Insured) | 4,000 | 4,323 | ||
(Library & Courts Annex Proj.) Series A, 5.5% 5/1/09 | 1,290 | 1,415 | ||
(Regents Univ. of California Proj.) Series 1998 B, 5.5% 11/1/10 | 3,755 | 4,167 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Substance Abuse Treatment Facilities Corcoran II Proj.) Series A, 5.5% 1/1/14 (AMBAC Insured) | $ 3,000 | $ 3,236 | ||
(Various California State Univ. Projs.): | ||||
Series A, 6.1% 10/1/06 | 1,210 | 1,285 | ||
Series B: | ||||
5.5% 6/1/19 | 1,650 | 1,687 | ||
6.4% 12/1/09 | 3,700 | 4,321 | ||
Series C, 5.125% 9/1/22 (AMBAC Insured) | 10,000 | 10,082 | ||
California State Univ. Rev. & Colleges: | ||||
(Systemwide Proj.) Series A: | ||||
5.375% 11/1/14 (AMBAC Insured) | 1,000 | 1,087 | ||
5.375% 11/1/18 (AMBAC Insured) | 1,000 | 1,070 | ||
5.5% 11/1/16 (AMBAC Insured) | 1,500 | 1,644 | ||
Series 1999 AY, 5.875% 11/1/30 (FGIC Insured) | 3,000 | 3,245 | ||
California Statewide Cmnty. Dev. Auth. Rev.: | ||||
(Cmnty. Hosp. Monterey Penninsula Proj.) Series B, 5.25% 6/1/23 (FSA Insured) | 1,800 | 1,820 | ||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) | 5,000 | 5,141 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2001 C, 3.85%, tender 8/1/06 (a) | 26,000 | 26,906 | ||
(Los Angeles Orthopaedic Hosp. Foundation Prog.) 5.75% 6/1/30 (AMBAC Insured) | 10,000 | 10,482 | ||
(Saint Joseph Health Sys. Proj.): | ||||
5.5% 7/1/14 | 9,500 | 9,649 | ||
5.5% 7/1/23 | 3,000 | 3,016 | ||
(Sisters Charity Leavenworth Proj.) 5% 12/1/14 | 1,315 | 1,331 | ||
(Sutter Health Systems Proj.) Series B, 5.625% 8/15/42 | 5,000 | 5,007 | ||
(Triad Health Care Hosp. Proj.) 6.25% 8/1/06 (Escrowed to Maturity) (c) | 3,860 | 4,169 | ||
5.616% 7/1/13 (MBIA Insured) | 10,000 | 10,188 | ||
California Statewide Cmnty. Dev. Auth. Rev. Ctfs. of Prtn.: | ||||
(Catholic Health Care West Proj.) 6% 7/1/09 | 3,455 | 3,781 | ||
(Saint Joseph Health Sys. Proj.): | ||||
5.25% 7/1/08 | 2,710 | 2,970 | ||
5.5% 7/1/07 | 1,425 | 1,576 | ||
California Statewide Cmntys. Dev. Auth. Solid Waste Facilities Rev. (Waste Mgmt. Proj.) 4.95%, tender 4/1/04 (a)(b) | 3,000 | 3,030 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Carlsbad Unified School Distict 0% 11/1/15 | $ 1,700 | $ 947 | ||
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series A: | ||||
7% 8/1/11 (MBIA Insured) | 1,500 | 1,823 | ||
7% 8/1/13 (MBIA Insured) | 4,740 | 5,879 | ||
7.25% 8/1/07 (MBIA Insured) | 1,755 | 2,069 | ||
Central Valley Fing. Auth. Cogeneration Proj. Rev. (Carson Ice Gen. Proj.) 6% 7/1/09 | 2,855 | 2,917 | ||
Chaffey Unified High School District Series 2000 B, 5.5% 8/1/18 (FGIC Insured) | 3,000 | 3,209 | ||
Contra Costa County Ctfs. of Prtn. (Merrithew Mem. Hosp. Proj.) 0% 11/1/14 (Escrowed to Maturity) (c) | 3,000 | 1,832 | ||
Corona-Norco Unified School District Series D, 0% 9/1/27 (FSA Insured) | 3,000 | 772 | ||
Duarte Ctfs. of Prtn. Series A: | ||||
4.625% 4/1/07 | 890 | 926 | ||
5% 4/1/11 | 2,000 | 2,064 | ||
5% 4/1/12 | 4,210 | 4,309 | ||
5% 4/1/13 | 1,830 | 1,851 | ||
5.25% 4/1/09 | 1,600 | 1,686 | ||
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2001, 5% 6/1/26 (MBIA Insured) | 1,520 | 1,504 | ||
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 | 4,000 | 4,816 | ||
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 1A: | ||||
0% 10/1/24 (AMBAC Insured) | 1,665 | 510 | ||
0% 10/1/25 (AMBAC Insured) | 1,665 | 480 | ||
Encinitas Union School District 0% 8/1/10 (MBIA Insured) | 1,000 | 764 | ||
Escondido Union High School District 0% 11/1/16 (MBIA Insured) (Escrowed to Maturity) (c) | 3,500 | 1,882 | ||
Eureka Unified School District Ctfs. of Prtn. Series A, 6.9% 9/1/27 (FSA Insured) | 660 | 662 | ||
Fairfield-Suisun Swr. District Swr. Rev. Series A: | ||||
0% 5/1/08 (MBIA Insured) | 2,085 | 1,807 | ||
0% 5/1/09 (MBIA Insured) | 2,080 | 1,705 | ||
Folsom Cordova Unified School District Facilities Impt. District #2 (1998 Fing. Proj.) Series A: | ||||
0% 10/1/24 (MBIA Insured) | 3,165 | 970 | ||
0% 10/1/26 (MBIA Insured) | 2,290 | 622 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Foothill-De Anza Cmnty. College District 0% 8/1/15 (MBIA Insured) | $ 2,415 | $ 1,362 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series A: | ||||
0% 1/1/15 (Escrowed to Maturity) (c) | 18,500 | 10,968 | ||
0% 1/1/18 (Escrowed to Maturity) (c) | 1,000 | 492 | ||
5% 1/1/35 (MBIA Insured) | 19,070 | 18,690 | ||
5% 1/15/16 (MBIA Insured) | 3,000 | 3,125 | ||
5.5% 1/15/08 (MBIA Insured) | 8,945 | 9,985 | ||
5.75% 1/15/40 | 8,155 | 8,313 | ||
Fremont Unifed School District, Alameda County Series F, 0% 8/1/09 (MBIA Insured) | 1,000 | 813 | ||
Fullerton Univ. Foundation Auxillary Organization Rev. Series A: | ||||
5.75% 7/1/25 (MBIA Insured) | 1,250 | 1,341 | ||
5.75% 7/1/30 (MBIA Insured) | 1,000 | 1,066 | ||
Glendale Elec. Rev. 6% 2/1/30 (MBIA Insured) | 12,245 | 13,234 | ||
Golden State Tobacco Securitization Corp. | ||||
5% 6/1/21 | 6,000 | 5,700 | ||
6.75% 6/1/39 | 8,000 | 6,615 | ||
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) 7.3% 9/1/11 (MBIA Insured) | 555 | 687 | ||
Long Beach Hbr. Rev.: | ||||
Series A: | ||||
5.5% 5/15/08 (FGIC Insured) (b) | 8,780 | 9,711 | ||
6% 5/15/09 (FGIC Insured) (b) | 3,300 | 3,715 | ||
6% 5/15/10 (FGIC Insured) (b) | 1,000 | 1,126 | ||
6% 5/15/12 (FGIC Insured) (b) | 3,500 | 3,937 | ||
5.125% 5/15/13 (b) | 12,450 | 12,675 | ||
5.5% 5/15/11 (MBIA Insured) (b) | 700 | 741 | ||
5.5% 5/15/15 (MBIA Insured) (b) | 3,710 | 3,919 | ||
5.75% 5/15/07 (MBIA Insured) (b) | 5,345 | 5,756 | ||
Los Angeles Cmnty. College District Series 2001 A, 5.75% 6/1/26 (MBIA Insured) | 10,000 | 10,593 | ||
Los Angeles County Cap. Asset Leasing Corp. Lease | 3,285 | 3,836 | ||
Los Angeles County Ctfs. of Prtn.: | ||||
(Correctional Facilities Proj.): | ||||
0% 9/1/10 (MBIA Insured) (Escrowed to Maturity) (c) | 3,770 | 2,903 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Los Angeles County Ctfs. of Prtn.: - continued | ||||
(Correctional Facilities Proj.): | ||||
0% 9/1/11 (MBIA Insured) (Escrowed to Maturity) (c) | $ 6,400 | $ 4,652 | ||
0% 9/1/13 (MBIA Insured) (Escrowed to Maturity) (c) | 3,380 | 2,194 | ||
(Disney Parking Proj.): | ||||
0% 3/1/10 | 2,000 | 1,518 | ||
0% 3/1/11 | 1,950 | 1,390 | ||
0% 3/1/12 | 2,180 | 1,461 | ||
0% 3/1/13 | 6,490 | 4,084 | ||
0% 3/1/18 | 3,000 | 1,369 | ||
0% 3/1/19 | 3,175 | 1,351 | ||
0% 3/1/20 | 1,000 | 394 | ||
Los Angeles County Metro. Trans. Auth. Sales Tax Rev.: | ||||
(Proposition A Proj.) First Tier Sr. Series C, 4.75% 7/1/17 (AMBAC Insured) | 3,310 | 3,360 | ||
(Proposition C Proj.) Second Tier Sr. Series A, 5.25% 7/1/25 (FGIC Insured) | 3,500 | 3,551 | ||
Los Angeles County Pub. Works Fing. Auth. Rev. (Reg'l. Park & Open Space District Proj.) Series A, 5% 10/1/19 | 6,000 | 6,080 | ||
Los Angeles Dept. Arpts. Rev. (Los Angeles Int'l. Arpt. Proj.) Series D, 5.625% 5/15/12 (FGIC Insured) (b) | 290 | 305 | ||
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: | ||||
Second Issue: | ||||
5.25% 11/15/26 (MBIA Insured) | 16,690 | 16,744 | ||
5.4% 11/15/31 (MBIA Insured) | 1,875 | 1,887 | ||
4.75% 8/15/12 (FGIC Insured) (Escrowed to Maturity) (c) | 3,120 | 3,182 | ||
4.75% 8/15/16 (FGIC Insured) (Escrowed to Maturity) (c) | 1,395 | 1,415 | ||
4.75% 10/15/20 (Escrowed to Maturity) (c) | 150 | 150 | ||
4.75% 10/15/20 (Pre-Refunded to 10/15/17 @ 100) (c) | 1,650 | 1,672 | ||
6.75% 10/15/04 (AMBAC Insured) (Escrowed to Maturity) (c) | 195 | 200 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | ||||
Series 2001 A, 5.125% 7/1/41 | 12,000 | 11,719 | ||
5.5% 10/15/10 | 2,630 | 2,926 | ||
5.5% 10/15/11 (MBIA Insured) | 3,670 | 4,064 | ||
Los Angeles Gen. Oblig. Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series A, 5.5% 8/1/24 (AMBAC Insured) | 3,700 | 3,878 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Los Angeles Hbr. Dept. Rev.: | ||||
Series A, 5.5% 8/1/07 (AMBAC Insured) (b) | $ 4,740 | $ 5,235 | ||
Series B: | ||||
5.25% 11/1/06 (b) | 7,380 | 8,051 | ||
5.25% 11/1/07 (b) | 4,290 | 4,662 | ||
5.25% 11/1/10 (b) | 9,105 | 9,704 | ||
5.25% 11/1/11 (b) | 7,095 | 7,511 | ||
5.3% 8/1/06 (b) | 2,000 | 2,171 | ||
5.5% 8/1/08 (b) | 1,505 | 1,629 | ||
7.6% 10/1/18 (Escrowed to Maturity) (c) | 14,810 | 18,725 | ||
Los Angeles Unified School District Series C, 5.25% 7/1/24 (MBIA Insured) | 1,265 | 1,283 | ||
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (MBIA Insured) (Escrowed to Maturity) (c) | 2,455 | 3,010 | ||
Manhattan Beach Unified School District Series A, 0% 9/1/09 (FGIC Insured) | 975 | 790 | ||
Metro. Wtr. District Southern California Wtrwks. Rev. Series A, 5% 7/1/26 | 16,500 | 16,213 | ||
Modesto Elementary School District, Stanislaus County Series A, 0% 8/1/25 (FGIC Insured) | 2,800 | 815 | ||
Modesto Gen. Oblig. Ctfs. of Prtn.: | ||||
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) | 2,500 | 2,500 | ||
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (FGIC Insured) | 1,585 | 1,585 | ||
Modesto Irrigation District Ctfs. of Prtn.: | ||||
Ctfs. of Prtn. (Geysers Geothermal Pwr. Proj.) | 5,000 | 5,005 | ||
Ctfs. of Prtn. & Cap. Impts. Series A, 0% 10/1/10 (MBIA Insured) (Escrowed to Maturity) (c) | 2,270 | 1,743 | ||
Monrovia Unified School District Series B, 0% 8/1/33 (FGIC Insured) | 2,500 | 453 | ||
Montebello Unified School District 0% 6/1/26 | 1,580 | 437 | ||
Monterey County Ctfs. of Prtn.: | ||||
(Master Plan Fing. Prog.) 5.25% 8/1/13 (MBIA Insured) | 2,000 | 2,170 | ||
Series 2001, 5.25% 8/1/16 (MBIA Insured) | 2,445 | 2,611 | ||
Murrieta Valley Unified School District Series A, 0% 9/1/13 (FGIC Insured) | 1,500 | 953 | ||
New Haven Unified School District: | ||||
12% 8/1/16 (FSA Insured) | 1,500 | 2,578 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
New Haven Unified School District: - continued | ||||
12% 8/1/17 (FSA Insured) | $ 1,000 | $ 1,757 | ||
Northern California Pwr. Agcy. Pub. Pwr. Rev.: | ||||
(Geothermal #3 Proj.) Series A, 5.6% 7/1/06 | 2,415 | 2,618 | ||
(Hydro Elec. #1 Proj.) Series A, 7.5% 7/1/23 (AMBAC Insured) (Pre-Refunded to 7/1/21 @ 100) (c) | 3,825 | 5,042 | ||
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (MBIA Insured) | 7,100 | 8,643 | ||
Oakland Gen. Oblig. Ctfs. of Prtn. (Oakland Museum Proj.) Series A, 0% 4/1/07 (AMBAC Insured) | 2,750 | 2,497 | ||
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): | ||||
5% 9/1/21 (MBIA Insured) (Escrowed to Maturity) (c) | 1,000 | 1,046 | ||
5.5% 9/1/17 (FGIC Insured) | 3,000 | 3,257 | ||
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.): | ||||
0% 8/1/08 (MBIA Insured) | 3,255 | 2,799 | ||
0% 8/1/09 (MBIA Insured) | 3,260 | 2,650 | ||
0% 8/1/10 (MBIA Insured) | 3,255 | 2,486 | ||
Orange County Arpt. Rev.: | ||||
5.5% 7/1/11 (MBIA Insured) (b) | 4,000 | 4,358 | ||
6% 7/1/07 (MBIA Insured) (b) | 9,135 | 10,216 | ||
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev.: | ||||
5.75% 12/1/09 (AMBAC Insured) (b) | 3,620 | 4,086 | ||
5.75% 12/1/11 (AMBAC Insured) (b) | 4,000 | 4,452 | ||
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) 5.375% 6/1/16 (AMBAC Insured) | 3,770 | 4,110 | ||
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) 5.8% 8/1/29 (FSA Insured) | 6,410 | 6,879 | ||
Palos Verdes Peninsula Unified School District Series A, 5.625% 11/1/25 | 5,900 | 6,177 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) | 7,095 | 7,084 | ||
Placer County Wtr. Agcy. Wtr. Rev. Ctfs. of Prtn. (Cap. Impt. Projs.) 5.5% 7/1/29 (AMBAC Insured) | 3,000 | 3,132 | ||
Pleasanton Joint Powers Fing. Auth. Rev. (Reassessment Proj.) Series A: | ||||
6% 9/2/05 | 1,955 | 1,999 | ||
6.15% 9/2/12 | 12,205 | 12,486 | ||
Pomona Unified School District Series C, 6% 8/1/30 (FGIC Insured) (Escrowed to Maturity) (c) | 4,535 | 5,193 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Port of Oakland Gen. Oblig.: | ||||
Series L: | ||||
5% 11/1/32 (FGIC Insured) (b) | $ 4,835 | $ 4,635 | ||
5.5% 11/1/20 (FGIC Insured) (b) | 3,405 | 3,570 | ||
5% 11/1/15 (MBIA Insured) (b) | 5,850 | 6,060 | ||
5% 11/1/17 (MBIA Insured) (b) | 3,355 | 3,420 | ||
5% 11/1/18 (MBIA Insured) (b) | 2,740 | 2,783 | ||
Port of Oakland Port Rev.: | ||||
Series F, 0% 11/1/07 (MBIA Insured) | 3,250 | 2,905 | ||
Series G: | ||||
5.375% 11/1/08 (MBIA Insured) (b) | 1,805 | 1,999 | ||
6% 11/1/07 (MBIA Insured) (b) | 1,650 | 1,857 | ||
Redding Elec. Sys. Rev. Ctfs. of Prtn. Series A: | ||||
0% 6/1/06 (FGIC Insured) | 1,730 | 1,627 | ||
0% 6/1/07 (FGIC Insured) | 1,890 | 1,708 | ||
0% 6/1/08 (FGIC Insured) | 1,300 | 1,124 | ||
Richmond Redev. Agcy. Tax Allocation Rev. (Harbour Redev. Proj.) 7% 7/1/09 (FSA Insured) | 105 | 106 | ||
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): | ||||
Series A, 6.5% 6/1/12 (MBIA Insured) | 15,500 | 17,937 | ||
Series B, 5.7% 6/1/16 (MBIA Insured) | 1,950 | 2,164 | ||
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.) Series A: | ||||
4.8% 10/1/07 | 1,080 | 1,138 | ||
5% 10/1/08 | 1,135 | 1,199 | ||
5% 10/1/09 | 1,140 | 1,195 | ||
5.1% 10/1/10 | 1,245 | 1,287 | ||
5.25% 10/1/12 | 1,375 | 1,401 | ||
5.5% 10/1/22 | 4,500 | 4,416 | ||
Rocklin Unified School District: | ||||
0% 8/1/24 (FGIC Insured) | 1,370 | 424 | ||
0% 8/1/25 (FGIC Insured) | 2,725 | 794 | ||
0% 8/1/26 (FGIC Insured) | 1,365 | 374 | ||
0% 8/1/27 (FGIC Insured) | 1,500 | 388 | ||
Roseville City School District: | ||||
0% 8/1/25 (FGIC Insured) | 1,745 | 508 | ||
0% 8/1/27 (FGIC Insured) | 1,940 | 496 | ||
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) | 2,000 | 2,168 | ||
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (MBIA Insured) | 2,035 | 1,134 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Sacramento Cogeneration Auth. Cogeneration Proj. Rev. (Procter & Gamble Proj.) 6.375% 7/1/10 | $ 700 | $ 749 | ||
Sacramento Muni. Util. District Elec. Rev.: | ||||
Series 2001 P: | ||||
5.25% 8/15/15 (FSA Insured) | 1,660 | 1,786 | ||
5.25% 8/15/16 (FSA Insured) | 1,500 | 1,603 | ||
Series L, 5.125% 7/1/22 (MBIA Insured) | 4,000 | 4,093 | ||
Series M, 5.25% 7/1/28 (Pre-Refunded to 7/1/04 @ 101) (c) | 4,655 | 4,861 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev.: | ||||
6% 7/1/22 | 18,700 | 19,106 | ||
6.5% 7/1/06 | 4,500 | 4,943 | ||
6.5% 7/1/07 | 2,000 | 2,209 | ||
6.5% 7/1/08 | 1,000 | 1,107 | ||
San Bernardino County Ctfs. of Prtn.: | ||||
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (c) | 8,500 | 10,557 | ||
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 | 10,000 | 10,224 | ||
San Diego County Ctfs. of Prtn.: | ||||
(Burnham Institute Proj.) 6.25% 9/1/29 | 6,800 | 6,920 | ||
5% 10/1/05 | 1,270 | 1,355 | ||
5% 10/1/07 | 1,400 | 1,522 | ||
5% 10/1/09 | 1,545 | 1,672 | ||
5.25% 10/1/11 | 1,705 | 1,830 | ||
San Diego Unified School District (Election of 1998 Proj.): | ||||
Series 2000 B, 6.05% 7/1/18 (MBIA Insured) | 2,290 | 2,676 | ||
Series D, 5.25% 7/1/17 (FGIC Insured) | 3,325 | 3,543 | ||
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 | 4,500 | 4,731 | ||
San Francisco Bay Area Trans. Fing. Auth. (Bridge Toll Proj.): | ||||
5.5% 8/1/05 (American Cap. Access Corp. Insured) | 1,000 | 1,066 | ||
5.75% 2/1/07 (American Cap. Access Corp. Insured) | 1,500 | 1,647 | ||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | ||||
(SFO Fuel Co. Proj.) Series A: | ||||
5.125% 1/1/17 (AMBAC Insured) (b) | 6,000 | 6,195 | ||
5.25% 1/1/18 (AMBAC Insured) (b) | 4,515 | 4,683 | ||
5.25% 1/1/19 (AMBAC Insured) (b) | 4,750 | 4,899 | ||
Second Series: | ||||
Issue 09A, 5.125% 5/1/07 (FGIC Insured) (b) | 2,000 | 2,105 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: - continued | ||||
Second Series: | ||||
Issue 12A, 5.625% 5/1/08 (FGIC Insured) (b) | $ 1,625 | $ 1,763 | ||
Issue 15A: | ||||
5.5% 5/1/07 (FSA Insured) (b) | 5,680 | 6,236 | ||
5.5% 5/1/09 (FSA Insured) (b) | 1,355 | 1,498 | ||
Issue 16A: | ||||
5.375% 5/1/18 (FSA Insured) (b) | 5,035 | 5,281 | ||
5.5% 5/1/06 (FSA Insured) (b) | 1,850 | 2,004 | ||
5.5% 5/1/08 (FSA Insured) (b) | 2,945 | 3,248 | ||
Issue 18A, 5.25% 5/1/11 (MBIA Insured) (b) | 3,280 | 3,519 | ||
Issue 23A: | ||||
5.5% 5/1/07 (FGIC Insured) (b) | 1,045 | 1,147 | ||
5.5% 5/1/08 (FGIC Insured) (b) | 2,755 | 3,039 | ||
Second Series 1998 Issue 18A, 5.25% 5/1/14 | 2,750 | 2,896 | ||
Second Series 27A: | ||||
5.5% 5/1/07 (MBIA Insured) (b) | 2,935 | 3,223 | ||
5.5% 5/1/08 (MBIA Insured) (b) | 4,045 | 4,462 | ||
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: | ||||
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (MBIA Insured) | 1,475 | 1,127 | ||
Series A: | ||||
0% 8/1/08 (FGIC Insured) | 1,085 | 933 | ||
0% 8/1/09 (FGIC Insured) | 1,085 | 882 | ||
0% 8/1/10 (FGIC Insured) | 1,085 | 829 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1997 A, 0% 1/15/26 (MBIA Insured) | 11,000 | 3,109 | ||
Series A: | ||||
0% 1/15/10 (MBIA Insured) | 2,235 | 1,744 | ||
0% 1/15/12 (MBIA Insured) | 7,000 | 4,856 | ||
0% 1/15/15 (MBIA Insured) | 5,000 | 2,894 | ||
0% 1/15/31 (MBIA Insured) | 5,000 | 1,049 | ||
