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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.
| Variable Rate Demand Note - 33.3% | | | |
| | | Principal Amount (000s) | Value (000s) |
| Alabama - 0.1% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.85% 9/7/16, VRDN (a)(b) | | $3,500 | $3,500 |
| Alaska - 0.0% | | | |
| Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 C, 0.7% 9/7/16, VRDN (a) | | 1,500 | 1,500 |
| Arizona - 0.0% | | | |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.62% 9/7/16, VRDN (a) | | 800 | 800 |
| Arkansas - 0.2% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 0.85% 9/7/16, VRDN (a)(b) | | 2,100 | 2,100 |
| Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.83% 9/7/16, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | | 7,100 | 7,100 |
| | | | 9,200 |
| California - 30.4% | | | |
| ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev.: | | | |
| (La Terrazza Apts. Proj.) Series 2002 A, 0.64% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 16,880 | 16,880 |
| (Miramar Apts. Proj.) Series 2000 A, 0.62% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 14,370 | 14,370 |
| Alameda County Indl. Dev. Auth. Rev. (Edward L. Shimmon, Inc. Proj.) Series 1996 A, 0.62% 9/7/16, LOC BNP Paribas SA, VRDN (a)(b) | | 4,075 | 4,075 |
| Anaheim Hsg. Auth. Multi-family Hsg. Rev. (Park Vista Apt. Proj.) Series 2000 D, 0.62% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 23,580 | 23,580 |
| Bueno Park Multi-family Hsg. Rev. (Walden Glen Apts. Proj.) Series 2000 A, 0.62% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 14,288 | 14,288 |
| California Health Facilities Fing. Auth. Rev.: | | | |
| (Scripps Memorial Hosp. Proj.) Series 2008 G, 0.56% 9/7/16, LOC Wells Fargo Bank NA, VRDN (a) | | 2,650 | 2,650 |
| (St. Joseph Health Sys. Proj.) Series 2011 D, 0.56% 9/7/16, LOC Wells Fargo Bank NA, VRDN (a) | | 23,100 | 23,100 |
| California Hsg. Fin. Agcy. Multi-family Hsg. Rev. Series 2007 C: | | | |
| 0.62% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 4,250 | 4,250 |
| 0.62% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 4,700 | 4,700 |
| California Hsg. Fin. Agcy. Rev.: | | | |
| Series 2000 N, 0.64% 9/7/16, LOC Bank of America NA, VRDN (a)(b) | | 4,545 | 4,545 |
| Series 2005 A, 0.64% 9/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 40,340 | 40,340 |
| Series 2005 B, 0.64% 9/7/16, LOC Bank of America NA, VRDN (a)(b) | | 47,455 | 47,455 |
| Series 2006 C, 0.64% 9/7/16, LOC Bank of America NA, VRDN (a)(b) | | 16,590 | 16,590 |
| Series 2008 C: | | | |
| 0.64% 9/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 11,585 | 11,585 |
| 0.64% 9/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 5,765 | 5,765 |
| California Infrastructure & Econ. Dev. Bank Rev. (Betts Spring Co. Proj.) Series 2008, 0.79% 9/7/16, LOC Bank of America NA, VRDN (a)(b) | | 6,885 | 6,885 |
| California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1997 B, 0.61% 9/1/16, LOC Canadian Imperial Bank of Commerce, VRDN (a)(b) | | 5,500 | 5,500 |
| California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev.: | | | |
| (Metropolitan Recycling, LLC Proj.) Series 2012 A, 0.81% 9/7/16, LOC Comerica Bank, VRDN (a)(b) | | 2,530 | 2,530 |
| (Recology, Inc. Proj.) Series 2010 A, 0.65% 9/7/16, LOC Bank of America NA, VRDN (a) | | 111,695 | 111,695 |
| (Var-Waste Connections, Inc. Proj.) Series 2007, 0.69% 9/7/16, LOC Bank of America NA, VRDN (a)(b) | | 10,100 | 10,100 |
| (Zerep Mgmt. Corp. Proj.) Series 2014, 0.81% 9/7/16, LOC Comerica Bank, VRDN (a)(b) | | 1,400 | 1,400 |
| Series 2011 A, 0.81% 9/7/16, LOC Comerica Bank, VRDN (a)(b) | | 2,810 | 2,810 |
| Series 2012 A, 0.74% 9/7/16, LOC MUFG Union Bank NA, VRDN (a)(b) | | 2,335 | 2,335 |
| California Statewide Cmntys. Dev. Auth. Indl. Dev. Rev. (Arthur Made Plastics, Inc. Proj.) Series 2000 A, 0.81% 9/7/16, LOC Bank of America NA, VRDN (a)(b) | | 1,000 | 1,000 |
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: | | | |
| (Bristol Apts. Proj.) Series Z, 0.63% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 9,500 | 9,500 |
| (Coventry Place Apts. Proj.) Series 2002 JJ, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 900 | 900 |
| (Crystal View Apt. Proj.) Series A, 0.62% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 25,375 | 25,375 |
| (Grove Apts. Proj.) Series X, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 6,150 | 6,150 |
| (Heritage Park Apts. Proj.) Series 2008 C, 0.61% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 30,000 | 30,000 |
| (Northwood Apts. Proj.) Series N, 0.63% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 4,600 | 4,600 |
| (Oak Apts. Proj.) Series R, 0.65% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 3,985 | 3,985 |
| (Parkside Terrace Apts. Proj.) Series 2008 E, 0.65% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 17,009 | 17,009 |
| (River Run Sr. Apts. Proj.) Series LL, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 13,505 | 13,505 |
