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 811-6397
Fidelity California Municipal Trust II
(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 |
| |
Date of reporting period: | August 31, 2012 |
Item 1. Reports to Stockholders
Fidelity® California
Municipal Money Market
Fund
Semiannual Report
August 31, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes/Performance | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2012 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, 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, 2012 to August 31, 2012).
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
March 1, 2012 | Ending
Account Value
August 31, 2012 | Expenses Paid
During Period*
March 1, 2012
to August 31, 2012 |
Actual | .20% | $ 1,000.00 | $ 1,000.05 | $ 1.01** |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,024.20 | $ 1.02** |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
** If certain fees were voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio for the fund would have been .51% and the expenses paid in the actual and hypothetical examples above would have been $2.57 and $2.60, respectively.
Semiannual Report
Investment Changes/Performance (Unaudited)
Effective Maturity Diversification |
Days | % of fund's
investments
8/31/12 | % of fund's
investments
2/29/12 | % of fund's
investments
8/31/11 |
1 - 7 | 74.1 | 68.5 | 67.3 |
8 - 30 | 2.1 | 8.7 | 4.4 |
31 - 60 | 3.0 | 4.1 | 6.3 |
61 - 90 | 0.7 | 3.1 | 4.5 |
91 - 180 | 8.2 | 11.2 | 4.4 |
> 180 | 11.9 | 4.4 | 13.1 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity |
| 8/31/12 | 2/29/12 | 8/31/11 |
Fidelity California Municipal Money Market | 50 Days | 36 Days | 48 Days |
California Tax-Free Money Market Funds Average* | 40 Days | 30 Days | 36 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life |
| 8/31/12 | 2/29/12 | 8/31/11 |
Fidelity California Municipal Money Market | 50 Days | 36 Days | 48 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) |
As of August 31, 2012 | As of February 29, 2012 |
 | Variable Rate
Demand Notes
(VRDNs) 61.2% | | | Variable Rate
Demand Notes
(VRDNs) 60.3% | |
 | Other Municipal
Debt 29.5% | | | Other Municipal
Debt 36.9% | |
 | Investment
Companies 9.1% | | | Investment
Companies 5.8% | |
 | Net Other
Assets
(Liabilities) 0.2% | | | Net Other
Assets
(Liabilities)** (3.0)% | |
Current and Historical Seven-Day Yields
| 8/31/12 | 5/31/12 | 2/29/12 | 11/28/11 | 8/29/11 |
California Municipal Money Market Fund | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending August 31, 2012, the most recent period shown in the table, would have been -0.30%.
* Source: iMoneyNet, Inc.
** Net Other Assets are not included in the pie chart.
Semiannual Report
Investments August 31, 2012 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 61.2% |
| Principal
Amount (000s) | | Value (000s) |
Alabama - 0.1% |
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.22% 9/7/12, VRDN (b)(e) | $ 3,500 | | $ 3,500 |
California - 58.7% |
ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev.: | | | |
(Terrazza Apts. Proj.) Series 2002 A, 0.2% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 13,880 | | 13,880 |
(Acton Courtyard Apts. Proj.) Series 2010 A, 0.18% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 8,620 | | 8,620 |
(The Artech Bldg. Proj.) Series 2010 B, 0.18% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 3,200 | | 3,200 |
(Vintage Chateau Proj.) Series A, 0.17% 9/7/12, LOC Union Bank of California, VRDN (b)(e) | 10,600 | | 10,600 |
ABAG Fin. Auth. for Nonprofit Corps. Rev.: | | | |
(Eskaton Properties, Inc. Proj.) Series 2008 B, 0.17% 9/7/12, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 14,900 | | 14,900 |
(Schools of the Sacred Heart - San Francisco Proj.): | | | |
Series 2008 A, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 6,840 | | 6,840 |
Series 2008 B, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 4,950 | | 4,950 |
(Sharp HealthCare Proj.): | | | |
Series 2009 A, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 9,400 | | 9,400 |
Series 2009 C, 0.2% 9/7/12, LOC Citibank NA, VRDN (b) | 1,850 | | 1,850 |
Series 2009 D, 0.2% 9/7/12, LOC Citibank NA, VRDN (b) | 21,000 | | 21,000 |
Anaheim Hsg. Auth. Multi-family Hsg. Rev. (Park Vista Apt. Proj.) Series 2000 D, 0.17% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 9,000 | | 9,000 |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN: | | | |
Series BA 08 1058, 0.24% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 2,250 | | 2,250 |
Series EGL 07 0053, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 10,395 | | 10,395 |
Series II R 11901, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 1,300 | | 1,300 |
Series Putters 3211, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 13,320 | | 13,320 |
Series Putters 3293, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,995 | | 4,995 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN: - continued | | | |
Series Putters 3434, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 4,195 | | $ 4,195 |
Series ROC II R 11453, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 5,000 | | 5,000 |
Bueno Park Multi-family Hsg. Rev. (Walden Glen Apts. Proj.) Series 2000 A, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 14,288 | | 14,288 |
California Dept. of Wtr. Resources Wtr. Rev. Participating VRDN: | | | |
Series BA 08 3031X, 0.24% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 3,500 | | 3,500 |
Series Putters 3019, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 9,785 | | 9,785 |
Series Putters 3361, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,570 | | 4,570 |
Series Putters 4161, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,295 | | 3,295 |
California Edl. Facilities Auth. Rev.: | | | |
(Univ. of San Francisco Proj.) Series 2005 B, 0.18% 9/7/12, LOC JPMorgan Chase Bank, VRDN (b) | 2,900 | | 2,900 |
Participating VRDN: | | | |
Series BA 08 1207, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 11,110 | | 11,110 |
Series Floaters 08 38C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo & Co.) (b)(f) | 8,820 | | 8,820 |
Series MS 3144, 0.2% 9/4/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 6,755 | | 6,755 |
Series Putters 3960, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,330 | | 7,330 |
Series Putters 3962, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,345 | | 4,345 |
Series Putters 3969, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,665 | | 6,665 |
Series ROC II R 11974, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 3,500 | | 3,500 |
Series WF 10 54C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 7,140 | | 7,140 |
Series WF11 59 C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 4,735 | | 4,735 |
California Gen. Oblig.: | | | |
Participating VRDN Series Putters 4265, 0.21% 9/4/12 (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 56,400 | | 56,400 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
California Gen. Oblig.: - continued | | | |
Series 2003 B1, 0.16% 9/7/12, LOC JPMorgan Chase Bank, LOC California Pub. Employees Retirement Sys., VRDN (b) | $ 30,400 | | $ 30,400 |
Series 2003 C1, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 3,000 | | 3,000 |
Series 2003 C4, 0.19% 9/7/12, LOC Citibank NA, VRDN (b) | 29,000 | | 29,000 |
Series 2004 A1, 0.18% 9/4/12, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (b) | 27,675 | | 27,675 |
Series 2004 A7, 0.17% 9/7/12, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (b) | 56,960 | | 56,960 |
Series 2004 A8, 0.19% 9/7/12, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (b) | 17,100 | | 17,100 |
Series 2004 A9, 0.16% 9/7/12, LOC State Street Bank & Trust Co., Boston, LOC California Teachers Retirement Sys., VRDN (b) | 50,000 | | 50,000 |
Series 2005 A2-1, 0.21% 9/7/12, LOC Barclays Bank PLC, VRDN (b) | 19,935 | | 19,935 |
Series 2005 A3, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 15,000 | | 15,000 |
Series 2005 B1, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 7,200 | | 7,200 |
Series B6, 0.17% 9/7/12, LOC Citibank NA, VRDN (b) | 17,000 | | 17,000 |
0.18% 9/7/12, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (b) | 26,000 | | 26,000 |
California Health Facilities Fing. Auth. Rev.: | | | |
(Catholic Healthcare West Proj.): | | | |
Series 2004 K, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 32,200 | | 32,200 |
Series 2005 H, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 1,000 | | 1,000 |
Series 2005 I, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 1,500 | | 1,500 |
Series 2009 H, 0.2% 9/7/12, LOC Citibank NA, VRDN (b) | 18,500 | | 18,500 |
(Scripps Health Proj.): | | | |
Series 2008 C, 0.15% 9/7/12, LOC Union Bank of California, VRDN (b) | 19,775 | | 19,775 |
Series 2008 D, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 1,700 | | 1,700 |
(Scripps Memorial Hosp. Proj.) Series 2008 G, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 8,300 | | 8,300 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
California Health Facilities Fing. Auth. Rev.: - continued | | | |
(St. Joseph Health Sys. Proj.) Series 2011 A, 0.16% 9/7/12, LOC Union Bank of California, VRDN (b) | $ 11,500 | | $ 11,500 |
Participating VRDN: | | | |
Series MS 3248, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 23,000 | | 23,000 |
Series MS 3267, 0.17% 9/7/12 (Liquidity Facility Cr. Suisse New York Branch) (b)(f) | 27,375 | | 27,375 |
Series Putters 3630, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,665 | | 4,665 |
Series Putters 4039, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,000 | | 3,000 |
Series Putters 4726, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 6,500 | | 6,500 |
Series ROC II R 11952, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 4,980 | | 4,980 |
Series ROC II R 14012, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 4,000 | | 4,000 |
California Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | | | |
Series 2006 A, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 1,400 | | 1,400 |
Series 2008 C: | | | |
0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 13,300 | | 13,300 |
0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 2,400 | | 2,400 |
California Hsg. Fin. Agcy. Rev.: | | | |
(Home Mtg. Prog.): | | | |
Series 2000 X2, 0.2% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 7,580 | | 7,580 |
Series 2001 U, 0.2% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 16,910 | | 16,910 |
Series 2004 E, 0.15% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 1,180 | | 1,180 |
Series 2004 E1, 0.15% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 3,100 | | 3,100 |
Series 2005 B, 0.15% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 3,700 | | 3,700 |
Series 2005 B1, 0.15% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 4,090 | | 4,090 |
(Multi-family Hsg. Prog.) Series III 2001 E, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 25,860 | | 25,860 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