5.25% 1/15/30 (MBIA Insured) | 9,145 | 9,214 | ||
5.5% 1/15/28 | 1,060 | 994 | ||
0% 1/1/12 (Escrowed to Maturity) (c) | 15,000 | 10,577 | ||
San Jose Arpt. Rev.: | ||||
Series A, 5.25% 3/1/14 (FGIC Insured) | 1,000 | 1,072 | ||
Series B, 5% 3/1/09 (FSA Insured) (b) | 5,395 | 5,784 | ||
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (c) | 1,990 | 1,144 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
San Mateo County Cmnty. College District Series A, 0% 9/1/24 (FGIC Insured) | $ 4,500 | $ 1,386 | ||
San Mateo Unified School District (Election of 2000 Proj.) Series B: | ||||
0% 9/1/23 (FGIC Insured) | 2,000 | 657 | ||
0% 9/1/24 (FGIC Insured) | 3,500 | 1,078 | ||
0% 9/1/25 (FGIC Insured) | 1,490 | 432 | ||
0% 9/1/26 (FGIC Insured) | 1,500 | 409 | ||
Sanger Unified School District 5.6% 8/1/23 (MBIA Insured) | 3,000 | 3,265 | ||
Santa Barbara High School District Series A: | ||||
5.75% 8/1/25 (FGIC Insured) | 4,650 | 4,978 | ||
5.75% 8/1/30 (FGIC Insured) | 7,490 | 7,995 | ||
Santa Clara County Trans. District Sales Tax Rev. | 8,500 | 8,649 | ||
Santa Cruz City Elementary School District Series B, 5.75% 8/1/26 (FGIC Insured) | 2,730 | 2,933 | ||
Santa Cruz City High School District Series B: | ||||
5.75% 8/1/26 (FGIC Insured) | 2,380 | 2,557 | ||
6% 8/1/29 (FGIC Insured) | 6,770 | 7,450 | ||
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (MBIA Insured) | 1,865 | 2,313 | ||
Santa Maria Redev. Agcy. Lease Rev. 5.25% 6/1/16 (AMBAC Insured) | 1,145 | 1,228 | ||
Santa Monica Redev. Agcy. Tax Allocation Rev. (Earthquake Recovery Redev. Proj.) Series 1999, 5.75% 7/1/22 (AMBAC Insured) | 8,395 | 9,053 | ||
Saratoga Union School District Series A, 0% 9/1/22 (FGIC Insured) | 3,820 | 1,338 | ||
Shasta Union High School District: | ||||
0% 8/1/26 (FGIC Insured) | 1,000 | 274 | ||
0% 8/1/27 (MBIA Insured) | 3,220 | 832 | ||
0% 5/1/28 (MBIA Insured) | 3,340 | 825 | ||
South Orange County Pub. Fing. Auth. Spl. Tax Rev. (Foothill Area Proj.) Series C: | ||||
7.5% 8/15/07 (FGIC Insured) | 3,890 | 4,622 | ||
8% 8/15/09 (FGIC Insured) | 3,650 | 4,572 | ||
Southern California Pub. Pwr. Auth. Rev.: | ||||
(Magnolia Pwr. Proj.) Series A, 5% 7/1/21 | 3,835 | 3,869 | ||
(Multiple Projs.): | ||||
6.75% 7/1/10 | 1,400 | 1,643 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Southern California Pub. Pwr. Auth. Rev.: - continued | ||||
(Multiple Projs.): | ||||
6.75% 7/1/11 | $ 6,500 | $ 7,635 | ||
7% 7/1/05 | 920 | 922 | ||
Stanislaus County Ctfs. of Prtn. (Cap. Impt. Prog.) | 1,000 | 1,066 | ||
Sulpher Springs Unified School District Series A: | ||||
0% 9/1/09 (MBIA Insured) | 2,485 | 2,014 | ||
0% 9/1/12 (MBIA Insured) | 2,750 | 1,856 | ||
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) | 5,800 | 4,150 | ||
Tobacco Securitization Auth. Northern California Tobacco Settlement Rev. Series 2001 A, 5.25% 6/1/31 | 2,000 | 1,452 | ||
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: | ||||
5.5% 6/1/31 | 2,350 | 2,331 | ||
6% 6/1/22 | 1,100 | 1,157 | ||
Ukiah Unified School District: | ||||
0% 8/1/14 (FGIC Insured) | 3,040 | 1,818 | ||
0% 8/1/19 (FGIC Insured) | 2,270 | 989 | ||
Union Elementary School District Series A, 0% 9/1/21 (FGIC Insured) | 2,995 | 1,122 | ||
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (d) | 22,420 | 23,393 | ||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.): | ||||
5.25% 1/1/08 | 3,160 | 3,239 | ||
5.25% 1/1/13 | 8,500 | 8,646 | ||
Ventura Unified School District Series D, 5.875% 8/1/30 (FSA Insured) | 1,645 | 1,775 | ||
Vernon Elec. Sys. Rev. (Marlburg Generating Station Proj.): | ||||
5% 4/1/09 | 1,000 | 1,054 | ||
5.375% 4/1/16 | 2,005 | 2,036 | ||
Victor Elementary School District Series A, 0% 6/1/14 (MBIA Insured) | 2,375 | 1,431 | ||
West & Central Basin Fing. Auth. Rev. Series B, 5.1% 8/1/06 (AMBAC Insured) | 4,000 | 4,133 | ||
Whittier Union High School District Series B, 5.875% 8/1/30 (FSA Insured) | 2,405 | 2,600 | ||
1,505,867 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Guam - 0.2% | ||||
Guam Pwr. Auth. Rev. Series A: | ||||
4% 10/1/03 | $ 1,795 | $ 1,798 | ||
4% 10/1/04 | 1,620 | 1,652 | ||
3,450 | ||||
Puerto Rico - 0.3% | ||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A: | ||||
5.5% 10/1/32 (Escrowed to Maturity) (c) | 3,550 | 3,789 | ||
5.5% 10/1/40 (Escrowed to Maturity) (c) | 1,100 | 1,170 | ||
4,959 |
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $1,452,764) | 1,514,276 | ||
NET OTHER ASSETS - 1.0% | 14,675 | ||
NET ASSETS - 100% | $ 1,528,951 |
Swap Agreements | |||||
Expiration | Notional | Unrealized | |||
Interest Rate Swap | |||||
Receive quarterly a fixed rate equal to 4.477% and pay quarterly a floating rate based on BMA Municipal Swap Index with Merrill Lynch, Inc. | Nov. 2018 | $ 10,000 | $ 211 | ||
Receive quarterly a fixed rate equal to 5.3142% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc. | Nov. 2013 | 17,000 | 371 | ||
$ 27,000 | $ 582 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition | Acquisition |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 | 3/6/02 | $ 22,420 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 25.7% |
Transportation | 16.0 |
Electric Utilities | 11.4 |
Health Care | 10.6 |
Education | 8.2 |
Escrowed/Pre-Refunded | 6.8 |
Special Tax | 7.1 |
Others* (individually less than 5%) | 14.2 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $155,940,000 and $291,376,000, respectively. |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,393,000 or 1.5% of net assets. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | August 31, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,452,764) - See accompanying schedule | $ 1,514,276 | |
Cash | 489 | |
Receivable for investments sold | 6,672 | |
Receivable for fund shares sold | 857 | |
Interest receivable | 17,292 | |
Unrealized gain on swap agreements | 582 | |
Other receivables | 4 | |
Total assets | 1,540,172 | |
Liabilities | ||
Payable for investments purchased | $ 1,074 | |
Delayed delivery | 6,688 | |
Payable for fund shares redeemed | 1,118 | |
Distributions payable | 1,691 | |
Accrued management fee | 488 | |
Distribution fees payable | 13 | |
Other payables and accrued expenses | 149 | |
Total liabilities | 11,221 | |
Net Assets | $ 1,528,951 | |
Net Assets consist of: | ||
Paid in capital | $ 1,458,939 | |
Undistributed net investment income | 1,090 | |
Accumulated undistributed net realized gain (loss) on investments | 6,828 | |
Net unrealized appreciation (depreciation) on investments | 62,094 | |
Net Assets | $ 1,528,951 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | August 31, 2003 (Unaudited) | |
Calculation of Maximum Offering Price | $ 12.36 | |
Maximum offering price per share (100/95.25 of $12.36) | $ 12.98 | |
Class T: | $ 12.38 | |
Maximum offering price per share (100/96.50 of $12.38) | $ 12.83 | |
Class B: | $ 12.36 | |
Class C: | $ 12.35 | |
Spartan California Municipal Income Fund: | $ 12.35 | |
Institutional Class: | $ 12.36 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended August 31, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 39,966 | |
Expenses | ||
Management fee | $ 3,169 | |
Transfer agent fees | 578 | |
Distribution fees | 73 | |
Accounting fees and expenses | 200 | |
Non-interested trustees' compensation | 4 | |
Custodian fees and expenses | 13 | |
Registration fees | 60 | |
Audit | 24 | |
Legal | 4 | |
Miscellaneous | 2 | |
Total expenses before reductions | 4,127 | |
Expense reductions | (79) | 4,048 |
Net investment income (loss) | 35,918 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 10,619 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (55,262) | |
Swap agreements | 582 | |
Total change in net unrealized appreciation (depreciation) | (54,680) | |
Net gain (loss) | (44,061) | |
Net increase (decrease) in net assets resulting from operations | $ (8,143) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 35,918 | $ 72,724 |
Net realized gain (loss) | 10,619 | 17,062 |
Change in net unrealized appreciation (depreciation) | (54,680) | 17,340 |
Net increase (decrease) in net assets resulting | (8,143) | 107,126 |
Distributions to shareholders from net investment income | (35,769) | (72,090) |
Distributions to shareholders from net realized gain | (8,599) | (9,302) |
Total distributions | (44,368) | (81,392) |
Share transactions - net increase (decrease) | (118,721) | 19,962 |
Redemption fees | 26 | 45 |
Total increase (decrease) in net assets | (171,206) | 45,741 |
Net Assets | ||
Beginning of period | 1,700,157 | 1,654,416 |
End of period (including undistributed net investment income of $1,090 and undistributed net investment income of $1,389, respectively) | $ 1,528,951 | $ 1,700,157 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss) E | .263 | .303 |
Net realized and unrealized gain (loss) | (.336) | .212 |
Total from investment operations | (.073) | .515 |
Distributions from net investment income | (.262) | (.297) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.327) | (.355) |
Redemption fees added to paid in capital E, H | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total Return B,C,D | (.60)% | 4.13% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .65% A | .66%A |
Expenses net of voluntary waivers, if any | .65%A | .66%A |
Expenses net of all reductions | .65%A | .65%A |
Net investment income (loss) | 4.12%A | 4.18%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 3 | $ 3 |
Portfolio turnover rate | 19%A | 18% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.79 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss) E | .254 | .296 |
Net realized and unrealized gain (loss) | (.344) | .241 |
Total from investment operations | (.090) | .537 |
Distributions from net investment income | (.255) | (.289) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.320) | (.347) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.38 | $ 12.79 |
Total Return B,C,D | (.73)% | 4.31% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .76% A | .77% A |
Expenses net of voluntary waivers, if any | .76% A | .77% A |
Expenses net of all reductions | .76% A | .76% A |
Net investment income (loss) | 4.01% A | 4.07% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 2 | $ 1 |
Portfolio turnover rate | 19% A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)E | .215 | .247 |
Net realized and unrealized gain (loss) | (.336) | .210 |
Total from investment operations | (.121) | .457 |
Distributions from net investment income | (.214) | (.239) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.279) | (.297) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total ReturnB,C,D | (.97)% | 3.66% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.40%A | 1.42%A |
Expenses net of voluntary waivers, if any | 1.40%A | 1.42%A |
Expenses net of all reductions | 1.39%A | 1.42%A |
Net investment income (loss) | 3.38%A | 3.42%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 5 | $ 4 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.75 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)E | .207 | .239 |
Net realized and unrealized gain (loss) | (.335) | .200 |
Total from investment operations | (.128) | .439 |
Distributions from net investment income | (.207) | (.231) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.272) | (.289) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.35 | $ 12.75 |
Total ReturnB,C,D | (1.03) % | 3.52% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.51%A | 1.54%A |
Expenses net of voluntary waivers, if any | 1.51%A | 1.54%A |
Expenses net of all reductions | 1.51%A | 1.53%A |
Net investment income (loss) | 3.26%A | 3.30%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 10 | $ 7 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Spartan California Municipal Income
Six months ended | Years ended February 28, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000E | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, | $ 12.75 | $ 12.55 | $ 12.35 | $ 11.52 | $ 12.41 | $ 12.36 |
Income from Investment Operations | ||||||
Net investment income (loss) | .275C | .546C | .555C,F | .568C | .557C | .569 |
Net realized and | (.337) | .265 | .211F | .832 | (.838) | .154 |
Total from investment operations | (.062) | .811 | .766 | 1.400 | (.281) | .723 |
Distributions from net investment income | (.273) | (.541) | (.552) | (.570) | (.555) | (.569) |
Distributions from net realized gain | (.065) | (.070) | (.015) | - | (.015) | (.104) |
Distributions in excess of net realized gain | - | - | - | - | (.039) | - |
Total distributions | (.338) | (.611) | (.567) | (.570) | (.609) | (.673) |
Redemption fees added to paid in capital | - C,G | -C,G | .001C | - | - | - |
Net asset value, | $ 12.35 | $ 12.75 | $ 12.55 | $ 12.35 | $ 11.52 | $ 12.41 |
Total ReturnB | (.51)% | 6.64% | 6.36% | 12.42% | (2.28)% | 6.00% |
Ratios to Average Net AssetsD | ||||||
Expenses before expense reductions | .48% A | .49% | .48% | .49% | .49% | .52% |
Expenses net of voluntary waivers, if any | .48% A | .48% | .48% | .49% | .49% | .52% |
Expenses net of all | .47% A | .47% | .43% | .42% | .49% | .52% |
Net investment income (loss) | 4.30% A | 4.34% | 4.47% F | 4.75% | 4.69% | 4.59% |
Supplemental Data | ||||||
Net assets, end of | $ 1,507 | $ 1,683 | $ 1,654 | $ 1,512 | $ 1,212 | $ 1,359 |
Portfolio turnover rate | 19% A | 18% | 13% | 16% | 35% | 34% |
A Annualized
B Total returns would have been lower had certain expenses not been reduced during the periods shown.
C Calculated based on average shares outstanding during the period.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
E For the year ended February 29.
F Effective March 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than .001 per-share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2003E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)D | .275 | .316 |
Net realized and unrealized gain (loss) | (.338) | .211 |
Total from investment operations | (.063) | .527 |
Distributions from net investment income | (.272) | (.309) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.337) | (.367) |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total ReturnB,C | (.52)% | 4.23% |
Ratios to Average Net AssetsF | ||
Expenses before expense reductions | .50%A | .50%A |
Expenses net of voluntary waivers, if any | .50%A | .50%A |
Expenses net of all reductions | .49%A | .49%A |
Net investment income (loss) | 4.28%A | 4.34%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 1 | $ 1 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended August 31, 2003 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan 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 Class A, Class T, Class B, Class C, Spartan California Municipal Income, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
The fund may be affected by economic and political developments in the state of California. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount and losses deferred due to wash sales and futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 72,957 |
Unrealized depreciation | (9,766) |
Net unrealized appreciation (depreciation) | $ 63,191 |
Cost for federal income tax purposes | $ 1,451,085 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell 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. During the time a delayed delivery
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The fund 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 is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.
Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.
Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. The net receivable or payable is accrued daily and is included in interest income in the accompanying Statement of Operations. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.
Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .15% | $ 3 | $ - |
Class T | 0% | .25% | 2 | - |
Class B | .65% | .25% | 23 | 17 |
Class C | .75% | .25% | 45 | 43 |
$ 73 | $ 60 |
Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 3 |
Class T | 1 |
Class B* | 18 |
Class C* | 4 |
$ 26 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan California Municipal Income and Institutional Class shares. Citibank has entered into sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, Spartan California Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan California Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
Amount | % of | |
Class A | $ 1 | .09 |
Class T | 1 | .10 |
Class B | 2 | .09 |
Class C | 5 | .10 |
Spartan California Municipal Income | 568 | .07 |
Institutional Class | 1 | .08 |
$ 578 |
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-contract with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
5. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan California Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $43.