| (Salvation Army S.F. Proj.) 0.68% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 15,345 | 15,345 |
| (Terraces at Park Marino Proj.) Series I, 0.69% 9/7/16, LOC Bank of The West San Francisco, VRDN (a)(b) | | 4,785 | 4,785 |
| (The Belmont Proj.) Series 2005 F, 0.62% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 19,890 | 19,890 |
| (The Crossings at Elk Grove Apts.) Series H, 0.63% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 7,050 | 7,050 |
| (The Crossings Sr. Apts./ Phase II Proj.) Series J, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 11,100 | 11,100 |
| (Valley Palms Apts. Proj.) Series 2002 C, 0.62% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 25,500 | 25,500 |
| (Villas at Hamilton Apts. Proj.) Series 2001 HH, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 11,300 | 11,300 |
| (Vista Del Monte Proj.) Series QQ, 0.62% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 12,350 | 12,350 |
| (Vizcaya Apts. Proj.) Series B, 0.63% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 20,760 | 20,760 |
| (Wilshire Court Proj.): | | | |
| Series AAA, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 3,000 | 3,000 |
| Series M, 0.62% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 20,290 | 20,286 |
| Series 2000 Y, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 8,640 | 8,640 |
| Series 2003 DD, 0.62% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 14,600 | 14,600 |
| California Statewide Cmntys. Dev. Auth. Rev.: | | | |
| (Oakmont Stockton Proj.) Series 1997 C, 0.68% 9/7/16, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | | 5,960 | 5,960 |
| (The Archer School for Girls, Inc. Proj.) Series 2005, 0.62% 9/7/16, LOC Wells Fargo Bank NA, VRDN (a) | | 8,695 | 8,695 |
| Calleguas-Las Virgenes Pub. Fing. Auth. Rev. (Calleguas Muni. Wtr. District Proj.) Series 2008 A, 0.56% 9/7/16, LOC Wells Fargo Bank NA, VRDN (a) | | 5,650 | 5,650 |
| Emeryville Redev. Agcy. Multi-family Hsg. Rev. Series 2002 A, 0.65% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 30,000 | 30,000 |
| Garden Grove Hsg. Auth. Multi-family Hsg. Rev. (Valley View Sr. Villas Proj.) Series 1990 A, 0.63% 9/7/16, LOC MUFG Union Bank NA, VRDN (a)(b) | | 9,100 | 9,100 |
| Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev.: | | | |
| (Grand Promenade Proj.) 0.61% 9/7/16, LOC Freddie Mac, VRDN (a) | | 36,500 | 36,500 |
| (Promenade Towers Proj.) Series 2000, 0.61% 9/7/16, LOC Freddie Mac, VRDN (a) | | 35,860 | 35,860 |
| Los Angeles Multi-family Hsg. Rev.: | | | |
| (Channel Gateway Apts. Proj.) Series 1989 B, 0.68% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 67,700 | 67,700 |
| (Colonia Corona Apts. Proj.) Series 2004 D, 0.63% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 2,500 | 2,500 |
| (Tri-City Hsg. Proj.) Series 1, 0.58% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 100 | 100 |
| Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.65% 9/7/16, LOC Bank of America NA, VRDN (a) | | 8,950 | 8,950 |
| Orange County Apt. Dev. Rev.: | | | |
| (Ladera Apts. Proj.) Series 2001 II B, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 23,500 | 23,500 |
| (Park Place Apts. Proj.) Series 1989 A, 0.63% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 15,400 | 15,400 |
| (Wood Canyon Villas Proj.) Series 2001 E, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 16,000 | 16,000 |
| Otay Wtr. District Ctfs. of Prtn. (1996 Cap. Projects) 0.64% 9/7/16, LOC MUFG Union Bank NA, VRDN (a) | | 200 | 200 |
| Pleasanton Multi-family Rev. (Bernal Apts. Proj.) Series A, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 13,750 | 13,750 |
| Richmond Multifamily Hsg. Rev. (Baycliff Apts. Proj.) Series 2004 A, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 26,490 | 26,490 |
| Riverside County Ctfs. of Prtn. (Woodcrest Library Proj.) 0.63% 9/7/16, LOC Bank of America NA, VRDN (a) | | 44,140 | 44,140 |
| Riverside County Ind. Dev. Auth. Ind. Dev. Rev. (Merrick Engineering, Inc. Proj.) 0.72% 9/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 1,290 | 1,290 |
| Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 0.61% 9/7/16, LOC Bank of America NA, VRDN (a) | | 20,275 | 20,275 |
| Sacramento County Hsg. Auth. Multi-family Hsg. Rev.: | | | |
| (California Place Apts. Proj.) Series B, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 3,965 | 3,965 |
| (Deer Park Apts. Proj.) Issue A, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 13,200 | 13,200 |
| Sacramento Hsg. Auth. Multi-family Rev. (Valencia Point Apts. Proj.) Series 2006 I, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 4,900 | 4,900 |
| Sacramento Redev. Agcy. Multi-family Hsg. Rev. (18th & L Apts. Proj.) Series 2002 E, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 21,075 | 21,075 |
| San Bernardino County Flood Cont. District Judgment Oblig. Series 2008, 0.62% 9/7/16, LOC Bank of America NA, VRDN (a) | | 22,845 | 22,845 |
| San Diego Hsg. Auth. Multi-family Hsg. Rev.: | | | |