California Hsg. Fin. Agcy. Rev.: - continued | | | |
(Multifamily Hsg. Prog.): | | | |
Series 2000 A, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | $ 28,400 | | $ 28,400 |
Series 2000 C, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 12,700 | | 12,700 |
Series 2001 G, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 16,800 | | 16,800 |
Series 2002 C, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 14,945 | | 14,945 |
Series 2002 E, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 6,055 | | 6,055 |
Series 2005 B, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 7,220 | | 7,220 |
Series 2005 D, 0.17% 9/7/12 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 16,420 | | 16,420 |
California Infrastructure & Econ. Dev. Bank Rev.: | | | |
(Betts Spring Co. Proj.) Series 2008, 0.36% 9/7/12, LOC Bank of America NA, VRDN (b)(e) | 8,895 | | 8,895 |
(Pacific Gas and Elec. Co. Proj.) Series 2009 C, 0.19% 9/4/12, LOC Sumitomo Mitsui Banking Corp., VRDN (b) | 9,550 | | 9,550 |
(The Contemporary Jewish Museum Proj.) Series 2006, 0.23% 9/4/12, LOC Bank of America NA, VRDN (b) | 6,080 | | 6,080 |
California Muni. Fin. Auth. Indl. Dev. Rev. (Edelbrock Permanent Mold, LLC Proj.) Series 2007, 0.23% 9/7/12, LOC PNC Bank NA, VRDN (b)(e) | 4,345 | | 4,345 |
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1997 B, 0.21% 9/4/12, LOC JPMorgan Chase Bank, VRDN (b)(e) | 20,000 | | 20,000 |
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev.: | | | |
(Metropolitan Recycling, LLC Proj.) Series 2012 A, 0.23% 9/7/12, LOC Comerica Bank, VRDN (b)(e) | 3,030 | | 3,030 |
(Recology, Inc. Proj.) Series 2010 A, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 45,000 | | 45,000 |
(Zero Waste Energy Dev. Co. LLC Proj.) Series 2012 A, 0.23% 9/7/12, LOC Comerica Bank, VRDN (b)(e) | 6,475 | | 6,475 |
Series 2011 A, 0.23% 9/7/12, LOC Comerica Bank, VRDN (b)(e) | 2,810 | | 2,810 |
Series 2012 A, 0.22% 9/7/12, LOC Union Bank of California, VRDN (b)(e) | 2,535 | | 2,535 |
California Pub. Works Board Lease Rev. Participating VRDN: | | | |
Series BA 08 1065, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 21,090 | | 21,090 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
California Pub. Works Board Lease Rev. Participating VRDN: - continued | | | |
Series MT 772, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | $ 9,160 | | $ 9,160 |
Series Putters 4159, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,050 | | 7,050 |
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.17% 9/7/12 (Liquidity Facility Royal Bank of Canada), VRDN (b) | 80,705 | | 80,705 |
California Statewide Cmntys. Dev. Auth. Indl. Dev. Rev. (Arthur Made Plastics, Inc. Proj.) Series 2000 A, 0.48% 9/7/12, LOC Bank of America NA, VRDN (b)(e) | 2,000 | | 2,000 |
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: | | | |
(Aegis of Aptos Proj.) Series 1998-Y 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 7,350 | | 7,350 |
(Bristol Apts. Proj.) Series Z, 0.16% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 9,500 | | 9,500 |
(Canyon Creek Apts. Proj.) Series 1995 C, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 38,800 | | 38,800 |
(Coventry Place Apts. Proj.) Series 2002 JJ, 0.32% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 1,000 | | 1,000 |
(Crocker Oaks Apts. Proj.) Series 2001 H, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 6,750 | | 6,750 |
(Crystal View Apt. Proj.) Series A, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 27,075 | | 27,075 |
(Grove Apts. Proj.) Series X, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 6,150 | | 6,150 |
(Heritage Park Apts. Proj.) Series 2008 C, 0.16% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 30,000 | | 30,000 |
(Irvine Apt. Cmntys. LP Proj.) Series 2001 W2, 0.2% 9/4/12, LOC Wells Fargo Bank NA, VRDN (b)(e) | 4,400 | | 4,400 |
(Marlin Cove Apts. Proj.) Series V, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 40,000 | | 40,000 |
(Northwest Gateway Apts. Proj.) Series 2004 C, 0.18% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 30,045 | | 30,045 |
(Northwood Apts. Proj.) Series N, 0.16% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 4,700 | | 4,700 |
(Parkside Terrace Apts. Proj.) Series 2008 E, 0.2% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 17,009 | | 17,009 |
(River Run Sr. Apts. Proj.) Series LL, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 13,505 | | 13,505 |
(Salvation Army S.F. Proj.) 0.2% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 16,545 | | 16,545 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: - continued | | | |
(Sunrise Fresno Proj.) Series B, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | $ 5,500 | | $ 5,500 |
(Terraces at Park Marino Proj.) Series I, 0.17% 9/7/12, LOC California Teachers Retirement Sys., VRDN (b)(e) | 5,875 | | 5,875 |
(The Belmont Proj.) Series 2005 F, 0.17% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 9,390 | | 9,390 |
(The Crossings Sr. Apts./ Phase II Proj.) Series J, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 11,100 | | 11,100 |
(Villas at Hamilton Apts. Proj.) Series 2001 HH, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 11,300 | | 11,300 |
(Vineyard Creek Apts. Proj.): | | | |
Series 2003 W, 0.19% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 23,500 | | 23,500 |
Series O, 0.19% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 12,452 | | 12,452 |
(Vista Del Monte Proj.) Series QQ, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 13,250 | | 13,250 |
(Vizcaya Apts. Proj.) Series B, 0.15% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 22,200 | | 22,200 |
(Wilshire Court Proj.) Series M, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 20,290 | | 20,285 |
California Statewide Cmntys. Dev. Auth. Rev.: | | | |
(North Peninsula Jewish Campus Proj.) 0.23% 9/4/12, LOC Bank of America NA, VRDN (b) | 6,755 | | 6,755 |
(Oakmont Stockton Proj.) Series 1997 C, 0.16% 9/7/12, LOC Fed. Home Ln. Bank, San Francisco, VRDN (b)(e) | 5,960 | | 5,960 |
(Park Century School Proj.) Series 2007, 0.3% 9/7/12, LOC Bank of America NA, VRDN (b) | 7,875 | | 7,875 |
Participating VRDN Series ROC II R 14001, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 2,375 | | 2,375 |
California Statewide Cmntys. Dev. Corp. Rev.: | | | |
(Merrill Packaging Proj.) 0.19% 9/7/12, LOC Wells Fargo Bank NA, VRDN (b)(e) | 290 | | 290 |
(Rix Industries Proj.) Series 1996 I, 0.19% 9/7/12, LOC Wells Fargo Bank NA, VRDN (b)(e) | 720 | | 720 |
Camarillo City Multi-family Hsg. Rev. (Hacienda de Camarillo Proj.) Series 1996, 0.17% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 600 | | 600 |
Chabot-Las Positas Cmnty. College District Participating VRDN Series WF 11 46C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 17,025 | | 17,025 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series B, 0.19% 9/7/12, LOC Lloyds TSB Bank PLC, VRDN (b) | $ 9,830 | | $ 9,830 |
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series 2004 F, 0.18% 9/7/12, VRDN (b)(e) | 35,000 | | 35,000 |
Contra Costa Wtr. District Wtr. Rev. Participating VRDN Series MT 749, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 15,350 | | 15,350 |
East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN Series Putters 3772 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 11,250 | | 11,250 |
East Bay Muni. Util. District Wtr. Sys. Rev. Participating VRDN: | | | |
Series EGL 07 0069, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 48,800 | | 48,800 |
Series EGL 7 05 0045, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 39,600 | | 39,600 |
Series MS 3250, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 7,500 | | 7,500 |
Series Putters 3759 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,035 | | 6,035 |
Series ROC II R 10397, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 6,500 | | 6,500 |
Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Participating VRDN Series Putters 3220, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 1,585 | | 1,585 |
El Camino Cmnty. College District Participating VRDN Series MT 722, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 9,490 | | 9,490 |
Elsinore Valley Muni. Wtr. District Ctfs. of Prtn. Series 2008 B, 0.14% 9/7/12, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 4,900 | | 4,900 |
Foothill-De Anza Cmnty. College District Participating VRDN: | | | |
Series MS 3268 X, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 5,000 | | 5,000 |
Series MS 3288, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 7,000 | | 7,000 |
Series ROC II R 14026, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 3,500 | | 3,500 |
Garden Grove Multi-family Hsg. Rev. (Cal-Malabar Apts. Proj.) Series 1997 A, 0.19% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 3,200 | | 3,200 |
Grossmont Healthcare District Participating VRDN Series MS 3253, 0.17% 9/7/12 (Liquidity Facility Cr. Suisse New York Branch) (b)(f) | 14,375 | | 14,375 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Grossmont Union High School District Participating VRDN: | | | |
Series Putters 3797Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 3,270 | | $ 3,270 |
Series ROC RR II R 11929, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 4,000 | | 4,000 |
Irvine Reassessment District 12-1 Ltd. Oblig. Series 2005 21A, 0.19% 9/4/12, LOC California Teachers Retirement Sys., LOC U.S. Bank NA, Cincinnati, VRDN (b) | 22,055 | | 22,055 |
Livermore Multi-family Mtg. Rev. (Portola Meadows Apts. Proj.) 0.2% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 11,025 | | 11,025 |
Los Angeles Cmnty. College District Participating VRDN: | | | |
Series EGL 08 57, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 17,400 | | 17,400 |
Series MT 752, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 9,575 | | 9,575 |
Series Putters 2864, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,780 | | 5,780 |
Series Putters 3609Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,995 | | 4,995 |
Series Putters 3770 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,270 | | 3,270 |
Series Putters 3776Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,425 | | 7,425 |
Series Putters 4004 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,885 | | 5,885 |
Series Putters 4200, 0.2% 9/4/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 13,510 | | 13,510 |
Series ROC II R 11728, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 10,960 | | 10,960 |
Series ROC II R 11773, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 5,630 | | 5,630 |
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev.: | | | |
(Hollywood & Vine Apts. Proj.) Series A, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 68,500 | | 68,500 |
(Promenade Towers Proj.) Series 2000, 0.17% 9/7/12, LOC Freddie Mac, VRDN (b) | 2,760 | | 2,760 |
Los Angeles County Hsg. Auth. Multi-family Hsg. Rev. (Park Sierra Apts. Proj.) Series 1986 A, 0.18% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 51,000 | | 51,000 |
