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)
Scott C. Goebel, 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 |
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Date of reporting period: | August 31, 2008 |
Item 1. Reports to Stockholders
Fidelity®
California
Municipal Income
Fund
Semiannual Report
August 31, 2008
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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. | |
Board Approval of Investment Advisory Contracts and Management Fees |
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To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Most domestic and international equity indexes continued to dwell in negative territory, pressured by unfavorable
credit-market conditions, particularly in the United States. On the upside,
investment-grade bonds and money markets generally have served investors well so far this year. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2008 to August 31, 2008).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Expenses Paid |
Class A |
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Actual | $ 1,000.00 | $ 1,046.90 | $ 3.82 |
HypotheticalA | $ 1,000.00 | $ 1,021.48 | $ 3.77 |
Class T |
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Actual | $ 1,000.00 | $ 1,046.90 | $ 3.77 |
HypotheticalA | $ 1,000.00 | $ 1,021.53 | $ 3.72 |
Class B |
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Actual | $ 1,000.00 | $ 1,043.50 | $ 7.21 |
HypotheticalA | $ 1,000.00 | $ 1,018.15 | $ 7.12 |
| Beginning | Ending | Expenses Paid |
Class C |
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Actual | $ 1,000.00 | $ 1,043.10 | $ 7.62 |
HypotheticalA | $ 1,000.00 | $ 1,017.74 | $ 7.53 |
California Municipal Income |
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Actual | $ 1,000.00 | $ 1,048.50 | $ 2.38 |
HypotheticalA | $ 1,000.00 | $ 1,022.89 | $ 2.35 |
Institutional Class |
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Actual | $ 1,000.00 | $ 1,048.30 | $ 2.48 |
HypotheticalA | $ 1,000.00 | $ 1,022.79 | $ 2.45 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| Annualized |
Class A | .74% |
Class T | .73% |
Class B | 1.40% |
Class C | 1.48% |
California Municipal Income | .46% |
Institutional Class | .48% |
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
General Obligations | 39.6 | 38.2 |
Transportation | 12.2 | 12.1 |
Water & Sewer | 8.7 | 7.9 |
Health Care | 8.4 | 5.3 |
Escrowed/Pre-Refunded | 8.1 | 8.9 |
Weighted Average Maturity as of August 31, 2008 | ||
|
| 6 months ago |
Years | 8.5 | 11.3 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of August 31, 2008 | ||
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| 6 months ago |
Years | 7.5 | 7.4 |
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, 2008 | As of February 29, 2008 | ||||||
![]() | AAA 16.0% |
| ![]() | AAA 48.1% |
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![]() | AA,A 76.0% |
| ![]() | AA,A 44.3% |
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![]() | BBB 4.9% |
| ![]() | BBB 4.2% |
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![]() | BB and Below 0.3% |
| ![]() | BB and Below 0.2% |
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![]() | Not Rated 2.2% |
| ![]() | Not Rated 1.7% |
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![]() | Short-Term |
| ![]() | Short-Term |
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We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. Percentages are adjusted for the effect of futures contracts, if applicable. |
Semiannual Report
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.4% | ||||
| Principal Amount (000s) | Value (000s) | ||
California - 98.3% | ||||
ABAG Fin. Auth. for Nonprofit Corp. Rev. (Hamlin School Proj.): | ||||
4.625% 8/1/16 | $ 380 | $ 359 | ||
4.625% 8/1/17 | 405 | 377 | ||
5% 8/1/18 | 530 | 506 | ||
5% 8/1/19 | 555 | 522 | ||
5% 8/1/20 | 585 | 543 | ||
5% 8/1/23 | 1,940 | 1,749 | ||
ABC Unified School District Series C: | ||||
0% 8/1/31 (FGIC Insured) | 2,720 | 761 | ||
0% 8/1/32 (FGIC Insured) | 3,760 | 985 | ||
Alameda Corridor Trans. Auth. Rev. Series A, 5.25% 10/1/21 (MBIA Insured) | 7,575 | 7,764 | ||
Alameda County Ctfs. of Prtn.: | ||||
(Santa Rita Jail Proj.) Series A: | ||||
5% 12/1/18 (AMBAC Insured) | 2,645 | 2,822 | ||
5% 12/1/20 (AMBAC Insured) | 2,810 | 2,928 | ||
0% 6/15/17 (MBIA Insured) | 2,310 | 1,572 | ||
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured) | 1,880 | 1,903 | ||
Alhambra Unified School District Ctfs. of Prtn.: | ||||
5.5% 4/1/23 (FSA Insured) | 1,600 | 1,629 | ||
5.5% 4/1/26 (FSA Insured) | 1,000 | 1,012 | ||
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.): | ||||
Series A, 6% 9/1/24 (FSA Insured) | 1,000 | 1,174 | ||
Series C: | ||||
0% 9/1/19 (FSA Insured) | 1,285 | 781 | ||
0% 9/1/22 (FSA Insured) | 5,150 | 2,595 | ||
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured) | 5,615 | 5,597 | ||
Azusa Unified School District 5.375% 7/1/16 (FSA Insured) | 1,225 | 1,315 | ||
Bay Area Infrastructure Fing. Auth.: | ||||
5% 8/1/17 (AMBAC Insured) | 5,000 | 5,183 | ||
5% 8/1/17 (FGIC Insured) | 5,030 | 5,263 | ||
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B: | ||||
5% 7/1/12 (AMBAC Insured) (d) | 1,840 | 1,939 | ||
5.25% 7/1/14 (AMBAC Insured) (d) | 2,035 | 2,181 | ||
5.25% 7/1/16 (AMBAC Insured) (d) | 1,255 | 1,314 | ||
5.25% 7/1/17 (AMBAC Insured) (d) | 1,370 | 1,425 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Burbank Unified School District: | ||||
Series B, 0% 8/1/20 (FGIC Insured) | $ 3,835 | $ 2,147 | ||
Series C, 0% 8/1/20 (FGIC Insured) | 5,865 | 3,209 | ||
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (MBIA Insured) | 1,085 | 1,168 | ||
Cabrillo Cmnty. College District Series A, 5.25% 8/1/15 (MBIA Insured) | 1,725 | 1,906 | ||
Cabrillo Unified School District Series A: | ||||
0% 8/1/10 (AMBAC Insured) | 2,150 | 2,045 | ||
0% 8/1/12 (AMBAC Insured) | 2,800 | 2,452 | ||
0% 8/1/17 (AMBAC Insured) | 1,000 | 677 | ||
0% 8/1/18 (AMBAC Insured) | 2,000 | 1,277 | ||
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series J1, 7% 12/1/12 | 730 | 850 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series A: | ||||
5% 5/1/17 | 1,000 | 1,055 | ||
5.5% 5/1/14 (AMBAC Insured) | 7,935 | 8,671 | ||
5.5% 5/1/15 (AMBAC Insured) | 8,400 | 9,097 | ||
6% 5/1/13 | 2,320 | 2,580 | ||
6% 5/1/14 | 7,500 | 8,322 | ||
6% 5/1/14 (MBIA Insured) | 2,000 | 2,217 | ||
California Econ. Recovery: | ||||
Series 2008 B, 4%, tender 3/1/10 (c) | 4,000 | 4,105 | ||
Series 2008 B7, 5%, tender 7/1/11 (c) | 3,100 | 3,311 | ||
California Edl. Facilities Auth. Rev.: | ||||
(Claremont Graduate Univ. Proj.) Series A: | ||||
6% 3/1/33 | 1,000 | 1,048 | ||
6% 3/1/38 | 1,000 | 1,043 | ||
(College & Univ. Fing. Prog.): | ||||
5% 2/1/16 | 1,600 | 1,572 | ||
5% 2/1/17 | 1,000 | 975 | ||
(Loyola Marymount Univ. Proj.) 0% 10/1/16 (MBIA Insured) | 2,280 | 1,612 | ||
(Pomona College Proj.) Series A, 0% 7/1/38 | 3,155 | 595 | ||
(Santa Clara Univ. Proj.): | ||||
5.25% 9/1/17 (AMBAC Insured) | 1,000 | 1,112 | ||
5.25% 9/1/26 | 7,910 | 8,236 | ||
(Stanford Univ. Proj.) Series O, 5.125% 1/1/31 | 5,000 | 5,033 | ||
California Gen. Oblig.: | ||||
Series 1, 5% 9/1/17 | 1,770 | 1,895 | ||
Series 1992, 6.25% 9/1/12 (FGIC Insured) | 2,000 | 2,196 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
Series 2005, 5.5% 6/1/28 | $ 275 | $ 280 | ||
Series 2007: | ||||
5.625% 5/1/20 | 150 | 156 | ||
5.625% 5/1/26 | 215 | 223 | ||
5.75% 5/1/30 | 160 | 166 | ||
4.5% 8/1/30 | 4,135 | 3,814 | ||
4.5% 10/1/36 | 3,210 | 2,874 | ||
5% 3/1/15 | 2,545 | 2,754 | ||
5% 12/1/21 | 10,000 | 10,334 | ||
5% 11/1/22 (XL Cap. Assurance, Inc. Insured) | 2,800 | 2,883 | ||
5% 2/1/23 | 1,095 | 1,115 | ||
5% 2/1/26 (AMBAC Insured) | 1,500 | 1,519 | ||
5% 3/1/26 | 2,800 | 2,830 | ||
5% 6/1/26 | 4,300 | 4,341 | ||
5% 6/1/27 (AMBAC Insured) | 2,800 | 2,825 | ||
5% 6/1/29 | 5,005 | 5,010 | ||
5% 2/1/31 (MBIA Insured) | 2,800 | 2,774 | ||
5% 4/1/31 (AMBAC Insured) | 5 | 5 | ||
5% 6/1/31 | 2,000 | 1,981 | ||
5% 12/1/31 (MBIA Insured) | 2,000 | 1,981 | ||
5% 10/1/32 (MBIA Insured) | 1,000 | 986 | ||
5% 8/1/33 | 3,400 | 3,343 | ||
5.125% 11/1/24 | 2,800 | 2,871 | ||
5.125% 2/1/26 | 2,800 | 2,852 | ||
5.25% 3/1/12 | 3,000 | 3,238 | ||
5.25% 10/1/14 | 140 | 140 | ||
5.25% 2/1/15 | 2,315 | 2,510 | ||
5.25% 2/1/15 (MBIA Insured) | 5,040 | 5,465 | ||
5.25% 2/1/16 | 7,500 | 8,076 | ||
5.25% 10/1/17 | 105 | 105 | ||
5.25% 11/1/18 | 3,000 | 3,200 | ||
5.25% 2/1/20 | 6,805 | 7,156 | ||
5.25% 2/1/22 | 2,020 | 2,090 | ||
5.25% 11/1/26 | 1,060 | 1,090 | ||
5.25% 2/1/27 (MBIA Insured) | 5,490 | 5,624 | ||
5.25% 4/1/27 | 5 | 5 | ||
5.25% 2/1/28 | 5,085 | 5,177 | ||
5.25% 2/1/29 | 5,000 | 5,072 | ||
5.25% 4/1/29 | 5 | 5 | ||
5.25% 11/1/29 | 5,000 | 5,072 | ||
5.25% 4/1/30 | 35 | 35 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.25% 2/1/33 | $ 8,150 | $ 8,172 | ||
5.25% 12/1/33 | 105 | 105 | ||
5.25% 3/1/38 | 23,075 | 23,080 | ||
5.375% 4/1/15 (MBIA Insured) | 35 | 37 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 2,855 | 3,052 | ||
5.5% 5/1/13 (MBIA Insured) | 100 | 105 | ||
5.5% 4/1/28 | 5 | 5 | ||
5.5% 8/1/29 | 15,400 | 16,081 | ||
5.5% 4/1/30 | 25 | 26 | ||
5.5% 8/1/30 | 10,900 | 11,339 | ||
5.5% 11/1/33 | 34,870 | 35,524 | ||
6% 4/1/18 | 2,545 | 2,933 | ||
6.75% 8/1/12 | 1,100 | 1,254 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2004 I, 4.95%, tender 7/1/14 (c) | 5,000 | 5,116 | ||
Series 2008 H, 5.125% 7/1/22 | 3,000 | 2,986 | ||
Series 2008 L, 5.125% 7/1/22 | 3,000 | 2,991 | ||
(Cedars-Sinai Med. Ctr. Proj.) 5% 11/15/14 | 1,485 | 1,563 | ||
(Cottage Health Sys. Proj.) Series B, 5.25% 11/1/18 (MBIA Insured) | 1,260 | 1,334 | ||
(Stanford Hosp. and Clinics Proj.) Series 2008 A3, 3.45%, tender 6/15/11 (c) | 6,200 | 6,329 | ||
(Sutter Health Proj.) Series A: | ||||
5% 8/15/14 | 3,870 | 4,132 | ||
5% 8/15/15 | 4,500 | 4,799 | ||
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.): | ||||
Series 1983 A, 0% 2/1/15 | 6,477 | 3,781 | ||
Series 1983 B, 0% 8/1/15 | 80 | 40 | ||
Series 1998 J, 4.85% 8/1/27 (MBIA Insured) (d) | 330 | 330 | ||
California Infrastructure & Econ. Dev. Bank Rev.: | ||||
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured) | 1,000 | 1,014 | ||
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007: | ||||
5% 12/1/27 | 1,080 | 1,075 | ||
5% 12/1/32 | 1,000 | 969 | ||
5% 12/1/42 | 3,000 | 2,827 | ||
(YMCA Metropolitan L.A. Proj.) Series 2001: | ||||
5.25% 2/1/26 (AMBAC Insured) | 2,000 | 2,055 | ||
5.25% 2/1/32 (AMBAC Insured) | 6,295 | 6,374 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Infrastructure & Econ. Dev. Bank Rev.: - continued | ||||
Series 2005, 5% 10/1/33 | $ 7,235 | $ 7,325 | ||
California Muni. Fin. Auth. Rev. (Loma Linda Univ. Proj.) 5% 4/1/22 | 1,090 | 1,104 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn.: | ||||
(Pacific Gas & Elec. Co. Proj.) Series 1996 A, 5.35% 12/1/16 (MBIA Insured) (d) | 4,335 | 4,478 | ||
(San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (MBIA Insured) | 4,000 | 4,451 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | ||||
Series A: | ||||
5%, tender 5/1/13 (c)(d) | 3,000 | 2,898 | ||
5.125%, tender 5/1/14 (c)(d) | 9,000 | 8,655 | ||
Series A1, 4.7%, tender 4/1/12 (c)(d) | 3,250 | 3,147 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A: | ||||
5% 6/1/13 | 2,600 | 2,804 | ||
5% 6/1/14 | 2,000 | 2,158 | ||
5.25% 6/1/24 | 5,400 | 5,516 | ||
5.25% 6/1/25 | 5,000 | 5,090 | ||
5.25% 6/1/30 | 4,000 | 4,015 | ||
(California Cmnty. College Projs.) Series A, 5.25% 12/1/16 | 4,450 | 4,515 | ||
(California State Univ. Proj.): | ||||
Series 2006 G: | ||||
5% 11/1/20 | 1,825 | 1,883 | ||
5% 11/1/21 | 2,020 | 2,066 | ||
Series A, 5% 10/1/14 (FGIC Insured) | 2,700 | 2,935 | ||
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series A, 5.25% 12/1/18 (AMBAC Insured) | 5,000 | 5,307 | ||
(Coalinga State Hosp. Proj.): | ||||
Series 2004 A, 5.5% 6/1/17 | 9,980 | 10,847 | ||
Series A: | ||||
5.25% 6/1/12 | 2,485 | 2,668 | ||
5.5% 6/1/15 | 1,000 | 1,097 | ||
(Dept. of Corrections & Rehab. Proj.) Series F: | ||||
5% 11/1/15 (FGIC Insured) | 2,455 | 2,662 | ||
5% 11/1/16 (FGIC Insured) | 2,000 | 2,165 | ||
(Dept. of Corrections State Prison Proj.) Series E: | ||||
5.5% 6/1/15 (FSA Insured) | 2,000 | 2,184 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Dept. of Corrections State Prison Proj.) Series E: | ||||
5.5% 6/1/15 (MBIA Insured) | $ 1,000 | $ 1,089 | ||
(Dept. of Corrections, Madera State Prison Proj.) Series E, 5.5% 6/1/15 | 8,775 | 9,540 | ||
(Dept. of Corrections, Monterey County State Prison Proj.) Series C: | ||||
5.5% 6/1/15 | 6,100 | 6,673 | ||
5.5% 6/1/17 (MBIA Insured) | 4,775 | 5,200 | ||
(Dept. of Corrections, Susanville State Prison Proj.) Series D, 5.25% 6/1/15 (FSA Insured) | 4,050 | 4,426 | ||
(Dept. of Gen. Services Butterfield Proj.) Series A, 5% 6/1/23 | 2,900 | 2,931 | ||
(Dept. of Mental Health Proj.) Series A: | ||||
5% 6/1/25 | 3,000 | 3,003 | ||
5.125% 6/1/29 | 5,000 | 4,996 | ||
5.5% 6/1/19 | 2,000 | 2,145 | ||
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/13 | 2,000 | 2,191 | ||
(Office of Emergency Services Proj.) Series 2007 A, 5% 3/1/20 (FGIC Insured) | 3,335 | 3,444 | ||
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured) | 2,500 | 2,625 | ||
(Univ. of California Research Proj.): | ||||
Series 2005 L: | ||||
5% 11/1/25 (MBIA Insured) | 5,165 | 5,264 | ||
5.25% 11/1/23 (MBIA Insured) | 3,500 | 3,657 | ||
Series E: | ||||
5% 10/1/23 | 2,410 | 2,481 | ||
5.25% 10/1/21 | 2,900 | 3,074 | ||
(Various California State Univ. Projs.) Series B, 6.4% 12/1/09 | 2,545 | 2,571 | ||
Series 2005 H, 5% 6/1/16 | 5,000 | 5,329 | ||
Series 2005 J, 5.25% 1/1/16 (AMBAC Insured) | 3,500 | 3,895 | ||
Series 2005 K, 5% 11/1/17 | 5,625 | 5,954 | ||
California State Univ. Rev. (Systemwide Proj.) Series A: | ||||
5.375% 11/1/18 (AMBAC Insured) | 1,290 | 1,376 | ||
5.5% 11/1/16 (AMBAC Insured) | 1,500 | 1,621 | ||
California Statewide Communities Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.): | ||||
Series A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) | 7,965 | 7,981 | ||
Series B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) | 2,425 | 2,430 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Statewide Communities Dev. Auth. Rev.: | ||||
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured) | $ 5,000 | $ 4,845 | ||
(Cmnty. Hosp. Monterey Peninsula Proj.) Series B, 5.25% 6/1/23 (FSA Insured) | 1,800 | 1,867 | ||
(Daughters of Charity Health Sys. Proj.): | ||||
Series 2005 G, 5.25% 7/1/13 | 1,475 | 1,515 | ||
Series A, 5.25% 7/1/35 | 12,770 | 11,391 | ||
Series G, 5.25% 7/1/12 | 900 | 924 | ||
(Enloe Health Sys. Proj.) Series 2008 B: | ||||
5% 8/15/16 | 125 | 130 | ||
5% 8/15/19 | 50 | 51 | ||
5.75% 8/15/38 | 3,000 | 3,007 | ||
6.25% 8/15/33 | 2,500 | 2,611 | ||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) | 3,000 | 3,034 | ||
(Kaiser Permanente Health Sys. Proj.): | ||||
Series B, 2.65% 4/1/36 (c) | 6,500 | 4,652 | ||
Series I, 3.45%, tender 5/1/11 (c) | 2,750 | 2,781 | ||
(Kaiser Permanente Proj.) Series A, 4.75% 4/1/33 | 2,000 | 1,807 | ||
(Los Angeles Orthopaedic Hosp. Foundation Prog.) 5.75% 6/1/30 (AMBAC Insured) | 10,000 | 10,066 | ||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 8,900 | 9,155 | ||
(Sutter Health Systems Proj.): | ||||
Series 2005 A, 5% 11/15/43 (MBIA Insured) | 4,125 | 3,973 | ||
Series B, 5.625% 8/15/42 | 5,000 | 5,050 | ||
(Thomas Jefferson School of Law Proj.) 7.75% 10/1/31 (Pre-Refunded to 10/1/11 @ 101) (e) | 1,450 | 1,657 | ||
California Statewide Communities Dev. Auth. Rev. Ctfs. of Prtn. (Catholic Health Care West Proj.): | ||||
6% 7/1/09 (Escrowed to Maturity) (e) | 155 | 161 | ||
6% 7/1/09 (Escrowed to Maturity) (e) | 505 | 524 | ||
Carlsbad Unified School District 0% 11/1/15 (FGIC Insured) | 1,700 | 1,276 | ||
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series A, 7% 8/1/11 (MBIA Insured) | 1,500 | 1,682 | ||
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series A: | ||||
5% 11/1/24 (AMBAC Insured) | 1,000 | 1,027 | ||
5% 11/1/25 (AMBAC Insured) | 3,820 | 3,907 | ||
5% 11/1/33 (AMBAC Insured) | 5,000 | 4,957 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Clovis Pub. Fing. Auth. Wastewtr. Rev. 5% 8/1/35 (MBIA Insured) | $ 3,295 | $ 3,159 | ||
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured) | 1,200 | 1,246 | ||
Commerce Refuse to Energy Auth. Rev.: | ||||
5.5% 7/1/14 (MBIA Insured) | 1,545 | 1,690 | ||
5.5% 7/1/15 (MBIA Insured) | 2,685 | 2,943 | ||
Contra Costa County Ctfs. of Prtn. (Merrithew Memorial Hosp. Proj.) 0% 11/1/14 (Escrowed to Maturity) (e) | 3,000 | 2,452 | ||
Corona-Norco Unified School District Series A: | ||||
5% 8/1/22 (FSA Insured) | 1,470 | 1,544 | ||
5% 8/1/25 (FSA Insured) | 1,435 | 1,488 | ||
5% 8/1/26 (FSA Insured) | 2,000 | 2,067 | ||
5% 8/1/27 (FSA Insured) | 1,785 | 1,838 | ||
5% 8/1/31 (FSA Insured) | 5,000 | 5,075 | ||
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (MBIA Insured) | 5,600 | 5,619 | ||
Ctr. Unified School District: | ||||
Series 1997 C, 0% 9/1/20 (MBIA Insured) | 2,010 | 1,114 | ||
Series C, 0% 9/1/18 (MBIA Insured) | 2,000 | 1,266 | ||
Cucamonga County Wtr. District 5% 9/1/36 (MBIA Insured) | 2,890 | 2,847 | ||
Davis Spl. Tax Rev.: | ||||
5% 9/1/11 (AMBAC Insured) | 595 | 627 | ||
5% 9/1/12 (AMBAC Insured) | 625 | 667 | ||
5% 9/1/13 (AMBAC Insured) | 655 | 704 | ||
5% 9/1/14 (AMBAC Insured) | 690 | 740 | ||
5% 9/1/15 (AMBAC Insured) | 725 | 779 | ||
5% 9/1/18 (AMBAC Insured) | 835 | 877 | ||
5% 9/1/20 (AMBAC Insured) | 925 | 956 | ||
5% 9/1/22 (AMBAC Insured) | 1,020 | 1,034 | ||
Duarte Ctfs. of Prtn. Series A: | ||||
5% 4/1/11 | 2,780 | 2,824 | ||
5% 4/1/12 | 4,210 | 4,272 | ||
5% 4/1/13 | 1,830 | 1,855 | ||
5.25% 4/1/09 | 1,600 | 1,622 | ||
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2005 A, 5% 6/1/35 (MBIA Insured) | 19,850 | 20,029 | ||
Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Series 2008 H: | ||||
5% 7/1/33 | 2,500 | 2,461 | ||
5% 7/1/35 | 2,500 | 2,449 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
El Centro Fing. Auth. Wastewtr. Series A, 5.25% 10/1/35 (FSA Insured) | $ 8,340 | $ 8,544 | ||
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured) | 2,420 | 2,557 | ||
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured) | 4,025 | 4,389 | ||
Elsinore Valley Muni. Wtr. District Ctfs. of Prtn. Series A: | ||||
5% 7/1/23 (Berkshire Hathaway Assurance Corp. Insured) | 5,000 | 5,229 | ||
5% 7/1/24 (Berkshire Hathaway Assurance Corp. Insured) | 5,350 | 5,569 | ||
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 1A: | ||||
0% 10/1/24 (AMBAC Insured) | 1,665 | 720 | ||
0% 10/1/25 (AMBAC Insured) | 1,665 | 677 | ||
Encinitas Union School District: | ||||
0% 8/1/10 (MBIA Insured) | 1,000 | 954 | ||
0% 8/1/21 (MBIA Insured) | 1,000 | 533 | ||
Escondido Union High School District 0% 11/1/16 (Escrowed to Maturity) (e) | 3,500 | 2,614 | ||
Fairfield-Suisun Swr. District Swr. Rev. Series A, 0% 5/1/09 (MBIA Insured) | 1,225 | 1,210 | ||
Fairfield-Suisun Unified School District 5.5% 8/1/28 (MBIA Insured) | 3,000 | 3,162 | ||
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) 5% 5/1/37 (CIFG North America Insured) | 2,500 | 2,267 | ||
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (MBIA Insured) | 1,315 | 704 | ||
Foothill-De Anza Cmnty. College District: | ||||
Series 1999 A: | ||||
0% 8/1/15 (MBIA Insured) | 2,430 | 1,863 | ||
0% 8/1/19 (MBIA Insured) | 5,365 | 3,274 | ||
0% 8/1/20 (MBIA Insured) | 6,425 | 3,682 | ||
Series 1999 B, 0% 8/1/24 (FGIC Insured) | 5,000 | 2,234 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1999: | ||||
0% 1/15/27 (a) | 4,000 | 3,589 | ||
0% 1/15/27 (MBIA Insured) (a) | 4,500 | 4,357 | ||
0% 1/15/29 (a) | 4,000 | 3,643 | ||
5% 1/15/16 (MBIA Insured) | 5,860 | 5,966 | ||
5.75% 1/15/40 | 8,155 | 7,857 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: - continued | ||||
Series A: | ||||
0% 1/1/15 (Escrowed to Maturity) (e) | $ 18,535 | $ 14,994 | ||
0% 1/1/18 (Escrowed to Maturity) (e) | 1,000 | 687 | ||
5% 1/1/35 (MBIA Insured) | 24,070 | 21,664 | ||
Fremont Unified School District, Alameda County Series F, 0% 8/1/09 (MBIA Insured) | 1,000 | 983 | ||
Fullerton Univ. Foundation Auxiliary Organization Rev. Series A: | ||||
5.75% 7/1/25 (MBIA Insured) | 1,250 | 1,307 | ||
5.75% 7/1/30 (MBIA Insured) | 1,000 | 1,044 | ||
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20 (AMBAC Insured) | 2,645 | 2,756 | ||
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (MBIA Insured) | 1,000 | 1,047 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 A1, 6.625% 6/1/40 (Pre-Refunded to 6/1/13 @ 100) (e) | 2,900 | 3,339 | ||
Series 2003 B: | ||||
5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (e) | 5,000 | 5,402 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (e) | 1,475 | 1,634 | ||
Series A: | ||||
5% 6/1/45 | 13,425 | 11,881 | ||
5% 6/1/45 (FGIC Insured) | 2,775 | 2,476 | ||
Series A1: | ||||
5% 6/1/11 | 1,470 | 1,496 | ||
5% 6/1/12 | 1,400 | 1,423 | ||
5% 6/1/13 | 1,000 | 1,011 | ||
5% 6/1/14 | 2,000 | 1,997 | ||
5% 6/1/15 | 1,000 | 990 | ||
5% 6/1/33 | 3,000 | 2,369 | ||
Series B: | ||||
5% 6/1/11 (Escrowed to Maturity) (e) | 3,610 | 3,824 | ||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (e) | 8,300 | 9,149 | ||
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (MBIA Insured) | 2,750 | 1,756 | ||
Indio Pub. Fing. Auth. Lease Rev. Series B, 3.8%, tender 11/1/12 (AMBAC Insured) (c) | 2,500 | 2,547 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) 7.3% 9/1/11 (MBIA Insured) | $ 555 | $ 624 | ||
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured) | 3,445 | 3,381 | ||
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series A: | ||||
5.25% 11/15/19 | 2,500 | 2,473 | ||
5.25% 11/15/21 | 3,790 | 3,664 | ||
Long Beach Hbr. Rev.: | ||||
Series 2000 A, 5.25% 5/15/23 (FGIC Insured) (d) | 6,505 | 6,533 | ||
Series A: | ||||
5% 5/15/11 (MBIA Insured) (d) | 1,000 | 1,047 | ||
5% 5/15/14 (FGIC Insured) (d) | 2,000 | 2,117 | ||
5% 5/15/15 (FGIC Insured) (d) | 1,000 | 1,059 | ||
5% 5/15/22 (MBIA Insured) (d) | 2,735 | 2,749 | ||
6% 5/15/10 (FGIC Insured) (d) | 1,000 | 1,049 | ||
6% 5/15/12 (FGIC Insured) (d) | 3,500 | 3,798 | ||
Los Angeles Cmnty. College District: | ||||
Series 2005 A, 5.25% 8/1/14 (FSA Insured) | 4,075 | 4,566 | ||
Series A: | ||||
5% 8/1/19 (FGIC Insured) | 3,215 | 3,459 | ||
5% 8/1/20 (FGIC Insured) | 2,415 | 2,568 | ||
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Services Proj.) 5% 9/1/21 (AMBAC Insured) | 2,805 | 2,818 | ||
Los Angeles County Ctfs. of Prtn.: | ||||
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity) (e) | 3,380 | 2,897 | ||
(Disney Parking Proj.): | ||||
0% 3/1/10 | 2,000 | 1,917 | ||
0% 3/1/11 | 1,950 | 1,808 | ||
0% 3/1/12 | 2,180 | 1,939 | ||
0% 3/1/13 | 6,490 | 5,509 | ||
0% 9/1/14 (AMBAC Insured) | 3,860 | 3,073 | ||
0% 3/1/18 | 3,000 | 1,943 | ||
0% 3/1/19 | 3,200 | 1,932 | ||
0% 3/1/20 | 1,000 | 569 | ||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: | ||||
5.375% 9/1/16 (FSA Insured) | 1,045 | 1,143 | ||
5.375% 9/1/17 (FSA Insured) | 1,095 | 1,192 | ||
5.375% 9/1/18 (FSA Insured) | 1,155 | 1,250 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: - continued | ||||
5.375% 9/1/19 (FSA Insured) | $ 1,210 | $ 1,302 | ||
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series A, 5.5% 8/1/24 (AMBAC Insured) | 3,700 | 3,785 | ||
Los Angeles Dept. Arpt. Rev.: | ||||
Series 2006 A: | ||||
5% 5/15/17 (MBIA Insured) (d) | 3,990 | 4,064 | ||
5% 5/15/18 (MBIA Insured) (d) | 1,410 | 1,426 | ||
Series A: | ||||
5% 5/15/16 (MBIA Insured) (d) | 1,000 | 1,053 | ||
5.25% 5/15/19 (FGIC Insured) | 3,000 | 3,130 | ||
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: | ||||
4.75% 8/15/12 (Escrowed to Maturity) (e) | 3,120 | 3,124 | ||
4.75% 8/15/16 (Escrowed to Maturity) (e) | 1,395 | 1,397 | ||
4.75% 10/15/20 (Escrowed to Maturity) (e) | 150 | 150 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A1, 5% 7/1/35 (FSA Insured) | 5,000 | 5,060 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | ||||
Series 1998, 5.5% 10/15/11 (Escrowed to Maturity) (e) | 3,670 | 3,723 | ||
Series 2001 A, 5.125% 7/1/41 | 15,000 | 15,040 | ||
Series 2004 C, 5% 7/1/34 (MBIA Insured) | 1,500 | 1,501 | ||
Series A, 5.125% 7/1/41 (MBIA Insured) | 3,000 | 3,024 | ||
Los Angeles Hbr. Dept. Rev.: | ||||
Series 2005 B, 5% 8/1/14 (FGIC Insured) (d) | 6,265 | 6,518 | ||
7.6% 10/1/18 (Escrowed to Maturity) (e) | 12,265 | 14,949 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22 | 5,500 | 5,670 | ||
Los Angeles Unified School District: | ||||
(Election of 1997 Proj.) Series 2002 E, 5.5% 7/1/14 (MBIA Insured) | 4,300 | 4,673 | ||
Series 2004 A1, 5% 7/1/17 (MBIA Insured) | 3,000 | 3,217 | ||
Series H, 5% 7/1/18 (FSA Insured) | 1,500 | 1,643 | ||
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity) (e) | 1,990 | 2,381 | ||
Marina Coast Wtr. District Ctfs. Prtn. 5% 6/1/37 (MBIA Insured) | 3,500 | 3,341 | ||
Merced Union High School District Series A, 0% 8/1/22 (FGIC Insured) | 1,100 | 538 | ||
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Series 2005 A, 5% 7/1/35 (FSA Insured) | 17,800 | 18,118 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Modesto Elementary School District, Stanislaus County Series A: | ||||
0% 8/1/21 (FGIC Insured) | $ 2,000 | $ 1,047 | ||
0% 8/1/25 (FGIC Insured) | 2,800 | 1,149 | ||
Modesto Gen. Oblig. Ctfs. of Prtn.: | ||||
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) | 2,500 | 2,548 | ||
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (FGIC Insured) | 1,585 | 1,618 | ||
Modesto Irrigation District Ctfs. of Prtn.: | ||||
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (MBIA Insured) (Escrowed to Maturity) (e) | 5,000 | 5,372 | ||
(Rfdg. and Cap. Impts Proj.) Series A, 0% 10/1/10 (Escrowed to Maturity) (e) | 2,270 | 2,157 | ||
Series B, 5.5% 7/1/35 (b) | 3,800 | 3,860 | ||
Monrovia Unified School District Series B, 0% 8/1/33 (FGIC Insured) | 2,500 | 686 | ||
Montebello Unified School District 0% 6/1/26 (FSA Insured) | 1,580 | 620 | ||
Monterey County Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured) | 3,580 | 3,785 | ||
Moreland School District Series 2003 B, 0% 8/1/27 (FGIC Insured) | 1,485 | 543 | ||
