Quarterly Holdings Report
for
Fidelity® California Limited Term Tax-Free Bond Fund
November 30, 2021
CSI-NPRT3-0122
1.824280.116
| Municipal Bonds - 100.8% | |||
Principal Amount (a) | Value ($) | ||
| California - 100.7% | |||
| Alameda Corridor Trans. Auth. Rev.: | |||
| Series 2013 A: | |||
5% 10/1/22 | 1,295,000 | 1,344,711 | |
5% 10/1/24 | 1,220,000 | 1,320,889 | |
| Series 2016 A: | |||
4% 10/1/23 | 850,000 | 905,299 | |
5% 10/1/22 | 1,250,000 | 1,296,168 | |
| Azusa Unified School District Series 2002, 0% 7/1/26 (FSA Insured) | 1,125,000 | 1,065,493 | |
| Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds: | |||
| Series 2018 A, 2.625%, tender 4/1/26 (b) | 7,300,000 | 7,794,985 | |
| Series 2021 A, 2%, tender 4/1/28 (b) | 10,000,000 | 10,568,544 | |
| Series A, 2.95%, tender 4/1/26 (b) | 1,000,000 | 1,078,856 | |
| Series B, 2.85%, tender 4/1/25 (b) | 7,325,000 | 7,820,132 | |
| Series C, 2.1%, tender 12/21/21 (b) | 7,000,000 | 7,011,461 | |
| Bay Area Wtr. Supply & Conservation Agcy. (Cap. Cost Recovery Prepayment Prog.) Series 2023 A: | |||
| 5% 10/1/23 (c) | 1,000,000 | 1,030,581 | |
| 5% 10/1/24 (c) | 1,000,000 | 1,069,773 | |
| 5% 10/1/25 (c) | 1,000,000 | 1,106,268 | |
| 5% 10/1/26 (c) | 1,000,000 | 1,138,188 | |
| 5% 10/1/27 (c) | 1,000,000 | 1,166,794 | |
| 5% 10/1/28 (c) | 1,000,000 | 1,189,890 | |
| California County Tobacco Securitization Agcy. Tobacco Settlement Asset-Backed Series 2020 A: | |||
| 4% 6/1/22 | 350,000 | 356,314 | |
| 4% 6/1/23 | 490,000 | 516,321 | |
| 5% 6/1/24 | 350,000 | 389,460 | |
| 5% 6/1/25 | 400,000 | 461,397 | |
| 5% 6/1/26 | 500,000 | 595,335 | |
| California Edl. Facilities Auth. Rev. Series 2021 A: | |||
| 5% 4/1/22 | 650,000 | 660,462 | |
| 5% 4/1/23 | 525,000 | 558,111 | |
| 5% 4/1/24 | 525,000 | 581,452 | |
| 5% 4/1/25 | 415,000 | 477,197 | |
| 5% 4/1/26 | 475,000 | 564,618 | |
| 5% 4/1/27 | 475,000 | 581,687 | |
| 5% 4/1/28 | 375,000 | 471,521 | |
| California Gen. Oblig.: | |||
| Series 2014, 4% 5/1/23 | 2,440,000 | 2,569,874 | |
| Series 2015, 5% 8/1/24 | 2,060,000 | 2,313,747 | |
| Series 2017, 5% 8/1/23 | 8,175,000 | 8,816,248 | |
| Series 2018, 5% 8/1/25 | 250,000 | 290,870 | |
| Series 2019: | |||
5% 10/1/22 | 7,000,000 | 7,281,901 | |
5% 4/1/28 | 4,380,000 | 5,485,868 | |
| Series 2020: | |||
4% 3/1/23 | 5,000,000 | 5,236,498 | |
4% 3/1/24 | 2,500,000 | 2,706,107 | |
5% 11/1/26 | 2,000,000 | 2,419,240 | |
5% 11/1/27 | 1,000,000 | 1,243,132 | |
5% 11/1/28 | 10,000,000 | 12,704,473 | |
| Series 2021: | |||
4% 12/1/24 | 5,000,000 | 5,539,192 | |
5% 12/1/25 | 2,500,000 | 2,940,985 | |
5% 9/1/27 | 5,000,000 | 6,188,906 | |
5% 9/1/28 | 5,000,000 | 6,327,026 | |
5% 10/1/29 | 7,000,000 | 9,079,476 | |
| California Health Facilities Fing. Auth. Rev.: | |||
| Bonds: | |||
(Providence St. Jospeh Health) Series 2016 B3, 2%, tender 10/1/25 (b) | 12,800,000 | 13,526,025 | |
Series 2009 C, 5%, tender 10/18/22 (b) | 900,000 | 937,873 | |
Series 2009 D, 1.7%, tender 10/18/22 (b) | 5,300,000 | 5,369,726 | |
Series 2016 B2, 4%, tender 10/1/24 (b) | 6,120,000 | 6,742,362 | |
Series 2019 B, 5%, tender 10/1/27 (b) | 5,625,000 | 6,963,142 | |
Series 2019 C, 5%, tender 10/1/25 (b) | 8,310,000 | 9,725,953 | |
| Series 2012 B, 5% 8/15/24 | 315,000 | 325,690 | |
| Series 2014 A, 5% 10/1/22 | 1,850,000 | 1,924,026 | |
| Series 2015, 5% 11/15/25 | 675,000 | 794,647 | |
| Series 2016 A, 4% 3/1/27 | 475,000 | 538,575 | |
| Series 2021 A: | |||
4% 11/1/23 | 500,000 | 535,416 | |
4% 11/1/24 | 365,000 | 403,351 | |
5% 11/1/25 | 500,000 | 586,597 | |
5% 11/1/26 | 300,000 | 363,372 | |
5% 11/1/27 | 200,000 | 248,626 | |
| Series 2021 B: | |||