Los Angeles Dept. Arpt. Rev. Participating VRDN: | | | |
Series Putters 4174, 0.23% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 16,500 | | 16,500 |
Series ROC II R 11842, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 6,750 | | 6,750 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Los Angeles Dept. Arpt. Rev. Participating VRDN: - continued | | | |
Series WF 10 44C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | $ 7,440 | | $ 7,440 |
Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN: | | | |
Series MS 3289, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 7,335 | | 7,335 |
Series MT 753, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 3,400 | | 3,400 |
Series MT 782, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 15,910 | | 15,910 |
Series Putters 3718 Z, 0.2% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 12,060 | | 12,060 |
Series Solar 06 48, 0.17% 9/7/12 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 15,305 | | 15,305 |
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN: | | | |
Series MT 734, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 5,450 | | 5,450 |
Series Putters 3310, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,830 | | 4,830 |
Series Putters 3750 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,125 | | 8,125 |
Los Angeles Hbr. Dept. Rev. Participating VRDN Series WF 10 40C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 5,400 | | 5,400 |
Los Angeles Multi-family Hsg. Rev. (Channel Gateway Apts. Proj.) Series 1989 B, 0.2% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 67,700 | | 67,700 |
Los Angeles Unified School District Participating VRDN Series Putters 4252, 0.19% 9/4/12 (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 24,545 | | 24,545 |
Los Angeles Wastewtr. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series EGL 7 05 3003, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 34,000 | | 34,000 |
Series Putters 3371, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 22,495 | | 22,495 |
Series Putters 3751, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,935 | | 4,935 |
Series 2008 D, 0.19% 9/7/12, LOC JPMorgan Chase Bank, VRDN (b) | 3,250 | | 3,250 |
Series 2008 G, 0.19% 9/7/12, LOC Bank of America NA, VRDN (b) | 28,000 | | 28,000 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Los Rios Cmnty. College District Participating VRDN Series ROC II R 11953 X, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | $ 6,400 | | $ 6,400 |
Metropolitan Wtr. District of Southern California Wtr. Rev. Participating VRDN Series Putters 3547, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 10,935 | | 10,935 |
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Participating VRDN: | | | |
Series BA 08 1062, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 16,800 | | 16,800 |
Series BA 08 1087, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 17,500 | | 17,500 |
Series EGL 07 0044, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 16,430 | | 16,430 |
Series EGL 07 71, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 43,000 | | 43,000 |
Series Putters 3289, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,225 | | 2,225 |
Series Putters 3653 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,995 | | 4,995 |
Series Putters 3752 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,570 | | 3,570 |
Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 9,815 | | 9,815 |
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.) Series 2008 F, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 6,470 | | 6,470 |
Ohlone Cmnty. College District Participating VRDN: | | | |
Series Putters 3782 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 12,250 | | 12,250 |
Series WF 11 113C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 12,300 | | 12,300 |
Orange County Apt. Dev. Rev.: | | | |
(Ladera Apts. Proj.) Series 2001 II B, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 23,500 | | 23,500 |
(Park Place Apts. Proj.) Series 1989 A, 0.15% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 15,400 | | 15,400 |
(Wood Canyon Villas Proj.) Series 2001 E, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 16,000 | | 16,000 |
Orange County Sanitation District Ctfs. of Prtn. Participating VRDN: | | | |
Series MS 06 2222, 0.19% 9/7/12 (Liquidity Facility Wells Fargo & Co.) (b)(f) | 15,425 | | 15,425 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Orange County Sanitation District Ctfs. of Prtn. Participating VRDN: - continued | | | |
Series MS 3030, 0.17% 9/7/12 (Liquidity Facility Cr. Suisse New York Branch) (b)(f) | $ 10,515 | | $ 10,515 |
Orange County Wtr. District Rev. Ctfs. of Prtn.: | | | |
Participating VRDN Series Putters 3686Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,100 | | 4,100 |
Series 2003 A, 0.16% 9/7/12, LOC Citibank NA, VRDN (b) | 20,325 | | 20,325 |
Pleasant Hill Redev. Agcy. Multi-family Hsg. Rev. (Chateau III Proj.) Series 2001, 0.2% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 10,355 | | 10,355 |
Pleasanton Multi-family Rev. (Bernal Apts. Proj.) Series A, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 13,750 | | 13,750 |
Richmond Wastewtr. Rev. Series 2008 A, 0.18% 9/7/12, LOC Union Bank of California, VRDN (b) | 12,500 | | 12,500 |
Riverside County Asset Leasing Corp. Leasehold Rev. (Southwest Justice Ctr. Proj.) Series 2008 A, 0.16% 9/7/12, LOC Union Bank of California, VRDN (b) | 31,300 | | 31,300 |
Riverside County Ctfs. of Prtn. (Woodcrest Library Proj.) 0.21% 9/7/12, LOC Bank of America NA, VRDN (b) | 44,530 | | 44,530 |
Riverside County Ind. Dev. Auth. Ind. Dev. Rev. (Merrick Engineering, Inc. Proj.) 0.28% 9/7/12, LOC Wells Fargo Bank NA, VRDN (b)(e) | 1,810 | | 1,810 |
Riverside Indl. Dev. Auth. Indl. Dev. Rev. (Sabert Corp. Proj.) 0.23% 9/7/12, LOC PNC Bank NA, VRDN (b)(e) | 2,230 | | 2,230 |
Sacramento County Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(California Place Apts. Proj.) Series B, 0.2% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 4,500 | | 4,500 |
(Deer Park Apts. Proj.) Issue A, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 13,200 | | 13,200 |
(Sun Valley Proj.) Series 2001 F, 0.2% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 3,750 | | 3,750 |
Sacramento County Sanitation District Fing. Auth. Rev. (Sacramento Reg'l. County Sanitation District Proj.) Series 2008 D, 0.22% 9/4/12, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (b) | 8,175 | | 8,175 |
Sacramento Hsg. Auth. Multi-family: | | | |
(Countrywood Village Apts. Proj.) Series F, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 8,225 | | 8,225 |
(Valencia Point Apts. Proj.) Series 2006 I, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 4,900 | | 4,900 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
San Diego Cmnty. College District Participating VRDN Series Putters 3963, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 2,000 | | $ 2,000 |
San Diego County Reg'l. Trans. Commission Sales Tax Rev. Participating VRDN Series WF 12 43C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 12,475 | | 12,475 |
San Diego County Wtr. Auth. Wtr. Rev. Participating VRDN: | | | |
Series Putters 2903Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,380 | | 7,380 |
Series Putters 3736Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,000 | | 2,000 |
San Diego Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(Bay Vista Apts. Proj.) Series A, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 14,500 | | 14,500 |
(Delta Village Apts. Proj.) Series A, 0.24% 9/7/12, LOC Citibank NA, VRDN (b)(e) | 6,400 | | 6,400 |
(Stratton Apts. Proj.) Series 2000 A, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 5,000 | | 5,000 |
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. Participating VRDN Series MS 3229X, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 7,500 | | 7,500 |
San Diego Unified School District Participating VRDN Series WF 11 97C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 19,475 | | 19,475 |
San Francisco Bay Area Rapid Transit District Sales Tax Rev. Participating VRDN Series BA 08 3041X, 0.24% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 6,665 | | 6,665 |
San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN: | | | |
Series Putters 3161, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 12,000 | | 12,000 |
Series ROC II R 12318, 0.19% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 16,455 | | 16,455 |
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | | | |
Series 2010 A1, 0.16% 9/7/12, LOC JPMorgan Chase Bank, VRDN (b)(e) | 25,000 | | 25,000 |
Series 2010 A3, 0.17% 9/7/12, LOC JPMorgan Chase Bank, VRDN (b)(e) | 15,000 | | 15,000 |
Series 36C, 0.17% 9/7/12, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 1,700 | | 1,700 |
San Francisco City & County Gen. Oblig. Participating VRDN: | | | |
Series BA 08 3318, 0.34% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 2,000 | | 2,000 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
San Francisco City & County Gen. Oblig. Participating VRDN: - continued | | | |
Series MT 764, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | $ 6,700 | | $ 6,700 |
San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev. (Ocean Beach Apts. Proj.) Series B, 0.21% 9/7/12, LOC Citibank NA, VRDN (b)(e) | 6,535 | | 6,535 |
San Francisco Redev. Agcy. Multi-family Hsg. Rev. 0.17% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 3,000 | | 3,000 |
San Jose Multi-family Hsg. Rev.: | | | |
(Alamaden Family Apts. Proj.) Series 2003 D, 0.15% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 24,615 | | 24,615 |
(Betty Ann Gardens Apts. Proj.) Series 2002 A, 0.25% 9/7/12, LOC Citibank NA, VRDN (b)(e) | 6,690 | | 6,690 |
(El Paseo Apts. Proj.) Series 2002 B, 0.25% 9/7/12, LOC Citibank NA, VRDN (b)(e) | 4,645 | | 4,645 |
(Kennedy Apt. Homes Proj.) Series 2002 K, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 8,975 | | 8,975 |
(Las Ventanas Apts. Proj.) Series 2008 B, 0.17% 9/7/12, LOC Freddie Mac, VRDN (b) | 13,300 | | 13,300 |
(Siena at Renaissance Square Proj.) Series 1996 A, 0.17% 9/7/12, LOC Key Bank NA, VRDN (b)(e) | 60,000 | | 60,000 |
(Trestles Apts. Proj.) Series 2004 A, 0.19% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 7,325 | | 7,325 |
(Turnleaf Apts. Proj.) Series 2003 A, 0.2% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 10,860 | | 10,860 |
San Mateo County Cmnty. College District Participating VRDN Series WF 11 64C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(f) | 8,360 | | 8,360 |
San Mateo County Trans. District Sales Tax Rev. Participating VRDN Series MT 778, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 10,280 | | 10,280 |
San Ramon Valley Union School District Participating VRDN Series MT 743, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 4,120 | | 4,120 |
Santa Clara County Fing. Auth. Lease Rev. (Multiple Facilities Proj.) Series 2008 M, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 39,555 | | 39,555 |