Murrieta Valley Unified School District Series A, 0% 9/1/13 (FGIC Insured) | 1,500 | 1,252 | ||
Natomas Unified School District 5.25% 8/1/30 (FGIC Insured) | 5,150 | 5,208 | ||
New Haven Unified School District: | ||||
12% 8/1/16 (FSA Insured) | 1,500 | 2,367 | ||
12% 8/1/17 (FSA Insured) | 1,000 | 1,626 | ||
North City West School Facilities Fing. Auth. Spl. Tax: | ||||
Series B, 5.25% 9/1/23 (AMBAC Insured) | 1,530 | 1,567 | ||
Series C: | ||||
5% 9/1/16 (AMBAC Insured) | 1,000 | 1,062 | ||
5% 9/1/17 (AMBAC Insured) | 2,735 | 2,895 | ||
Northern California Gas Auth. #1 Gas Proj. Rev. Series 2007 A, 5% 7/1/11 | 2,300 | 2,337 | ||
Northern California Power Agency Rev. (Hydroelectric Number One Proj.): | ||||
Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) (e) | 3,850 | 5,085 | ||
Series 2008 C, 5% 7/1/12 | 2,500 | 2,669 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (MBIA Insured) | $ 6,100 | $ 6,801 | ||
Novato Unified School District 5.25% 8/1/17 (FGIC Insured) | 1,000 | 1,059 | ||
Oakland Joint Powers Fing. Auth. Series A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured) | 3,000 | 3,163 | ||
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): | ||||
5% 9/1/21 (Escrowed to Maturity) (e) | 1,000 | 1,097 | ||
5.5% 9/1/17 (FGIC Insured) | 3,000 | 3,156 | ||
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.) 0% 8/1/10 (MBIA Insured) | 3,255 | 3,090 | ||
Orange County Local Trans. Auth. Sales Tax Rev. 6.2% 2/14/11 (AMBAC Insured) | 7,000 | 7,380 | ||
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev.: | ||||
5.75% 12/1/09 (AMBAC Insured) (d) | 3,620 | 3,749 | ||
5.75% 12/1/11 (AMBAC Insured) (d) | 4,000 | 4,301 | ||
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) 5.375% 6/1/16 (AMBAC Insured) | 3,770 | 4,015 | ||
Oxnard Fin. Auth. Solid Waste Rev.: | ||||
5% 5/1/09 (AMBAC Insured) (d) | 1,785 | 1,819 | ||
5% 5/1/10 (AMBAC Insured) (d) | 1,820 | 1,887 | ||
5% 5/1/12 (AMBAC Insured) (d) | 2,065 | 2,184 | ||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series A, 5% 6/1/29 (FGIC Insured) | 3,000 | 3,009 | ||
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) 5.8% 8/1/29 (FSA Insured) | 6,410 | 6,591 | ||
Placer County Union High School District Series A: | ||||
0% 8/1/20 (FGIC Insured) | 2,000 | 1,107 | ||
0% 8/1/21 (FGIC Insured) | 1,000 | 517 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12 | 1,615 | 1,613 | ||
Pomona Unified School District Series C, 6% 8/1/30 (Escrowed to Maturity) (e) | 4,035 | 4,164 | ||
Port of Oakland Rev.: | ||||
Series 2000 K: | ||||
5.7% 11/1/19 (FGIC Insured) (d) | 5,285 | 5,340 | ||
5.75% 11/1/15 (FGIC Insured) (d) | 4,030 | 4,114 | ||
Series 2002 N: | ||||
5% 11/1/12 (MBIA Insured) (d) | 2,800 | 2,941 | ||
5% 11/1/15 (MBIA Insured) (d) | 5,850 | 5,964 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Port of Oakland Rev.: - continued | ||||
Series 2002 N: | ||||
5% 11/1/17 (MBIA Insured) (d) | $ 3,355 | $ 3,379 | ||
5% 11/1/18 (MBIA Insured) (d) | 2,740 | 2,743 | ||
Series A: | ||||
5% 11/1/14 (MBIA Insured) (d) | 10,910 | 11,271 | ||
5% 11/1/16 (MBIA Insured) (d) | 2,885 | 2,941 | ||
5% 11/1/17 (MBIA Insured) (d) | 2,185 | 2,204 | ||
Series L, 5.5% 11/1/20 (FGIC Insured) (d) | 3,405 | 3,444 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev.: | ||||
Cap. Appreciation Series 2007, 0%, tender 6/1/10 (FSA Insured) (c) | 1,890 | 1,790 | ||
Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 6,770 | 5,382 | ||
Series 2008 C: | ||||
3.125%, tender 12/1/11 (FSA Insured) (c) | 3,065 | 3,106 | ||
4%, tender 12/1/11 (FSA Insured) (c) | 6,500 | 6,762 | ||
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (MBIA Insured) | 3,500 | 3,436 | ||
Redwood City Elementary School District 0% 8/1/20 (FGIC Insured) | 4,825 | 2,702 | ||
Richmond Redev. Agcy. Tax Allocation Rev. (Harbour Redev. Proj.) 7% 7/1/09 (FSA Insured) | 10 | 10 | ||
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): | ||||
Series A, 6.5% 6/1/12 (MBIA Insured) | 15,500 | 16,949 | ||
Series B, 5.7% 6/1/16 (MBIA Insured) | 1,950 | 2,096 | ||
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.): | ||||
Series 2004: | ||||
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured) | 2,020 | 2,068 | ||
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured) | 2,125 | 2,167 | ||
Series A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured) | 3,740 | 3,836 | ||
Riverside County Trans. Commission Sales Tax Rev.: | ||||
4%, tender 12/1/09 (c) | 2,445 | 2,488 | ||
5%, tender 12/1/09 (c) | 3,300 | 3,398 | ||
Rocklin Unified School District Series 2002: | ||||
0% 8/1/24 (FGIC Insured) | 1,370 | 593 | ||
0% 8/1/25 (FGIC Insured) | 2,725 | 1,109 | ||
0% 8/1/26 (FGIC Insured) | 1,365 | 522 | ||
Roseville City School District Series 2002 A: | ||||
0% 8/1/25 (FGIC Insured) | 1,745 | 716 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Roseville City School District Series 2002 A: - continued | ||||
0% 8/1/27 (FGIC Insured) | $ 1,940 | $ 703 | ||
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) | 2,000 | 2,184 | ||
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (MBIA Insured) | 7,735 | 5,805 | ||
Sacramento Muni. Util. District Elec. Rev.: | ||||
Series 2001 P, 5.25% 8/15/16 (FSA Insured) | 1,500 | 1,588 | ||
Series R, 5% 8/15/33 (MBIA Insured) | 6,825 | 6,673 | ||
San Bernardino County Ctfs. of Prtn.: | ||||
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (e) | 8,500 | 10,670 | ||
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 | 10,000 | 10,697 | ||
San Diego Cmnty. College District: | ||||
Series 2002 A, 5% 5/1/22 (FSA Insured) | 1,000 | 1,035 | ||
Series 2007, 0% 8/1/17 (FSA Insured) | 3,395 | 2,338 | ||
San Diego County Ctfs. of Prtn.: | ||||
(North and East County Justice Facilities Proj.): | ||||
5% 11/15/16 (AMBAC Insured) | 2,000 | 2,145 | ||
5% 11/15/17 (AMBAC Insured) | 2,000 | 2,123 | ||
5% 11/15/18 (AMBAC Insured) | 2,000 | 2,102 | ||
(The Bishop's School Proj.) Series A, 6% 9/1/34, LOC Bank of New York, New York | 4,090 | 4,319 | ||
(Univ. of San Diego Proj.) 5.25% 10/1/11 | 1,705 | 1,812 | ||
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. 5% 7/1/12 (AMBAC Insured) (d) | 2,200 | 2,318 | ||
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5% 5/1/29 (FSA Insured) | 5,000 | 5,087 | ||
San Diego Unified School District (Election of 1998 Proj.): | ||||
Series 2000 B, 6.05% 7/1/18 (MBIA Insured) | 2,290 | 2,703 | ||
Series 2002 D: | ||||
5.25% 7/1/17 (FGIC Insured) (Pre-Refunded to 7/1/12 @ 101) (e) | 4,325 | 4,724 | ||
5.25% 7/1/20 (FGIC Insured) (Pre-Refunded to 7/1/12 @ 101) (e) | 4,000 | 4,369 | ||
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 | 1,620 | 1,638 | ||
San Francisco Bay Area Rapid Transit Fing. Auth. Series 2004 A, 5% 8/1/35 | 6,815 | 6,842 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | ||||
(SFO Fuel Co. Proj.) Series A: | ||||
5.125% 1/1/17 (AMBAC Insured) (d) | $ 6,000 | $ 6,071 | ||
5.25% 1/1/18 (AMBAC Insured) (d) | 4,515 | 4,566 | ||
Second Series 32F, 5.25% 5/1/19 (FGIC Insured) | 2,500 | 2,666 | ||
Second Series 32H: | ||||
5% 5/1/11 (CIFG North America Insured) (d) | 2,325 | 2,382 | ||
5% 5/1/12 (CIFG North America Insured) (d) | 1,000 | 1,026 | ||
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series A, 5% 11/1/32 (MBIA Insured) | 6,810 | 6,781 | ||
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: | ||||
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (MBIA Insured) | 1,475 | 1,397 | ||
Series A: | ||||
0% 8/1/09 (FGIC Insured) | 5 | 5 | ||
0% 8/1/10 (FGIC Insured) | 1,085 | 1,027 | ||
San Jacinto Unified School District 5.25% 8/1/32 (FSA Insured) | 3,080 | 3,184 | ||
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.): | ||||
5% 11/15/20 (MBIA Insured) | 3,720 | 3,819 | ||
5% 11/15/21 (MBIA Insured) | 3,645 | 3,707 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1997 A: | ||||
0% 1/15/26 (MBIA Insured) | 11,000 | 4,015 | ||
5.5% 1/15/28 | 1,060 | 961 | ||
Series A: | ||||
0% 1/15/10 (MBIA Insured) | 2,240 | 2,158 | ||
0% 1/15/12 (MBIA Insured) | 7,000 | 6,223 | ||
0% 1/15/15 (MBIA Insured) | 5,000 | 3,797 | ||
0% 1/15/20 (MBIA Insured) | 3,765 | 2,059 | ||
0% 1/15/31 (MBIA Insured) | 5,000 | 1,293 | ||
San Jose Int'l. Arpt. Rev.: | ||||
Series A, 5.25% 3/1/14 (FGIC Insured) | 1,000 | 1,045 | ||
5% 3/1/24 (AMBAC Insured) (d) | 9,690 | 8,968 | ||
5% 3/1/37 (AMBAC Insured) (d) | 10,000 | 8,764 | ||
San Jose Unified School District Santa Clara County: | ||||
Series 2002 B, 5% 8/1/25 (FGIC Insured) | 1,750 | 1,782 | ||
Series A, 5.375% 8/1/20 (FSA Insured) | 1,895 | 1,996 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Luis Obispo County Fing. Auth. Series 2000 A, 5.375% 8/1/24 (MBIA Insured) | $ 1,000 | $ 1,021 | ||
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (e) | 1,990 | 1,544 | ||
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (FGIC Insured) | 3,000 | 1,965 | ||
San Mateo Unified School District (Election of 2000 Proj.) Series B: | ||||
0% 9/1/23 (FGIC Insured) | 2,000 | 937 | ||
0% 9/1/25 (FGIC Insured) | 1,490 | 619 | ||
0% 9/1/26 (FGIC Insured) | 1,500 | 586 | ||
Sanger Unified School District 5.6% 8/1/23 (MBIA Insured) | 3,000 | 3,148 | ||
Santa Clara County Fing. Auth. (El Camino Hosp. Proj.): | ||||
Series B, 5.125% 2/1/41 (AMBAC Insured) | 2,000 | 1,910 | ||
Series C, 5.75% 2/1/41 (AMBAC Insured) | 8,000 | 8,184 | ||
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (MBIA Insured) | 1,865 | 2,159 | ||
Santa Rosa Wastewtr. Rev. Series 2002 B: | ||||
0% 9/1/20 (AMBAC Insured) | 4,030 | 2,247 | ||
0% 9/1/22 (AMBAC Insured) | 2,900 | 1,422 | ||
0% 9/1/25 (AMBAC Insured) | 6,800 | 2,777 | ||
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (MBIA Insured) | 5,015 | 5,017 | ||
Shasta Union High School District: | ||||
Series 2002, 0% 8/1/26 (FGIC Insured) | 1,000 | 382 | ||
Series 2003, 0% 5/1/28 (MBIA Insured) | 3,340 | 1,098 | ||
Sierra View Local Health Care District Rev. 5.25% 7/1/37 | 1,500 | 1,344 | ||
Southern California Pub. Pwr. Auth. Rev. (Multiple Projs.): | ||||
6.75% 7/1/10 | 1,400 | 1,510 | ||
6.75% 7/1/11 | 6,500 | 7,176 | ||
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (FGIC Insured) | 2,495 | 921 | ||
Sulphur Springs Union School District Series A, 0% 9/1/12 (MBIA Insured) | 2,750 | 2,401 | ||
Sweetwater Union High School District Series A, 5.625% 8/1/47 (FSA Insured) | 16,900 | 17,893 | ||
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) | 2,015 | 1,833 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured) | $ 3,000 | $ 3,055 | ||
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: | ||||
5.5% 6/1/31 | 2,350 | 2,359 | ||
6% 6/1/22 | 1,100 | 1,150 | ||
Ukiah Unified School District 0% 8/1/14 (FGIC Insured) | 3,040 | 2,423 | ||
Union Elementary School District Series A: | ||||
0% 9/1/18 (FGIC Insured) | 1,000 | 639 | ||
0% 9/1/21 (FGIC Insured) | 2,995 | 1,571 | ||
Univ. of California Revs.: | ||||
(Ltd. Proj.): | ||||
Series B: | ||||
5% 5/15/20 (FSA Insured) | 2,800 | 2,921 | ||
5% 5/15/33 (FSA Insured) | 1,000 | 1,007 | ||
Series D, 5% 5/15/25 (FGIC Insured) | 4,250 | 4,313 | ||
(UCLA Med. Ctr. Proj.): | ||||
Series A: | ||||
5.5% 5/15/21 (AMBAC Insured) | 785 | 835 | ||
5.5% 5/15/24 (AMBAC Insured) | 370 | 392 | ||
4.55% 12/1/09 (Escrowed to Maturity) (e)(f) | 20,787 | 21,493 | ||
Series 2005 F, 4.75% 5/15/35 (FSA Insured) | 1,500 | 1,458 | ||
Series A, 5.125% 5/15/18 (AMBAC Insured) | 2,000 | 2,147 | ||
Series B: | ||||
5% 5/15/16 (FSA Insured) | 2,100 | 2,264 | ||
5% 5/15/17 (FSA Insured) | 4,000 | 4,272 | ||
5.25% 5/15/16 (AMBAC Insured) | 5,000 | 5,423 | ||
Series C, 4.75% 5/15/37 (MBIA Insured) | 3,330 | 3,150 | ||
Series K, 5% 5/15/22 | 6,455 | 6,765 | ||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.) 5.25% 1/1/13 | 8,500 | 8,516 | ||
Val Verde Unified School District Ctfs. of Prtn.: | ||||
5% 1/1/35 (FGIC Insured) | 2,090 | 1,877 | ||
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100) (e) | 1,000 | 1,124 | ||
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100) (e) | 1,380 | 1,551 | ||
Victor Elementary School District Series A, 0% 6/1/14 (MBIA Insured) | 2,375 | 1,889 | ||
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (MBIA Insured) | 2,120 | 2,206 | ||
Vista Unified School District Series A: | ||||
5.375% 8/1/15 (FSA Insured) | 130 | 141 | ||
5.375% 8/1/16 (FSA Insured) | 100 | 107 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Walnut Valley Unified School District Series D: | ||||
0% 8/1/30 (FGIC Insured) | $ 2,875 | $ 868 | ||
0% 8/1/31 (FGIC Insured) | 2,715 | 768 | ||
0% 8/1/32 (FGIC Insured) | 1,315 | 349 | ||
5.25% 8/1/16 (FGIC Insured) | 1,000 | 1,081 | ||
Washington Township Health Care District Rev. Series A: | ||||
5% 7/1/23 | 1,460 | 1,440 | ||
5% 7/1/25 | 1,665 | 1,619 | ||
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 19,000 | 20,085 | ||
Western Placer Unified School District Ctfs. of Prtn. (School Facilities Proj.) Series B, 3.625%, tender 12/1/09 (FSA Insured) (c) | 4,300 | 4,361 | ||
Yuba City Unified School District Series A, 0% 9/1/21 (FGIC Insured) | 2,090 | 1,089 | ||
| 1,645,439 | |||
Guam - 0.2% | ||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev.: | ||||
5% 7/1/09 | 1,100 | 1,106 | ||
5.875% 7/1/35 | 1,875 | 1,803 | ||
| 2,909 | |||
Puerto Rico - 0.8% | ||||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 4.837% 7/1/21 (FGIC Insured) (c) | 4,600 | 3,865 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (c) | 7,000 | 7,229 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series A, 0% 8/1/41 (FGIC Insured) | 9,500 | 1,475 | ||
| 12,569 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Rev. Series A: | ||||
5% 10/1/10 | $ 550 | $ 566 | ||
5.25% 10/1/15 | 1,255 | 1,290 | ||
| 1,856 |
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $1,658,289) | 1,662,773 | ||
NET OTHER ASSETS - 0.6% | 10,635 | ||
NET ASSETS - 100% | $ 1,673,408 |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,493,000 or 1.3% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (Escrowed to Maturity) | 3/6/02 | $ 20,787 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,662,773 | $ - | $ 1,662,773 | $ - |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 39.6% |
Transportation | 12.2% |
Water & Sewer | 8.7% |
Health Care | 8.4% |
Escrowed/Pre-Refunded | 8.1% |
Education | 5.7% |
Electric Utilities | 5.2% |
Others* (individually less than 5%) | 12.1% |
| 100.0% |
*Includes net other 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, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,658,289) |
| $ 1,662,773 |
Receivable for investments sold | 600 | |
Receivable for fund shares sold | 1,240 | |
Interest receivable | 17,941 | |
Prepaid expenses | 1 | |
Other receivables | 69 | |
Total assets | 1,682,624 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 1,978 | |
Payable for investments purchased on a delayed delivery basis | 3,872 | |
Payable for fund shares redeemed | 576 | |
Distributions payable | 1,734 | |
Accrued management fee | 507 | |
Distribution fees payable | 20 | |
Other affiliated payables | 498 | |
Other payables and accrued expenses | 31 | |
Total liabilities | 9,216 | |
|
|
|
Net Assets | $ 1,673,408 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,673,515 | |
Undistributed net investment income | 1,368 | |
Accumulated undistributed net realized gain (loss) on investments | (5,959) | |
Net unrealized appreciation (depreciation) on investments | 4,484 | |
Net Assets | $ 1,673,408 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | August 31, 2008 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 11.94 | |
|
|
|
Maximum offering price per share (100/96.00 of $11.94) | $ 12.44 | |
Class T: | $ 11.96 | |
|
|
|
Maximum offering price per share (100/96.00 of $11.96) | $ 12.46 | |
Class B: | $ 11.93 | |
|
|
|
Class C: | $ 11.92 | |
|
|
|
California Municipal Income: | $ 11.92 | |
|
|
|
Institutional Class: | $ 11.94 |
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
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 38,724 |
|
|
|
Expenses | ||
Management fee | $ 3,083 | |
Transfer agent fees | 581 | |
Distribution fees | 108 | |
Accounting fees and expenses | 157 | |
Custodian fees and expenses | 12 | |
Independent trustees' compensation | 4 | |
Registration fees | 69 | |
Audit | 25 | |
Legal | 3 | |
Miscellaneous | 6 | |
Total expenses before reductions | 4,048 | |
Expense reductions | (132) | 3,916 |
Net investment income | 34,808 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (3,330) | |
Futures contracts | 286 | |
Total net realized gain (loss) |
| (3,044) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 45,831 | |
Futures contracts | (268) | |
Total change in net unrealized appreciation (depreciation) |
| 45,563 |
Net gain (loss) | 42,519 | |
Net increase (decrease) in net assets resulting from operations | $ 77,327 |
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 August 31, 2008 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 34,808 | $ 65,641 |
Net realized gain (loss) | (3,044) | 5,976 |
Change in net unrealized appreciation (depreciation) | 45,563 | (105,132) |
Net increase (decrease) in net assets resulting | 77,327 | (33,515) |
Distributions to shareholders from net investment income | (34,725) | (65,536) |
Distributions to shareholders from net realized gain | (568) | (9,277) |
Total distributions | (35,293) | (74,813) |
Share transactions - net increase (decrease) | 39,019 | 48,978 |
Redemption fees | 15 | 24 |
Total increase (decrease) in net assets | 81,068 | (59,326) |
|
|
|
Net Assets | ||
Beginning of period | 1,592,340 | 1,651,666 |
End of period (including undistributed net investment income of $1,368 and undistributed net investment income of $1,326, respectively) | $ 1,673,408 | $ 1,592,340 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.63 | $ 12.41 | $ 12.46 | $ 12.56 | $ 12.84 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .229 | .457 | .478 | .490 | .505 | .521 |
Net realized and unrealized gain (loss) | .314 | (.711) | .050 | (.025) | (.149) | .248 |
Total from investment operations | .543 | (.254) | .528 | .465 | .356 | .769 |
Distributions from net investment income | (.229) | (.457) | (.483) | (.490) | (.501) | (.517) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.233) | (.526) | (.578) | (.565) | (.636) | (.689) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.94 | $ 11.63 | $ 12.41 | $ 12.46 | $ 12.56 | $ 12.84 |
Total Return B, C, D | 4.69% | (2.15)% | 4.36% | 3.78% | 2.92% | 6.25% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .74%A | .73% | .64% | .65% | .66% | .65% |
Expenses net of fee waivers, if any | .74%A | .73% | .64% | .65% | .66% | .65% |
Expenses net of all reductions | .72%A | .70% | .62% | .62% | .65% | .65% |
Net investment income | 3.82%A | 3.76% | 3.88% | 3.93% | 4.04% | 4.12% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 30 | $ 20 | $ 13 | $ 11 | $ 7 | $ 6 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.65 | $ 12.43 | $ 12.48 | $ 12.58 | $ 12.86 | $ 12.79 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .231 | .458 | .466 | .477 | .492 | .508 |
Net realized and unrealized gain (loss) | .313 | (.712) | .048 | (.027) | (.150) | .237 |
Total from investment operations | .544 | (.254) | .514 | .450 | .342 | .745 |
Distributions from net investment income | (.230) | (.457) | (.469) | (.475) | (.487) | (.503) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.234) | (.526) | (.564) | (.550) | (.622) | (.675) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.96 | $ 11.65 | $ 12.43 | $ 12.48 | $ 12.58 | $ 12.86 |
Total Return B, C, D | 4.69% | (2.15)% | 4.24% | 3.66% | 2.80% | 6.04% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .73% A | .74% | .75% | .77% | .77% | .76% |
Expenses net of fee waivers, if any | .73%A | .74% | .75% | .77% | .77% | .76% |
Expenses net of all reductions | .71%A | .70% | .72% | .73% | .76% | .76% |
Net investment income | 3.84%A | 3.75% | 3.77% | 3.81% | 3.93% | 4.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 7 | $ 5 | $ 5 | $ 4 | $ 3 | $ 4 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.62 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.84 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .191 | .376 | .383 | .394 | .409 | .426 |
Net realized and unrealized gain (loss) | .313 | (.712) | .049 | (.026) | (.159) | .248 |
Total from investment operations | .504 | (.336) | .432 | .368 | .250 | .674 |
Distributions from net investment income | (.190) | (.375) | (.387) | (.393) | (.405) | (.422) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.194) | (.444) | (.482) | (.468) | (.540) | (.594) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.93 | $ 11.62 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.84 |
Total Return B, C, D | 4.35% | (2.81)% | 3.57% | 2.99% | 2.06% | 5.46% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.40% A | 1.41% | 1.41% | 1.42% | 1.42% | 1.41% |
Expenses net of fee waivers, if any | 1.40% A | 1.41% | 1.41% | 1.42% | 1.42% | 1.41% |
Expenses net of all reductions | 1.38% A | 1.37% | 1.39% | 1.39% | 1.41% | 1.40% |
Net investment income | 3.17% A | 3.08% | 3.11% | 3.15% | 3.28% | 3.37% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 August 31, 2008 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.61 | $ 12.40 | $ 12.44 | $ 12.55 | $ 12.83 | $ 12.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .185 | .364 | .371 | .382 | .397 | .411 |
Net realized and unrealized gain (loss) | .314 | (.721) | .061 | (.035) | (.149) | .248 |
Total from investment operations | .499 | (.357) | .432 | .347 | .248 | .659 |
Distributions from net investment income | (.185) | (.364) | (.377) | (.382) | (.393) | (.407) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.189) | (.433) | (.472) | (.457) | (.528) | (.579) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.92 | $ 11.61 | $ 12.40 | $ 12.44 | $ 12.55 | $ 12.83 |
Total Return B, C, D | 4.31% | (2.98)% | 3.56% | 2.81% | 2.04% | 5.34% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.48% A | 1.50% | 1.50% | 1.52% | 1.52% | 1.52% |
Expenses net of fee waivers, if any | 1.48% A | 1.50% | 1.50% | 1.52% | 1.52% | 1.52% |
Expenses net of all reductions | 1.46% A | 1.47% | 1.48% | 1.49% | 1.51% | 1.51% |
Net investment income | 3.09% A | 2.99% | 3.02% | 3.06% | 3.18% | 3.25% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 11 | $ 8 | $ 10 | $ 10 | $ 11 | $ 12 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
H Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - California Municipal Income
| Six months ended | Years ended February 28, | ||||
(Unaudited) | 2008 F | 2007 | 2006 | 2005 | 2004 F | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.61 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.83 | $ 12.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .247 | .491 | .499 | .512 | .527 | .544 |
Net realized and unrealized gain (loss) | .313 | (.722) | .050 | (.025) | (.149) | .247 |
Total from investment operations | .560 | (.231) | .549 | .487 | .378 | .791 |
Distributions from net investment income | (.246) | (.490) | (.504) | (.512) | (.523) | (.539) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.250) | (.559) | (.599) | (.587) | (.658) | (.711) |
Redemption fees added to paid in capital D, G | - | - | - | - | - | - |
Net asset value, end of period | $ 11.92 | $ 11.61 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.83 |
Total Return B, C | 4.85% | (1.97)% | 4.55% | 3.97% | 3.11% | 6.44% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .46% A | .46% | .47% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .46% A | .46% | .47% | .48% | .48% | .48% |
Expenses net of all reductions | .45% A | .43% | .44% | .45% | .47% | .48% |
Net investment income | 4.10% A | 4.03% | 4.05% | 4.10% | 4.22% | 4.29% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 1,604 | $ 1,543 | $ 1,611 | $ 1,601 | $ 1,506 | $ 1,550 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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.
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
Financial Highlights - Institutional Class
| Six months ended August 31, 2008 | Years ended February 28, | ||||
(Unaudited) | 2008 F | 2007 | 2006 | 2005 | 2004 F | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.63 | $ 12.42 | $ 12.47 | $ 12.57 | $ 12.85 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .245 | .486 | .493 | .509 | .529 | .546 |
Net realized and unrealized gain (loss) | .314 | (.722) | .049 | (.025) | (.151) | .254 |
Total from investment operations | .559 | (.236) | .542 | .484 | .378 | .800 |
Distributions from net investment income | (.245) | (.485) | (.497) | (.509) | (.523) | (.538) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.249) | (.554) | (.592) | (.584) | (.658) | (.710) |
Redemption fees added to paid in capitalD, G | - | - | - | - | - | - |
Net asset value, end of period | $ 11.94 | $ 11.63 | $ 12.42 | $ 12.47 | $ 12.57 | $ 12.85 |
Total Return B, C | 4.83% | (2.00)% | 4.48% | 3.94% | 3.10% | 6.51% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .48% A | .50% | .53% | .50% | .47% | .49% |
Expenses net of fee waivers, if any | .48%A | .50% | .53% | .50% | .47% | .49% |
Expenses net of all reductions | .47%A | .47% | .50% | .46% | .47% | .49% |
Net investment income | 4.08%A | 3.99% | 3.99% | 4.08% | 4.23% | 4.28% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period | $ 17,387 | $ 10,930 | $ 7,882 | $ 2,143 | $ 1,057 | $ 264 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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.
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
Notes to Financial Statements
For the period ended August 31, 2008 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity California Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of August 31, 2008, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 pm Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service (IRS).
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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation and losses deferred due to futures transactions.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 37,079 |
|
Unrealized depreciation | (31,314) |
|
Net unrealized appreciation (depreciation) | $ 5,765 |
|
Cost for federal income tax purposes | $ 1,657,008 |
|
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance.