| (Bay Vista Apts. Proj.) Series A, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 14,500 | 14,500 |
| (Delta Village Apts. Proj.) Series A, 0.66% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 5,900 | 5,900 |
| (Stratton Apts. Proj.) Series 2000 A, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 19,825 | 19,825 |
| (Villa Nueva Apts. Proj.) Series 2007 F, 0.62% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 37,500 | 37,500 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Second Series 36B, 0.56% 9/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | | 10,030 | 10,030 |
| San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev.: | | | |
| (Antonia Manor Apts. Proj.) Series 2000 E, 0.63% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 1,350 | 1,350 |
| (Ocean Beach Apts. Proj.) Series B, 0.62% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 5,235 | 5,235 |
| San Francisco Redev. Agcy. Multi-family Hsg. Rev. 0.68% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 3,000 | 3,000 |
| San Jose Multi-family Hsg. Rev.: | | | |
| (Alamaden Family Apts. Proj.) Series 2003 D, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 24,615 | 24,615 |
| (Almaden Lake Village Apt. Assoc. Proj.) Series 1997 A, 0.65% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 15,000 | 15,000 |
| (Betty Ann Gardens Apts. Proj.) Series 2002 A, 0.69% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 6,050 | 6,050 |
| (El Paseo Apts. Proj.) Series 2002 B, 0.69% 9/7/16, LOC Citibank NA, VRDN (a)(b) | | 4,145 | 4,145 |
| (Kennedy Apt. Homes Proj.) Series 2002 K, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 8,175 | 8,175 |
| (Las Ventanas Apts. Proj.) Series 2008 B, 0.61% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 25,900 | 25,900 |
| (Trestles Apts. Proj.) Series 2004 A, 0.63% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 7,325 | 7,325 |
| (Turnleaf Apts. Proj.) Series 2003 A, 0.62% 9/7/16, LOC Freddie Mac, VRDN (a)(b) | | 15,090 | 15,090 |
| Santa Clara County Hsg. Auth. Multi-family Hsg. Rev. (Timberwood Apts. Proj.) Series B, 0.64% 9/7/16, LOC MUFG Union Bank NA, VRDN (a)(b) | | 10,635 | 10,635 |
| Santa Cruz Redev. Agcy. Multi-family Rev.: | | | |
| (1010 Pacific Ave. Apts. Proj.) Series B, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 21,650 | 21,650 |
| (Shaffer Road Apts. Proj.) Series A, 0.63% 9/7/16, LOC Fannie Mae, VRDN (a)(b) | | 29,925 | 29,925 |
| Southern California Pub. Pwr. Auth. Rev. (Palo Verde Proj.) Series 2008 A, 0.62% 9/7/16, LOC Barclays Bank PLC, VRDN (a) | | 1,705 | 1,705 |
| | | | 1,369,658 |
| Delaware - 0.1% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | | | |
| Series 1987, 0.73% 9/1/16, VRDN (a)(b) | | 800 | 800 |
| Series 1993 C, 0.7% 9/7/16, VRDN (a) | | 1,200 | 1,200 |
| Series 1994, 0.73% 9/1/16, VRDN (a)(b) | | 1,400 | 1,400 |
| Series 1999 A, 0.65% 9/7/16, VRDN (a) | | 1,200 | 1,200 |
| | | | 4,600 |
| Georgia - 0.5% | | | |
| Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.73% 9/7/16, VRDN (a) | | 21,750 | 21,750 |
| Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.74% 9/7/16, VRDN (a) | | 900 | 900 |
| | | | 22,650 |
| Indiana - 0.1% | | | |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.7% 9/7/16, VRDN (a)(b) | | 3,420 | 3,420 |
| Iowa - 0.2% | | | |
| Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.78% 9/7/16, VRDN (a)(b) | | 11,000 | 11,000 |
| Montana - 0.1% | | | |
| Forsyth Poll. Cont. Rev. Series 2008 A, 0.69% 9/7/16, VRDN (a)(b) | | 3,850 | 3,850 |
| Nevada - 0.1% | | | |
| Washoe County Gas Facilities Rev.: | | | |
| Series 2016 C, 0.76% 9/7/16, VRDN (a)(b) | | 1,100 | 1,100 |
| Series 2016 D, 0.77% 9/7/16, VRDN (a)(b) | | 1,300 | 1,300 |
| Series 2016 E, 0.77% 9/7/16, VRDN (a)(b) | | 1,300 | 1,300 |
| | | | 3,700 |
| New York - 0.2% | | | |
| New York Dorm. Auth. Revs. (College of New Rochelle Proj.) Series 2008, 0.65% 9/7/16, LOC RBS Citizens NA, VRDN (a) | | 7,890 | 7,890 |
| North Carolina - 0.0% | | | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.82% 9/7/16, VRDN (a)(b) | | 800 | 800 |
| Texas - 1.1% | | | |
| Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.85% 9/7/16, VRDN (a)(b) | | 3,450 | 3,450 |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | | | |
| Series 2001 A, 0.67% 9/1/16, VRDN (a) | | 6,900 | 6,900 |
| Series 2004, 0.89% 9/7/16, VRDN (a)(b) | | 7,720 | 7,720 |
| Series 2009 A, 0.67% 9/1/16, VRDN (a) | | 4,700 | 4,700 |
| Series 2009 C, 0.68% 9/1/16, VRDN (a) | | 13,400 | 13,400 |
| Series 2010 B, 0.67% 9/1/16, VRDN (a) | | 4,400 | 4,400 |
| Series 2010 D: | | | |
| 0.67% 9/1/16, VRDN (a) | | 1,750 | 1,750 |
| 0.68% 9/1/16, VRDN (a) | | 6,225 | 6,225 |
| | | | 48,545 |
| West Virginia - 0.2% | | | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.84% 9/7/16, VRDN (a)(b) | | 4,200 | 4,200 |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.91% 9/7/16, VRDN (a)(b) | | 3,600 | 3,600 |
| | | | 7,800 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $1,498,913) | | | 1,498,913 |