In addition, through arrangements with the fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $13 and $23, respectively.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 69 | $ 46 |
Class T | 38 | 20 |
Class B | 87 | 44 |
Class C | 146 | 77 |
Spartan California Municipal Income | 35,403 | 71,876 |
Institutional Class | 26 | 27 |
Total | $ 35,769 | $ 72,090 |
From net realized gain | ||
Class A | $ 16 | $ 11 |
Class T | 5 | 5 |
Class B | 26 | 13 |
Class C | 40 | 24 |
Spartan California Municipal Income | 8,506 | 9,242 |
Institutional Class | 6 | 7 |
Total | $ 8,599 | $ 9,302 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
Semiannual Report
7. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 83 | 258 | $ 1,051 | $ 3,287 |
Reinvestment of distributions | 2 | 1 | 28 | 18 |
Shares redeemed | (67) | (17) | (842) | (220) |
Net increase (decrease) | 18 | 242 | $ 237 | $ 3,085 |
Class T | ||||
Shares sold | 119 | 124 | $ 1,523 | $ 1,594 |
Reinvestment of distributions | 2 | 2 | 24 | 22 |
Shares redeemed | - | (47) | (6) | (600) |
Net increase (decrease) | 121 | 79 | $ 1,541 | $ 1,016 |
Class B | ||||
Shares sold | 125 | 361 | $ 1,597 | $ 4,589 |
Reinvestment of distributions | 5 | 2 | 57 | 31 |
Shares redeemed | (63) | (13) | (796) | (171) |
Net increase (decrease) | 67 | 350 | $ 858 | $ 4,449 |
Class C | ||||
Shares sold | 273 | 611 | $ 3,482 | $ 7,765 |
Reinvestment of distributions | 10 | 6 | 130 | 72 |
Shares redeemed | (65) | (31) | (820) | (397) |
Net increase (decrease) | 218 | 586 | $ 2,792 | $ 7,440 |
Spartan California Municipal Income | ||||
Shares sold | 9,145 | 28,507 | $ 116,636 | $ 358,744 |
Reinvestment of distributions | 2,500 | 4,657 | 31,613 | 58,599 |
Shares redeemed | (21,534) | (33,045) | (271,683) | (414,881) |
Net increase (decrease) | (9,889) | 119 | $ (123,434) | $ 2,462 |
Institutional Class | ||||
Shares sold | 5 | 136 | $ 61 | $ 1,744 |
Reinvestment of distributions | 1 | 1 | 12 | 17 |
Shares redeemed | (63) | (20) | (788) | (251) |
Net increase (decrease) | (57) | 117 | $ (715) | $ 1,510 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Citibank, N.A.
New York, NY
and
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital Appreciation Fund |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital Appreciation Fund |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Freedom Income FundSM |
Fidelity Advisor Freedom 2010 FundSM |
Fidelity Advisor Freedom 2020 FundSM |
Fidelity Advisor Freedom 2030 FundSM |
Fidelity Advisor Freedom 2040 FundSM |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International Small Cap Fund |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New Insights Fund |
Fidelity Advisor New York Municipal Income Fund |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Short Intermediate Municipal Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications & Utilities Growth Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
Fidelity Advisor
California Municipal Income
Fund - Institutional Class
Semiannual Report
August 31, 2003
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is a class of Spartan® California Municipal Income Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
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 Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five Sectors as of August 31, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 25.7 | 22.3 |
Transportation | 16.0 | 16.4 |
Electric Utilities | 11.4 | 14.0 |
Health Care | 10.6 | 10.3 |
Education | 8.2 | 8.2 |
Average Years to Maturity as of August 31, 2003 | ||
6 months ago | ||
Years | 13.9 | 13.9 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of August 31, 2003 | ||
6 months ago | ||
Years | 7.3 | 7.0 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of August 31, 2003 | As of February 28, 2003 | ||||||
![]() | AAA 52.2% | ![]() | AAA 58.8% | ||||
![]() | AA,A 34.2% | ![]() | AA,A 32.2% | ||||
![]() | BBB 10.5% | ![]() | BBB 6.9% | ||||
![]() | Not Rated 2.1% | ![]() | Not Rated 1.7% | ||||
![]() | Net Other Assets 1.0% | ![]() | Net Other Assets 0.4% |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
Semiannual Report
Investments August 31, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.0% | ||||
Principal | Value (Note 1) | |||
California - 98.5% | ||||
ABC Unified School District 0% 8/1/32 (FGIC Insured) | $ 2,115 | $ 406 | ||
Alameda Corridor Trans. Auth. Rev.: | ||||
Series 1999 A, 0% 10/1/34 (MBIA Insured) | 15,000 | 2,507 | ||
Series A, 5.25% 10/1/21 (MBIA Insured) | 7,575 | 7,756 | ||
Alvord Unified School District Series A, 5.9% 2/1/16 (MBIA Insured) | 1,155 | 1,323 | ||
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impts. Proj.): | ||||
Series 1997 A, 6% 9/1/24 (FSA Insured) | 1,000 | 1,138 | ||
Series 1997 C, 0% 9/1/30 (FSA Insured) | 6,300 | 1,353 | ||
Azusa Unified School District 5.375% 7/1/16 | 1,225 | 1,318 | ||
Bay Area Toll Auth. Toll Bridge Rev. (San Francisco Bay Area Proj.) Series 2001 D: | ||||
5% 4/1/08 | 700 | 772 | ||
5% 4/1/10 | 1,640 | 1,784 | ||
Benicia Unified School District Series B, 0% 8/1/24 (MBIA Insured) | 7,005 | 2,167 | ||
Berryessa Union School District Series C, 0% 6/1/28 (FSA Insured) | 1,755 | 428 | ||
Brea Redev. Agcy. 0% 8/1/30 (AMBAC Insured) | 7,210 | 1,556 | ||
Buena Park Cmnty. Redev. Agcy. Tax Allocation (Central Bus. District Proj.) Series A, 7.1% 9/1/14 (Pre-Refunded to 9/1/03 @ 101) (c) | 100 | 101 | ||
Burbank Redev. Agy.: | ||||
(City Ctr. Redev. Proj.) Series A, 5% 12/1/15 (FSA Insured) | 4,000 | 4,015 | ||
(Golden State Redev. Proj.) Series A, 5.75% 12/1/08 | 4,655 | 4,789 | ||
Cabrillo Unified School District Series A: | ||||
0% 8/1/10 (AMBAC Insured) | 2,150 | 1,642 | ||
0% 8/1/12 (AMBAC Insured) | 2,800 | 1,897 | ||
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. (Wtr. Sys. Proj.): | ||||
Series J1, 7% 12/1/12 | 730 | 891 | ||
Series S, 5% 12/1/19 | 3,160 | 3,204 | ||
Series Y, 5.25% 12/1/19 (FGIC Insured) | 5,000 | 5,238 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A: | ||||
5.5% 5/1/07 | 2,000 | 2,184 | ||
5.5% 5/1/16 (AMBAC Insured) | 1,200 | 1,300 | ||
5.75% 5/1/17 | 3,000 | 3,188 | ||
Series A: | ||||
5.25% 5/1/09 (MBIA Insured) | 15,600 | 17,231 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: - continued | ||||
Series A: | ||||
5.25% 5/1/11 (FSA Insured) | $ 3,000 | $ 3,268 | ||
5.375% 5/1/18 (AMBAC Insured) | 2,000 | 2,106 | ||
5.5% 5/1/08 | 5,000 | 5,488 | ||
5.5% 5/1/15 (AMBAC Insured) | 9,000 | 9,790 | ||
5.875% 5/1/16 | 3,900 | 4,226 | ||
6% 5/1/14 | 7,500 | 8,250 | ||
California Edl. Facilities Auth. Rev.: | ||||
(California Student Ln. Prog.) Series A, 6% 3/1/16 (MBIA Insured) (b) | 4,090 | 4,309 | ||
(Chapman Univ. Proj.) 5.375% 10/1/16 | 2,000 | 2,146 | ||
(Loyola Marymount Univ. Proj.): | ||||
0% 10/1/16 (MBIA Insured) | 2,280 | 1,198 | ||
0% 10/1/29 (MBIA Insured) | 7,115 | 1,619 | ||
(Pepperdine Univ. Proj.) 5.75% 9/15/30 | 13,735 | 14,328 | ||
(Pooled College & Univ. Proj.) Series A, 6.125% 6/1/30 | 3,435 | 3,637 | ||
(Santa Clara Univ. Proj.): | ||||
5.25% 9/1/17 (AMBAC Insured) | 1,000 | 1,085 | ||
5.25% 9/1/26 | 7,910 | 7,879 | ||
(Scripps College Proj.): | ||||
Series 2001, 5.25% 8/1/26 | 1,000 | 996 | ||
5.125% 2/1/30 | 6,000 | 5,753 | ||
(Stanford Univ. Proj.): | ||||
Series N, 5.2% 12/1/27 | 20,000 | 20,128 | ||
Series O, 5.125% 1/1/31 | 8,630 | 8,641 | ||
(Univ. of Southern California Proj.): | ||||
Series A, 5.7% 10/1/15 | 5,675 | 6,294 | ||
Series B: | ||||
5% 10/1/13 | 500 | 540 | ||
5% 10/1/14 | 1,195 | 1,283 | ||
Series C, 5.125% 10/1/28 | 7,725 | 7,749 | ||
California Franchise Tax Board Ctfs. of Prtn. 5.5% 10/1/06 | 1,825 | 1,995 | ||
California Gen. Oblig.: | ||||
Series 1991, 6.6% 2/1/10 (FGIC Insured) | 3,900 | 4,550 | ||
Series 1992, 6.25% 9/1/12 (FGIC Insured) | 2,000 | 2,323 | ||
Series 1999, 5.5% 2/1/10 (FGIC Insured) | 2,170 | 2,409 | ||
Series 2000, 5.5% 5/1/13 (MBIA Insured) | 1,900 | 2,061 | ||
5% 11/1/07 | 24,000 | 26,009 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5% 2/1/09 | $ 3,715 | $ 3,969 | ||
5% 2/1/10 | 3,000 | 3,178 | ||
5% 3/1/11 | 1,000 | 1,052 | ||
5% 11/1/12 | 14,850 | 15,498 | ||
5% 10/1/18 | 3,000 | 3,002 | ||
5% 12/1/18 | 9,245 | 9,255 | ||
5% 2/1/32 | 2,000 | 1,876 | ||
5.25% 10/1/09 | 2,150 | 2,343 | ||
5.25% 2/1/11 | 3,700 | 3,948 | ||
5.25% 10/1/14 | 300 | 312 | ||
5.25% 2/1/15 | 2,000 | 2,090 | ||
5.25% 2/1/16 | 7,000 | 7,259 | ||
5.25% 10/1/17 | 1,500 | 1,542 | ||
5.25% 2/1/20 | 10,900 | 11,020 | ||
5.25% 2/1/22 | 5,000 | 5,009 | ||
5.375% 10/1/28 | 4,250 | 4,236 | ||
5.5% 6/1/10 | 1,350 | 1,474 | ||
5.5% 3/1/12 (MBIA Insured) | 5,000 | 5,468 | ||
5.5% 6/1/28 | 5,000 | 5,024 | ||
5.625% 5/1/26 | 4,000 | 4,061 | ||
5.75% 10/1/10 | 7,325 | 8,137 | ||
5.75% 12/1/10 | 2,500 | 2,783 | ||
5.75% 5/1/30 | 3,080 | 3,151 | ||
6% 2/1/08 | 1,000 | 1,115 | ||
6.5% 2/1/07 | 3,000 | 3,354 | ||
6.5% 2/1/08 | 4,000 | 4,534 | ||
6.6% 2/1/09 | 14,355 | 16,459 | ||
6.6% 2/1/11 (MBIA Insured) | 1,100 | 1,290 | ||
6.75% 8/1/10 | 5,675 | 6,631 | ||
7% 8/1/09 | 3,000 | 3,540 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Health Care West Proj.): | ||||
Series 1988 A, 5% 7/1/06 | 3,135 | 3,302 | ||
Series A, 4.5% 7/1/04 | 1,500 | 1,530 | ||
(Cedars-Sinai Med. Ctr. Proj.) Series A: | ||||
6.125% 12/1/30 | 8,315 | 8,651 | ||
6.25% 12/1/34 | 15,905 | 16,617 | ||
California Hsg. Fin. Agcy. Home Mtg. Rev.: | ||||
(Home Mtg. Prog.) Series 1983 B, 0% 8/1/15 | 170 | 63 | ||
Series 1983 A, 0% 2/1/15 | 8,187 | 2,764 | ||
Series I, 4.95% 8/1/28 (MBIA Insured) (b) | 890 | 891 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Hsg. Fin. Agcy. Home Mtg. Rev.: - continued | ||||
Series J, 4.85% 8/1/27 (MBIA Insured) (b) | $ 2,435 | $ 2,498 | ||
California Infrastructure & Econ. Dev. Bank Rev.: | ||||
(YMCA Metro. L.A. Proj.) Series 2001: | ||||
5.25% 2/1/26 (AMBAC Insured) | 2,000 | 2,034 | ||
5.25% 2/1/32 (AMBAC Insured) | 6,295 | 6,378 | ||
5.25% 6/1/30 (MBIA Insured) | 1,700 | 1,739 | ||
5.5% 6/1/20 (MBIA Insured) | 1,780 | 1,902 | ||
5.5% 6/1/21 (MBIA Insured) | 4,780 | 5,036 | ||
5.5% 6/1/22 (MBIA Insured) | 5,040 | 5,289 | ||
5.5% 6/1/23 (MBIA Insured) | 5,320 | 5,567 | ||
5.5% 6/1/24 (MBIA Insured) | 5,610 | 5,874 | ||
California Poll. Cont. Fing. Auth.: | ||||
(Gen. Motors Corp. Proj.) 5.5% 4/1/08 | 1,500 | 1,502 | ||
(Pacific Gas & Elec. Co. Proj.) Series B, 6.35% 6/1/09 (MBIA Insured) (b) | 7,000 | 7,160 | ||
5.9% 6/1/14 (MBIA Insured) | 4,000 | 4,604 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series B, 4.45%, tender 7/1/05 (a)(b) | 11,500 | 11,677 | ||
California Pub. Works Board Lease Rev.: | ||||
(California Cmnty. College Projs.) Series A, 5.25% 12/1/16 | 4,450 | 4,576 | ||
(California State Univ. Proj.) Series 1997 A, 5.5% 10/1/07 | 1,425 | 1,569 | ||
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series A, 5.25% 12/1/18 (AMBAC Insured) | 5,000 | 5,209 | ||
(Dept. of Corrections, Madera State Prison Proj.) | ||||
5.5% 6/1/15 | 8,250 | 8,899 | ||
5.5% 6/1/19 | 3,000 | 3,031 | ||
6% 6/1/07 | 1,590 | 1,767 | ||
(Dept. of Corrections, Monterey County State Prison Proj.) Series D: | ||||
5.375% 11/1/12 | 1,250 | 1,328 | ||
5.375% 11/1/13 | 5,055 | 5,367 | ||
5.375% 11/1/14 | 5,000 | 5,301 | ||
(Dept. of Corrections, Susanville State Prison Proj.) Series D, 5.25% 6/1/15 (FSA Insured) | 4,000 | 4,323 | ||
(Library & Courts Annex Proj.) Series A, 5.5% 5/1/09 | 1,290 | 1,415 | ||
(Regents Univ. of California Proj.) Series 1998 B, 5.5% 11/1/10 | 3,755 | 4,167 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Substance Abuse Treatment Facilities Corcoran II Proj.) Series A, 5.5% 1/1/14 (AMBAC Insured) | $ 3,000 | $ 3,236 | ||
(Various California State Univ. Projs.): | ||||
Series A, 6.1% 10/1/06 | 1,210 | 1,285 | ||
Series B: | ||||
5.5% 6/1/19 | 1,650 | 1,687 | ||
6.4% 12/1/09 | 3,700 | 4,321 | ||
Series C, 5.125% 9/1/22 (AMBAC Insured) | 10,000 | 10,082 | ||
California State Univ. Rev. & Colleges: | ||||
(Systemwide Proj.) Series A: | ||||
5.375% 11/1/14 (AMBAC Insured) | 1,000 | 1,087 | ||
5.375% 11/1/18 (AMBAC Insured) | 1,000 | 1,070 | ||
5.5% 11/1/16 (AMBAC Insured) | 1,500 | 1,644 | ||
Series 1999 AY, 5.875% 11/1/30 (FGIC Insured) | 3,000 | 3,245 | ||
California Statewide Cmnty. Dev. Auth. Rev.: | ||||
(Cmnty. Hosp. Monterey Penninsula Proj.) Series B, 5.25% 6/1/23 (FSA Insured) | 1,800 | 1,820 | ||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) | 5,000 | 5,141 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2001 C, 3.85%, tender 8/1/06 (a) | 26,000 | 26,906 | ||
(Los Angeles Orthopaedic Hosp. Foundation Prog.) 5.75% 6/1/30 (AMBAC Insured) | 10,000 | 10,482 | ||
(Saint Joseph Health Sys. Proj.): | ||||
5.5% 7/1/14 | 9,500 | 9,649 | ||
5.5% 7/1/23 | 3,000 | 3,016 | ||
(Sisters Charity Leavenworth Proj.) 5% 12/1/14 | 1,315 | 1,331 | ||
(Sutter Health Systems Proj.) Series B, 5.625% 8/15/42 | 5,000 | 5,007 | ||
(Triad Health Care Hosp. Proj.) 6.25% 8/1/06 (Escrowed to Maturity) (c) | 3,860 | 4,169 | ||
5.616% 7/1/13 (MBIA Insured) | 10,000 | 10,188 | ||
California Statewide Cmnty. Dev. Auth. Rev. Ctfs. of Prtn.: | ||||
(Catholic Health Care West Proj.) 6% 7/1/09 | 3,455 | 3,781 | ||
(Saint Joseph Health Sys. Proj.): | ||||
5.25% 7/1/08 | 2,710 | 2,970 | ||
5.5% 7/1/07 | 1,425 | 1,576 | ||
California Statewide Cmntys. Dev. Auth. Solid Waste Facilities Rev. (Waste Mgmt. Proj.) 4.95%, tender 4/1/04 (a)(b) | 3,000 | 3,030 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Carlsbad Unified School Distict 0% 11/1/15 | $ 1,700 | $ 947 | ||
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series A: | ||||
7% 8/1/11 (MBIA Insured) | 1,500 | 1,823 | ||
7% 8/1/13 (MBIA Insured) | 4,740 | 5,879 | ||
7.25% 8/1/07 (MBIA Insured) | 1,755 | 2,069 | ||
Central Valley Fing. Auth. Cogeneration Proj. Rev. (Carson Ice Gen. Proj.) 6% 7/1/09 | 2,855 | 2,917 | ||
Chaffey Unified High School District Series 2000 B, 5.5% 8/1/18 (FGIC Insured) | 3,000 | 3,209 | ||
Contra Costa County Ctfs. of Prtn. (Merrithew Mem. Hosp. Proj.) 0% 11/1/14 (Escrowed to Maturity) (c) | 3,000 | 1,832 | ||
Corona-Norco Unified School District Series D, 0% 9/1/27 (FSA Insured) | 3,000 | 772 | ||
Duarte Ctfs. of Prtn. Series A: | ||||
4.625% 4/1/07 | 890 | 926 | ||
5% 4/1/11 | 2,000 | 2,064 | ||
5% 4/1/12 | 4,210 | 4,309 | ||
5% 4/1/13 | 1,830 | 1,851 | ||
5.25% 4/1/09 | 1,600 | 1,686 | ||
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2001, 5% 6/1/26 (MBIA Insured) | 1,520 | 1,504 | ||
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 | 4,000 | 4,816 | ||
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 1A: | ||||
0% 10/1/24 (AMBAC Insured) | 1,665 | 510 | ||
0% 10/1/25 (AMBAC Insured) | 1,665 | 480 | ||
Encinitas Union School District 0% 8/1/10 (MBIA Insured) | 1,000 | 764 | ||
Escondido Union High School District 0% 11/1/16 (MBIA Insured) (Escrowed to Maturity) (c) | 3,500 | 1,882 | ||
Eureka Unified School District Ctfs. of Prtn. Series A, 6.9% 9/1/27 (FSA Insured) | 660 | 662 | ||
Fairfield-Suisun Swr. District Swr. Rev. Series A: | ||||
0% 5/1/08 (MBIA Insured) | 2,085 | 1,807 | ||
0% 5/1/09 (MBIA Insured) | 2,080 | 1,705 | ||
Folsom Cordova Unified School District Facilities Impt. District #2 (1998 Fing. Proj.) Series A: | ||||
0% 10/1/24 (MBIA Insured) | 3,165 | 970 | ||
0% 10/1/26 (MBIA Insured) | 2,290 | 622 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Foothill-De Anza Cmnty. College District 0% 8/1/15 (MBIA Insured) | $ 2,415 | $ 1,362 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series A: | ||||
0% 1/1/15 (Escrowed to Maturity) (c) | 18,500 | 10,968 | ||
0% 1/1/18 (Escrowed to Maturity) (c) | 1,000 | 492 | ||
5% 1/1/35 (MBIA Insured) | 19,070 | 18,690 | ||
5% 1/15/16 (MBIA Insured) | 3,000 | 3,125 | ||
5.5% 1/15/08 (MBIA Insured) | 8,945 | 9,985 | ||
5.75% 1/15/40 | 8,155 | 8,313 | ||
Fremont Unifed School District, Alameda County Series F, 0% 8/1/09 (MBIA Insured) | 1,000 | 813 | ||
Fullerton Univ. Foundation Auxillary Organization Rev. Series A: | ||||
5.75% 7/1/25 (MBIA Insured) | 1,250 | 1,341 | ||
5.75% 7/1/30 (MBIA Insured) | 1,000 | 1,066 | ||
Glendale Elec. Rev. 6% 2/1/30 (MBIA Insured) | 12,245 | 13,234 | ||
Golden State Tobacco Securitization Corp. | ||||
5% 6/1/21 | 6,000 | 5,700 | ||
6.75% 6/1/39 | 8,000 | 6,615 | ||
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) 7.3% 9/1/11 (MBIA Insured) | 555 | 687 | ||
Long Beach Hbr. Rev.: | ||||
Series A: | ||||
5.5% 5/15/08 (FGIC Insured) (b) | 8,780 | 9,711 | ||
6% 5/15/09 (FGIC Insured) (b) | 3,300 | 3,715 | ||
6% 5/15/10 (FGIC Insured) (b) | 1,000 | 1,126 | ||
6% 5/15/12 (FGIC Insured) (b) | 3,500 | 3,937 | ||
5.125% 5/15/13 (b) | 12,450 | 12,675 | ||