3. 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 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's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Operating Policies - continued
Futures Contracts. The Fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
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 at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $283,773 and $232,752, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .36% 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | .25% | $ 30 | $ 5 |
Class T | 0% | .25% | 8 | - |
Class B | .65% | .25% | 22 | 16 |
Class C | .75% | .25% | 48 | 12 |
|
|
| $ 108 | $ 33 |
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling 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, ..75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 21 |
Class T | 2 |
Class B* | 12 |
Class C* | 1 |
| $ 36 |
* 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, California Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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 shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 12 | .10 |
Class T | 3 | .08 |
Class B | 3 | .11 |
Class C | 4 | .09 |
California Municipal Income | 552 | .07 |
Institutional Class | 7 | .09 |
| $ 581 |
|
* Annualized
Citibank also has a sub-arrangement 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.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
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 $12 and $112, respectively. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent |
California Municipal Income | $ 8 |
Semiannual Report
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 457 | $ 552 |
Class T | 123 | 183 |
Class B | 77 | 158 |
Class C | 151 | 275 |
California Municipal Income | 33,586 | 64,032 |
Institutional Class | 331 | 336 |
Total | $ 34,725 | $ 65,536 |
From net realized gain |
|
|
Class A | $ 7 | $ 81 |
Class T | 2 | 28 |
Class B | 2 | 30 |
Class C | 3 | 53 |
California Municipal Income | 549 | 9,038 |
Institutional Class | 5 | 47 |
Total | $ 568 | $ 9,277 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended August 31, | Year ended February 29, | Six months ended August 31, | Year ended February 29, | |
Class A |
|
|
|
|
Shares sold | 1,111 | 1,031 | $ 13,269 | $ 12,553 |
Reinvestment of distributions | 24 | 32 | 286 | 389 |
Shares redeemed | (341) | (410) | (4,094) | (5,007) |
Net increase (decrease) | 794 | 653 | $ 9,461 | $ 7,935 |
Class T |
|
|
|
|
Shares sold | 202 | 88 | $ 2,422 | $ 1,089 |
Reinvestment of distributions | 8 | 14 | 96 | 167 |
Shares redeemed | (32) | (58) | (389) | (712) |
Net increase (decrease) | 178 | 44 | $ 2,129 | $ 544 |
Class B |
|
|
|
|
Shares sold | 44 | 50 | $ 526 | $ 610 |
Reinvestment of distributions | 3 | 6 | 32 | 72 |
Shares redeemed | (82) | (62) | (980) | (759) |
Net increase (decrease) | (35) | (6) | $ (422) | $ (77) |
Class C |
|
|
|
|
Shares sold | 281 | 204 | $ 3,352 | $ 2,490 |
Reinvestment of distributions | 7 | 15 | 86 | 183 |
Shares redeemed | (99) | (305) | (1,175) | (3,710) |
Net increase (decrease) | 189 | (86) | $ 2,263 | $ (1,037) |
California Municipal Income |
|
|
|
|
Shares sold | 18,755 | 28,642 | $ 223,682 | $ 349,083 |
Reinvestment of distributions | 1,957 | 4,111 | 23,312 | 49,922 |
Shares redeemed | (19,115) | (29,771) | (227,580) | (361,103) |
Net increase (decrease) | 1,597 | 2,982 | $ 19,414 | $ 37,902 |
Institutional Class |
|
|
|
|
Shares sold | 858 | 552 | $ 10,253 | $ 6,705 |
Reinvestment of distributions | 17 | 11 | 203 | 132 |
Shares redeemed | (359) | (258) | (4,282) | (3,126) |
Net increase (decrease) | 516 | 305 | $ 6,174 | $ 3,711 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity California Municipal Income Fund
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.
At its June 2008 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. The Board also approved agreements with foreign sub-advisers Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Japan) Inc., and Fidelity Management & Research (Hong Kong) Limited.
In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) contractually agreeing to reduce the management fees on Fidelity's Institutional Money Market Funds and launching Class IV and Institutional Class of certain of these funds; (iii) reducing the transfer agent fees for the Fidelity Select Portfolios and Investor Class of the VIP funds; and (iv) launching Class K of 29 equity funds as a lower-fee class available to certain employer-sponsored retirement plans.
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2007, the cumulative total returns of Fidelity California Municipal Income (retail class) and Class C of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of Fidelity California Municipal Income (retail class) and Class C show the performance of the highest and lowest performing classes, respectively (based on three-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Fidelity California Municipal Income Fund
The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity California Municipal Income (retail class) of the fund was in the first quartile for all the periods shown. The Board also stated that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Fidelity California Municipal Income (retail class) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Semiannual Report
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.
Fidelity California Municipal Income Fund
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2007.
Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that each class's total expenses ranked below its competitive median for 2007.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
Semiannual Report
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends and actions to be taken by FMR to improve certain funds' overall performance; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's fund profitability methodology, the profitability of certain fund service providers, and profitability trends for certain funds; (iv) Fidelity's compensation structure for portfolio managers and key personnel, including its effects on fund profitability and the extent to which portfolio manager compensation is linked to fund performance; (v) Fidelity's fee structures; (vi) the funds' sub-advisory arrangements; and (vii) accounts managed by Fidelity other than the Fidelity funds.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(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
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
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Making Changes
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(such as changing name, address, bank, etc.)
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General Correspondence
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For Retirement
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Buying shares
Fidelity Investments
P.O. Box 770001
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Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
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P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
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Semiannual Report
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Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
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FIL Investment Advisors
FIL Investment Advisors
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CFL-USAN-1008 1.790942.105
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Fidelity Advisor
California Municipal Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
August 31, 2008
(2_fidelity_logos) (Registered_Trademark)
Class A, Class T, Class B, and Class C are classes of Fidelity® California Municipal Income Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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. | |
Board Approval of Investment Advisory Contracts and Management Fees |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
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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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Most domestic and international equity indexes continued to dwell in negative territory, pressured by unfavorable
credit-market conditions, particularly in the United States. On the upside,
investment-grade bonds and money markets generally have served investors well so far this year. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2008 to August 31, 2008).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Expenses Paid |
Class A |
|
|
|
Actual | $ 1,000.00 | $ 1,046.90 | $ 3.82 |
HypotheticalA | $ 1,000.00 | $ 1,021.48 | $ 3.77 |
Class T |
|
|
|
Actual | $ 1,000.00 | $ 1,046.90 | $ 3.77 |
HypotheticalA | $ 1,000.00 | $ 1,021.53 | $ 3.72 |
Class B |
|
|
|
Actual | $ 1,000.00 | $ 1,043.50 | $ 7.21 |
HypotheticalA | $ 1,000.00 | $ 1,018.15 | $ 7.12 |
| Beginning | Ending | Expenses Paid |
Class C |
|
|
|
Actual | $ 1,000.00 | $ 1,043.10 | $ 7.62 |
HypotheticalA | $ 1,000.00 | $ 1,017.74 | $ 7.53 |
California Municipal Income |
|
|
|
Actual | $ 1,000.00 | $ 1,048.50 | $ 2.38 |
HypotheticalA | $ 1,000.00 | $ 1,022.89 | $ 2.35 |
Institutional Class |
|
|
|
Actual | $ 1,000.00 | $ 1,048.30 | $ 2.48 |
HypotheticalA | $ 1,000.00 | $ 1,022.79 | $ 2.45 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| Annualized |
Class A | .74% |
Class T | .73% |
Class B | 1.40% |
Class C | 1.48% |
California Municipal Income | .46% |
Institutional Class | .48% |
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
General Obligations | 39.6 | 38.2 |
Transportation | 12.2 | 12.1 |
Water & Sewer | 8.7 | 7.9 |
Health Care | 8.4 | 5.3 |
Escrowed/Pre-Refunded | 8.1 | 8.9 |
Weighted Average Maturity as of August 31, 2008 | ||
|
| 6 months ago |
Years | 8.5 | 11.3 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of August 31, 2008 | ||
|
| 6 months ago |
Years | 7.5 | 7.4 |
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, 2008 | As of February 29, 2008 | ||||||
![]() | AAA 16.0% |
| ![]() | AAA 48.1% |
| ||
![]() | AA,A 76.0% |
| ![]() | AA,A 44.3% |
| ||
![]() | BBB 4.9% |
| ![]() | BBB 4.2% |
| ||
![]() | BB and Below 0.3% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 2.2% |
| ![]() | Not Rated 1.7% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. Percentages are adjusted for the effect of futures contracts, if applicable. |
Semiannual Report
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.4% | ||||
| Principal Amount (000s) | Value (000s) | ||
California - 98.3% | ||||
ABAG Fin. Auth. for Nonprofit Corp. Rev. (Hamlin School Proj.): | ||||
4.625% 8/1/16 | $ 380 | $ 359 | ||
4.625% 8/1/17 | 405 | 377 | ||
5% 8/1/18 | 530 | 506 | ||
5% 8/1/19 | 555 | 522 | ||
5% 8/1/20 | 585 | 543 | ||
5% 8/1/23 | 1,940 | 1,749 | ||
ABC Unified School District Series C: | ||||
0% 8/1/31 (FGIC Insured) | 2,720 | 761 | ||
0% 8/1/32 (FGIC Insured) | 3,760 | 985 | ||
Alameda Corridor Trans. Auth. Rev. Series A, 5.25% 10/1/21 (MBIA Insured) | 7,575 | 7,764 | ||
Alameda County Ctfs. of Prtn.: | ||||
(Santa Rita Jail Proj.) Series A: | ||||
5% 12/1/18 (AMBAC Insured) | 2,645 | 2,822 | ||
5% 12/1/20 (AMBAC Insured) | 2,810 | 2,928 | ||
0% 6/15/17 (MBIA Insured) | 2,310 | 1,572 | ||
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured) | 1,880 | 1,903 | ||
Alhambra Unified School District Ctfs. of Prtn.: | ||||
5.5% 4/1/23 (FSA Insured) | 1,600 | 1,629 | ||
5.5% 4/1/26 (FSA Insured) | 1,000 | 1,012 | ||
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.): | ||||
Series A, 6% 9/1/24 (FSA Insured) | 1,000 | 1,174 | ||
Series C: | ||||
0% 9/1/19 (FSA Insured) | 1,285 | 781 | ||
0% 9/1/22 (FSA Insured) | 5,150 | 2,595 | ||
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured) | 5,615 | 5,597 | ||
Azusa Unified School District 5.375% 7/1/16 (FSA Insured) | 1,225 | 1,315 | ||
Bay Area Infrastructure Fing. Auth.: | ||||
5% 8/1/17 (AMBAC Insured) | 5,000 | 5,183 | ||
5% 8/1/17 (FGIC Insured) | 5,030 | 5,263 | ||
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B: | ||||
5% 7/1/12 (AMBAC Insured) (d) | 1,840 | 1,939 | ||
5.25% 7/1/14 (AMBAC Insured) (d) | 2,035 | 2,181 | ||
5.25% 7/1/16 (AMBAC Insured) (d) | 1,255 | 1,314 | ||
5.25% 7/1/17 (AMBAC Insured) (d) | 1,370 | 1,425 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Burbank Unified School District: | ||||
Series B, 0% 8/1/20 (FGIC Insured) | $ 3,835 | $ 2,147 | ||
Series C, 0% 8/1/20 (FGIC Insured) | 5,865 | 3,209 | ||
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (MBIA Insured) | 1,085 | 1,168 | ||
Cabrillo Cmnty. College District Series A, 5.25% 8/1/15 (MBIA Insured) | 1,725 | 1,906 | ||
Cabrillo Unified School District Series A: | ||||
0% 8/1/10 (AMBAC Insured) | 2,150 | 2,045 | ||
0% 8/1/12 (AMBAC Insured) | 2,800 | 2,452 | ||
0% 8/1/17 (AMBAC Insured) | 1,000 | 677 | ||
0% 8/1/18 (AMBAC Insured) | 2,000 | 1,277 | ||
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series J1, 7% 12/1/12 | 730 | 850 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series A: | ||||
5% 5/1/17 | 1,000 | 1,055 | ||
5.5% 5/1/14 (AMBAC Insured) | 7,935 | 8,671 | ||
5.5% 5/1/15 (AMBAC Insured) | 8,400 | 9,097 | ||
6% 5/1/13 | 2,320 | 2,580 | ||
6% 5/1/14 | 7,500 | 8,322 | ||
6% 5/1/14 (MBIA Insured) | 2,000 | 2,217 | ||
California Econ. Recovery: | ||||
Series 2008 B, 4%, tender 3/1/10 (c) | 4,000 | 4,105 | ||
Series 2008 B7, 5%, tender 7/1/11 (c) | 3,100 | 3,311 | ||
California Edl. Facilities Auth. Rev.: | ||||
(Claremont Graduate Univ. Proj.) Series A: | ||||
6% 3/1/33 | 1,000 | 1,048 | ||
6% 3/1/38 | 1,000 | 1,043 | ||
(College & Univ. Fing. Prog.): | ||||
5% 2/1/16 | 1,600 | 1,572 | ||
5% 2/1/17 | 1,000 | 975 | ||
(Loyola Marymount Univ. Proj.) 0% 10/1/16 (MBIA Insured) | 2,280 | 1,612 | ||
(Pomona College Proj.) Series A, 0% 7/1/38 | 3,155 | 595 | ||
(Santa Clara Univ. Proj.): | ||||
5.25% 9/1/17 (AMBAC Insured) | 1,000 | 1,112 | ||
5.25% 9/1/26 | 7,910 | 8,236 | ||
(Stanford Univ. Proj.) Series O, 5.125% 1/1/31 | 5,000 | 5,033 | ||
California Gen. Oblig.: | ||||
Series 1, 5% 9/1/17 | 1,770 | 1,895 | ||
Series 1992, 6.25% 9/1/12 (FGIC Insured) | 2,000 | 2,196 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
Series 2005, 5.5% 6/1/28 | $ 275 | $ 280 | ||
Series 2007: | ||||
5.625% 5/1/20 | 150 | 156 | ||
5.625% 5/1/26 | 215 | 223 | ||
5.75% 5/1/30 | 160 | 166 | ||
4.5% 8/1/30 | 4,135 | 3,814 | ||
4.5% 10/1/36 | 3,210 | 2,874 | ||
5% 3/1/15 | 2,545 | 2,754 | ||
5% 12/1/21 | 10,000 | 10,334 | ||
5% 11/1/22 (XL Cap. Assurance, Inc. Insured) | 2,800 | 2,883 | ||
5% 2/1/23 | 1,095 | 1,115 | ||
5% 2/1/26 (AMBAC Insured) | 1,500 | 1,519 | ||
5% 3/1/26 | 2,800 | 2,830 | ||
5% 6/1/26 | 4,300 | 4,341 | ||
5% 6/1/27 (AMBAC Insured) | 2,800 | 2,825 | ||
5% 6/1/29 | 5,005 | 5,010 | ||
5% 2/1/31 (MBIA Insured) | 2,800 | 2,774 | ||
5% 4/1/31 (AMBAC Insured) | 5 | 5 | ||
5% 6/1/31 | 2,000 | 1,981 | ||
5% 12/1/31 (MBIA Insured) | 2,000 | 1,981 | ||
5% 10/1/32 (MBIA Insured) | 1,000 | 986 | ||
5% 8/1/33 | 3,400 | 3,343 | ||
5.125% 11/1/24 | 2,800 | 2,871 | ||
5.125% 2/1/26 | 2,800 | 2,852 | ||
5.25% 3/1/12 | 3,000 | 3,238 | ||
5.25% 10/1/14 | 140 | 140 | ||
5.25% 2/1/15 | 2,315 | 2,510 | ||
5.25% 2/1/15 (MBIA Insured) | 5,040 | 5,465 | ||
5.25% 2/1/16 | 7,500 | 8,076 | ||
5.25% 10/1/17 | 105 | 105 | ||
5.25% 11/1/18 | 3,000 | 3,200 | ||
5.25% 2/1/20 | 6,805 | 7,156 | ||
5.25% 2/1/22 | 2,020 | 2,090 | ||
5.25% 11/1/26 | 1,060 | 1,090 | ||
5.25% 2/1/27 (MBIA Insured) | 5,490 | 5,624 | ||
5.25% 4/1/27 | 5 | 5 | ||
5.25% 2/1/28 | 5,085 | 5,177 | ||
5.25% 2/1/29 | 5,000 | 5,072 | ||
5.25% 4/1/29 | 5 | 5 | ||
5.25% 11/1/29 | 5,000 | 5,072 | ||
5.25% 4/1/30 | 35 | 35 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.25% 2/1/33 | $ 8,150 | $ 8,172 | ||
5.25% 12/1/33 | 105 | 105 | ||
5.25% 3/1/38 | 23,075 | 23,080 | ||
5.375% 4/1/15 (MBIA Insured) | 35 | 37 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 2,855 | 3,052 | ||
5.5% 5/1/13 (MBIA Insured) | 100 | 105 | ||
5.5% 4/1/28 | 5 | 5 | ||
5.5% 8/1/29 | 15,400 | 16,081 | ||
5.5% 4/1/30 | 25 | 26 | ||
5.5% 8/1/30 | 10,900 | 11,339 | ||
5.5% 11/1/33 | 34,870 | 35,524 | ||
6% 4/1/18 | 2,545 | 2,933 | ||
6.75% 8/1/12 | 1,100 | 1,254 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2004 I, 4.95%, tender 7/1/14 (c) | 5,000 | 5,116 | ||
Series 2008 H, 5.125% 7/1/22 | 3,000 | 2,986 | ||
Series 2008 L, 5.125% 7/1/22 | 3,000 | 2,991 | ||
(Cedars-Sinai Med. Ctr. Proj.) 5% 11/15/14 | 1,485 | 1,563 | ||
(Cottage Health Sys. Proj.) Series B, 5.25% 11/1/18 (MBIA Insured) | 1,260 | 1,334 | ||
(Stanford Hosp. and Clinics Proj.) Series 2008 A3, 3.45%, tender 6/15/11 (c) | 6,200 | 6,329 | ||
(Sutter Health Proj.) Series A: | ||||
5% 8/15/14 | 3,870 | 4,132 | ||
5% 8/15/15 | 4,500 | 4,799 | ||
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.): | ||||
Series 1983 A, 0% 2/1/15 | 6,477 | 3,781 | ||
Series 1983 B, 0% 8/1/15 | 80 | 40 | ||
Series 1998 J, 4.85% 8/1/27 (MBIA Insured) (d) | 330 | 330 | ||
California Infrastructure & Econ. Dev. Bank Rev.: | ||||
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured) | 1,000 | 1,014 | ||
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007: | ||||
5% 12/1/27 | 1,080 | 1,075 | ||
5% 12/1/32 | 1,000 | 969 | ||
5% 12/1/42 | 3,000 | 2,827 | ||
(YMCA Metropolitan L.A. Proj.) Series 2001: | ||||
5.25% 2/1/26 (AMBAC Insured) | 2,000 | 2,055 | ||
5.25% 2/1/32 (AMBAC Insured) | 6,295 | 6,374 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Infrastructure & Econ. Dev. Bank Rev.: - continued | ||||
Series 2005, 5% 10/1/33 | $ 7,235 | $ 7,325 | ||
California Muni. Fin. Auth. Rev. (Loma Linda Univ. Proj.) 5% 4/1/22 | 1,090 | 1,104 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn.: | ||||
(Pacific Gas & Elec. Co. Proj.) Series 1996 A, 5.35% 12/1/16 (MBIA Insured) (d) | 4,335 | 4,478 | ||
(San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (MBIA Insured) | 4,000 | 4,451 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | ||||
Series A: | ||||
5%, tender 5/1/13 (c)(d) | 3,000 | 2,898 | ||
5.125%, tender 5/1/14 (c)(d) | 9,000 | 8,655 | ||
Series A1, 4.7%, tender 4/1/12 (c)(d) | 3,250 | 3,147 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A: | ||||
5% 6/1/13 | 2,600 | 2,804 | ||
5% 6/1/14 | 2,000 | 2,158 | ||
5.25% 6/1/24 | 5,400 | 5,516 | ||
5.25% 6/1/25 | 5,000 | 5,090 | ||
5.25% 6/1/30 | 4,000 | 4,015 | ||
(California Cmnty. College Projs.) Series A, 5.25% 12/1/16 | 4,450 | 4,515 | ||
(California State Univ. Proj.): | ||||
Series 2006 G: | ||||
5% 11/1/20 | 1,825 | 1,883 | ||
5% 11/1/21 | 2,020 | 2,066 | ||
Series A, 5% 10/1/14 (FGIC Insured) | 2,700 | 2,935 | ||
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series A, 5.25% 12/1/18 (AMBAC Insured) | 5,000 | 5,307 | ||
(Coalinga State Hosp. Proj.): | ||||
Series 2004 A, 5.5% 6/1/17 | 9,980 | 10,847 | ||
Series A: | ||||
5.25% 6/1/12 | 2,485 | 2,668 | ||
5.5% 6/1/15 | 1,000 | 1,097 | ||
(Dept. of Corrections & Rehab. Proj.) Series F: | ||||
5% 11/1/15 (FGIC Insured) | 2,455 | 2,662 | ||
5% 11/1/16 (FGIC Insured) | 2,000 | 2,165 | ||
(Dept. of Corrections State Prison Proj.) Series E: | ||||
5.5% 6/1/15 (FSA Insured) | 2,000 | 2,184 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Dept. of Corrections State Prison Proj.) Series E: | ||||
5.5% 6/1/15 (MBIA Insured) | $ 1,000 | $ 1,089 | ||
(Dept. of Corrections, Madera State Prison Proj.) Series E, 5.5% 6/1/15 | 8,775 | 9,540 | ||
(Dept. of Corrections, Monterey County State Prison Proj.) Series C: | ||||
5.5% 6/1/15 | 6,100 | 6,673 | ||
5.5% 6/1/17 (MBIA Insured) | 4,775 | 5,200 | ||
(Dept. of Corrections, Susanville State Prison Proj.) Series D, 5.25% 6/1/15 (FSA Insured) | 4,050 | 4,426 | ||
(Dept. of Gen. Services Butterfield Proj.) Series A, 5% 6/1/23 | 2,900 | 2,931 | ||
(Dept. of Mental Health Proj.) Series A: | ||||
5% 6/1/25 | 3,000 | 3,003 | ||
5.125% 6/1/29 | 5,000 | 4,996 | ||
5.5% 6/1/19 | 2,000 | 2,145 | ||
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/13 | 2,000 | 2,191 | ||
(Office of Emergency Services Proj.) Series 2007 A, 5% 3/1/20 (FGIC Insured) | 3,335 | 3,444 | ||
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured) | 2,500 | 2,625 | ||
(Univ. of California Research Proj.): | ||||
Series 2005 L: | ||||
5% 11/1/25 (MBIA Insured) | 5,165 | 5,264 | ||
5.25% 11/1/23 (MBIA Insured) | 3,500 | 3,657 | ||
Series E: | ||||
5% 10/1/23 | 2,410 | 2,481 | ||
5.25% 10/1/21 | 2,900 | 3,074 | ||
(Various California State Univ. Projs.) Series B, 6.4% 12/1/09 | 2,545 | 2,571 | ||
Series 2005 H, 5% 6/1/16 | 5,000 | 5,329 | ||
Series 2005 J, 5.25% 1/1/16 (AMBAC Insured) | 3,500 | 3,895 | ||
Series 2005 K, 5% 11/1/17 | 5,625 | 5,954 | ||
California State Univ. Rev. (Systemwide Proj.) Series A: | ||||
5.375% 11/1/18 (AMBAC Insured) | 1,290 | 1,376 | ||
5.5% 11/1/16 (AMBAC Insured) | 1,500 | 1,621 | ||
California Statewide Communities Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.): | ||||
Series A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) | 7,965 | 7,981 | ||
Series B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) | 2,425 | 2,430 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Statewide Communities Dev. Auth. Rev.: | ||||
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured) | $ 5,000 | $ 4,845 | ||
(Cmnty. Hosp. Monterey Peninsula Proj.) Series B, 5.25% 6/1/23 (FSA Insured) | 1,800 | 1,867 | ||
(Daughters of Charity Health Sys. Proj.): | ||||
Series 2005 G, 5.25% 7/1/13 | 1,475 | 1,515 | ||
Series A, 5.25% 7/1/35 | 12,770 | 11,391 | ||
Series G, 5.25% 7/1/12 | 900 | 924 | ||
(Enloe Health Sys. Proj.) Series 2008 B: | ||||
5% 8/15/16 | 125 | 130 | ||
5% 8/15/19 | 50 | 51 | ||
5.75% 8/15/38 | 3,000 | 3,007 | ||
6.25% 8/15/33 | 2,500 | 2,611 | ||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) | 3,000 | 3,034 | ||
(Kaiser Permanente Health Sys. Proj.): | ||||
Series B, 2.65% 4/1/36 (c) | 6,500 | 4,652 | ||
Series I, 3.45%, tender 5/1/11 (c) | 2,750 | 2,781 | ||
(Kaiser Permanente Proj.) Series A, 4.75% 4/1/33 | 2,000 | 1,807 | ||
(Los Angeles Orthopaedic Hosp. Foundation Prog.) 5.75% 6/1/30 (AMBAC Insured) | 10,000 | 10,066 | ||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 8,900 | 9,155 | ||
(Sutter Health Systems Proj.): | ||||
Series 2005 A, 5% 11/15/43 (MBIA Insured) | 4,125 | 3,973 | ||
Series B, 5.625% 8/15/42 | 5,000 | 5,050 | ||
(Thomas Jefferson School of Law Proj.) 7.75% 10/1/31 (Pre-Refunded to 10/1/11 @ 101) (e) | 1,450 | 1,657 | ||
California Statewide Communities Dev. Auth. Rev. Ctfs. of Prtn. (Catholic Health Care West Proj.): | ||||
6% 7/1/09 (Escrowed to Maturity) (e) | 155 | 161 | ||
6% 7/1/09 (Escrowed to Maturity) (e) | 505 | 524 | ||
Carlsbad Unified School District 0% 11/1/15 (FGIC Insured) | 1,700 | 1,276 | ||
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series A, 7% 8/1/11 (MBIA Insured) | 1,500 | 1,682 | ||
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series A: | ||||
5% 11/1/24 (AMBAC Insured) | 1,000 | 1,027 | ||
5% 11/1/25 (AMBAC Insured) | 3,820 | 3,907 | ||
5% 11/1/33 (AMBAC Insured) | 5,000 | 4,957 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Clovis Pub. Fing. Auth. Wastewtr. Rev. 5% 8/1/35 (MBIA Insured) | $ 3,295 | $ 3,159 | ||
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured) | 1,200 | 1,246 | ||
Commerce Refuse to Energy Auth. Rev.: | ||||
5.5% 7/1/14 (MBIA Insured) | 1,545 | 1,690 | ||
5.5% 7/1/15 (MBIA Insured) | 2,685 | 2,943 | ||
Contra Costa County Ctfs. of Prtn. (Merrithew Memorial Hosp. Proj.) 0% 11/1/14 (Escrowed to Maturity) (e) | 3,000 | 2,452 | ||
Corona-Norco Unified School District Series A: | ||||
5% 8/1/22 (FSA Insured) | 1,470 | 1,544 | ||
5% 8/1/25 (FSA Insured) | 1,435 | 1,488 | ||
5% 8/1/26 (FSA Insured) | 2,000 | 2,067 | ||
5% 8/1/27 (FSA Insured) | 1,785 | 1,838 | ||
5% 8/1/31 (FSA Insured) | 5,000 | 5,075 | ||
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (MBIA Insured) | 5,600 | 5,619 | ||
Ctr. Unified School District: | ||||
Series 1997 C, 0% 9/1/20 (MBIA Insured) | 2,010 | 1,114 | ||
Series C, 0% 9/1/18 (MBIA Insured) | 2,000 | 1,266 | ||
Cucamonga County Wtr. District 5% 9/1/36 (MBIA Insured) | 2,890 | 2,847 | ||
Davis Spl. Tax Rev.: | ||||
5% 9/1/11 (AMBAC Insured) | 595 | 627 | ||
5% 9/1/12 (AMBAC Insured) | 625 | 667 | ||
5% 9/1/13 (AMBAC Insured) | 655 | 704 | ||
5% 9/1/14 (AMBAC Insured) | 690 | 740 | ||
5% 9/1/15 (AMBAC Insured) | 725 | 779 | ||
5% 9/1/18 (AMBAC Insured) | 835 | 877 | ||
5% 9/1/20 (AMBAC Insured) | 925 | 956 | ||
5% 9/1/22 (AMBAC Insured) | 1,020 | 1,034 | ||
Duarte Ctfs. of Prtn. Series A: | ||||
5% 4/1/11 | 2,780 | 2,824 | ||
5% 4/1/12 | 4,210 | 4,272 | ||
5% 4/1/13 | 1,830 | 1,855 | ||
5.25% 4/1/09 | 1,600 | 1,622 | ||
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2005 A, 5% 6/1/35 (MBIA Insured) | 19,850 | 20,029 | ||
Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Series 2008 H: | ||||
5% 7/1/33 | 2,500 | 2,461 | ||
5% 7/1/35 | 2,500 | 2,449 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
El Centro Fing. Auth. Wastewtr. Series A, 5.25% 10/1/35 (FSA Insured) | $ 8,340 | $ 8,544 | ||
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured) | 2,420 | 2,557 | ||
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured) | 4,025 | 4,389 | ||
Elsinore Valley Muni. Wtr. District Ctfs. of Prtn. Series A: | ||||
5% 7/1/23 (Berkshire Hathaway Assurance Corp. Insured) | 5,000 | 5,229 | ||
5% 7/1/24 (Berkshire Hathaway Assurance Corp. Insured) | 5,350 | 5,569 | ||
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 1A: | ||||
0% 10/1/24 (AMBAC Insured) | 1,665 | 720 | ||
0% 10/1/25 (AMBAC Insured) | 1,665 | 677 | ||
Encinitas Union School District: | ||||
0% 8/1/10 (MBIA Insured) | 1,000 | 954 | ||
0% 8/1/21 (MBIA Insured) | 1,000 | 533 | ||
Escondido Union High School District 0% 11/1/16 (Escrowed to Maturity) (e) | 3,500 | 2,614 | ||
Fairfield-Suisun Swr. District Swr. Rev. Series A, 0% 5/1/09 (MBIA Insured) | 1,225 | 1,210 | ||
Fairfield-Suisun Unified School District 5.5% 8/1/28 (MBIA Insured) | 3,000 | 3,162 | ||
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) 5% 5/1/37 (CIFG North America Insured) | 2,500 | 2,267 | ||
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (MBIA Insured) | 1,315 | 704 | ||
Foothill-De Anza Cmnty. College District: | ||||
Series 1999 A: | ||||
0% 8/1/15 (MBIA Insured) | 2,430 | 1,863 | ||
0% 8/1/19 (MBIA Insured) | 5,365 | 3,274 | ||
0% 8/1/20 (MBIA Insured) | 6,425 | 3,682 | ||
Series 1999 B, 0% 8/1/24 (FGIC Insured) | 5,000 | 2,234 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1999: | ||||
0% 1/15/27 (a) | 4,000 | 3,589 | ||
0% 1/15/27 (MBIA Insured) (a) | 4,500 | 4,357 | ||
0% 1/15/29 (a) | 4,000 | 3,643 | ||
5% 1/15/16 (MBIA Insured) | 5,860 | 5,966 | ||
5.75% 1/15/40 | 8,155 | 7,857 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: - continued | ||||
Series A: | ||||
0% 1/1/15 (Escrowed to Maturity) (e) | $ 18,535 | $ 14,994 | ||
0% 1/1/18 (Escrowed to Maturity) (e) | 1,000 | 687 | ||
5% 1/1/35 (MBIA Insured) | 24,070 | 21,664 | ||
Fremont Unified School District, Alameda County Series F, 0% 8/1/09 (MBIA Insured) | 1,000 | 983 | ||
Fullerton Univ. Foundation Auxiliary Organization Rev. Series A: | ||||
5.75% 7/1/25 (MBIA Insured) | 1,250 | 1,307 | ||
5.75% 7/1/30 (MBIA Insured) | 1,000 | 1,044 | ||
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20 (AMBAC Insured) | 2,645 | 2,756 | ||
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (MBIA Insured) | 1,000 | 1,047 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 A1, 6.625% 6/1/40 (Pre-Refunded to 6/1/13 @ 100) (e) | 2,900 | 3,339 | ||
Series 2003 B: | ||||
5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (e) | 5,000 | 5,402 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (e) | 1,475 | 1,634 | ||
Series A: | ||||
5% 6/1/45 | 13,425 | 11,881 | ||
5% 6/1/45 (FGIC Insured) | 2,775 | 2,476 | ||
Series A1: | ||||
5% 6/1/11 | 1,470 | 1,496 | ||
5% 6/1/12 | 1,400 | 1,423 | ||
5% 6/1/13 | 1,000 | 1,011 | ||
5% 6/1/14 | 2,000 | 1,997 | ||
5% 6/1/15 | 1,000 | 990 | ||
5% 6/1/33 | 3,000 | 2,369 | ||
Series B: | ||||
5% 6/1/11 (Escrowed to Maturity) (e) | 3,610 | 3,824 | ||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (e) | 8,300 | 9,149 | ||
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (MBIA Insured) | 2,750 | 1,756 | ||
Indio Pub. Fing. Auth. Lease Rev. Series B, 3.8%, tender 11/1/12 (AMBAC Insured) (c) | 2,500 | 2,547 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) 7.3% 9/1/11 (MBIA Insured) | $ 555 | $ 624 | ||
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured) | 3,445 | 3,381 | ||