|
| Tender Option Bond - 23.4% | | | |
| California - 23.3% | | | |
| Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN: | | | |
| Series 16 XM 0234, 0.75% 9/7/16 (Liquidity Facility Bank of America NA) (a)(c) | | 5,400 | 5,400 |
| Series 16 XM 0244, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 4,995 | 4,995 |
| Series II R 11901, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 1,300 | 1,300 |
| Series Putters 3211, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 13,320 | 13,320 |
| Series Putters 3434, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 4,195 | 4,195 |
| California Dept. of Wtr. Resources Participating VRDN: | | | |
| Series Putters 3019, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 9,785 | 9,785 |
| Series ROC II R 11970-1, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 1,555 | 1,555 |
| California Edl. Facilities Auth. Rev. Participating VRDN: | | | |
| Series 15 XF0093, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,915 | 5,915 |
| Series 16 XM 0146, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 10,010 | 10,010 |
| Series 16 XM0194, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 5,965 | 5,965 |
| Series EGL 14 0005, 0.59% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 9,500 | 9,500 |
| Series MS 3346, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 9,330 | 9,330 |
| Series Putters 3960, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 7,330 | 7,330 |
| Series ROC II R 11974, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 3,500 | 3,500 |
| Series ROC II R 14081, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 4,000 | 4,000 |
| California Gen. Oblig. Participating VRDN: | | | |
| Series 15 XF 1039, 0.64% 9/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | | 38,500 | 38,500 |
| Series 15 XF0129, 0.68% 9/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | | 7,500 | 7,500 |
| Series 15 XF2161, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,035 | 7,035 |
| Series 15 XF2171, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 11,240 | 11,240 |
| Series 16 ZM0200, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 12,190 | 12,190 |
| Series 16 ZM0201, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 5,120 | 5,120 |
| Series DB XF 1041, 0.68% 9/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | | 25,490 | 25,490 |
| California Health Facilities Fing. Auth. Participating VRDN: | | | |
| Series 16 XG 00 49, 0.71% 9/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | | 21,850 | 21,850 |
| Series 16 XXF0440, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 2,250 | 2,250 |
| Series 16 ZF0426, 0.6% 9/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | | 3,105 | 3,105 |
| California Health Facilities Fing. Auth. Rev. Participating VRDN: | | | |
| Series 15 XF0120, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 14,720 | 14,720 |
| Series 15 XF0131, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 11,235 | 11,235 |
| Series 15 XF2119, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,995 | 7,995 |
| Series 16 ZF0212, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 2,935 | 2,935 |
| Series 2015 ZF0213, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 7,500 | 7,500 |
| Series DB 15 XF 0234, 0.65% 9/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | | 11,000 | 11,000 |
| Series Floaters XG 01 04, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 17,400 | 17,400 |
| Series Floaters XM 03 93, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,650 | 7,650 |
| Series MS 3239, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 22,800 | 22,800 |
| Series MS 3267, 0.59% 9/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | | 27,375 | 27,375 |
| Series MS 3301, 0.59% 9/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | | 7,330 | 7,330 |
| Series TD 0036, 0.6% 9/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | | 7,105 | 7,105 |
| California St. Univ. Rev. Participating VRDN Series XM 0306, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,600 | 7,600 |
| California State Univ. Rev. Participating VRDN: | | | |
| Series 16 ZM0197, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 4,590 | 4,590 |
| Series 16 ZM0198, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 3,000 | 3,000 |
| Series 16 ZM0199, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 4,000 | 4,000 |
| Series 16 ZM0204, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 6,125 | 6,125 |
| California Statewide Cmntys. Dev. Auth. Rev. Participating VRDN: | | | |
| Series ROC II R 14001, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 2,375 | 2,375 |
| Series XF 23 59, 0.66% 9/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | | 14,355 | 14,355 |
| Dept. of Arpts. of the City of LA Participating VRDN Series YX 10 01, 0.58% 9/7/16 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 4,690 | 4,690 |
| Dept. of Wtr. and Pwr. of Los Angeles Participating VRDN Series XM 03 65, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,500 | 7,500 |