Santa Clara County Hsg. Auth. Multi-family Hsg. Rev. (Timberwood Apts. Proj.) Series B, 0.23% 9/7/12, LOC Union Bank of California, VRDN (b)(e) | 11,305 | | 11,305 |
Santa Clara Valley Trans. Auth. Participating VRDN Series ROC R 11967, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 4,850 | | 4,850 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Santa Cruz Redev. Agcy. Multi-family Rev.: | | | |
(1010 Pacific Ave. Apts. Proj.) Series B, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | $ 16,000 | | $ 16,000 |
(Shaffer Road Apts. Proj.) Series A, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b)(e) | 10,925 | | 10,925 |
Southern California Pub. Pwr. Auth. Participating VRDN Series Putters 3947, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,500 | | 5,500 |
Southern California Pub. Pwr. Auth. Rev. (Magnolia Pwr. Proj.) Series 2009-1, 0.16% 9/7/12, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 3,300 | | 3,300 |
State Ctr. Cmnty. College District Participating VRDN Series Putters 1972, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 12,735 | | 12,735 |
Torrance Gen. Oblig. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2010 B, 0.18% 9/7/12, LOC JPMorgan Chase Bank, VRDN (b) | 45,200 | | 45,200 |
Univ. of California Revs. Participating VRDN: | | | |
Series MT 738, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(f) | 6,660 | | 6,660 |
Series Putters 3365, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,885 | | 4,885 |
Series Putters 3367, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 1,500 | | 1,500 |
Series Putters 3368, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 13,500 | | 13,500 |
Series Putters 3754 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,250 | | 4,250 |
Series Putters 3961, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,000 | | 2,000 |
Series ROC II R 11886X, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(f) | 6,845 | | 6,845 |
| | 3,324,694 |
Colorado - 0.2% |
RBC Muni. Products, Inc. Trust Participating VRDN Series RBC E 25, 0.2% 9/7/12 (Liquidity Facility Royal Bank of Canada) (b)(e)(f) | 12,500 | | 12,500 |
Delaware - 0.1% |
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.44% 9/7/12, VRDN (b) | 4,630 | | 4,630 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
Iowa - 0.5% |
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.18% 9/7/12, VRDN (b) | $ 15,725 | | $ 15,725 |
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.21% 9/7/12, VRDN (b)(e) | 11,000 | | 11,000 |
| | 26,725 |
Kentucky - 0.1% |
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.) Series 2006 B, 0.2% 9/7/12, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(e) | 5,000 | | 5,000 |
Nevada - 0.2% |
Nevada Dept. of Bus. & Industry (LVE Energy Partners LLC Proj.) 0.18% 9/7/12, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(e) | 9,550 | | 9,550 |
New Jersey - 0.1% |
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.) Series 2012 A, 0.43% 9/7/12, VRDN (b)(e) | 3,300 | | 3,300 |
North Carolina - 0.2% |
Gaston County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Duke Energy Corp. Proj.) Series 1999, 0.31% 9/4/12, VRDN (b)(e) | 12,000 | | 12,000 |
Ohio - 0.2% |
Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series A, 0.39% 9/7/12, VRDN (b) | 1,200 | | 1,200 |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2006 I, 0.26% 9/7/12 (Liquidity Facility Citibank NA), VRDN (b)(e) | 5,600 | | 5,600 |
Westlake Health Facilities Rev. (Lutheran Home Proj.) Series 2005, 0.3% 9/7/12, LOC RBS Citizens NA, VRDN (b) | 7,200 | | 7,200 |
| | 14,000 |
South Carolina - 0.0% |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series 1999 A, 0.26% 9/4/12, VRDN (b) | 3,100 | | 3,100 |
Texas - 0.6% |
North Texas Tollway Auth. Rev. Series 2011 A, 0.18% 9/7/12, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (b) | 1,300 | | 1,300 |
Pasadena Independent School District Participating VRDN Series BC 11 110B, 0.19% 9/7/12 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3,000 | | 3,000 |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.) Series 2012, 0.19% 9/7/12 (Total SA Guaranteed), VRDN (b) | 5,000 | | 5,000 |
Variable Rate Demand Note - continued |
| Principal
Amount (000s) | | Value (000s) |
Texas - continued |
Southeast Texas Hsg. Fin. Corp. Multi-family Hsg. Rev. (Oaks of Hitchcock Apt. Proj.) Series 2000 A, 0.21% 9/7/12, LOC Gen. Elec. Cap. Corp., VRDN (b)(e) | $ 5,150 | | $ 5,150 |
Texas Dept. of Hsg. & Cmnty. Affairs Single Family Mtg. Rev. Participating VRDN Series ROC II R 11215 WF, 0.22% 9/7/12 (Liquidity Facility Wells Fargo & Co.) (b)(e)(f) | 12,120 | | 12,120 |
West Harris County Reg'l. Wtr. Auth. Wtr. Sys. Rev. Participating VRDN Series Solar 07 103, 0.17% 9/7/12 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 10,220 | | 10,220 |
| | 36,790 |
Virginia - 0.2% |
Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.21% 9/7/12, LOC Freddie Mac, VRDN (b)(e) | 4,000 | | 4,000 |
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Rev. Participating VRDN Series BA 1046, 0.27% 9/7/12 (Liquidity Facility Bank of America NA) (b)(e)(f) | 6,200 | | 6,200 |
| | 10,200 |
TOTAL VARIABLE RATE DEMAND NOTE |
3,465,989
|
Other Municipal Debt - 29.5% |
| | | |
California - 28.8% |
Acalanes Union High School District Bonds Series WF11 85Z, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 10,910 | | 10,910 |
Alameda County Joint Powers Auth. Lease Rev.: | | | |
Bonds Series 2012, 1.5% 12/1/12 | 14,415 | | 14,462 |
Series 2010 A, 0.23% 9/7/12, LOC Fed. Home Ln. Bank, San Francisco, CP | 5,700 | | 5,700 |
Belmont-Redwood Shores School District Bonds Series WF 11 10, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 10,335 | | 10,335 |
California Cmnty. College Fin. Auth. Trans. TRAN: | | | |
Series 2012 A, 2% 6/28/13 | 9,900 | | 10,032 |
Series 2012 D, 1.5% 12/31/12 | 13,040 | | 13,085 |
California Dept. of Wtr. Resources Bonds (Central Valley Proj.) Series AF, 5% 12/1/12 | 1,000 | | 1,012 |
California Dept. of Wtr. Resources Pwr. Supply Rev. Bonds: | | | |
Series 2010 M: | | | |
3% 5/1/13 | 1,900 | | 1,934 |
5% 5/1/13 | 6,620 | | 6,828 |
Other Municipal Debt - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
California Dept. of Wtr. Resources Pwr. Supply Rev. Bonds: - continued | | | |
Series 2011 N, 5% 5/1/13 | $ 3,245 | | $ 3,347 |
California Econ. Recovery Bonds Series 2004 A, 5.25% 7/1/13 | 5,415 | | 5,638 |
California Ed. Notes Prog. TRAN: | | | |
Series 2012 A, 2% 6/28/13 | 10,120 | | 10,265 |
Series 2012 C, 2% 1/31/13 | 15,810 | | 15,919 |
California Edl. Facilities Auth. Rev. Bonds (Stanford Univ. Proj.): | | | |
Series S1, 0.22% tender 4/4/13, CP mode | 32,800 | | 32,800 |
Series S4: | | | |
0.19% tender 12/6/12, CP mode | 50,000 | | 50,000 |
0.22% tender 4/4/13, CP mode | 1,200 | | 1,200 |
California Gen. Oblig.: | | | |
Bonds: | | | |
2% 9/1/12 | 35,800 | | 35,800 |
5% 9/1/12 | 3,220 | | 3,220 |
RAN: | | | |
Series A2, 2.5% 6/20/13 | 50,000 | | 50,825 |
2.5% 5/30/13 | 40,000 | | 40,643 |
Series 2011 A2, 0.18% 10/3/12, LOC Royal Bank of Canada, CP | 13,800 | | 13,800 |
California Health Facilities Fing. Auth. Rev. Bonds (Stanford Hosp. & Clinics Proj.) Series 2012 C, 0.25%, tender 3/29/13 (b) | 20,400 | | 20,400 |
California School Cash Reserve Prog. Auth. TRAN: | | | |
Series 2012 B: | | | |
2% 3/1/13 | 7,500 | | 7,565 |
2% 6/3/13 | 6,500 | | 6,585 |
Series 2012 F, 2% 3/1/13 | 10,600 | | 10,680 |
Series 2012 H, 2% 4/26/13 | 28,600 | | 28,881 |
Series 2012 J, 2% 5/1/13 | 35,410 | | 35,815 |
Series 2012 M, 2% 6/3/13 | 3,470 | | 3,509 |
Series 2012 N, 2% 6/3/13 | 9,875 | | 10,004 |
Series 2012 P: | | | |
2% 10/31/12 | 11,380 | | 11,413 |
2% 12/31/12 | 10,000 | | 10,056 |
Series 2012 S, 2% 12/31/12 | 18,000 | | 18,101 |
Desert Sands Unified School District TRAN 1.5% 1/31/13 | 23,300 | | 23,416 |
Elk Grove Unified School District TRAN 3% 10/1/12 | 13,000 | | 13,029 |
Other Municipal Debt - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Fremont Union High School District, Santa Clara Bonds Series WF 11 34C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | $ 17,940 | | $ 17,940 |
Fresno County Gen. Oblig. TRAN 2% 6/28/13 | 53,200 | | 53,981 |
Kern County Board of Ed. TRAN Series A, 1% 10/1/12 | 14,930 | | 14,938 |
Los Angeles Cmnty. College District Bonds Series WF 09 8C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo & Co.) (b)(f)(g) | 19,565 | | 19,565 |
Los Angeles County Cap. Asset Leasing Corp. Lease Rev. Bonds Series 2011 A, 1.5% 12/1/12 | 8,025 | | 8,044 |
Los Angeles County Gen. Oblig.: | | | |
Series 2010 A: | | | |
0.18% 9/6/12, LOC JPMorgan Chase Bank, CP | 35,000 | | 35,000 |
0.19% 9/5/12, LOC JPMorgan Chase Bank, CP | 24,000 | | 24,000 |
Series 2010 B, 0.29% 9/6/12, LOC Bank of America NA, CP | 7,500 | | 7,500 |
Series 2013 A, 0.28% 9/4/12, LOC Bank of America NA, CP | 22,605 | | 22,605 |
Los Angeles County Schools Pooled Fing. Prog. Ctfs. of Prtn. TRAN: | | | |
Series 2012 A3, 2% 2/28/13 | 11,700 | | 11,800 |
Series 2012 B1, 2% 11/30/12 | 16,200 | | 16,269 |
Series 2012 B2, 2% 12/31/12 | 54,800 | | 55,098 |
Series 2012 B3, 2% 1/31/13 | 29,900 | | 30,091 |
Los Angeles Dept. Arpt. Rev. Series D4, 0.18% 10/25/12, LOC Wells Fargo Bank NA, CP | 31,600 | | 31,600 |
Los Angeles Dept. of Wtr. & Pwr. Rev.: | | | |
0.18% 9/6/12 (Liquidity Facility Wells Fargo Bank NA), CP | 46,300 | | 46,300 |
0.18% 11/8/12 (Liquidity Facility Wells Fargo Bank NA), CP | 15,500 | | 15,500 |
0.2% 11/15/12 (Liquidity Facility Wells Fargo Bank NA), CP | 15,000 | | 15,000 |
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Bonds Series WF 10 43C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 24,980 | | 24,980 |
Los Angeles Muni. Impt. Corp. Lease Rev.: | | | |
Bonds Series 2012 C, 1.5% 3/1/13 | 6,240 | | 6,273 |
Series 2004 A1, 0.19% 10/11/12, LOC Wells Fargo Bank NA, CP | 12,000 | | 12,000 |
Los Angeles Unified School District: | | | |
Bonds Series 2004 I, 5% 7/1/13 | 2,250 | | 2,339 |
TRAN Series A3, 1.5% 2/28/13 | 41,000 | | 41,260 |
Mendocino County California TRAN 2% 6/28/13 | 8,500 | | 8,620 |
Other Municipal Debt - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Napa Valley Unified School District TRAN 2% 5/31/13 | $ 17,000 | | $ 17,225 |
Oakland-Alameda County Coliseum Auth. Bonds (Oakland Coliseum Proj.) Series 2012 A, 2% 2/1/13 | 9,025 | | 9,085 |
Olcese Wtr. District Bonds (Sumitomo Mitsui Banking Corp. Proj.) Series 1986 A, 0.23% tender 12/5/12, LOC Sumitomo Mitsui Banking Corp., CP mode (e) | 3,300 | | 3,300 |
Panama-Buena Vista Union School District TRAN 2% 10/1/12 | 6,300 | | 6,308 |
Port of Oakland Port Rev. Series 2010 A, 0.17% 9/18/12, LOC Wells Fargo Bank NA, CP | 43,065 | | 43,065 |
Poway Unified School District Bonds Series WF 11 91 Z, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 14,610 | | 14,610 |
Rio Hondo Cmnty. College District Bonds Series WF 10 51Z, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 22,280 | | 22,280 |
Riverside County Gen. Oblig.: | | | |
Series B: | | | |
0.17% 9/14/12, LOC Bank of Nova Scotia New York Branch, CP | 44,887 | | 44,887 |