5% 11/1/26 | 250,000 | 302,810 | |
5% 11/1/27 | 600,000 | 745,879 | |
| Series 2022 A: | |||
5% 5/15/23 (c) | 550,000 | 573,839 | |
5% 5/15/24 (c) | 1,200,000 | 1,300,207 | |
5% 5/15/25 (c) | 1,650,000 | 1,849,129 | |
5% 5/15/26 (c) | 1,000,000 | 1,153,881 | |
5% 5/15/27 (c) | 275,000 | 325,428 | |
| California Infrastructure & Econ. Dev. Series 2019, 5% 8/1/27 | 300,000 | 367,535 | |
| California Infrastructure and Econ. Dev. Bank Rev.: | |||
| Bonds: | |||
(Los Angeles County Museum of Art Proj.) Series 2021 A, 1.2%, tender 6/1/28 (b) | 7,000,000 | 7,066,750 | |
Series 2021 B1, 0.39%, tender 1/1/24 (b) | 2,500,000 | 2,497,863 | |
| Series 2015 A, 5% 11/1/24 | 1,230,000 | 1,339,095 | |
| California Mun Fin Auth Student Hsg (CHF-Davis I, LLC - West Village Student Housing Proj.) Series 2018, 5% 5/15/23 | 1,000,000 | 1,061,891 | |
| California Muni. Fin. Auth. (Orange County Civic Ctr. Infrastructure Impt. Prog.) Series 2017 A, 5% 6/1/30 | 2,650,000 | 3,246,552 | |
| California Muni. Fin. Auth. Rev.: | |||
| (Biola Univeristy, Inc. Proj.) Series 2017: | |||
5% 10/1/22 | 1,020,000 | 1,058,718 | |
5% 10/1/23 | 1,230,000 | 1,330,536 | |
5% 10/1/24 | 370,000 | 414,686 | |
5% 10/1/25 | 1,210,000 | 1,400,184 | |
5% 10/1/26 | 355,000 | 422,197 | |
| (Channing House Proj.) Series 2017 A: | |||
4% 5/15/28 | 2,000,000 | 2,322,008 | |
5% 5/15/24 | 910,000 | 1,011,769 | |
5% 5/15/26 | 360,000 | 428,521 | |
5% 5/15/27 | 350,000 | 427,741 | |
| (Institute On Aging Proj.) Series 2017: | |||
5% 8/15/23 | 225,000 | 242,523 | |
5% 8/15/24 | 285,000 | 319,930 | |
5% 8/15/25 | 995,000 | 1,157,177 | |
5% 8/15/26 | 275,000 | 329,835 | |
| (Univ. of Verne Proj.) Series 2017 A: | |||
5% 6/1/22 | 625,000 | 639,782 | |
5% 6/1/23 | 700,000 | 748,507 | |
5% 6/1/25 | 1,250,000 | 1,441,890 | |
5% 6/1/28 | 390,000 | 475,189 | |
| Series 2017 A: | |||
5% 11/1/23 | 450,000 | 485,409 | |
5% 7/1/24 | 1,400,000 | 1,557,374 | |
5% 7/1/25 | 1,035,000 | 1,191,635 | |
5% 11/1/25 | 745,000 | 854,349 | |
5% 7/1/26 | 1,065,000 | 1,264,195 | |
5% 7/1/27 | 1,235,000 | 1,506,080 | |
5% 7/1/29 | 115,000 | 139,126 | |
| Series 2017 B: | |||
5% 7/1/24 | 1,440,000 | 1,601,871 | |
5% 1/1/25 | 1,230,000 | 1,391,356 | |
5% 7/1/26 | 500,000 | 593,519 | |
5% 7/1/27 | 640,000 | 780,479 | |
| Series 2018: | |||
5% 10/1/22 | 475,000 | 492,868 | |
5% 10/1/23 | 225,000 | 243,175 | |
5% 10/1/24 | 275,000 | 308,130 | |
5% 10/1/25 | 275,000 | 317,998 | |
5% 10/1/26 | 300,000 | 357,099 | |
| Series 2019 A: | |||
5% 4/1/26 | 650,000 | 768,350 | |
5% 4/1/27 | 1,285,000 | 1,561,594 | |
5% 4/1/28 | 2,000,000 | 2,491,018 | |
5% 4/1/29 | 3,000,000 | 3,811,012 | |
| California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2009 A, 1.3%, tender 2/3/25 (b)(d) | 1,500,000 | 1,524,841 | |
| California Muni. Fin. Auth. Sr Living Series 2019: | |||
| 4% 11/15/23 | 295,000 | 312,603 | |
| 4% 11/15/25 | 630,000 | 701,254 | |
| 4% 11/15/28 | 710,000 | 814,937 | |
| California Muni. Fin. Auth. Student Hsg.: | |||
| (CHF Davis II, L.L.C. Orchard Park Student Hsg. Proj.) Series 2021: | |||
5% 5/15/24 (Build America Mutual Assurance Insured) | 500,000 | 553,451 | |
5% 5/15/25 (Build America Mutual Assurance Insured) | 400,000 | 458,341 | |
5% 5/15/26 (Build America Mutual Assurance Insured) | 350,000 | 413,239 | |
5% 5/15/27 (Build America Mutual Assurance Insured) | 470,000 | 569,365 | |
5% 5/15/28 (Build America Mutual Assurance Insured) | 375,000 | 465,013 | |
5% 5/15/29 (Build America Mutual Assurance Insured) | 400,000 | 506,481 | |
5% 5/15/30 (Build America Mutual Assurance Insured) | 500,000 | 644,759 | |
| (CHF-Davis I, LLC - West Village Student Hsg. Proj.) Series 2018: | |||