5.5% 5/15/11 (MBIA Insured) (b) | 700 | 741 | ||
5.5% 5/15/15 (MBIA Insured) (b) | 3,710 | 3,919 | ||
5.75% 5/15/07 (MBIA Insured) (b) | 5,345 | 5,756 | ||
Los Angeles Cmnty. College District Series 2001 A, 5.75% 6/1/26 (MBIA Insured) | 10,000 | 10,593 | ||
Los Angeles County Cap. Asset Leasing Corp. Lease | 3,285 | 3,836 | ||
Los Angeles County Ctfs. of Prtn.: | ||||
(Correctional Facilities Proj.): | ||||
0% 9/1/10 (MBIA Insured) (Escrowed to Maturity) (c) | 3,770 | 2,903 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Los Angeles County Ctfs. of Prtn.: - continued | ||||
(Correctional Facilities Proj.): | ||||
0% 9/1/11 (MBIA Insured) (Escrowed to Maturity) (c) | $ 6,400 | $ 4,652 | ||
0% 9/1/13 (MBIA Insured) (Escrowed to Maturity) (c) | 3,380 | 2,194 | ||
(Disney Parking Proj.): | ||||
0% 3/1/10 | 2,000 | 1,518 | ||
0% 3/1/11 | 1,950 | 1,390 | ||
0% 3/1/12 | 2,180 | 1,461 | ||
0% 3/1/13 | 6,490 | 4,084 | ||
0% 3/1/18 | 3,000 | 1,369 | ||
0% 3/1/19 | 3,175 | 1,351 | ||
0% 3/1/20 | 1,000 | 394 | ||
Los Angeles County Metro. Trans. Auth. Sales Tax Rev.: | ||||
(Proposition A Proj.) First Tier Sr. Series C, 4.75% 7/1/17 (AMBAC Insured) | 3,310 | 3,360 | ||
(Proposition C Proj.) Second Tier Sr. Series A, 5.25% 7/1/25 (FGIC Insured) | 3,500 | 3,551 | ||
Los Angeles County Pub. Works Fing. Auth. Rev. (Reg'l. Park & Open Space District Proj.) Series A, 5% 10/1/19 | 6,000 | 6,080 | ||
Los Angeles Dept. Arpts. Rev. (Los Angeles Int'l. Arpt. Proj.) Series D, 5.625% 5/15/12 (FGIC Insured) (b) | 290 | 305 | ||
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: | ||||
Second Issue: | ||||
5.25% 11/15/26 (MBIA Insured) | 16,690 | 16,744 | ||
5.4% 11/15/31 (MBIA Insured) | 1,875 | 1,887 | ||
4.75% 8/15/12 (FGIC Insured) (Escrowed to Maturity) (c) | 3,120 | 3,182 | ||
4.75% 8/15/16 (FGIC Insured) (Escrowed to Maturity) (c) | 1,395 | 1,415 | ||
4.75% 10/15/20 (Escrowed to Maturity) (c) | 150 | 150 | ||
4.75% 10/15/20 (Pre-Refunded to 10/15/17 @ 100) (c) | 1,650 | 1,672 | ||
6.75% 10/15/04 (AMBAC Insured) (Escrowed to Maturity) (c) | 195 | 200 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | ||||
Series 2001 A, 5.125% 7/1/41 | 12,000 | 11,719 | ||
5.5% 10/15/10 | 2,630 | 2,926 | ||
5.5% 10/15/11 (MBIA Insured) | 3,670 | 4,064 | ||
Los Angeles Gen. Oblig. Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series A, 5.5% 8/1/24 (AMBAC Insured) | 3,700 | 3,878 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Los Angeles Hbr. Dept. Rev.: | ||||
Series A, 5.5% 8/1/07 (AMBAC Insured) (b) | $ 4,740 | $ 5,235 | ||
Series B: | ||||
5.25% 11/1/06 (b) | 7,380 | 8,051 | ||
5.25% 11/1/07 (b) | 4,290 | 4,662 | ||
5.25% 11/1/10 (b) | 9,105 | 9,704 | ||
5.25% 11/1/11 (b) | 7,095 | 7,511 | ||
5.3% 8/1/06 (b) | 2,000 | 2,171 | ||
5.5% 8/1/08 (b) | 1,505 | 1,629 | ||
7.6% 10/1/18 (Escrowed to Maturity) (c) | 14,810 | 18,725 | ||
Los Angeles Unified School District Series C, 5.25% 7/1/24 (MBIA Insured) | 1,265 | 1,283 | ||
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (MBIA Insured) (Escrowed to Maturity) (c) | 2,455 | 3,010 | ||
Manhattan Beach Unified School District Series A, 0% 9/1/09 (FGIC Insured) | 975 | 790 | ||
Metro. Wtr. District Southern California Wtrwks. Rev. Series A, 5% 7/1/26 | 16,500 | 16,213 | ||
Modesto Elementary School District, Stanislaus County Series A, 0% 8/1/25 (FGIC Insured) | 2,800 | 815 | ||
Modesto Gen. Oblig. Ctfs. of Prtn.: | ||||
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) | 2,500 | 2,500 | ||
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (FGIC Insured) | 1,585 | 1,585 | ||
Modesto Irrigation District Ctfs. of Prtn.: | ||||
Ctfs. of Prtn. (Geysers Geothermal Pwr. Proj.) | 5,000 | 5,005 | ||
Ctfs. of Prtn. & Cap. Impts. Series A, 0% 10/1/10 (MBIA Insured) (Escrowed to Maturity) (c) | 2,270 | 1,743 | ||
Monrovia Unified School District Series B, 0% 8/1/33 (FGIC Insured) | 2,500 | 453 | ||
Montebello Unified School District 0% 6/1/26 | 1,580 | 437 | ||
Monterey County Ctfs. of Prtn.: | ||||
(Master Plan Fing. Prog.) 5.25% 8/1/13 (MBIA Insured) | 2,000 | 2,170 | ||
Series 2001, 5.25% 8/1/16 (MBIA Insured) | 2,445 | 2,611 | ||
Murrieta Valley Unified School District Series A, 0% 9/1/13 (FGIC Insured) | 1,500 | 953 | ||
New Haven Unified School District: | ||||
12% 8/1/16 (FSA Insured) | 1,500 | 2,578 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
New Haven Unified School District: - continued | ||||
12% 8/1/17 (FSA Insured) | $ 1,000 | $ 1,757 | ||
Northern California Pwr. Agcy. Pub. Pwr. Rev.: | ||||
(Geothermal #3 Proj.) Series A, 5.6% 7/1/06 | 2,415 | 2,618 | ||
(Hydro Elec. #1 Proj.) Series A, 7.5% 7/1/23 (AMBAC Insured) (Pre-Refunded to 7/1/21 @ 100) (c) | 3,825 | 5,042 | ||
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (MBIA Insured) | 7,100 | 8,643 | ||
Oakland Gen. Oblig. Ctfs. of Prtn. (Oakland Museum Proj.) Series A, 0% 4/1/07 (AMBAC Insured) | 2,750 | 2,497 | ||
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): | ||||
5% 9/1/21 (MBIA Insured) (Escrowed to Maturity) (c) | 1,000 | 1,046 | ||
5.5% 9/1/17 (FGIC Insured) | 3,000 | 3,257 | ||
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.): | ||||
0% 8/1/08 (MBIA Insured) | 3,255 | 2,799 | ||
0% 8/1/09 (MBIA Insured) | 3,260 | 2,650 | ||
0% 8/1/10 (MBIA Insured) | 3,255 | 2,486 | ||
Orange County Arpt. Rev.: | ||||
5.5% 7/1/11 (MBIA Insured) (b) | 4,000 | 4,358 | ||
6% 7/1/07 (MBIA Insured) (b) | 9,135 | 10,216 | ||
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev.: | ||||
5.75% 12/1/09 (AMBAC Insured) (b) | 3,620 | 4,086 | ||
5.75% 12/1/11 (AMBAC Insured) (b) | 4,000 | 4,452 | ||
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) 5.375% 6/1/16 (AMBAC Insured) | 3,770 | 4,110 | ||
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) 5.8% 8/1/29 (FSA Insured) | 6,410 | 6,879 | ||
Palos Verdes Peninsula Unified School District Series A, 5.625% 11/1/25 | 5,900 | 6,177 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) | 7,095 | 7,084 | ||
Placer County Wtr. Agcy. Wtr. Rev. Ctfs. of Prtn. (Cap. Impt. Projs.) 5.5% 7/1/29 (AMBAC Insured) | 3,000 | 3,132 | ||
Pleasanton Joint Powers Fing. Auth. Rev. (Reassessment Proj.) Series A: | ||||
6% 9/2/05 | 1,955 | 1,999 | ||
6.15% 9/2/12 | 12,205 | 12,486 | ||
Pomona Unified School District Series C, 6% 8/1/30 (FGIC Insured) (Escrowed to Maturity) (c) | 4,535 | 5,193 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Port of Oakland Gen. Oblig.: | ||||
Series L: | ||||
5% 11/1/32 (FGIC Insured) (b) | $ 4,835 | $ 4,635 | ||
5.5% 11/1/20 (FGIC Insured) (b) | 3,405 | 3,570 | ||
5% 11/1/15 (MBIA Insured) (b) | 5,850 | 6,060 | ||
5% 11/1/17 (MBIA Insured) (b) | 3,355 | 3,420 | ||
5% 11/1/18 (MBIA Insured) (b) | 2,740 | 2,783 | ||
Port of Oakland Port Rev.: | ||||
Series F, 0% 11/1/07 (MBIA Insured) | 3,250 | 2,905 | ||
Series G: | ||||
5.375% 11/1/08 (MBIA Insured) (b) | 1,805 | 1,999 | ||
6% 11/1/07 (MBIA Insured) (b) | 1,650 | 1,857 | ||
Redding Elec. Sys. Rev. Ctfs. of Prtn. Series A: | ||||
0% 6/1/06 (FGIC Insured) | 1,730 | 1,627 | ||
0% 6/1/07 (FGIC Insured) | 1,890 | 1,708 | ||
0% 6/1/08 (FGIC Insured) | 1,300 | 1,124 | ||
Richmond Redev. Agcy. Tax Allocation Rev. (Harbour Redev. Proj.) 7% 7/1/09 (FSA Insured) | 105 | 106 | ||
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): | ||||
Series A, 6.5% 6/1/12 (MBIA Insured) | 15,500 | 17,937 | ||
Series B, 5.7% 6/1/16 (MBIA Insured) | 1,950 | 2,164 | ||
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.) Series A: | ||||
4.8% 10/1/07 | 1,080 | 1,138 | ||
5% 10/1/08 | 1,135 | 1,199 | ||
5% 10/1/09 | 1,140 | 1,195 | ||
5.1% 10/1/10 | 1,245 | 1,287 | ||
5.25% 10/1/12 | 1,375 | 1,401 | ||
5.5% 10/1/22 | 4,500 | 4,416 | ||
Rocklin Unified School District: | ||||
0% 8/1/24 (FGIC Insured) | 1,370 | 424 | ||
0% 8/1/25 (FGIC Insured) | 2,725 | 794 | ||
0% 8/1/26 (FGIC Insured) | 1,365 | 374 | ||
0% 8/1/27 (FGIC Insured) | 1,500 | 388 | ||
Roseville City School District: | ||||
0% 8/1/25 (FGIC Insured) | 1,745 | 508 | ||
0% 8/1/27 (FGIC Insured) | 1,940 | 496 | ||
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) | 2,000 | 2,168 | ||
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (MBIA Insured) | 2,035 | 1,134 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Sacramento Cogeneration Auth. Cogeneration Proj. Rev. (Procter & Gamble Proj.) 6.375% 7/1/10 | $ 700 | $ 749 | ||
Sacramento Muni. Util. District Elec. Rev.: | ||||
Series 2001 P: | ||||
5.25% 8/15/15 (FSA Insured) | 1,660 | 1,786 | ||
5.25% 8/15/16 (FSA Insured) | 1,500 | 1,603 | ||
Series L, 5.125% 7/1/22 (MBIA Insured) | 4,000 | 4,093 | ||
Series M, 5.25% 7/1/28 (Pre-Refunded to 7/1/04 @ 101) (c) | 4,655 | 4,861 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev.: | ||||
6% 7/1/22 | 18,700 | 19,106 | ||
6.5% 7/1/06 | 4,500 | 4,943 | ||
6.5% 7/1/07 | 2,000 | 2,209 | ||
6.5% 7/1/08 | 1,000 | 1,107 | ||
San Bernardino County Ctfs. of Prtn.: | ||||
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (c) | 8,500 | 10,557 | ||
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 | 10,000 | 10,224 | ||
San Diego County Ctfs. of Prtn.: | ||||
(Burnham Institute Proj.) 6.25% 9/1/29 | 6,800 | 6,920 | ||
5% 10/1/05 | 1,270 | 1,355 | ||
5% 10/1/07 | 1,400 | 1,522 | ||
5% 10/1/09 | 1,545 | 1,672 | ||
5.25% 10/1/11 | 1,705 | 1,830 | ||
San Diego Unified School District (Election of 1998 Proj.): | ||||
Series 2000 B, 6.05% 7/1/18 (MBIA Insured) | 2,290 | 2,676 | ||
Series D, 5.25% 7/1/17 (FGIC Insured) | 3,325 | 3,543 | ||
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 | 4,500 | 4,731 | ||
San Francisco Bay Area Trans. Fing. Auth. (Bridge Toll Proj.): | ||||
5.5% 8/1/05 (American Cap. Access Corp. Insured) | 1,000 | 1,066 | ||
5.75% 2/1/07 (American Cap. Access Corp. Insured) | 1,500 | 1,647 | ||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | ||||
(SFO Fuel Co. Proj.) Series A: | ||||
5.125% 1/1/17 (AMBAC Insured) (b) | 6,000 | 6,195 | ||
5.25% 1/1/18 (AMBAC Insured) (b) | 4,515 | 4,683 | ||
5.25% 1/1/19 (AMBAC Insured) (b) | 4,750 | 4,899 | ||
Second Series: | ||||
Issue 09A, 5.125% 5/1/07 (FGIC Insured) (b) | 2,000 | 2,105 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: - continued | ||||
Second Series: | ||||
Issue 12A, 5.625% 5/1/08 (FGIC Insured) (b) | $ 1,625 | $ 1,763 | ||
Issue 15A: | ||||
5.5% 5/1/07 (FSA Insured) (b) | 5,680 | 6,236 | ||
5.5% 5/1/09 (FSA Insured) (b) | 1,355 | 1,498 | ||
Issue 16A: | ||||
5.375% 5/1/18 (FSA Insured) (b) | 5,035 | 5,281 | ||
5.5% 5/1/06 (FSA Insured) (b) | 1,850 | 2,004 | ||
5.5% 5/1/08 (FSA Insured) (b) | 2,945 | 3,248 | ||
Issue 18A, 5.25% 5/1/11 (MBIA Insured) (b) | 3,280 | 3,519 | ||
Issue 23A: | ||||
5.5% 5/1/07 (FGIC Insured) (b) | 1,045 | 1,147 | ||
5.5% 5/1/08 (FGIC Insured) (b) | 2,755 | 3,039 | ||
Second Series 1998 Issue 18A, 5.25% 5/1/14 | 2,750 | 2,896 | ||
Second Series 27A: | ||||
5.5% 5/1/07 (MBIA Insured) (b) | 2,935 | 3,223 | ||
5.5% 5/1/08 (MBIA Insured) (b) | 4,045 | 4,462 | ||
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: | ||||
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (MBIA Insured) | 1,475 | 1,127 | ||
Series A: | ||||
0% 8/1/08 (FGIC Insured) | 1,085 | 933 | ||
0% 8/1/09 (FGIC Insured) | 1,085 | 882 | ||
0% 8/1/10 (FGIC Insured) | 1,085 | 829 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1997 A, 0% 1/15/26 (MBIA Insured) | 11,000 | 3,109 | ||
Series A: | ||||
0% 1/15/10 (MBIA Insured) | 2,235 | 1,744 | ||
0% 1/15/12 (MBIA Insured) | 7,000 | 4,856 | ||
0% 1/15/15 (MBIA Insured) | 5,000 | 2,894 | ||
0% 1/15/31 (MBIA Insured) | 5,000 | 1,049 | ||
5.25% 1/15/30 (MBIA Insured) | 9,145 | 9,214 | ||
5.5% 1/15/28 | 1,060 | 994 | ||
0% 1/1/12 (Escrowed to Maturity) (c) | 15,000 | 10,577 | ||
San Jose Arpt. Rev.: | ||||
Series A, 5.25% 3/1/14 (FGIC Insured) | 1,000 | 1,072 | ||
Series B, 5% 3/1/09 (FSA Insured) (b) | 5,395 | 5,784 | ||
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (c) | 1,990 | 1,144 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
San Mateo County Cmnty. College District Series A, 0% 9/1/24 (FGIC Insured) | $ 4,500 | $ 1,386 | ||
San Mateo Unified School District (Election of 2000 Proj.) Series B: | ||||
0% 9/1/23 (FGIC Insured) | 2,000 | 657 | ||
0% 9/1/24 (FGIC Insured) | 3,500 | 1,078 | ||
0% 9/1/25 (FGIC Insured) | 1,490 | 432 | ||
0% 9/1/26 (FGIC Insured) | 1,500 | 409 | ||
Sanger Unified School District 5.6% 8/1/23 (MBIA Insured) | 3,000 | 3,265 | ||
Santa Barbara High School District Series A: | ||||
5.75% 8/1/25 (FGIC Insured) | 4,650 | 4,978 | ||
5.75% 8/1/30 (FGIC Insured) | 7,490 | 7,995 | ||
Santa Clara County Trans. District Sales Tax Rev. | 8,500 | 8,649 | ||
Santa Cruz City Elementary School District Series B, 5.75% 8/1/26 (FGIC Insured) | 2,730 | 2,933 | ||
Santa Cruz City High School District Series B: | ||||
5.75% 8/1/26 (FGIC Insured) | 2,380 | 2,557 | ||
6% 8/1/29 (FGIC Insured) | 6,770 | 7,450 | ||
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (MBIA Insured) | 1,865 | 2,313 | ||
Santa Maria Redev. Agcy. Lease Rev. 5.25% 6/1/16 (AMBAC Insured) | 1,145 | 1,228 | ||
Santa Monica Redev. Agcy. Tax Allocation Rev. (Earthquake Recovery Redev. Proj.) Series 1999, 5.75% 7/1/22 (AMBAC Insured) | 8,395 | 9,053 | ||
Saratoga Union School District Series A, 0% 9/1/22 (FGIC Insured) | 3,820 | 1,338 | ||
Shasta Union High School District: | ||||
0% 8/1/26 (FGIC Insured) | 1,000 | 274 | ||
0% 8/1/27 (MBIA Insured) | 3,220 | 832 | ||
0% 5/1/28 (MBIA Insured) | 3,340 | 825 | ||
South Orange County Pub. Fing. Auth. Spl. Tax Rev. (Foothill Area Proj.) Series C: | ||||
7.5% 8/15/07 (FGIC Insured) | 3,890 | 4,622 | ||
8% 8/15/09 (FGIC Insured) | 3,650 | 4,572 | ||
Southern California Pub. Pwr. Auth. Rev.: | ||||
(Magnolia Pwr. Proj.) Series A, 5% 7/1/21 | 3,835 | 3,869 | ||
(Multiple Projs.): | ||||
6.75% 7/1/10 | 1,400 | 1,643 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Southern California Pub. Pwr. Auth. Rev.: - continued | ||||
(Multiple Projs.): | ||||
6.75% 7/1/11 | $ 6,500 | $ 7,635 | ||
7% 7/1/05 | 920 | 922 | ||
Stanislaus County Ctfs. of Prtn. (Cap. Impt. Prog.) | 1,000 | 1,066 | ||
Sulpher Springs Unified School District Series A: | ||||
0% 9/1/09 (MBIA Insured) | 2,485 | 2,014 | ||
0% 9/1/12 (MBIA Insured) | 2,750 | 1,856 | ||
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) | 5,800 | 4,150 | ||
Tobacco Securitization Auth. Northern California Tobacco Settlement Rev. Series 2001 A, 5.25% 6/1/31 | 2,000 | 1,452 | ||
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: | ||||
5.5% 6/1/31 | 2,350 | 2,331 | ||
6% 6/1/22 | 1,100 | 1,157 | ||
Ukiah Unified School District: | ||||
0% 8/1/14 (FGIC Insured) | 3,040 | 1,818 | ||
0% 8/1/19 (FGIC Insured) | 2,270 | 989 | ||
Union Elementary School District Series A, 0% 9/1/21 (FGIC Insured) | 2,995 | 1,122 | ||
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (d) | 22,420 | 23,393 | ||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.): | ||||
5.25% 1/1/08 | 3,160 | 3,239 | ||
5.25% 1/1/13 | 8,500 | 8,646 | ||
Ventura Unified School District Series D, 5.875% 8/1/30 (FSA Insured) | 1,645 | 1,775 | ||
Vernon Elec. Sys. Rev. (Marlburg Generating Station Proj.): | ||||
5% 4/1/09 | 1,000 | 1,054 | ||
5.375% 4/1/16 | 2,005 | 2,036 | ||
Victor Elementary School District Series A, 0% 6/1/14 (MBIA Insured) | 2,375 | 1,431 | ||
West & Central Basin Fing. Auth. Rev. Series B, 5.1% 8/1/06 (AMBAC Insured) | 4,000 | 4,133 | ||
Whittier Union High School District Series B, 5.875% 8/1/30 (FSA Insured) | 2,405 | 2,600 | ||
1,505,867 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Guam - 0.2% | ||||
Guam Pwr. Auth. Rev. Series A: | ||||
4% 10/1/03 | $ 1,795 | $ 1,798 | ||
4% 10/1/04 | 1,620 | 1,652 | ||
3,450 | ||||
Puerto Rico - 0.3% | ||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A: | ||||
5.5% 10/1/32 (Escrowed to Maturity) (c) | 3,550 | 3,789 | ||
5.5% 10/1/40 (Escrowed to Maturity) (c) | 1,100 | 1,170 | ||
4,959 |
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $1,452,764) | 1,514,276 | ||
NET OTHER ASSETS - 1.0% | 14,675 | ||
NET ASSETS - 100% | $ 1,528,951 |
Swap Agreements | |||||
Expiration | Notional | Unrealized | |||
Interest Rate Swap | |||||
Receive quarterly a fixed rate equal to 4.477% and pay quarterly a floating rate based on BMA Municipal Swap Index with Merrill Lynch, Inc. | Nov. 2018 | $ 10,000 | $ 211 | ||
Receive quarterly a fixed rate equal to 5.3142% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc. | Nov. 2013 | 17,000 | 371 | ||
$ 27,000 | $ 582 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition | Acquisition |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 | 3/6/02 | $ 22,420 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 25.7% |
Transportation | 16.0 |