0.19% 10/29/12, LOC Bank of Nova Scotia New York Branch, CP | 33,800 | | 33,800 |
TRAN Series 2012 B, 2% 6/28/13 | 30,000 | | 30,443 |
Roseville Joint Union High School District TRAN 2% 10/4/12 | 8,000 | | 8,010 |
Sacramento Gen. Oblig. TRAN 2% 6/28/13 | 18,290 | | 18,557 |
San Bernardino County Gen. Oblig. TRAN 2% 6/28/13 | 53,200 | | 53,981 |
San Diego County & School District TRAN: | | | |
Series 2012 B1, 2% 1/31/13 | 28,880 | | 29,089 |
Series 2012 B2, 2% 4/30/13 | 9,440 | | 9,546 |
San Diego County Wtr. Auth. Wtr. Rev. Bonds Series WF 08 29C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.) (b)(f)(g) | 11,980 | | 11,980 |
San Francisco City & County Ctfs. of Prtn. Bonds Series 2012 A, 2% 4/1/13 | 940 | | 948 |
San Francisco City & County Gen. Oblig. Bonds Series WF 10 48C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 20,125 | | 20,125 |
San Jose Int'l. Arpt. Rev. Series A3 B, 0.19% 9/11/12, LOC Wells Fargo Bank NA, CP | 10,233 | | 10,233 |
San Mateo Unified School District Bonds Series WF 11 75Z, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 13,470 | | 13,470 |
Santa Barbara County Gen. Oblig. TRAN Series 2012 A, 2% 6/28/13 | 19,600 | | 19,889 |
Other Municipal Debt - continued |
| Principal
Amount (000s) | | Value (000s) |
California - continued |
Santa Barbara County Schools Fing. Auth. TRAN 2% 6/28/13 | $ 8,500 | | $ 8,621 |
Santa Clara Valley Wtr. District Wtr. Util. Rev. Series 2010 A1, 0.2% 10/9/12, LOC JPMorgan Chase Bank, CP | 16,845 | | 16,845 |
Santa Cruz County TRAN 2% 7/2/13 | 30,725 | | 31,182 |
Sequoia Union High School District TRAN 2% 7/2/13 | 12,500 | | 12,686 |
Sierra Joint Cmnty. College District TRAN 2% 10/4/12 | 7,200 | | 7,209 |
Tulare County Gen. Oblig. TRAN 2% 7/25/13 | 53,000 | | 53,838 |
Univ. of California Revs.: | | | |
Bonds Series 2009 O, 5% 5/15/13 | 3,000 | | 3,101 |
Series A, 0.18% 10/1/12, CP | 5,000 | | 5,000 |
Walnut Energy Ctr. Auth. Series 2005 B, 0.17% 9/5/12, LOC State Street Bank & Trust Co., Boston, CP | 15,000 | | 15,000 |
| | 1,632,225 |
Kentucky - 0.2% |
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.34% tender 9/18/12, CP mode | 2,200 | | 2,200 |
Trimble County Poll. Cont. Rev. Bonds Series 2001 B, 0.4% tender 9/26/12, CP mode (e) | 8,100 | | 8,100 |
| | 10,300 |
Massachusetts - 0.3% |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
Series 1992, 0.45% tender 9/6/12, CP mode | 6,000 | | 6,000 |
Series 1993 B, 0.45% tender 9/26/12, CP mode | 3,950 | | 3,950 |
Massachusetts State Dev. Fing. Agcy. Poll. Cont. Rev. Bonds Series 2004, 0.8% tender 10/5/12, CP mode | 7,800 | | 7,800 |
| | 17,750 |
New Hampshire - 0.2% |
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
Series 1990 A, 0.5% tender 9/6/12, CP mode (e) | 3,300 | | 3,300 |
Series A1, 0.4% tender 9/26/12, CP mode (e) | 5,500 | | 5,500 |
| | 8,800 |
TOTAL OTHER MUNICIPAL DEBT |
1,669,075
|
Investment Company - 9.1% |
| Shares | | Value (000s) |
Fidelity Municipal Cash Central Fund, 0.19% (c)(d) | 518,947 | | $ 518,947 |
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $5,654,011) | | 5,654,011 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | | 8,660 |
NET ASSETS - 100% | $ 5,662,671 |
Security Type Abbreviations |
CP | - | COMMERCIAL PAPER |
RAN | - | REVENUE ANTICIPATION NOTE |
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) 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 $8,360,000 or 0.1% of net assets. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $166,195,000 or 2.9% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition
Date | Cost (000s) |
Acalanes Union High School District Bonds Series WF11 85Z, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) | 1/25/12 - 8/9/12 | $ 10,910 |
Belmont-Redwood Shores School District Bonds Series WF 11 10, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) | 1/25/12 | $ 10,335 |
Fremont Union High School District, Santa Clara Bonds Series WF 11 34C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) | 3/24/11 | $ 17,940 |
Security | Acquisition
Date | Cost (000s) |
Los Angeles Cmnty. College District Bonds Series WF 09 8C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo & Co.) | 8/18/11 | $ 19,565 |
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Bonds Series WF 10 43C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) | 11/24/10 - 9/1/11 | $ 24,980 |
Poway Unified School District Bonds Series WF 11 91 Z, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA) | 8/11/11 - 8/9/12 | $ 14,610 |
Rio Hondo Cmnty. College District Bonds Series WF 10 51Z, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) | 12/23/10 - 8/9/12 | $ 22,280 |
San Diego County Wtr. Auth. Wtr. Rev. Bonds Series WF 08 29C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.) | 3/22/12 | $ 11,980 |
Security | Acquisition
Date | Cost (000s) |
San Francisco City & County Gen. Oblig. Bonds Series WF 10 48C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA) | 12/16/10 - 2/3/12 | $ 20,125 |
San Mateo Unified School District Bonds Series WF 11 75Z, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA) | 3/14/12 - 5/15/12 | $ 13,470 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Municipal Cash Central Fund | $ 430 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | August 31, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $5,135,064) | $ 5,135,064 | |
Fidelity Central Funds (cost $518,947) | 518,947 | |
Total Investments (cost $5,654,011) | | $ 5,654,011 |
Receivable for investments sold | | 12,507 |
Receivable for fund shares sold | | 54,790 |
Interest receivable | | 5,709 |
Distributions receivable from Fidelity Central Funds | | 74 |
Total assets | | 5,727,091 |
| | |
Liabilities | | |
Payable to custodian bank | $ 31 | |
Payable for fund shares redeemed | 61,622 | |
Distributions payable | 2 | |
Accrued management fee | 789 | |
Other affiliated payables | 1,934 | |
Other payables and accrued expenses | 42 | |
Total liabilities | | 64,420 |
| | |
Net Assets | | $ 5,662,671 |
Net Assets consist of: | | |
Paid in capital | | $ 5,664,009 |
Accumulated undistributed net realized gain (loss) on investments | | (1,338) |
Net Assets, for 5,662,385 shares outstanding | | $ 5,662,671 |
Net Asset Value, offering price and redemption price per share ($5,662,671 ÷ 5,662,385 shares) | | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands Six months ended August 31, 2012 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 5,352 |
Income from Fidelity Central Funds | | 430 |
Total income | | 5,782 |
| | |
Expenses | | |
Management fee | $ 9,972 | |
Transfer agent fees | 3,572 | |
Accounting fees and expenses | 232 | |
Custodian fees and expenses | 33 | |
Independent trustees' compensation | 9 | |
Registration fees | 30 | |
Audit | 23 | |
Legal | 17 | |
Miscellaneous | 20 | |
Total expenses before reductions | 13,908 | |
Expense reductions | (8,401) | 5,507 |
Net investment income (loss) | | 275 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 274 | |
Capital gain distributions from Fidelity Central Funds | 4 | |
Total net realized gain (loss) | | 278 |
Net increase in net assets resulting from operations | | $ 553 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
August 31, 2012
(Unaudited) | Year ended
February 29,
2012 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 275 | $ 526 |
Net realized gain (loss) | 278 | 64 |
Net increase in net assets resulting
from operations | 553 | 590 |
Distributions to shareholders from net investment income | (275) | (526) |
Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares | 8,035,131 | 17,435,875 |
Reinvestment of distributions | 267 | 519 |
Cost of shares redeemed | (7,833,552) | (17,089,120) |
Net increase (decrease) in net assets and shares resulting from share transactions | 201,846 | 347,274 |
Total increase (decrease) in net assets | 202,124 | 347,338 |
| | |
Net Assets | | |
Beginning of period | 5,460,547 | 5,113,209 |
End of period | $ 5,662,671 | $ 5,460,547 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended
August 31, 2012 | Years ended February 29, |
| (Unaudited) | 2012 F | 2011 | 2010 | 2009 | 2008 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) | - G | - G | - G | - G | .013 | .030 |
Net realized and unrealized gain (loss) G | - | - | - | - | - | - |
Total from investment operations | - G | - G | - G | - G | .013 | .030 |
Distributions from net investment income | - G | - G | - G | - G | (.013) | (.030) |
Distributions from net realized gain | - | - | - | - | - G | - G |
Total distributions | - G | - G | - G | - G | (.013) | (.030) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .01% | .01% | .01% | .04% | 1.32% | 3.06% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .51% A | .51% | .51% | .55% | .53% | .51% |
Expenses net of fee waivers, if any | .20% A | .19% | .32% | .44% | .53% | .51% |
Expenses net of all reductions | .20% A | .19% | .32% | .44% | .50% | .41% |
Net investment income (loss) | .01% A | .01% | .01% | .04% | 1.30% | 2.98% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 5,663 | $ 5,461 | $ 5,113 | $ 5,044 | $ 5,761 | $ 6,051 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F For the year ended February 29.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended August 31, 2012 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® California Municipal Money Market Fund (the Fund) is a fund of Fidelity California Municipal Trust II (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 Delaware statutory trust. The Fund may be affected by economic and political developments in the state of California.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
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 deferred trustees compensation and capital loss carryforwards.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the 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 investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) on securities and other investments | $ - |
| |
Tax cost | $ 5,654,011 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. At February 29, 2012, capital loss carryforwards were as follows:
Fiscal year of expiration | |
| |
2019 | $ (1,627) |
Semiannual Report
4. Operating Policies.
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.
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 an annualized 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 .37% of the Fund's average net assets.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and 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 agency, dividend disbursing and shareholder servicing 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, transfer agent fees were equivalent to an annualized rate of .13% of average net assets.
During the period, FMR or its affiliates waived a portion of these fees.
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. Expense Reductions.
FMR or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $8,401.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management &
Research (Japan) Inc.