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series A: | ||||
5.25% 11/15/19 | 2,500 | 2,473 | ||
5.25% 11/15/21 | 3,790 | 3,664 | ||
Long Beach Hbr. Rev.: | ||||
Series 2000 A, 5.25% 5/15/23 (FGIC Insured) (d) | 6,505 | 6,533 | ||
Series A: | ||||
5% 5/15/11 (MBIA Insured) (d) | 1,000 | 1,047 | ||
5% 5/15/14 (FGIC Insured) (d) | 2,000 | 2,117 | ||
5% 5/15/15 (FGIC Insured) (d) | 1,000 | 1,059 | ||
5% 5/15/22 (MBIA Insured) (d) | 2,735 | 2,749 | ||
6% 5/15/10 (FGIC Insured) (d) | 1,000 | 1,049 | ||
6% 5/15/12 (FGIC Insured) (d) | 3,500 | 3,798 | ||
Los Angeles Cmnty. College District: | ||||
Series 2005 A, 5.25% 8/1/14 (FSA Insured) | 4,075 | 4,566 | ||
Series A: | ||||
5% 8/1/19 (FGIC Insured) | 3,215 | 3,459 | ||
5% 8/1/20 (FGIC Insured) | 2,415 | 2,568 | ||
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Services Proj.) 5% 9/1/21 (AMBAC Insured) | 2,805 | 2,818 | ||
Los Angeles County Ctfs. of Prtn.: | ||||
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity) (e) | 3,380 | 2,897 | ||
(Disney Parking Proj.): | ||||
0% 3/1/10 | 2,000 | 1,917 | ||
0% 3/1/11 | 1,950 | 1,808 | ||
0% 3/1/12 | 2,180 | 1,939 | ||
0% 3/1/13 | 6,490 | 5,509 | ||
0% 9/1/14 (AMBAC Insured) | 3,860 | 3,073 | ||
0% 3/1/18 | 3,000 | 1,943 | ||
0% 3/1/19 | 3,200 | 1,932 | ||
0% 3/1/20 | 1,000 | 569 | ||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: | ||||
5.375% 9/1/16 (FSA Insured) | 1,045 | 1,143 | ||
5.375% 9/1/17 (FSA Insured) | 1,095 | 1,192 | ||
5.375% 9/1/18 (FSA Insured) | 1,155 | 1,250 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: - continued | ||||
5.375% 9/1/19 (FSA Insured) | $ 1,210 | $ 1,302 | ||
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series A, 5.5% 8/1/24 (AMBAC Insured) | 3,700 | 3,785 | ||
Los Angeles Dept. Arpt. Rev.: | ||||
Series 2006 A: | ||||
5% 5/15/17 (MBIA Insured) (d) | 3,990 | 4,064 | ||
5% 5/15/18 (MBIA Insured) (d) | 1,410 | 1,426 | ||
Series A: | ||||
5% 5/15/16 (MBIA Insured) (d) | 1,000 | 1,053 | ||
5.25% 5/15/19 (FGIC Insured) | 3,000 | 3,130 | ||
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: | ||||
4.75% 8/15/12 (Escrowed to Maturity) (e) | 3,120 | 3,124 | ||
4.75% 8/15/16 (Escrowed to Maturity) (e) | 1,395 | 1,397 | ||
4.75% 10/15/20 (Escrowed to Maturity) (e) | 150 | 150 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A1, 5% 7/1/35 (FSA Insured) | 5,000 | 5,060 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | ||||
Series 1998, 5.5% 10/15/11 (Escrowed to Maturity) (e) | 3,670 | 3,723 | ||
Series 2001 A, 5.125% 7/1/41 | 15,000 | 15,040 | ||
Series 2004 C, 5% 7/1/34 (MBIA Insured) | 1,500 | 1,501 | ||
Series A, 5.125% 7/1/41 (MBIA Insured) | 3,000 | 3,024 | ||
Los Angeles Hbr. Dept. Rev.: | ||||
Series 2005 B, 5% 8/1/14 (FGIC Insured) (d) | 6,265 | 6,518 | ||
7.6% 10/1/18 (Escrowed to Maturity) (e) | 12,265 | 14,949 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22 | 5,500 | 5,670 | ||
Los Angeles Unified School District: | ||||
(Election of 1997 Proj.) Series 2002 E, 5.5% 7/1/14 (MBIA Insured) | 4,300 | 4,673 | ||
Series 2004 A1, 5% 7/1/17 (MBIA Insured) | 3,000 | 3,217 | ||
Series H, 5% 7/1/18 (FSA Insured) | 1,500 | 1,643 | ||
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity) (e) | 1,990 | 2,381 | ||
Marina Coast Wtr. District Ctfs. Prtn. 5% 6/1/37 (MBIA Insured) | 3,500 | 3,341 | ||
Merced Union High School District Series A, 0% 8/1/22 (FGIC Insured) | 1,100 | 538 | ||
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Series 2005 A, 5% 7/1/35 (FSA Insured) | 17,800 | 18,118 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Modesto Elementary School District, Stanislaus County Series A: | ||||
0% 8/1/21 (FGIC Insured) | $ 2,000 | $ 1,047 | ||
0% 8/1/25 (FGIC Insured) | 2,800 | 1,149 | ||
Modesto Gen. Oblig. Ctfs. of Prtn.: | ||||
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) | 2,500 | 2,548 | ||
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (FGIC Insured) | 1,585 | 1,618 | ||
Modesto Irrigation District Ctfs. of Prtn.: | ||||
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (MBIA Insured) (Escrowed to Maturity) (e) | 5,000 | 5,372 | ||
(Rfdg. and Cap. Impts Proj.) Series A, 0% 10/1/10 (Escrowed to Maturity) (e) | 2,270 | 2,157 | ||
Series B, 5.5% 7/1/35 (b) | 3,800 | 3,860 | ||
Monrovia Unified School District Series B, 0% 8/1/33 (FGIC Insured) | 2,500 | 686 | ||
Montebello Unified School District 0% 6/1/26 (FSA Insured) | 1,580 | 620 | ||
Monterey County Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured) | 3,580 | 3,785 | ||
Moreland School District Series 2003 B, 0% 8/1/27 (FGIC Insured) | 1,485 | 543 | ||
Murrieta Valley Unified School District Series A, 0% 9/1/13 (FGIC Insured) | 1,500 | 1,252 | ||
Natomas Unified School District 5.25% 8/1/30 (FGIC Insured) | 5,150 | 5,208 | ||
New Haven Unified School District: | ||||
12% 8/1/16 (FSA Insured) | 1,500 | 2,367 | ||
12% 8/1/17 (FSA Insured) | 1,000 | 1,626 | ||
North City West School Facilities Fing. Auth. Spl. Tax: | ||||
Series B, 5.25% 9/1/23 (AMBAC Insured) | 1,530 | 1,567 | ||
Series C: | ||||
5% 9/1/16 (AMBAC Insured) | 1,000 | 1,062 | ||
5% 9/1/17 (AMBAC Insured) | 2,735 | 2,895 | ||
Northern California Gas Auth. #1 Gas Proj. Rev. Series 2007 A, 5% 7/1/11 | 2,300 | 2,337 | ||
Northern California Power Agency Rev. (Hydroelectric Number One Proj.): | ||||
Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) (e) | 3,850 | 5,085 | ||
Series 2008 C, 5% 7/1/12 | 2,500 | 2,669 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (MBIA Insured) | $ 6,100 | $ 6,801 | ||
Novato Unified School District 5.25% 8/1/17 (FGIC Insured) | 1,000 | 1,059 | ||
Oakland Joint Powers Fing. Auth. Series A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured) | 3,000 | 3,163 | ||
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): | ||||
5% 9/1/21 (Escrowed to Maturity) (e) | 1,000 | 1,097 | ||
5.5% 9/1/17 (FGIC Insured) | 3,000 | 3,156 | ||
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.) 0% 8/1/10 (MBIA Insured) | 3,255 | 3,090 | ||
Orange County Local Trans. Auth. Sales Tax Rev. 6.2% 2/14/11 (AMBAC Insured) | 7,000 | 7,380 | ||
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev.: | ||||
5.75% 12/1/09 (AMBAC Insured) (d) | 3,620 | 3,749 | ||
5.75% 12/1/11 (AMBAC Insured) (d) | 4,000 | 4,301 | ||
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) 5.375% 6/1/16 (AMBAC Insured) | 3,770 | 4,015 | ||
Oxnard Fin. Auth. Solid Waste Rev.: | ||||
5% 5/1/09 (AMBAC Insured) (d) | 1,785 | 1,819 | ||
5% 5/1/10 (AMBAC Insured) (d) | 1,820 | 1,887 | ||
5% 5/1/12 (AMBAC Insured) (d) | 2,065 | 2,184 | ||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series A, 5% 6/1/29 (FGIC Insured) | 3,000 | 3,009 | ||
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) 5.8% 8/1/29 (FSA Insured) | 6,410 | 6,591 | ||
Placer County Union High School District Series A: | ||||
0% 8/1/20 (FGIC Insured) | 2,000 | 1,107 | ||
0% 8/1/21 (FGIC Insured) | 1,000 | 517 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12 | 1,615 | 1,613 | ||
Pomona Unified School District Series C, 6% 8/1/30 (Escrowed to Maturity) (e) | 4,035 | 4,164 | ||
Port of Oakland Rev.: | ||||
Series 2000 K: | ||||
5.7% 11/1/19 (FGIC Insured) (d) | 5,285 | 5,340 | ||
5.75% 11/1/15 (FGIC Insured) (d) | 4,030 | 4,114 | ||
Series 2002 N: | ||||
5% 11/1/12 (MBIA Insured) (d) | 2,800 | 2,941 | ||
5% 11/1/15 (MBIA Insured) (d) | 5,850 | 5,964 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Port of Oakland Rev.: - continued | ||||
Series 2002 N: | ||||
5% 11/1/17 (MBIA Insured) (d) | $ 3,355 | $ 3,379 | ||
5% 11/1/18 (MBIA Insured) (d) | 2,740 | 2,743 | ||
Series A: | ||||
5% 11/1/14 (MBIA Insured) (d) | 10,910 | 11,271 | ||
5% 11/1/16 (MBIA Insured) (d) | 2,885 | 2,941 | ||
5% 11/1/17 (MBIA Insured) (d) | 2,185 | 2,204 | ||
Series L, 5.5% 11/1/20 (FGIC Insured) (d) | 3,405 | 3,444 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev.: | ||||
Cap. Appreciation Series 2007, 0%, tender 6/1/10 (FSA Insured) (c) | 1,890 | 1,790 | ||
Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 6,770 | 5,382 | ||
Series 2008 C: | ||||
3.125%, tender 12/1/11 (FSA Insured) (c) | 3,065 | 3,106 | ||
4%, tender 12/1/11 (FSA Insured) (c) | 6,500 | 6,762 | ||
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (MBIA Insured) | 3,500 | 3,436 | ||
Redwood City Elementary School District 0% 8/1/20 (FGIC Insured) | 4,825 | 2,702 | ||
Richmond Redev. Agcy. Tax Allocation Rev. (Harbour Redev. Proj.) 7% 7/1/09 (FSA Insured) | 10 | 10 | ||
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): | ||||
Series A, 6.5% 6/1/12 (MBIA Insured) | 15,500 | 16,949 | ||
Series B, 5.7% 6/1/16 (MBIA Insured) | 1,950 | 2,096 | ||
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.): | ||||
Series 2004: | ||||
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured) | 2,020 | 2,068 | ||
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured) | 2,125 | 2,167 | ||
Series A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured) | 3,740 | 3,836 | ||
Riverside County Trans. Commission Sales Tax Rev.: | ||||
4%, tender 12/1/09 (c) | 2,445 | 2,488 | ||
5%, tender 12/1/09 (c) | 3,300 | 3,398 | ||
Rocklin Unified School District Series 2002: | ||||
0% 8/1/24 (FGIC Insured) | 1,370 | 593 | ||
0% 8/1/25 (FGIC Insured) | 2,725 | 1,109 | ||
0% 8/1/26 (FGIC Insured) | 1,365 | 522 | ||
Roseville City School District Series 2002 A: | ||||
0% 8/1/25 (FGIC Insured) | 1,745 | 716 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Roseville City School District Series 2002 A: - continued | ||||
0% 8/1/27 (FGIC Insured) | $ 1,940 | $ 703 | ||
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) | 2,000 | 2,184 | ||
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (MBIA Insured) | 7,735 | 5,805 | ||
Sacramento Muni. Util. District Elec. Rev.: | ||||
Series 2001 P, 5.25% 8/15/16 (FSA Insured) | 1,500 | 1,588 | ||
Series R, 5% 8/15/33 (MBIA Insured) | 6,825 | 6,673 | ||
San Bernardino County Ctfs. of Prtn.: | ||||
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (e) | 8,500 | 10,670 | ||
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 | 10,000 | 10,697 | ||
San Diego Cmnty. College District: | ||||
Series 2002 A, 5% 5/1/22 (FSA Insured) | 1,000 | 1,035 | ||
Series 2007, 0% 8/1/17 (FSA Insured) | 3,395 | 2,338 | ||
San Diego County Ctfs. of Prtn.: | ||||
(North and East County Justice Facilities Proj.): | ||||
5% 11/15/16 (AMBAC Insured) | 2,000 | 2,145 | ||
5% 11/15/17 (AMBAC Insured) | 2,000 | 2,123 | ||
5% 11/15/18 (AMBAC Insured) | 2,000 | 2,102 | ||
(The Bishop's School Proj.) Series A, 6% 9/1/34, LOC Bank of New York, New York | 4,090 | 4,319 | ||
(Univ. of San Diego Proj.) 5.25% 10/1/11 | 1,705 | 1,812 | ||
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. 5% 7/1/12 (AMBAC Insured) (d) | 2,200 | 2,318 | ||
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5% 5/1/29 (FSA Insured) | 5,000 | 5,087 | ||
San Diego Unified School District (Election of 1998 Proj.): | ||||
Series 2000 B, 6.05% 7/1/18 (MBIA Insured) | 2,290 | 2,703 | ||
Series 2002 D: | ||||
5.25% 7/1/17 (FGIC Insured) (Pre-Refunded to 7/1/12 @ 101) (e) | 4,325 | 4,724 | ||
5.25% 7/1/20 (FGIC Insured) (Pre-Refunded to 7/1/12 @ 101) (e) | 4,000 | 4,369 | ||
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 | 1,620 | 1,638 | ||
San Francisco Bay Area Rapid Transit Fing. Auth. Series 2004 A, 5% 8/1/35 | 6,815 | 6,842 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | ||||
(SFO Fuel Co. Proj.) Series A: | ||||
5.125% 1/1/17 (AMBAC Insured) (d) | $ 6,000 | $ 6,071 | ||
5.25% 1/1/18 (AMBAC Insured) (d) | 4,515 | 4,566 | ||
Second Series 32F, 5.25% 5/1/19 (FGIC Insured) | 2,500 | 2,666 | ||
Second Series 32H: | ||||
5% 5/1/11 (CIFG North America Insured) (d) | 2,325 | 2,382 | ||
5% 5/1/12 (CIFG North America Insured) (d) | 1,000 | 1,026 | ||
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series A, 5% 11/1/32 (MBIA Insured) | 6,810 | 6,781 | ||
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: | ||||
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (MBIA Insured) | 1,475 | 1,397 | ||
Series A: | ||||
0% 8/1/09 (FGIC Insured) | 5 | 5 | ||
0% 8/1/10 (FGIC Insured) | 1,085 | 1,027 | ||
San Jacinto Unified School District 5.25% 8/1/32 (FSA Insured) | 3,080 | 3,184 | ||
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.): | ||||
5% 11/15/20 (MBIA Insured) | 3,720 | 3,819 | ||
5% 11/15/21 (MBIA Insured) | 3,645 | 3,707 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1997 A: | ||||
0% 1/15/26 (MBIA Insured) | 11,000 | 4,015 | ||
5.5% 1/15/28 | 1,060 | 961 | ||
Series A: | ||||
0% 1/15/10 (MBIA Insured) | 2,240 | 2,158 | ||
0% 1/15/12 (MBIA Insured) | 7,000 | 6,223 | ||
0% 1/15/15 (MBIA Insured) | 5,000 | 3,797 | ||
0% 1/15/20 (MBIA Insured) | 3,765 | 2,059 | ||
0% 1/15/31 (MBIA Insured) | 5,000 | 1,293 | ||
San Jose Int'l. Arpt. Rev.: | ||||
Series A, 5.25% 3/1/14 (FGIC Insured) | 1,000 | 1,045 | ||
5% 3/1/24 (AMBAC Insured) (d) | 9,690 | 8,968 | ||
5% 3/1/37 (AMBAC Insured) (d) | 10,000 | 8,764 | ||
San Jose Unified School District Santa Clara County: | ||||
Series 2002 B, 5% 8/1/25 (FGIC Insured) | 1,750 | 1,782 | ||
Series A, 5.375% 8/1/20 (FSA Insured) | 1,895 | 1,996 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Luis Obispo County Fing. Auth. Series 2000 A, 5.375% 8/1/24 (MBIA Insured) | $ 1,000 | $ 1,021 | ||
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (e) | 1,990 | 1,544 | ||
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (FGIC Insured) | 3,000 | 1,965 | ||
San Mateo Unified School District (Election of 2000 Proj.) Series B: | ||||
0% 9/1/23 (FGIC Insured) | 2,000 | 937 | ||
0% 9/1/25 (FGIC Insured) | 1,490 | 619 | ||
0% 9/1/26 (FGIC Insured) | 1,500 | 586 | ||
Sanger Unified School District 5.6% 8/1/23 (MBIA Insured) | 3,000 | 3,148 | ||
Santa Clara County Fing. Auth. (El Camino Hosp. Proj.): | ||||
Series B, 5.125% 2/1/41 (AMBAC Insured) | 2,000 | 1,910 | ||
Series C, 5.75% 2/1/41 (AMBAC Insured) | 8,000 | 8,184 | ||
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (MBIA Insured) | 1,865 | 2,159 | ||
Santa Rosa Wastewtr. Rev. Series 2002 B: | ||||
0% 9/1/20 (AMBAC Insured) | 4,030 | 2,247 | ||
0% 9/1/22 (AMBAC Insured) | 2,900 | 1,422 | ||
0% 9/1/25 (AMBAC Insured) | 6,800 | 2,777 | ||
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (MBIA Insured) | 5,015 | 5,017 | ||
Shasta Union High School District: | ||||
Series 2002, 0% 8/1/26 (FGIC Insured) | 1,000 | 382 | ||
Series 2003, 0% 5/1/28 (MBIA Insured) | 3,340 | 1,098 | ||
Sierra View Local Health Care District Rev. 5.25% 7/1/37 | 1,500 | 1,344 | ||
Southern California Pub. Pwr. Auth. Rev. (Multiple Projs.): | ||||
6.75% 7/1/10 | 1,400 | 1,510 | ||
6.75% 7/1/11 | 6,500 | 7,176 | ||
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (FGIC Insured) | 2,495 | 921 | ||
Sulphur Springs Union School District Series A, 0% 9/1/12 (MBIA Insured) | 2,750 | 2,401 | ||
Sweetwater Union High School District Series A, 5.625% 8/1/47 (FSA Insured) | 16,900 | 17,893 | ||
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) | 2,015 | 1,833 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured) | $ 3,000 | $ 3,055 | ||
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: | ||||
5.5% 6/1/31 | 2,350 | 2,359 | ||
6% 6/1/22 | 1,100 | 1,150 | ||
Ukiah Unified School District 0% 8/1/14 (FGIC Insured) | 3,040 | 2,423 | ||
Union Elementary School District Series A: | ||||
0% 9/1/18 (FGIC Insured) | 1,000 | 639 | ||
0% 9/1/21 (FGIC Insured) | 2,995 | 1,571 | ||
Univ. of California Revs.: | ||||
(Ltd. Proj.): | ||||
Series B: | ||||
5% 5/15/20 (FSA Insured) | 2,800 | 2,921 | ||
5% 5/15/33 (FSA Insured) | 1,000 | 1,007 | ||
Series D, 5% 5/15/25 (FGIC Insured) | 4,250 | 4,313 | ||
(UCLA Med. Ctr. Proj.): | ||||
Series A: | ||||
5.5% 5/15/21 (AMBAC Insured) | 785 | 835 | ||
5.5% 5/15/24 (AMBAC Insured) | 370 | 392 | ||
4.55% 12/1/09 (Escrowed to Maturity) (e)(f) | 20,787 | 21,493 | ||
Series 2005 F, 4.75% 5/15/35 (FSA Insured) | 1,500 | 1,458 | ||
Series A, 5.125% 5/15/18 (AMBAC Insured) | 2,000 | 2,147 | ||
Series B: | ||||
5% 5/15/16 (FSA Insured) | 2,100 | 2,264 | ||
5% 5/15/17 (FSA Insured) | 4,000 | 4,272 | ||
5.25% 5/15/16 (AMBAC Insured) | 5,000 | 5,423 | ||
Series C, 4.75% 5/15/37 (MBIA Insured) | 3,330 | 3,150 | ||
Series K, 5% 5/15/22 | 6,455 | 6,765 | ||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.) 5.25% 1/1/13 | 8,500 | 8,516 | ||
Val Verde Unified School District Ctfs. of Prtn.: | ||||
5% 1/1/35 (FGIC Insured) | 2,090 | 1,877 | ||
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100) (e) | 1,000 | 1,124 | ||
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100) (e) | 1,380 | 1,551 | ||
Victor Elementary School District Series A, 0% 6/1/14 (MBIA Insured) | 2,375 | 1,889 | ||
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (MBIA Insured) | 2,120 | 2,206 | ||
Vista Unified School District Series A: | ||||
5.375% 8/1/15 (FSA Insured) | 130 | 141 | ||
5.375% 8/1/16 (FSA Insured) | 100 | 107 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Walnut Valley Unified School District Series D: | ||||
0% 8/1/30 (FGIC Insured) | $ 2,875 | $ 868 | ||
0% 8/1/31 (FGIC Insured) | 2,715 | 768 | ||
0% 8/1/32 (FGIC Insured) | 1,315 | 349 | ||
5.25% 8/1/16 (FGIC Insured) | 1,000 | 1,081 | ||
Washington Township Health Care District Rev. Series A: | ||||
5% 7/1/23 | 1,460 | 1,440 | ||
5% 7/1/25 | 1,665 | 1,619 | ||
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 19,000 | 20,085 | ||
Western Placer Unified School District Ctfs. of Prtn. (School Facilities Proj.) Series B, 3.625%, tender 12/1/09 (FSA Insured) (c) | 4,300 | 4,361 | ||
Yuba City Unified School District Series A, 0% 9/1/21 (FGIC Insured) | 2,090 | 1,089 | ||
| 1,645,439 | |||
Guam - 0.2% | ||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev.: | ||||
5% 7/1/09 | 1,100 | 1,106 | ||
5.875% 7/1/35 | 1,875 | 1,803 | ||
| 2,909 | |||
Puerto Rico - 0.8% | ||||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 4.837% 7/1/21 (FGIC Insured) (c) | 4,600 | 3,865 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (c) | 7,000 | 7,229 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series A, 0% 8/1/41 (FGIC Insured) | 9,500 | 1,475 | ||
| 12,569 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Rev. Series A: | ||||
5% 10/1/10 | $ 550 | $ 566 | ||
5.25% 10/1/15 | 1,255 | 1,290 | ||
| 1,856 |
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $1,658,289) | 1,662,773 | ||
NET OTHER ASSETS - 0.6% | 10,635 | ||
NET ASSETS - 100% | $ 1,673,408 |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,493,000 or 1.3% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (Escrowed to Maturity) | 3/6/02 | $ 20,787 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,662,773 | $ - | $ 1,662,773 | $ - |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 39.6% |
Transportation | 12.2% |
Water & Sewer | 8.7% |
Health Care | 8.4% |
Escrowed/Pre-Refunded | 8.1% |
Education | 5.7% |
Electric Utilities | 5.2% |
Others* (individually less than 5%) | 12.1% |
| 100.0% |
*Includes net other 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, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,658,289) |
| $ 1,662,773 |
Receivable for investments sold | 600 | |
Receivable for fund shares sold | 1,240 | |
Interest receivable | 17,941 | |
Prepaid expenses | 1 | |
Other receivables | 69 | |
Total assets | 1,682,624 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 1,978 | |
Payable for investments purchased on a delayed delivery basis | 3,872 | |
Payable for fund shares redeemed | 576 | |
Distributions payable | 1,734 | |
Accrued management fee | 507 | |
Distribution fees payable | 20 | |
Other affiliated payables | 498 | |
Other payables and accrued expenses | 31 | |
Total liabilities | 9,216 | |
|
|
|
Net Assets | $ 1,673,408 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,673,515 | |
Undistributed net investment income | 1,368 | |
Accumulated undistributed net realized gain (loss) on investments | (5,959) | |
Net unrealized appreciation (depreciation) on investments | 4,484 | |
Net Assets | $ 1,673,408 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | August 31, 2008 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 11.94 | |
|
|
|
Maximum offering price per share (100/96.00 of $11.94) | $ 12.44 | |
Class T: | $ 11.96 | |
|
|
|
Maximum offering price per share (100/96.00 of $11.96) | $ 12.46 | |
Class B: | $ 11.93 | |
|
|
|
Class C: | $ 11.92 | |
|
|
|
California Municipal Income: | $ 11.92 | |
|
|
|
Institutional Class: | $ 11.94 |
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
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 38,724 |
|
|
|
Expenses | ||
Management fee | $ 3,083 | |
Transfer agent fees | 581 | |
Distribution fees | 108 | |
Accounting fees and expenses | 157 | |
Custodian fees and expenses | 12 | |
Independent trustees' compensation | 4 | |
Registration fees | 69 | |
Audit | 25 | |
Legal | 3 | |
Miscellaneous | 6 | |
Total expenses before reductions | 4,048 | |
Expense reductions | (132) | 3,916 |
Net investment income | 34,808 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (3,330) | |
Futures contracts | 286 | |
Total net realized gain (loss) |
| (3,044) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 45,831 | |
Futures contracts | (268) | |
Total change in net unrealized appreciation (depreciation) |
| 45,563 |
Net gain (loss) | 42,519 | |
Net increase (decrease) in net assets resulting from operations | $ 77,327 |
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 August 31, 2008 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 34,808 | $ 65,641 |
Net realized gain (loss) | (3,044) | 5,976 |
Change in net unrealized appreciation (depreciation) | 45,563 | (105,132) |
Net increase (decrease) in net assets resulting | 77,327 | (33,515) |
Distributions to shareholders from net investment income | (34,725) | (65,536) |
Distributions to shareholders from net realized gain | (568) | (9,277) |
Total distributions | (35,293) | (74,813) |
Share transactions - net increase (decrease) | 39,019 | 48,978 |
Redemption fees | 15 | 24 |
Total increase (decrease) in net assets | 81,068 | (59,326) |
|
|
|
Net Assets | ||
Beginning of period | 1,592,340 | 1,651,666 |
End of period (including undistributed net investment income of $1,368 and undistributed net investment income of $1,326, respectively) | $ 1,673,408 | $ 1,592,340 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.63 | $ 12.41 | $ 12.46 | $ 12.56 | $ 12.84 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .229 | .457 | .478 | .490 | .505 | .521 |
Net realized and unrealized gain (loss) | .314 | (.711) | .050 | (.025) | (.149) | .248 |
Total from investment operations | .543 | (.254) | .528 | .465 | .356 | .769 |
Distributions from net investment income | (.229) | (.457) | (.483) | (.490) | (.501) | (.517) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.233) | (.526) | (.578) | (.565) | (.636) | (.689) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.94 | $ 11.63 | $ 12.41 | $ 12.46 | $ 12.56 | $ 12.84 |
Total Return B, C, D | 4.69% | (2.15)% | 4.36% | 3.78% | 2.92% | 6.25% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .74%A | .73% | .64% | .65% | .66% | .65% |
Expenses net of fee waivers, if any | .74%A | .73% | .64% | .65% | .66% | .65% |
Expenses net of all reductions | .72%A | .70% | .62% | .62% | .65% | .65% |
Net investment income | 3.82%A | 3.76% | 3.88% | 3.93% | 4.04% | 4.12% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 30 | $ 20 | $ 13 | $ 11 | $ 7 | $ 6 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.65 | $ 12.43 | $ 12.48 | $ 12.58 | $ 12.86 | $ 12.79 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .231 | .458 | .466 | .477 | .492 | .508 |
Net realized and unrealized gain (loss) | .313 | (.712) | .048 | (.027) | (.150) | .237 |
Total from investment operations | .544 | (.254) | .514 | .450 | .342 | .745 |
Distributions from net investment income | (.230) | (.457) | (.469) | (.475) | (.487) | (.503) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.234) | (.526) | (.564) | (.550) | (.622) | (.675) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.96 | $ 11.65 | $ 12.43 | $ 12.48 | $ 12.58 | $ 12.86 |
Total Return B, C, D | 4.69% | (2.15)% | 4.24% | 3.66% | 2.80% | 6.04% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .73% A | .74% | .75% | .77% | .77% | .76% |
Expenses net of fee waivers, if any | .73%A | .74% | .75% | .77% | .77% | .76% |
Expenses net of all reductions | .71%A | .70% | .72% | .73% | .76% | .76% |
Net investment income | 3.84%A | 3.75% | 3.77% | 3.81% | 3.93% | 4.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 7 | $ 5 | $ 5 | $ 4 | $ 3 | $ 4 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.62 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.84 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .191 | .376 | .383 | .394 | .409 | .426 |
Net realized and unrealized gain (loss) | .313 | (.712) | .049 | (.026) | (.159) | .248 |
Total from investment operations | .504 | (.336) | .432 | .368 | .250 | .674 |
Distributions from net investment income | (.190) | (.375) | (.387) | (.393) | (.405) | (.422) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.194) | (.444) | (.482) | (.468) | (.540) | (.594) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.93 | $ 11.62 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.84 |
Total Return B, C, D | 4.35% | (2.81)% | 3.57% | 2.99% | 2.06% | 5.46% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.40% A | 1.41% | 1.41% | 1.42% | 1.42% | 1.41% |
Expenses net of fee waivers, if any | 1.40% A | 1.41% | 1.41% | 1.42% | 1.42% | 1.41% |
Expenses net of all reductions | 1.38% A | 1.37% | 1.39% | 1.39% | 1.41% | 1.40% |
Net investment income | 3.17% A | 3.08% | 3.11% | 3.15% | 3.28% | 3.37% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 August 31, 2008 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.61 | $ 12.40 | $ 12.44 | $ 12.55 | $ 12.83 | $ 12.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .185 | .364 | .371 | .382 | .397 | .411 |
Net realized and unrealized gain (loss) | .314 | (.721) | .061 | (.035) | (.149) | .248 |
Total from investment operations | .499 | (.357) | .432 | .347 | .248 | .659 |
Distributions from net investment income | (.185) | (.364) | (.377) | (.382) | (.393) | (.407) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.189) | (.433) | (.472) | (.457) | (.528) | (.579) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.92 | $ 11.61 | $ 12.40 | $ 12.44 | $ 12.55 | $ 12.83 |
Total Return B, C, D | 4.31% | (2.98)% | 3.56% | 2.81% | 2.04% | 5.34% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.48% A | 1.50% | 1.50% | 1.52% | 1.52% | 1.52% |
Expenses net of fee waivers, if any | 1.48% A | 1.50% | 1.50% | 1.52% | 1.52% | 1.52% |
Expenses net of all reductions | 1.46% A | 1.47% | 1.48% | 1.49% | 1.51% | 1.51% |
Net investment income | 3.09% A | 2.99% | 3.02% | 3.06% | 3.18% | 3.25% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 11 | $ 8 | $ 10 | $ 10 | $ 11 | $ 12 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
H Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - California Municipal Income
| Six months ended | Years ended February 28, | ||||
(Unaudited) | 2008 F | 2007 | 2006 | 2005 | 2004 F | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.61 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.83 | $ 12.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .247 | .491 | .499 | .512 | .527 | .544 |
Net realized and unrealized gain (loss) | .313 | (.722) | .050 | (.025) | (.149) | .247 |
Total from investment operations | .560 | (.231) | .549 | .487 | .378 | .791 |
Distributions from net investment income | (.246) | (.490) | (.504) | (.512) | (.523) | (.539) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.250) | (.559) | (.599) | (.587) | (.658) | (.711) |
Redemption fees added to paid in capital D, G | - | - | - | - | - | - |
Net asset value, end of period | $ 11.92 | $ 11.61 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.83 |
Total Return B, C | 4.85% | (1.97)% | 4.55% | 3.97% | 3.11% | 6.44% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .46% A | .46% | .47% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .46% A | .46% | .47% | .48% | .48% | .48% |
Expenses net of all reductions | .45% A | .43% | .44% | .45% | .47% | .48% |
Net investment income | 4.10% A | 4.03% | 4.05% | 4.10% | 4.22% | 4.29% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 1,604 | $ 1,543 | $ 1,611 | $ 1,601 | $ 1,506 | $ 1,550 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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.