Electric Utilities | 11.4 |
Health Care | 10.6 |
Education | 8.2 |
Escrowed/Pre-Refunded | 6.8 |
Special Tax | 7.1 |
Others* (individually less than 5%) | 14.2 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $155,940,000 and $291,376,000, respectively. |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,393,000 or 1.5% of net assets. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | August 31, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,452,764) - See accompanying schedule | $ 1,514,276 | |
Cash | 489 | |
Receivable for investments sold | 6,672 | |
Receivable for fund shares sold | 857 | |
Interest receivable | 17,292 | |
Unrealized gain on swap agreements | 582 | |
Other receivables | 4 | |
Total assets | 1,540,172 | |
Liabilities | ||
Payable for investments purchased | $ 1,074 | |
Delayed delivery | 6,688 | |
Payable for fund shares redeemed | 1,118 | |
Distributions payable | 1,691 | |
Accrued management fee | 488 | |
Distribution fees payable | 13 | |
Other payables and accrued expenses | 149 | |
Total liabilities | 11,221 | |
Net Assets | $ 1,528,951 | |
Net Assets consist of: | ||
Paid in capital | $ 1,458,939 | |
Undistributed net investment income | 1,090 | |
Accumulated undistributed net realized gain (loss) on investments | 6,828 | |
Net unrealized appreciation (depreciation) on investments | 62,094 | |
Net Assets | $ 1,528,951 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | August 31, 2003 (Unaudited) | |
Calculation of Maximum Offering Price | $ 12.36 | |
Maximum offering price per share (100/95.25 of $12.36) | $ 12.98 | |
Class T: | $ 12.38 | |
Maximum offering price per share (100/96.50 of $12.38) | $ 12.83 | |
Class B: | $ 12.36 | |
Class C: | $ 12.35 | |
Spartan California Municipal Income Fund: | $ 12.35 | |
Institutional Class: | $ 12.36 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended August 31, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 39,966 | |
Expenses | ||
Management fee | $ 3,169 | |
Transfer agent fees | 578 | |
Distribution fees | 73 | |
Accounting fees and expenses | 200 | |
Non-interested trustees' compensation | 4 | |
Custodian fees and expenses | 13 | |
Registration fees | 60 | |
Audit | 24 | |
Legal | 4 | |
Miscellaneous | 2 | |
Total expenses before reductions | 4,127 | |
Expense reductions | (79) | 4,048 |
Net investment income (loss) | 35,918 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 10,619 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (55,262) | |
Swap agreements | 582 | |
Total change in net unrealized appreciation (depreciation) | (54,680) | |
Net gain (loss) | (44,061) | |
Net increase (decrease) in net assets resulting from operations | $ (8,143) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 35,918 | $ 72,724 |
Net realized gain (loss) | 10,619 | 17,062 |
Change in net unrealized appreciation (depreciation) | (54,680) | 17,340 |
Net increase (decrease) in net assets resulting | (8,143) | 107,126 |
Distributions to shareholders from net investment income | (35,769) | (72,090) |
Distributions to shareholders from net realized gain | (8,599) | (9,302) |
Total distributions | (44,368) | (81,392) |
Share transactions - net increase (decrease) | (118,721) | 19,962 |
Redemption fees | 26 | 45 |
Total increase (decrease) in net assets | (171,206) | 45,741 |
Net Assets | ||
Beginning of period | 1,700,157 | 1,654,416 |
End of period (including undistributed net investment income of $1,090 and undistributed net investment income of $1,389, respectively) | $ 1,528,951 | $ 1,700,157 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss) E | .263 | .303 |
Net realized and unrealized gain (loss) | (.336) | .212 |
Total from investment operations | (.073) | .515 |
Distributions from net investment income | (.262) | (.297) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.327) | (.355) |
Redemption fees added to paid in capital E, H | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total Return B,C,D | (.60)% | 4.13% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .65% A | .66%A |
Expenses net of voluntary waivers, if any | .65%A | .66%A |
Expenses net of all reductions | .65%A | .65%A |
Net investment income (loss) | 4.12%A | 4.18%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 3 | $ 3 |
Portfolio turnover rate | 19%A | 18% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.79 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss) E | .254 | .296 |
Net realized and unrealized gain (loss) | (.344) | .241 |
Total from investment operations | (.090) | .537 |
Distributions from net investment income | (.255) | (.289) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.320) | (.347) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.38 | $ 12.79 |
Total Return B,C,D | (.73)% | 4.31% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .76% A | .77% A |
Expenses net of voluntary waivers, if any | .76% A | .77% A |
Expenses net of all reductions | .76% A | .76% A |
Net investment income (loss) | 4.01% A | 4.07% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 2 | $ 1 |
Portfolio turnover rate | 19% A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)E | .215 | .247 |
Net realized and unrealized gain (loss) | (.336) | .210 |
Total from investment operations | (.121) | .457 |
Distributions from net investment income | (.214) | (.239) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.279) | (.297) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total ReturnB,C,D | (.97)% | 3.66% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.40%A | 1.42%A |
Expenses net of voluntary waivers, if any | 1.40%A | 1.42%A |
Expenses net of all reductions | 1.39%A | 1.42%A |
Net investment income (loss) | 3.38%A | 3.42%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 5 | $ 4 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.75 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)E | .207 | .239 |
Net realized and unrealized gain (loss) | (.335) | .200 |
Total from investment operations | (.128) | .439 |
Distributions from net investment income | (.207) | (.231) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.272) | (.289) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.35 | $ 12.75 |
Total ReturnB,C,D | (1.03) % | 3.52% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.51%A | 1.54%A |
Expenses net of voluntary waivers, if any | 1.51%A | 1.54%A |
Expenses net of all reductions | 1.51%A | 1.53%A |
Net investment income (loss) | 3.26%A | 3.30%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 10 | $ 7 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Spartan California Municipal Income
Six months ended | Years ended February 28, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000E | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, | $ 12.75 | $ 12.55 | $ 12.35 | $ 11.52 | $ 12.41 | $ 12.36 |
Income from Investment Operations | ||||||
Net investment income (loss) | .275C | .546C | .555C,F | .568C | .557C | .569 |
Net realized and | (.337) | .265 | .211F | .832 | (.838) | .154 |
Total from investment operations | (.062) | .811 | .766 | 1.400 | (.281) | .723 |
Distributions from net investment income | (.273) | (.541) | (.552) | (.570) | (.555) | (.569) |
Distributions from net realized gain | (.065) | (.070) | (.015) | - | (.015) | (.104) |
Distributions in excess of net realized gain | - | - | - | - | (.039) | - |
Total distributions | (.338) | (.611) | (.567) | (.570) | (.609) | (.673) |
Redemption fees added to paid in capital | - C,G | -C,G | .001C | - | - | - |
Net asset value, | $ 12.35 | $ 12.75 | $ 12.55 | $ 12.35 | $ 11.52 | $ 12.41 |
Total ReturnB | (.51)% | 6.64% | 6.36% | 12.42% | (2.28)% | 6.00% |
Ratios to Average Net AssetsD | ||||||
Expenses before expense reductions | .48% A | .49% | .48% | .49% | .49% | .52% |
Expenses net of voluntary waivers, if any | .48% A | .48% | .48% | .49% | .49% | .52% |
Expenses net of all | .47% A | .47% | .43% | .42% | .49% | .52% |
Net investment income (loss) | 4.30% A | 4.34% | 4.47% F | 4.75% | 4.69% | 4.59% |
Supplemental Data | ||||||
Net assets, end of | $ 1,507 | $ 1,683 | $ 1,654 | $ 1,512 | $ 1,212 | $ 1,359 |
Portfolio turnover rate | 19% A | 18% | 13% | 16% | 35% | 34% |
A Annualized
B Total returns would have been lower had certain expenses not been reduced during the periods shown.
C Calculated based on average shares outstanding during the period.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
E For the year ended February 29.
F Effective March 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than .001 per-share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2003E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 12.76 | $ 12.60 |
Income from Investment Operations | ||
Net investment income (loss)D | .275 | .316 |
Net realized and unrealized gain (loss) | (.338) | .211 |
Total from investment operations | (.063) | .527 |
Distributions from net investment income | (.272) | (.309) |
Distributions from net realized gain | (.065) | (.058) |
Total distributions | (.337) | (.367) |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 12.36 | $ 12.76 |
Total ReturnB,C | (.52)% | 4.23% |
Ratios to Average Net AssetsF | ||
Expenses before expense reductions | .50%A | .50%A |
Expenses net of voluntary waivers, if any | .50%A | .50%A |
Expenses net of all reductions | .49%A | .49%A |
Net investment income (loss) | 4.28%A | 4.34%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 1 | $ 1 |
Portfolio turnover rate | 19%A | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than .001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended August 31, 2003 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan 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 Class A, Class T, Class B, Class C, Spartan California Municipal Income, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
The fund may be affected by economic and political developments in the state of California. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount and losses deferred due to wash sales and futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 72,957 |
Unrealized depreciation | (9,766) |
Net unrealized appreciation (depreciation) | $ 63,191 |
Cost for federal income tax purposes | $ 1,451,085 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell 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. During the time a delayed delivery
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The fund 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 is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.
Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.
Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. The net receivable or payable is accrued daily and is included in interest income in the accompanying Statement of Operations. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.
Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .15% | $ 3 | $ - |
Class T | 0% | .25% | 2 | - |
Class B | .65% | .25% | 23 | 17 |
Class C | .75% | .25% | 45 | 43 |
$ 73 | $ 60 |
Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 3 |
Class T | 1 |
Class B* | 18 |
Class C* | 4 |
$ 26 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan California Municipal Income and Institutional Class shares. Citibank has entered into sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, Spartan California Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan California Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
Amount | % of | |
Class A | $ 1 | .09 |
Class T | 1 | .10 |
Class B | 2 | .09 |
Class C | 5 | .10 |
Spartan California Municipal Income | 568 | .07 |
Institutional Class | 1 | .08 |
$ 578 |
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-contract with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
5. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan California Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $43.
In addition, through arrangements with the fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $13 and $23, respectively.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 69 | $ 46 |
Class T | 38 | 20 |
Class B | 87 | 44 |
Class C | 146 | 77 |
Spartan California Municipal Income | 35,403 | 71,876 |
Institutional Class | 26 | 27 |
Total | $ 35,769 | $ 72,090 |
From net realized gain | ||
Class A | $ 16 | $ 11 |
Class T | 5 | 5 |
Class B | 26 | 13 |
Class C | 40 | 24 |
Spartan California Municipal Income | 8,506 | 9,242 |
Institutional Class | 6 | 7 |
Total | $ 8,599 | $ 9,302 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
Semiannual Report
7. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 83 | 258 | $ 1,051 | $ 3,287 |
Reinvestment of distributions | 2 | 1 | 28 | 18 |
Shares redeemed | (67) | (17) | (842) | (220) |
Net increase (decrease) | 18 | 242 | $ 237 | $ 3,085 |
Class T | ||||
Shares sold | 119 | 124 | $ 1,523 | $ 1,594 |
Reinvestment of distributions | 2 | 2 | 24 | 22 |
Shares redeemed | - | (47) | (6) | (600) |
Net increase (decrease) | 121 | 79 | $ 1,541 | $ 1,016 |
Class B | ||||
Shares sold | 125 | 361 | $ 1,597 | $ 4,589 |
Reinvestment of distributions | 5 | 2 | 57 | 31 |
Shares redeemed | (63) | (13) | (796) | (171) |
Net increase (decrease) | 67 | 350 | $ 858 | $ 4,449 |
Class C | ||||
Shares sold | 273 | 611 | $ 3,482 | $ 7,765 |
Reinvestment of distributions | 10 | 6 | 130 | 72 |
Shares redeemed | (65) | (31) | (820) | (397) |
Net increase (decrease) | 218 | 586 | $ 2,792 | $ 7,440 |
Spartan California Municipal Income | ||||
Shares sold | 9,145 | 28,507 | $ 116,636 | $ 358,744 |
Reinvestment of distributions | 2,500 | 4,657 | 31,613 | 58,599 |
Shares redeemed | (21,534) | (33,045) | (271,683) | (414,881) |
Net increase (decrease) | (9,889) | 119 | $ (123,434) | $ 2,462 |
Institutional Class | ||||
Shares sold | 5 | 136 | $ 61 | $ 1,744 |
Reinvestment of distributions | 1 | 1 | 12 | 17 |
Shares redeemed | (63) | (20) | (788) | (251) |
Net increase (decrease) | (57) | 117 | $ (715) | $ 1,510 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to February 28, 2003.
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Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Citibank, N.A.
New York, NY
and
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital Appreciation Fund |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital Appreciation Fund |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Freedom Income FundSM |
Fidelity Advisor Freedom 2010 FundSM |
Fidelity Advisor Freedom 2020 FundSM |
Fidelity Advisor Freedom 2030 FundSM |
Fidelity Advisor Freedom 2040 FundSM |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International Small Cap Fund |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New Insights Fund |
Fidelity Advisor New York Municipal Income Fund |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Short Intermediate Municipal Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications & Utilities Growth Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
(Fidelity Investment logo)(registered trademark)
Spartan®
California Municipal
Money Market Fund
and
Fidelity ®
California Municipal
Money Market Fund
Semiannual Report
August 31, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders | |
Spartan California Municipal Money Market Fund | ||
Investment Changes | ||
Investments | ||
Financial Statements | ||
Fidelity California Municipal Money Market Fund | ||
Investment Changes | ||
Investments | ||
Financial Statements | ||
Notes | Notes to the Financial Statements | |
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 Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the funds nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Spartan California Municipal Money Market Fund
Investment Changes
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 80.5 | 77.8 | 72.3 |
31 - 90 | 3.8 | 10.1 | 18.8 |
91 - 180 | 5.1 | 9.7 | 1.2 |
181 - 397 | 10.6 | 2.4 | 7.7 |
Weighted Average Maturity | |||
8/31/03 | 2/28/03 | 8/31/02 | |
Spartan California Municipal Money | 45 Days | 29 Days | 45 Days |
California Tax-Free Money Market | 54 Days | 32 Days | 49 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of August 31, 2003 | As of February 28, 2003 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Commercial | ![]() | Commercial | ||||
![]() | Tender Bonds 9.0% | ![]() | Tender Bonds 6.1% | ||||
![]() | Municipal Notes 8.9% | ![]() | Municipal Notes 14.1% | ||||
![]() | Other Investments 0.4% | ![]() | Other Investments 0.0% | ||||
![]() | Fidelity Municipal | ![]() | Fidelity Municipal | ||||
![]() | Net Other Assets 5.5% | ![]() | Net Other Assets 0.4% |
*Source: iMoneyNet, Inc.