Fidelity Management &
Research (Hong Kong) Limited
Fidelity Management &
Research Company (U.K.) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
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
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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
CFS-USAN-1012
1.855637.105
Fidelity®
California AMT Tax-Free
Money Market Fund -
Fidelity California AMT Tax-Free
Money Market Fund
Institutional Class
Service Class
Semiannual Report
August 31, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes/
Performance | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 for Fidelity California AMT Tax-Free Money Market Fund or 1-877-208-0098 for Institutional Class and Service Class of the fund 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. © 2012 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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/holdings, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, 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, 2012 to August 31, 2012).
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
March 1, 2012 | Ending
Account Value
August 31, 2012 | Expenses Paid
During Period*
March 1, 2012
to August 31, 2012 |
California AMT Tax-Free Money Market | .20% | | | |
Actual | | $ 1,000.00 | $ 1,000.10 | $ 1.01** |
Hypothetical A | | $ 1,000.00 | $ 1,024.20 | $ 1.02** |
Institutional Class | .20% | | | |
Actual | | $ 1,000.00 | $ 1,000.10 | $ 1.01 |
Hypothetical A | | $ 1,000.00 | $ 1,024.20 | $ 1.02 |
Service Class | .20% | | | |
Actual | | $ 1,000.00 | $ 1,000.10 | $ 1.01** |
Hypothetical A | | $ 1,000.00 | $ 1,024.20 | $ 1.02** |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as follows:
| Annualized
Expense Ratio | Expenses
Paid |
California AMT Tax-Free Money Market | .30% | |
Actual | | $ 1.51 |
Hypothetical A | | $ 1.53 |
Service Class | .45% | |
Actual | | $ 2.27 |
Hypothetical A | | $ 2.29 |
Semiannual Report
Investment Changes/Performance (Unaudited)
Effective Maturity Diversification |
Days | % of fund's investments 8/31/12 | % of fund's investments 2/29/12 | % of fund's
investments
8/31/11 |
1 - 7 | 70.5 | 63.9 | 61.9 |
8 - 30 | 4.6 | 7.4 | 8.4 |
31 - 60 | 2.8 | 5.0 | 5.5 |
61 - 90 | 2.5 | 5.0 | 7.0 |
91 - 180 | 7.8 | 14.6 | 4.9 |
> 180 | 11.8 | 4.1 | 12.3 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity |
| 8/31/12 | 2/29/12 | 8/31/11 |
Fidelity California AMT Tax-Free Money Market Fund | 50 Days | 39 Days | 49 Days |
California Tax-Free Money Market Funds Average* | 40 Days | 30 Days | 36 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life |
| 8/31/12 | 2/29/12 | 8/31/11 |
Fidelity California AMT Tax-Free Money Market Fund | 50 Days | 39 Days | 49 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) |
As of August 31, 2012 | As of February 29, 2012 |
| Variable Rate Demand Notes (VRDNs) 53.5% | | | Variable Rate Demand Notes (VRDNs) 47.8% | |
| Other Municipal
Debt 32.5% | |  | Other Municipal
Debt 42.9% | |
| Investment
Companies 11.9% | | | Investment
Companies 11.1% | |
| Net Other Assets (Liabilities) 2.1% | |  | Net Other Assets
(Liabilities)† (1.8)% | |
* Source: iMoneyNet, Inc.
† Net Other Assets (Liabilities) not included in the pie chart
Semiannual Report
Investment Changes/Performance (Unaudited) - continued
Current and Historical Seven-Day Yields |
| 8/31/12 | 5/31/12 | 2/29/12 | 11/28/11 | 8/29/11 |
| | | | | |
Fidelity California AMT Tax-Free Money Market Fund | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| | | | | |
Institutional Class | 0.01% | 0.03% | 0.01% | 0.01% | 0.01% |
| | | | | |
Service Class | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending August 31, 2012, the most recent period shown in the table, would have been -0.09% for California AMT Tax-Free Money Market Class, -0.05% for the Institutional Class and -0.29% for the Service Class.
Semiannual Report
Investments August 31, 2012 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 53.5% |
| Principal Amount (000s) | | Value (000s) |
California - 52.4% |
ABAG Fin. Auth. for Nonprofit Corps. Rev.: | | | |
(Schools of the Sacred Heart - San Francisco Proj.): | | | |
Series 2008 A, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | $ 1,300 | | $ 1,300 |
Series 2008 B, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 1,200 | | 1,200 |
(Sharp HealthCare Proj.): | | | |
Series 2009 A, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 7,225 | | 7,225 |
Series 2009 C, 0.2% 9/7/12, LOC Citibank NA, VRDN (b) | 2,800 | | 2,800 |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN: | | | |
Series EGL 07 0053, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 3,465 | | 3,465 |
Series Putters 3293, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,000 | | 5,000 |
Series Putters 3434, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 8,300 | | 8,300 |
California Dept. of Wtr. Resources Participating VRDN: | | | |
Series MS 3276, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 5,000 | | 5,000 |
Series ROC II R 11970-1, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 4,200 | | 4,200 |
California Dept. of Wtr. Resources Wtr. Rev. Participating VRDN Series Putters 3361, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,695 | | 5,695 |
California Edl. Facilities Auth. Rev.: | | | |
(Univ. of San Francisco Proj.) Series 2005 B, 0.18% 9/7/12, LOC JPMorgan Chase Bank, VRDN (b) | 5,945 | | 5,945 |
Participating VRDN: | | | |
Series EGL 07 0066, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 11,050 | | 11,050 |
Series ROC II R 11974, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 1,500 | | 1,500 |
Series 2007, 0.21% 9/7/12, LOC Bank of America NA, VRDN (b) | 24,300 | | 24,300 |
California Gen. Oblig.: | | | |
Participating VRDN Series Putters 4265, 0.21% 9/4/12 (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 11,800 | | 11,800 |
Series 2003 C3, 0.17% 9/7/12, LOC Citibank NA, VRDN (b) | 9,000 | | 9,000 |
Variable Rate Demand Note - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
California Gen. Oblig.: - continued | | | |
Series 2004 A1, 0.18% 9/4/12, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (b) | $ 5,000 | | $ 5,000 |
California Health Facilities Fing. Auth. Rev.: | | | |
(Catholic Healthcare West Proj.): | | | |
Series 2004 K, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 7,200 | | 7,200 |
Series 2005 H, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 7,700 | | 7,700 |
Series 2005 I, 0.22% 9/7/12, LOC Bank of America NA, VRDN (b) | 3,130 | | 3,130 |
Participating VRDN: | | | |
Series MS 3267, 0.17% 9/7/12 (Liquidity Facility Cr. Suisse New York Branch) (b)(d) | 5,000 | | 5,000 |
Series ROC II R 14024, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 3,000 | | 3,000 |
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Recology, Inc. Proj.) Series 2010 A, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 23,500 | | 23,500 |
California Pub. Works Board Lease Rev. Participating VRDN: | | | |
Series BA 08 1065, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(d) | 4,203 | | 4,203 |
Series Putters 4159, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 10,000 | | 10,000 |
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.17% 9/7/12 (Liquidity Facility Royal Bank of Canada), VRDN (b) | 35,000 | | 35,000 |
California Statewide Cmntys. Dev. Auth. Rev. (Park Century School Proj.) Series 2007, 0.3% 9/7/12, LOC Bank of America NA, VRDN (b) | 1,350 | | 1,350 |
Calleguas-Las Virgenes Pub. Fing. Auth. Rev. Participating VRDN Series ROC II R 11852, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 6,300 | | 6,300 |
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series B, 0.19% 9/7/12, LOC Lloyds TSB Bank PLC, VRDN (b) | 9,700 | | 9,700 |
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series 2006 A, 0.15% 9/7/12, VRDN (b) | 71,690 | | 71,690 |
Contra Costa Wtr. District Wtr. Rev. Participating VRDN Series ROC II R 11410, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 5,325 | | 5,325 |
Costa Mesa Redev. Agcy. Multi-family Hsg. (Family Village Apts. Proj.) Series 1994 A, 0.27% 9/7/12, LOC Bank of America NA, VRDN (b) | 2,600 | | 2,600 |
Variable Rate Demand Note - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
East Bay Muni. Util. District Wtr. Sys. Rev. Participating VRDN: | | | |
Series EGL 07 0069, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | $ 17,200 | | $ 17,200 |
Series ROC II R 10397, 0.17% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 14,455 | | 14,455 |
Series ROC II R 11950, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 6,090 | | 6,090 |
Foothill-De Anza Cmnty. College District Participating VRDN: | | | |
Series MS 3282, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 2,500 | | 2,500 |
Series WF 11 68C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 8,220 | | 8,220 |
Los Angeles Cmnty. College District Participating VRDN: | | | |
Series MS 3237, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 7,790 | | 7,790 |
Series Putters 2864, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 3,785 | | 3,785 |
Series Putters 4200, 0.2% 9/4/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 8,080 | | 8,080 |
Series WF 11 36C, 0.17% 9/7/12 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(d) | 5,240 | | 5,240 |
Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN: | | | |
Series MT 753, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(d) | 7,035 | | 7,035 |
Series MT 771, 0.24% 9/7/12 (Liquidity Facility Bank of America NA) (b)(d) | 3,685 | | 3,685 |
Series Putters 3837Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 6,875 | | 6,875 |
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN Series Putters 3309, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 6,660 | | 6,660 |
Los Angeles Unified School District Participating VRDN Series Putters 4252, 0.19% 9/4/12 (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 16,690 | | 16,690 |
Los Angeles Wastewtr. Sys. Rev. Participating VRDN Series Putters 2254, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,255 | | 5,255 |
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Participating VRDN: | | | |
Series EGL 07 71, 0.18% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | 16,150 | | 16,150 |
Series MT 774, 0.24% 9/7/12 (Liquidity Facility Bank of America NA) (b)(d) | 2,495 | | 2,495 |
Variable Rate Demand Note - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Participating VRDN: - continued | | | |
Series Putters 3289, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | $ 2,210 | | $ 2,210 |
Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.18% 9/7/12, LOC Bank of America NA, VRDN (b) | 24,315 | | 24,315 |
Orange County Hsg. Auth. Apt. Dev. Rev. (Lanteen Pines/Frost Group Proj.) 0.16% 9/7/12, LOC Fannie Mae, VRDN (b) | 9,860 | | 9,860 |
Orange County Sanitation District Ctfs. of Prtn. Participating VRDN Series MS 06 2222, 0.19% 9/7/12 (Liquidity Facility Wells Fargo & Co.) (b)(d) | 7,705 | | 7,705 |