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
Financial Highlights - Institutional Class
| Six months ended August 31, 2008 | Years ended February 28, | ||||
(Unaudited) | 2008 F | 2007 | 2006 | 2005 | 2004 F | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.63 | $ 12.42 | $ 12.47 | $ 12.57 | $ 12.85 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .245 | .486 | .493 | .509 | .529 | .546 |
Net realized and unrealized gain (loss) | .314 | (.722) | .049 | (.025) | (.151) | .254 |
Total from investment operations | .559 | (.236) | .542 | .484 | .378 | .800 |
Distributions from net investment income | (.245) | (.485) | (.497) | (.509) | (.523) | (.538) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.249) | (.554) | (.592) | (.584) | (.658) | (.710) |
Redemption fees added to paid in capitalD, G | - | - | - | - | - | - |
Net asset value, end of period | $ 11.94 | $ 11.63 | $ 12.42 | $ 12.47 | $ 12.57 | $ 12.85 |
Total Return B, C | 4.83% | (2.00)% | 4.48% | 3.94% | 3.10% | 6.51% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .48% A | .50% | .53% | .50% | .47% | .49% |
Expenses net of fee waivers, if any | .48%A | .50% | .53% | .50% | .47% | .49% |
Expenses net of all reductions | .47%A | .47% | .50% | .46% | .47% | .49% |
Net investment income | 4.08%A | 3.99% | 3.99% | 4.08% | 4.23% | 4.28% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period | $ 17,387 | $ 10,930 | $ 7,882 | $ 2,143 | $ 1,057 | $ 264 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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.
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
Notes to Financial Statements
For the period ended August 31, 2008 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity California Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of August 31, 2008, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 pm Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service (IRS).
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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation and losses deferred due to futures transactions.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 37,079 |
|
Unrealized depreciation | (31,314) |
|
Net unrealized appreciation (depreciation) | $ 5,765 |
|
Cost for federal income tax purposes | $ 1,657,008 |
|
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance.
3. 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 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's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Operating Policies - continued
Futures Contracts. The Fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
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 at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $283,773 and $232,752, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .36% 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | .25% | $ 30 | $ 5 |
Class T | 0% | .25% | 8 | - |
Class B | .65% | .25% | 22 | 16 |
Class C | .75% | .25% | 48 | 12 |
|
|
| $ 108 | $ 33 |
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling 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, ..75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 21 |
Class T | 2 |
Class B* | 12 |
Class C* | 1 |
| $ 36 |
* 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, California Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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 shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 12 | .10 |
Class T | 3 | .08 |
Class B | 3 | .11 |
Class C | 4 | .09 |
California Municipal Income | 552 | .07 |
Institutional Class | 7 | .09 |
| $ 581 |
|
* Annualized
Citibank also has a sub-arrangement 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.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
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 $12 and $112, respectively. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent |
California Municipal Income | $ 8 |
Semiannual Report
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 457 | $ 552 |
Class T | 123 | 183 |
Class B | 77 | 158 |
Class C | 151 | 275 |
California Municipal Income | 33,586 | 64,032 |
Institutional Class | 331 | 336 |
Total | $ 34,725 | $ 65,536 |
From net realized gain |
|
|
Class A | $ 7 | $ 81 |
Class T | 2 | 28 |
Class B | 2 | 30 |
Class C | 3 | 53 |
California Municipal Income | 549 | 9,038 |
Institutional Class | 5 | 47 |
Total | $ 568 | $ 9,277 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended August 31, | Year ended February 29, | Six months ended August 31, | Year ended February 29, | |
Class A |
|
|
|
|
Shares sold | 1,111 | 1,031 | $ 13,269 | $ 12,553 |
Reinvestment of distributions | 24 | 32 | 286 | 389 |
Shares redeemed | (341) | (410) | (4,094) | (5,007) |
Net increase (decrease) | 794 | 653 | $ 9,461 | $ 7,935 |
Class T |
|
|
|
|
Shares sold | 202 | 88 | $ 2,422 | $ 1,089 |
Reinvestment of distributions | 8 | 14 | 96 | 167 |
Shares redeemed | (32) | (58) | (389) | (712) |
Net increase (decrease) | 178 | 44 | $ 2,129 | $ 544 |
Class B |
|
|
|
|
Shares sold | 44 | 50 | $ 526 | $ 610 |
Reinvestment of distributions | 3 | 6 | 32 | 72 |
Shares redeemed | (82) | (62) | (980) | (759) |
Net increase (decrease) | (35) | (6) | $ (422) | $ (77) |
Class C |
|
|
|
|
Shares sold | 281 | 204 | $ 3,352 | $ 2,490 |
Reinvestment of distributions | 7 | 15 | 86 | 183 |
Shares redeemed | (99) | (305) | (1,175) | (3,710) |
Net increase (decrease) | 189 | (86) | $ 2,263 | $ (1,037) |
California Municipal Income |
|
|
|
|
Shares sold | 18,755 | 28,642 | $ 223,682 | $ 349,083 |
Reinvestment of distributions | 1,957 | 4,111 | 23,312 | 49,922 |
Shares redeemed | (19,115) | (29,771) | (227,580) | (361,103) |
Net increase (decrease) | 1,597 | 2,982 | $ 19,414 | $ 37,902 |
Institutional Class |
|
|
|
|
Shares sold | 858 | 552 | $ 10,253 | $ 6,705 |
Reinvestment of distributions | 17 | 11 | 203 | 132 |
Shares redeemed | (359) | (258) | (4,282) | (3,126) |
Net increase (decrease) | 516 | 305 | $ 6,174 | $ 3,711 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity California Municipal Income Fund
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.
At its June 2008 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. The Board also approved agreements with foreign sub-advisers Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Japan) Inc., and Fidelity Management & Research (Hong Kong) Limited.
In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) contractually agreeing to reduce the management fees on Fidelity's Institutional Money Market Funds and launching Class IV and Institutional Class of certain of these funds; (iii) reducing the transfer agent fees for the Fidelity Select Portfolios and Investor Class of the VIP funds; and (iv) launching Class K of 29 equity funds as a lower-fee class available to certain employer-sponsored retirement plans.
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2007, the cumulative total returns of Fidelity California Municipal Income (retail class) and Class C of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of Fidelity California Municipal Income (retail class) and Class C show the performance of the highest and lowest performing classes, respectively (based on three-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Fidelity California Municipal Income Fund
The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity California Municipal Income (retail class) of the fund was in the first quartile for all the periods shown. The Board also stated that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Fidelity California Municipal Income (retail class) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Semiannual Report
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.
Fidelity California Municipal Income Fund
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2007.
Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that each class's total expenses ranked below its competitive median for 2007.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
Semiannual Report
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends and actions to be taken by FMR to improve certain funds' overall performance; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's fund profitability methodology, the profitability of certain fund service providers, and profitability trends for certain funds; (iv) Fidelity's compensation structure for portfolio managers and key personnel, including its effects on fund profitability and the extent to which portfolio manager compensation is linked to fund performance; (v) Fidelity's fee structures; (vi) the funds' sub-advisory arrangements; and (vii) accounts managed by Fidelity other than the Fidelity funds.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASCM-USAN-1008 1.790936.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
California Municipal Income
Fund - Institutional Class
Semiannual Report
August 31, 2008
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is a class of Fidelity® California Municipal Income Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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. | |
Board Approval of Investment Advisory Contracts and Management Fees |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Most domestic and international equity indexes continued to dwell in negative territory, pressured by unfavorable
credit-market conditions, particularly in the United States. On the upside,
investment-grade bonds and money markets generally have served investors well so far this year. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2008 to August 31, 2008).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Expenses Paid |
Class A |
|
|
|
Actual | $ 1,000.00 | $ 1,046.90 | $ 3.82 |
HypotheticalA | $ 1,000.00 | $ 1,021.48 | $ 3.77 |
Class T |
|
|
|
Actual | $ 1,000.00 | $ 1,046.90 | $ 3.77 |
HypotheticalA | $ 1,000.00 | $ 1,021.53 | $ 3.72 |
Class B |
|
|
|
Actual | $ 1,000.00 | $ 1,043.50 | $ 7.21 |
HypotheticalA | $ 1,000.00 | $ 1,018.15 | $ 7.12 |
| Beginning | Ending | Expenses Paid |
Class C |
|
|
|
Actual | $ 1,000.00 | $ 1,043.10 | $ 7.62 |
HypotheticalA | $ 1,000.00 | $ 1,017.74 | $ 7.53 |
California Municipal Income |
|
|
|
Actual | $ 1,000.00 | $ 1,048.50 | $ 2.38 |
HypotheticalA | $ 1,000.00 | $ 1,022.89 | $ 2.35 |
Institutional Class |
|
|
|
Actual | $ 1,000.00 | $ 1,048.30 | $ 2.48 |
HypotheticalA | $ 1,000.00 | $ 1,022.79 | $ 2.45 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| Annualized |
Class A | .74% |
Class T | .73% |
Class B | 1.40% |
Class C | 1.48% |
California Municipal Income | .46% |
Institutional Class | .48% |
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
General Obligations | 39.6 | 38.2 |
Transportation | 12.2 | 12.1 |
Water & Sewer | 8.7 | 7.9 |
Health Care | 8.4 | 5.3 |
Escrowed/Pre-Refunded | 8.1 | 8.9 |
Weighted Average Maturity as of August 31, 2008 | ||
|
| 6 months ago |
Years | 8.5 | 11.3 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of August 31, 2008 | ||
|
| 6 months ago |
Years | 7.5 | 7.4 |
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, 2008 | As of February 29, 2008 | ||||||
![]() | AAA 16.0% |
| ![]() | AAA 48.1% |
| ||
![]() | AA,A 76.0% |
| ![]() | AA,A 44.3% |
| ||
![]() | BBB 4.9% |
| ![]() | BBB 4.2% |
| ||
![]() | BB and Below 0.3% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 2.2% |
| ![]() | Not Rated 1.7% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. Percentages are adjusted for the effect of futures contracts, if applicable. |
Semiannual Report
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.4% | ||||
| Principal Amount (000s) | Value (000s) | ||
California - 98.3% | ||||
ABAG Fin. Auth. for Nonprofit Corp. Rev. (Hamlin School Proj.): | ||||
4.625% 8/1/16 | $ 380 | $ 359 | ||
4.625% 8/1/17 | 405 | 377 | ||
5% 8/1/18 | 530 | 506 | ||
5% 8/1/19 | 555 | 522 | ||
5% 8/1/20 | 585 | 543 | ||
5% 8/1/23 | 1,940 | 1,749 | ||
ABC Unified School District Series C: | ||||
0% 8/1/31 (FGIC Insured) | 2,720 | 761 | ||
0% 8/1/32 (FGIC Insured) | 3,760 | 985 | ||
Alameda Corridor Trans. Auth. Rev. Series A, 5.25% 10/1/21 (MBIA Insured) | 7,575 | 7,764 | ||
Alameda County Ctfs. of Prtn.: | ||||
(Santa Rita Jail Proj.) Series A: | ||||
5% 12/1/18 (AMBAC Insured) | 2,645 | 2,822 | ||
5% 12/1/20 (AMBAC Insured) | 2,810 | 2,928 | ||
0% 6/15/17 (MBIA Insured) | 2,310 | 1,572 | ||
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured) | 1,880 | 1,903 | ||
Alhambra Unified School District Ctfs. of Prtn.: | ||||
5.5% 4/1/23 (FSA Insured) | 1,600 | 1,629 | ||
5.5% 4/1/26 (FSA Insured) | 1,000 | 1,012 | ||
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.): | ||||
Series A, 6% 9/1/24 (FSA Insured) | 1,000 | 1,174 | ||
Series C: | ||||
0% 9/1/19 (FSA Insured) | 1,285 | 781 | ||
0% 9/1/22 (FSA Insured) | 5,150 | 2,595 | ||
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured) | 5,615 | 5,597 | ||
Azusa Unified School District 5.375% 7/1/16 (FSA Insured) | 1,225 | 1,315 | ||
Bay Area Infrastructure Fing. Auth.: | ||||
5% 8/1/17 (AMBAC Insured) | 5,000 | 5,183 | ||
5% 8/1/17 (FGIC Insured) | 5,030 | 5,263 | ||
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B: | ||||
5% 7/1/12 (AMBAC Insured) (d) | 1,840 | 1,939 | ||
5.25% 7/1/14 (AMBAC Insured) (d) | 2,035 | 2,181 | ||
5.25% 7/1/16 (AMBAC Insured) (d) | 1,255 | 1,314 | ||
5.25% 7/1/17 (AMBAC Insured) (d) | 1,370 | 1,425 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Burbank Unified School District: | ||||
Series B, 0% 8/1/20 (FGIC Insured) | $ 3,835 | $ 2,147 | ||
Series C, 0% 8/1/20 (FGIC Insured) | 5,865 | 3,209 | ||
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (MBIA Insured) | 1,085 | 1,168 | ||
Cabrillo Cmnty. College District Series A, 5.25% 8/1/15 (MBIA Insured) | 1,725 | 1,906 | ||
Cabrillo Unified School District Series A: | ||||
0% 8/1/10 (AMBAC Insured) | 2,150 | 2,045 | ||
0% 8/1/12 (AMBAC Insured) | 2,800 | 2,452 | ||
0% 8/1/17 (AMBAC Insured) | 1,000 | 677 | ||
0% 8/1/18 (AMBAC Insured) | 2,000 | 1,277 | ||
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series J1, 7% 12/1/12 | 730 | 850 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series A: | ||||
5% 5/1/17 | 1,000 | 1,055 | ||
5.5% 5/1/14 (AMBAC Insured) | 7,935 | 8,671 | ||
5.5% 5/1/15 (AMBAC Insured) | 8,400 | 9,097 | ||
6% 5/1/13 | 2,320 | 2,580 | ||
6% 5/1/14 | 7,500 | 8,322 | ||
6% 5/1/14 (MBIA Insured) | 2,000 | 2,217 | ||
California Econ. Recovery: | ||||
Series 2008 B, 4%, tender 3/1/10 (c) | 4,000 | 4,105 | ||
Series 2008 B7, 5%, tender 7/1/11 (c) | 3,100 | 3,311 | ||
California Edl. Facilities Auth. Rev.: | ||||
(Claremont Graduate Univ. Proj.) Series A: | ||||
6% 3/1/33 | 1,000 | 1,048 | ||
6% 3/1/38 | 1,000 | 1,043 | ||
(College & Univ. Fing. Prog.): | ||||
5% 2/1/16 | 1,600 | 1,572 | ||
5% 2/1/17 | 1,000 | 975 | ||
(Loyola Marymount Univ. Proj.) 0% 10/1/16 (MBIA Insured) | 2,280 | 1,612 | ||
(Pomona College Proj.) Series A, 0% 7/1/38 | 3,155 | 595 | ||
(Santa Clara Univ. Proj.): | ||||
5.25% 9/1/17 (AMBAC Insured) | 1,000 | 1,112 | ||
5.25% 9/1/26 | 7,910 | 8,236 | ||
(Stanford Univ. Proj.) Series O, 5.125% 1/1/31 | 5,000 | 5,033 | ||
California Gen. Oblig.: | ||||
Series 1, 5% 9/1/17 | 1,770 | 1,895 | ||
Series 1992, 6.25% 9/1/12 (FGIC Insured) | 2,000 | 2,196 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
Series 2005, 5.5% 6/1/28 | $ 275 | $ 280 | ||
Series 2007: | ||||
5.625% 5/1/20 | 150 | 156 | ||
5.625% 5/1/26 | 215 | 223 | ||
5.75% 5/1/30 | 160 | 166 | ||
4.5% 8/1/30 | 4,135 | 3,814 | ||
4.5% 10/1/36 | 3,210 | 2,874 | ||
5% 3/1/15 | 2,545 | 2,754 | ||
5% 12/1/21 | 10,000 | 10,334 | ||
5% 11/1/22 (XL Cap. Assurance, Inc. Insured) | 2,800 | 2,883 | ||
5% 2/1/23 | 1,095 | 1,115 | ||
5% 2/1/26 (AMBAC Insured) | 1,500 | 1,519 | ||
5% 3/1/26 | 2,800 | 2,830 | ||
5% 6/1/26 | 4,300 | 4,341 | ||
5% 6/1/27 (AMBAC Insured) | 2,800 | 2,825 | ||
5% 6/1/29 | 5,005 | 5,010 | ||
5% 2/1/31 (MBIA Insured) | 2,800 | 2,774 | ||
5% 4/1/31 (AMBAC Insured) | 5 | 5 | ||
5% 6/1/31 | 2,000 | 1,981 | ||
5% 12/1/31 (MBIA Insured) | 2,000 | 1,981 | ||
5% 10/1/32 (MBIA Insured) | 1,000 | 986 | ||
5% 8/1/33 | 3,400 | 3,343 | ||
5.125% 11/1/24 | 2,800 | 2,871 | ||
5.125% 2/1/26 | 2,800 | 2,852 | ||
5.25% 3/1/12 | 3,000 | 3,238 | ||
5.25% 10/1/14 | 140 | 140 | ||
5.25% 2/1/15 | 2,315 | 2,510 | ||
5.25% 2/1/15 (MBIA Insured) | 5,040 | 5,465 | ||
5.25% 2/1/16 | 7,500 | 8,076 | ||
5.25% 10/1/17 | 105 | 105 | ||
5.25% 11/1/18 | 3,000 | 3,200 | ||
5.25% 2/1/20 | 6,805 | 7,156 | ||
5.25% 2/1/22 | 2,020 | 2,090 | ||
5.25% 11/1/26 | 1,060 | 1,090 | ||
5.25% 2/1/27 (MBIA Insured) | 5,490 | 5,624 | ||
5.25% 4/1/27 | 5 | 5 | ||
5.25% 2/1/28 | 5,085 | 5,177 | ||
5.25% 2/1/29 | 5,000 | 5,072 | ||
5.25% 4/1/29 | 5 | 5 | ||
5.25% 11/1/29 | 5,000 | 5,072 | ||
5.25% 4/1/30 | 35 | 35 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.25% 2/1/33 | $ 8,150 | $ 8,172 | ||
5.25% 12/1/33 | 105 | 105 | ||
5.25% 3/1/38 | 23,075 | 23,080 | ||
5.375% 4/1/15 (MBIA Insured) | 35 | 37 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 2,855 | 3,052 | ||
5.5% 5/1/13 (MBIA Insured) | 100 | 105 | ||
5.5% 4/1/28 | 5 | 5 | ||
5.5% 8/1/29 | 15,400 | 16,081 | ||
5.5% 4/1/30 | 25 | 26 | ||
5.5% 8/1/30 | 10,900 | 11,339 | ||
5.5% 11/1/33 | 34,870 | 35,524 | ||
6% 4/1/18 | 2,545 | 2,933 | ||
6.75% 8/1/12 | 1,100 | 1,254 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2004 I, 4.95%, tender 7/1/14 (c) | 5,000 | 5,116 | ||
Series 2008 H, 5.125% 7/1/22 | 3,000 | 2,986 | ||
Series 2008 L, 5.125% 7/1/22 | 3,000 | 2,991 | ||
(Cedars-Sinai Med. Ctr. Proj.) 5% 11/15/14 | 1,485 | 1,563 | ||
(Cottage Health Sys. Proj.) Series B, 5.25% 11/1/18 (MBIA Insured) | 1,260 | 1,334 | ||
(Stanford Hosp. and Clinics Proj.) Series 2008 A3, 3.45%, tender 6/15/11 (c) | 6,200 | 6,329 | ||
(Sutter Health Proj.) Series A: | ||||
5% 8/15/14 | 3,870 | 4,132 | ||
5% 8/15/15 | 4,500 | 4,799 | ||
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.): | ||||
Series 1983 A, 0% 2/1/15 | 6,477 | 3,781 | ||
Series 1983 B, 0% 8/1/15 | 80 | 40 | ||
Series 1998 J, 4.85% 8/1/27 (MBIA Insured) (d) | 330 | 330 | ||
California Infrastructure & Econ. Dev. Bank Rev.: | ||||
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured) | 1,000 | 1,014 | ||
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007: | ||||
5% 12/1/27 | 1,080 | 1,075 | ||
5% 12/1/32 | 1,000 | 969 | ||
5% 12/1/42 | 3,000 | 2,827 | ||
(YMCA Metropolitan L.A. Proj.) Series 2001: | ||||
5.25% 2/1/26 (AMBAC Insured) | 2,000 | 2,055 | ||
5.25% 2/1/32 (AMBAC Insured) | 6,295 | 6,374 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Infrastructure & Econ. Dev. Bank Rev.: - continued | ||||
Series 2005, 5% 10/1/33 | $ 7,235 | $ 7,325 | ||
California Muni. Fin. Auth. Rev. (Loma Linda Univ. Proj.) 5% 4/1/22 | 1,090 | 1,104 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn.: | ||||
(Pacific Gas & Elec. Co. Proj.) Series 1996 A, 5.35% 12/1/16 (MBIA Insured) (d) | 4,335 | 4,478 | ||
(San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (MBIA Insured) | 4,000 | 4,451 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | ||||
Series A: | ||||
5%, tender 5/1/13 (c)(d) | 3,000 | 2,898 | ||
5.125%, tender 5/1/14 (c)(d) | 9,000 | 8,655 | ||
Series A1, 4.7%, tender 4/1/12 (c)(d) | 3,250 | 3,147 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A: | ||||
5% 6/1/13 | 2,600 | 2,804 | ||
5% 6/1/14 | 2,000 | 2,158 | ||
5.25% 6/1/24 | 5,400 | 5,516 | ||
5.25% 6/1/25 | 5,000 | 5,090 | ||
5.25% 6/1/30 | 4,000 | 4,015 | ||
(California Cmnty. College Projs.) Series A, 5.25% 12/1/16 | 4,450 | 4,515 | ||
(California State Univ. Proj.): | ||||
Series 2006 G: | ||||
5% 11/1/20 | 1,825 | 1,883 | ||
5% 11/1/21 | 2,020 | 2,066 | ||
Series A, 5% 10/1/14 (FGIC Insured) | 2,700 | 2,935 | ||
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series A, 5.25% 12/1/18 (AMBAC Insured) | 5,000 | 5,307 | ||
(Coalinga State Hosp. Proj.): | ||||
Series 2004 A, 5.5% 6/1/17 | 9,980 | 10,847 | ||
Series A: | ||||
5.25% 6/1/12 | 2,485 | 2,668 | ||
5.5% 6/1/15 | 1,000 | 1,097 | ||
(Dept. of Corrections & Rehab. Proj.) Series F: | ||||
5% 11/1/15 (FGIC Insured) | 2,455 | 2,662 | ||
5% 11/1/16 (FGIC Insured) | 2,000 | 2,165 | ||
(Dept. of Corrections State Prison Proj.) Series E: | ||||
5.5% 6/1/15 (FSA Insured) | 2,000 | 2,184 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Dept. of Corrections State Prison Proj.) Series E: | ||||
5.5% 6/1/15 (MBIA Insured) | $ 1,000 | $ 1,089 | ||
(Dept. of Corrections, Madera State Prison Proj.) Series E, 5.5% 6/1/15 | 8,775 | 9,540 | ||
(Dept. of Corrections, Monterey County State Prison Proj.) Series C: | ||||
5.5% 6/1/15 | 6,100 | 6,673 | ||
5.5% 6/1/17 (MBIA Insured) | 4,775 | 5,200 | ||
(Dept. of Corrections, Susanville State Prison Proj.) Series D, 5.25% 6/1/15 (FSA Insured) | 4,050 | 4,426 | ||
(Dept. of Gen. Services Butterfield Proj.) Series A, 5% 6/1/23 | 2,900 | 2,931 | ||
(Dept. of Mental Health Proj.) Series A: | ||||
5% 6/1/25 | 3,000 | 3,003 | ||
5.125% 6/1/29 | 5,000 | 4,996 | ||
5.5% 6/1/19 | 2,000 | 2,145 | ||
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/13 | 2,000 | 2,191 | ||
(Office of Emergency Services Proj.) Series 2007 A, 5% 3/1/20 (FGIC Insured) | 3,335 | 3,444 | ||
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured) | 2,500 | 2,625 | ||
(Univ. of California Research Proj.): | ||||
Series 2005 L: | ||||
5% 11/1/25 (MBIA Insured) | 5,165 | 5,264 | ||
5.25% 11/1/23 (MBIA Insured) | 3,500 | 3,657 | ||
Series E: | ||||
5% 10/1/23 | 2,410 | 2,481 | ||
5.25% 10/1/21 | 2,900 | 3,074 | ||
(Various California State Univ. Projs.) Series B, 6.4% 12/1/09 | 2,545 | 2,571 | ||
Series 2005 H, 5% 6/1/16 | 5,000 | 5,329 | ||
Series 2005 J, 5.25% 1/1/16 (AMBAC Insured) | 3,500 | 3,895 | ||
Series 2005 K, 5% 11/1/17 | 5,625 | 5,954 | ||
California State Univ. Rev. (Systemwide Proj.) Series A: | ||||
5.375% 11/1/18 (AMBAC Insured) | 1,290 | 1,376 | ||
5.5% 11/1/16 (AMBAC Insured) | 1,500 | 1,621 | ||
California Statewide Communities Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.): | ||||
Series A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) | 7,965 | 7,981 | ||
Series B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) | 2,425 | 2,430 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Statewide Communities Dev. Auth. Rev.: | ||||
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured) | $ 5,000 | $ 4,845 | ||
(Cmnty. Hosp. Monterey Peninsula Proj.) Series B, 5.25% 6/1/23 (FSA Insured) | 1,800 | 1,867 | ||
(Daughters of Charity Health Sys. Proj.): | ||||
Series 2005 G, 5.25% 7/1/13 | 1,475 | 1,515 | ||
Series A, 5.25% 7/1/35 | 12,770 | 11,391 | ||
Series G, 5.25% 7/1/12 | 900 | 924 | ||
(Enloe Health Sys. Proj.) Series 2008 B: | ||||
5% 8/15/16 | 125 | 130 | ||
5% 8/15/19 | 50 | 51 | ||
5.75% 8/15/38 | 3,000 | 3,007 | ||
6.25% 8/15/33 | 2,500 | 2,611 | ||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) | 3,000 | 3,034 | ||
(Kaiser Permanente Health Sys. Proj.): | ||||
Series B, 2.65% 4/1/36 (c) | 6,500 | 4,652 | ||
Series I, 3.45%, tender 5/1/11 (c) | 2,750 | 2,781 | ||
(Kaiser Permanente Proj.) Series A, 4.75% 4/1/33 | 2,000 | 1,807 | ||
(Los Angeles Orthopaedic Hosp. Foundation Prog.) 5.75% 6/1/30 (AMBAC Insured) | 10,000 | 10,066 | ||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 8,900 | 9,155 | ||
(Sutter Health Systems Proj.): | ||||
Series 2005 A, 5% 11/15/43 (MBIA Insured) | 4,125 | 3,973 | ||
Series B, 5.625% 8/15/42 | 5,000 | 5,050 | ||
(Thomas Jefferson School of Law Proj.) 7.75% 10/1/31 (Pre-Refunded to 10/1/11 @ 101) (e) | 1,450 | 1,657 | ||
California Statewide Communities Dev. Auth. Rev. Ctfs. of Prtn. (Catholic Health Care West Proj.): | ||||
6% 7/1/09 (Escrowed to Maturity) (e) | 155 | 161 | ||
6% 7/1/09 (Escrowed to Maturity) (e) | 505 | 524 | ||
Carlsbad Unified School District 0% 11/1/15 (FGIC Insured) | 1,700 | 1,276 | ||
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series A, 7% 8/1/11 (MBIA Insured) | 1,500 | 1,682 | ||
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series A: | ||||
5% 11/1/24 (AMBAC Insured) | 1,000 | 1,027 | ||
5% 11/1/25 (AMBAC Insured) | 3,820 | 3,907 | ||
5% 11/1/33 (AMBAC Insured) | 5,000 | 4,957 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Clovis Pub. Fing. Auth. Wastewtr. Rev. 5% 8/1/35 (MBIA Insured) | $ 3,295 | $ 3,159 | ||
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured) | 1,200 | 1,246 | ||
Commerce Refuse to Energy Auth. Rev.: | ||||
5.5% 7/1/14 (MBIA Insured) | 1,545 | 1,690 | ||
5.5% 7/1/15 (MBIA Insured) | 2,685 | 2,943 | ||
Contra Costa County Ctfs. of Prtn. (Merrithew Memorial Hosp. Proj.) 0% 11/1/14 (Escrowed to Maturity) (e) | 3,000 | 2,452 | ||
Corona-Norco Unified School District Series A: | ||||
5% 8/1/22 (FSA Insured) | 1,470 | 1,544 | ||
5% 8/1/25 (FSA Insured) | 1,435 | 1,488 | ||
5% 8/1/26 (FSA Insured) | 2,000 | 2,067 | ||
5% 8/1/27 (FSA Insured) | 1,785 | 1,838 | ||
5% 8/1/31 (FSA Insured) | 5,000 | 5,075 | ||
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (MBIA Insured) | 5,600 | 5,619 | ||
Ctr. Unified School District: | ||||
Series 1997 C, 0% 9/1/20 (MBIA Insured) | 2,010 | 1,114 | ||
Series C, 0% 9/1/18 (MBIA Insured) | 2,000 | 1,266 | ||
Cucamonga County Wtr. District 5% 9/1/36 (MBIA Insured) | 2,890 | 2,847 | ||
Davis Spl. Tax Rev.: | ||||
5% 9/1/11 (AMBAC Insured) | 595 | 627 | ||
5% 9/1/12 (AMBAC Insured) | 625 | 667 | ||
5% 9/1/13 (AMBAC Insured) | 655 | 704 | ||
5% 9/1/14 (AMBAC Insured) | 690 | 740 | ||
5% 9/1/15 (AMBAC Insured) | 725 | 779 | ||
5% 9/1/18 (AMBAC Insured) | 835 | 877 | ||
5% 9/1/20 (AMBAC Insured) | 925 | 956 | ||
5% 9/1/22 (AMBAC Insured) | 1,020 | 1,034 | ||
Duarte Ctfs. of Prtn. Series A: | ||||
5% 4/1/11 | 2,780 | 2,824 | ||
5% 4/1/12 | 4,210 | 4,272 | ||
5% 4/1/13 | 1,830 | 1,855 | ||
5.25% 4/1/09 | 1,600 | 1,622 | ||
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2005 A, 5% 6/1/35 (MBIA Insured) | 19,850 | 20,029 | ||
Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Series 2008 H: | ||||
5% 7/1/33 | 2,500 | 2,461 | ||
5% 7/1/35 | 2,500 | 2,449 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
El Centro Fing. Auth. Wastewtr. Series A, 5.25% 10/1/35 (FSA Insured) | $ 8,340 | $ 8,544 | ||
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured) | 2,420 | 2,557 | ||
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured) | 4,025 | 4,389 | ||
Elsinore Valley Muni. Wtr. District Ctfs. of Prtn. Series A: | ||||
5% 7/1/23 (Berkshire Hathaway Assurance Corp. Insured) | 5,000 | 5,229 | ||
5% 7/1/24 (Berkshire Hathaway Assurance Corp. Insured) | 5,350 | 5,569 | ||
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 1A: | ||||
0% 10/1/24 (AMBAC Insured) | 1,665 | 720 | ||
0% 10/1/25 (AMBAC Insured) | 1,665 | 677 | ||
Encinitas Union School District: | ||||
0% 8/1/10 (MBIA Insured) | 1,000 | 954 | ||
0% 8/1/21 (MBIA Insured) | 1,000 | 533 | ||
Escondido Union High School District 0% 11/1/16 (Escrowed to Maturity) (e) | 3,500 | 2,614 | ||
Fairfield-Suisun Swr. District Swr. Rev. Series A, 0% 5/1/09 (MBIA Insured) | 1,225 | 1,210 | ||
Fairfield-Suisun Unified School District 5.5% 8/1/28 (MBIA Insured) | 3,000 | 3,162 | ||
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) 5% 5/1/37 (CIFG North America Insured) | 2,500 | 2,267 | ||
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (MBIA Insured) | 1,315 | 704 | ||
Foothill-De Anza Cmnty. College District: | ||||
Series 1999 A: | ||||
0% 8/1/15 (MBIA Insured) | 2,430 | 1,863 | ||
0% 8/1/19 (MBIA Insured) | 5,365 | 3,274 | ||
0% 8/1/20 (MBIA Insured) | 6,425 | 3,682 | ||
Series 1999 B, 0% 8/1/24 (FGIC Insured) | 5,000 | 2,234 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1999: | ||||
0% 1/15/27 (a) | 4,000 | 3,589 | ||
0% 1/15/27 (MBIA Insured) (a) | 4,500 | 4,357 | ||
0% 1/15/29 (a) | 4,000 | 3,643 | ||
5% 1/15/16 (MBIA Insured) | 5,860 | 5,966 | ||
5.75% 1/15/40 | 8,155 | 7,857 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: - continued | ||||
Series A: | ||||
0% 1/1/15 (Escrowed to Maturity) (e) | $ 18,535 | $ 14,994 | ||
0% 1/1/18 (Escrowed to Maturity) (e) | 1,000 | 687 | ||
5% 1/1/35 (MBIA Insured) | 24,070 | 21,664 | ||
Fremont Unified School District, Alameda County Series F, 0% 8/1/09 (MBIA Insured) | 1,000 | 983 | ||
Fullerton Univ. Foundation Auxiliary Organization Rev. Series A: | ||||
5.75% 7/1/25 (MBIA Insured) | 1,250 | 1,307 | ||
5.75% 7/1/30 (MBIA Insured) | 1,000 | 1,044 | ||
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20 (AMBAC Insured) | 2,645 | 2,756 | ||