5% 5/15/24 | 1,300,000 | 1,432,014 | |
5% 5/15/25 | 3,400,000 | 3,870,361 | |
5% 5/15/26 | 3,000,000 | 3,517,032 | |
5% 5/15/27 | 3,000,000 | 3,619,320 | |
| (CHF-Riverside I, LLC - UCR Dundee-Glasgow Student Hsg. Proj.) Series 2018: | |||
5% 5/15/22 | 710,000 | 724,233 | |
5% 5/15/23 | 950,000 | 1,010,226 | |
5% 5/15/24 | 2,265,000 | 2,499,093 | |
5% 5/15/27 | 750,000 | 903,948 | |
| (CHF-Riverside II, LLC-UCR North District Phase I Student Hsg. Proj.) Series 2019: | |||
5% 5/15/23 (Build America Mutual Assurance Insured) | 400,000 | 426,801 | |
5% 5/15/24 (Build America Mutual Assurance Insured) | 345,000 | 383,224 | |
| California Pub. Fin. Auth. Rev. Series 2021 A: | |||
| 4% 10/15/22 | 245,000 | 252,280 | |
| 4% 10/15/23 | 285,000 | 302,589 | |
| 4% 10/15/24 | 380,000 | 414,793 | |
| 4% 10/15/25 | 390,000 | 436,060 | |
| California Pub. Works Board Lease Rev.: | |||
| (Various Cap. Projs.): | |||
Series 2012 A, 5% 4/1/24 | 9,800,000 | 9,956,079 | |
Series 2012 G: | |||
5% 11/1/24 | 720,000 | 751,803 | |
5% 11/1/25 | 5,600,000 | 5,847,353 | |
Series 2021 D: | |||
5% 11/1/27 | 3,555,000 | 4,410,046 | |
5% 11/1/28 | 3,745,000 | 4,746,359 | |
Series 2022 C: | |||
5% 8/1/25 (c) | 2,530,000 | 2,823,700 | |
5% 8/1/26 (c) | 3,195,000 | 3,675,171 | |
5% 8/1/27 (c) | 2,955,000 | 3,482,445 | |
5% 8/1/28 (c) | 3,175,000 | 3,824,793 | |
Series B, 5% 10/1/26 | 325,000 | 391,463 | |
| (Various Judicial Council Projs.) Series 2011 D, 5% 12/1/23 | 9,955,000 | 9,955,000 | |
| Series 2014 B, 5% 10/1/22 | 1,225,000 | 1,274,017 | |
| Series 2014 C, 5% 10/1/22 | 1,000,000 | 1,040,014 | |
| Series 2021 D, 4% 11/1/26 | 2,905,000 | 3,367,602 | |
| Series A, 5% 9/1/29 | 860,000 | 964,770 | |
| California State Univ. Rev.: | |||
| Bonds Series 2016 B3, 4%, tender 11/1/23 (b) | 6,205,000 | 6,522,587 | |
| Series 2020 A: | |||
5% 11/1/22 | 2,585,000 | 2,699,424 | |
5% 11/1/23 | 1,500,000 | 1,635,461 | |
5% 11/1/24 | 1,500,000 | 1,702,447 | |
5% 11/1/25 | 1,000,000 | 1,176,600 | |
| California Statewide Cmntys. Dev. Auth. Series 2016: | |||
| 5% 5/15/22 | 1,000,000 | 1,021,758 | |
| 5% 5/15/23 | 2,375,000 | 2,538,489 | |
| 5% 5/15/24 | 1,000,000 | 1,113,726 | |
| California Statewide Cmntys. Dev. Auth. Hosp. Rev. Series 2018: | |||
| 5% 1/1/22 | 500,000 | 501,838 | |
| 5% 1/1/23 | 500,000 | 524,302 | |
| 5% 1/1/24 | 600,000 | 654,353 | |
| 5% 1/1/25 | 2,100,000 | 2,374,798 | |
| 5% 1/1/26 | 1,090,000 | 1,272,306 | |
| 5% 1/1/27 | 1,900,000 | 2,282,038 | |
| California Statewide Cmntys. Dev. Auth. Rev.: | |||
| (Huntington Memorial Hosp. Proj.) Series 2018: | |||
5% 7/1/24 | 1,020,000 | 1,137,168 | |
5% 7/1/25 | 625,000 | 721,267 | |
| (Viamonte Sr. Living 1 Proj.) Series 2018 B, 3% 7/1/25 | 1,875,000 | 1,878,686 | |
| Series 2014 B: | |||
5% 7/1/23 (Escrowed to Maturity) | 870,000 | 934,951 | |
5% 7/1/24 (Escrowed to Maturity) | 900,000 | 1,007,582 | |
| Series 2015: | |||
4% 2/1/25 | 940,000 | 988,201 | |
5% 2/1/30 | 200,000 | 213,841 | |
| Series 2016: | |||
5% 10/1/22 | 725,000 | 753,513 | |
5% 10/1/24 | 2,030,000 | 2,287,390 | |
5% 10/1/25 | 1,010,000 | 1,177,905 | |
| Series 2017 A, 3% 11/1/22 (d) | 365,000 | 372,768 | |
| Series 2018 A, 5% 3/1/27 | 555,000 | 676,162 | |
| Series 2018, 5% 7/1/23 | 300,000 | 321,753 | |
| Series 2021 A: | |||
5% 4/1/22 | 345,000 | 350,425 | |
5% 4/1/23 | 350,000 | 371,637 | |
5% 4/1/24 | 375,000 | 413,843 | |
5% 4/1/25 | 575,000 | 656,860 | |
5% 4/1/26 | 380,000 | 447,410 | |
5% 4/1/27 | 600,000 | 725,319 | |
5% 4/1/28 | 425,000 | 524,933 | |
5% 4/1/29 | 625,000 | 786,453 | |
5% 4/1/30 | 440,000 | 564,814 | |