Orange County Wtr. District Rev. Ctfs. of Prtn. Series 2003 A, 0.16% 9/7/12, LOC Citibank NA, VRDN (b) | 2,000 | | 2,000 |
Rancho Wtr. District Fing. Auth. Rev. Participating VRDN Series BA 08 3024X, 0.24% 9/7/12 (Liquidity Facility Bank of America NA) (b)(d) | 2,160 | | 2,160 |
Richmond Wastewtr. Rev. Series 2008 A, 0.18% 9/7/12, LOC Union Bank of California, VRDN (b) | 17,760 | | 17,760 |
Riverside County Asset Leasing Corp. Leasehold Rev. (Southwest Justice Ctr. Proj.) Series 2008 A, 0.16% 9/7/12, LOC Union Bank of California, VRDN (b) | 29,595 | | 29,595 |
Riverside County Ctfs. of Prtn. (Woodcrest Library Proj.) 0.21% 9/7/12, LOC Bank of America NA, VRDN (b) | 1,000 | | 1,000 |
Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 0.19% 9/7/12, LOC Bank of America NA, VRDN (b) | 11,900 | | 11,900 |
Sacramento County Sanitation District Fing. Auth. Rev. (Sacramento Reg'l. County Sanitation District Proj.) Series 2008 D, 0.22% 9/4/12, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (b) | 1,700 | | 1,700 |
San Bernardino County Multi-family Rev. (Quail Point Apts. Proj.) Series 1990 A, 0.16% 9/7/12, LOC Fannie Mae, VRDN (b) | 4,050 | | 4,050 |
San Diego Cmnty. College District Participating VRDN Series MS 3261, 0.24% 9/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 3,065 | | 3,065 |
San Diego County Wtr. Auth. Wtr. Rev. Participating VRDN Series Putters 3736Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 2,825 | | 2,825 |
San Francisco Bay Area Rapid Transit District Sales Tax Rev. Participating VRDN Series Putters 3753 Z, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 4,215 | | 4,215 |
San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN: | | | |
Series Putters 3161, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 4,660 | | 4,660 |
Variable Rate Demand Note - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN: - continued | | | |
Series ROC II R 12318, 0.19% 9/7/12 (Liquidity Facility Citibank NA) (b)(d) | $ 5,265 | | $ 5,265 |
San Francisco City & County Gen. Oblig. Participating VRDN Series BA 08 3318, 0.34% 9/7/12 (Liquidity Facility Bank of America NA) (b)(d) | 5,000 | | 5,000 |
San Francisco Redev. Agcy. Multi-family Hsg. Rev. (Fillmore Ctr. Proj.) Series 1992 A1, 0.16% 9/7/12, LOC Freddie Mac, VRDN (b) | 11,900 | | 11,900 |
San Jose Multi-family Hsg. Rev. (Las Ventanas Apts. Proj.) Series 2008 B, 0.17% 9/7/12, LOC Freddie Mac, VRDN (b) | 4,200 | | 4,200 |
San Ramon Valley Union School District Participating VRDN Series MT 743, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(d) | 5,725 | | 5,725 |
Torrance Gen. Oblig. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2010 B, 0.18% 9/7/12, LOC JPMorgan Chase Bank, VRDN (b) | 9,590 | | 9,590 |
Univ. of California Revs. Participating VRDN: | | | |
Series MT 738, 0.2% 9/7/12 (Liquidity Facility Bank of America NA) (b)(d) | 1,000 | | 1,000 |
Series Putters 3368, 0.18% 9/7/12 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 2,275 | | 2,275 |
| | 620,658 |
Maryland - 0.4% |
Baltimore County Econ. Dev. Rev. (The Bais Yaakov School for Girls Proj.) Series 2003, 0.43% 9/7/12, LOC Bank of America NA, VRDN (b) | 4,980 | | 4,980 |
Ohio - 0.5% |
Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series A, 0.39% 9/7/12, VRDN (b) | 6,000 | | 6,000 |
Rhode Island - 0.2% |
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. (Roger Williams Univ. Proj.) Series 2008 B, 0.19% 9/7/12, LOC Bank of America NA, VRDN (b) | 2,370 | | 2,370 |
TOTAL VARIABLE RATE DEMAND NOTE |
634,008
|
Other Municipal Debt - 32.5% |
| | | |
California - 31.9% |
Alameda County Joint Powers Auth. Lease Rev.: | | | |
Bonds Series 2012, 1.5% 12/1/12 | 3,300 | | 3,311 |
Other Municipal Debt - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
Alameda County Joint Powers Auth. Lease Rev.: - continued | | | |
Series 2010 A, 0.23% 9/7/12, LOC Fed. Home Ln. Bank, San Francisco, CP | $ 5,800 | | $ 5,800 |
California Cmnty. College Fin. Auth. Trans. TRAN Series 2012 A, 2% 6/28/13 | 2,100 | | 2,128 |
California Dept. of Wtr. Resources Pwr. Supply Rev. Bonds Series 2010 M, 5% 5/1/13 | 4,550 | | 4,693 |
California Econ. Recovery Bonds Series 2004 A, 5.25% 7/1/13 | 2,200 | | 2,291 |
California Ed. Notes Prog. TRAN: | | | |
Series 2012 B, 2% 1/31/13 | 9,945 | | 10,018 |
Series 2012 C, 2% 1/31/13 | 3,800 | | 3,826 |
California Edl. Facilities Auth. Rev. Bonds: | | | |
(Loyola Marymount Univ. Proj.) Series 2011, 2.5% 10/1/12 | 750 | | 751 |
(Stanford Univ. Proj.) Series S1, 0.22% tender 4/4/13, CP mode | 7,200 | | 7,200 |
California Gen. Oblig.: | | | |
Bonds: | | | |
2% 9/1/12 | 9,690 | | 9,690 |
5% 9/1/12 | 1,080 | | 1,080 |
5% 3/1/13 | 3,000 | | 3,068 |
RAN Series A2, 2.5% 6/20/13 | 11,700 | | 11,893 |
California Health Facilities Fing. Auth. Rev. Bonds (Stanford Hosp. & Clinics Proj.) Series 2012 C, 0.25%, tender 3/29/13 (b) | 4,600 | | 4,600 |
California School Cash Reserve Prog. Auth. TRAN: | | | |
Series 2012 F, 2% 3/1/13 | 2,400 | | 2,418 |
Series 2012 H, 2% 4/26/13 | 6,400 | | 6,463 |
Series 2012 I, 2% 4/26/13 | 6,100 | | 6,160 |
Series 2012 J, 2% 5/1/13 | 7,500 | | 7,586 |
Series 2012 R, 2% 10/31/12 | 3,500 | | 3,509 |
Series 2012 S, 2% 12/31/12 | 3,500 | | 3,520 |
Series 2012 T, 2% 12/31/12 | 5,500 | | 5,531 |
Campbell Union High School District Bonds Series WF 10 52C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) (b)(d)(e) | 10,290 | | 10,290 |
Desert Sands Unified School District TRAN 1.5% 1/31/13 | 5,200 | | 5,226 |
Fresno County Gen. Oblig. TRAN 2% 6/28/13 | 11,900 | | 12,075 |
Kern County Board of Ed. TRAN Series A, 1% 10/1/12 | 3,500 | | 3,502 |
Los Angeles Cmnty. College District Bonds Series WF 09 8C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo & Co.) (b)(d)(e) | 11,200 | | 11,200 |
Other Municipal Debt - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
Los Angeles County Gen. Oblig. Series 2013 A, 0.28% 9/4/12, LOC Bank of America NA, CP | $ 10,000 | | $ 10,000 |
Los Angeles County Schools Pooled Fing. Prog. Ctfs. of Prtn. TRAN: | | | |
Series 2012 A3, 2% 2/28/13 | 2,600 | | 2,622 |
Series 2012 B1, 2% 11/30/12 | 3,800 | | 3,816 |
Series 2012 B2, 2% 12/31/12 | 13,000 | | 13,071 |
Series 2012 B3, 2% 1/31/13 | 7,100 | | 7,145 |
Los Angeles Dept. Arpt. Rev. Series D4, 0.18% 10/25/12, LOC Wells Fargo Bank NA, CP | 3,400 | | 3,400 |
Los Angeles Dept. of Wtr. & Pwr. Rev. 0.18% 9/6/12 (Liquidity Facility Wells Fargo Bank NA), CP | 13,200 | | 13,200 |
Los Angeles Muni. Impt. Corp. Lease Rev. Bonds Series 2012 A, 2% 3/1/13 | 3,885 | | 3,910 |
Los Angeles Unified School District TRAN Series A3, 1.5% 2/28/13 | 9,000 | | 9,057 |
Los Angeles Unified School District Ctfs. of Prtn. Bonds (Headquarters Bldg. Proj.): | | | |
Series 2012 A, 2% 10/1/12 | 1,170 | | 1,172 |
Series 2012 B, 2% 10/1/12 | 630 | | 631 |
Orange County Spl. Fing. Auth. Teeter Plan Rev. 0.19% 11/7/12, LOC Wells Fargo Bank NA, CP | 25,000 | | 25,000 |
Port of Oakland Port Rev. Series 2010 A, 0.17% 9/18/12, LOC Wells Fargo Bank NA, CP | 11,100 | | 11,100 |
Riverside County Gen. Oblig.: | | | |
Series B: | | | |
0.17% 9/14/12, LOC Bank of Nova Scotia New York Branch, CP | 35,875 | | 35,875 |
0.19% 10/29/12, LOC Bank of Nova Scotia New York Branch, CP | 19,455 | | 19,455 |
TRAN Series 2012 B, 2% 6/28/13 | 20,000 | | 20,293 |
San Bernardino County Gen. Oblig. TRAN 2% 6/28/13 | 11,900 | | 12,075 |
San Diego Convention Ctr. Expansion Bonds Series 2012 A, 2% 4/15/13 | 7,410 | | 7,483 |
San Diego County & School District TRAN Series 2012 B1, 2% 1/31/13 | 6,500 | | 6,547 |
San Diego County Wtr. Auth. Wtr. Rev. Bonds Series WF 08 29C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.) (b)(d)(e) | 4,300 | | 4,300 |
San Jose Int'l. Arpt. Rev. Series A3 B, 0.19% 9/11/12, LOC Wells Fargo Bank NA, CP | 2,450 | | 2,450 |
Santa Barbara County Gen. Oblig. TRAN Series 2012 A, 2% 6/28/13 | 4,400 | | 4,465 |
Other Municipal Debt - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
Santa Clara Valley Wtr. District Wtr. Util. Rev. Series 2010 A1, 0.2% 10/9/12, LOC JPMorgan Chase Bank, CP | $ 3,800 | | $ 3,800 |
Santa Cruz County TRAN 2% 7/2/13 | 6,900 | | 7,003 |
Univ. of California Revs. Bonds Series Floaters 09 7C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.) (b)(d)(e) | 2,960 | | 2,960 |
| | 378,659 |
Kentucky - 0.1% |
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.34% tender 9/18/12, CP mode | 700 | | 700 |
Massachusetts - 0.5% |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
Series 1992, 0.45% tender 9/6/12, CP mode | 2,900 | | 2,900 |
Series 1993 B, 0.45% tender 9/26/12, CP mode | 2,950 | | 2,950 |
| | 5,850 |
TOTAL OTHER MUNICIPAL DEBT |
385,209
|
Investment Company - 11.9% |
| Shares | | |
Fidelity Tax-Free Cash Central Fund, 0.17% (c) | 141,252,000 | |
141,252
|
TOTAL INVESTMENT PORTFOLIO - 97.9% (Cost $1,160,469) | | 1,160,469 |
NET OTHER ASSETS (LIABILITIES) - 2.1% | | 24,987 |
NET ASSETS - 100% | $ 1,185,456 |
Security Type Abbreviations |
CP | - | COMMERCIAL PAPER |
RAN | - | REVENUE ANTICIPATION NOTE |
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) 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 $5,240,000 or 0.4% of net assets. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) Provides evidence of ownership in one or more underlying municipal bonds. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $28,750,000 or 2.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Cost
(000s) |
Campbell Union High School District Bonds Series WF 10 52C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo Bank NA) | 12/23/10 | $ 10,290 |
Los Angeles Cmnty. College District Bonds Series WF 09 8C, 0.23%, tender 1/24/13 (Liquidity Facility Wells Fargo & Co.) | 8/18/11 | $ 11,200 |
San Diego County Wtr. Auth. Wtr. Rev. Bonds Series WF 08 29C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.) | 5/24/12 | $ 4,300 |
Univ. of California Revs. Bonds Series Floaters 09 7C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.) | 8/15/11 - 5/17/12 | $ 2,960 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Tax-Free Cash Central Fund | $ 140 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | August 31, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,019,217) | $ 1,019,217 | |
Fidelity Central Funds (cost $141,252) | 141,252 | |
Total Investments (cost $1,160,469) | | $ 1,160,469 |
Cash | | 526 |
Receivable for investments sold | | 23,464 |
Receivable for fund shares sold | | 292 |
Interest receivable | | 1,384 |
Distributions receivable from Fidelity Central Funds | | 19 |
Receivable from investment adviser for expense reductions | | 29 |
Other receivables | | 1 |
Total assets | | 1,186,184 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 253 | |
Distributions payable | 1 | |
Accrued management fee | 193 | |
Transfer agent fee payable | 280 | |
Other affiliated payables | 1 | |
Total liabilities | | 728 |
| | |
Net Assets | | $ 1,185,456 |
Net Assets consist of: | | |
Paid in capital | | $ 1,185,681 |
Accumulated undistributed net realized gain (loss) on investments | | (225) |
Net Assets | | $ 1,185,456 |
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, 2012 (Unaudited) |