Semiannual Report
Spartan California Municipal Money Market Fund
Investments August 31, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 94.5% | |||
Principal | Value (Note 1) | ||
California - 92.8% | |||
ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev.: | |||
(Colma Bart Family Apts. Proj.) Series 2002 A, 0.85%, LOC Bank of America NA, VRDN (a)(b) | $ 10,000 | $ 10,000 | |
(Southport Apts. Proj.) Series 2002 A, 0.8%, LOC Fannie Mae, VRDN (a)(b) | 9,995 | 9,995 | |
(Vintage Chateau Proj.) Series A, 0.95%, LOC Union Bank of California, VRDN (a)(b) | 3,400 | 3,400 | |
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. Participating VRDN Series ROC II R1024, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d) | 13,440 | 13,440 | |
California Dept. of Wtr. Resources Pwr. Supply Rev.: | |||
Bonds Series FRRI 03 L14, 1.1%, tender 11/19/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)(e) | 3,100 | 3,100 | |
Participating VRDN: | |||
Series EGL 02 6017 Class A, 0.86% (Liquidity Facility Citibank NA, New York) (a)(d) | 6,200 | 6,200 | |
Series EGL 03 19, 0.86% (Liquidity Facility Citibank NA, New York) (a)(d) | 6,930 | 6,930 | |
Series PT 730, 0.86% (Liquidity Facility BNP Paribas SA) (a)(d) | 12,800 | 12,800 | |
Series PT 759, 0.86% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d) | 6,595 | 6,595 | |
Series 2002 B3, 0.85%, LOC Bank of New York NA, VRDN (a) | 6,600 | 6,600 | |
Series 2002 B4, 0.8%, LOC Bayerische Landesbank Girozentrale, VRDN (a) | 9,400 | 9,400 | |
Series 2002 C4, 0.85%, LOC JPMorgan Chase Bank, LOC California Teachers Retirement Sys., VRDN (a) | 69,300 | 69,301 | |
Series 2002 C7, 0.8% (FSA Insured), VRDN (a) | 19,400 | 19,400 | |
Series B1, 0.77%, LOC Bank of New York NA, LOC California Teachers Retirement Sys., VRDN (a) | 49,430 | 49,430 | |
Series C16, 0.85%, LOC Bank of New York NA, VRDN (a) | 19,000 | 19,000 | |
California Gen. Oblig.: | |||
Bonds: | |||
Series AAB 00 1, 1.25%, tender 9/10/03 (Liquidity Facility ABN-AMRO Bank NV) (a)(d)(e) | 9,900 | 9,900 | |
Series FRRI 03 F5J, 0.95%, tender 12/17/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)(e) | 24,700 | 24,700 | |
Series LB 03 F8J, 0.95%, tender 12/17/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)(e) | 24,700 | 24,700 | |
6.75% 6/1/04 | 1,115 | 1,158 | |
6.75% 6/1/04 (Escrowed to Maturity) (c) | 3,285 | 3,412 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
California Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series 01 777X, 0.88% (Liquidity Facility Morgan Stanley) (a)(b)(d) | $ 3,500 | $ 3,500 | |
Series Merlots 02 A17, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 4,320 | 4,320 | |
Series Merlots B45, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 9,800 | 9,800 | |
Series PT 1389, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 5,180 | 5,180 | |
Series PT 844, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 4,995 | 4,995 | |
Series SG 84, 0.89% (Liquidity Facility Societe Generale) (a)(d) | 12,235 | 12,235 | |
Series SG 85, 0.89% (Liquidity Facility Societe Generale) (a)(d) | 1,430 | 1,430 | |
Series SGB 7, 0.86% (Liquidity Facility Societe Generale) (a)(d) | 8,775 | 8,775 | |
Series 2003 A1, 0.85%, LOC WestLB AG, LOC JPMorgan Chase Bank, VRDN (a) | 12,600 | 12,600 | |
Series 2003 A2, 0.8%, LOC WestLB AG, LOC JPMorgan Chase Bank, VRDN (a) | 5,000 | 5,000 | |
Series 2003 B1, 0.82%, LOC Bank of New York NA, LOC BNP Paribas SA, VRDN (a) | 44,400 | 44,400 | |
Series 2003 C2, 0.85%, LOC Landesbank Hessen-Thuringen, LOC Bank of America NA, VRDN (a) | 8,000 | 8,000 | |
California Health Facilities Fing. Auth. Rev. Participating VRDN Series MS 01 592, 0.88% (Liquidity Facility Morgan Stanley) (a)(d) | 14,600 | 14,600 | |
California Hsg. Fin. Agcy. Home Mtg. Rev.: | |||
Participating VRDN Series PT 843, 0.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d) | 12,800 | 12,800 | |
Series 2000 G, 0.99% (FSA Insured), VRDN (a)(b) | 18,600 | 18,600 | |
Series F, 0.85% (Liquidity Facility Bank of New York NA) (Liquidity Facility California Teachers Retirement Sys.), VRDN (a)(b) | 7,300 | 7,300 | |
Series Q, 0.85%, LOC KBC Bank NV, VRDN (a)(b) | 14,800 | 14,800 | |
California Infrastructure & Econ. Dev. Bank Rev. Participating VRDN: | |||
Series EGL 03 42, 0.86% (Liquidity Facility Citibank NA, New York) (a)(d) | 6,700 | 6,700 | |
Series PA 1193, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 6,285 | 6,285 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
California Poll. Cont. Fing. Auth. Envir. Impt. Rev. (Atlantic Richfield Co. Proj.) Series 1997 A, 0.83%, VRDN (a)(b) | $ 2,900 | $ 2,900 | |
California Poll. Cont. Fing. Auth. Resource Recovery Rev. (Atlantic Richfield Co. Proj.) Series 1994 A, 0.83%, VRDN (a)(b) | 10,700 | 10,700 | |
California School Cash Reserve Prog. Auth. TRAN Series A, 2% 7/6/04 (AMBAC Insured) | 25,000 | 25,230 | |
California State Univ. Rev. & Colleges: | |||
Participating VRDN Series SG 170, 0.86% (Liquidity Facility Societe Generale) (a)(d) | 8,000 | 8,000 | |
Series 2001 A, 0.85% 10/10/03, LOC Bayerische Landesbank Girozentrale, LOC JPMorgan Chase Bank, CP | 11,138 | 11,138 | |
California Statewide Cmnty. Dev. Auth. Multi-family Rev. (Oakmont Stockton Proj.) Series 1997 C, 0.9% (Gen. Elec. Cap. Corp. Guaranteed), VRDN (a)(b) | 5,960 | 5,960 | |
California Statewide Cmnty. Dev. Auth. Rev.: | |||
(Kaiser Permanente Health Sys. Proj.) Series 2003 A, 0.91%, VRDN (a) | 3,600 | 3,600 | |
TRAN Series 2003 A2, 2% 6/30/04 | 7,500 | 7,558 | |
California Statewide Cmnty. Dev. Auth. Rev. Ctfs. of Prtn. Participating VRDN Series Merlots 99 E, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 5,000 | 5,000 | |
California Statewide Cmnty. Dev. Corp. Rev. (Supreme Truck Bodies of California Proj.) 0.95%, LOC Bank One NA, Chicago, VRDN (a)(b) | 1,800 | 1,800 | |
Chula Vista Ind. Dev. Rev.: | |||
Bonds Series LB 03 F6J, 1%, tender 10/29/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(d)(e) | 7,275 | 7,275 | |
(San Diego Gas & Elec. Co. Proj.) Series B, 1%, VRDN (a)(b) | 6,800 | 6,800 | |
Clipper Tax-Exempt Trust Participating VRDN Series 2003 2, 0.88% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d) | 3,100 | 3,100 | |
East Bay Muni. Util. District Wtr. Sys. Rev. Series 1988: | |||
0.85% 9/2/03, CP | 7,900 | 7,900 | |
0.85% 9/5/03, CP | 4,300 | 4,300 | |
Foothill-De Anza Cmnty. College District Participating VRDN Series Merlots 00 YY, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 6,300 | 6,300 | |
Fresno Swr. Rev. Participating VRDN Series PT 769, 0.86% (Liquidity Facility Svenska Handelsbanken AB) (a)(d) | 5,995 | 5,995 | |
Fresno Unified School District Participating VRDN Series PA 1154, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 7,300 | 7,300 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Irvine Impt. Bond Act of 1915 (Assessment District #89-10 Proj.) 0.8%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (a) | $ 270 | $ 270 | |
Lassen Muni. Util. District Rev. Series 1996 A, 0.98% (FSA Insured), VRDN (a)(b) | 3,330 | 3,330 | |
Long Beach Hbr. Rev. Series A, 0.93% 10/9/03, CP (b) | 9,000 | 9,000 | |
Los Angeles Cmnty. College District Bonds Series ROC II R71, 1%, tender 6/17/04 (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d)(e) | 3,305 | 3,305 | |
Los Angeles County Gen. Oblig. TRAN Series A, 2% 6/30/04 | 25,300 | 25,528 | |
Los Angeles County Metro. Trans. Auth. Rev. Participating VRDN Series SGB 1, 0.86% (Liquidity Facility Societe Generale) (a)(d) | 6,400 | 6,400 | |
Los Angeles County Metro. Trans. Auth. Sales Tax Rev. Participating VRDN Series PT 1886, 0.86% (Liquidity Facility WestLB AG) (a)(d) | 16,535 | 16,535 | |
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Participating VRDN Series Merlots 00 JJJ, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 8,830 | 8,830 | |
Los Angeles County Sanitation District Fin. Auth. Rev. Participating VRDN Series ROC II R4023, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d) | 7,010 | 7,010 | |
Los Angeles Dept. Arpts. Rev. Participating VRDN Series SG 61, 0.89% (Liquidity Facility Societe Generale) (a)(b)(d) | 6,655 | 6,655 | |
Los Angeles Dept. of Wtr. & Pwr. Rev.: | |||
Participating VRDN: | |||
Series PA 1192, 0.88% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 7,980 | 7,980 | |
Series ROC II R3010, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d) | 5,170 | 5,170 | |
Sub Series B5, 0.77%, VRDN (a) | 11,000 | 11,000 | |
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN Series Merlots 99 L, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 8,500 | 8,500 | |
Los Angeles Gen. Oblig.: | |||
Participating VRDN Series PT 1475, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 13,720 | 13,720 | |
TRAN 2% 6/30/04 | 26,200 | 26,429 | |
Los Angeles Hbr. Dept. Rev. Participating VRDN Series MS 00 349, 0.88% (Liquidity Facility Morgan Stanley) (a)(b)(d) | 2,660 | 2,660 | |
Los Angeles Multi-family Hsg. Rev. (Canyon Creek Apts. Proj.) Series 1991 C, 0.84%, LOC Banco Santander Central Hispano SA, VRDN (a) | 4,475 | 4,475 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Los Angeles Single Family Home Mtg. Rev. Participating VRDN Series PT 707, 0.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d) | $ 11,960 | $ 11,960 | |
Los Angeles Unified School District: | |||
Bonds Series FRRI 03 L6J, 1.1%, tender 10/1/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)(e) | 5,600 | 5,600 | |
Participating VRDN: | |||
Series FRRI 03 L2J, 0.85% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d) | 8,300 | 8,300 | |
Series Merlots 03 A33, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 6,295 | 6,295 | |
Series Merlots 03 B37, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 2,700 | 2,700 | |
Series PT 1730, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 9,200 | 9,200 | |
Series PT 1731, 0.86% (Liquidity Facility WestLB AG) (a)(d) | 5,570 | 5,570 | |
Series PT 1763, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 18,515 | 18,515 | |
Series SGA 144, 0.9% (Liquidity Facility Societe Generale) (a)(d) | 6,400 | 6,400 | |
TRAN Series A, 2% 7/1/04 | 19,600 | 19,775 | |
Los Angeles Wastewtr. Sys. Rev. Bonds: | |||
Series A, 1.25%, tender 12/5/03 (FGIC Insured) (a) | 6,800 | 6,800 | |
Series B, 1.25%, tender 12/5/03 (FGIC Insured) (a) | 6,100 | 6,100 | |
Metro. Wtr. District Southern California Wtrwks. Rev. Participating VRDN: | |||
Series Merlots 99 O, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 11,880 | 11,880 | |
Series PA 546, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 1,000 | 1,000 | |
Series PA 837, 0.88% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 4,995 | 4,995 | |
Series PA 978R, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 3,395 | 3,395 | |
North Orange County Cmnty. College District Participating VRDN Series PT 1434, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 7,770 | 7,770 | |
North Orange County Cmnty. College District Rev. Participating VRDN Series MSTC 9042, 0.86% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(d) | 4,100 | 4,100 | |
Norwalk- Mirada Unified School District Participating VRDN: | |||
Series ROC II R5008, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d) | 10,455 | 10,455 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Norwalk- Mirada Unified School District Participating VRDN: - continued | |||
Series SG 169, 0.86% (Liquidity Facility Societe Generale) (a)(d) | $ 6,500 | $ 6,500 | |
Oakland Gen. Oblig. Participating VRDN Series Merlots 00 A, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 3,000 | 3,000 | |
Pacific Hsg. & Fin. Agcy. Lease Rev. (Lease Purchase Prog.) Series A, 0.85% (Freddie Mac Guaranteed), VRDN (a) | 11,000 | 11,000 | |
Port of Oakland Gen. Oblig. Participating VRDN: | |||
Series Merlots 00 JJ, 0.91% (Liquidity Facility Wachovia Bank NA) (a)(b)(d) | 10,700 | 10,700 | |
Series PA 1053, 0.9% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d) | 5,100 | 5,100 | |
Port of Oakland Port Rev.: | |||
Series A, 1.4% 9/15/03, LOC Commerzbank AG, LOC Bank of Nova Scotia, CP (b) | 1,300 | 1,300 | |
Series D, 0.85% 9/4/03, LOC Bank of America NA, LOC JPMorgan Chase Bank, CP (b) | 7,913 | 7,913 | |
Rancho Wtr. District Fing. Auth. Rev. Participating VRDN 0.89% (Liquidity Facility Societe Generale) (a)(d) | 8,750 | 8,750 | |
Riverside County Single Family Rev. Participating VRDN Series PT 1627, 0.9% (Liquidity Facility WestLB AG) (a)(b)(d) | 3,530 | 3,530 | |
Sacramento Muni. Util. District Elec. Rev. Participating VRDN: | |||
Series BA 02 M, 0.86% (Liquidity Facility Bank of America NA) (a)(d) | 3,975 | 3,975 | |
Series PA 1180, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 6,700 | 6,700 | |
Sacramento Redev. Agcy. Multi-family (18th & L Apts. Proj.) 0.8%, LOC Fannie Mae, VRDN (a)(b) | 3,600 | 3,600 | |
San Diego County Reg'l. Trans. Commission Sales Tax Rev. Series A, 0.87% 9/9/03, CP | 29,400 | 29,400 | |
San Diego Indl. Dev. Rev. Participating VRDN Series FRRI 02 L18, 0.95% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d) | 11,200 | 11,200 | |
San Francisco City & County Parking Meter Rev. Participating VRDN Series BA 96 A, 0.86% (Liquidity Facility Bank of America NA) (a)(d) | 8,000 | 8,000 | |
San Marcos Pub. Facilities Auth. Tax Allocation Rev. Participating VRDN Series ROC II R2027, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d) | 5,700 | 5,700 | |
Santa Clara Valley Wtr. District Ctfs. of Prtn. Participating VRDN Series Merlots 00 MM, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 8,900 | 8,900 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Santa Rosa Multi-family Hsg. Rev. (Quail Run Apts./Santa Rosa Hsg. Partners Proj.) Series 1997 A, 0.85%, LOC U.S. Bank NA, Minnesota, VRDN (a)(b) | $ 5,450 | $ 5,450 | |
Sequoia Union High School District Bonds Series AAB 03 2, 1.19%, tender 4/1/04 (Liquidity Facility ABN-AMRO Bank NV) (a)(d)(e) | 5,900 | 5,900 | |
South Coast Local Ed. Agcy. TRAN 2% 6/30/04 | 11,100 | 11,191 | |
Southern California Home Fin. Auth. Single Family Mtg. Rev. Participating VRDN: | |||
Series Floaters PT 629, 0.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d) | 13,280 | 13,280 | |
Series PT 02 772, 0.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d) | 4,700 | 4,700 | |
Southern California Pub. Pwr. Auth. Rev.: | |||
Bonds Series Merlots 02 A62, 1.35%, tender 11/24/03 (Liquidity Facility Wachovia Bank NA) (a)(d)(e) | 10,435 | 10,435 | |
Participating VRDN Series PA 1184, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 7,100 | 7,100 | |
Turlock Irrigation District Rev. Participating VRDN Series ROC II R2035, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d) | 8,030 | 8,030 | |
Univ. of California Revs. Participating VRDN: | |||
Series Merlots 97 G, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(d) | 20,000 | 20,000 | |
Series PA 1168, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 11,200 | 11,200 | |
Series PA 529, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 3,000 | 3,000 | |
Vallejo Wtr. Rev. Series 2001 A, 0.85%, LOC KBC Bank NV, VRDN (a) | 3,265 | 3,265 | |
William S. Hart Union High School District Participating VRDN Series PA 1177, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d) | 5,000 | 5,000 | |
1,203,063 | |||
Puerto Rico - 1.7% | |||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Participating VRDN: | |||
Series ROC II R 4, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d) | 3,430 | 3,430 | |
0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d) | 4,400 | 4,400 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
Puerto Rico - continued | |||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Participating VRDN 0.85% (Liquidity Facility Wachovia Bank NA) (a)(d) | $ 5,980 | $ 5,980 | |
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Bonds Series ROC 2 99 3, 1.6%, tender 9/18/03 (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(d)(e) | 8,075 | 8,075 | |
21,885 | |||
TOTAL INVESTMENT PORTFOLIO - 94.5% | 1,224,948 | ||
NET OTHER ASSETS - 5.5% | 70,633 | ||
NET ASSETS - 100% | $ 1,295,581 |
Total Cost for Income Tax Purposes $ 1,224,948 |
Security Type Abbreviations |
CP - COMMERCIAL PAPER |
TRAN - TAX AND REVENUE ANTICIPATION NOTE |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
(d) Provides evidence of ownership in one or more underlying municipal bonds. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition | Cost |
California Dept. of Wtr. Resources Pwr. Supply Rev. Bonds Series FRRI 03 L14, 1.1%, tender 11/19/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 5/28/03 | $ 3,100 |
California Gen. Oblig. Bonds | 11/1/02 | $ 9,900 |
Security | Acquisition | Cost |
California Gen. Oblig. Bonds Series FRRI 03 F5J, 0.95%, tender 12/17/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 6/19/03 | $ 24,700 |
California Gen. Oblig. Bonds Series LB 03 F8J, 0.95%, tender 12/17/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 6/20/03 | $ 24,700 |
Chula Vista Ind. Dev. Rev. Bonds Series LB 03 F6J, 1%, tender 10/29/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 6/26/03 | $ 7,275 |
Los Angeles Cmnty. College District Bonds Series ROC II R71, 1%, tender 6/17/04 (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) | 6/26/03 | $ 3,305 |
Los Angeles Unified School District Bonds Series FRRI 03 L6J, 1.1%, tender 10/1/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 3/31/03 | $ 5,600 |
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Bonds Series ROC 2 99 3, 1.6%, tender 9/18/03 (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) | 3/21/02 | $ 8,075 |
Security | Acquisition | Cost |
Sequoia Union High School District Bonds Series AAB 03 2, 1.19%, tender 4/1/04 (Liquidity Facility ABN-AMRO Bank NV) | 5/14/03 | $ 5,900 |
Southern California Pub. Pwr. Auth. Rev. Bonds Series Merlots 02 A62, 1.35%, tender 11/24/03 (Liquidity Facility Wachovia Bank NA) | 11/27/02 | $ 10,435 |
Other Information |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $102,990,000 or 7.9% of net assets. |
Semiannual Report
Spartan California Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | August 31, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 1,224,948 | |
Cash | 60,472 | |
Receivable for investments sold | 307 | |
Delayed delivery | 5,290 | |
Receivable for fund shares sold | 3,818 | |
Interest receivable | 2,300 | |
Receivable from investment adviser for expense reductions | 79 | |
Other receivables | 42 | |
Total assets | 1,297,256 | |
Liabilities | ||
Payable for fund shares redeemed | $ 1,186 | |
Distributions payable | 22 | |
Accrued management fee | 462 | |
Other payables and accrued expenses | 5 | |
Total liabilities | 1,675 | |
Net Assets | $ 1,295,581 | |
Net Assets consist of: | ||
Paid in capital | $ 1,295,332 | |
Accumulated net realized gain (loss) on investments | 249 | |
Net Assets, for 1,295,273 shares outstanding | $ 1,295,581 | |
Net Asset Value, offering price and redemption price per share ($1,295,581 ÷ 1,295,273 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan California Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended August 31, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 7,238 | |
Expenses | ||
Management fee | $ 2,803 | |
Non-interested trustees' compensation | 3 | |
Total expenses before reductions | 2,806 | |
Expense reductions | (639) | 2,167 |
Net investment income | 5,071 | |
Net realized gain (loss) on investment securities | 235 | |
Net increase in net assets resulting from operations | $ 5,306 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 5,071 | $ 13,624 |
Net realized gain (loss) | 235 | 332 |
Net increase (decrease) in net assets resulting | 5,306 | 13,956 |
Distributions to shareholders from net investment income | (5,071) | (13,624) |
Distributions to shareholders from net realized gain | (134) | - |
Total distributions | (5,205) | (13,624) |
Share transactions at net asset value of $1.00 per share | 411,259 | 988,532 |
Reinvestment of distributions | 4,921 | 12,898 |
Cost of shares redeemed | (447,886) | (735,144) |
Net increase (decrease) in net assets and shares | (31,706) | 266,286 |
Total increase (decrease) in net assets | (31,605) | 266,618 |
Net Assets | ||
Beginning of period | 1,327,186 | 1,060,568 |
End of period | $ 1,295,581 | $ 1,327,186 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended February 28, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 F | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | ||||||
Net investment | .004 | .011 | .020 | .033 | .028 | .028 |
Net realized and | - | - | - | - | - | - |
Total from investment operations | .004 | .011 | .020 | .033 | .028 | .028 |
Distributions from net investment income | (.004) | (.011) | (.020) | (.033) | (.028) | (.028) |
Distributions from net realized gain | - G | - | - | - | - | - |
Total Distributions | (.004) | (.011) | (.020) | (.033) | (.028) | (.028) |
Net asset value, | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C,D | .40% | 1.15% | 1.98% | 3.33% | 2.79% | 2.84% |
Ratios to Average Net Assets E | ||||||
Expenses before | .43% A | .43% | .48% | .50% | .50% | .50% |
Expenses net of | .35% A | .35% | .45% | .50% | .50% | .50% |
Expenses net of all | .33% A | .32% | .41% | .49% | .49% | .49% |
Net investment | .77% A | 1.14% | 1.95% | 3.29% | 2.75% | 2.81% |
Supplemental Data | ||||||
Net assets, end of | $ 1,296 | $ 1,327 | $ 1,061 | $ 1,035 | $ 1,140 | $ 1,229 |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the former account closeout fee.