5% 4/1/31 | 450,000 | 588,601 | |
| Chula Vista Elementary School District Series 2019, 0% 8/1/23 | 6,500,000 | 6,453,533 | |
| Corona-Norco Unified School District Series 2013 A, 5% 9/1/22 (Escrowed to Maturity) | 500,000 | 518,027 | |
| Eastern Muni. Wtr. District Fing. Auth. Series 2020 A: | |||
| 5% 7/1/26 | 250,000 | 300,882 | |
| 5% 7/1/27 | 255,000 | 316,140 | |
| El Camino Hosp. District Series 2006, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,438,177 | |
| El Dorado County Gen. Oblig. Series 2012, 5% 9/1/22 | 1,280,000 | 1,325,832 | |
| El Dorado Irr. Distr. Rev. Series 2016 A: | |||
| 5% 3/1/22 | 500,000 | 506,036 | |
| 5% 3/1/23 | 500,000 | 529,875 | |
| Elk Grove Fin. Auth. Spl. Tax Rev.: | |||
| Series 2015: | |||
5% 9/1/22 | 425,000 | 439,793 | |
5% 9/1/23 | 1,000,000 | 1,074,536 | |
5% 9/1/24 | 1,000,000 | 1,112,811 | |
5% 9/1/27 | 150,000 | 173,797 | |
| Series 2016: | |||
4% 9/1/23 | 1,500,000 | 1,584,455 | |
4% 9/1/25 | 1,915,000 | 2,111,426 | |
| Elk Grove Unified School Distr. Ctfs. of Prtn. (Cap. Facilities Proj.) Series 2016: | |||
| 5% 2/1/22 (Build America Mutual Assurance Insured) | 2,895,000 | 2,917,701 | |
| 5% 2/1/23 (Build America Mutual Assurance Insured) | 1,390,000 | 1,465,631 | |
| 5% 2/1/24 (Build America Mutual Assurance Insured) | 1,460,000 | 1,603,271 | |
| Elsinore Valley Muni. Wtr. District Series 2016 A: | |||
| 5% 7/1/22 | 900,000 | 925,144 | |
| 5% 7/1/23 | 770,000 | 827,486 | |
| 5% 7/1/24 | 1,000,000 | 1,119,261 | |
| Emery Unified School District Series D, 0% 8/1/40 (Pre-Refunded to 8/1/23 @ 40.487) | 250,000 | 100,703 | |
| Evergreen Elementary School District Series 2006 B, 0% 8/1/27 | 1,240,000 | 1,173,702 | |
| Fairfield Ctfs. Prtn. Series 2007, 0% 4/1/27 | 1,850,000 | 1,732,956 | |
| Fullerton Pub. Fing. Auth. Series 2021 A: | |||
| 4% 2/1/23 | 100,000 | 104,256 | |
| 4% 2/1/24 | 240,000 | 258,389 | |
| 4% 2/1/25 | 235,000 | 260,321 | |
| 4% 2/1/26 | 210,000 | 238,085 | |
| 4% 2/1/27 | 230,000 | 266,418 | |
| 4% 2/1/28 | 230,000 | 270,209 | |
| 4% 2/1/30 | 385,000 | 466,242 | |
| Garvey School District Series 2000 B, 0% 8/1/30 | 1,625,000 | 1,393,973 | |
| Gilroy School Facilities Fing. (Gilroy Calif Unified School District Proj.) Series 2013, 4% 8/1/22 (Escrowed to Maturity) | 40,000 | 41,022 | |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | |||
| Series 2005 A, 0% 6/1/27 (Escrowed to Maturity) | 5,000,000 | 4,756,262 | |
| Series 2017 A1: | |||
5% 6/1/22 | 1,000,000 | 1,023,183 | |
5% 6/1/23 | 3,875,000 | 4,141,301 | |
5% 6/1/28 | 1,510,000 | 1,827,788 | |
| Series A, 0% 6/1/24 (Escrowed to Maturity) | 7,605,000 | 7,518,949 | |
| Indio Pub. Fing. Auth. Lease Rev. Series 2012, 5% 11/1/22 | 745,000 | 777,414 | |
| Irvine Reassessment District 12-1 Ltd. Oblig. Series 2013, 5% 9/2/22 | 750,000 | 776,895 | |
| La Quinta Redev. Agcy.: | |||
| (La Quinta Redev. Proj. Areas No. 1 and 2) Series 2014 A: | |||
5% 9/1/22 (Escrowed to Maturity) | 615,000 | 637,021 | |
5% 9/1/23 (Escrowed to Maturity) | 1,205,000 | 1,304,062 | |
| Series 2013 A: | |||
5% 9/1/22 (Escrowed to Maturity) | 2,000,000 | 2,071,613 | |
5% 9/1/23 (Escrowed to Maturity) | 1,500,000 | 1,623,313 | |
| Long Beach Unified School District Series D1, 0% 8/1/29 | 1,915,000 | 1,550,215 | |
| Los Angeles Cmnty. College District Series 2016 I, 4% 8/1/24 | 800,000 | 878,472 | |
| Los Angeles County Ctfs. of Prtn. (Disney Concert Hall Parking Garage Proj.) Series 2012, 5% 3/1/22 | 1,000,000 | 1,011,515 | |
| Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series 2020 A, 5% 6/1/27 | 5,000,000 | 6,187,550 | |
| Los Angeles County Pub. Works Fing. Auth. Lease Rev.: | |||