| East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN: | | | |
| Series 2015 XF0190, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 1,835 | 1,835 |
| Series EGL1310, 0.59% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 21,700 | 21,700 |
| Series MS 3250, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,500 | 7,500 |
| Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Participating VRDN Series 15 XF0072, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 1,585 | 1,585 |
| Foothill-De Anza Cmnty. College District: | | | |
| Bonds Series WF 11 68C, 0.76%, tender 11/10/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 8,835 | 8,835 |
| Participating VRDN: | | | |
| Series 15 ZF2116, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,500 | 7,500 |
| Series MS 3268 X, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 5,000 | 5,000 |
| Series MS 3288, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,000 | 7,000 |
| Series ROC II R 14066, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 3,500 | 3,500 |
| Grossmont Healthcare District Participating VRDN Series MS 3253, 0.59% 9/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | | 14,375 | 14,375 |
| Grossmont Union High School District Participating VRDN Series 16 ZF0317, 0.76% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 1,000 | 1,000 |
| Los Angeles Cmnty. College District Participating VRDN: | | | |
| Series 16 ZF0315, 0.61% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 7,425 | 7,425 |
| Series 16 ZF0327, 0.61% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,885 | 5,885 |
| Series EGL 08 57, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 17,400 | 17,400 |
| Series MS 3096, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 9,600 | 9,600 |
| Series ROC II R 11728, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 10,960 | 10,960 |
| Series ROC II R 11773, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 19,575 | 19,575 |
| 0.6% 9/7/16 (Liquidity Facility Royal Bank of Canada) (a)(c) | | 2,100 | 2,100 |
| Los Angeles Cnty. Metropolitan Trans. Auth. Bonds: | | | |
| Series RBC E 63, 0.72%, tender 12/1/16 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 18,600 | 18,600 |
| Series RBC E67, 0.72%, tender 1/3/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 33,765 | 33,765 |
| Los Angeles Dept. Arpt. Rev. Participating VRDN: | | | |
| Series 16 XL0005, 0.57% 9/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | | 2,300 | 2,300 |
| Series Putters 3847, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,000 | 5,000 |
| Series ROC II R 11842, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 6,750 | 6,750 |
| 0.62% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 7,645 | 7,645 |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN: | | | |
| Series 16 XF 04 87, 0.61% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 3,335 | 3,335 |
| Series 16 XM 02 53, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 6,665 | 6,665 |
| Series Floaters XM 03 79, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 3,665 | 3,665 |
| Series MS 3289, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,335 | 7,335 |
| Series MS 3345, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 16,060 | 16,060 |
| Series Putters 0039, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 3,750 | 3,750 |
| Series Putters 4330, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,000 | 5,000 |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN: | | | |
| Series 0018, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 7,500 | 7,500 |
| Series 15 XF2168, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 2,290 | 2,290 |
| Series MS 3397, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 9,770 | 9,770 |
| Series MS 3403, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 8,975 | 8,975 |
| Series ROC 14087, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 6,200 | 6,200 |
| Los Angeles Dept. Wtr. & Pwr. Rev. Participating VRDN Series ZF 04 83, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 13,460 | 13,460 |
| Los Angeles Hbr. Dept. Rev.: | | | |
| Bonds: | | | |
| Series Floaters 09 37C, 0.76%, tender 11/17/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 8,800 | 8,800 |
| Series WF 10 40C, 0.76%, tender 9/1/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 5,400 | 5,400 |
| Participating VRDN Series 15 ZF0158, 0.64% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 5,280 | 5,280 |
| Los Angeles Wastewtr. Sys. Rev. Participating VRDN: | | | |
| Series 15 ZF0243, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,430 | 5,430 |
| Series 16 ZF0313, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 4,935 | 4,935 |
| Series Putters 3371, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 22,495 | 22,495 |
| Series ROC II R 14059, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 6,000 | 6,000 |