| | |
California AMT Tax-Free Money Market:
Net Asset Value, offering price and redemption price per share ($433,495 ÷ 433,276 shares) | | $ 1.00 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($751,618 ÷ 751,315 shares) | | $ 1.00 |
| | |
Service Class:
Net Asset Value, offering price and redemption price per share ($343 ÷ 342 shares) | | $ 1.00 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 1,174 |
Income from Fidelity Central Funds | | 140 |
Total income | | 1,314 |
| | |
Expenses | | |
Management fee | $ 1,231 | |
Transfer agent fees | 422 | |
Distribution and service plan fees | - | |
Independent trustees' compensation | 3 | |
Total expenses before reductions | 1,656 | |
Expense reductions | (427) | 1,229 |
Net investment income (loss) | | 85 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 205 |
Net increase in net assets resulting from operations | | $ 290 |
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, 2012 (Unaudited) | Year ended
February 29,
2012 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 85 | $ 360 |
Net realized gain (loss) | 205 | 166 |
Net increase in net assets resulting
from operations | 290 | 526 |
Distributions to shareholders from net investment income | (85) | (360) |
Share transactions - net increase (decrease) | (106,838) | (366,643) |
Total increase (decrease) in net assets | (106,633) | (366,477) |
| | |
Net Assets | | |
Beginning of period | 1,292,089 | 1,658,566 |
End of period | $ 1,185,456 | $ 1,292,089 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - California AMT Tax-Free Money Market
| Six months ended August 31, 2012 | Years ended February 28, |
| (Unaudited) | 2012 F | 2011 | 2010 | 2009 | 2008 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) | - G | - G | - G | .001 | .015 | .032 |
Net realized and unrealized gain (loss) G | - | - | - | - | - | - |
Total from investment operations | - G | - G | - G | .001 | .015 | .032 |
Distributions from net investment income | - G | - G | - G | (.001) | (.015) | (.032) |
Distributions from net realized gain | - | - | - | - | - G | - G |
Total distributions | - G | - G | - G | (.001) | (.015) | (.032) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | .01% | .01% | .02% | .11% | 1.50% | 3.27% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .30% A | .30% | .30% | .34% | .32% | .32% |
Expenses net of fee waivers, if any | .20% A | .20% | .30% | .33% | .32% | .31% |
Expenses net of all reductions | .20% A | .20% | .30% | .33% | .29% | .24% |
Net investment income (loss) | .01% A | .01% | .02% | .12% | 1.55% | 3.21% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 433 | $ 476 | $ 587 | $ 808 | $ 1,306 | $ 2,022 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from 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, 2012 | Years ended February 28, |
| (Unaudited) | 2012 G | 2011 | 2010 | 2009 | 2008 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) | - H | - H | .001 | .002 | .016 | .029 |
Net realized and unrealized gain (loss) H | - | - | - | - | - | - |
Total from investment operations | - H | - H | .001 | .002 | .016 | .029 |
Distributions from net investment income | - H | - H | (.001) | (.002) | (.016) | (.029) |
Distributions from net realized gain | - | - | - | - | - H | - H |
Total distributions | - H | - H | (.001) | (.002) | (.016) | (.029) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | .01% | .03% | .12% | .19% | 1.60% | 2.90% |
Ratios to Average Net Assets D,F | | | | | |
Expenses before reductions | .25% A | .25% | .25% | .29% | .27% | .25% A |
Expenses net of fee waivers, if any | .20% A | .18% | .20% | .24% | .22% | .20% A |
Expenses net of all reductions | .20% A | .18% | .20% | .24% | .19% | .13% A |
Net investment income (loss) | .02% A | .03% | .12% | .21% | 1.65% | 3.22% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 752 | $ 816 | $ 1,065 | $ 1,291 | $ 2,076 | $ 3,116 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E For the period April 18, 2007 (commencement of sale of shares) to February 29, 2008.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers 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 and waivers but prior to reductions from 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 - Service Class
| Six months ended August 31, 2012 | Years ended February 28, |
| (Unaudited) | 2012 G | 2011 | 2010 | 2009 | 2008 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) | - H | - H | - H | - H | .013 | .026 |
Net realized and unrealized gain (loss) H | - | - | - | - | - | - |
Total from investment operations | - H | - H | - H | - H | .013 | .026 |
Distributions from net investment income | - H | - H | - H | - H | (.013) | (.026) |
Distributions from net realized gain | - | - | - | - | - H | - H |
Total distributions | - H | - H | - H | - H | (.013) | (.026) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | .01% | .01% | .01% | .05% | 1.35% | 2.67% |
Ratios to Average Net Assets D,F | | | | | |
Expenses before reductions | .48% A | .50% | .50% | .54% | .52% | .50% A |
Expenses net of fee waivers, if any | .20% A | .22% | .31% | .43% | .47% | .45% A |
Expenses net of all reductions | .20% A | .22% | .31% | .43% | .44% | .38% A |
Net investment income (loss) | .01% A | .01% | .01% | .02% | 1.40% | 2.84% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 343 | $ 380 | $ 6,536 | $ 668 | $ 8,939 | $ 16,036 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E For the period April 18, 2007 (commencement of sale of shares) to February 29, 2008.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers 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 and waivers but prior to reductions from 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
Notes to Financial Statements
For the period ended August 31, 2012 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® California AMT Tax-Free Money Market Fund (the Fund) is a fund of Fidelity California Municipal Trust II (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 Delaware statutory trust. The Fund offers California AMT Tax-Free Money Market, Institutional Class and Service 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. 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 may also differ by class. The Fund may be affected by economic and political developments in the state of California.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income 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 GAAP.
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 deferred trustees compensation and capital loss carryforwards.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the 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 investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) on securities and other investments | $ - |
| |
Tax cost | $ 1,160,469 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. At February 29, 2012, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2019 | $ (480) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Operating Policies.
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.
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the Fund to the independent trustees.
In addition, under the expense contract, FMR pays class level expenses for California AMT Tax-Free Money Market so that the total expenses do not exceed .35%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a Service Fee based on an annual percentage of Service 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 Service Fee rate, total service fees and amounts retained by FDC were as follows:
| Service
Fee | Total Fees* | Retained
by FDC |
Service Class | .25% | $ -** | $ -*** |
* During the period, FMR or its affiliates waived a portion of these fees.
** Amount represents four hundred and forty dollars.
*** Amount represents twelve dollars.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and 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 agency, dividend disbursing and shareholder servicing functions. FIIOC pays for
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount** | % of
Average
Net Assets* |
California AMT Tax-Free Money Market | $ 228 | .10 |
Institutional Class | 194 | .05 |
Service Class | -*** | .05 |
| $ 422 | |
* Annualized
** During the period, FMR or its affiliates waived a portion of these fees.
*** Amount represents eighty nine dollars.
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. Expense Reductions.
FMR contractually agreed to reimburse Institutional Class and Service Class to the extent annual operating expenses, expressed as a percentage of each class' average net assets, exceed .20% and .45%, respectively. Some expenses, for example interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $188 and sixty two dollars, respectively.
Additionally, FMR or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver for each class was as follows:
| Amount |
California AMT Tax-Free Money Market | $ 220 |
Institutional Class | 17 |
Service Class | 1 |
In addition, through arrangements with the Fund's custodian, 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 expenses by $1.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
August 31,
2012 | Year ended
February 29,
2012 |
From net investment income | | |
California AMT Tax-Free Money Market | $ 23 | $ 53 |
Institutional Class | 62 | 307 |
Service Class | -* | -** |
Total | $ 85 | $ 360 |
* Amount represents eighteen dollars.
** Amount represents three hundred and ninety six dollars.
8. Share Transactions.
Transactions for each class of shares at a $1.00 per share were as follows:
| Six months ended
August 31,
2012 | Year ended
February 29,
2012 |
California AMT Tax-Free Money Market | | |
Shares sold | 45,428 | 107,331 |
Reinvestment of distributions | 21 | 49 |
Shares redeemed | (87,660) | (218,695) |
Net increase (decrease) | (42,211) | (111,315) |
Institutional Class | | |
Shares sold | 86,941 | 308,304 |
Reinvestment of distributions | 56 | 275 |
Shares redeemed | (151,587) | (557,750) |
Net increase (decrease) | (64,590) | (249,171) |
Service Class | | |
Shares sold | - | - |
Reinvestment of distributions | -* | -** |
Shares redeemed | (37) | (6,157) |
Net increase (decrease) | (37) | (6,157) |
* Amount represents eighteen dollars.
** Amount represents three hundred and ninety six dollars.
Semiannual Report
9. 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
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan), Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Service Company, Inc.
Boston, MA
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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
SCM-USAN-1012
1.855633.105
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 II'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 II'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 II
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
| |
Date: | October 19, 2012 |
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 19, 2012 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | October 19, 2012 |