| (LACMA Bldg. for the Permanent Collection Proj.) Series 2020 A, 5% 12/1/27 | 3,375,000 | 4,211,237 | |
| Series 2022 G: | |||
5% 12/1/25 (c) | 1,500,000 | 1,717,743 | |
5% 12/1/26 (c) | 1,750,000 | 2,064,082 | |
5% 12/1/27 (c) | 1,875,000 | 2,260,132 | |
5% 12/1/28 (c) | 1,625,000 | 2,000,971 | |
| Los Angeles Dept. Arpt. Rev.: | |||
| Series 2020 A: | |||
5% 5/15/23 | 5,000,000 | 5,345,624 | |
5% 5/15/24 | 5,000,000 | 5,566,986 | |
5% 5/15/25 | 5,015,000 | 5,794,827 | |
| Series 2020 B, 5% 5/15/26 | 7,000,000 | 8,359,564 | |
| Series C, 5% 5/15/25 | 265,000 | 306,207 | |
| Los Angeles Muni. Impt. Corp. Lease Rev.: | |||
| Series 2014 A, 5% 5/1/23 (Escrowed to Maturity) | 475,000 | 507,195 | |
| Series 2014 B, 5% 5/1/23 (Escrowed to Maturity) | 200,000 | 213,269 | |
| Los Angeles Unified School District: | |||
| Series 2020 C, 5% 7/1/26 | 5,670,000 | 6,804,046 | |
| Series A: | |||
5% 7/1/22 | 3,830,000 | 3,937,916 | |
5% 7/1/24 | 435,000 | 487,238 | |
5% 7/1/25 | 3,355,000 | 3,895,079 | |
| Series C, 5% 7/1/25 | 655,000 | 731,856 | |
| Series M1, 5% 7/1/25 | 300,000 | 348,293 | |
| Middle Fork Proj. Fin. Auth. Series 2020: | |||
| 5% 4/1/22 | 2,480,000 | 2,517,317 | |
| 5% 4/1/23 | 2,610,000 | 2,760,185 | |
| Montebello Pub. Fing. Auth.: | |||
| (Montebello Home2 Suites By Hilton Hotel Proj.) Series 2016 A, 5% 6/1/27 | 1,415,000 | 1,612,319 | |
| (Montebello Home2 Suites by Hilton Hotel Proj.) Series 2016 A, 5% 6/1/28 | 1,490,000 | 1,689,820 | |
| (Montebello Home2 Suites By Hilton Hotel Proj.) Series 2016 A, 5% 6/1/29 | 1,560,000 | 1,761,548 | |
| Monterey Peninsula Cmnty. College District Series 2016: | |||
| 0% 8/1/22 | 2,300,000 | 2,296,857 | |
| 0% 8/1/24 | 2,850,000 | 2,809,337 | |
| Mount Diablo Unified School District Series 2022 B: | |||
| 4% 8/1/24 (c) | 4,335,000 | 4,657,210 | |
| 4% 8/1/27 (c) | 3,000,000 | 3,452,825 | |
| Napa Valley Cmnty. Cllge District Series 2002 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,025,000 | 959,327 | |
| Napa Valley Unified School District Series 2010 A, 0% 8/1/27 | 2,065,000 | 1,925,091 | |
| Newport Mesa Unified School District Series 2007, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,915,000 | 3,552,637 | |
| Northern California Energy Auth. Bonds Series 2018, 4%, tender 7/1/24 (b) | 10,000,000 | 10,839,664 | |
| Oakland Unified School District Alameda County: | |||
| Series 2015 A: | |||
5% 8/1/23 (FSA Insured) | 2,125,000 | 2,291,685 | |
5% 8/1/24 | 1,900,000 | 2,125,411 | |
5% 8/1/24 (FSA Insured) | 2,400,000 | 2,690,853 | |
| Series 2016: | |||
5% 8/1/26 | 1,470,000 | 1,756,589 | |
5% 8/1/29 | 940,000 | 1,119,451 | |
| Oakland-Alameda County Coliseum Auth. (Oakland Coliseum Proj.) Series 2012 A, 5% 2/1/22 | 3,300,000 | 3,322,832 | |
| Orange County Trans. Auth. (I-405 Impt. Proj.) Series 2021, 5% 10/15/24 (Liquidity Facility Orange County Local Trans. Auth. Sales Tax Rev.) | 5,000,000 | 5,658,978 | |
| Palmdale School District Series 2002, 0% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400,000 | 1,313,525 | |
| Palo Alto Unified School District Gen. Oblig. Series 2008, 0% 8/1/25 | 2,255,000 | 2,211,525 | |
| Palomar Cmnty. College District Series 2010 B, 0% 8/1/29 | 1,005,000 | 902,998 | |
| Palomar Health Calif Ctfs. Prtn. Series 2017: | |||
| 5% 11/1/23 | 300,000 | 324,923 | |
| 5% 11/1/24 | 300,000 | 336,947 | |
| 5% 11/1/25 | 350,000 | 405,890 | |
| 5% 11/1/26 | 475,000 | 566,947 | |
| Palomar Health Rev. Series 2016: | |||
| 5% 11/1/25 | 2,000,000 | 2,319,373 | |
| 5% 11/1/26 | 1,875,000 | 2,237,947 | |
| Perris Union High School District Series A, 5% 9/1/22 (FSA Insured) | 625,000 | 647,475 | |