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (MBIA Insured) | 1,000 | 1,047 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 A1, 6.625% 6/1/40 (Pre-Refunded to 6/1/13 @ 100) (e) | 2,900 | 3,339 | ||
Series 2003 B: | ||||
5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (e) | 5,000 | 5,402 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (e) | 1,475 | 1,634 | ||
Series A: | ||||
5% 6/1/45 | 13,425 | 11,881 | ||
5% 6/1/45 (FGIC Insured) | 2,775 | 2,476 | ||
Series A1: | ||||
5% 6/1/11 | 1,470 | 1,496 | ||
5% 6/1/12 | 1,400 | 1,423 | ||
5% 6/1/13 | 1,000 | 1,011 | ||
5% 6/1/14 | 2,000 | 1,997 | ||
5% 6/1/15 | 1,000 | 990 | ||
5% 6/1/33 | 3,000 | 2,369 | ||
Series B: | ||||
5% 6/1/11 (Escrowed to Maturity) (e) | 3,610 | 3,824 | ||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (e) | 8,300 | 9,149 | ||
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (MBIA Insured) | 2,750 | 1,756 | ||
Indio Pub. Fing. Auth. Lease Rev. Series B, 3.8%, tender 11/1/12 (AMBAC Insured) (c) | 2,500 | 2,547 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) 7.3% 9/1/11 (MBIA Insured) | $ 555 | $ 624 | ||
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured) | 3,445 | 3,381 | ||
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series A: | ||||
5.25% 11/15/19 | 2,500 | 2,473 | ||
5.25% 11/15/21 | 3,790 | 3,664 | ||
Long Beach Hbr. Rev.: | ||||
Series 2000 A, 5.25% 5/15/23 (FGIC Insured) (d) | 6,505 | 6,533 | ||
Series A: | ||||
5% 5/15/11 (MBIA Insured) (d) | 1,000 | 1,047 | ||
5% 5/15/14 (FGIC Insured) (d) | 2,000 | 2,117 | ||
5% 5/15/15 (FGIC Insured) (d) | 1,000 | 1,059 | ||
5% 5/15/22 (MBIA Insured) (d) | 2,735 | 2,749 | ||
6% 5/15/10 (FGIC Insured) (d) | 1,000 | 1,049 | ||
6% 5/15/12 (FGIC Insured) (d) | 3,500 | 3,798 | ||
Los Angeles Cmnty. College District: | ||||
Series 2005 A, 5.25% 8/1/14 (FSA Insured) | 4,075 | 4,566 | ||
Series A: | ||||
5% 8/1/19 (FGIC Insured) | 3,215 | 3,459 | ||
5% 8/1/20 (FGIC Insured) | 2,415 | 2,568 | ||
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Services Proj.) 5% 9/1/21 (AMBAC Insured) | 2,805 | 2,818 | ||
Los Angeles County Ctfs. of Prtn.: | ||||
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity) (e) | 3,380 | 2,897 | ||
(Disney Parking Proj.): | ||||
0% 3/1/10 | 2,000 | 1,917 | ||
0% 3/1/11 | 1,950 | 1,808 | ||
0% 3/1/12 | 2,180 | 1,939 | ||
0% 3/1/13 | 6,490 | 5,509 | ||
0% 9/1/14 (AMBAC Insured) | 3,860 | 3,073 | ||
0% 3/1/18 | 3,000 | 1,943 | ||
0% 3/1/19 | 3,200 | 1,932 | ||
0% 3/1/20 | 1,000 | 569 | ||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: | ||||
5.375% 9/1/16 (FSA Insured) | 1,045 | 1,143 | ||
5.375% 9/1/17 (FSA Insured) | 1,095 | 1,192 | ||
5.375% 9/1/18 (FSA Insured) | 1,155 | 1,250 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: - continued | ||||
5.375% 9/1/19 (FSA Insured) | $ 1,210 | $ 1,302 | ||
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series A, 5.5% 8/1/24 (AMBAC Insured) | 3,700 | 3,785 | ||
Los Angeles Dept. Arpt. Rev.: | ||||
Series 2006 A: | ||||
5% 5/15/17 (MBIA Insured) (d) | 3,990 | 4,064 | ||
5% 5/15/18 (MBIA Insured) (d) | 1,410 | 1,426 | ||
Series A: | ||||
5% 5/15/16 (MBIA Insured) (d) | 1,000 | 1,053 | ||
5.25% 5/15/19 (FGIC Insured) | 3,000 | 3,130 | ||
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: | ||||
4.75% 8/15/12 (Escrowed to Maturity) (e) | 3,120 | 3,124 | ||
4.75% 8/15/16 (Escrowed to Maturity) (e) | 1,395 | 1,397 | ||
4.75% 10/15/20 (Escrowed to Maturity) (e) | 150 | 150 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A1, 5% 7/1/35 (FSA Insured) | 5,000 | 5,060 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | ||||
Series 1998, 5.5% 10/15/11 (Escrowed to Maturity) (e) | 3,670 | 3,723 | ||
Series 2001 A, 5.125% 7/1/41 | 15,000 | 15,040 | ||
Series 2004 C, 5% 7/1/34 (MBIA Insured) | 1,500 | 1,501 | ||
Series A, 5.125% 7/1/41 (MBIA Insured) | 3,000 | 3,024 | ||
Los Angeles Hbr. Dept. Rev.: | ||||
Series 2005 B, 5% 8/1/14 (FGIC Insured) (d) | 6,265 | 6,518 | ||
7.6% 10/1/18 (Escrowed to Maturity) (e) | 12,265 | 14,949 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22 | 5,500 | 5,670 | ||
Los Angeles Unified School District: | ||||
(Election of 1997 Proj.) Series 2002 E, 5.5% 7/1/14 (MBIA Insured) | 4,300 | 4,673 | ||
Series 2004 A1, 5% 7/1/17 (MBIA Insured) | 3,000 | 3,217 | ||
Series H, 5% 7/1/18 (FSA Insured) | 1,500 | 1,643 | ||
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity) (e) | 1,990 | 2,381 | ||
Marina Coast Wtr. District Ctfs. Prtn. 5% 6/1/37 (MBIA Insured) | 3,500 | 3,341 | ||
Merced Union High School District Series A, 0% 8/1/22 (FGIC Insured) | 1,100 | 538 | ||
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Series 2005 A, 5% 7/1/35 (FSA Insured) | 17,800 | 18,118 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Modesto Elementary School District, Stanislaus County Series A: | ||||
0% 8/1/21 (FGIC Insured) | $ 2,000 | $ 1,047 | ||
0% 8/1/25 (FGIC Insured) | 2,800 | 1,149 | ||
Modesto Gen. Oblig. Ctfs. of Prtn.: | ||||
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) | 2,500 | 2,548 | ||
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (FGIC Insured) | 1,585 | 1,618 | ||
Modesto Irrigation District Ctfs. of Prtn.: | ||||
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (MBIA Insured) (Escrowed to Maturity) (e) | 5,000 | 5,372 | ||
(Rfdg. and Cap. Impts Proj.) Series A, 0% 10/1/10 (Escrowed to Maturity) (e) | 2,270 | 2,157 | ||
Series B, 5.5% 7/1/35 (b) | 3,800 | 3,860 | ||
Monrovia Unified School District Series B, 0% 8/1/33 (FGIC Insured) | 2,500 | 686 | ||
Montebello Unified School District 0% 6/1/26 (FSA Insured) | 1,580 | 620 | ||
Monterey County Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured) | 3,580 | 3,785 | ||
Moreland School District Series 2003 B, 0% 8/1/27 (FGIC Insured) | 1,485 | 543 | ||
Murrieta Valley Unified School District Series A, 0% 9/1/13 (FGIC Insured) | 1,500 | 1,252 | ||
Natomas Unified School District 5.25% 8/1/30 (FGIC Insured) | 5,150 | 5,208 | ||
New Haven Unified School District: | ||||
12% 8/1/16 (FSA Insured) | 1,500 | 2,367 | ||
12% 8/1/17 (FSA Insured) | 1,000 | 1,626 | ||
North City West School Facilities Fing. Auth. Spl. Tax: | ||||
Series B, 5.25% 9/1/23 (AMBAC Insured) | 1,530 | 1,567 | ||
Series C: | ||||
5% 9/1/16 (AMBAC Insured) | 1,000 | 1,062 | ||
5% 9/1/17 (AMBAC Insured) | 2,735 | 2,895 | ||
Northern California Gas Auth. #1 Gas Proj. Rev. Series 2007 A, 5% 7/1/11 | 2,300 | 2,337 | ||
Northern California Power Agency Rev. (Hydroelectric Number One Proj.): | ||||
Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) (e) | 3,850 | 5,085 | ||
Series 2008 C, 5% 7/1/12 | 2,500 | 2,669 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (MBIA Insured) | $ 6,100 | $ 6,801 | ||
Novato Unified School District 5.25% 8/1/17 (FGIC Insured) | 1,000 | 1,059 | ||
Oakland Joint Powers Fing. Auth. Series A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured) | 3,000 | 3,163 | ||
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): | ||||
5% 9/1/21 (Escrowed to Maturity) (e) | 1,000 | 1,097 | ||
5.5% 9/1/17 (FGIC Insured) | 3,000 | 3,156 | ||
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.) 0% 8/1/10 (MBIA Insured) | 3,255 | 3,090 | ||
Orange County Local Trans. Auth. Sales Tax Rev. 6.2% 2/14/11 (AMBAC Insured) | 7,000 | 7,380 | ||
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev.: | ||||
5.75% 12/1/09 (AMBAC Insured) (d) | 3,620 | 3,749 | ||
5.75% 12/1/11 (AMBAC Insured) (d) | 4,000 | 4,301 | ||
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) 5.375% 6/1/16 (AMBAC Insured) | 3,770 | 4,015 | ||
Oxnard Fin. Auth. Solid Waste Rev.: | ||||
5% 5/1/09 (AMBAC Insured) (d) | 1,785 | 1,819 | ||
5% 5/1/10 (AMBAC Insured) (d) | 1,820 | 1,887 | ||
5% 5/1/12 (AMBAC Insured) (d) | 2,065 | 2,184 | ||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series A, 5% 6/1/29 (FGIC Insured) | 3,000 | 3,009 | ||
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) 5.8% 8/1/29 (FSA Insured) | 6,410 | 6,591 | ||
Placer County Union High School District Series A: | ||||
0% 8/1/20 (FGIC Insured) | 2,000 | 1,107 | ||
0% 8/1/21 (FGIC Insured) | 1,000 | 517 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12 | 1,615 | 1,613 | ||
Pomona Unified School District Series C, 6% 8/1/30 (Escrowed to Maturity) (e) | 4,035 | 4,164 | ||
Port of Oakland Rev.: | ||||
Series 2000 K: | ||||
5.7% 11/1/19 (FGIC Insured) (d) | 5,285 | 5,340 | ||
5.75% 11/1/15 (FGIC Insured) (d) | 4,030 | 4,114 | ||
Series 2002 N: | ||||
5% 11/1/12 (MBIA Insured) (d) | 2,800 | 2,941 | ||
5% 11/1/15 (MBIA Insured) (d) | 5,850 | 5,964 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Port of Oakland Rev.: - continued | ||||
Series 2002 N: | ||||
5% 11/1/17 (MBIA Insured) (d) | $ 3,355 | $ 3,379 | ||
5% 11/1/18 (MBIA Insured) (d) | 2,740 | 2,743 | ||
Series A: | ||||
5% 11/1/14 (MBIA Insured) (d) | 10,910 | 11,271 | ||
5% 11/1/16 (MBIA Insured) (d) | 2,885 | 2,941 | ||
5% 11/1/17 (MBIA Insured) (d) | 2,185 | 2,204 | ||
Series L, 5.5% 11/1/20 (FGIC Insured) (d) | 3,405 | 3,444 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev.: | ||||
Cap. Appreciation Series 2007, 0%, tender 6/1/10 (FSA Insured) (c) | 1,890 | 1,790 | ||
Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 6,770 | 5,382 | ||
Series 2008 C: | ||||
3.125%, tender 12/1/11 (FSA Insured) (c) | 3,065 | 3,106 | ||
4%, tender 12/1/11 (FSA Insured) (c) | 6,500 | 6,762 | ||
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (MBIA Insured) | 3,500 | 3,436 | ||
Redwood City Elementary School District 0% 8/1/20 (FGIC Insured) | 4,825 | 2,702 | ||
Richmond Redev. Agcy. Tax Allocation Rev. (Harbour Redev. Proj.) 7% 7/1/09 (FSA Insured) | 10 | 10 | ||
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): | ||||
Series A, 6.5% 6/1/12 (MBIA Insured) | 15,500 | 16,949 | ||
Series B, 5.7% 6/1/16 (MBIA Insured) | 1,950 | 2,096 | ||
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.): | ||||
Series 2004: | ||||
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured) | 2,020 | 2,068 | ||
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured) | 2,125 | 2,167 | ||
Series A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured) | 3,740 | 3,836 | ||
Riverside County Trans. Commission Sales Tax Rev.: | ||||
4%, tender 12/1/09 (c) | 2,445 | 2,488 | ||
5%, tender 12/1/09 (c) | 3,300 | 3,398 | ||
Rocklin Unified School District Series 2002: | ||||
0% 8/1/24 (FGIC Insured) | 1,370 | 593 | ||
0% 8/1/25 (FGIC Insured) | 2,725 | 1,109 | ||
0% 8/1/26 (FGIC Insured) | 1,365 | 522 | ||
Roseville City School District Series 2002 A: | ||||
0% 8/1/25 (FGIC Insured) | 1,745 | 716 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Roseville City School District Series 2002 A: - continued | ||||
0% 8/1/27 (FGIC Insured) | $ 1,940 | $ 703 | ||
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) | 2,000 | 2,184 | ||
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (MBIA Insured) | 7,735 | 5,805 | ||
Sacramento Muni. Util. District Elec. Rev.: | ||||
Series 2001 P, 5.25% 8/15/16 (FSA Insured) | 1,500 | 1,588 | ||
Series R, 5% 8/15/33 (MBIA Insured) | 6,825 | 6,673 | ||
San Bernardino County Ctfs. of Prtn.: | ||||
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (e) | 8,500 | 10,670 | ||
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 | 10,000 | 10,697 | ||
San Diego Cmnty. College District: | ||||
Series 2002 A, 5% 5/1/22 (FSA Insured) | 1,000 | 1,035 | ||
Series 2007, 0% 8/1/17 (FSA Insured) | 3,395 | 2,338 | ||
San Diego County Ctfs. of Prtn.: | ||||
(North and East County Justice Facilities Proj.): | ||||
5% 11/15/16 (AMBAC Insured) | 2,000 | 2,145 | ||
5% 11/15/17 (AMBAC Insured) | 2,000 | 2,123 | ||
5% 11/15/18 (AMBAC Insured) | 2,000 | 2,102 | ||
(The Bishop's School Proj.) Series A, 6% 9/1/34, LOC Bank of New York, New York | 4,090 | 4,319 | ||
(Univ. of San Diego Proj.) 5.25% 10/1/11 | 1,705 | 1,812 | ||
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. 5% 7/1/12 (AMBAC Insured) (d) | 2,200 | 2,318 | ||
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5% 5/1/29 (FSA Insured) | 5,000 | 5,087 | ||
San Diego Unified School District (Election of 1998 Proj.): | ||||
Series 2000 B, 6.05% 7/1/18 (MBIA Insured) | 2,290 | 2,703 | ||
Series 2002 D: | ||||
5.25% 7/1/17 (FGIC Insured) (Pre-Refunded to 7/1/12 @ 101) (e) | 4,325 | 4,724 | ||
5.25% 7/1/20 (FGIC Insured) (Pre-Refunded to 7/1/12 @ 101) (e) | 4,000 | 4,369 | ||
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 | 1,620 | 1,638 | ||
San Francisco Bay Area Rapid Transit Fing. Auth. Series 2004 A, 5% 8/1/35 | 6,815 | 6,842 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | ||||
(SFO Fuel Co. Proj.) Series A: | ||||
5.125% 1/1/17 (AMBAC Insured) (d) | $ 6,000 | $ 6,071 | ||
5.25% 1/1/18 (AMBAC Insured) (d) | 4,515 | 4,566 | ||
Second Series 32F, 5.25% 5/1/19 (FGIC Insured) | 2,500 | 2,666 | ||
Second Series 32H: | ||||
5% 5/1/11 (CIFG North America Insured) (d) | 2,325 | 2,382 | ||
5% 5/1/12 (CIFG North America Insured) (d) | 1,000 | 1,026 | ||
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series A, 5% 11/1/32 (MBIA Insured) | 6,810 | 6,781 | ||
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: | ||||
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (MBIA Insured) | 1,475 | 1,397 | ||
Series A: | ||||
0% 8/1/09 (FGIC Insured) | 5 | 5 | ||
0% 8/1/10 (FGIC Insured) | 1,085 | 1,027 | ||
San Jacinto Unified School District 5.25% 8/1/32 (FSA Insured) | 3,080 | 3,184 | ||
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.): | ||||
5% 11/15/20 (MBIA Insured) | 3,720 | 3,819 | ||
5% 11/15/21 (MBIA Insured) | 3,645 | 3,707 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1997 A: | ||||
0% 1/15/26 (MBIA Insured) | 11,000 | 4,015 | ||
5.5% 1/15/28 | 1,060 | 961 | ||
Series A: | ||||
0% 1/15/10 (MBIA Insured) | 2,240 | 2,158 | ||
0% 1/15/12 (MBIA Insured) | 7,000 | 6,223 | ||
0% 1/15/15 (MBIA Insured) | 5,000 | 3,797 | ||
0% 1/15/20 (MBIA Insured) | 3,765 | 2,059 | ||
0% 1/15/31 (MBIA Insured) | 5,000 | 1,293 | ||
San Jose Int'l. Arpt. Rev.: | ||||
Series A, 5.25% 3/1/14 (FGIC Insured) | 1,000 | 1,045 | ||
5% 3/1/24 (AMBAC Insured) (d) | 9,690 | 8,968 | ||
5% 3/1/37 (AMBAC Insured) (d) | 10,000 | 8,764 | ||
San Jose Unified School District Santa Clara County: | ||||
Series 2002 B, 5% 8/1/25 (FGIC Insured) | 1,750 | 1,782 | ||
Series A, 5.375% 8/1/20 (FSA Insured) | 1,895 | 1,996 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Luis Obispo County Fing. Auth. Series 2000 A, 5.375% 8/1/24 (MBIA Insured) | $ 1,000 | $ 1,021 | ||
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (e) | 1,990 | 1,544 | ||
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (FGIC Insured) | 3,000 | 1,965 | ||
San Mateo Unified School District (Election of 2000 Proj.) Series B: | ||||
0% 9/1/23 (FGIC Insured) | 2,000 | 937 | ||
0% 9/1/25 (FGIC Insured) | 1,490 | 619 | ||
0% 9/1/26 (FGIC Insured) | 1,500 | 586 | ||
Sanger Unified School District 5.6% 8/1/23 (MBIA Insured) | 3,000 | 3,148 | ||
Santa Clara County Fing. Auth. (El Camino Hosp. Proj.): | ||||
Series B, 5.125% 2/1/41 (AMBAC Insured) | 2,000 | 1,910 | ||
Series C, 5.75% 2/1/41 (AMBAC Insured) | 8,000 | 8,184 | ||
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (MBIA Insured) | 1,865 | 2,159 | ||
Santa Rosa Wastewtr. Rev. Series 2002 B: | ||||
0% 9/1/20 (AMBAC Insured) | 4,030 | 2,247 | ||
0% 9/1/22 (AMBAC Insured) | 2,900 | 1,422 | ||
0% 9/1/25 (AMBAC Insured) | 6,800 | 2,777 | ||
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (MBIA Insured) | 5,015 | 5,017 | ||
Shasta Union High School District: | ||||
Series 2002, 0% 8/1/26 (FGIC Insured) | 1,000 | 382 | ||
Series 2003, 0% 5/1/28 (MBIA Insured) | 3,340 | 1,098 | ||
Sierra View Local Health Care District Rev. 5.25% 7/1/37 | 1,500 | 1,344 | ||
Southern California Pub. Pwr. Auth. Rev. (Multiple Projs.): | ||||
6.75% 7/1/10 | 1,400 | 1,510 | ||
6.75% 7/1/11 | 6,500 | 7,176 | ||
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (FGIC Insured) | 2,495 | 921 | ||
Sulphur Springs Union School District Series A, 0% 9/1/12 (MBIA Insured) | 2,750 | 2,401 | ||
Sweetwater Union High School District Series A, 5.625% 8/1/47 (FSA Insured) | 16,900 | 17,893 | ||
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) | 2,015 | 1,833 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured) | $ 3,000 | $ 3,055 | ||
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: | ||||
5.5% 6/1/31 | 2,350 | 2,359 | ||
6% 6/1/22 | 1,100 | 1,150 | ||
Ukiah Unified School District 0% 8/1/14 (FGIC Insured) | 3,040 | 2,423 | ||
Union Elementary School District Series A: | ||||
0% 9/1/18 (FGIC Insured) | 1,000 | 639 | ||
0% 9/1/21 (FGIC Insured) | 2,995 | 1,571 | ||
Univ. of California Revs.: | ||||
(Ltd. Proj.): | ||||
Series B: | ||||
5% 5/15/20 (FSA Insured) | 2,800 | 2,921 | ||
5% 5/15/33 (FSA Insured) | 1,000 | 1,007 | ||
Series D, 5% 5/15/25 (FGIC Insured) | 4,250 | 4,313 | ||
(UCLA Med. Ctr. Proj.): | ||||
Series A: | ||||
5.5% 5/15/21 (AMBAC Insured) | 785 | 835 | ||
5.5% 5/15/24 (AMBAC Insured) | 370 | 392 | ||
4.55% 12/1/09 (Escrowed to Maturity) (e)(f) | 20,787 | 21,493 | ||
Series 2005 F, 4.75% 5/15/35 (FSA Insured) | 1,500 | 1,458 | ||
Series A, 5.125% 5/15/18 (AMBAC Insured) | 2,000 | 2,147 | ||
Series B: | ||||
5% 5/15/16 (FSA Insured) | 2,100 | 2,264 | ||
5% 5/15/17 (FSA Insured) | 4,000 | 4,272 | ||
5.25% 5/15/16 (AMBAC Insured) | 5,000 | 5,423 | ||
Series C, 4.75% 5/15/37 (MBIA Insured) | 3,330 | 3,150 | ||
Series K, 5% 5/15/22 | 6,455 | 6,765 | ||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.) 5.25% 1/1/13 | 8,500 | 8,516 | ||
Val Verde Unified School District Ctfs. of Prtn.: | ||||
5% 1/1/35 (FGIC Insured) | 2,090 | 1,877 | ||
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100) (e) | 1,000 | 1,124 | ||
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100) (e) | 1,380 | 1,551 | ||
Victor Elementary School District Series A, 0% 6/1/14 (MBIA Insured) | 2,375 | 1,889 | ||
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (MBIA Insured) | 2,120 | 2,206 | ||
Vista Unified School District Series A: | ||||
5.375% 8/1/15 (FSA Insured) | 130 | 141 | ||
5.375% 8/1/16 (FSA Insured) | 100 | 107 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Walnut Valley Unified School District Series D: | ||||
0% 8/1/30 (FGIC Insured) | $ 2,875 | $ 868 | ||
0% 8/1/31 (FGIC Insured) | 2,715 | 768 | ||
0% 8/1/32 (FGIC Insured) | 1,315 | 349 | ||
5.25% 8/1/16 (FGIC Insured) | 1,000 | 1,081 | ||
Washington Township Health Care District Rev. Series A: | ||||
5% 7/1/23 | 1,460 | 1,440 | ||
5% 7/1/25 | 1,665 | 1,619 | ||
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 19,000 | 20,085 | ||
Western Placer Unified School District Ctfs. of Prtn. (School Facilities Proj.) Series B, 3.625%, tender 12/1/09 (FSA Insured) (c) | 4,300 | 4,361 | ||
Yuba City Unified School District Series A, 0% 9/1/21 (FGIC Insured) | 2,090 | 1,089 | ||
| 1,645,439 | |||
Guam - 0.2% | ||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev.: | ||||
5% 7/1/09 | 1,100 | 1,106 | ||
5.875% 7/1/35 | 1,875 | 1,803 | ||
| 2,909 | |||
Puerto Rico - 0.8% | ||||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 4.837% 7/1/21 (FGIC Insured) (c) | 4,600 | 3,865 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (c) | 7,000 | 7,229 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series A, 0% 8/1/41 (FGIC Insured) | 9,500 | 1,475 | ||
| 12,569 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Rev. Series A: | ||||
5% 10/1/10 | $ 550 | $ 566 | ||
5.25% 10/1/15 | 1,255 | 1,290 | ||
| 1,856 |
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $1,658,289) | 1,662,773 | ||
NET OTHER ASSETS - 0.6% | 10,635 | ||
NET ASSETS - 100% | $ 1,673,408 |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,493,000 or 1.3% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (Escrowed to Maturity) | 3/6/02 | $ 20,787 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,662,773 | $ - | $ 1,662,773 | $ - |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 39.6% |
Transportation | 12.2% |
Water & Sewer | 8.7% |
Health Care | 8.4% |
Escrowed/Pre-Refunded | 8.1% |
Education | 5.7% |
Electric Utilities | 5.2% |
Others* (individually less than 5%) | 12.1% |
| 100.0% |
*Includes net other 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, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,658,289) |
| $ 1,662,773 |
Receivable for investments sold | 600 | |
Receivable for fund shares sold | 1,240 | |
Interest receivable | 17,941 | |
Prepaid expenses | 1 | |
Other receivables | 69 | |
Total assets | 1,682,624 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 1,978 | |
Payable for investments purchased on a delayed delivery basis | 3,872 | |
Payable for fund shares redeemed | 576 | |
Distributions payable | 1,734 | |
Accrued management fee | 507 | |
Distribution fees payable | 20 | |
Other affiliated payables | 498 | |
Other payables and accrued expenses | 31 | |
Total liabilities | 9,216 | |
|
|
|
Net Assets | $ 1,673,408 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,673,515 | |
Undistributed net investment income | 1,368 | |
Accumulated undistributed net realized gain (loss) on investments | (5,959) | |
Net unrealized appreciation (depreciation) on investments | 4,484 | |
Net Assets | $ 1,673,408 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | August 31, 2008 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 11.94 | |
|
|
|
Maximum offering price per share (100/96.00 of $11.94) | $ 12.44 | |
Class T: | $ 11.96 | |
|
|
|
Maximum offering price per share (100/96.00 of $11.96) | $ 12.46 | |
Class B: | $ 11.93 | |
|
|
|
Class C: | $ 11.92 | |
|
|
|
California Municipal Income: | $ 11.92 | |
|
|
|
Institutional Class: | $ 11.94 |
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
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 38,724 |
|
|
|
Expenses | ||
Management fee | $ 3,083 | |
Transfer agent fees | 581 | |
Distribution fees | 108 | |
Accounting fees and expenses | 157 | |
Custodian fees and expenses | 12 | |
Independent trustees' compensation | 4 | |
Registration fees | 69 | |
Audit | 25 | |
Legal | 3 | |
Miscellaneous | 6 | |
Total expenses before reductions | 4,048 | |
Expense reductions | (132) | 3,916 |
Net investment income | 34,808 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (3,330) | |
Futures contracts | 286 | |
Total net realized gain (loss) |
| (3,044) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 45,831 | |
Futures contracts | (268) | |
Total change in net unrealized appreciation (depreciation) |
| 45,563 |
Net gain (loss) | 42,519 | |
Net increase (decrease) in net assets resulting from operations | $ 77,327 |
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 August 31, 2008 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 34,808 | $ 65,641 |
Net realized gain (loss) | (3,044) | 5,976 |
Change in net unrealized appreciation (depreciation) | 45,563 | (105,132) |
Net increase (decrease) in net assets resulting | 77,327 | (33,515) |
Distributions to shareholders from net investment income | (34,725) | (65,536) |
Distributions to shareholders from net realized gain | (568) | (9,277) |
Total distributions | (35,293) | (74,813) |
Share transactions - net increase (decrease) | 39,019 | 48,978 |
Redemption fees | 15 | 24 |
Total increase (decrease) in net assets | 81,068 | (59,326) |
|
|
|
Net Assets | ||
Beginning of period | 1,592,340 | 1,651,666 |
End of period (including undistributed net investment income of $1,368 and undistributed net investment income of $1,326, respectively) | $ 1,673,408 | $ 1,592,340 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.63 | $ 12.41 | $ 12.46 | $ 12.56 | $ 12.84 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .229 | .457 | .478 | .490 | .505 | .521 |
Net realized and unrealized gain (loss) | .314 | (.711) | .050 | (.025) | (.149) | .248 |
Total from investment operations | .543 | (.254) | .528 | .465 | .356 | .769 |
Distributions from net investment income | (.229) | (.457) | (.483) | (.490) | (.501) | (.517) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.233) | (.526) | (.578) | (.565) | (.636) | (.689) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.94 | $ 11.63 | $ 12.41 | $ 12.46 | $ 12.56 | $ 12.84 |
Total Return B, C, D | 4.69% | (2.15)% | 4.36% | 3.78% | 2.92% | 6.25% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .74%A | .73% | .64% | .65% | .66% | .65% |
Expenses net of fee waivers, if any | .74%A | .73% | .64% | .65% | .66% | .65% |
Expenses net of all reductions | .72%A | .70% | .62% | .62% | .65% | .65% |
Net investment income | 3.82%A | 3.76% | 3.88% | 3.93% | 4.04% | 4.12% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 30 | $ 20 | $ 13 | $ 11 | $ 7 | $ 6 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.65 | $ 12.43 | $ 12.48 | $ 12.58 | $ 12.86 | $ 12.79 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .231 | .458 | .466 | .477 | .492 | .508 |
Net realized and unrealized gain (loss) | .313 | (.712) | .048 | (.027) | (.150) | .237 |
Total from investment operations | .544 | (.254) | .514 | .450 | .342 | .745 |
Distributions from net investment income | (.230) | (.457) | (.469) | (.475) | (.487) | (.503) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.234) | (.526) | (.564) | (.550) | (.622) | (.675) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.96 | $ 11.65 | $ 12.43 | $ 12.48 | $ 12.58 | $ 12.86 |
Total Return B, C, D | 4.69% | (2.15)% | 4.24% | 3.66% | 2.80% | 6.04% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .73% A | .74% | .75% | .77% | .77% | .76% |
Expenses net of fee waivers, if any | .73%A | .74% | .75% | .77% | .77% | .76% |
Expenses net of all reductions | .71%A | .70% | .72% | .73% | .76% | .76% |
Net investment income | 3.84%A | 3.75% | 3.77% | 3.81% | 3.93% | 4.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 7 | $ 5 | $ 5 | $ 4 | $ 3 | $ 4 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.62 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.84 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .191 | .376 | .383 | .394 | .409 | .426 |
Net realized and unrealized gain (loss) | .313 | (.712) | .049 | (.026) | (.159) | .248 |
Total from investment operations | .504 | (.336) | .432 | .368 | .250 | .674 |
Distributions from net investment income | (.190) | (.375) | (.387) | (.393) | (.405) | (.422) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.194) | (.444) | (.482) | (.468) | (.540) | (.594) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.93 | $ 11.62 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.84 |
Total Return B, C, D | 4.35% | (2.81)% | 3.57% | 2.99% | 2.06% | 5.46% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.40% A | 1.41% | 1.41% | 1.42% | 1.42% | 1.41% |
Expenses net of fee waivers, if any | 1.40% A | 1.41% | 1.41% | 1.42% | 1.42% | 1.41% |
Expenses net of all reductions | 1.38% A | 1.37% | 1.39% | 1.39% | 1.41% | 1.40% |
Net investment income | 3.17% A | 3.08% | 3.11% | 3.15% | 3.28% | 3.37% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
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 August 31, 2008 | Years ended February 28, | ||||
(Unaudited) | 2008 G | 2007 | 2006 | 2005 | 2004 G | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.61 | $ 12.40 | $ 12.44 | $ 12.55 | $ 12.83 | $ 12.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .185 | .364 | .371 | .382 | .397 | .411 |
Net realized and unrealized gain (loss) | .314 | (.721) | .061 | (.035) | (.149) | .248 |
Total from investment operations | .499 | (.357) | .432 | .347 | .248 | .659 |
Distributions from net investment income | (.185) | (.364) | (.377) | (.382) | (.393) | (.407) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.189) | (.433) | (.472) | (.457) | (.528) | (.579) |
Redemption fees added to paid in capitalE, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.92 | $ 11.61 | $ 12.40 | $ 12.44 | $ 12.55 | $ 12.83 |
Total Return B, C, D | 4.31% | (2.98)% | 3.56% | 2.81% | 2.04% | 5.34% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.48% A | 1.50% | 1.50% | 1.52% | 1.52% | 1.52% |
Expenses net of fee waivers, if any | 1.48% A | 1.50% | 1.50% | 1.52% | 1.52% | 1.52% |
Expenses net of all reductions | 1.46% A | 1.47% | 1.48% | 1.49% | 1.51% | 1.51% |
Net investment income | 3.09% A | 2.99% | 3.02% | 3.06% | 3.18% | 3.25% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 11 | $ 8 | $ 10 | $ 10 | $ 11 | $ 12 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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 For the year ended February 29.
H Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - California Municipal Income
| Six months ended | Years ended February 28, | ||||
(Unaudited) | 2008 F | 2007 | 2006 | 2005 | 2004 F | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.61 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.83 | $ 12.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .247 | .491 | .499 | .512 | .527 | .544 |
Net realized and unrealized gain (loss) | .313 | (.722) | .050 | (.025) | (.149) | .247 |
Total from investment operations | .560 | (.231) | .549 | .487 | .378 | .791 |
Distributions from net investment income | (.246) | (.490) | (.504) | (.512) | (.523) | (.539) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.250) | (.559) | (.599) | (.587) | (.658) | (.711) |
Redemption fees added to paid in capital D, G | - | - | - | - | - | - |
Net asset value, end of period | $ 11.92 | $ 11.61 | $ 12.40 | $ 12.45 | $ 12.55 | $ 12.83 |
Total Return B, C | 4.85% | (1.97)% | 4.55% | 3.97% | 3.11% | 6.44% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .46% A | .46% | .47% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .46% A | .46% | .47% | .48% | .48% | .48% |
Expenses net of all reductions | .45% A | .43% | .44% | .45% | .47% | .48% |
Net investment income | 4.10% A | 4.03% | 4.05% | 4.10% | 4.22% | 4.29% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 1,604 | $ 1,543 | $ 1,611 | $ 1,601 | $ 1,506 | $ 1,550 |
Portfolio turnover rate | 28% A | 27% | 23% | 19% | 15% | 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 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 fee 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.
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
Financial Highlights - Institutional Class
| Six months ended August 31, 2008 | Years ended February 28, | ||||
(Unaudited) | 2008 F | 2007 | 2006 | 2005 | 2004 F | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.63 | $ 12.42 | $ 12.47 | $ 12.57 | $ 12.85 | $ 12.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .245 | .486 | .493 | .509 | .529 | .546 |
Net realized and unrealized gain (loss) | .314 | (.722) | .049 | (.025) | (.151) | .254 |
Total from investment operations | .559 | (.236) | .542 | .484 | .378 | .800 |
Distributions from net investment income | (.245) | (.485) | (.497) | (.509) | (.523) | (.538) |
Distributions from net realized gain | (.004) | (.069) | (.095) | (.075) | (.135) | (.172) |
Total distributions | (.249) | (.554) | (.592) | (.584) | (.658) | (.710) |
Redemption fees added to paid in capitalD, G | - | - | - | - | - | - |
Net asset value, end of period | $ 11.94 | $ 11.63 | $ 12.42 | $ 12.47 | $ 12.57 | $ 12.85 |
Total Return B, C | 4.83% | (2.00)% | 4.48% | 3.94% | 3.10% | 6.51% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .48% A | .50% | .53% | .50% | .47% | .49% |
Expenses net of fee waivers, if any | .48%A | .50% | .53% | .50% | .47% | .49% |
Expenses net of all reductions | .47%A | .47% | .50% | .46% | .47% | .49% |
Net investment income | 4.08%A | 3.99% | 3.99% | 4.08% | 4.23% | 4.28% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period | $ 17,387 | $ 10,930 | $ 7,882 | $ 2,143 | $ 1,057 | $ 264 |
Portfolio turnover rate | 28%A | 27% | 23% | 19% | 15% | 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 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 fee 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.
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
Notes to Financial Statements
For the period ended August 31, 2008 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity California Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of August 31, 2008, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 pm Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service (IRS).
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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation and losses deferred due to futures transactions.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 37,079 |
|
Unrealized depreciation | (31,314) |
|
Net unrealized appreciation (depreciation) | $ 5,765 |
|
Cost for federal income tax purposes | $ 1,657,008 |
|
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance.
3. 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 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's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Operating Policies - continued
Futures Contracts. The Fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
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 at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $283,773 and $232,752, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .36% 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | .25% | $ 30 | $ 5 |
Class T | 0% | .25% | 8 | - |
Class B | .65% | .25% | 22 | 16 |
Class C | .75% | .25% | 48 | 12 |
|
|
| $ 108 | $ 33 |
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling 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, ..75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 21 |
Class T | 2 |
Class B* | 12 |
Class C* | 1 |
| $ 36 |
* 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, California Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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 shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 12 | .10 |
Class T | 3 | .08 |
Class B | 3 | .11 |
Class C | 4 | .09 |
California Municipal Income | 552 | .07 |
Institutional Class | 7 | .09 |
| $ 581 |
|
* Annualized
Citibank also has a sub-arrangement 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.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
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 $12 and $112, respectively. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent |
California Municipal Income | $ 8 |
Semiannual Report
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 457 | $ 552 |
Class T | 123 | 183 |
Class B | 77 | 158 |
Class C | 151 | 275 |
California Municipal Income | 33,586 | 64,032 |
Institutional Class | 331 | 336 |
Total | $ 34,725 | $ 65,536 |
From net realized gain |
|
|
Class A | $ 7 | $ 81 |
Class T | 2 | 28 |
Class B | 2 | 30 |
Class C | 3 | 53 |
California Municipal Income | 549 | 9,038 |
Institutional Class | 5 | 47 |
Total | $ 568 | $ 9,277 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended August 31, | Year ended February 29, | Six months ended August 31, | Year ended February 29, | |
Class A |
|
|
|
|
Shares sold | 1,111 | 1,031 | $ 13,269 | $ 12,553 |
Reinvestment of distributions | 24 | 32 | 286 | 389 |
Shares redeemed | (341) | (410) | (4,094) | (5,007) |
Net increase (decrease) | 794 | 653 | $ 9,461 | $ 7,935 |
Class T |
|
|
|
|
Shares sold | 202 | 88 | $ 2,422 | $ 1,089 |
Reinvestment of distributions | 8 | 14 | 96 | 167 |
Shares redeemed | (32) | (58) | (389) | (712) |
Net increase (decrease) | 178 | 44 | $ 2,129 | $ 544 |
Class B |
|
|
|
|
Shares sold | 44 | 50 | $ 526 | $ 610 |
Reinvestment of distributions | 3 | 6 | 32 | 72 |
Shares redeemed | (82) | (62) | (980) | (759) |
Net increase (decrease) | (35) | (6) | $ (422) | $ (77) |
Class C |
|
|
|
|
Shares sold | 281 | 204 | $ 3,352 | $ 2,490 |
Reinvestment of distributions | 7 | 15 | 86 | 183 |
Shares redeemed | (99) | (305) | (1,175) | (3,710) |
Net increase (decrease) | 189 | (86) | $ 2,263 | $ (1,037) |
California Municipal Income |
|
|
|
|
Shares sold | 18,755 | 28,642 | $ 223,682 | $ 349,083 |
Reinvestment of distributions | 1,957 | 4,111 | 23,312 | 49,922 |
Shares redeemed | (19,115) | (29,771) | (227,580) | (361,103) |
Net increase (decrease) | 1,597 | 2,982 | $ 19,414 | $ 37,902 |
Institutional Class |
|
|
|
|
Shares sold | 858 | 552 | $ 10,253 | $ 6,705 |
Reinvestment of distributions | 17 | 11 | 203 | 132 |
Shares redeemed | (359) | (258) | (4,282) | (3,126) |
Net increase (decrease) | 516 | 305 | $ 6,174 | $ 3,711 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity California Municipal Income Fund
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.
At its June 2008 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. The Board also approved agreements with foreign sub-advisers Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Japan) Inc., and Fidelity Management & Research (Hong Kong) Limited.
In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) contractually agreeing to reduce the management fees on Fidelity's Institutional Money Market Funds and launching Class IV and Institutional Class of certain of these funds; (iii) reducing the transfer agent fees for the Fidelity Select Portfolios and Investor Class of the VIP funds; and (iv) launching Class K of 29 equity funds as a lower-fee class available to certain employer-sponsored retirement plans.
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2007, the cumulative total returns of Fidelity California Municipal Income (retail class) and Class C of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of Fidelity California Municipal Income (retail class) and Class C show the performance of the highest and lowest performing classes, respectively (based on three-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Fidelity California Municipal Income Fund
The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity California Municipal Income (retail class) of the fund was in the first quartile for all the periods shown. The Board also stated that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Fidelity California Municipal Income (retail class) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Semiannual Report
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.
Fidelity California Municipal Income Fund
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2007.
Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that each class's total expenses ranked below its competitive median for 2007.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
Semiannual Report
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends and actions to be taken by FMR to improve certain funds' overall performance; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's fund profitability methodology, the profitability of certain fund service providers, and profitability trends for certain funds; (iv) Fidelity's compensation structure for portfolio managers and key personnel, including its effects on fund profitability and the extent to which portfolio manager compensation is linked to fund performance; (v) Fidelity's fee structures; (vi) the funds' sub-advisory arrangements; and (vii) accounts managed by Fidelity other than the Fidelity funds.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASCMI-USAN-1008 1.790937.105
Fidelity®
California Short-Intermediate Tax-Free Bond Fund
Semiannual Report
August 31, 2008
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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. | |
Board Approval of Investment Advisory Contracts and Management Fees |
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To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Most domestic and international equity indexes continued to dwell in negative territory, pressured by unfavorable
credit-market conditions, particularly in the United States. On the upside,
investment-grade bonds and money markets generally have served investors well so far this year. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2008 to August 31, 2008).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Expenses Paid |
Actual | $ 1,000.00 | $ 1,033.50 | $ 1.79 |
Hypothetical (5% return per year before expenses) | $ 1,000.00 | $ 1,023.44 | $ 1.79 |
* Expenses are equal to the Fund's annualized expense ratio of .35%; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
General Obligations | 29.9 | 31.9 |
Escrowed/Pre-Refunded | 23.2 | 24.0 |
Electric Utilities | 9.5 | 8.6 |
Health Care | 9.5 | 6.7 |
Special Tax | 8.5 | 12.7 |
Weighted Average Maturity as of August 31, 2008 | ||
|
| 6 months ago |
Years | 3.6 | 3.6 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of August 31, 2008 | ||
|
| 6 months ago |
Years | 3.2 | 3.2 |
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, 2008 | As of February 29, 2008 | ||||||
![]() | AAA 37.8% |
| ![]() | AAA 54.1% |
| ||
![]() | AA,A 53.2% |
| ![]() | AA,A 36.8% |
| ||
![]() | BBB 4.9% |
| ![]() | BBB 5.1% |
| ||
![]() | BB and Below 0.1% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 1.2% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
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, 2008 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 92.1% | ||||
| Principal Amount | Value | ||
California - 88.4% | ||||
ABAG Fin. Auth. for Nonprofit Corp. Rev. (Hamlin School Proj.) 4.375% 8/1/13 | $ 220,000 | $ 212,124 | ||
Alameda County Ctfs. of Prtn. Series A, 5.375% 12/1/09 (MBIA Insured) | 170,000 | 176,314 | ||
Alameda Unified School District Gen. Oblig. 5.5% 7/1/13 (FSA Insured) | 25,000 | 27,930 | ||
Alhambra Unified School District Ctfs. of Prtn. 5.5% 4/1/15 (FSA Insured) | 1,000,000 | 1,047,300 | ||
Anaheim Union High School District Series A, 5% 8/1/22 (Pre-Refunded to 8/1/12 @ 100) (b) | 155,000 | 169,522 | ||
Bay Area Infrastructure Fing. Auth. 5% 8/1/13 (XL Cap. Assurance, Inc. Insured) | 1,000,000 | 1,030,230 | ||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2001 D, 5% 4/1/10 | 245,000 | 256,297 | ||
Big Bear Lake Wtr. Rev. 6% 4/1/11 (MBIA Insured) | 1,225,000 | 1,291,260 | ||
California County Tobacco Securitization Agcy. Tobacco Settlement Asset-Backed: | ||||
Series 2002 A, 5.875% 6/1/43 (Pre-Refunded to 6/1/12 @ 100) (b) | 165,000 | 184,328 | ||
Series A, 5.875% 6/1/43 (Pre-Refunded to 6/1/12 @ 100) (b) | 125,000 | 139,643 | ||
California Dept. of Trans. Rev. Series A: | ||||
5% 2/1/11 (MBIA Insured) | 355,000 | 376,982 | ||
5% 2/1/12 (FGIC Insured) | 100,000 | 107,574 | ||
California Dept. of Wtr. Resources Central Valley Proj. Rev.: | ||||
Series J3, 7% 12/1/12 (Escrowed to Maturity) (b) | 70,000 | 82,692 | ||
Series Q, 6% 12/1/09 | 40,000 | 42,058 | ||
Series T, 5.5% 12/1/08 | 95,000 | 95,924 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A: | ||||
5.5% 5/1/11 (MBIA Insured) | 1,050,000 | 1,129,370 | ||
5.5% 5/1/12 (MBIA Insured) | 2,500,000 | 2,741,275 | ||
5.5% 5/1/16 (Pre-Refunded to 5/1/12 @ 101) (b) | 3,025,000 | 3,373,541 | ||
Series A: | ||||
5.125% 5/1/18 (Pre-Refunded to 5/1/12 @ 101) (b) | 1,110,000 | 1,223,409 | ||
5.25% 5/1/12 (FSA Insured) | 605,000 | 659,039 | ||
5.25% 5/1/12 (MBIA Insured) | 135,000 | 146,615 | ||
5.375% 5/1/22 (Pre-Refunded to 5/1/12 @ 101) (b) | 6,000,000 | 6,676,380 | ||
5.5% 5/1/10 | 220,000 | 232,566 | ||
5.5% 5/1/13 (AMBAC Insured) | 615,000 | 676,758 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: - continued | ||||
Series A: | ||||
5.5% 5/1/15 (AMBAC Insured) | $ 2,000,000 | $ 2,165,940 | ||
5.75% 5/1/17 (Pre-Refunded to 5/1/12 @ 101) (b) | 4,000,000 | 4,495,640 | ||
6% 5/1/13 | 1,460,000 | 1,623,710 | ||
California Dept. of Wtr. Resources Wtr. Rev.: | ||||
Series W, 5.5% 12/1/13 (FSA Insured) | 110,000 | 124,094 | ||
5.5% 12/1/09 (AMBAC Insured) | 100,000 | 104,558 | ||
California Econ. Recovery: | ||||
Series 2004 A: | ||||
5% 7/1/09 | 740,000 | 760,217 | ||
5% 7/1/10 (MBIA Insured) | 350,000 | 368,522 | ||
5% 7/1/12 (MBIA Insured) | 585,000 | 634,450 | ||
5% 7/1/15 | 525,000 | 572,502 | ||
5.25% 1/1/11 | 1,155,000 | 1,231,946 | ||
5.25% 7/1/12 | 1,215,000 | 1,328,675 | ||
5.25% 7/1/12 (FGIC Insured) | 215,000 | 235,115 | ||
5.25% 7/1/13 | 605,000 | 668,561 | ||
5.25% 7/1/13 (MBIA Insured) | 3,410,000 | 3,768,255 | ||
Series 2008 A, 5% 7/1/09 | 1,300,000 | 1,335,516 | ||
Series 2008 B, 4%, tender 3/1/10 (a) | 2,000,000 | 2,052,540 | ||
Series 2008 B4, 5%, tender 7/1/10 (a) | 1,500,000 | 1,575,240 | ||
Series 2008 B7, 5%, tender 7/1/11 (a) | 735,000 | 785,002 | ||
California Edl. Facilities Auth. Rev.: | ||||
(College & Univ. Fing. Prog.) 5% 2/1/13 | 1,265,000 | 1,274,892 | ||
(Stanford Univ. Proj.) Series T4, 5% 3/15/14 | 3,000,000 | 3,313,290 | ||
California Gen. Oblig.: | ||||
Series AR, 10% 10/1/08 | 40,000 | 40,254 | ||
Series AT, 9.75% 2/1/09 | 10,000 | 10,322 | ||
0% 4/1/11 | 15,000 | 13,872 | ||
4% 8/1/13 | 1,000,000 | 1,039,740 | ||
4.5% 9/1/11 (Pre-Refunded to 9/1/10 @ 100) (b) | 20,000 | 21,000 | ||
4.75% 9/1/08 | 100,000 | 100,000 | ||
5% 3/1/09 | 150,000 | 152,429 | ||
5% 3/1/09 | 65,000 | 66,052 | ||
5% 2/1/10 | 175,000 | 182,252 | ||
5% 2/1/10 | 115,000 | 119,766 | ||
5% 2/1/10 | 100,000 | 104,144 | ||
5% 3/1/10 | 65,000 | 67,803 | ||
5% 6/1/10 | 75,000 | 78,698 | ||
5% 2/1/11 | 2,550,000 | 2,691,296 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5% 2/1/11 | $ 555,000 | $ 585,753 | ||
5% 5/1/11 | 95,000 | 100,716 | ||
5% 6/1/11 (MBIA Insured) | 60,000 | 63,703 | ||
5% 9/1/11 | 2,085,000 | 2,223,798 | ||
5% 2/1/12 | 260,000 | 278,028 | ||
5% 2/1/12 | 120,000 | 128,321 | ||
5% 2/1/12 | 60,000 | 64,160 | ||
5% 3/1/12 | 1,425,000 | 1,526,132 | ||
5% 4/1/12 | 125,000 | 134,070 | ||
5% 10/1/12 | 2,000,000 | 2,160,280 | ||
5% 2/1/13 | 55,000 | 59,274 | ||
5% 2/1/13 | 175,000 | 188,598 | ||
5% 6/1/13 | 1,000,000 | 1,082,680 | ||
5% 10/1/13 | 50,000 | 53,709 | ||
5% 11/1/13 | 1,000,000 | 1,087,400 | ||
5% 8/1/14 | 4,000,000 | 4,342,080 | ||
5% 11/1/14 | 2,425,000 | 2,637,430 | ||
5.25% 10/1/12 | 110,000 | 119,866 | ||
5.25% 3/1/13 (Pre-Refunded to 3/1/10 @ 101) (b) | 80,000 | 84,530 | ||
5.25% 10/1/13 | 185,000 | 203,176 | ||
5.25% 2/1/14 (FSA Insured) | 270,000 | 297,011 | ||
5.25% 2/1/15 | 40,000 | 43,374 | ||
5.25% 10/1/15 (Pre-Refunded to 10/1/10 @ 100) (b) | 75,000 | 80,119 | ||
5.25% 6/1/18 (Pre-Refunded to 6/1/10 @ 100) (b) | 25,000 | 26,392 | ||
5.25% 9/1/18 (Pre-Refunded to 9/1/10 @ 100) (b) | 35,000 | 37,189 | ||
5.25% 12/1/24 (Pre-Refunded to 12/1/10 @ 100) (b) | 45,000 | 48,209 | ||
5.25% 4/1/29 (Pre-Refunded to 4/1/14 @ 100) (b) | 2,000,000 | 2,256,760 | ||
5.5% 4/1/11 | 45,000 | 48,194 | ||
5.75% 10/1/10 | 60,000 | 64,296 | ||
5.75% 2/1/11 (FGIC Insured) | 20,000 | 21,456 | ||
5.75% 10/1/11 | 170,000 | 185,303 | ||
5.75% 11/1/11 | 100,000 | 109,202 | ||
5.75% 3/1/27 (Pre-Refunded to 3/1/10 @ 101) (b) | 75,000 | 79,795 | ||
6% 2/1/09 | 185,000 | 188,234 | ||
6% 9/1/09 | 110,000 | 114,598 | ||
6% 10/1/09 (FGIC Insured) | 40,000 | 41,671 | ||
6.25% 9/1/09 | 85,000 | 88,761 | ||
6.25% 9/1/12 | 470,000 | 515,402 | ||
6.6% 2/1/09 (AMBAC Insured) | 210,000 | 214,250 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
7% 2/1/09 | $ 35,000 | $ 35,754 | ||
7% 10/1/09 | 10,000 | 10,553 | ||
10% 9/1/09 | 85,000 | 91,793 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2005 G, 5% 7/1/09 | 635,000 | 650,494 | ||
Series 2008 H, 5.125% 7/1/22 | 1,000,000 | 995,200 | ||
(Cedars-Sinai Med. Ctr. Proj.): | ||||
5% 11/15/09 | 100,000 | 102,855 | ||
5% 11/15/14 | 50,000 | 52,634 | ||
(Scripps Health Sys. Proj.) Series 2008 A: | ||||
3% 10/1/08 | 310,000 | 310,239 | ||
5% 10/1/15 | 1,000,000 | 1,049,120 | ||
(Stanford Hosp. and Clinics Proj.) Series 2008 A3, 3.45%, tender 6/15/11 (a) | 1,800,000 | 1,837,332 | ||
(Sutter Health Proj.) Series A: | ||||
5% 8/15/09 | 1,000,000 | 1,030,200 | ||
5% 8/15/12 | 2,000,000 | 2,124,080 | ||
California Infrastructure & Econ. Dev. Bank Rev.: | ||||
(Asian Art Museum of San Francisco Proj.) Series 2000, 5.5% 6/1/17 (Pre-Refunded to 6/1/10 @ 101) (b) | 80,000 | 85,711 | ||
(Bay Area Toll Bridges Seismic Retrofit Prog.) Series 2003 A, 5% 7/1/11 (Escrowed to Maturity) (b) | 135,000 | 145,141 | ||
(California Independent Sys. Operator Corp. Proj.) Series 2008 A, 5% 2/1/12 | 2,500,000 | 2,659,950 | ||
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007: | ||||
4% 12/1/09 | 100,000 | 101,684 | ||
4% 12/1/10 | 100,000 | 102,960 | ||
(The J. Paul Getty Trust Proj.): | ||||
Series 2003 A, 3.9%, tender 12/1/11 (a) | 2,325,000 | 2,411,699 | ||
Series 2003 C, 3.9%, tender 12/1/11 (a) | 1,745,000 | 1,815,585 | ||
Series 2004 A, 4%, tender 12/1/11 (a) | 1,380,000 | 1,435,711 | ||
(Worker's Compensation Relief Proj.) Series 2004 A, 5.25% 10/1/13 (AMBAC Insured) | 45,000 | 50,091 | ||
California Muni. Fin. Auth. Rev. (Loma Linda Univ. Proj.): | ||||
4.5% 4/1/13 | 365,000 | 381,870 | ||
5% 4/1/14 | 200,000 | 214,650 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: | ||||
(Coalinga State Hosp. Proj.): | ||||
Series A: | ||||
5% 6/1/11 | $ 125,000 | $ 132,340 | ||
5.25% 6/1/12 | 55,000 | 59,044 | ||
5.25% 6/1/14 | 70,000 | 76,242 | ||
5% 6/1/10 | 550,000 | 571,549 | ||
(Dept. of Corrections & Rehab. Proj.) Series 2007 F, 4% 11/1/13 | 165,000 | 170,828 | ||
(Dept. of Corrections Proj.) Series B, 5.25% 1/1/13 | 40,000 | 43,286 | ||
(Dept. of Corrections, Madera State Prison Proj.) Series E, 6% 6/1/10 | 100,000 | 105,678 | ||
(Dept. of Corrections, Monterey County State Prison Proj.): | ||||
Series 2003 C: | ||||
5.5% 6/1/14 | 100,000 | 109,898 | ||
5.5% 6/1/14 (MBIA Insured) | 50,000 | 55,609 | ||
Series 2004 D, 5% 12/1/15 (MBIA Insured) | 150,000 | 160,599 | ||
Series A, 5.25% 6/1/10 (AMBAC Insured) | 50,000 | 52,494 | ||
Series C, 5.2% 12/1/09 (MBIA Insured) | 135,000 | 139,726 | ||
Series J, 5% 1/1/10 (AMBAC Insured) | 130,000 | 134,258 | ||
(Dept. of Food & Agric. Proj.) Series 2007 H, 4% 11/1/13 | 335,000 | 346,832 | ||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E, 5% 11/1/13 | 935,000 | 1,012,091 | ||
(Judicial Council Proj.) Series 2007 G, 3.7% 11/1/12 | 110,000 | 112,943 | ||
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/13 | 200,000 | 219,064 | ||
(Regents Univ. of California Proj.) Series A, 5.25% 6/1/12 (AMBAC Insured) | 50,000 | 54,358 | ||
(Various California State Univ. Projs.): | ||||
Series 2005 L, 5.25% 11/1/09 | 260,000 | 270,262 | ||
Series A, 5.5% 6/1/14 | 155,000 | 170,078 | ||
Series B: | ||||
5.55% 6/1/10 | 100,000 | 106,026 | ||
5.55% 6/1/10 (MBIA Insured) | 250,000 | 263,960 | ||
Series 2007 F, 4% 11/1/12 | 110,000 | 114,442 | ||
California State L.A. Univ. Auxiliary Services, Inc. Auxiliary Organization 5.25% 6/1/28 (Pre-Refunded to 6/1/11 @ 100) (b) | 40,000 | 43,128 | ||
California State Univ. Rev.: | ||||
Series B, 5% 11/1/11 (AMBAC Insured) | 40,000 | 42,929 | ||
5% 11/1/10 (FSA Insured) | 1,005,000 | 1,064,406 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California State Univ., Fresno Assoc., Inc. Auxiliary Organization Event Ctr. Rev. 6% 7/1/26 (Pre-Refunded to 7/1/12 @ 101) (b) | $ 35,000 | $ 39,594 | ||
California Statewide Communities Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.): | ||||
Series A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (a) | 1,000,000 | 1,002,040 | ||
Series B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (a) | 2,000,000 | 2,004,080 | ||
California Statewide Communities Dev. Auth. Rev.: | ||||
(Daughters of Charity Health Sys. Proj.) Series F: | ||||
5% 7/1/09 | 1,050,000 | 1,058,463 | ||
5% 7/1/10 | 1,545,000 | 1,567,217 | ||
(Enloe Health Sys. Proj.): | ||||
Series 2008 A: | ||||
5% 8/15/09 | 500,000 | 509,495 | ||
5% 8/15/11 | 1,050,000 | 1,089,543 | ||
5.5% 8/15/14 | 1,435,000 | 1,536,914 | ||
5% 8/15/15 | 60,000 | 62,571 | ||
(Kaiser Permanente Health Sys. Proj.): | ||||
Series 2001 B, 3.9%, tender 7/1/14 (a) | 1,100,000 | 1,090,903 | ||
Series 2004 E, 3.875%, tender 4/1/10 (a) | 375,000 | 382,328 | ||
Series B, 2.65% 4/1/36 (a) | 1,000,000 | 715,640 | ||
Series I, 3.45%, tender 5/1/11 (a) | 2,000,000 | 2,022,260 | ||
(Sr. Living Presbyterian Homes Proj.) Series A, 4.5% 11/15/10 | 445,000 | 447,100 | ||
(St. Joseph Health Sys. Proj.) Series 2007 F, 5% 7/1/14 (FSA Insured) | 1,500,000 | 1,626,615 | ||
(Thomas Jefferson School of Law Proj.) 7.75% 10/1/31 (Pre-Refunded to 10/1/11 @ 101) (b) | 975,000 | 1,114,084 | ||
California Statewide Communities Dev. Auth. Wtr. & Wastewtr. Rev. Series 2004 A: | ||||
5% 10/1/13 (Escrowed to Maturity) (b) | 15,000 | 16,656 | ||
5% 10/1/13 (FSA Insured) | 40,000 | 43,956 | ||
Capistrano Unified School District Cmnty. Facilities District #98-2, Ladera 5.75% 9/1/29 (Pre-Refunded to 9/1/09 @ 102) (b) | 330,000 | 350,153 | ||
Carmichael Wtr. District Wtr. Rev. Ctfs. of Prtn. 4.75% 9/1/09 (MBIA Insured) | 70,000 | 71,693 | ||
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series A, 7% 8/1/11 (MBIA Insured) | 1,025,000 | 1,149,281 | ||
Chaffey Cmnty. College District Series A, 5.25% 7/1/14 (Pre-Refunded to 7/1/12 @ 101) (b) | 30,000 | 33,298 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Chaffey Unified High School District: | ||||
Series B, 5.5% 8/1/13 (Pre-Refunded to 8/1/10 @ 101) (b) | $ 70,000 | $ 75,333 | ||
5% 8/1/12 (FGIC Insured) | 20,000 | 21,579 | ||
Contra Costa County Pub. Fing. Auth. Lease Rev. Series B: | ||||
4.5% 6/1/09 (MBIA Insured) | 40,000 | 40,702 | ||
5% 6/1/10 (MBIA Insured) | 2,000,000 | 2,090,200 | ||
Contra Costa Trans. Auth. Sales Tax Rev. Series A, 6% 3/1/09 (FGIC Insured) | 200,000 | 203,824 | ||
Davis Spl. Tax Rev.: | ||||
5% 9/1/09 (AMBAC Insured) | 540,000 | 556,097 | ||
5% 9/1/10 (AMBAC Insured) | 565,000 | 589,137 | ||
East Side Union High School District Santa Clara County Series C: | ||||
5% 8/1/11 (FSA Insured) | 45,000 | 48,083 | ||
5% 8/1/12 (FSA Insured) | 55,000 | 59,555 | ||
El Centro School District Gen. Oblig. Series A, 6% 8/1/12 (AMBAC Insured) | 15,000 | 16,759 | ||
Elk Grove Cmnty. Facilities District #2003-1 Spl. Tax 6% 9/1/28 (Pre-Refunded to 9/1/08 @ 101) (b) | 50,000 | 50,500 | ||
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.): | ||||
4% 5/1/11 (CIFG North America Insured) | 240,000 | 245,710 | ||
4% 5/1/12 (CIFG North America Insured) | 300,000 | 307,482 | ||
Foothill-De Anza Cmnty. College District Series 2007 B, 4% 8/1/10 (AMBAC Insured) | 2,000,000 | 2,075,640 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev. 4.75% 1/15/11 (MBIA Insured) | 35,000 | 35,962 | ||
Fremont Union High School District, Santa Clara Series 1998 C, 5% 9/1/18 (Pre-Refunded to 9/1/12 @ 100) (b) | 85,000 | 93,127 | ||
Fresno Swr. Rev. Series A, 6% 9/1/09 (MBIA Insured) | 100,000 | 103,938 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 A1, 6.75% 6/1/39 (Pre-Refunded to 6/1/13 @ 100) (b) | 2,670,000 | 3,088,843 | ||
Series 2003 B, 5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (b) | 825,000 | 891,322 | ||
Series A1, 5% 6/1/11 | 1,000,000 | 1,017,600 | ||
Series B: | ||||
5% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (b) | 775,000 | 837,302 | ||
5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (b) | 205,000 | 221,480 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: - continued | ||||
Series B: | ||||
5.375% 6/1/28 (Pre-Refunded to 6/1/10 @ 100) (b) | $ 60,000 | $ 63,151 | ||
5.5% 6/1/33 (Pre-Refunded to 6/1/13 @ 100) (b) | 7,470,000 | 8,233,725 | ||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (b) | 2,110,000 | 2,325,726 | ||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (b) | 1,000,000 | 1,102,240 | ||
5.6% 6/1/28 (Pre-Refunded to 6/1/10 @ 100) (b) | 115,000 | 121,277 | ||
5.625% 6/1/33 (Pre-Refunded to 6/1/13 @ 100) (b) | 175,000 | 193,848 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (b) | 1,830,000 | 2,027,091 | ||
Grossmont-Cuyamaca Cmnty. College District 5% 8/1/12 (Assured Guaranty Corp. Insured) | 2,915,000 | 3,167,672 | ||