| Metropolitan Wtr. District of Southern California Wtr. Rev. Participating VRDN Series Putters 3547, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 10,935 | 10,935 |
| Metropolitan Wtr. District Southern CA Wtrwks. Rev. Participating VRDN Series 16 XM 02 43, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 3,450 | 3,450 |
| Orange County Sanitation District Ctfs. of Prtn. Participating VRDN Series MS 3030, 0.59% 9/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | | 10,515 | 10,515 |
| San Diego Cmnty. College District: | | | |
| Bonds Series WF11 87C, 0.76%, tender 9/29/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 9,920 | 9,920 |
| Participating VRDN: | | | |
| Series Putters 3963, 0.61% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 2,000 | 2,000 |
| Series XM 02 90, 0.6% 9/7/16 (Liquidity Facility Royal Bank of Canada) (a)(c) | | 5,000 | 5,000 |
| San Diego County Wtr. Auth. Wtr. Rev. Participating VRDN: | | | |
| Series 16 ZF0311, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 1,040 | 1,040 |
| Series 16 ZF0441, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 6,810 | 6,810 |
| San Diego Pub. Facilities Fing. Auth. Swr. Rev. Participating VRDN 0.66% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 1,875 | 1,875 |
| San Diego Pub. Facilities Fing. Auth. Wtr. Rev. Participating VRDN Series 15 XF0098, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 23,065 | 23,065 |
| San Diego Unified School District Participating VRDN Series MS 3330, 0.59% 9/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | | 5,940 | 5,940 |
| San Francisco Bay Area Rapid Transit District Sales Tax Rev. Participating VRDN Series ROC II R 14035, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 4,000 | 4,000 |
| San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN: | | | |
| Series EGL 14 0025, 0.59% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 8,800 | 8,800 |
| Series Putters 3161, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 12,000 | 12,000 |
| Series ROC II R 12318, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 16,455 | 16,455 |
| Santa Monica Cmnty. College District Gen. Oblig. Participating VRDN Series 15 XF2169, 0.58% 9/7/16 (Liquidity Facility Citibank NA) (a)(c) | | 4,800 | 4,800 |
| Southern California Pub. Pwr. Auth. Participating VRDN Series Putters 3947, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,500 | 5,500 |
| The Regents of the Univ. of California Participating VRDN: | | | |
| Series XM 03 46, 0.59% 9/7/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c) | | 7,500 | 7,500 |
| Series XM 03 47, 0.59% 9/7/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c) | | 3,750 | 3,750 |
| Series XM 03 58, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 2,000 | 2,000 |
| Series XM 03 63, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 4,000 | 4,000 |
| Series XM 03 66, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 8,925 | 8,925 |
| The Regents of the Univ. of California Gen. Rev. Participating VRDN Series Floaters XM 03 90, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,000 | 5,000 |
| Trustees of the California State Univ. Participating VRDN Series ZM 00 90, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 3,580 | 3,580 |
| Univ. of California Regts. Med. Ctr. Pooled Rev. Participating VRDN: | | | |
| Series Floaters XX 10 23, 0.59% 9/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | | 2,935 | 2,935 |
| Series Floaters ZF 23 62, 0.59% 9/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | | 14,120 | 14,120 |
| Series Floaters ZF 23 63, 0.59% 9/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | | 3,900 | 3,900 |
| Univ. of California Revs. Participating VRDN: | | | |
| Series 16 ZF 04 89, 0.6% 9/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | | 1,000 | 1,000 |
| Series 16 XL0001, 0.57% 9/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | | 10,250 | 10,250 |
| Series 16 ZF0427, 0.6% 9/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | | 3,040 | 3,040 |
| Series 2015 ZF0187, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 4,605 | 4,605 |
| Series BC 13 23U, 0.57% 9/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | | 1,000 | 1,000 |
| Series MS 3396, 0.59% 9/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 7,830 | 7,830 |
| Series Putters 3365, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 4,885 | 4,885 |
| Series Putters 3367, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 1,500 | 1,500 |
| Series Putters 3368, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 15,000 | 15,000 |
| Series Putters 3961, 0.59% 9/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 1,500 | 1,500 |
| | | | 1,047,265 |
| Nebraska - 0.0% | | | |
| Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.74% 9/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | | 2,100 | 2,100 |
| South Carolina - 0.1% | | | |