| Pittsburg School District Series C, 0% 8/1/52 (Pre-Refunded to 8/1/22 @ 16.874) | 1,275,000 | 214,802 | |
| Placentia-Yorba Linda Unified School District Series 2004 B, 0% 8/1/27 | 1,905,000 | 1,790,996 | |
| Poway California Redev. Agcy. Successor Series A: | |||
| 5% 12/15/23 | 4,330,000 | 4,738,355 | |
| 5% 6/15/24 | 2,440,000 | 2,723,606 | |
| Poway Unified School District Series 2009, 0% 8/1/26 | 2,145,000 | 2,051,356 | |
| Poway Unified School District Pub. Fing. Series 2015 A: | |||
| 5% 9/1/22 | 990,000 | 1,022,786 | |
| 5% 9/1/23 | 1,345,000 | 1,445,495 | |
| Pub. Utils. Commission San Francisco City & County Wastewtr. Rev. Bonds Series 2018 C, 2.125%, tender 10/1/23 (b) | 25,000,000 | 25,605,724 | |
| Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.) Series 2014, 5% 9/1/22 (FSA Insured) | 1,400,000 | 1,447,868 | |
| Richmond Wastewtr. Rev. Series 2019 B: | |||
| 5% 8/1/22 | 300,000 | 309,638 | |
| 5% 8/1/23 | 1,000,000 | 1,079,313 | |
| 5% 8/1/24 | 730,000 | 821,375 | |
| 5% 8/1/25 | 1,950,000 | 2,276,537 | |
| Rio Hondo Cmnty. College District Series 2010 C, 0% 8/1/29 | 1,800,000 | 1,619,774 | |
| Riverside Swr. Rev. Series 2015 A: | |||
| 5% 8/1/22 | 2,160,000 | 2,229,246 | |
| 5% 8/1/24 | 1,500,000 | 1,683,914 | |
| Sacramento City Unified School District: | |||
| Series 2007: | |||
0% 7/1/27 (FSA Insured) | 1,455,000 | 1,354,112 | |
0% 7/1/28 (FSA Insured) | 500,000 | 454,505 | |
| Series 2014: | |||
5% 7/1/23 | 605,000 | 647,472 | |
5% 7/1/25 | 50,000 | 55,351 | |
| Series 2021: | |||
4% 7/1/22 (FSA Insured) | 675,000 | 689,544 | |
4% 7/1/23 (FSA Insured) | 900,000 | 950,503 | |
4% 7/1/24 (FSA Insured) | 1,000,000 | 1,091,700 | |
4% 7/1/25 (FSA Insured) | 1,200,000 | 1,347,419 | |
4% 7/1/26 (FSA Insured) | 1,100,000 | 1,266,037 | |
4% 7/1/27 (FSA Insured) | 350,000 | 410,550 | |
4% 7/1/28 (FSA Insured) | 625,000 | 744,780 | |
4% 7/1/29 (FSA Insured) | 250,000 | 301,739 | |
| Sacramento County Arpt. Sys. Rev.: | |||
| Series 2018 A: | |||
5% 7/1/22 (Escrowed to Maturity) | 275,000 | 282,545 | |
5% 7/1/23 | 430,000 | 462,102 | |
5% 7/1/24 | 575,000 | 643,417 | |
5% 7/1/25 | 605,000 | 701,454 | |
| Series 2018 B: | |||
5% 7/1/22 (Escrowed to Maturity) | 1,000,000 | 1,027,438 | |
5% 7/1/23 | 3,060,000 | 3,288,449 | |
5% 7/1/24 | 1,560,000 | 1,745,618 | |
5% 7/1/25 | 2,040,000 | 2,365,235 | |
| Series 2018 D: | |||
5% 7/1/22 | 300,000 | 308,381 | |
5% 7/1/23 | 500,000 | 537,328 | |
5% 7/1/24 | 400,000 | 447,594 | |
| Series 2018 E, 5% 7/1/28 | 745,000 | 940,552 | |
| Series 2020: | |||
5% 7/1/23 | 350,000 | 376,130 | |
5% 7/1/24 | 730,000 | 816,860 | |
5% 7/1/25 | 1,045,000 | 1,211,603 | |
5% 7/1/26 | 370,000 | 442,890 | |
5% 7/1/27 | 830,000 | 1,022,339 | |
5% 7/1/28 | 700,000 | 883,740 | |
| Sacramento Muni. Util. District Elec. Rev. Bonds Series 2019 B, 5%, tender 10/15/25 (b) | 1,920,000 | 2,206,479 | |
| Sacramento TOT Rev. Series A, 5% 6/1/26 | 900,000 | 1,054,008 | |
| San Diego Assoc. of Governments (Mid-Coast Corridor Transit Proj.) Series 2019 A, 1.8% 11/15/27 | 2,495,000 | 2,603,553 | |
| San Diego California Assn. Govts. South Bay (South Bay Expressway Proj.) Series 2017 A: | |||
| 5% 7/1/22 | 1,500,000 | 1,540,300 | |
| 5% 7/1/24 | 1,415,000 | 1,576,767 | |
| 5% 7/1/26 | 1,450,000 | 1,721,205 | |
| San Diego County Reg'l. Arpt. Auth. Arpt. Rev.: | |||
| Series 2019 A, 5% 7/1/24 | 45,000 | 50,354 | |
| Series 2020 A, 5% 7/1/22 | 2,055,000 | 2,112,413 | |
| Series 2020 B: | |||
5% 7/1/23 | 3,755,000 | 4,035,335 | |
5% 7/1/29 | 1,025,000 | 1,323,403 | |
| San Diego County Wtr. Auth. Rev. Series 2021 A, 5% 5/1/25 | 1,050,000 | 1,214,744 | |