Indio Pub. Fing. Auth. Lease Rev. Series B, 3.8%, tender 11/1/12 (AMBAC Insured) (a) | 500,000 | 509,430 | ||
Jefferson Union High School District Gen. Oblig. Series A, 6.25% 2/1/12 (MBIA Insured) | 50,000 | 54,548 | ||
Kern Cmnty. College District Gen. Oblig. Series A, 4.75% 11/1/26 (Pre-Refunded to 11/1/13 @ 100) (b) | 170,000 | 186,585 | ||
Kern County High School District Series A, 6.3% 8/1/10 (MBIA Insured) | 75,000 | 80,758 | ||
Lodi Elec. Sys. Rev. Ctfs. of Prtn. Series A: | ||||
5% 7/1/16 (Assured Guaranty Corp. Insured) | 2,390,000 | 2,582,443 | ||
5.4% 1/15/15 (Pre-Refunded to 1/15/09 @ 101) (b) | 50,000 | 51,214 | ||
Los Angeles Cmnty. College District Series 2005 A, 5.25% 8/1/14 (FSA Insured) | 4,000,000 | 4,481,560 | ||
Los Angeles County Ctfs. of Prtn.: | ||||
(Correctional Facilities Proj.) 0% 9/1/12 (Escrowed to Maturity) (b) | 100,000 | 89,073 | ||
(Disney Parking Proj.) 0% 3/1/14 | 20,000 | 16,169 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: | ||||
(Proposition C Proj.): | ||||
First Tier Sr. Series 2003 A, 5% 7/1/13 (FSA Insured) | 35,000 | 38,485 | ||
Second Series 1999 A, 6% 7/1/09 | 200,000 | 206,842 | ||
Series 2005 B, 5% 7/1/09 | 45,000 | 46,229 | ||
Los Angeles County Pub. Works Fing. Auth. Lease Rev. (Multiple Cap. Facilities #6 Proj.) Series A, 5.625% 5/1/26 (Pre-Refunded to 5/1/10 @ 100) (b) | 105,000 | 111,637 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Los Angeles County Pub. Works Fing. Auth. Rev.: | ||||
(Los Angeles County Flood Cont. District Proj.) Series A, 5% 3/1/12 (MBIA Insured) | $ 35,000 | $ 37,714 | ||
(Reg'l. Park & Open Space District Proj.): | ||||
5% 10/1/12 (FSA Insured) | 105,000 | 114,385 | ||
5% 10/1/14 (FSA Insured) | 25,000 | 27,728 | ||
Los Angeles Dept. Arpt. Rev.: | ||||
(Los Angeles Int'l. Arpt. Proj.) Series 2003 B, 5% 5/15/10 (MBIA Insured) | 65,000 | 67,670 | ||
Series B, 5% 5/15/14 (MBIA Insured) | 165,000 | 180,348 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev.: | ||||
Series 2001 A1, 5.25% 7/1/11 (MBIA Insured) | 120,000 | 129,011 | ||
Series A1, 5% 7/1/12 (MBIA Insured) | 25,000 | 27,038 | ||
Los Angeles Gen. Oblig.: | ||||
Series 2002 A, 5.25% 9/1/13 (MBIA Insured) | 170,000 | 188,275 | ||
Series 2003 A, 5% 9/1/13 (MBIA Insured) | 20,000 | 21,919 | ||
Series 2003 B, 5% 9/1/09 (FSA Insured) | 35,000 | 36,173 | ||
Series A, 5% 9/1/15 (Pre-Refunded to 9/1/11 @ 100) (b) | 60,000 | 64,766 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 3.5% 9/1/09 | 525,000 | 533,993 | ||
Los Angeles Sanitation Equip. Charge Rev. Series A, 5% 2/1/09 (AMBAC Insured) | 25,000 | 25,280 | ||
Los Angeles State Bldg. Auth. Lease Rev. (State of California Dept. of Gen. Services Lease Proj.) Series A, 5.625% 5/1/11 | 50,000 | 52,421 | ||
Los Angeles Unified School District: | ||||
(Election of 1997 Proj.): | ||||
Series 1999 C, 5.25% 7/1/11 (Pre-Refunded to 7/1/09 @ 101) (b) | 50,000 | 52,033 | ||
Series 2000 D, 5.625% 7/1/15 (Pre-Refunded to 7/1/10 @ 100) (b) | 80,000 | 85,274 | ||
Series 2002 E: | ||||
5% 7/1/09 (MBIA Insured) | 55,000 | 56,488 | ||
5.5% 7/1/13 (MBIA Insured) | 40,000 | 43,784 | ||
5.5% 7/1/14 (MBIA Insured) | 1,300,000 | 1,412,645 | ||
Series 2003 F, 5% 7/1/14 (FSA Insured) | 25,000 | 27,241 | ||
(Election of 2002 Proj.) Series 2003 A: | ||||
5% 7/1/13 (MBIA Insured) | 25,000 | 27,312 | ||
5% 7/1/22 (Pre-Refunded to 7/1/13 @ 100) (b) | 5,000,000 | 5,526,350 | ||
(Election of 2004 Proj.) Series 2006 G, 5% 7/1/10 (AMBAC Insured) | 2,200,000 | 2,315,214 | ||
Series 1997 A, 6% 7/1/14 (FGIC Insured) | 2,835,000 | 3,268,301 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Los Angeles Unified School District: - continued | ||||
Series E, 5% 7/1/10 | $ 1,865,000 | $ 1,961,980 | ||
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series A: | ||||
5% 8/1/09 (Escrowed to Maturity) (b) | 45,000 | 46,423 | ||
5% 8/1/10 (Escrowed to Maturity) (b) | 60,000 | 63,434 | ||
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. | ||||
4% 7/1/12 (FSA Insured) | 145,000 | 151,587 | ||
4% 7/1/13 (FSA Insured) | 175,000 | 183,363 | ||
5% 7/1/14 (FSA Insured) | 2,000,000 | 2,199,900 | ||
Marin Muni. Wtr. District Rev. Ctfs. of Prtn. (2004 Fing. Proj.) 5% 7/1/12 (AMBAC Insured) | 25,000 | 26,990 | ||
Metropolitan Wtr. District of Southern California Wtrwks. Rev.: | ||||
Series 2004 B, 5% 7/1/10 | 90,000 | 94,763 | ||
Series A: | ||||
5% 7/1/13 | 35,000 | 38,534 | ||
5.25% 7/1/10 (Escrowed to Maturity) (b) | 70,000 | 74,146 | ||
5.25% 3/1/21 (Pre-Refunded to 3/1/11 @ 101) (b) | 270,000 | 293,104 | ||
Series B, 5% 7/1/11 | 160,000 | 171,563 | ||
Monterey Peninsula Cmnty. College District Series A, 4.75% 8/1/27 (Pre-Refunded to 8/1/13 @ 100) (b) | 15,000 | 16,433 | ||
Moreno Valley Ctfs. of Prtn. 5% 5/1/09 (MBIA Insured) | 10,000 | 10,195 | ||
New Haven Unified School District Series B, 7.9% 8/1/12 (MBIA Insured) | 100,000 | 117,940 | ||
Newhall School District Gen. Oblig. Series B, 5% 8/1/18 (Pre-Refunded to 8/1/12 @ 101) (b) | 45,000 | 49,625 | ||
North Orange County Cmnty. College District Rev.: | ||||
5% 8/1/14 (MBIA Insured) | 60,000 | 66,076 | ||
5% 8/1/16 (MBIA Insured) | 35,000 | 38,331 | ||
Northern California Gas Auth. #1 Gas Proj. Rev. Series 2007 A, 5% 7/1/11 | 1,000,000 | 1,015,980 | ||
Northern California Power Agency Rev. (Hydroelectric Number One Proj.) Series 2008 C, 5% 7/1/11 | 1,350,000 | 1,428,570 | ||
Northern California Power Agency Rev.: | ||||
(Geothermal #3 Proj.): | ||||
Series A, 5.85% 7/1/10 (Escrowed to Maturity) (b) | 25,000 | 26,679 | ||
5.85% 7/1/10 (AMBAC Insured) | 25,000 | 26,618 | ||
Series A, 5.8% 7/1/09 (Escrowed to Maturity) (b) | 60,000 | 62,116 | ||
Oakland Gen. Oblig. Ctfs. of Prtn. (Oakland Museum Proj.) Series A, 5% 4/1/09 (AMBAC Insured) | 75,000 | 76,335 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Oakland Joint Powers Fing. Auth. Series A1: | ||||
4.25% 1/1/13 (Assured Guaranty Corp. Insured) | $ 1,000,000 | $ 1,054,470 | ||
5% 1/1/13 (Assured Guaranty Corp. Insured) | 1,320,000 | 1,429,072 | ||
Oakland Joint Powers Fing. Auth. Lease Rev. (Oakland Convention Centers Proj.) 5.25% 10/1/09 (AMBAC Insured) | 50,000 | 51,833 | ||
Oakland Unified School District Alameda County 5% 8/1/12 (MBIA Insured) | 60,000 | 64,279 | ||
Orange County Local Trans. Auth. Sales Tax Rev.: | ||||
Series A, 5.5% 2/15/11 (MBIA Insured) | 20,000 | 21,445 | ||
Sr. Series A, 5.7% 2/15/10 (AMBAC Insured) | 140,000 | 147,372 | ||
Orange County Rfdg. Recovery Series A: | ||||
5% 6/1/11 (MBIA Insured) | 150,000 | 159,789 | ||
6% 6/1/09 (Escrowed to Maturity) (b) | 85,000 | 87,853 | ||
Oxnard Fing. Auth. Wastewtr. Rev. 5% 6/1/11 (FGIC Insured) | 25,000 | 26,563 | ||
Palos Verdes Peninsula Unified School District Series A, 5.25% 11/1/14 (Pre-Refunded to 11/1/10 @ 101) (b) | 50,000 | 54,027 | ||
Pasadena Unified School District Gen. Oblig.: | ||||
(Election of 1997 Proj.) Series C, 4.75% 11/1/24 (Pre-Refunded to 11/1/11 @ 101) (b) | 50,000 | 54,271 | ||
5% 11/1/10 (FGIC Insured) | 35,000 | 37,168 | ||
Pleasanton Joint Powers Fing. Auth. Rev. Series B, 5.25% 9/2/08 (FSA Insured) | 120,000 | 120,000 | ||
Pleasanton Unified School District Gen. Oblig.: | ||||
Series 1997 F, 4.75% 8/1/25 (Pre-Refunded to 8/1/11 @ 101) (b) | 50,000 | 53,982 | ||
Series B, 5% 8/1/14 (FSA Insured) | 60,000 | 66,417 | ||
5% 8/1/11 (FSA Insured) | 100,000 | 107,143 | ||
Pomona Pub. Fing. Auth. Rev.: | ||||
5% 2/1/12 (AMBAC Insured) | 30,000 | 32,020 | ||
5% 2/1/12 (Escrowed to Maturity) (b) | 10,000 | 10,812 | ||
Port of Oakland Rev. Series M, 5% 11/1/12 (FGIC Insured) | 85,000 | 91,321 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev.: | ||||
Cap. Appreciation Series 2007, 0%, tender 6/1/10 (FSA Insured) (a) | 1,215,000 | 1,150,435 | ||
Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (a) | 2,400,000 | 1,907,952 | ||
Series 2008 C: | ||||
3.125%, tender 12/1/11 (FSA Insured) (a) | 1,225,000 | 1,241,403 | ||
4%, tender 12/1/11 (FSA Insured) (a) | 1,500,000 | 1,560,555 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 5% 7/1/14 | $ 1,205,000 | $ 1,268,913 | ||
Rancho Santiago Cmnty. College District 5% 9/1/16 (FSA Insured) | 45,000 | 49,476 | ||
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.) Series A, 6.5% 6/1/12 (MBIA Insured) | 1,000,000 | 1,093,490 | ||
Riverside County Pub. Fing. Auth. Rev. (Rancho Village Proj.) Series A, 4.55% 9/2/08 (AMBAC Insured) | 55,000 | 55,000 | ||
Riverside County Trans. Commission Sales Tax Rev. 4%, tender 12/1/09 (a) | 1,400,000 | 1,424,696 | ||
Sacramento City Fing. Auth. Rev.: | ||||
Series A, 5.5% 12/1/18 (Pre-Refunded to 6/1/11 @ 100) (b) | 130,000 | 141,203 | ||
5% 12/1/14 (FGIC Insured) | 40,000 | 43,617 | ||
5.5% 6/1/20 (Pre-Refunded to 6/1/10 @ 101) (b) | 140,000 | 149,995 | ||
San Bernardino County Trans. Auth. Sales Tax Rev. Series A, 5% 3/1/10 (AMBAC Insured) | 260,000 | 271,172 | ||
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5.25% 5/1/13 (FGIC Insured) | 50,000 | 54,946 | ||
San Diego Pub. Facilities Fing. Auth. Wtr. Rev.: | ||||
5% 8/1/11 (MBIA Insured) | 200,000 | 211,972 | ||
5% 8/1/12 (MBIA Insured) | 950,000 | 1,015,930 | ||
San Diego Unified School District (Election of 1998 Proj.): | ||||
Series 2002 D, 5.25% 7/1/20 (FGIC Insured) (Pre-Refunded to 7/1/12 @ 101) (b) | 3,000,000 | 3,276,840 | ||
Series 2003 E: | ||||
5.25% 7/1/20 (FSA Insured) (Pre-Refunded to 7/1/13 @ 101) (b) | 2,000,000 | 2,205,040 | ||
5.25% 7/1/22 (FSA Insured) (Pre-Refunded to 7/1/13 @ 101) (b) | 1,695,000 | 1,868,771 | ||
Series 2004 F, 5% 7/1/16 (FSA Insured) | 75,000 | 81,745 | ||
San Francisco Bldg. Auth. Lease Rev.: | ||||
(Dept. Gen. Svcs. Lease Proj.) Series A, 5% 10/1/13 (MBIA Insured) | 25,000 | 26,651 | ||
(San Francisco Civic Ctr. Complex Proj.) Series A, 6% 12/1/09 (AMBAC Insured) | 55,000 | 57,509 | ||
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series 2002 B, 5% 11/1/13 (MBIA Insured) | 200,000 | 214,710 | ||
San Francisco Cmnty. College District Gen. Oblig. (Election of 2001 Proj.) Series 2004 B, 5% 6/15/10 (AMBAC Insured) | 75,000 | 78,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
San Jose Gen. Oblig. (Libraries, Parks and Pub. Safety Projs.) 5% 9/1/11 (MBIA Insured) | $ 45,000 | $ 48,223 | ||
San Mateo Unified School District 5% 9/1/15 (FSA Insured) | 25,000 | 27,465 | ||
Santa Clara County Fing. Auth. Lease Rev. (VMC Rfdg. Proj.) Series 1997 A, 6% 11/15/12 (AMBAC Insured) | 240,000 | 268,889 | ||
Santa Clara Valley Wtr. District Ctfs. of Prtn. 5.25% 2/1/12 (FGIC Insured) | 35,000 | 37,815 | ||
Santa Margarita/Dana Point Auth. Rev. (Wtr. Impt. Districts 3, 3A, 4 & 4A Proj.) Series B, 7.25% 8/1/11 (MBIA Insured) | 1,425,000 | 1,605,562 | ||
Santa Maria Joint Union High School District Gen. Oblig. Series A, 5.375% 8/1/14 (Escrowed to Maturity) (b) | 20,000 | 22,728 | ||
Saugus Union School District Series B, 5% 8/1/14 (FSA Insured) | 55,000 | 60,726 | ||
South Orange County Pub. Fing. Auth. Spl. Tax Rev. (Foothill Area Proj.) Series C, 6.5% 8/15/10 (FGIC Insured) | 160,000 | 168,246 | ||
Southern California Pub. Pwr. Auth. Rev.: | ||||
(Multiple Projs.): | ||||
6.75% 7/1/10 | 80,000 | 86,278 | ||
6.75% 7/1/12 | 30,000 | 33,966 | ||
6.75% 7/1/13 | 65,000 | 74,767 | ||
(San Juan Unit 3 Proj.) Series A, 5.5% 1/1/14 (FSA Insured) | 200,000 | 223,490 | ||
Southern California Pub. Pwr. Auth. Transmission Proj. Rev. Series 2002 B, 5% 7/1/12 (FSA Insured) | 55,000 | 59,586 | ||
Southwestern Cmnty. College District Gen. Oblig.: | ||||
Series B, 5.25% 8/1/14 (FGIC Insured) | 25,000 | 27,795 | ||
5% 8/1/15 (Pre-Refunded to 8/1/14 @ 100) (b) | 45,000 | 50,226 | ||
Stockton Unified School District Gen. Oblig. 5.5% 7/1/11 (FSA Insured) | 50,000 | 53,951 | ||
Sweetwater Union High School District Pub. Fing. Auth. Spl. Tax Rev. Series A, 5% 9/1/14 (FSA Insured) | 50,000 | 55,101 | ||
Tobacco Securitization Auth. Northern California Tobacco Settlement Rev. Series B, 5% 6/1/28 (Pre-Refunded to 6/1/11 @ 100) (b) | 60,000 | 64,378 | ||
Univ. of California Revs.: | ||||
(Multiple Purp. Projs.): | ||||
Series O, 5.75% 9/1/09 (FGIC Insured) | 35,000 | 36,251 | ||
Series Q, 5% 9/1/11 (FSA Insured) | 50,000 | 53,731 | ||
Series A: | ||||
5% 5/15/10 (AMBAC Insured) | 120,000 | 125,790 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Univ. of California Revs.: - continued | ||||
Series A: | ||||
5% 5/15/12 (AMBAC Insured) | $ 80,000 | $ 86,518 | ||
Upland Unified School District Gen. Oblig. Series A, 5.25% 8/1/10 (FSA Insured) | 50,000 | 52,911 | ||
Washington Township Health Care District Rev. Series A, 5% 7/1/12 | 385,000 | 399,753 | ||
Western Placer Unified School District Ctfs. of Prtn. (School Facilities Proj.) Series B, 3.625%, tender 12/1/09 (FSA Insured) (a) | 1,250,000 | 1,267,825 | ||
Westlands Wtr. District Rev. Ctfs. of Prtn. Series A, 5% 3/1/29 (Pre-Refunded to 3/1/09 @ 101) (b) | 165,000 | 169,514 | ||
Whisman School District Gen. Oblig. Series A, 0% 8/1/14 (Escrowed to Maturity) (b) | 40,000 | 32,871 | ||
Whittier School District Gen. Oblig. Series D, 5% 8/1/11 (FSA Insured) | 25,000 | 26,786 | ||
| 207,314,350 | |||
Guam - 0.6% | ||||
Guam Ed. Fing. Foundation Series A, 5% 10/1/09 | 1,000,000 | 1,021,300 | ||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. 5% 7/1/09 | 260,000 | 261,422 | ||
| 1,282,722 | |||
Puerto Rico - 2.7% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. 5.5% 7/1/09 (FSA Insured) | 225,000 | 230,191 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
Series 1993, 7% 7/1/10 (AMBAC Insured) | 325,000 | 346,765 | ||
Series B, 5.5% 7/1/11 (FGIC Insured) | 250,000 | 261,338 | ||
5.25% 7/1/09 (FGIC Insured) | 1,935,000 | 1,970,140 | ||
5.25% 7/1/10 (FGIC Insured) | 170,000 | 175,542 | ||
6.5% 7/1/12 (FSA Insured) | 1,140,000 | 1,265,685 | ||
6.5% 7/1/12 (MBIA Insured) | 75,000 | 82,225 | ||
Puerto Rico Govt. Dev. Bank Series B, 5% 12/1/12 | 1,000,000 | 1,035,440 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Series M, 5.5% 7/1/10 | 385,000 | 398,132 | ||
Univ. of Puerto Rico Series Q, 5% 6/1/09 | 500,000 | 509,110 | ||
| 6,274,568 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virgin Islands - 0.4% | ||||
Virgin Islands Pub. Fin. Auth. Rev.: | ||||
4% 10/1/09 (FGIC Insured) | $ 350,000 | $ 355,194 | ||
4% 10/1/10 (FGIC Insured) | 580,000 | 588,416 | ||
| 943,610 | |||
TOTAL MUNICIPAL BONDS (Cost $212,573,190) | 215,815,250 |
Municipal Notes - 4.7% | |||
|
|
|
|
California - 4.7% | |||
Desert Cmnty. College District Participating VRDN Series MS 2764X, 1.91% (Liquidity Facility Morgan Stanley) (a)(c) | 2,510,000 | 2,510,000 | |
San Diego Unified School District Participating VRDN Series MS 1499, 1.86% (Liquidity Facility Morgan Stanley) (a)(c) | 3,500,000 | 3,500,000 | |
Vista Unified School District Participating VRDN Series BA 08 3042X, 1.91% (Liquidity Facility Bank of America NA) (a)(c) | 5,000,000 | 5,000,000 | |
TOTAL MUNICIPAL NOTES (Cost $11,010,000) | 11,010,000 | ||
TOTAL INVESTMENT PORTFOLIO - 96.8% (Cost $223,583,190) | 226,825,250 | ||
NET OTHER ASSETS - 3.2% | 7,569,648 | ||
NET ASSETS - 100% | $ 234,394,898 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Security collateralized by an amount sufficient to pay interest and principal. |
(c) Provides evidence of ownership in one or more underlying municipal bonds. |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 226,825,250 | $ - | $ 226,825,250 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 29.9% |
Escrowed/Pre-Refunded | 23.2% |
Electric Utilities | 9.5% |
Health Care | 9.5% |
Special Tax | 8.5% |
Other | 6.8% |
Others* (individually less than 5%) | 12.6% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| August 31, 2008 (Unaudited) | |
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $223,583,190) |
| $ 226,825,250 |
Cash | 4,686,249 | |
Receivable for investments sold | 48,000 | |
Receivable for fund shares sold | 736,504 | |
Interest receivable | 2,329,017 | |
Prepaid expenses | 101 | |
Receivable from investment adviser for expense reductions | 23,461 | |
Other receivables | 46,458 | |
Total assets | 234,695,040 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 36,497 | |
Distributions payable | 111,821 | |
Accrued management fee | 67,932 | |
Transfer agent fee payable | 37,913 | |
Other affiliated payables | 17,258 | |
Other payables and accrued expenses | 28,721 | |
Total liabilities | 300,142 | |
|
|
|
Net Assets | $ 234,394,898 | |
Net Assets consist of: |
| |
Paid in capital | $ 230,800,084 | |
Undistributed net investment income | 6,337 | |
Accumulated undistributed net realized gain (loss) on investments | 346,417 | |
Net unrealized appreciation (depreciation) on investments | 3,242,060 | |
Net Assets, for 22,825,848 shares outstanding | $ 234,394,898 | |
Net Asset Value, offering price and redemption price per share ($234,394,898 ÷ 22,825,848 shares) | $ 10.27 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended August 31, 2008 (Unaudited) | ||
Investment Income |
|
|
Interest |
| $ 3,060,204 |
|
|
|
Expenses | ||
Management fee | $ 336,192 | |
Transfer agent fees | 55,255 | |
Accounting fees and expenses | 23,828 | |
Custodian fees and expenses | 1,416 | |
Independent trustees' compensation | 359 | |
Registration fees | 10,058 | |
Audit | 25,082 | |
Legal | 274 | |
Miscellaneous | 350 | |
Total expenses before reductions | 452,814 | |
Expense reductions | (192,688) | 260,126 |
Net investment income | 2,800,078 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 356,075 |
Change in net unrealized appreciation (depreciation) on investment securities | 2,833,186 | |
Net gain (loss) | 3,189,261 | |
Net increase (decrease) in net assets resulting from operations | $ 5,989,339 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended August 31, 2008 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 2,800,078 | $ 3,932,699 |
Net realized gain (loss) | 356,075 | 56,619 |
Change in net unrealized appreciation (depreciation) | 2,833,186 | (75,322) |
Net increase (decrease) in net assets resulting | 5,989,339 | 3,913,996 |
Distributions to shareholders from net investment income | (2,797,033) | (3,929,413) |
Distributions to shareholders from net realized gain | - | (87,345) |
Total distributions | (2,797,033) | (4,016,758) |
Share transactions | 123,396,708 | 77,919,893 |
Reinvestment of distributions | 2,190,263 | 3,175,835 |
Cost of shares redeemed | (41,935,060) | (35,502,294) |
Net increase (decrease) in net assets resulting from share transactions | 83,651,911 | 45,593,434 |
Redemption fees | 4,713 | 6,571 |
Total increase (decrease) in net assets | 86,848,930 | 45,497,243 |
|
|
|
Net Assets | ||
Beginning of period | 147,545,968 | 102,048,725 |
End of period (including undistributed net investment income of $6,337 and undistributed net investment income of $3,292, respectively) | $ 234,394,898 | $ 147,545,968 |
Other Information Shares | ||
Sold | 12,104,110 | 7,702,098 |
Issued in reinvestment of distributions | 214,964 | 314,767 |
Redeemed | (4,113,690) | (3,522,301) |
Net increase (decrease) | 8,205,384 | 4,494,564 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended August 31, 2008 | Years ended February 28, | ||
(Unaudited) | 2008 H | 2007 | 2006 F | |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 10.09 | $ 10.08 | $ 10.06 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income D | .154 | .335 | .328 | .105 |
Net realized and unrealized gain (loss) | .181 | .017 E | .021 | .059 |
Total from investment operations | .335 | .352 | .349 | .164 |
Distributions from net investment income | (.155) | (.336) | (.328) | (.104) |
Distributions from net realized gain | - | (.007) | (.001) | - |
Total distributions | (.155) | (.343) | (.329) | (.104) |
Redemption fees added to paid in capital D | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.27 | $ 10.09 | $ 10.08 | $ 10.06 |
Total Return B, C | 3.35% | 3.55% | 3.54% | 1.64% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before reductions | .49% A | .52% | .57% | .94% A |
Expenses net of fee waivers, if any | .35% A | .35% | .35% | .35% A |
Expenses net of all reductions | .28% A | .27% | .26% | .23% A |
Net investment income | 3.01% A | 3.32% | 3.27% | 3.06% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 234,395 | $ 147,546 | $ 102,049 | $ 54,387 |
Portfolio turnover rate | 38% A | 13% | 16% | 0% A |
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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
F For the period October 25, 2005 (commencement of operations) to February 28, 2006.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H For the year ended February 29.
I 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, 2008 (Unaudited)
1. Organization.
Fidelity California Short-Intermediate Tax-Free Bond Fund (the Fund) is a non-
diversified fund of Fidelity California Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of California.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices.
Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of August 31, 2008, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 pm Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service (IRS).
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 book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount and losses deferred due to wash sales.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 3,600,771 |
|
Unrealized depreciation | (362,891) |
|
Net unrealized appreciation (depreciation) | $ 3,237,880 |
|
Cost for federal income tax purposes | $ 223,587,370 |
|
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $102,480,811 and $32,943,173, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .36% of the Fund's average net assets.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. The Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .06% of average net assets.
Citibank also has a sub-arrangement 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.
5. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $106 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Expense Reductions.
FMR voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded .35% of average net assets. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $127,647.
In addition, through arrangements with the Fund's custodian and 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, transfer agent and accounting expenses by $1,416, $51,991 and $11,634, respectively.
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity California Short-Intermediate Tax-Free Bond Fund
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-
advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.
At its June 2008 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. The Board also approved agreements with foreign sub-advisers Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Japan) Inc., and Fidelity Management & Research (Hong Kong) Limited.
In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
Semiannual Report
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) contractually agreeing to reduce the management fees on Fidelity's Institutional Money Market Funds and launching Class IV and Institutional Class of certain of these funds; (iii) reducing the transfer agent fees for the Fidelity Select Portfolios and Investor Class of the VIP funds; and (iv) launching Class K of 29 equity funds as a lower-fee class available to certain employer-sponsored retirement plans.
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board. Because the fund had been in existence less than three calendar years, the following chart considered by the Board shows, for the one-year period ended December 31, 2007, the fund's total return, the total returns of a broad-based securities market index ("benchmark"), and a range of total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within the chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below the chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.
Semiannual Report
Fidelity California Short-Intermediate Tax-Free Bond Fund
The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the first quartile for the period shown. The Board also stated that the investment performance of the fund was lower than its benchmark for the period shown. The Board stated that it is difficult to evaluate in any comprehensive fashion the performance of the fund, in light of its relatively recent commencement of operations.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG%" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG% of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Fidelity California Short-Intermediate Tax-Free Bond Fund
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2007.
Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
Semiannual Report
In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expenses ranked below its competitive median for 2007.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends and actions to be taken by FMR to improve certain funds' overall performance; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's fund profitability methodology, the profitability of certain fund service providers, and profitability trends for certain funds; (iv) Fidelity's compensation structure for portfolio managers and key personnel, including its effects on fund profitability and the extent to which portfolio manager compensation is linked to fund performance; (v) Fidelity's fee structures; (vi) the funds' sub-advisory arrangements; and (vii) accounts managed by Fidelity other than the Fidelity funds.
Semiannual Report
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(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
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
19200 Von Karman Avenue
Irvine, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73-575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, 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
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
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2948 N. Federal Highway
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4671 Town Center Parkway
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8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
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3501 PGA Boulevard
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3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
11 Penn Plaza
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
14100 San Pedro
San Antonio, TX
1576 East Southlake Blvd.
Southlake, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Investments
Money Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations 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®) 1-800-544-5555
Automated line for quickest service
CSI-USAN-1008 1.817079.102
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity California Municipal Trust's Board of Trustees.
Item 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity California Municipal Trust
By: | /s/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | October 29, 2008 |
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/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | October 29, 2008 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | October 29, 2008 |