E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
F For the year ended February 29.
G Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity California Municipal Money Market Fund
Investment Changes
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 80.6 | 77.6 | 69.3 |
31 - 90 | 4.2 | 10.3 | 19.9 |
91 - 180 | 4.9 | 10.1 | 1.9 |
181 - 397 | 10.3 | 2.0 | 8.9 |
Weighted Average Maturity | |||
8/31/03 | 2/28/03 | 8/31/02 | |
Fidelity California Municipal Money Market Fund | 44 Days | 29 Days | 50 Days |
California Tax-Free Money Market | 54 Days | 32 Days | 49 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of August 31, 2003 | As of February 28, 2003 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Commercial | ![]() | Commercial | ||||
![]() | Tender Bonds 8.4% | ![]() | Tender Bonds 5.8% | ||||
![]() | Municipal Notes 8.6% | ![]() | Municipal Notes 14.8% | ||||
![]() | Fidelity Municipal | ![]() | Fidelity Municipal | ||||
![]() | Other Investments 0.3% | ![]() | Other Investments 0.0% | ||||
![]() | Net Other Assets 5.6% | ![]() | Net Other Assets 0.9% |
*Source: iMoneyNet, Inc.
Semiannual Report
Fidelity California Municipal Money Market Fund
Investments August 31, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 94.4% | |||
Principal | Value (Note 1) | ||
California - 90.1% | |||
ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev.: | |||
(Crossing Apts. Proj.) Series A, 0.8%, LOC Fannie Mae, VRDN (a)(d) | $ 10,000 | $ 10,000 | |
(Southport Apts. Proj.) Series 2002 A, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 10,000 | 10,000 | |
(Vintage Chateau Proj.) Series A, 0.95%, LOC Union Bank of California, VRDN (a)(d) | 7,300 | 7,300 | |
California Cmntys. Hsg. Fin. Agcy. Lease Rev. Series 2001 A, 0.85% (Freddie Mac Guaranteed), VRDN (a) | 16,000 | 16,000 | |
California Dept. of Veteran Affairs Participating VRDN Series MSTC 99 73, 0.9% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(d)(f) | 8,380 | 8,380 | |
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. Participating VRDN: | |||
Series PT 1745, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 9,820 | 9,820 | |
Series PT 1749, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 6,355 | 6,355 | |
Series PT 607, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 8,075 | 8,075 | |
California Dept. of Wtr. Resources Pwr. Supply Rev.: | |||
Bonds: | |||
Series FRRI 03 L13, 1.1%, tender 11/19/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f)(g) | 7,475 | 7,475 | |
Series FRRI 03 L14, 1.1%, tender 11/19/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f)(g) | 6,375 | 6,375 | |
Participating VRDN: | |||
Series EGL 02 6017 Class A, 0.86% (Liquidity Facility Citibank NA, New York) (a)(f) | 12,100 | 12,100 | |
Series PA 1099, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 14,995 | 14,995 | |
Series PA 1101, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 9,995 | 9,995 | |
Series PA 1152, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 18,250 | 18,250 | |
Series PT 1779, 0.86% (Liquidity Facility WestLB AG) (a)(f) | 7,760 | 7,760 | |
Series PT 730, 0.86% (Liquidity Facility BNP Paribas SA) (a)(f) | 21,945 | 21,945 | |
Series PT 759, 0.86% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(f) | 13,400 | 13,400 | |
Series 2002 B2, 0.85%, LOC BNP Paribas SA, VRDN (a) | 55,800 | 55,800 | |
Series 2002 B3, 0.85%, LOC Bank of New York NA, VRDN (a) | 13,800 | 13,800 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
California Dept. of Wtr. Resources Pwr. Supply Rev.: - continued | |||
Series 2002 B4, 0.8%, LOC Bayerische Landesbank Girozentrale, VRDN (a) | $ 4,300 | $ 4,300 | |
Series 2002 C4, 0.85%, LOC JPMorgan Chase Bank, LOC California Teachers Retirement Sys., VRDN (a) | 94,800 | 94,800 | |
Series 2002 C7, 0.8% (FSA Insured), VRDN (a) | 18,600 | 18,600 | |
Series C5, 0.85%, LOC Dexia Cr. Local de France, VRDN (a) | 20,000 | 20,000 | |
California Edl. Facilities Auth. Rev. Participating VRDN: | |||
Series PA 542, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 8,105 | 8,105 | |
Series SGB 45, 0.86% (Liquidity Facility Societe Generale) (a)(f) | 5,000 | 5,000 | |
California Gen. Oblig.: | |||
Bonds: | |||
Series AAB 00 1, 1.25%, tender 9/10/03 (Liquidity Facility ABN-AMRO Bank NV) (a)(f)(g) | 19,065 | 19,065 | |
Series FRRI 03 F5J, 0.95%, tender 12/17/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f)(g) | 50,700 | 50,700 | |
Series LB 03 F8J, 0.95%, tender 12/17/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f)(g) | 50,700 | 50,700 | |
Series MSDW 00 391, 1.1%, tender 7/8/04 (Liquidity Facility Morgan Stanley) (a)(f)(g) | 9,995 | 9,995 | |
6.75% 6/1/04 | 2,295 | 2,384 | |
6.75% 6/1/04 (Escrowed to Maturity) (e) | 6,470 | 6,721 | |
Participating VRDN: | |||
Series 01 777X, 0.88% (Liquidity Facility Morgan Stanley) (a)(d)(f) | 8,170 | 8,170 | |
Series Merlots 02 A17, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 8,960 | 8,960 | |
Series Merlots B45, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 20,200 | 20,200 | |
Series PA 315, 0.9% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 1,370 | 1,370 | |
Series PA 893R, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 4,995 | 4,995 | |
Series PT 1210, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 3,000 | 3,000 | |
Series PT 1804, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 12,495 | 12,495 | |
Series PT 1880, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 14,330 | 14,330 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
California Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series RF 01 1, 0.87% (Liquidity Facility Bank of New York NA) (a)(f) | $ 10,595 | $ 10,595 | |
Series SG 95, 0.89% (Liquidity Facility Societe Generale) (a)(f) | 9,085 | 9,085 | |
Series 2003 A2, 0.8%, LOC WestLB AG, LOC JPMorgan Chase Bank, VRDN (a) | 3,800 | 3,800 | |
California Hsg. Fin. Agcy. Home Mtg. Rev.: | |||
Participating VRDN: | |||
Series BA 96 C1, 0.91% (Liquidity Facility Bank of America NA) (a)(d)(f) | 5,150 | 5,150 | |
Series BA 96 C2, 0.91% (Liquidity Facility Bank of America NA) (a)(d)(f) | 4,075 | 4,075 | |
Series PT 68, 0.9% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 960 | 960 | |
Series PT 843, 0.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 27,200 | 27,200 | |
Series 2000 G, 0.99% (FSA Insured), VRDN (a)(d) | 49,015 | 49,015 | |
Series 2002 B, 0.9% (FSA Insured), VRDN (a)(d) | 7,200 | 7,200 | |
Series Q, 0.85%, LOC KBC Bank NV, VRDN (a)(d) | 29,500 | 29,500 | |
California Infrastructure & Econ. Dev. Bank Insured Rev. (The Rand Corp. Proj.) Series B, 0.8% (AMBAC Insured), VRDN (a) | 36,000 | 36,000 | |
California Infrastructure & Econ. Dev. Bank Rev. Participating VRDN Series EGL 03 42, 0.86% (Liquidity Facility Citibank NA, New York) (a)(f) | 14,300 | 14,300 | |
California Poll. Cont. Fing. Auth. Envir. Impt. Rev. (Atlantic Richfield Co. Proj.) Series 1997 A, 0.83%, VRDN (a)(d) | 11,500 | 11,500 | |
California Pub. Works Board Lease Rev. Participating VRDN: | |||
Series 2000 B, 0.86% (Liquidity Facility Bank of America NA) (a)(f) | 6,210 | 6,210 | |
Series MSTC 9052, 0.86% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(f) | 8,990 | 8,990 | |
California School Cash Reserve Prog. Auth. TRAN Series A, 2% 7/6/04 (AMBAC Insured) | 50,000 | 50,461 | |
California State Univ. Rev. & Colleges: | |||
Participating VRDN Series SG 170, 0.86% (Liquidity Facility Societe Generale) (a)(f) | 17,000 | 17,000 | |
Series 2001 A, 0.85% 10/10/03, LOC Bayerische Landesbank Girozentrale, LOC JPMorgan Chase Bank, CP | 7,096 | 7,096 | |
California Statewide Cmnty. Dev. Auth. Indl. Dev. Rev. (Arthurmade Plastics, Inc. Proj.) Series 2000 A, 0.85%, LOC Bank of America NA, VRDN (a)(d) | 4,900 | 4,900 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
California Statewide Cmnty. Dev. Auth. Multi-family Rev.: | |||
(Aegis of Aptos Proj.) Series 1998-Y 0.8%, LOC Fannie Mae, VRDN (a)(d) | $ 3,350 | $ 3,350 | |
(Grove Apts. Proj.) Series X, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 6,150 | 6,150 | |
(Irvine Apt. Communities LP Proj.): | |||
Series 2001 W1, 0.85%, LOC Bank of America NA, VRDN (a)(d) | 2,000 | 2,000 | |
Series 2001 W2, 0.85%, LOC Bank of America NA, VRDN (a)(d) | 29,038 | 29,038 | |
Series 2001 W3, 0.85%, LOC Bank of America NA, VRDN (a)(d) | 3,000 | 3,000 | |
(Northwood Apts. Proj.) Series N, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 5,000 | 5,000 | |
(Sunrise Fresno Proj.) Series B, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 5,500 | 5,500 | |
(Villa Paseo Proj.) 0.8%, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(d) | 4,000 | 4,000 | |
(Villas at Hamilton Apts. Proj.) Series 2001 HH, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 11,440 | 11,440 | |
California Statewide Cmnty. Dev. Auth. Rev.: | |||
(JTF Enterprises LLC Proj.) Series 1996 A, 0.95%, LOC Bank of America NA, VRDN (a)(d) | 3,000 | 3,000 | |
(Kaiser Permanente Health Sys. Proj.) Series 2003 A, 0.91%, VRDN (a) | 7,800 | 7,800 | |
Series 1998, 0.77%, LOC Bank of Scotland, VRDN (a) | 12,500 | 12,500 | |
TRAN Series 2003 A2, 2% 6/30/04 | 15,300 | 15,419 | |
California Statewide Cmnty. Dev. Corp. Rev.: | |||
(American Zettler, Inc. Proj.) Series 1989, 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 1,725 | 1,725 | |
(Bro-Co. Gen. Partnership Proj.) Series 1990, 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 2,720 | 2,720 | |
(Evapco, Inc. Proj.) Series 1996 K, 0.95%, LOC Bank of America NA, VRDN (a)(d) | 990 | 990 | |
(Fibrebond West, Inc. Proj.) Series 1996 N, 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 2,600 | 2,600 | |
(Kennerly-Spratling Proj.) Series 1995 A, 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 1,645 | 1,645 | |
(Lansmont Corp. Proj.) Series 1996 G, 0.95%, LOC Wells Fargo Bank NA, San Francisco, VRDN (a)(d) | 1,670 | 1,670 | |
(Lynwood Enterprises LLC Proj.) Series 1997 D, 0.95%, LOC Fleet Nat'l. Bank, VRDN (a)(d) | 3,400 | 3,400 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
California Statewide Cmnty. Dev. Corp. Rev.: - continued | |||
(Merrill Packaging Proj.) 0.95%, LOC Wells Fargo Bank NA, San Francisco, VRDN (a)(d) | $ 1,185 | $ 1,185 | |
(Northwest Pipe & Casing Co. Proj.) Series 1990, 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 1,750 | 1,750 | |
(Pasco Scientific Proj.) 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 1,705 | 1,705 | |
(Peet's Coffee & Tea, Inc. Proj.) Series 1995 E, 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 860 | 860 | |
(Rapelli of California, Inc. Proj.) Series 1989, 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 2,500 | 2,500 | |
(Rix Industries Proj.) Series 1996 I, 0.95%, LOC Wells Fargo Bank NA, San Francisco, VRDN (a)(d) | 1,440 | 1,440 | |
(Setton Properties, Inc. Proj.) Series 1995 E, 0.95%, LOC Wells Fargo Bank NA, San Francisco, VRDN (a)(d) | 1,335 | 1,335 | |
Camarillo City Multi-Family Hsg. Rev. (Hacienda de Camarillo Proj.) Series 1996, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 3,000 | 3,000 | |
Chino Basin Desalter Auth. Rev. Series 2002 A, 0.89%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (a) | 8,000 | 8,000 | |
Chula Vista Ind. Dev. Rev.: | |||
Bonds Series LB 03 F6J, 1%, tender 10/29/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)(f)(g) | 15,100 | 15,100 | |
(San Diego Gas & Elec. Co. Proj.) Series B, 1%, VRDN (a)(d) | 29,300 | 29,300 | |
Clipper Tax-Exempt Trust Participating VRDN Series 2003 2, 0.88% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 5,946 | 5,946 | |
Compton Unified School District Participating VRDN Series Merlots 03 B39, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 5,000 | 5,000 | |
Contra Costa Wtr. District Series A, 0.85% 9/9/03, CP | 10,700 | 10,700 | |
Contra Costa Wtr. District Wtr. Rev. Participating VRDN Series PT 1666, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 5,615 | 5,615 | |
East Bay Muni. Util. District Wtr. Sys. Rev.: | |||
Participating VRDN Series ROC II R4028, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 7,620 | 7,620 | |
Series 1988, 0.85% 9/2/03, CP | 17,100 | 17,100 | |
East Side Union High School District Santa Clara County Participating VRDN Series PT 1957, 0.86% (Liquidity Facility WestLB AG) (a)(f) | 6,255 | 6,255 | |
Foothill-De Anza Cmnty. College District Participating VRDN Series Merlots 00 YY, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 3,670 | 3,670 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Fowler Indl. Dev. Auth. Indl. Dev. Rev. (Bee Sweet Citrus, Inc. Proj.) Series 1995, 0.85%, LOC Bank of America NA, VRDN (a)(d) | $ 2,200 | $ 2,200 | |
Fremont Multi-family Hsg. Rev. (Treetops Apts.) Series 1996 A, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 8,800 | 8,800 | |
Fresno Arpt. Rev. Participating VRDN Series Merlots 00 B2, 0.91% (Liquidity Facility Wachovia Bank NA) (a)(d)(f) | 4,175 | 4,175 | |
Garden Grove Hsg. Auth. Multi-family Hsg. Rev. (Valley View Sr. Villas Proj.) Series 1990 A, 0.85%, LOC Comerica Bank California, VRDN (a)(d) | 9,100 | 9,100 | |
Indian Wells Redev. Agcy. Rev. Participating VRDN Series ROC II R2029, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 6,150 | 6,150 | |
Irvine Impt. Bond Act of 1915 (Assessment District #89-10 Proj.) 0.8%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (a) | 450 | 450 | |
Lassen Muni. Util. District Rev. Series 1996 A, 0.98% (FSA Insured), VRDN (a)(d) | 1,655 | 1,655 | |
Livermore Multi-family Mtg. Rev. (Portola Meadows Apts. Proj.) 0.85%, LOC Freddie Mac, VRDN (a)(d) | 6,000 | 6,000 | |
Long Beach Hbr. Rev.: | |||
Participating VRDN: | |||
Series FRRI A7, 0.9% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(d)(f) | 9,900 | 9,900 | |
Series MS 00 418, 0.88% (Liquidity Facility Morgan Stanley) (a)(d)(f) | 18,190 | 18,190 | |
Series MS 01 547, 0.86% (Liquidity Facility Morgan Stanley) (a)(d)(f) | 7,345 | 7,345 | |
Series MS 01 786X, 0.88% (Liquidity Facility Morgan Stanley) (a)(d)(f) | 5,570 | 5,570 | |
Series SG 147, 0.9% (Liquidity Facility Societe Generale) (a)(d)(f) | 9,890 | 9,890 | |
Series A, 0.93% 10/9/03, CP (d) | 18,100 | 18,100 | |
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. (Metro. Lofts Aprts. Proj.) Series 2002 A, 0.85%, LOC Bank of America NA, VRDN (a)(d) | 17,500 | 17,500 | |
Los Angeles County Gen. Oblig.: | |||
TRAN Series A, 2% 6/30/04 | 51,900 | 52,368 | |
0.85% 9/5/03, LOC WestLB AG, LOC Bayerische Landesbank Girozentrale, CP | 3,050 | 3,050 | |
0.85% 9/9/03, LOC WestLB AG, LOC Bayerische Landesbank Girozentrale, CP | 15,000 | 15,000 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Los Angeles County Hsg. Auth. Multi-family Hsg. Rev. (Park Sierra Apts. Proj.) Series 1986 A, 0.85%, LOC Freddie Mac, VRDN (a)(d) | $ 29,400 | $ 29,400 | |
Los Angeles County Metro. Trans. Auth. Rev. Participating VRDN Series SGB 1, 0.86% (Liquidity Facility Societe Generale) (a)(f) | 12,575 | 12,575 | |
Los Angeles County Metro. Trans. Auth. Sales Tax Rev. Participating VRDN: | |||
Series EGL 03 27, 0.86% (Liquidity Facility Citibank NA, New York) (a)(f) | 14,750 | 14,750 | |
Series SG 46, 0.86% (Liquidity Facility Societe Generale) (a)(f) | 6,530 | 6,530 | |
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Participating VRDN Series Merlots 00 JJJ, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 16,000 | 16,000 | |
Los Angeles County Sanitation District Fin. Auth. Rev. Participating VRDN: | |||
Series ROC II R2032, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 6,490 | 6,490 | |
Series ROC II R4023, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 14,700 | 14,700 | |
Series ROC II R5005, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 6,520 | 6,520 | |
Los Angeles Dept. Arpts. Rev.: | |||
Participating VRDN Series SG 61, 0.89% (Liquidity Facility Societe Generale) (a)(d)(f) | 3,400 | 3,400 | |
Series 2003 A, 0.85%, LOC Bayerische Landesbank Girozentrale, LOC JPMorgan Chase Bank, VRDN (a)(d) | 23,700 | 23,700 | |
Los Angeles Dept. of Wtr. & Pwr. Rev.: | |||
Participating VRDN: | |||
Series ROC II R4033, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 10,455 | 10,455 | |
Series ROC II R4510, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 6,885 | 6,885 | |
Sub Series A2, 0.85% (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility BNP Paribas SA), VRDN (a) | 8,000 | 8,000 | |
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN Series Merlots 99 L, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 23,300 | 23,300 | |
Los Angeles Gen. Oblig. TRAN 2% 6/30/04 | 53,800 | 54,270 | |
Los Angeles Hbr. Dept. Rev. Participating VRDN: | |||
Series MS 00 349, 0.88% (Liquidity Facility Morgan Stanley) (a)(d)(f) | 4,700 | 4,700 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Los Angeles Hbr. Dept. Rev. Participating VRDN: - continued | |||
Series SG 59, 0.89% (Liquidity Facility Societe Generale) (a)(d)(f) | $ 13,675 | $ 13,675 | |
Los Angeles Single Family Home Mtg. Rev. Participating VRDN Series PT 707, 0.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 23,695 | 23,695 | |
Los Angeles Unified School District: | |||
Bonds Series FRRI 03 L6J, 1.1%, tender 10/1/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f)(g) | 11,375 | 11,375 | |
Participating VRDN: | |||
Series FRRI 03 L2J, 0.85% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f) | 16,500 | 16,500 | |
Series Merlots 03 A33, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 12,695 | 12,695 | |
Series Merlots 03 B37, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 5,515 | 5,515 | |
Series PA 1116, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 4,995 | 4,995 | |
Series PA 792R, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 8,945 | 8,945 | |
Series PT 1398, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 6,220 | 6,220 | |
Series PT 1730, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 23,395 | 23,395 | |
Series PT 1764, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 9,305 | 9,305 | |
Series ROC II R24, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 6,495 | 6,495 | |
TRAN Series A, 2% 7/1/04 | 40,400 | 40,761 | |
Los Angeles Wastewtr. Sys. Rev.: | |||
Bonds: | |||
Series A, 1.25%, tender 12/5/03 (FGIC Insured) (a) | 13,200 | 13,200 | |
Series B, 1.25%, tender 12/5/03 (FGIC Insured) (a) | 11,900 | 11,900 | |
Participating VRDN Series ROC II R4034, 0.84% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 8,755 | 8,755 | |
Metro. Wtr. District Southern California Wtrwks. Rev. Participating VRDN: | |||
Series FRRI 00 A6, 1% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(f) | 4,000 | 4,000 | |
Series Merlots 99 O, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 9,500 | 9,500 | |
Series PA 546, 0.89% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 14,000 | 14,000 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Metro. Wtr. District Southern California Wtrwks. Rev. Participating VRDN: - continued | |||
Series ROC II R2040, 0.9% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | $ 9,000 | $ 9,000 | |
North Orange County Cmnty. College District Rev. Participating VRDN Series MSTC 9042, 0.86% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(f) | 8,530 | 8,530 | |