| San Diego Pub. Facilities Fing. Auth. Lease Rev. Series 2015 B: | |||
| 5% 10/15/23 | 1,400,000 | 1,523,065 | |
| 5% 10/15/25 | 1,605,000 | 1,876,847 | |
| San Francisco City & County Redev. Agcy. Successor (San Francisco Redev. Projs.) Series 2014 C, 5% 8/1/22 | 175,000 | 180,383 | |
| San Jacinto Unified School District: | |||
| Series 2014 A, 5% 8/1/22 (FSA Insured) | 325,000 | 334,931 | |
| Series 2014: | |||
5% 8/1/23 (FSA Insured) | 400,000 | 429,844 | |
5% 8/1/24 (FSA Insured) | 750,000 | 837,494 | |
| San Jose Fing. Auth. Lease Rev. (Civic Ctr. Proj.) Series 2013 A, 5% 6/1/22 (Escrowed to Maturity) | 1,100,000 | 1,126,577 | |
| San Marcos Redev. Agcy. Successor Series 2015 A: | |||
| 5% 10/1/22 | 1,850,000 | 1,920,383 | |
| 5% 10/1/23 | 900,000 | 976,674 | |
| San Mateo County Cmnty. College District Series 2006 B, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,505,000 | 3,381,215 | |
| San Mateo County Joint Powers Fing. Auth. Series 2019 A: | |||
| 5% 7/15/22 | 3,425,000 | 3,527,711 | |
| 5% 7/15/23 | 3,440,000 | 3,704,642 | |
| San Mateo Unified School District: | |||
| (Election of 2000 Proj.) Series B, 0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,055,000 | 2,976,874 | |
| Series 2013 A, 5% 9/1/33 (Pre-Refunded to 9/1/23 @ 100) | 815,000 | 880,655 | |
| San Pablo Redev. Agcy. Series 2014 A: | |||
| 5% 6/15/22 (FSA Insured) | 1,000,000 | 1,024,608 | |
| 5% 6/15/23 (FSA Insured) | 630,000 | 673,333 | |
| 5% 6/15/24 (FSA Insured) | 100,000 | 111,327 | |
| Santa Barbara Fing. Auth. (Arpt. Proj.) Series 2019: | |||
| 5% 4/1/23 | 1,125,000 | 1,196,420 | |
| 5% 4/1/25 | 1,250,000 | 1,438,238 | |
| Santa Monica Pub. Fin. Rev. (Santa Monica Calif Proj.) Series 2017, 5% 7/1/22 | 400,000 | 411,294 | |
| South Bay Union School District Series 2019, 0% 8/1/22 | 2,230,000 | 2,222,529 | |
| South Orange County Pub. Fing. Auth. Spl. Tax Rev. Series 2014 A, 5% 8/15/22 | 750,000 | 767,921 | |
| Southern California Pub. Pwr. Auth. Rev. Bonds Series 2020 C, 0.65%, tender 7/1/25 (b) | 7,325,000 | 7,298,757 | |
| Stockton Pub. Fing. Auth. Wastewtr. Series 2019, 1.4% 6/1/22 | 3,000,000 | 3,000,000 | |
| Stockton Pub. Fing. Auth. Wtr. Rev. Series 2018 A: | |||
| 5% 10/1/23 | 650,000 | 703,627 | |
| 5% 10/1/24 | 700,000 | 786,856 | |
| 5% 10/1/25 | 750,000 | 871,893 | |
| 5% 10/1/26 | 1,000,000 | 1,197,128 | |
| 5% 10/1/27 | 1,000,000 | 1,228,929 | |
| Stockton Unified School District Gen. Oblig. Series 2012, 5% 7/1/22 (FSA Insured) | 1,220,000 | 1,254,084 | |
| Successor Agcy. to the Redev. Agcy. of Pittsburg (Los Medanos Cmnty. Dev. Proj.) Series 2016 A: | |||
| 5% 9/1/22 (FSA Insured) | 3,370,000 | 3,486,001 | |
| 5% 9/1/23 (FSA Insured) | 3,115,000 | 3,359,671 | |
| 5% 9/1/24 (FSA Insured) | 125,000 | 140,009 | |
| 5% 9/1/26 (FSA Insured) | 3,610,000 | 4,307,626 | |
| Tobacco Securitization Auth. Southern California Tobacco Settlement Series 2019 A1: | |||
| 5% 6/1/23 | 1,000,000 | 1,070,722 | |
| 5% 6/1/27 | 500,000 | 611,932 | |
| Turlock Irrigation District Rev. Series 2020: | |||
| 5% 1/1/23 | 4,315,000 | 4,535,815 | |
| 5% 1/1/24 | 4,530,000 | 4,965,149 | |
| 5% 1/1/25 | 4,760,000 | 5,422,031 | |
| 5% 1/1/26 | 4,995,000 | 5,883,280 | |
| Union Elementary School District Series B, 0% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 400,000 | 399,041 | |
| Upland Gen. Oblig. Ctfs. of Prtn. (San Antonio Cmnty. Hosp.,CA. Proj.) Series 2017: | |||
| 5% 1/1/22 | 450,000 | 451,617 | |
| 5% 1/1/23 | 450,000 | 471,370 | |
| 5% 1/1/24 | 1,150,000 | 1,251,921 | |
| 5% 1/1/26 | 500,000 | 581,657 | |
| 5% 1/1/28 | 1,000,000 | 1,225,228 | |