| South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 0.65% 9/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | | 4,200 | 4,200 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $1,053,565) | | | 1,053,565 |
|
| Other Municipal Security - 35.4% | | | |
| California - 33.5% | | | |
| California Edl. Facilities Auth. Rev. Bonds (Stanford Univ. Proj.) Series S1, 0.3% tender 11/3/16, CP mode | | 25,000 | 25,000 |
| California Gen. Oblig.: | | | |
| Bonds: | | | |
| Series 2006, 5% 10/1/16 (Pre-Refunded to 10/1/16 @ 100) | | 1,200 | 1,204 |
| Series 2007, 5% 12/1/16 (Pre-Refunded to 12/1/16 @ 100) | | 650 | 657 |
| Series 11A2: | | | |
| 0.5% 10/18/16, LOC Royal Bank of Canada, CP | | 23,800 | 23,800 |
| 0.52% 10/6/16, LOC Royal Bank of Canada, CP | | 34,575 | 34,575 |
| Series 11A5, 0.48% 9/6/16, LOC U.S. Bank NA, Cincinnati, CP | | 11,900 | 11,900 |
| Series A1 0.64% 10/6/16, LOC Wells Fargo Bank NA, CP | | 15,360 | 15,360 |
| Series A1: | | | |
| 0.46% 10/4/16, LOC Wells Fargo Bank NA, CP | | 6,690 | 6,690 |
| 0.46% 10/5/16, LOC Wells Fargo Bank NA, CP | | 29,745 | 29,745 |
| 0.48% 9/27/16, LOC Wells Fargo Bank NA, CP | | 9,700 | 9,700 |
| 0.49% 9/20/16, LOC Wells Fargo Bank NA, CP | | 15,700 | 15,700 |
| California Health Facilities Fing. Auth. Rev. Bonds (Stanford Hosp. & Clinics Proj.) Series 2012 C, 0.71%, tender 3/29/17 (a)(e) | | 51,900 | 51,900 |
| California Pub. Works Board Lease Rev. Bonds Series 2014 F, 5% 9/1/16 | | 900 | 900 |
| California School Cash Reserve Prog. Auth. TRAN: | | | |
| Series 2016 A, 2% 6/30/17 | | 7,000 | 7,081 |
| Series 2016 B, 2% 6/30/17 | | 23,900 | 24,169 |
| Series 2016 E, 2% 5/31/17 | | 10,000 | 10,102 |
| California State Univ. Rev. Series A: | | | |
| 0.51% 11/2/16, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP | | 8,800 | 8,800 |
| 0.52% 11/2/16, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP | | 8,800 | 8,800 |
| 0.69% 10/6/16, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP | | 17,300 | 17,300 |
| California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds: | | | |
| Series 2010 A, 0.65%, tender 11/1/16 (Liquidity Facility Royal Bank of Canada) (a) | | 121,800 | 121,800 |
| Series 2010 B, 0.64%, tender 11/1/16 (Liquidity Facility Royal Bank of Canada) (a) | | 96,170 | 96,170 |
| East Bay Muni. Util. District Wastewtr. Sys. Rev.: | | | |
| Series A1: | | | |
| 0.55% 10/7/16 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 10,400 | 10,400 |
| 0.55% 10/7/16 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 27,700 | 27,700 |
| Series A2: | | | |
| 0.47% 9/9/16 (Liquidity Facility Bank of America NA), CP | | 20,000 | 20,000 |
| 0.49% 9/6/16 (Liquidity Facility Bank of America NA), CP | | 22,200 | 22,200 |
| Kern County Gen. Oblig. TRAN Series 2016: | | | |
| 2% 3/15/17 | | 25,000 | 25,188 |
| 3% 5/15/17 | | 20,750 | 21,092 |
| 3% 6/30/17 | | 11,100 | 11,312 |
| Los Angeles County Cap. Asset Leasing Corp. Lease Rev.: | | | |
| Series A: | | | |
| 0.5% 9/1/16, LOC Bank of The West San Francisco, CP | | 1,710 | 1,710 |
| 0.52% 9/8/16, LOC Bank of The West San Francisco, CP | | 8,300 | 8,300 |
| Series B: | | | |
| 0.5% 9/21/16, LOC U.S. Bank NA, Cincinnati, CP | | 21,800 | 21,800 |
| 0.5% 10/6/16, LOC U.S. Bank NA, Cincinnati, CP | | 6,600 | 6,600 |
| 0.52% 10/17/16, LOC U.S. Bank NA, Cincinnati, CP | | 13,100 | 13,100 |
| Los Angeles County Gen. Oblig. TRAN Series 2016, 3% 6/30/17 | | 40,000 | 40,766 |
| Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series ATE: | | | |
| 0.44% 9/8/16, LOC MUFG Union Bank NA, CP | | 12,400 | 12,400 |
| 0.48% 9/7/16, LOC Sumitomo Mitsui Banking Corp., CP | | 6,100 | 6,100 |
| 0.5% 10/5/16, LOC Sumitomo Mitsui Banking Corp., CP | | 8,700 | 8,700 |
| 0.5% 10/7/16, LOC MUFG Union Bank NA, CP | | 3,000 | 3,000 |
| Los Angeles County Schools Pooled Fing. Prog. Ctfs. of Prtn. TRAN Series A1, 2% 6/1/17 | | 7,000 | 7,073 |
| Los Angeles Dept. of Wtr. & Pwr. Rev.: | | | |
| 0.48% 10/13/16 (Liquidity Facility Royal Bank of Canada), CP | | 51,200 | 51,200 |
| 0.5% 11/1/16 (Liquidity Facility Royal Bank of Canada), CP | | 37,100 | 37,100 |
| Los Angeles Gen. Oblig. TRAN Series 2016: | | | |
| 2% 3/30/17 | | 25,000 | 25,202 |
| 3% 6/29/17 | | 53,200 | 54,211 |
| Los Angeles Muni. Impt. Corp. Lease Rev.: | | | |
| Series 11A3, 0.51% 9/15/16, LOC Bank of The West San Francisco, CP | | 4,400 | 4,400 |
| Series 13A4: | | | |
| 0.48% 9/29/16, LOC U.S. Bank NA, Cincinnati, CP | | 13,300 | 13,300 |
| 0.52% 11/1/16, LOC U.S. Bank NA, Cincinnati, CP | | 13,100 | 13,100 |
| Series A 1, 0.55% 9/19/16, LOC Wells Fargo Bank NA, CP | | 19,600 | 19,600 |
| Port of Oakland Port Rev. Series 10A, 0.45% 9/19/16, LOC Bank of America NA, CP | | 10,200 | 10,200 |
| Riverside County Gen. Oblig. TRAN Series 2016, 3% 6/30/17 | | 54,800 | 55,845 |
| Riverside County Trans. Commission Sales Tax Rev. 0.47% 9/13/16, LOC State Street Bank & Trust Co., Boston, CP | | 4,000 | 4,000 |
| Sacramento Muni. Util. District Elec. Rev. Series L1, 0.53% 10/6/16, LOC Barclays Bank PLC, CP | | 23,500 | 23,500 |