Norwalk- Mirada Unified School District Participating VRDN Series SG 169, 0.86% (Liquidity Facility Societe Generale) (a)(f) | 13,500 | 13,500 | |
Orange County Apt. Dev. Rev. (Riverbend Apts. Proj.) Series 1999 B, 0.77%, LOC Freddie Mac, VRDN (a) | 12,900 | 12,900 | |
Paramount Hsg. Auth. Multi-family Rev. (Century Place Apts. Proj.) Series 1999 A, 0.82%, LOC Fannie Mae, VRDN (a)(d) | 4,050 | 4,050 | |
Placentia-Yorba Linda Unified School District Participating VRDN Series PT 1437, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 5,200 | 5,200 | |
Pleasant Hill Redev. Agcy. Multi-family Hsg. Rev. (Chateau III Proj.) Series 2001, 0.85%, LOC Fannie Mae, VRDN (a)(d) | 5,000 | 5,000 | |
Port of Oakland Gen. Oblig. Participating VRDN: | |||
Series Merlots 00 JJ, 0.91% (Liquidity Facility Wachovia Bank NA) (a)(d)(f) | 18,980 | 18,980 | |
Series PA 1053, 0.9% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 9,970 | 9,970 | |
Port of Oakland Port Rev.: | |||
Participating VRDN Series PA 1093, 0.9% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 7,975 | 7,975 | |
Series D, 0.85% 9/4/03, LOC Bank of America NA, LOC JPMorgan Chase Bank, CP (d) | 17,300 | 17,300 | |
Rancho Santiago Cmnty. College District Participating VRDN Series ROC II R2017, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 5,305 | 5,305 | |
Sacramento County Hsg. Auth. Multi-family Hsg. Rev.: | |||
(Deer Park Apts. Proj.) Issue A, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 13,200 | 13,200 | |
(Natomas Park Aprts. Proj.) Series Issue B, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 5,175 | 5,175 | |
(Oak Valley Proj.) Series 2001 D, 0.85%, LOC Fannie Mae, VRDN (a)(d) | 4,000 | 4,000 | |
Sacramento County Single Family Mtg. Mtg. Rev. Participating VRDN Series PT 1628, 0.9% (Liquidity Facility WestLB AG) (a)(d)(f) | 8,440 | 8,440 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Sacramento County Wtr. Fing. Auth. Participating VRDN Series PA 1176, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | $ 9,100 | $ 9,100 | |
Sacramento Hsg. Auth. Multi-family: | |||
(Atrium Court Aprts. Proj.) Series G, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 17,200 | 17,200 | |
(Countrywood Village Apts. Proj.) Series F, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 8,225 | 8,225 | |
Sacramento Muni. Util. District Elec. Rev. Participating VRDN: | |||
Series EGL 03 31, 0.86% (Liquidity Facility Citibank NA, New York) (a)(f) | 9,900 | 9,900 | |
Series PT 1947, 0.86% (Liquidity Facility WestLB AG) (a)(f) | 8,735 | 8,735 | |
Sacramento Redev. Agcy. Multi-family (18th & L Apts. Proj.) 0.8%, LOC Fannie Mae, VRDN (a)(d) | 6,950 | 6,950 | |
San Bernardino County Indl. Dev. Auth. Rev. (NRI, Inc. Proj.) 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 1,015 | 1,015 | |
San Diego County Wtr. Auth. Series 1, 0.87% 9/9/03, CP | 12,500 | 12,500 | |
San Diego Indl. Dev. Rev. Participating VRDN: | |||
Series FRRI 01 L2, 0.95% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f) | 2,950 | 2,950 | |
Series FRRI 02 L18, 0.95% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f) | 21,775 | 21,775 | |
Series FRRI 02 L19, 0.95% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f) | 9,975 | 9,975 | |
Series PA 626, 0.93% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 7,295 | 7,295 | |
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. Participating VRDN Series EGL 03 14, 0.86% (Liquidity Facility Citibank NA, New York) (a)(f) | 10,000 | 10,000 | |
San Francisco City & County Parking Meter Rev. Participating VRDN Series BA 96 A, 0.86% (Liquidity Facility Bank of America NA) (a)(f) | 2,075 | 2,075 | |
San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev. (Maria Manor Apts. Proj.) Series 2000 F, 0.84%, LOC Citibank NA, New York, VRDN (a)(d) | 8,025 | 8,025 | |
San Jose Arpt. Rev. Participating VRDN Series ROC II R2004, 0.86% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 2,595 | 2,595 | |
San Jose Evergreen Cmnty. College District Participating VRDN Series PT 1917, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 11,045 | 11,045 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
San Jose Multi-family Hsg. Rev.: | |||
(El Paseo Apts. Proj.) 0.85%, LOC Citibank NA, New York, VRDN (a)(d) | $ 4,600 | $ 4,600 | |
(Kennedy Apt. Homes Proj.) Series K, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 14,000 | 14,000 | |
San Jose Redev. Agcy. Tax Allocation: | |||
Bonds Series MS 02 749, 1.3%, tender 9/11/03 (Liquidity Facility Morgan Stanley) (a)(f)(g) | 6,995 | 6,995 | |
Participating VRDN Series Floaters 588, 0.88% (Liquidity Facility Morgan Stanley) (a)(f) | 9,735 | 9,735 | |
Santa Clara Valley Wtr. District Ctfs. of Prtn. Participating VRDN Series Merlots 00 MM, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | 14,530 | 14,530 | |
Santa Cruz Indl. Dev. Auth. Rev. (Santa Cruz-Wilson Entities Ltd. Proj.) Series 1993, 1.15%, LOC California Teachers Retirement Sys., VRDN (a)(d) | 2,205 | 2,205 | |
Santa Cruz Redev. Agcy. Multi-family Rev.: | |||
(1010 Pacific Ave. Apts. Proj.) Series B, 0.85%, LOC Bank of America NA, VRDN (a)(d) | 21,650 | 21,650 | |
(Shaffer Road Apts. Proj.) Series A, 0.85%, LOC Bank of America NA, VRDN (a)(d) | 19,925 | 19,925 | |
Santa Rosa Multi-family Hsg. Rev. (Quail Run Apts./Santa Rosa Hsg. Partners Proj.) Series 1997 A, 0.85%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d) | 1,650 | 1,650 | |
Sequoia Union High School District Bonds Series AAB 03 2, 1.19%, tender 4/1/04 (Liquidity Facility ABN-AMRO Bank NV) (a)(f)(g) | 12,100 | 12,100 | |
Simi Valley Multi-family Hsg. Rev. (Parker Ranch Proj.) Series A, 0.8%, LOC Fannie Mae, VRDN (a)(d) | 15,500 | 15,500 | |
South Coast Local Ed. Agcy. TRAN 2% 6/30/04 | 23,000 | 23,188 | |
Southern California Home Fin. Auth. Single Family Mtg. Rev. Participating VRDN: | |||
Series Floaters PT 629, 0.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 55,815 | 55,815 | |
Series PT 02 772, 0.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 9,335 | 9,335 | |
Southern California Pub. Pwr. Auth. Rev.: | |||
Bonds Series Merlots 02 A62, 1.35%, tender 11/24/03 (Liquidity Facility Wachovia Bank NA) (a)(f)(g) | 20,495 | 20,495 | |
Participating VRDN Series PA 1184, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 15,150 | 15,150 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
California - continued | |||
Univ. of California Revs.: | |||
Participating VRDN: | |||
Series Merlots 97 G, 0.86% (Liquidity Facility Wachovia Bank NA) (a)(f) | $ 13,430 | $ 13,430 | |
Series MSDW 00 480, 0.88% (Liquidity Facility Morgan Stanley) (a)(f) | 4,640 | 4,640 | |
Series PA 1168, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 31,160 | 31,160 | |
Series A, 0.85% 10/8/03, CP | 23,200 | 23,200 | |
Vallejo City Unified School District Participating VRDN Series PT 1664, 0.86% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 5,900 | 5,900 | |
2,480,912 | |||
Shares | |||
Other - 4.3% | |||
Fidelity Municipal Cash Central Fund, 0.89% (b)(c) | 117,128 | 117,128 | |
TOTAL INVESTMENT PORTFOLIO - 94.4% | 2,598,040 | ||
NET OTHER ASSETS - 5.6% | 153,938 | ||
NET ASSETS - 100% | $ 2,751,978 |
Total Cost for Income Tax Purposes $ 2,598,040 |
Security Type Abbreviations |
CP - COMMERCIAL PAPER |
TRAN - TAX AND REVENUE |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(c) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition | Cost |
California Dept. of Wtr. Resources Pwr. Supply Rev. Bonds Series FRRI 03 L13, 1.1%, tender 11/19/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 5/28/03 | $ 7,475 |
California Dept. of Wtr. Resources Pwr. Supply Rev. Bonds Series FRRI 03 L14, 1.1%, tender 11/19/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 5/28/03 | $ 6,375 |
California Gen. Oblig. Bonds | 11/1/02 | $ 19,065 |
California Gen. Oblig. Bonds Series FRRI 03 F5J, 0.95%, tender 12/17/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 6/19/03 | $ 50,700 |
California Gen. Oblig. Bonds Series LB 03 F8J, 0.95%, tender 12/17/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 6/20/03 | $ 50,700 |
Security | Acquisition | Cost |
California Gen. Oblig. Bonds Series MSDW 00 391, 1.1%, tender 7/8/04 (Liquidity Facility Morgan Stanley) | 7/10/03 | $ 9,995 |
Chula Vista Ind. Dev. Rev. Bonds Series LB 03 F6J, 1%, tender 10/29/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 6/26/03 | $ 15,100 |
Los Angeles Unified School District Bonds Series FRRI 03 L6J, 1.1%, tender 10/1/03 (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 3/31/03 | $ 11,375 |
San Jose Redev. Agcy. Tax Allocation Bonds Series MS 02 749, 1.3%, tender 9/11/03 (Liquidity Facility Morgan Stanley) | 12/18/02 | $ 6,995 |
Sequoia Union High School District Bonds Series AAB 03 2, 1.19%, tender 4/1/04 (Liquidity Facility ABN-AMRO Bank NV) | 5/14/03 | $ 12,100 |
Southern California Pub. Pwr. Auth. Rev. Bonds Series Merlots 02 A62, 1.35%, tender 11/24/03 (Liquidity Facility Wachovia Bank NA) | 11/27/02 | $ 20,495 |
Other Information |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $210,375,000 or 7.6% of net assets. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity California Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | August 31, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 2,598,040 | |
Cash | 134,777 | |
Receivable for investments sold | 713 | |
Delayed delivery | 6,495 | |
Receivable for fund shares sold | 25,449 | |
Interest receivable | 4,640 | |
Other receivables | 91 | |
Total assets | 2,770,205 | |
Liabilities | ||
Payable for fund shares redeemed | $ 17,049 | |
Accrued management fee | 873 | |
Other payables and accrued expenses | 305 | |
Total liabilities | 18,227 | |
Net Assets | $ 2,751,978 | |
Net Assets consist of: | ||
Paid in capital | $ 2,751,681 | |
Accumulated net realized gain (loss) on investments | 297 | |
Net Assets, for 2,751,316 shares outstanding | $ 2,751,978 | |
Net Asset Value, offering price and redemption price per share ($2,751,978 ÷ 2,751,316 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity California Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended August 31, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 14,897 | |
Expenses | ||
Management fee | $ 5,109 | |
Transfer agent fees | 1,586 | |
Accounting fees and expenses | 134 | |
Non-interested trustees' compensation | 5 | |
Custodian fees and expenses | 21 | |
Registration fees | 28 | |
Audit | 20 | |
Legal | 6 | |
Miscellaneous | 4 | |
Total expenses before reductions | 6,913 | |
Expense reductions | (265) | 6,648 |
Net investment income | 8,249 | |
Net realized gain (loss) on investment securities | 99 | |
Net increase in net assets resulting from operations | $ 8,348 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 8,249 | $ 23,466 |
Net realized gain (loss) | 99 | 461 |
Net increase (decrease) in net assets resulting | 8,348 | 23,927 |
Distributions to shareholders from net investment income | (8,249) | (23,466) |
Share transactions at net asset value of $1.00 per share | 3,489,664 | 6,507,463 |
Reinvestment of distributions | 8,229 | 23,145 |
Cost of shares redeemed | (3,372,366) | (6,143,549) |
Net increase (decrease) in net assets and shares resulting from share transactions | 125,527 | 387,059 |
Total increase (decrease) in net assets | 125,626 | 387,520 |
Net Assets | ||
Beginning of period | 2,626,352 | 2,238,832 |
End of period | $ 2,751,978 | $ 2,626,352 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended February 28, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 E | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | ||||||
Net investment income | .003 | .010 | .019 | .032 | .027 | .027 |
Distributions from net investment income | (.003) | (.010) | (.019) | (.032) | (.027) | (.027) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | .31% | .99% | 1.89% | 3.29% | 2.69% | 2.71% |
Ratios to Average Net Assets D | ||||||
Expenses before expense | .51% A | .52% | .52% | .53% | .56% | .59% |
Expenses net of voluntary waivers, | .51% A | .52% | .52% | .53% | .56% | .59% |
Expenses net of all reductions | .49% A | .49% | .48% | .52% | .56% | .59% |
Net investment income | .61% A | .98% | 1.86% | 3.24% | 2.67% | 2.66% |
Supplemental Data | ||||||
Net assets, end of period | $ 2,752 | $ 2,626 | $ 2,239 | $ 2,186 | $ 1,847 | $ 1,354 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
E For the year ended February 29.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended August 31, 2003 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan California Municipal Money Market Fund and Fidelity California Municipal Money Market Fund (the funds) are funds of Fidelity California Municipal Trust II (the trust). 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 Delaware statutory trust. Each fund is authorized to issue an unlimited number of shares. Each fund may be affected by economic and political developments in the state of California. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:
Security Valuation. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. Investments in open-end investment companies are valued at their net asset value each business day.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year each fund intends to qualify as a regulated investment company by distributing all of their taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. Each fund may purchase or sell 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. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. Each fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. Certain 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 is included under the captions "Legend" and/or "Other Information" at the end of each applicable fund's Schedule of Investments.
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the Fidelity California Municipal Money Market Fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
FMR and its affiliates provide Spartan California Municipal Money Market Fund with investment management related services for which the fund pays a monthly management fee that is based on an annual rate of .43% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest expense. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.
Semiannual Report
3. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for Fidelity California Municipal Money Market Fund. Citibank has entered into a sub-contract with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the fund's transfer and shareholder servicing agent and accounting functions. The fund pays account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.
For the period, the transfer agent fees were equivalent to an annualized rate of .12% of average net assets.
Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income | |
Spartan California Municipal Money Market Fund | $ 129 |
Fidelity California Municipal Money Market Fund | $ 305 |
4. Expense Reductions.
FMR agreed to reimburse certain funds to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
Expense | Reimbursement | |
Spartan California Municipal Money Market Fund | .35% | $ 512 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Expense Reductions - continued
Through arrangements with Fidelity California Municipal Money Market Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce fund's expenses. These expense reductions are noted in the table below.
Custody | Transfer | |
Fidelity California Municipal Money Market Fund | 21 | 244 |
In addition, through an arrangement with Spartan California Municipal Money Market Fund's custodian and transfer agent, $127 of credits realized as a result of uninvested cash balances were used to reduce the fund's expenses.
Semiannual Report
Managing Your Investments
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(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
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By PC
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(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
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Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
8 Montgomery Street
San Francisco, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
Colorado
1625 Broadway
Denver, CO
9185 East Westview Road
Littleton, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
222 Delaware Avenue
Wilmington, DE
Florida
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
1907 West State Road 434
Longwood, FL
8880 Tamiami Trail, North
Naples, FL
3501 PGA Boulevard
West Palm Beach, FL
8065 Beneva Road
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
Semiannual Report
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
3232 Lake Avenue
Wilmette, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7401 Wisconsin Avenue
Bethesda, MD
One W. Pennsylvania Ave.
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
405 Cochituate Road
Framingham, MA
416 Belmont Street
Worcester, MA
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Michigan
280 Old N. Woodward Ave.
Birmingham, MI
43420 Grand River Avenue
Novi, MI
29155 Northwestern Hwy.
Southfield, MI
Minnesota
7600 France Avenue South
Edina, MN
Missouri
8885 Ladue Road
Ladue, MO
New Jersey
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
3518 Route 1 North
Princeton, NJ
New York
1055 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
North Carolina
4611 Sharon Road
Charlotte, NC
Ohio
3805 Edwards Road
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
16850 SW 72nd Avenue
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
47 Providence Place
Providence, RI
Tennessee
6150 Poplar Avenue
Memphis, TN
Texas
10000 Research Boulevard
Austin, TX
4017 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
19740 IH 45 North
Spring, TX
6005 West Park Boulevard
Plano, TX 75093
Semiannual Report
Utah
215 South State Street
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
411 108th Avenue, N.E.
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
595 North Barker Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments Money
Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Citibank, N.A.
New York, NY
and
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
CMS-USAN-1003
1.790943.100
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. Reserved
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Reserved
Item 9. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity California Municipal Trust's (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 Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 10. 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)) attached hereto as Exhibit 99.CERT. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) 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/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | October 17, 2003 |
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/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | October 17, 2003 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | October 17, 2003 |