| Walnut Energy Ctr. Auth. Rev. Series 2014 A, 5% 1/1/22 | 350,000 | 351,376 | |
| Washington Township Health Care District Rev.: | |||
| Series 2019 A: | |||
5% 7/1/22 | 645,000 | 661,984 | |
5% 7/1/23 | 715,000 | 765,194 | |
5% 7/1/24 | 500,000 | 555,660 | |
5% 7/1/25 | 500,000 | 574,902 | |
5% 7/1/26 | 550,000 | 651,781 | |
5% 7/1/27 | 600,000 | 730,241 | |
| Series A: | |||
5% 7/1/22 | 200,000 | 205,266 | |
5% 7/1/23 | 175,000 | 187,285 | |
5% 7/1/24 | 200,000 | 222,264 | |
5% 7/1/25 | 200,000 | 229,961 | |
5% 7/1/26 | 250,000 | 296,264 | |
5% 7/1/27 | 375,000 | 456,401 | |
5% 7/1/28 | 400,000 | 498,621 | |
5% 7/1/29 | 350,000 | 445,740 | |
| West Contra Costa Unified School District: | |||
| Series 2004 C, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 530,000 | 493,535 | |
| Series 2014 A: | |||
5% 8/1/22 | 575,000 | 593,551 | |
5% 8/1/23 | 1,500,000 | 1,619,232 | |
| Series E: | |||
4% 8/1/25 (FSA Insured) | 500,000 | 562,248 | |
4% 8/1/27 (FSA Insured) | 650,000 | 764,062 | |
4% 8/1/27 (FSA Insured) | 600,000 | 705,288 | |
| Series F, 4% 8/1/25 (FSA Insured) | 400,000 | 449,798 | |
TOTAL CALIFORNIA | 761,278,092 | ||
| Puerto Rico - 0.1% | |||
| Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021: | |||
| 5% 7/1/22 | 150,000 | 153,887 | |
| 5% 7/1/23 | 50,000 | 53,370 | |
| 5% 7/1/24 | 70,000 | 77,393 | |
| 5% 7/1/25 | 95,000 | 108,290 | |
| 5% 7/1/26 | 100,000 | 116,886 | |
TOTAL PUERTO RICO | 509,826 | ||
| TOTAL MUNICIPAL BONDS (Cost $744,812,089) | 761,787,918 | ||
| Municipal Notes - 3.6% | |||
Principal Amount (a) | Value ($) | ||
| California - 3.6% | |||
| California Muni. Fin. Auth. Student Hsg. Participating VRDN Series 2021 XL 01 73, 0.1% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 3,550,000 | 3,550,000 | |
| Contra Costa County Schools TRAN Series A, 2% 12/1/21 | 1,100,000 | 1,100,000 | |
| Irvine Reassessment District 12-1 Ltd. Oblig. Series A, 0.03% 12/1/21, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(d) | 1,950,000 | 1,950,000 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2021 A1, 0.01% 12/1/21 (Liquidity Facility Royal Bank of Canada), VRDN (b) | 2,950,000 | 2,950,000 | |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | |||
| Series 2001 B4, 0.02% 12/1/21 (Liquidity Facility Citibank NA), VRDN (b) | 2,300,000 | 2,300,000 | |
| Series 2019 A1, 0.02% 12/1/21 (Liquidity Facility Toronto-Dominion Bank), VRDN (b) | 15,060,000 | 15,060,000 | |
| River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.3% 1/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(e)(f)(g) | 510,000 | 510,000 | |
| TOTAL MUNICIPAL NOTES (Cost $27,420,000) | 27,420,000 | ||
| TOTAL INVESTMENT IN SECURITIES - 104.4% (Cost $772,232,089) | 789,207,918 |
NET OTHER ASSETS (LIABILITIES) - (4.4)% | (33,088,049) |
| NET ASSETS - 100.0% | 756,119,869 |
Security Type Abbreviations
| TRAN | - | TAX AND REVENUE ANTICIPATION NOTE |
| VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,847,609 or 0.5% of net assets. |
| (e) | Provides evidence of ownership in one or more underlying municipal bonds. |
| (f) | Coupon rates are determined by re-marketing agents based on current market conditions. |
| (g) | Restricted securities (including private placements) - 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 $510,000 or 0.1% of net assets. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.3% 1/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) | 6/01/21 | 510,000 |
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal Bonds and Municipal Notes are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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