| San Diego County Reg'l. Trans. Commission Sales Tax Rev. Series B, 0.49% 9/15/16, LOC MUFG Union Bank NA, CP | | 23,830 | 23,830 |
| San Diego Unified School District TRAN Series 2016 A, 2% 6/30/17 | | 49,600 | 50,179 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | | | |
| Series A1, 0.57% 10/7/16, LOC State Street Bank & Trust Co., Boston, CP (b) | | 38,000 | 38,000 |
| Series A3: | | | |
| 0.52% 9/8/16, LOC Royal Bank of Canada, CP (b) | | 20,000 | 20,000 |
| 0.52% 10/5/16, LOC Royal Bank of Canada, CP (b) | | 20,000 | 20,000 |
| 0.52% 10/7/16, LOC Royal Bank of Canada, CP (b) | | 20,000 | 20,000 |
| Series A4, 0.55% 10/5/16, LOC Wells Fargo Bank NA, CP (b) | | 54,500 | 54,500 |
| San Francisco City & County Gen. Oblig.: | | | |
| Series 2, 0.45% 9/7/16 (Liquidity Facility U.S. Bank NA, Cincinnati), CP | | 17,241 | 17,241 |
| Series 3: | | | |
| 0.44% 9/20/16, LOC State Street Bank & Trust Co., Boston, CP | | 41,952 | 41,952 |
| 0.45% 9/15/16, LOC State Street Bank & Trust Co., Boston, CP | | 21,400 | 21,400 |
| San Francisco City & County Pub. Util. Commission Wastewtr. Rev. Series A1, 0.5% 9/20/16, LOC Wells Fargo Bank NA, CP | | 23,525 | 23,525 |
| San Jose Fin. Auth. Rev. Series 2, 0.49% 9/13/16, LOC U.S. Bank NA, Cincinnati, CP | | 12,400 | 12,400 |
| Turlock Irrigation District Series A, 0.48% 10/4/16, LOC Bank of America NA, CP | | 57,951 | 57,951 |
| Woodland Fin. Auth. Rev. 0.45% 9/7/16, LOC Citibank NA, CP | | 5,980 | 5,980 |
| | | | 1,507,410 |
| Georgia - 1.0% | | | |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | | | |
| Series 2010 A1, 0.67%, tender 12/1/16 (Liquidity Facility Royal Bank of Canada) (a) | | 19,000 | 19,000 |
| Series 2010 A2, 0.68%, tender 12/1/16 (Liquidity Facility Royal Bank of Canada) (a) | | 25,615 | 25,615 |
| | | | 44,615 |
| Kentucky - 0.0% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series 01A, 0.85% tender 9/8/16, CP mode | | 2,100 | 2,100 |
| Massachusetts - 0.3% | | | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | | | |
| (New England Pwr. Co. Proj.) Series 1992, 0.85% tender 9/26/16, CP mode | | 400 | 400 |
| Series 1993 A: | | | |
| 0.85% tender 9/27/16, CP mode | | 2,300 | 2,300 |
| 0.88% tender 9/28/16, CP mode | | 5,800 | 5,800 |
| Series 93B, 0.9% tender 9/7/16, CP mode | | 3,500 | 3,500 |
| | | | 12,000 |
| New Hampshire - 0.4% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | | | |
| (New England Pwr. Co. Proj.): | | | |
| Series 1990 A, 0.9% tender 9/27/16, CP mode (b) | | 1,200 | 1,200 |
| Series 1990 B, 0.9% tender 9/23/16, CP mode | | 3,800 | 3,800 |
| Series 1990 A, 0.9% tender 9/26/16, CP mode (b) | | 7,100 | 7,100 |
| Series A1: | | | |
| 0.95% tender 9/6/16, CP mode (b) | | 6,200 | 6,200 |
| 0.95% tender 9/21/16, CP mode (b) | | 600 | 600 |
| | | | 18,900 |
| Virginia - 0.1% | | | |
| Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1992, 0.93% tender 9/6/16, CP mode (b) | | 3,700 | 3,700 |
| West Virginia - 0.1% | | | |
| Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 96, 0.9% tender 9/27/16, CP mode (b) | | 2,900 | 2,900 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $1,591,625) | | | 1,591,625 |
| | | Shares | Value (000s) |
|
| Investment Company - 6.1% | | | |
| Fidelity Municipal Cash Central Fund, 0.61% (f)(g) | | | |
| (Cost $271,950) | | 271,950,000 | 271,950 |
| TOTAL INVESTMENT PORTFOLIO - 98.2% | | | |
| (Cost $4,416,053) | | | 4,416,053 |
| NET OTHER ASSETS (LIABILITIES) - 1.8% | | | 78,938 |
| NET ASSETS - 100% | | | $4,494,991 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
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.
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) 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 $85,320,000 or 1.9% of net assets.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(g) 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.
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
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 Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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. Effective January 1, 2016 shares of the Fund are only available for purchase by retail shareholders. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:
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.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the 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:
4. Fees and Other Transactions with Affiliates.
5. Expense Reductions.
The investment adviser 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 the investment adviser at any time. For the period, the amount of the waiver was $3,225.
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $20.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $15.
6. 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.
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, 2016 to August 31, 2016).
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.
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.
245 Summer St.
